Core Viewpoint - The annual conference for female entrepreneurs in Guizhou, themed "Blooming Youth, Together Hiring," was held in Guiyang, gathering over a hundred female entrepreneurs for expert lectures and experience sharing [1]. Group 1: Event Overview - The conference was co-hosted by the Guiyang-Guian Female Entrepreneurs Chamber of Commerce and the Guizhou Female Entrepreneurs Association, with notable attendees including Jiang Yun, Vice Chairwoman of the Guizhou Women's Federation, and Wei Dingmei, Vice Chairwoman of the Guiyang Municipal People's Congress [3]. - The conference featured a review of the 2025 work by Zhang Qin, President of the Guiyang-Guian Female Entrepreneurs Chamber of Commerce, and an outlook for 2026 by Zuo Fan, President of the Guizhou Female Entrepreneurs Association [3]. Group 2: Achievements and Contributions - Jiang Yun highlighted the significant role of female entrepreneurs in driving high-quality development in Guizhou, emphasizing their spirit of self-respect, confidence, independence, and strength [5]. - Wei Dingmei reported a 40% increase in membership from 82 to 115, with member enterprises generating over 200 million yuan in new investments and creating more than 1,000 jobs, alongside over 1 million yuan in cumulative charitable donations [7]. Group 3: Future Plans - Zhang Qin outlined the chamber's commitment to serving enterprises, linking resources, and giving back to society, while focusing on the integration of member enterprises into the high-quality development framework of Guiyang-Guian [9]. - The chamber aims to continue its development in alignment with the "14th Five-Year Plan" and the growth strategies of Guizhou and Guiyang, encouraging female entrepreneurs to actively contribute to the region's development [13]. Group 4: Expert Insights - The conference featured a lecture by renowned economist Yao Jingyuan, who provided insights into the macroeconomic landscape during the "14th Five-Year Plan" period and the industrial development layout in Guizhou, benefiting the attending female entrepreneurs [11].

来源：中粮期货研究中心 摘要 2026年的慢牛行情定价将从拔估值转向对盈利面趋势确认的转换，行情将在震荡中逐步上攻。成长风格 与小盘风格通常在春季行情中明显占优，但当前中小盘涨势远超大盘，需要关注1月中旬之后到春节前 市场逐步降温的可能。 元旦归来，市场表现更加强势。上证指数17连阳，打破了尘封33年的连阳历史纪录，时隔10年再次站上 4100点大关。市场交投持续火爆，成交额接连四日破3万亿元，本周一的3.6万亿、周二的3.7万亿天量成 交也创下成交额历史记录。 复盘本轮行情，中小盘、成长风格涨幅巨大，属于典型的春躁行情。只不过当前的行情启动相较过往的 时间有所提前，提前因素也与今年是十五五规划开局之年有所关系。归因来看，政策托底、资金涌入、 情绪凝聚三大核心因素共同合理铸造新历史。基本面上，宏观经济数据也出现积极信号，比如CPI、PPI 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 的爬坡缓解了市场对通缩的担忧。另一方面，全球产业趋势与国内产业热点形成共振，AI大模型成 熟、商业航天发射场计划启动、马斯克引领的产业变革等，中小盘、成长行业轮动行情进一步激活了市 场交易热情。 实际上从去年 ...

"十五五"规划建议强调要"促进制造业数智化转型"。目前，我国已累计建成7000余家先进级、500余家 卓越级智能工厂。工业互联网应用实现41个工业大类全覆盖，全国5G工厂超过8000家，重点工业互联 网平台设备连接数超过1亿台（套）。李乐成表示，2025年我国工业互联网核心产业规模预计超1.6万亿 元，带动工业增加值增长约2.5万亿元，具有全球领先水平的百家5G工厂平均运营成本降低19%。 央视网消息（新闻联播）：2026年是"十五五"规划开局之年。从今天（1月13日）开始，《新闻联播》 推出系列报道《权威访谈：开局"十五五"》，聚焦各部门推动经济高质量发展、落实各项重点工作的具 体举措。首先来看对工业和信息化部党组书记、部长李乐成的专访。 "十五五"时期，工业和信息化部将以推动科技创新和产业创新深度融合为路径，增强产业链供应链安全 可控水平，保持制造业合理比重。李乐成表示，要深入推进重大技术改造升级工程，打造集成电路、新 材料、航空航天等新兴支柱产业，推动生物制造、具身智能、6G等成为新的经济增长点。 李乐成表示，重点行业和地区的工业增加值占到工业总量的80%，是工业经济的基本盘。 ...

Group 1 - The "15th Five-Year Plan" emphasizes a transition from scale expansion to connotative development, focusing on high-quality growth and systemic integration [12][25] - The plan aims to establish a modern industrial system, highlighting the importance of the real economy and technological self-reliance [12][30] - Key areas of focus include technological innovation, expanding domestic demand, and building a robust security framework for industries and supply chains [12][30] Group 2 - The "15th Five-Year Plan" is positioned as a critical period for consolidating the foundation for achieving socialist modernization by 2035 [25][26] - Compared to the "14th Five-Year Plan," the "15th Five-Year Plan" places greater emphasis on quality and resilience in development, reflecting a cautious approach to international environments [25][28] - The plan outlines specific goals for economic growth, including a significant increase in the resident consumption rate and enhancing the role of domestic demand in driving economic growth [30][33] Group 3 - The capital market is expected to benefit from the policy catalysis effect of the "15th Five-Year Plan," with historical data indicating that planning periods often coincide with market uptrends [12][29] - Investment themes are centered around technological self-reliance, modernization of the industrial system, and sectors that boost domestic demand [12][30] - The manufacturing sector is anticipated to receive support from policy, funding, and fundamental improvements, particularly in advanced manufacturing [30][31]

Economic Outlook - The core viewpoint emphasizes that 2026 marks the beginning of the "15th Five-Year Plan," which is crucial for understanding future policies and economic environments. The focus will be on "comprehensive efforts" and "strategic initiative" in various sectors [3][4] - "Comprehensive efforts" suggests an acceleration in policy implementation across development and reform areas, while "strategic initiative" indicates an increase in proactive policy measures, particularly in domestic economic management and international trade [3][4] Policy Framework - The central economic work conference has highlighted an increased frequency of terms like "reform" and "opening up," indicating a shift in focus for 2026. The concept of "cross-cycle" has returned, but this does not imply a reduction in growth stabilization efforts [5][6] - Fiscal policy will remain proactive, ensuring necessary spending and debt levels, while monetary policy will emphasize flexibility and efficiency in using tools like interest rate cuts [6][5] Market Dynamics - The analysis of 2025 reveals three significant shifts: the weakening of post-pandemic scars, reduced impact from tariff conflicts, and the establishment of a coherent new policy framework since late 2024 [7][8][9] - The economic recovery in 2026 is characterized as "atypical," with limited volume elasticity and a focus on price normalization, leading to a nominal GDP recovery from approximately 4% in 2025 to around 5% in 2026 [9] Capital Market Insights - The relationship between the ten-year government bond yield and A-share dividend yield illustrates the emotional cycles in the capital market, which have been disrupted since 2022 due to long-term concerns about the Chinese economy [10][11] - Key events influencing market behavior include a policy shift in late 2024 and the introduction of DeepSeek, which has redirected investment thinking from macro to micro perspectives [12][11] Investment Behavior - The new tariff war initiated by the Trump administration has led to a reevaluation of investment strategies, with non-U.S. funds increasingly seeking opportunities in China as the perception of risk shifts [13] - The "anti-involution" policy has gained attention, indicating a structural approach to restoring corporate profitability and nominal GDP growth, which has initiated a domestic "funds rebalancing" process [13] Future Projections - The nominal GDP recovery is expected to continue driving the "funds rebalancing" process into 2026, with a potential rise in bond market interest rates and support for traditional sectors' profitability and valuation [14] - The RMB is anticipated to enter a period of appreciation, with a projected annual increase of 2-3%, which could attract foreign investment and positively impact the stock market [15]

Group 1 - Morgan Stanley has included China National Materials (002080.SZ) in its focus list for China and Hong Kong, while removing PetroChina (00857) from the list [1] - The outlook for China National Materials is positive, driven by the booming development of artificial intelligence infrastructure and the demand for energy storage systems (ESS) in China, which significantly boosts the demand for key raw materials for printed circuit boards (PCB) [1] - China National Materials is expected to see a rebound in profitability and revenue from its battery separator business, with projected earnings growth of 101%, 63%, and 45% year-on-year from 2025 to 2027 [1] Group 2 - China Ping An (601318.SH) has been added to the focus list for A-shares, with Morgan Stanley suggesting a re-evaluation of its rating due to improving fundamentals [1] - The valuation for China Ping An's A-shares is considered attractive, with a projected price-to-book ratio of 1.1 times for the fiscal year 2026 and a dividend yield exceeding 4% [1] - The return on equity (ROE) for China Ping An is expected to be around 15% [1]

Group 1 - Morgan Stanley has included China National Materials (002080) in its focus list for China and Hong Kong, while removing PetroChina (00857) from the list [1] - The outlook for China National Materials is positive, driven by the booming development of artificial intelligence infrastructure and the demand for energy storage systems (ESS) in China, which significantly boosts the demand for key raw materials in printed circuit boards (PCB) [1] - China National Materials is expected to see a rebound in profitability and revenue from its battery separator business, with projected earnings growth of 101%, 63%, and 45% year-on-year from 2025 to 2027 [1] Group 2 - China Ping An (601318) has been added to the focus list for A-shares, while PetroChina (601857.SH) has been removed [1] - The fundamentals of China Ping An are improving, and its A-share valuation is attractive, with a projected price-to-book ratio of 1.1 times for the fiscal year 2026 and a dividend yield exceeding 4% [1] - The return on equity (ROE) for China Ping An is expected to be around 15% [1]

中新网四川新闻1月13日电 成都东部新区12日召开2026年党工委工作会议，总结成都东部新区2025年工 作，研究讨论"十五五"规划和2026年经济工作要点，进一步凝聚共识、坚定信心，推动各项工作开创新 局面、迈上新台阶。 成都东部 新区城市核心区。成都东部新区 供图 引进86个重点项目 产业立城取得阶段性跨越 "十四五"时期，是成都东部新区获批省级新区以来全面开启建设的第一个五年，在四川省委省政府、成 都市委市政府的大力关心和支持下，成都东部新区基本形成了城市新区的空间格局、产业基础和治理体 系，初步实现了从拓荒起步到新城崛起、从白纸画图到产业立城的阶段性跨越—— 发展动能深刻重塑，实现从"一业独大"向"多元驱动"的战略性迈进。推动经济增长从"农业经济"向"开 放经济、园区经济、镇域经济"转变。天府国际机场建成投运后，迅速跻身全球繁忙机场行列，天府国 际空港综合保税区通过验收，产业布局实现战略性优化，累计引进重点产业化项目86个，总投资约1650 亿元，规上工业增加值持续保持两位数增长。 发展路径战略跃升，实现从"外延扩张"向"内涵提升"的关键性转型。过去五年，成都东部新区地区生产 总值连续跨越两个百亿级台 ...

李东生指出，过去二十年，中国企业从全球产业链的追赶者，成长为在新型战略产业领域开疆拓土的先 锋，同时也成为中国经济全球化的探路者（300005）。"中国企业的出海之路已从最初的产品出口，升 级为商业模式、工业能力、供应链的系统化出海。" 面对"十五五"规划新征程，李东生表示："本次大会是'敢为天下先'的深商精神与'推动正气商业力量'的 企业家精神交融互鉴的盛典。作为团结中国企业发展的重要力量，深商会和中国企业家俱乐部也必将在 此新征程上勇挑大梁，在党和国家政策的指引下，团结广大企业家，增强发展信心，勇担时代责任；持 续发挥平台作用，为企业创新成长提供高质量服务；不断壮大组织力量，汇聚更多优秀企业；充分发挥 国际联络优势，助力中国企业在全球化进程中行稳致远。" 中国经济网1月13日讯（记者 王惠绵）"当前，全球宏观经济复杂多变，中国经济正处于战略机遇和风 险挑战并存的关键阶段，'十五五'规划提出要构建现代化产业体系，中国企业要在其中发挥更为重要的 作用。"1月12日，TCL创始人、董事长李东生出席第九届深商盛典暨中国企业家俱乐部20年系列活动并 在大会主论坛发表《二十而励 向新而行》的主旨演讲。 ...

Group 1: Low Altitude Economy - The low altitude economy is driven by the increasing public safety governance needs and expectations for efficient social management, highlighted by recent low altitude safety incidents [3] - The number of registered drones in China reached 2.213 million by the end of 2024, a year-on-year increase of 74.7%, with 2.726 million registered by June 2025, amplifying potential risks to critical infrastructure [3] Group 2: Automotive Intelligence - The penetration rate of passenger cars equipped with L2 (including L2+) level ADAS reached 57.94% from January to September 2025, an increase of 28.54 percentage points compared to the entire year of 2022, with a peak monthly penetration rate of 62.05% in September 2025 [4] - The demand for higher-level autonomous driving increases the need for onboard perception and data processing capabilities, with the shipment of laser radars exceeding 1.84 million units in the first nine months of 2025, a year-on-year increase of 86%, achieving a penetration rate of 11.47% [5] Group 3: AI and Robotics - The AI sector is transitioning from a technology race to widespread implementation, becoming a core force in reshaping production and life, with a focus on building a modern infrastructure system [6] - The robot industry saw significant breakthroughs in 2025, with new products being tested across various sectors, leading to a surge in investment [7] - The demand for various sensors, main control processors, and high-end microcontrollers in robotics is expected to grow, driven by the need for high-precision environmental modeling and real-time intelligent decision-making [8]