Group 1 - The external environment presents uncertainties but is overall favorable, with global economic resilience expected in 2026, as major economic organizations forecast slight declines in growth rates compared to 2025, with the World Bank predicting a growth rate of 2.40% for 2026, up from 2.30% in 2025 [6][10] - The U.S. is likely to continue lowering interest rates in 2026 due to a weak labor market, with expectations of more than one rate cut, as indicated by the Federal Reserve's recent actions [6][13] - The U.S. dollar's strength is supported by weak economic expectations, with factors such as reduced immigration and uncertain tariff policies suppressing economic activity [6][21] Group 2 - The "15th Five-Year Plan" aims for qualitative and quantitative economic growth, emphasizing stability in employment, enterprises, and market expectations, with policies to support effective growth and enhance quality [6][44] - The investment sector is expected to stabilize, with government initiatives to increase investment in infrastructure and optimize the use of local government bonds [6][49] - Consumer spending is projected to improve, supported by policies aimed at boosting consumption and enhancing the supply of quality goods and services [6][52] Group 3 - The market is expected to continue a "slow bull" trend, with overall company performance anticipated to improve, driven by supportive policies and resilient economic dynamics [6][59] - The technology (TMT) and advanced manufacturing sectors are expected to benefit from long-term policy support and are key drivers of economic transformation [6][67] - Investment opportunities are identified in sectors such as non-involution, supply-demand changes, and emerging themes like artificial intelligence and renewable energy [6][70]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [26]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense Military Index rising by 6% last week, outperforming major indices such as the Shanghai Composite Index and the CSI 300 [1][5]. - The report suggests that the military sector is entering a recovery phase, driven by accelerated order deliveries and improved performance expectations for the fourth quarter [4]. - The "14th Five-Year Plan" is expected to enhance the quality and quantity of military capabilities, indicating a new growth cycle for the industry [4]. - There is a significant investment opportunity in the military sector due to increasing geopolitical uncertainties and rising demand for consumable military equipment [4]. - The report highlights the importance of focusing on new combat equipment, consumable weapons, military trade, and military intelligence as key investment areas [4]. Market Review - Last week, the Shenwan Defense Military Index outperformed the market, with a 6% increase, ranking second among 31 major industry sectors [5]. - The average increase for the civilian-military integration index was 8.45%, indicating strong performance in this segment [5]. - Top-performing stocks in the defense sector included Shenjian Co. (61.2%), Aerospace Engineering (43.39%), and China Satellite (36.24%) [12]. Valuation Changes - The current PE-TTM for the Shenwan Defense Military Index is 88.65, indicating it is in the upper range historically, suggesting potential for further growth [13][19]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [13][19].

Core Viewpoint - The article emphasizes the achievements during the "14th Five-Year Plan" and outlines the foundation for the upcoming "15th Five-Year Plan," highlighting the role of Postal Savings Bank in supporting various sectors through financial services. Group 1: Financial Support for Key Industries - Postal Savings Bank has increased its credit allocation to key sectors such as advanced manufacturing, with a mid-to-long-term loan balance in the manufacturing sector growing over 11% year-on-year as of September 2025 [2] - The bank is actively supporting the modernization of the industrial system and enhancing technological self-reliance, contributing to the development of new productive forces [3] Group 2: Consumer Market Development - During the "14th Five-Year Plan," China's consumer market saw significant qualitative and quantitative improvements, with the retail sales of consumer goods reaching new heights [4] - Postal Savings Bank is optimizing financial supply to promote the upgrading of consumption, with personal consumption loans showing substantial growth [5] Group 3: Support for SMEs and Private Enterprises - The vitality of business entities has been continuously released, with the number of registered business entities increasing [6] - Postal Savings Bank has implemented various measures to support the high-quality development of private enterprises and small and micro enterprises, with a balance of inclusive small and micro enterprise loans reaching 801.247 billion yuan in 2020 [6] Group 4: Agricultural Modernization - The "14th Five-Year Plan" has seen steady progress in agricultural modernization, with the comprehensive mechanization rate of crop farming reaching 925% [7] - Postal Savings Bank is deeply engaged in supporting agricultural and rural development, with an agricultural loan balance of 1.41776 trillion yuan in 2020 [8] Group 5: Improvement of People's Livelihood - The welfare of the people has reached new levels during the "14th Five-Year Plan," with per capita disposable income increasing significantly [9] - Postal Savings Bank is extending its services to enhance the quality of life for individuals, with the number of personal customers served reaching 674 million by mid-2020 [9] Group 6: Commitment to Future Development - Postal Savings Bank has delivered high-quality financial services that support national economic and social development during the "14th Five-Year Plan" and is poised to continue its contributions in the "15th Five-Year Plan" [10]

Core Viewpoint - The meeting emphasized the importance of implementing the "14th Five-Year Plan" and outlined key tasks for economic and social development in Fujian Province for 2026, focusing on high-quality growth and effective policy execution [1][2][3]. Group 1: Economic Analysis and Policy Implementation - The provincial development reform system has shown overall stability and progress in economic and social development, achieving qualitative improvements and reasonable quantitative growth [2]. - Key strategies include conducting economic analysis and policy research, ensuring consistency in macro policy evaluation, and guiding social expectations [2][3]. Group 2: Planning and Project Management - The meeting highlighted the need for high-quality preparation and implementation of the "14th Five-Year Plan," ensuring alignment between provincial and local planning [3][4]. - Emphasis was placed on strengthening investment management and project construction, actively utilizing various policy funds to promote major projects [2][4]. Group 3: Reform and Innovation - The meeting called for deepening reforms and innovations, integrating into the national unified market, and addressing market access barriers [4][5]. - The promotion of the private economy and the implementation of the "Fujian Province Private Economy Promotion Regulations" were also discussed [4]. Group 4: Regional and Urban-Rural Development - The meeting stressed the importance of coordinated regional development and urban-rural integration, advancing new urbanization strategies, and enhancing county-level economies [5][6]. - Initiatives to improve the marine economy and develop a "Digital Ocean" were also highlighted [6]. Group 5: Green Transformation and Public Welfare - The meeting outlined plans for a comprehensive green transformation of economic and social development, including carbon emission control and ecological product value realization [6]. - Efforts to enhance public welfare, including employment stability and public service optimization, were emphasized [6][7]. Group 6: Safety and Stability - The meeting underscored the need for safety production and risk prevention, particularly in key sectors, to ensure social stability and harmony [7]. - It was also noted that the development reform system should closely align with the central government's directives and maintain a focus on achieving set goals [7][8].

申万宏源党委书记、董事长刘健： 2026年是"十五五"的开启之年，也将是公司深化体制机制改革、推动业务全面转型的关键之年。申万宏 源坚持积极做好连接投融资各方桥梁纽带，切实助力资本市场功能的充分发挥和金融生态的持续完善。 一是提高政治站位，服务国家战略，打造综合金融服务体系，提升核心竞争力、市场引领力和合规风控 力。二是强化功能定位，践行直接融资"服务商"、资本市场"看门人"、社会财富"管理者"职责，丰富产 品货架，满足多元化投资需求，共享发展成果。三是深化体制机制改革，锚定"建设一流投资银行和投 资机构"目标，深化业务协同，打造科技企业全生命周期服务链条，布局国际业务，提升品牌国际影响 力。四是统筹发展与安全，持续推进"1+N+X" 全面风险改革框架。 未来，申万宏源践行"有信仰、敢担当"使命，提升专业能力，推动产品服务创新，平衡好功能性与盈利 性，助力金融强国与资本市场建设。 中国银河证券党委书记、董事长王晟： 2026年是"十五五"规划开局之年，也是资本市场高质量发展的奋进之年。银河证券始终坚持党的全面领 导，践行"金融报国、客户至上"职责使命，以头部券商担当贯彻落实"十五五"规划部署，深度融入金融 强 ...

Core Viewpoint - The private economy is a key driver of high-quality development, with Jiangxi's private listed companies demonstrating significant growth and resilience during the "14th Five-Year Plan" period, supported by the capital market [1] Group 1: Company Overview - Jiujiang Defu Technology Co., Ltd. has established itself as a leading enterprise in the global lithium battery copper foil industry since its founding in 1985, focusing on electrolytic copper foil as its core business [2] - The company expanded its production capacity from 18,000 tons at the end of 2019 to 175,000 tons by 2024, achieving a remarkable growth trajectory [2] - In 2024, the company's revenue is projected to exceed 7.8 billion yuan, securing its position among the top tier of China's lithium battery copper foil market [2] Group 2: Technological Innovation - Jiujiang Defu Technology is proactively positioning itself in high-end product areas, developing advanced copper foil products to support next-generation battery technologies [3] - The company is focusing on high-performance solutions for various applications, including AI chips and 5G, establishing a clear technological layout and product validation system [3] Group 3: Research and Development - During the "14th Five-Year Plan" period, the company has prioritized the development of new productive forces, emphasizing research and development as a key driver of industry innovation [4] - In 2024, the company's R&D investment increased by 30.45%, resulting in 17 new invention patents and an expanded R&D team of 377 members, with over 20% holding advanced degrees [4] - The establishment of comprehensive innovation platforms has enabled the company to tackle industry challenges and continuously upgrade its products [4]

Core Viewpoint - The GDP growth target for 2026 is expected to remain around 5%, with macro policies aimed at promoting consumption and expanding investment to ensure a good start for the 14th Five-Year Plan [6][1]. Export Performance - China's exports showed resilience in 2025, with nominal year-on-year growth of 5.4% in USD terms and 6.2% in RMB terms for the first 11 months [7]. - The strong export performance is attributed to factors such as transshipment trade, increased capital goods exports driven by Chinese companies going abroad, and the delayed impact of US tariffs on global trade [8][10]. - For 2026, it is projected that China's exports will continue to grow by 3.4% year-on-year, supported by stable US-China tariffs and cost advantages [10][31]. Manufacturing Investment - Manufacturing investment in China is expected to recover slightly in 2026, with a year-on-year growth of around 2%, up from approximately 1% in 2025 [2][57]. - The recovery is supported by resilient exports and continued policy support for advanced manufacturing, particularly in the context of national security and technological development [49][57]. - Factors such as "strong supply and weak demand" and "anti-involution" expectations have negatively impacted manufacturing investment in 2025, but these conditions are expected to improve [39][40]. Real Estate Sector - The direct drag of the real estate sector on the economy is expected to weaken in 2026, with a projected year-on-year decline in commercial housing sales area of about 5% [59]. - Real estate investment is anticipated to decline by approximately 11% year-on-year in 2026, an improvement from a 16% decline in 2025, indicating a reduced direct impact on the economy [63][58]. - Policies are being implemented to mitigate the risks associated with a weakening real estate sector, including measures to support housing demand and improve the financial health of real estate companies [63][66]. Consumption and Investment Expansion - Expanding domestic demand is identified as a crucial path to achieving the 5% GDP growth target in 2026, with a focus on promoting consumption and investment [66]. - The government is expected to maintain support for consumption through special bonds, with funding levels likely to remain at least equal to the 300 billion RMB allocated in 2025 [67][72]. - Infrastructure investment is projected to rebound to around 8% year-on-year in 2026, supported by previously announced policies and a focus on major projects [4][66].

Core Insights - The company has achieved significant growth during the "14th Five-Year Plan" period, with revenue surpassing 10 billion yuan in 2023, marking a historic milestone [1] - The market expansion has deepened, with a substantial increase in market share within the province and over 40 cities outside the province exceeding 10 million yuan in sales [1] - The brand product matrix has been optimized, enhancing the high-end image of the Guo Yuan V series and revitalizing classic brands [1] Group 1 - The company has implemented a marketing transformation, optimizing its organizational structure and enhancing organizational capabilities while promoting a "factory and merchants as one family" philosophy [1] - The company has achieved significant production capacity milestones, with raw material and original liquor capacities exceeding 80,000 tons and ceramic storage capacity reaching 300,000 tons [1] - A strategic talent program called "3333 Project" has been initiated to build a core talent team [1] Group 2 - The chairman emphasized the importance of reform and innovation, aiming to enhance quality and upgrade across supply, production, sales, and consumption dimensions [2] - The company aims to become the most growth-oriented innovative enterprise in China's liquor industry during the "15th Five-Year Plan" period, focusing on reform and innovation as the main theme [2] - The company plans to tackle four major challenges: market penetration, brand enhancement, structural upgrades, and collaborative ecosystem building [2]

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中国共产党第二十届中央委员会第四次全体会议，于10月20日至23日在北京举行，全会审议通过了 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》。全会指出，实现社会主义现代化 是一个阶梯式递进、不断发展进步的历史过程，需要不懈努力、接续奋斗。"十五五"时期是基本实现社 会主义现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化进程中具有承前启后的重要 地位。 10月24日，中共中央在北京举行新闻发布会，介绍和解读党的二十届四中全会精神。 ...

Group 1 - The current period is crucial for the "14th Five-Year Plan," with expectations for continued loose monetary and active fiscal policies in China by 2026, leading to a potential recovery in total demand [1] - Global fiscal expansion is being synchronized across the US, Europe, and Japan, contributing to gradual demand improvement, with the Federal Reserve likely to maintain a loose policy in 2026, benefiting the A-share market [1] - The CSI A500 Index, which focuses on advanced manufacturing, information technology, communication, pharmaceuticals, and raw materials, is expected to outperform during the economic recovery phase due to its sector allocation [1] Group 2 - The CSI A500 ETF (159338) tracks the CSI A500 Index (000510), which selects samples from leading companies in various industries, ensuring both market capitalization representation and balanced industry distribution [1] - The CSI A500 Index has shown a significant historical performance, with a total increase of 464.08% since its base date, compared to a 362.09% increase for the CSI 300 Index, resulting in an excess return of 101.99% [1] - As of December 29, 2025, the CSI A500 has risen by 22.39% year-to-date, while the CSI 300 Index has increased by 17.90%, yielding an excess return of 4.49% [1] Group 3 - The number of clients for the Guotai CSI A500 ETF is the highest among its peers, with total accounts being more than three times that of the second-ranked product, indicating strong investor interest [2]