"十五五"时期在基本建成社会主义现代化国家的战略安排中处于承上启下的关键地位。"十四五"时期，我们坚持以高质量发展为主线，把握新发展阶段， 贯彻新发展理念，构建新发展格局，已经打下坚实基础，实现了良好开局。"十五五"时期自然要乘势而上、全面发力，为如期完成第一阶段发展目标奠定 更加坚实的基础。对基本实现社会主义现代化发展目标的锚定，决定了"十五五"时期我国发展思路和基本政策的稳定性、延续性。这是"十五五"规划建 议"未变"的地方。 同时，"十四五"时期我国经济社会结构又发生了若干新的变化。具体如：房地产市场深度调整，城市化步伐放缓；新一轮科技革命和产业变革深入发展， 国内主导产业更替面临空档；"老龄化""少子化"快速发展，其经济社会影响日益显露；世界进入新的动荡变革期，来自外部的风险明显增加；等等。"十 五五"规划建议坚持"问题导向"，充分吸纳、反映了党和政府的相关战略调整和政策应对。这是"十五五"规划建议的"变化"之处，也是今后一段时期我们 需要密切关注的发展新动向。 2026年是"十五五"的开局之年。将全面落实党中央、国务院的重大战略部署，如推动全面创新，发展新质生产力，推动城市化健康发展，加快建设老年友 ...

Core Viewpoint - Renowned chief economist Zhang Yidong announced his resignation, indicating a shift towards overseas business focusing on Hong Kong and international capital markets [1][3]. Group 1: Resignation Announcement - Zhang Yidong officially announced his resignation on December 31, 2025, citing career transition planning and family considerations as reasons for his departure [3]. - The research institute of Industrial Securities expressed respect for Zhang's personal choice and gratitude for his contributions to sell-side research and overseas business development [3]. Group 2: Background and Achievements - Zhang Yidong has a significant background in strategy research, having worked at Taiwan's Bao Lai Securities from 2002 to 2006 and at Industrial Securities since 2006, where he has been recognized multiple times as a top analyst [4]. - He has been awarded the first place in the New Fortune sell-side analyst rankings eleven times and became the first New Fortune diamond analyst in the field of macroeconomic research in China in 2023 [4]. Group 3: Future Outlook on Hong Kong Market - In a recent investment strategy meeting, Zhang emphasized the need for patience and caution in Hong Kong investments for 2026, suggesting that excess returns will come from "growth momentum and value reconstruction dividends" [5][6]. - He predicts that the macroeconomic landscape will improve in 2026, with nominal GDP growth expected to recover and inflation stabilizing, highlighting structural opportunities in the stock market [6]. Group 4: Investment Opportunities - Zhang identified four key areas for investment opportunities: 1. Growth momentum driven by the AI wave, particularly in internet, edge AI, and media sectors [7]. 2. High-yield assets such as insurance, banking, and energy in a low-interest-rate environment [7]. 3. Value discovery in traditional industries, focusing on industry leaders benefiting from global supply chain restructuring [7]. 4. Strategic assets like gold and rare earths, which are crucial in the context of global order restructuring [7].

岁序更替，华章日新。12月31日晚7时，国家主席习近平通过中央广播电视总台和互联网，发表二〇二 六年新年贺词。在此刻，我们站在一个崭新起点，一边是刚刚挥就圆满句号的"十四五"画卷，墨迹未 干，硕果盈枝，一边是等待起笔的"十五五"篇章，前景壮阔，任重道远。 回望来路，非凡成就筑牢前行底气。过去一年，是"十四五"规划的收官之年，中国经济在压力下彰显出 惊人的韧性与活力，高质量发展根基愈夯愈实。回望2025，一个个具体的成就，构成了我们信心的基 石，粮食产量稳定在1.4万亿斤以上，筑牢国家安全压舱石，超1800亿件快递包裹，映射出消费市场的 蓬勃生机与强大内需。"却顾所来径，苍苍横翠微。"这些数字背后，是一种以战略定力应对变局、以人 民为中心夯实根基、以创新驱动谋划长远的发展哲学。正是这种深厚积淀，赋予了我们迈向新征程的从 容底气。 "十四五"与"十五五"这两个五年规划的历史交汇点，连接着过往与未来，其厚重不仅在于时间的承续， 更在于发展阶段的使命传递。未来五年是在全面建成小康社会基础上迈向基本实现社会主义现代化目标 的关键五年，这意味着，我们的发展必须更有系统性和前瞻性，要统筹发展和安全，兼顾效率与公平。 国家的 ...

【导读】知名首席经济学家张忆东，官宣离任 中国基金报记者 含章 2025 年的最后一天，知名首席经济学家张忆东以 " 感恩过去，祝福未来！ " 为题发文，官 宣离任。 知名首席经济学家张忆东官宣离任 昨日（ 2025 年 12 月 31 日）晚间，张忆东在自己的微信号上表示： " 经过长时间的慎重 考虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我已于日前正式向公司提出 辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。 " 对于张忆东的离职，兴业证券经济与金融研究院向记者表示，研究院充分尊重其个人选择， 并对张忆东先生为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。同时指 出，张忆东先生的离职不会对相关业务开展造成影响。经过多年发展，研究院已建立起一支 规模超 200 人、兼具年轻活力与专业深度的研究团队，研究范围全面覆盖 A 股、港股及海外 中概股市场，汇聚了众多业内明星分析师。 2025 年 12 月中旬，在兴业证券召开 2026 年度投资策略会上，兴业证券全球首席策略师张 忆东对港股市场发表投资展望。 张忆东认为， 2026 年港股投资要耐心稳行、戒骄戒躁，超额收益来自 " ...

Group 1 - The year 2026 marks the beginning of the "15th Five-Year Plan" in China, with expectations for new opportunities and developments [1] - There is a focus on cultivating new jobs and supporting enterprises to stabilize and expand employment, particularly for key groups such as college graduates, migrant workers, and veterans [3] - The plan includes expanding free education and improving the quality of basic education, as well as increasing enrollment in higher education [5] Group 2 - The initiative aims to gradually increase the basic pension for urban and rural residents and improve the multi-tiered medical insurance system [7] - There is an emphasis on promoting positive marriage and childbirth views, optimizing fertility support policies, and reducing the costs associated with child-rearing [9] - The plan also includes enhancing basic elderly care services and developing a long-term care insurance system for the elderly [11] Group 3 - The overall vision for 2026 is to inspire collective effort towards achieving personal and national aspirations, emphasizing health, prosperity, and stability for families [14]

中信建投展望一：2026年A股牛市有望持续；展望二：资本市场"新四牛"，资源优化提质效；展望三： 2025年推升金的宏观逻辑，在2026年必将推升铜；展望四：预计GDP增长目标5%左右；展望五："十五 五"规划落地形成顺周期刺激，财政赤字率延续扩张态势；展望六：2026年中国经济或有五大亮点；展 望七：把握算力四大投资机会；展望八：人形机器人及具身智能，吹响量产元年号角，万亿赛道启航； 展望九：2026年储能全行业将量价齐升共振受益；展望十：医药行业，价值重塑，静待花开。 ...

刚刚走过的2025年，很不平凡、令人难忘，在中国式现代化进程中具有重要意义，在岁月的长河中镌刻 下深深的印迹。 这一年，我们集中力量办好自己的事，以高质量发展的确定性应对各种不确定性。经济总量预计达到 140万亿元左右，粮食再次实现高位增产，科技创新成果令人振奋，新质生产力勃发奔涌，现代化产业 体系建设持续推进，进一步全面深化改革步履坚实，民生答卷温暖人心，我国经济底盘夯实、运行稳 健、向新向优发展。 这一年，我们坚定不移扩大对外开放，以中国发展的稳定性为世界注入正能量。进博会按年计意向成交 额再创历史新高，释放中国超大规模市场的"磁吸力"。海南自贸港正式启动全岛封关运作，见证高水平 对外开放的稳步推进。上合组织天津峰会成功举办，全球治理倡议为改革完善全球治理体系提供了中国 方案。 这一年，我们无惧风雨、顶压前行，在战胜困难风险中牢牢把握战略主动。胸怀两个大局，立足实体经 济这个根基，坚持扩大内需这个战略基点，苦练内功，深挖潜能。统筹国内经济工作和国际经贸斗争， 有效化解重点领域风险，坚定维护自身正当权益，彰显了硬核实力。隆重纪念中国人民抗日战争暨世界 反法西斯战争胜利80周年，弘扬伟大抗战精神，从胜利中汲取 ...

Group 1 - 2026 marks the beginning of the "15th Five-Year Plan," which is crucial for achieving socialist modernization and economic development in China [3][5] - The "15th Five-Year Plan" aims to lay a solid foundation for comprehensive development over the next five years, as outlined in the recommendations approved by the 20th Central Committee [3][5] Group 2 - China will host the second China-Arab States Summit and serve as the host for the APEC Leaders' Meeting in 2026, showcasing China's modernization achievements and promoting global cooperation [5][6] - The APEC meeting will take place in Shenzhen, marking China's third time hosting the event since 2001 and 2014 [5] Group 3 - The fourth national agricultural census will be conducted in 2026, providing a comprehensive overview of the agricultural sector and rural development in China [6] - This census is significant for formulating policies aimed at rural revitalization and agricultural modernization [6] Group 4 - A series of major national projects are anticipated in 2026, including the first launch of the new generation crewed spacecraft, "Dream Chaser," from the Wenchang Space Launch Site [9] - The Xinjiang Dashi Gorge Water Conservancy Project is expected to be completed and operational in 2026, setting a world record for concrete-faced rock-fill dams [9] Group 5 - The new Value-Added Tax Law will take effect on January 1, 2026, marking a significant step in tax law development in China [12] - The law aims to ensure fair competition and protect taxpayer rights [12] Group 6 - The revised Public Security Administration Punishment Law will also come into effect on January 1, 2026, addressing new social security issues and enhancing legal frameworks [15] - This includes penalties for activities such as leading pyramid schemes and harming public interests [15] Group 7 - The updated Cybersecurity Law will be implemented on January 1, 2026, focusing on enhancing cybersecurity responsibilities and promoting the development of artificial intelligence [17] - The law aims to support research and development in AI while ensuring ethical standards and risk management [17] Group 8 - 2026 marks the 90th anniversary of the victory of the Long March, a significant historical event in China [18] - The Long March is celebrated for its profound impact on Chinese history and the spirit it embodies [18] Group 9 - The 160th anniversary of Sun Yat-sen's birth will be commemorated on November 12, 2026, highlighting his contributions to Chinese democracy and nationalism [20] Group 10 - 2026 will also mark the 10th anniversary of the Yangtze River Protection initiative, which has led to significant environmental improvements along the river [22] - The initiative has resulted in enhanced ecological conditions and a shift towards sustainable development in the region [22]

格隆汇1月1日｜澳门特区行政长官岑浩辉发表2026年元旦贺词。他指出，2025年是祖国盛事、大事、喜 事连连的一年，是中国式现代化迈出新的坚实步伐的一年。"九三"阅兵成功举行，"十四五"规划圆满收 官，"十五五"规划建议擘画了国家未来五年发展的宏伟蓝图。全体澳门市民为祖国取得的伟大成就感到 无比骄傲和自豪！ 岑浩辉表示，2026年是国家"十五五＂规划与澳门"三五＂规划的开局之年。我们将 主动对接国家"十五五"规划，编制好、实施好"三五"规划，把握发展机遇，实现特区更好发展；筑牢国 家安全屏障，夯实爱国爱澳根基，确保社会大局和谐稳定；坚持和完善行政主导体制，继续深化公共行 政改革，不断提升治理效能；扎实推动经济适度多元发展，有效落实经济适度多元发展规划，加快设立 政府产业基金及引导基金，有序推进四大工程项目建设，促进"1+4"多元产业提质发展；落实"澳门+横 琴＂新发展定位，对标"三个要看"要求，以澳琴一体化为目标，加快推进合作区建设；切实办好民生实 事，支持青年成长成才，有效保障居民就业、养老、医疗及教育等方面的权益；不断健全强化防灾减灾 体系，增强城市安全保障能力，建设安全宜居澳门；持续推进"一中心、一平台 ...

Core Viewpoint - The news highlights the achievements and progress made during the "14th Five-Year Plan" period in China, emphasizing economic growth, technological advancements, and improvements in people's livelihoods as the country moves towards modernization and a prosperous future [4][5][19]. Economic Growth - China's economy is projected to reach 140 trillion yuan by 2025, marking a significant increase from previous years, with the total economic growth during the "14th Five-Year Plan" period equivalent to creating a third-largest economy in the world [5]. - The country has successfully crossed major economic thresholds of 110 trillion, 120 trillion, and 130 trillion yuan during this period [5]. Technological Advancements - Research and development investment is expected to exceed 3.6 trillion yuan in 2024, with a research intensity of 2.68%, surpassing the average level of EU countries [5]. - China ranks first globally in the number of research personnel and has achieved significant breakthroughs in various scientific fields, including quantum technology and life sciences [5]. Environmental Protection - The national forest coverage rate has increased to over 25%, contributing to a quarter of the world's new greening area, while air quality has remained stable with 87% of days classified as good [6]. - The country has established the world's largest carbon trading market and has accelerated the transition to green energy, with non-fossil energy generation capacity exceeding that of fossil fuels [6]. Cultural and Social Development - The cultural influence of China has grown, with significant achievements in film and gaming, showcasing the vitality of cultural innovation [9]. - The government has made strides in improving the welfare of citizens, including better employment protections and support for elderly care, with over 2.24 million households receiving assistance for home modifications [10]. National Defense and Infrastructure - Major projects such as the launch of the first electromagnetic aircraft carrier and the construction of significant hydropower projects demonstrate China's commitment to enhancing its national defense and energy capabilities [7]. - The opening of the Xi'an to Yan'an high-speed railway marks a significant advancement in transportation infrastructure, enhancing connectivity in the region [3]. Future Outlook - The "15th Five-Year Plan" is set to focus on high-quality development, with an emphasis on innovation and sustainable growth as China aims to solidify its position in the global economy [20][18]. - The government is committed to deepening reforms and promoting common prosperity, ensuring that the benefits of growth are shared among all citizens [20].