Core Viewpoint - The Ministry of Industry and Information Technology emphasizes the need for a forward-looking layout and coordinated planning to accelerate the establishment of mechanisms for future industry investment growth and risk sharing, focusing on breakthroughs in fields such as quantum technology, humanoid robots, brain-computer interfaces, deep-sea polar exploration, and 6G technology [1] Group 1: Industrial Economic Stability - The industrial and information system aims to maintain stable growth in the industrial economy, achieving a year-on-year increase of 6% in industrial added value for large-scale industries in the first 11 months of 2025, with high-tech manufacturing and equipment manufacturing growing by 9.2% and 9.3% respectively [2] - The focus will be on four areas: "stability," "expansion," "innovation," and "growth" to ensure industrial economic resilience and vitality [2][3] Group 2: Modern Industrial System Development - The construction of a modern industrial system will prioritize advanced manufacturing, aiming for high-quality development through intelligent, green, and integrated manufacturing [4] - Traditional industries will undergo renewal through targeted improvement plans, while emerging industries will be supported to become new engines of growth [4][5] Group 3: Technology and Innovation Integration - The integration of technology and industry will be deepened, with a focus on enhancing the supply of high-quality technology and promoting the transformation of technological achievements [6][7] - The establishment of a national manufacturing innovation center and the implementation of major technology projects will be prioritized to boost industrial technological innovation capabilities [6][8] Group 4: Digital Transformation in Manufacturing - The push for deep integration of information technology and industrialization will continue, with significant advancements in digitalization, networking, and intelligence in manufacturing [9][10] - The focus will be on building a robust digital foundation and enhancing network connectivity to facilitate the transition to smart manufacturing [9][10]

2026年是"十五五"开局之年。如何确保工业经济平稳增长？怎样加快推动科技创新和产业创新深度融 合？新华社记者采访了工业和信息化部党组书记、部长李乐成。 四方面发力，推动工业经济行稳致远 问：2026年将采取哪些措施保持工业经济平稳增长？ 新华社北京1月12日电 题：夯实基本盘培育新动能 奋力开创新型工业化新局面——访工业和信息化部党 组书记、部长李乐成 "十五五"规划建议将"建设现代化产业体系，巩固壮大实体经济根基"摆在战略任务的首位。近期召开的 中央经济工作会议围绕推进新型工业化，作出一系列部署。 答：过去一年，工业和信息化系统坚持稳中求进工作总基调，推动工业经济顶压前行、向新向优发展， 实现质的有效提升和量的合理增长，展现强大韧性和活力。2025年前11个月，规模以上工业增加值同比 增长6%，规模以上高技术制造业、装备制造业增加值同比分别增长9.2%、9.3%，产业提质升级步伐明 显加快，新动能不断壮大。 2026年，我国工业经济发展韧性强、潜力大、活力足的优势条件没有改变，当然也面临一些风险挑战， 只要坚定信心、迎难而上，用创新的思路、改革的办法，用足用好优势条件，完全能够推动工业经济行 稳致远。我们 ...

Group 1: Economic Trends and Innovations - The current global economic development is at a critical turning point, with technological innovation being the core driving force for high-quality economic growth in China [1] - China's economic model is evolving from "product output" to "system diffusion," supported by large-scale infrastructure construction that creates public assets and development opportunities [2] - The integration of financial wisdom with technological innovation is essential for cultivating innovative talents capable of addressing challenges in emerging industries like artificial intelligence and biomedicine [1][2] Group 2: Industry-Specific Insights - The future development of industrial robots relies on deepening vertical scenarios to achieve technological closed loops and overcoming industrialization bottlenecks of disruptive materials [2] - Investment opportunities in the renewable energy sector are shifting from manufacturing to downstream application scenarios, driven by low component prices stimulating new electricity demand [2] - Chinese innovative drug companies are transitioning from licensing out to joint development with multinational pharmaceutical companies, aiming to establish independent capabilities for global clinical development and commercialization [3] Group 3: Investment Opportunities - The investment focus in the biomedicine sector is on China's innovative drugs, which benefit from rapid and cost-effective research and development, accelerating the country's innovation output to global markets [2] - Brain-computer interface technology is expected to achieve commercialization in areas like spinal injuries and blindness, indicating a potential investment opportunity [3]

Core Viewpoint - The Chinese Ministry of Industry and Information Technology emphasizes the importance of stabilizing industrial growth, promoting technological innovation, and integrating industry and technology to support economic development [1][2][3] Group 1: Industrial Growth Strategies - The Ministry will focus on four key areas: "stabilize," "expand," "create," and "increase" to ensure industrial growth [2][3] - "Stabilize" involves maintaining growth in key industries and regions, which account for 80% of total industrial output [2][3] - "Expand" aims to enhance effective demand by promoting flexible manufacturing and accelerating the application of new technologies like artificial intelligence [2][3] - "Create" focuses on value creation and quality improvement through the revitalization of traditional industries and the development of emerging industries [2][3] Group 2: Support for Enterprises - The Ministry plans to enhance the vitality of business entities by improving cash flow for small and medium-sized enterprises and addressing overdue payments [3][8] - A national industrial and information technology conference highlighted the need to consolidate the positive trend in industrial growth and support major industrial provinces [3][8] Group 3: Future Industrial Development - Economic experts predict that new production capabilities and policy tools will support industrial production in 2026, despite challenges from weak demand in investment, consumption, and exports [3][9] - Specific provincial goals for 2026 include a target of approximately 6.5% growth in industrial output for Anhui and around 6% for Zhejiang, with a focus on digital economy and manufacturing investment [9][10]

Group 1 - Guangxi has established the "Nandan Key Metal Loan" financial product to address financing challenges faced by key metal enterprises in technology research, production operations, and project expansion, promoting high-end, intelligent, and green transformation of the industry [2] - The first "Financial Benefit Enterprise - Nandan Key Metal Loan" was issued to Southern Nonferrous Metals Co., with a credit increase of 400 million yuan and a loan of 150 million yuan, saving the company 1.5 million yuan in financing costs [2] - The financial services in Guangxi are perceived positively by many business leaders, attributing this to supportive policies and a moderately loose monetary policy that has effectively supported stable growth in the real economy [2][3] Group 2 - In 2025, Guangxi is guiding funds to key projects and sectors such as technology innovation and small and micro enterprises, focusing on five areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [3] - The "Guangxi Financial Benefit Enterprise Three-Year Action Plan (2025-2027)" aims to enhance financial support for the real economy by optimizing financial tools and strengthening the coordination between fiscal and financial policies [3] Group 3 - The Guangxi branch of the China Development Bank has issued over 360 billion yuan in infrastructure loans during the 14th Five-Year Plan period, supporting major projects and local economic development [4] - Guangxi Beibu Gulf Bank plans to invest at least 35 billion yuan in various credit assets over the next five years to accelerate the development of the Nandan key metal high-quality development comprehensive experimental zone [4] Group 4 - Guangxi Liuzhou Steel Group successfully issued the first technology innovation bond in the interbank bond market, providing a new model for traditional manufacturing transformation and financing [5] - The Agricultural Bank of Nanning helped a national-level "little giant" enterprise, Nanning Chuxin Integrated Circuit Design Co., by providing an 8 million yuan loan through innovative financial products [6] Group 5 - By the end of 2025, Guangxi's financial institutions had issued 165.04 billion yuan in financial benefit loans, benefiting 63,400 business entities and reducing financing costs by 1.76 billion yuan [7] - The financial benefit policies in Guangxi have been recognized as an excellent case for promoting financing channels and have been included in national publicity efforts [7] Group 6 - The "Guangxi Financial Benefit Enterprise Three-Year Action Plan (2025-2027)" aims to coordinate 7.5 billion yuan in various fiscal funds, driving over 600 billion yuan in interest-subsidized loans, over 100 billion yuan in guarantee subsidies, and over 300 billion yuan in bond issuance by 2027 [10]

产量的跨越式跃升，背后是精益管理、科技创新与绿色发展的协同发力。独山子石化公司以"一炉一 策"精准调控工艺参数，深化"日清日结"管理，闭环管控生产各环节消耗指标；发挥全国首批卓越级智 能工厂优势，实时在线优化系统、关键机组三维模型库，提升"双烯"收率，设备预防维修率达97.4%； 通过节能降耗措施，百万吨级乙烯燃动能耗蝉联行业能效"领跑者"；建立全流程成本管控体系，借力自 动投退炉程序、智能巡检机器人等方式优化生产，实现增产减碳的数智化、绿色化发展。 中化新网讯 2025年12月31日9时，独山子石化公司生产调度中心的屏幕上，全年乙烯产量数字最终定格 在208.86万吨，创历史新高。 ...

Core Viewpoint - The article discusses the newly released guidelines by the National Development and Reform Commission, Ministry of Finance, Ministry of Science and Technology, and Ministry of Industry and Information Technology, which aim to systematically regulate the layout and investment direction of government investment funds for the first time at the national level [1] Group 1: Investment Direction and Policy Measures - The guidelines propose 14 policy measures focusing on three aspects: where to invest, how to invest, and who manages the funds [2] - Funds are required to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promoting deep integration of technological and industrial innovation [2] - Investment should align with national major plans and encourage industries listed in the national industrial directory, avoiding restricted, eliminated, or prohibited sectors [2] Group 2: Fund Management and Local Adaptation - The guidelines clarify that provincial development and reform departments will lead the formulation of local key investment area lists to optimize fund layout and direction [2] - National-level funds are to focus on supporting the construction of a modern industrial system and tackling key core technology challenges, addressing industrial shortcomings and development bottlenecks [2] - Local funds should choose investment directions based on local industrial foundations and development realities, supporting industrial upgrades, innovation capacity enhancement, and the incubation of small and micro private enterprises and technology-based companies [3] Group 3: Evaluation and Management - The National Development and Reform Commission has also developed a management approach for evaluating fund investment directions, combining positive guidance with negative constraints [3] - A comprehensive evaluation system covering the entire fund operation management process will be established, integrating both quantitative and qualitative assessments to strengthen policy guidance and regulatory management [3]

记者 俞陶然 在科技活动产出方面，上海得分排名全国第一，创新产出水平和技术成果转化二级维度也均为第 一。与上年相比，上海技术国际收入增长8.94%，占全国的34.22%，万元GDP技术国际收入增加2.07美 元，保持在全国第一位；万人科技论文数、万人有效注册商标数、万人高价值发明专利拥有量、亿元 GDP知识产权使用费出口额均保持全国第二位；技术市场输出技术成交额增长19.93%，万人输出技术 成交额增加2891.97万元，位次上升至全国第二。 生物医药产业的BD（商务拓展）收入，是一类重要的技术国际收入。医药魔方的统计数据显示， 2025年，中国创新药BD对外授权交易总金额达到1356.55亿美元，首付款70亿美元，交易总量为157 笔。在交易数量上，上海位居榜首，占全国交易总量的1/3左右。 科技论文的质量和人均数量，上海也占有优势。2025年，上海科学家在《科学》《自然》《细胞》 三大国际顶刊发表论文181篇，占全国的30.6%，较2024年增长14.6%。其中，上海科学家为第一作者或 通讯作者的论文有109篇，占全国的24.1%，较2024年增长29.8%。 "值得注意的是，在科技创新投入这个指标上，上 ...

Group 1 - The Central Economic Work Conference has outlined eight key tasks for economic work in 2026, emphasizing the importance of "innovation-driven development" and the role of technology in industry upgrades and high-quality development [1] - Non-bank financial institutions are encouraged to align with the conference's directives, focusing on serving the real economy and leveraging technological innovation as a driving force for breakthroughs in quality and efficiency [1] Group 2 - The conference has reiterated the commitment to "dual carbon" goals, promoting a comprehensive green transformation, which is a significant focus for trust companies and financial leasing institutions [2] - The emphasis on "innovative technology financial services" marks a new phase in the development of technology finance, integrating core elements like "technology" and "green" with the real economy [2] - Examples of practical applications include the use of big data and AI by companies like Industrial Bank Leasing to enhance risk management in green leasing [2] Group 3 - The carbon trading market is expected to enter a new stage of high-quality development, with the conference calling for strengthened national carbon emission trading market construction [4] - Trust companies are encouraged to explore carbon trusts centered around carbon quotas, leveraging the opportunity presented by the national carbon market to promote green trust development [4] - Accurate management of carbon data is highlighted as a critical area where AI can play a significant role in carbon trading infrastructure [4] Group 4 - Companies like Northern Trust are focusing on integrating AI into green finance, enhancing project selection, pricing, risk control, and post-investment monitoring through data-driven approaches [5] - The goal is to embed green concepts into public life and foster a culture of low-carbon development [5] Group 5 - Financial leasing companies are leveraging their unique "financing + leasing" attributes, supported by technology, to play an irreplaceable role in promoting green development [6] - Companies are implementing digital transformation strategies to enhance risk control and operational efficiency in green leasing [6] - The focus is on converting transformation outcomes into precise support for industrial upgrades [6] Group 6 - Financial leasing companies are urged to optimize their business structures, concentrating on high-end manufacturing, green energy, urban renewal, and retail sectors to align with modern industrial system construction [7]

Core Viewpoint - The 2026 investment strategy reports from multiple public fund companies indicate a consensus that A-shares will experience a key transition from "valuation expansion" to "profit recovery," suggesting that market trends are likely to continue amid profit restoration [1][8]. Investment Logic: Profit as the Core Driver - "Profit recovery" is identified as the central theme in the public funds' 2026 investment strategy reports, with expectations that the driving logic for the equity market will shift from valuation expansion in 2025 to profit improvement in 2026 [2][8]. - Various institutions, including Ping An Fund and China Merchants Fund, anticipate that corporate profits will continue to recover, transitioning A-shares from a rapid valuation increase to a more gradual profit-supported market [2][8]. - Historical data suggests that A-shares have not experienced three consecutive years of valuation expansion, indicating that corporate profit performance will likely dictate index direction in 2026 [2][3]. - The macroeconomic environment and liquidity conditions are expected to support profit recovery, with a favorable policy environment anticipated both domestically and internationally [2][3]. Investment Themes: Focus on Technology and Cycles - Technology and cyclical sectors are recognized as the primary investment themes, with AI technology and cyclical recovery being highlighted as key areas of interest [4][5]. - Ping An Fund emphasizes the importance of technological innovation and cyclical supply-demand rebalancing as the two main investment lines for 2026, focusing on AI-driven hardware innovation and the domestic semiconductor industry [4][5]. - China Merchants Fund also aligns its strategy around AI technology and cyclical real estate, noting that the global AI industry is still in a "big infrastructure era" with long-term opportunities [4][5]. - Other sectors such as consumption and pharmaceuticals are mentioned for their potential valuation recovery, driven by macroeconomic improvements and rising consumer demand [5][8]. Investment Philosophy: Increased Emphasis on Asset Allocation - The 2026 investment strategy reports show a notable increase in content related to asset allocation, with "fixed income plus" products gaining significant attention [6][8]. - Various funds, including Changcheng Fund and Dachen Fund, predict that "fixed income plus" products will benefit from a favorable environment, leading to a third round of scale expansion [6][7]. - The reports suggest that the domestic passive investment tools will continue to grow rapidly in a low-interest-rate environment, with a focus on innovative "fixed income plus" products and diversified asset allocation strategies [6][7]. - International asset allocation is also gaining traction, with optimism regarding the Hong Kong stock market and a focus on sectors such as technology and consumption [7][8].