"新浪财经2025年会暨第18届金麒麟论坛"将于2026年1月15日在北京举办，本次会议的主题是"十五五开 局，经济新启航——重塑增长范式，共创未来繁荣"。 "新浪财经2025年会暨第18届金麒麟论坛"将于2026年1月15日在北京举办，本次会议的主题是"十五五开 局，经济新启航——重塑增长范式，共创未来繁荣"。 【点击报名参会】 回首"十四五"，中国经济在复杂严峻的国内外形势下，书写了高质量发展的坚实篇章。我们共同见证了 创新驱动战略下，科技自立自强步伐的加快；亲历了绿色转型的浪潮中，新能源与低碳产业的蓬勃崛 起；也感受到了共同富裕目标下，区域协调与乡村振兴的深层脉动。数字经济与实体经济深度融合，高 水平对外开放的大门越开越大，这些成就为迈向新征程奠定了坚实基础。 展望"十五五"，新的机遇与挑战并存。如何进一步强化国家战略科技力量，在全球产业链重构中抢占先 机？怎样深化要素市场化改革，释放更大增长潜能？绿色低碳转型又将催生哪些万亿级新赛道？这些关 乎国家发展与企业命运的宏大命题，亟待我们深入探讨。 本次论坛将由一场主论坛，和"2025科技风云榜"、"2025金融新启航"、"2026全球与中国资本市场展望 论 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 12 月 25 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视"春季躁动" ，寻"重大工程"轨迹布局 投资评级： 看好（维持） ——建筑装饰行业周报（20251215-20251221） 投资要点： 本周观点： 联系人 2025 年建筑板块回顾：指数表现分化，我们看好 2026 年建筑板块整体表现。我们从两类不 同视角对建筑板块进行复盘。1）是从年内涨跌幅结构看，截至 2025 年 11 月，SW 建筑装 饰指数累计上涨 8.88%，表现弱于沪深 300 指数，但板块内部结构分化明显。其中，民营建 筑企业受并购重组及新业务拓展推动，相关 ...

该机构认为，当前商业航天产业在国家政策支持和产业技术突破共同助力下，有望进入新纪元。商业航 天产业涉及信息化的主要环节包括（1）遥感及其应用；（2）卫星测运控系统；（3）CAE仿真/卫星测 试；（4）星际传输处理模块、通信模组、数据处理平台等；新场景扩展层面关注太空算力。此外，当 前商业航天发展是国企与民营企业共振周期。 军工板块25日盘中走势强劲，截至发稿，广联航空20%涨停，臻镭科技涨超17%创出新高，信维通信涨 超10%，神剑股份涨停斩获6连板。 中信建投证券指出，"十五五"规划建议中提到的未来产业和新兴支柱产业中，多类产业涉及到军工技 术，如泛军工领域中的商业航天、低空经济、深海科技、未来能源、大飞机，民用领域中的AI、3C消 费电子、机器人等。"十五五"时期，上述领域将成为市场广阔的万亿赛道，而军工公司若想实现自身规 模的持续增长有赖于在上述领域中的拓展。与此同时，上述领域在发展过程中，将会牵引多种新工艺、 新材料、新器件的发展，如增材制造、超硬材料、陶瓷基复合材料等，相关公司也会因此受益。 ...

此次座谈会的召开，对提升提案质量、增强建言实效、更好发挥政协职能具有重要作用，必将为本地在新征程上推动高质量发展凝聚政协智慧、注入坚实 力量。 会上，各位委员紧扣十五届五次全会提案撰写核心目标，围绕提案选题方向，进行交流协商。提出了2026年选题方向建议。委员们围绕"十五五"规划前瞻 性思考、构建现代化产业体系、激发商贸活力、办好人民满意教育等关键领域，进行了深入研讨和交流。 通讯员张惠 12月22日，盐城市东台镇委员联络组围绕"共商提案选题共谋发展良策"开展第四季度同心互联座谈会。东台镇党委副书记常亮、镇党委统战委员杨巧凤参 加会议。 ...

【银河证券：A股进入跨年布局窗口，关注元旦前后行情】12月22日，银河证券指出，随着2026年临 近，A股市场步入跨年布局关键窗口，可关注元旦前后小躁动行情。2026年是"十五五"规划开局之年， 政策红利释放预计较早，结构性机会集中在政策与产业景气共振赛道，春季躁动行情值得期待。短期可 关注防御性板块配置机会，同时布局明年政策红利与产业景气方向。主线一是关注人工智能、具身智能 等"十五五"重点领域；主线二是制造业、资源板块盈利修复路径清晰。辅助线一是消费板块迎来布局窗 口；辅助线二是出海趋势将打开企业盈利空间。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 F TO hexun.com 和讯财经 和而不同 迅达天下 扫码查看原文 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the need for financial asset management companies to align with the "14th Five-Year Plan" to accelerate the construction of a financial powerhouse and promote high-quality economic and financial development [1][5]. Group 1: Political Leadership and Risk Management - Strengthening political leadership and adhering to the Party's guidance is fundamental, as the "14th Five-Year Plan" highlights the importance of the Party's comprehensive leadership in shaping policies and promoting reforms [2]. - The company recognizes that preventing and mitigating risks is essential for its operations, focusing on compliance and sustainable high-quality development [2][6]. Group 2: Opportunities in Financial Asset Management - The financial bad asset market presents significant potential for development during the "14th Five-Year Plan," as financial institutions will continue to improve asset quality and accelerate the clearance of existing risks [3]. - The company aims to leverage its expertise in resolving distressed projects and supporting the reform of small and medium-sized financial institutions to enhance its role in risk mitigation [3][6]. Group 3: Supporting the Real Economy - The company is committed to supporting the real economy by increasing financial support for key sectors and addressing challenges faced by struggling enterprises through asset revitalization and restructuring [4][7]. - The "14th Five-Year Plan" encourages optimizing traditional industries and fostering new and future industries, which aligns with the company's strategy to assist traditional energy companies in their low-carbon transitions [5][7]. Group 4: Strategic Initiatives for Financial Development - The company plans to enhance its political awareness and integrate the Party's leadership into all aspects of its governance, ensuring alignment with national strategies [5][6]. - It will focus on resolving financial bad asset risks and providing comprehensive solutions for local governments, particularly in real estate and debt management [6][7].

国企硬实力背书：锚定十五五，重仓城市核心 2024年底，盛融万恒正式并入辽宁交投集团，府城系列自此升级为集团地产板块的核心旗舰项目，背靠省级国企的资金实力、资源整合能力与工程管控标 准，为项目的长期开发与品质兑现筑牢"压舱石"。恰逢"十五五"规划开局之年，辽宁交投紧扣规划中"提升人居品质、完善城市功能配套、推动产城融合 发展"的核心方向，将府城系列的开发建设深度融入沈阳浑南新区的发展蓝图，以百万方规模的持续深耕，践行国企对城市发展的责任与远见。 在沈阳浑南新市府板块的价值攀升曲线中，总有一个名字始终占据核心C位——辽宁交投·府城系列。作为深耕区域超十二年的国企标杆之作，这个总建面 超百万方的人居巨著，如今随着辽宁交投集团的全面赋能与"十五五"规划的落地启航，正式迎来第四期全新篇章，2025年即将荣耀入市，为沈阳人居升级 注入强劲国企力量。 基石之作（2012-2016）：府城铭邸，以交付立口碑 2012年，府城系列首作"府城铭邸"落子新市府核心，12.4万㎡占地、35.79万㎡建面的规模，在区域配套尚在起步阶段时，以"兑现力"打响第一枪。2016年 如期全面竣工交付，2784户业主顺利入住，凭借过硬的工程质量 ...

叶牛平认真听取发言，与大家深入交流协商，并代表中共西安市委对市级各民主党派、市工商联负 责人和无党派人士表示感谢。他说，全市各界党外人士认真履行民主监督责任，广泛开展调查研究，提 出的意见建议针对性强、创新性突出、实践性鲜明，要求市级有关部门认真研究采纳，切实把调研和座 谈协商成果运用好、转化好。 叶牛平向大家介绍了2025年西安经济社会发展情况和2026年工作总体考虑。他强调，当前正值"十 四五"收官和"十五五"开局的关键阶段，希望全市各民主党派、工商联和无党派人士认真学习贯彻中共 二十届四中全会、中央经济工作会议精神和习近平总书记重要讲话精神，引导广大成员和所联系群众把 中共中央战略部署领会准、理解透、落实好。要发挥人才荟萃、智力密集、联系广泛的独特优势，围绕 制定西安"十五五"规划和推进2026年重点工作深入调研、建言献策。要认真履行参政议政和民主监督职 能，协助党委和政府做好政策宣传、解疑释惑、凝聚共识工作，为推动西安高质量发展现代化建设作出 新的更大贡献。 12月24日，中共西安市委召开2025年专项民主监督调研协商座谈会，深入学习贯彻中共二十届四中 全会、中央经济工作会议精神和习近平总书记重要讲话 ...

Core Viewpoint - The recent learning and communication of the Central Economic Work Conference's spirit by various departments and regions is an important window for tracking the implementation of the conference's spirit, revealing more details and actionable measures [2] Group 1: Policy Implementation - Various departments are focusing on the "stability while seeking progress, improving quality and efficiency" principle, with clear directions and highlighted priorities such as expanding domestic demand, strengthening technology, promoting reform, and stabilizing real estate [3][5] - The central government is expected to continue "leveraging" with specific scales to be determined at the 2026 National Two Sessions, emphasizing proactive measures and reasonable acceleration of fund disbursement [4][6] - Departments are prioritizing support for expanding domestic demand, utilizing various funds, and continuing to support "two new" and "two heavy" initiatives, including fostering trillion-level new consumption growth points [6][7] Group 2: Financial and Monetary Policies - The Ministry of Finance and the central bank are maintaining a "more proactive fiscal policy" and "moderately loose monetary policy," with a focus on maintaining necessary fiscal deficits and debt levels [6][8] - The central bank may consider lowering reserve requirements and interest rates in the first quarter of 2026, along with introducing more structural tools [2][4] - There is an emphasis on accelerating fiscal spending and issuing special bonds to support consumption and investment [6][7] Group 3: Industry and Innovation - There is a strong focus on industrial transformation, self-control, and innovation leadership, with initiatives to promote technology finance and the construction of international technology innovation centers in key regions [7][8] - The government is pushing for reforms to create a unified market, enhance the development of the private economy, and deepen state-owned enterprise reforms [8][9] Group 4: Risk Management - The financial system is focused on preventing risks, particularly in the real estate sector, while ensuring support for both residents and real estate companies [9][10] - Measures are being taken to stabilize the stock market and promote long-term investments, including accelerating reforms in the Sci-Tech Innovation Board and piloting commercial real estate REITs [10][11] Group 5: Local Implementation - Various regions are adapting the central economic work conference's spirit to their local contexts, emphasizing proactive measures and specific actionable tasks, with a focus on ensuring a good start for the 14th Five-Year Plan [13][14] - Local governments are expected to detail their plans and measures in the upcoming local two sessions in January 2026, with a strong emphasis on innovation and openness [13][14]

Core Insights - The article emphasizes that digital transformation is no longer optional for companies but a necessity for survival in the future. The focus is on the key trends and strategies that will shape digitalization in 2026. Group 1: Key Trends - The "14th Five-Year Plan" will provide strong strategic support for corporate digitalization, guiding companies in aligning their digital goals with national priorities in technology innovation, industrial integration, and green development [1] - AI technology is transitioning from concept validation to large-scale application, with a focus on deep integration rather than superficial enhancements. Companies will prioritize practical applications of AI to solve real business challenges [2] - Emotional value is becoming a critical competitive factor, as companies need to create positive emotional experiences for users and employees to enhance loyalty and engagement [3] Group 2: Operational Challenges - Cost reduction and efficiency improvement remain central to corporate survival, with over 70% of companies reducing their digitalization budgets. This necessitates a reevaluation of investment returns and a focus on high-value scenarios [4] - Data strategy is evolving from compliance to intelligent-driven applications, with companies recognizing data as a core asset for driving smart decision-making and personalized services [4][5] - The "mid-life crisis" is affecting information departments, as experienced technical staff face challenges from rapid technological changes and a shift in demand for multi-skilled talent [5]