国家统计局数据显示，11月份，规模以上工业增加值同比实际增长4.8%。从环比看，11月份，规模以 上工业增加值比上月增长0.44%。1—11月份，规模以上工业增加值同比增长6.0%。西班牙对外投资银 行亚洲首席经济学家夏乐认为，4.8%的增长数字与整体GDP增长目标基本一致，显示我国制造业相当 强的竞争力。而针对于需求端数据弱于供给端的问题，刚刚结束的中央经济工作会议或将在未来有针对 性的政策推出。 国家统计局数据显示，11月份，规模以上工业增加值同比实际增长4.8%。从环比看，11月份，规模以 上工业增加值比上月增长0.44%。1—11月份，规模以上工业增加值同比增长6.0%。西班牙对外投资银 行亚洲首席经济学家夏乐认为，4.8%的增长数字与整体GDP增长目标基本一致，显示我国制造业相当 强的竞争力。而针对于需求端数据弱于供给端的问题，刚刚结束的中央经济工作会议或将在未来有针对 性的政策推出。 ...

12月10日至11日，中央经济工作会议在北京举行。此次会议是在"十四五"规划收官与"十五五"规划启航 的关键节点召开的一次重要会议，为2026年经济工作指明了方向。作为资本市场的重要机构投资者，公 募基金行业人士普遍表示，会议也为资本市场和公募基金行业提供了新阶段服务实体经济与国家战略、 满足居民财富管理需求的行动指南。 多家公募基金公司表示，2026年，是"十五五"开局之年，也是公募基金践行高质量发展"全面发力"年。 公募基金行业将始终牢记服务实体经济与国家战略、促进资本市场改革发展稳定，更加积极主动地将自 身发展融入国家发展大局，为资本市场平稳健康发展贡献力量。 创新驱动培育壮大新动能 会议在部署明年经济工作重点任务时指出，要坚持创新驱动，加紧培育壮大新动能。 易方达基金表示，在发展新质生产力，推动科技创新和产业创新深度融合方面，公募基金行业应深刻认 识新质生产力的内涵和特点，优化迭代投研体系，加强对新技术、新产业（300832）、新业态的研究广 度和深度，积极布局符合新质生产力方向的主动权益基金和指数基金，引导资金向创新领域集聚，支持 科技创新和产业转型升级，促进"科技-资本-产业"良性循环。 博时基金 ...

中国银河在研报中表示，消费、投资共同发力扩内需，消费升级推动建材高品质转型。消费端，中央经 济工作会议提到，2026年要"深入实施提振消费专项行动，清理消费领域不合理限制措施"，与十五五规 划建议稿中提到的"清理汽车、住房等消费不合理"相呼应，预计26年各地区居民住房限购政策将逐步放 开，家装市场回暖预期增强，有望带动消费建材需求恢复。 北京商报讯（记者 翟枫瑞）12月15日，装修建材板块小幅增长，以16115.56点收盘，涨幅为0.64%。在 板块带动下，多只装修建材股股价实现增长。松霖科技以35.70元/股收盘，涨幅为6.98%，领涨装修建 材股。顾地科技以4.02元/股收盘，涨幅为5.24%，涨幅位列装修建材股第二。美克家居以3.06元/股收 盘，涨幅为4.79%，涨幅位列装修建材股第三。除此之外，中源家居以22.07元/股收盘，跌幅为7.42%， 领跌装修建材股。*ST亚振以33.28元/股收盘，跌幅为5.00%，跌幅位列装修建材股第二。麒盛科技以 19.96元/股收盘，跌幅为4.91%，跌幅位列装修建材股第三。 ...

2012 31 2025-12-15 F3014717 Z0013223 01 PART ONE 主要观点 | 影响因素 | 主要逻辑 | | --- | --- | | 回顾 | 本周国内商品继续回落，多数品种走弱，其中，工业品、农产品指数均下跌，品种间走势分化。一是，美联储12月如期降息，黄金、有色板块表现亮眼；二是， | | | 国内经济疲软，供强需求，黑色系继续调整，表现较弱；三是，多空因素交织，能化板块震荡运行。 | | 海外 | 1）美联储宣布将联邦基金利率目标区间下调0.25个百分点至3.5%-3.75%，符合市场预期。鲍威尔在新闻发布会上重申了双重使命，并强调由于缺乏增量数据， | | | 就业和通胀预期变化不大。但对于劳动力市场，鲍威尔提到就业增长可能被高估了约6万人，暗示自4月以来月均就业人数实际可能减少了2万人。因此在当前就业 | | | 下滑和通胀上行的矛盾走势中，美联储选择在当前更加重视就业的问题，所以选择降息。12月美联储降息如期落地，而且与市场预期不同的是，鲍威尔的发言更 | | | 偏鸽派，目前市场预期2026年仍有两次各25bp降息可能，后续就业和通胀的走势仍是关键。2）日本 ...

Group 1: Company Performance - China Ping An's stock price has been rising, with a 4.98% increase today, reaching a new high since April 2021, and a market capitalization of 1.21 trillion yuan [1] - China Life also saw a 2.1% increase today, hitting a new high for the year [1] - Morgan Stanley raised its target price for China Ping An's H-shares to 89 HKD and A-shares to 85 CNY, while CICC increased its A-share target price from 74.4 CNY to 89.8 CNY and H-share target price from 71 HKD to 99.4 HKD [5] Group 2: Industry Trends - The insurance sector experienced significant gains, with China Ping An and China Pacific Insurance leading the rise [3] - A recent notification from the National Financial Regulatory Administration has eased capital regulations for insurance companies, potentially benefiting large insurers with high stock investment ratios [5] - The consumer sector is also showing strength, with various sub-sectors like dairy, liquor, and retail experiencing notable increases [6][9] - The central economic work conference emphasized the importance of domestic demand, aiming to build a strong domestic market [9]

Group 1: Company Performance - China Ping An's stock price has been rising, with a 4.98% increase today, reaching a new high since April 2021, and a market capitalization of 1.21 trillion yuan [2] - China Life also saw a 2.1% increase, hitting a new high for the year [2] - Institutional investors have been raising target prices for China Ping An, with Morgan Stanley increasing its H-share target price to 89 HKD and A-share target price to 85 CNY [5] - CICC raised China Ping An's A-share target price from 74.4 CNY to 89.8 CNY and H-share target price from 71 HKD to 99.4 HKD [5] Group 2: Industry Trends - The insurance sector experienced significant gains, with leading stocks like China Ping An and China Pacific Insurance leading the rise [3] - A recent notification from the National Financial Regulatory Administration has eased capital regulations for insurance companies, potentially benefiting large insurers with high stock investment ratios [6] - The consumer sector also showed strength, particularly in dairy, liquor, retail, and beer segments, with notable stock increases in companies like Knight Dairy and Huangshi Group [6][8] - The central economic work conference emphasized the importance of domestic demand and outlined key tasks for economic work through 2026, aiming to enhance the domestic market [9]

消费、投资共同发力扩内需，消费升级推动建材高品质转型 消费端，中央经济工作会议提到，2026年要"深入实施提振消费专项行动，清理消费领域不合理限制措 施"，与十五五规划建议稿中提到的"清理汽车、住房等消费不合理"相呼应，预计26年各地区居民住房 限购政策将逐步放开，家装市场回暖预期增强，有望带动消费建材需求恢复。投资端，中央经济工作会 议提到"推动投资止跌回稳，优化实施'两重'项目"，与十五五规划建议稿对"扩大有效投资"的描述相契 合，水泥等传统建材需求与基建投资高度相关，"两重"项目建设将是缓解地产新开工疲软的主要对冲力 量，预计明年"两重"项目将托底传统建材市场需求。与此同时，近年我国居民消费水平不断提高，中央 经济工作会议提到"高质量推进城市更新"及"有序推动'好房子'建设"，在地产进入存量时代背景下，城 市更新及高品质建设成为建材市场重要抓手，一方面，随着明年城市更新工作的推进与落地，城市基础 设施建设及城市综合管廊建设等相关的建材产品需求有望加速释放；另一方面，消费升级趋势下，具备 品牌属性及品质优势的龙头企业有望受益。 深化推进"反内卷"，传统建材供需格局预期向好 中央经济工作会议提到"制定全国统 ...

Summary of Key Points from Conference Call Records Industry Overview Chemical Industry - The chemical industry is expected to experience both cyclical and growth opportunities in 2026 due to domestic supply-side reforms and demand-side expansion policies, alongside improved overseas demand. Oil prices are projected to stabilize around $60 per barrel, alleviating inventory pressure on chemicals. [4][12] - Key sectors to focus on include spandex, nylon, and rigid demand sectors like pesticides and fertilizers, particularly those with strong demand resilience. [4] Power Industry - The power industry is segmented into thermal, hydro, nuclear, and renewable energy, each presenting unique investment opportunities. [5][6] - Thermal power's capacity price has increased to over 50%, enhancing profitability, although its share of installed capacity is expected to decline. [5] - Hydro power is benefiting from improved water conditions, while nuclear power is set to experience a production peak between 2026 and 2027, indicating strong growth potential. [6][7][8] Non-Ferrous Metals Industry - The non-ferrous metals index has surged by 78% by the end of 2025, indicating a new upward cycle. Valuations remain within a safe range, with expectations of price increases driven by Fed rate cuts and improved US-China trade relations. [12] - Specific opportunities include increased demand for gold and silver, as well as investment prospects arising from copper supply shortages. [12] Building Materials Industry - The building materials sector is recovering confidence due to factors like the Western Development strategy and anti-involution policies. The fiberglass manufacturing sector has led the market with a 68% increase. [28][29] - Structural investment opportunities are anticipated in 2026, particularly in traditional materials like cement and glass, driven by urban renewal and new energy demands. [29][30] Key Investment Opportunities Lithium Battery Sector - The lithium battery sector is expected to maintain strong growth despite concerns over slowing demand for electric vehicle batteries. The sector is projected to grow at a rate of 10% to 15% in 2026, with significant demand from the energy storage market. [34][35] - Key materials such as electrolyte additives, particularly VC additives, are expected to see price increases due to their sensitivity and tight supply conditions. [37] Gold Market - The passage of the "Great Beauty Act" is anticipated to increase the US fiscal deficit, negatively impacting asset credit and accelerating global central bank gold purchases, supporting gold prices. A 10% increase in gold prices is expected by 2026. [3][14] - A-share gold companies are entering a growth phase in mining output, with performance expected to improve significantly. [14] Construction Sector - The construction industry should focus on urban renewal and major engineering projects, as well as opportunities arising from mergers and acquisitions. [18][27] - Key players in the construction of clean energy projects in the western regions, such as China Power Construction and China Energy Engineering, are recommended for tracking. [20][19] Additional Insights - The hydro power sector is expected to see strong support from improved water conditions, with significant growth potential in the long term. [7] - The nuclear power sector is projected to have a compound annual growth rate of around 10% due to a peak in new production. [8][9] - The building materials sector is expected to benefit from urban renewal policies and the demand for high-quality green materials as the real estate market evolves. [32][33]

随着中央经济工作会议为2026年经济工作定调，"跨年行情"与"春季躁动"的预期在券商研报中升温。 机构普遍认为，"扩内需、反内卷"的政策红利将引领市场走出通缩路径，而AI算力、商业航天等科技主 线与具备全球竞争力的"出海"品种，则构成了进攻方向。同时，资金对低波动、高股息资产的偏好也值 得关注，市场风格切换或成新看点。 中信证券：配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种 国金证券：中央经济工作会议定调扩内需、反内卷，走出通缩路径明晰 本周国内对于基本面预期影响最大的事件便是中央经济工作会议的召开，我们认为在中央经济工作会议 定调扩内需和注重反内卷的背景下，未来国内走出通缩的路径已经明晰： 外需品种是今年已经被充分证实和演绎过的线索，但延续到明年只是既有事实的延续，超预期的空间有 限，赚业绩而不是估值的钱；内需品种目前景气上升的品种有限，且未来的政策以及对于内需的刺激效 果是或有事件，并且今年刚经历过从过高预期到回归现实的修正，但投资者的预期足够低、持仓足够 低，一旦超预期可以享有估值弹性。 从配置角度，最大的交集就是我们此前一直提示的资源与传统制造业领域中国在全球有份额优势的行业 对 ...

12月12日至13日，全国发展和改革工作会议在北京召开。会议总结2025年发展改革工作，研究部署2026 年发展改革重点任务。 会议指出，今年是很不平凡的一年，我国经济顶压前行、向新向优发展，实现质的有效提升和量的合理 增长，年度和"十四五"规划目标任务即将顺利完成。会议强调，发展改革系统要深刻领会习近平总书记 在中央经济工作会议上提出"五个必须"的重要内涵，准确把握明年经济工作的总体要求，结合职能扎扎 实实做好明年发展改革重点工作。 从此次部署的2026年发展改革九项重点任务来看，编制实施好"十五五"规划被置于首位。会议强调，要 深入领会党中央战略意图，坚持因地制宜，提高规划质量，加强规划内容审核衔接，把《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》确定的各项决策部署和工作要求落到实处。同时， 加强经济监测预警分析，完善政策工具箱，加强预期管理，做好今明两年政策衔接、工作衔接，推动政 策靠前发力，实现良好开局。 在扩内需方面，会议提出，"多措并举促进投资止跌回稳""提振消费要出实招出新招"。 在投资方面，会议强调，明年发展改革系统要充分发挥"两重"建设、新增地方政府专项债券等各类政府 投资资 ...