Core Viewpoint - The article emphasizes "expanding domestic demand" as a strategic initiative comparable to previous concepts like "housing for living" and "self-reliance in technology," highlighting its significance for macroeconomic direction and individual financial security [1][4]. Summary by Relevant Sections Economic Context - The article identifies the limitations of current consumption-boosting measures, which often lead to temporary demand release rather than sustainable growth. It notes that the total retail sales of consumer goods reached a historical low in November 2025, indicating a "stimulus fatigue" in consumption [2]. - It argues that the core issue is not a lack of desire to consume but rather constraints related to income and concerns about future expenses, such as healthcare and retirement [2]. Domestic Demand Strategy - The concept of "expanding domestic demand" is presented as a comprehensive approach that includes consumption, investment, and financial needs, forming a "demand triangle" rather than merely focusing on spending [2][4]. - The article asserts that a strong domestic demand is essential for economic stability, especially in light of global uncertainties that can impact export-driven economies [4]. Policy Recommendations - The article proposes two main solutions: ensuring "income-supported consumption" and promoting "investment with reasonable returns" [5]. - For income-supported consumption, it emphasizes the importance of stable employment and improved social security systems to alleviate concerns that hinder consumer spending [6]. - It suggests that income distribution reform is crucial for expanding the middle-income group, which would enhance stable consumption power [6]. Investment Focus - The article highlights the need for investment strategies that prioritize efficiency and returns, advocating for a shift from traditional infrastructure investments to high-tech and human capital investments [8]. - It calls for local government reforms in consumption tax to align fiscal incentives with consumer activity, thereby encouraging a shift from manufacturing to enhancing public services [8]. Broader Implications - The article clarifies that expanding domestic demand is not about encouraging luxury consumption for the wealthy but about ensuring that the majority have stable incomes and security in education, healthcare, and retirement [9]. - It posits that this strategy complements technological advancements by stabilizing employment and income distribution, creating a cycle of economic growth that benefits the general population [11].

中国资本市场作为科技创新"助推器"，将持续发挥枢纽作用，让"创新始于技术，成于资本"的故事与科 技自立自强相得益彰，共同成长。 "十五五"规划建议将"科技自立自强水平大幅提高"列为经济社会发展的主要目标之一，并明确提 出"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"。"十五五"时期是 中国式现代化夯实基础、全面发力的战略攻坚期，以科技自立自强引领新质生产力发展是破解内外 挑战的关键，也是构筑新发展格局的核心引擎，中国资本市场作为科技创新"助推器"，将持续发挥 枢纽作用，让"创新始于技术，成于资本"的故事与科技自立自强相得益彰，共同成长。 一、资本市场在支持科技自立自强中的重要作用 资本市场作为现代金融的核心组成部分，其资源配置的枢纽功能对科技自立自强至关重要，体现在 以下几个方面：一是发挥导流枢纽作用。资本市场基于公开透明的价格发现机制，可以有效识别科 技创新的价值与风险，驱动社会金融资源流向最具潜力的战略性新兴产业与硬科技前沿，并前瞻布 局未来产业，进而实现对创新全谱系的长周期支持。二是畅通循环枢纽功能。资本市场通过股、 债、风投、并购等多元化工具，为企业提供覆盖全生命周期融资支持， ...

Core Viewpoint - The launch of the CCB CSI Selected Technology 50 ETF (code: 517950) on the Shanghai Stock Exchange marks a significant step in promoting China's strategic emerging industries and reflects the company's commitment to the national strategy of achieving high-level technological self-reliance [1][2]. Group 1: Product Overview - The ETF tracks the CSI Selected Technology 50 Index, which focuses on key sectors such as electronic semiconductors, communications, innovative pharmaceuticals, and advanced manufacturing, aligning with the national strategy for technological self-reliance [2]. - The index employs a rigorous selection process, including a minimum R&D expenditure threshold of 5%, and utilizes a three-dimensional optimization system based on market capitalization, profitability, and growth [2]. - The ETF aims to provide investors with an efficient tool to access core assets in China's hard technology sector across the A-share and Hong Kong markets, facilitating a comprehensive investment approach [2]. Group 2: Market Context and Policy Support - The "14th Five-Year Plan" emphasizes technological self-reliance as a core development goal, focusing on critical areas such as integrated circuits and industrial mother machines, supported by various policy measures [1]. - The expansion of the Shanghai-Hong Kong Stock Connect and the inclusion of high-quality companies from the Sci-Tech Innovation Board into the mutual market framework enhance the investment landscape for technology assets [1]. - The combination of policy incentives and industrial upgrades is expected to accelerate domestic substitution and deepen technological iterations, providing robust long-term growth potential for core technology assets in the three markets [1]. Group 3: Future Outlook - The company plans to continue enhancing its index product matrix and leverage its research-driven investment philosophy to uncover opportunities in cutting-edge technology sectors [3]. - The introduction of the ETF is seen as a way to meet diverse investor needs by combining on-market and off-market investment strategies, thus broadening access to the hard technology sector [2][3].

Core Viewpoint - The collaboration between Huada Jiutian and Haiguang Information aims to enhance the synergy between EDA technology and domestic computing platforms, which is crucial for improving chip development efficiency and strengthening the industrial chain [1]. Group 1: Collaboration and Strategic Importance - Huada Jiutian has signed a cooperation agreement with Haiguang Information to explore the integration of EDA technology with domestic computing platforms [1]. - The partnership is expected to facilitate the integration of product adaptation, solution integration, and joint research and development, thereby promoting collaborative implementation [1]. - This collaboration aligns with the "14th Five-Year Plan" and is anticipated to support the systematic development of the domestic computing ecosystem [1]. Group 2: Recent Developments and Investments - Huada Jiutian has completed an investment of 100 million yuan in Zhongwan Xincheng, acquiring a 90.9008% partnership share [2]. - The company has also acquired approximately 7.78% of Sierxin's shares, which is expected to create synergies with its existing digital simulation verification tools and enhance its market presence [2]. - The investment in Sierxin is seen as a critical step in filling gaps in Huada Jiutian's digital EDA platform and supporting the national integrated circuit industry's self-sufficiency strategy [2]. Group 3: Industry Context and Product Significance - Digital simulation verification tools are essential components of the EDA toolchain, directly impacting the stability and reliability of chips, particularly in high-end chip design [3]. - Sierxin, with 21 years of experience in this field, is recognized as a national-level specialized and innovative "little giant" enterprise [3].

2025年已进入尾声，2026年全球金融市场将迎来哪些投资机遇？面对持续变化的经济环境，机构及 个人投资者又该如何调整并优化资产配置？ 近日，汇丰私人银行及财富管理中国首席投资总监匡正向记者提出"以韧性应对环球新变局"的主题 定调，表示将继续通过多元资产策略，在资产类别、地区、行业及货币之间进行多元化配置，以应对风 险管理。 在投资策略上，匡正表示，将加大布局亚洲市场，适度降低美国市场的配置比例，但仍看好美股。 同时，通过全球投资级别债券、新兴市场本币国债及黄金来强化投资组合的韧性。 外资继续"加仓中国" 亚洲市场是全球主要增长引擎之一。展望A股，匡正认为，2026年政策的利多因素仍将延续，对股 市形成正向提振。 "'十五五'规划建议将政策重点置于科技自立自强、创新以及高质量发展。"在匡正看来，面对海外 市场的不确定性因素，中国将继续推出经济刺激政策，涵盖提振消费、改善民生和稳定房地产市场等方 面。其中，"反内卷"政策有望提升企业利润率，而更多政策将着眼于实现科技自立自强战略。 在A股市场的布局上，汇丰整体采取"杠铃策略"：一方面维持对高科技成长板块的配置，捕捉人工 智能驱动带来的基本面向好趋势；另一方面布局 ...

来源：光明日报 【科学+】 编者按 全国科学技术名词审定委员会日前发布了"基于重大科技创新的新概念新术语规范化体系化"工作成果。 其中，"泛在操作系统""高性能制造""深部固体资源流态化开采""超级微创手术"4项体系化新名词，均 为我国科学家率先提出。它们萌发于重大科技创新的生动实践，是科学家在加快建设科技强国、实现高 水平科技自立自强的征程中，对标"构建汉语科技语言体系"，主动参与国际科技话语权竞争的积极尝 试。 它们将对科研工作，乃至日常生产、生活产生怎样的影响？听听科技大咖们怎么说—— 泛在操作系统 推动"万物互联"走向智能协同 梅宏 郭耀 人类正在进入一个"人机物"三元融合的万物智能互联时代。万物数字化、社会经济数字化转型，催生 了"计算无处不在而又无迹可寻"的泛在计算（ubiquitous computing）新场景。在此背景下，一种新型基 础软件形态——泛在操作系统应运而生。该系统秉承泛在计算思想，面向泛在化计算资源管理，支持泛 在应用开发运行，具有泛在感知、泛在互联、轻量计算、轻量认知、反馈控制、自然交互等新特点，标 志着操作系统从管理"单台计算设备"迈向管理"人机物多类资源及其融合"的新阶段。 ...

作者：国开证券研究与发展部总经理李友军 二、资本市场在支持科技自立自强中仍存不足 科技创新内在的高风险、长周期与高度不确定性，要求金融体系在风险收益结构与资本定价机制上实现 精准适配。然而，我国长期存在的深层次结构性矛盾导致金融供给与创新需求错配，尤其是资本市场核 心功能未能充分发挥，制约了创新生态的良性发展。主要体现在以下几个方面：一是融资功能结构性失 衡。我国金融体系以风险偏好较低的间接融资为主，根据中国人民银行数据，从存量看，2025年10月末 非金融企业境内股票融资占社会融资规模的比重仅为2.77%，缺乏能够承担风险、愿意长期陪伴企业成 长的耐心资本，导致科创企业的资本金需求无法得到充分满足。二是价格发现功能部分失灵。由于对科 创企业的专业评估体系尚不成熟，尤其是对人力资本、知识产权等核心无形资产的估值定价体系尚不健 全，导致市场对科创企业真实价值的判断偏离，进而引发价值低估及融资困局。三是资源配置功能存在 失调。资本的短期逐利性与创新的长期战略性之间存在深层矛盾，在金融机构短期业绩考核机制助推 下，市场投机倾向被进一步强化，导致资本过度追逐商业模式创新等短期赛道，而对需要长期投入的基 础研究及关键核 ...

Group 1 - HSBC's 2026 Q1 global investment outlook emphasizes China's focus on technological self-reliance, innovation, and high-quality development as part of the "14th Five-Year Plan" [1] - The bank anticipates continued economic stimulus policies in China aimed at boosting consumption, improving livelihoods, and stabilizing the real estate market, with "anti-involution" policies expected to enhance corporate profit margins [1] - HSBC's investment strategy for A-shares involves a "barbell strategy," balancing investments in high-tech growth sectors and high-dividend quality stocks to mitigate potential volatility from overseas markets [1] Group 2 - In the Hong Kong market, strong capital inflows, particularly from wealth management, and a recovering IPO market are identified as key drivers [2] - The supportive policies for AI and other innovative sectors are attracting more corporate investments, contributing to signs of stabilization in the local residential real estate market [2]

Group 1 - The 18th China Industrial Forum emphasizes "integrated innovation" as a key driver for industrial upgrading and new competitive advantages, focusing on intelligent, green, and integrated development [1] - The forum highlights the importance of deep interaction and restructuring among different fields and elements to foster new technologies, business models, and systemic changes in production and organization [1] - Achieving a strong industrial base relies on core capabilities, quality branding, innovation capacity, green content, and international competitiveness, all driven by "integrated innovation" [1] Group 2 - The mechanical industry faces challenges such as the need for stronger foundational research and the enhancement of supply chain resilience and security, necessitating a focus on technological self-reliance and innovation [2] - The importance of technology innovation as a core driver for both traditional industry transformation and the growth of emerging industries is emphasized, alongside the need for deep integration of technology and industry [2] - The call for reform to break down barriers and activate internal dynamics for integration, as well as the need for a collaborative ecosystem to foster innovation and talent development, is highlighted [2] Group 3 - Recommendations include advancing artificial intelligence applications, enhancing foundational capabilities in data, networks, and algorithms, and promoting the scale development of emerging industries [3] - The necessity for a green low-carbon transition is stressed, with specific goals for carbon peak by the end of the 14th Five-Year Plan, and the promotion of green factories and low-carbon parks [3] - The integration of technological and industrial innovation is crucial, with an emphasis on converting scientific achievements into productive forces and enhancing effective supply across the industry [3] Group 4 - Manufacturing is identified as the core of building a modern industrial system and solidifying the foundation of the real economy, with an increasing share of Chinese manufacturing firms in the global top 500 [4] - The focus on intelligent manufacturing and the enabling role of technologies like AI and IoT for traditional industry upgrades is emphasized, alongside the need for collaboration across the industrial chain [4] - The "2025 New Quality Productivity Trends and Practices Report" indicates significant improvements in various aspects of productivity but also highlights challenges such as cognitive biases and insufficient foundational research [4]

ATH 拉干了于 目标,加油干! 聚焦"高质量发展取得显著成效""科技自立 自强水平大幅提高""进一步全面深化改革取得新 突破""社会文明程度明显提升""人民生活品质 不断提高""美丽中国建设取得新的重大进展" "国家安全屏障更加巩固"七大主要目标,中国经 济网近日刊发"奋进'十五五'"系列七篇评论文 章进行解读。一起来看。 开启新时代全面深化改革、 党的十八届 三中全会 系统整体设计推进改革新征程 党的二十届 三中金会 对进一步全面深化改革、推进 中国式现代化作出战略部署 "十四五"时期,重点领域改 革动真格、敢碰硬,一项项改 革不断破解"发展不平衡不充 分"的制约 "十五五"这样干 0 抓住经济体制改革这个全面深 化改革的重点 推动社会主义市场经济体制更加完善,充分发 挥市场在资源配置中的决定性作用,更好发挥 政府作用,激发各类所有制经营主体内生动力 和创新活力 涵养全民族局扬奋发的精神气质 人无精神不立,国无精神不强 "十四五"以来,我国社会主义文 � 化强国建设步履铿锵 ◆ 中国式现代化既要物质财富极大丰 富,也要精神财富极大丰富、在思 想文化上自信自强 ◆ 广大人民群众不仅是社会文明程度 提高的主体 ...