Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on enhancing both incremental and stock policies to support economic recovery and stabilize prices [1][2]. Monetary Policy - The meeting emphasized the importance of promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [2][3]. - The PBOC aims to ensure that social financing conditions remain relatively loose, guiding reasonable growth in total financing and balanced credit allocation, aligning the growth of social financing and money supply with economic growth and price level expectations [2][3]. Financial Resource Allocation - The meeting highlighted the need to optimize the financial policy framework to focus resources on key areas, particularly through structural tools and market innovations, with a notable emphasis on the development of the "technology board" in the bond market [4]. - In 2025, over 700 entities issued technology innovation bonds through this platform, with a total scale exceeding 1.5 trillion yuan, addressing financing challenges for technology enterprises [4]. Structural Monetary Policy Tools - The PBOC will continue to enhance the "precision drip irrigation" effect of structural monetary policy tools, optimizing tool design and management to increase credit support for consumption and small and micro enterprises [4][6]. - It is anticipated that structural tools will see an "increase in quantity and decrease in price" trend in 2026, with steady increases in quotas and reductions in operational interest rates, aiding in the transition of old and new growth drivers [4]. Supply Chain Financing - The meeting underscored the importance of strengthening regulatory oversight of key supply chain financing information service platforms to ensure smooth funding flows while preventing risks associated with false trade [6]. - The financial work in 2026 is expected to support multiple missions, including stabilizing growth, adjusting structures, preventing risks, and promoting openness, reflecting a commitment to high-quality financial development [6].

Group 1 - The core theme of the Ping An Fund's 2026 investment strategy conference is "Starting a New Journey," focusing on opportunities in technology innovation and the supply-demand rebalancing of cyclical products [1] - The technology sector emphasizes hardware innovation driven by high growth in global AI capital expenditure and investment opportunities in the domestic semiconductor industry, supported by local AI demand [1][8] - The cyclical sector suggests focusing on products with good supply constraints and moderate demand recovery [1][8] Group 2 - Ping An Fund has upgraded its research and investment system, showcasing a platform-based approach that includes a unified philosophy, dual drivers, multiple strategies, and a genuine mechanism to enhance core competitiveness and provide stable long-term returns for investors [4] - The investment director of the equity department at Ping An Fund anticipates a continued upward trend in the market due to supportive policies, moderate economic recovery, ample liquidity, and improved external conditions [4] - The expected drivers for equity asset growth in 2026 will primarily come from profit-driven and industry-catalyzed opportunities [4] Group 3 - In the technology sector, it is noted that global AI capital expenditure is expected to reach $600 billion in 2026, with a compound annual growth rate (CAGR) of 31% projected from 2024 to 2030, indicating significant growth potential [8] - The cyclical sector is seeing improvements in supply-side optimization, with a focus on chemical and industrial metal products due to healthy supply constraints and moderate demand recovery [8] - The AI technology revolution is expected to drive increased capital expenditure in new infrastructure, providing strong support for commodity prices, particularly in the copper and aluminum industries [9]

元旦后的新年市场，往往寄托着投资者对新一年的期盼。面对依然复杂的经济图景与持续轮动的市场风 格，2026年的开年布局该如何落子？ 先风控、再配置： 多资产策略的核心前提 "先风险管理，再资产配置"是张川的核心投资哲学。他认为，以FOF基金为代表的资产配置型产品的精 髓首先是驾驭和管理风险，之后才是预测各类资产的未来表现、增厚组合收益，走与传统股债类产品的 差异化之路。 浦银安盛基金FOF业务负责人、基金经理张川给出的答案是：跳出对短期热点的博弈，回归资产配置 的"初心"，从"选人"走向"搭积木"，推动FOF投资迈入系统化、工业化的2.0时代。 理念重塑： 告别"清单"，绘制"地图" "过去，FOF给人的印象是'专业的基金买手'，核心在于挑选出优秀的基金经理，但在市场风格剧烈轮 动、许多主动权益产品也面临巨大挑战的背景下，这种'选人'模式的底层逻辑受到了冲击，FOF的定位 也必须随之升级。" 张川表示，市场从来不缺机会，缺的是将机会转化为持续、稳健收益的体系。新一年的投资决胜点，不 在于押中某一个明星基金，而在于能否构建一个功能清晰、纪律严明、能适应不同风浪的资产组合。从 罗列一份追逐市场热点的"产品清单"，转 ...

Group 1 - The core message emphasizes the importance of integrating technological innovation with industrial development to enhance quality and productivity in Inner Mongolia [1][2] - The government aims to strengthen the role of enterprises in innovation, focusing on application-based and frontier research to boost original innovation capabilities [2] - Policies will support major technological upgrades in manufacturing, promoting smart, green, and integrated development [2] Group 2 - Quality supervision will be enhanced through stricter management of product certification and standards, particularly for products affecting public safety [3] - The government will implement comprehensive regulatory measures, including real-time monitoring and collaboration across departments to ensure product safety [3] - Food safety will be prioritized with a commitment to stringent regulatory practices to protect consumer health [3]

与此同时，1月7日沪深两市成交额2.85万亿元，较上一个交易日放量476亿元，成交额连续2个交易日超 2.8万亿元。 在此火热行情之下，多家券商机构对2026年股票市场表现表达乐观预期。其中，中信证券预计，2026年 万得全A全年涨幅5%—10%。同时，科技主线或仍将表现，其中AI叙事将向纵深演绎，持续主导科技板 块价值重塑。 A股全年或上行VS宽基指数波动率下行 展望2026年全年，机构普遍看好A股市场。 中信证券认为，国际方面，2026年中美关系有望维持阶段性平衡。国内方面，"十五五"期间中国经济增 长中枢或达4.8%左右。 "我们认为，政策聚焦构建现代化产业体系，有望实现'一子落而满盘活'的效果，科技创新、产业升级 以及综合整治'内卷式'竞争有望取得显著成效。"中信证券展望2026年，预计中国宏观经济呈现结构分 化下的温和修复态势，全年经济增速或达4.9%，出口保持韧性，投资逐步回暖，商品消费短期承压。 中经记者 罗辑 北京报道 2026年1月7日，上证指数创下十四连阳，盘中触及4098.78点，极端逼近4100点整数关口。 在此判断下，A股市场表现方面，中信证券预计，2026年万得全A全年涨幅5%—1 ...

Group 1 - The 2025 China Positive Energy Network Boutique Collection and Broadcasting Activity is underway, themed "Striving You and I, Advancing China," showcasing the collective efforts and achievements of the nation [1] - The event aims to highlight significant advancements in various sectors, including space exploration, transportation, and global trade, reflecting China's robust development and institutional advantages [1] - The activity seeks to inspire national pride and a sense of mission among citizens regarding the country's achievements and the construction of a strong nation [1] Group 2 - Innovation is identified as the primary driving force for development, with China's humanoid robot industry expected to enter a "mass production year" in 2025, holding over 190,000 effective patents, accounting for about two-thirds of the global total [2] - The surge in technological innovation is attributed to a spirit of exploration and breakthrough, with young talents contributing to national strategic needs, thus enhancing China's competitive edge [2] - The event will document and celebrate these innovative practices, encouraging society, especially the youth, to embrace their responsibilities and contribute to China's modernization [2] Group 3 - Chinese-style modernization emphasizes common prosperity for all, rooted in the people and driven by their collective strength [3] - Numerous ordinary heroes have made significant contributions to society, showcasing the importance of individual efforts in achieving national progress [3] - The event aims to capture and convey the belief that "happiness is achieved through hard work," motivating individuals to align their personal struggles with the nation's future and collective destiny [3]

Core Viewpoint - The focus of the recent research and visits by the Liaoning Provincial Party Secretary, Xu Kunlin, emphasizes the importance of technological innovation as a key driver for revitalizing the old industrial base in Liaoning [1][2]. Group 1: Technological Innovation and Industry Integration - The research activities are aimed at addressing "bottleneck" challenges and achieving dual outputs of scientific research results and technological talent [2]. - There is a strong emphasis on combining basic research with applied research to help Liaoning build a competitive advanced manufacturing cluster [2]. - The strategy includes promoting the transformation of research results into products and industries, highlighting the deep integration of technological and industrial innovation [2]. Group 2: Strategic Planning and Continuous Learning - The provincial government has established a coherent and forward-looking strategic line regarding technological innovation over the past three months [2]. - High-level thematic learning sessions have been held, focusing on future topics such as atomic-level manufacturing and quantum information technology, inviting top experts to provide insights [2][3]. - The emphasis is on moving away from outdated industrial maps to navigate new production capabilities, indicating a shift in regional competition towards technological innovation [3]. Group 3: Talent Development and Support - The strategy includes providing quality services for scientific personnel and creating a supportive environment, which is crucial for retaining talent [3]. - Initiatives such as "attracting, nurturing, utilizing, and retaining talent" and granting greater autonomy to scientific personnel are part of the strategic deployment [3]. - The underlying logic is that talent is key to technological innovation, and effective support will enable innovation to flourish [3].

Core Insights - Inner Mongolia is expected to complete investments exceeding 300 billion yuan in major energy projects by 2025, with energy industrial investment accounting for approximately 35% of the region's fixed asset investment [2] Group 1: Energy Supply and Capacity - The energy supply security capability has significantly improved, with Inner Mongolia set to fulfill a coal supply task of 795 million tons by 2025, adding 13 new coal production capacity reserve projects totaling 23.6 million tons [2] - The total installed power capacity in Inner Mongolia is projected to exceed 300 million kilowatts, leading the nation, with an external electricity delivery of 3.5 trillion kilowatt-hours, maintaining the top position for 21 consecutive years [2] Group 2: Power System Enhancements - The power system's support and regulation capabilities will be further enhanced, with the completion of the 500 kV main grid construction for both the eastern and western power grids by 2025 [2] - The State Grid's eastern power market will initiate continuous settlement trial operations, while the western power market will transition to formal operations [2] Group 3: Renewable Energy Development - Wind power installed capacity in Inner Mongolia has surpassed 10 million kilowatts, with an annual addition of 35 million kilowatts, bringing the cumulative installed capacity to over 170 million kilowatts and generating 270 billion kilowatt-hours, ranking first in the nation for ten consecutive years [2] - The region has delivered 90 billion kilowatt-hours of green electricity externally, marking a year-on-year growth of over 40% [2] Group 4: Energy Storage and Hydrogen Production - Inner Mongolia has accelerated energy storage development through policy support, implementing a "discharge compensation" mechanism with compensation rates set at 0.35 yuan/kWh for 2025 and 0.28 yuan/kWh for 2026, with a cumulative new energy storage capacity exceeding 17 million kilowatts [3] - The green hydrogen production in Inner Mongolia is expected to exceed 10,000 tons by 2025, quadrupling the output from 2024, leading the nation in this sector [4] Group 5: Technological Innovation - By 2025, the proportion of green and intelligent coal mines in production will reach 61% and 74%, respectively, with ten technological equipment in hydrogen energy, energy storage, and new power systems recognized as major national first sets [4] - Seven projects have been selected as national pilot projects in the hydrogen energy sector, the highest number in the country [4]

Overall Landscape - R&D resources are increasingly concentrated among leading companies, with the top 100 firms accounting for 43.29% of total R&D investment, up nearly 2 percentage points from the previous year [1] - Huawei remains the leader in innovation for five consecutive years, with R&D investment reaching 179.7 billion yuan, the only company with over 100 billion yuan in investment [1] - BYD has risen from 12th place in 2021 to 2nd place, reflecting explosive growth in the electric vehicle sector [1] - Traditional manufacturers like Gree Electric and Great Wall Motors have seen their rankings decline, with Lenovo Group at risk of falling out of the top 100 [1] Regional Distribution - Beijing, Shenzhen, Shanghai, and Hangzhou dominate the top 100 list with 63 companies, with Beijing leading at 34 [2] - The Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area have 30 and 13 companies respectively, indicating a concentration of quality innovation resources [2] - Taiwan leads in R&D intensity with an average of 6.142 billion yuan, largely driven by TSMC, which contributes 65.64% of local R&D [2] Industry Differentiation - The report categorizes 44 industries into four tiers, showing significant differentiation [3] - The trillion-yuan R&D investment tier includes strategic emerging industries like information transmission and automotive, contributing 83.73% of total R&D [3] - The pharmaceutical manufacturing sector has seen a decline in total R&D investment due to financing challenges and centralized procurement policies, despite maintaining a high average intensity of 12.38 billion yuan [3] R&D Output - The number of invention patent applications from registered companies reached 372,800, surpassing 61.38% of all applications, significantly higher than the national average of 29.58% [5] - 878 companies applied for PCT international patents, accounting for 43.27% of the national total, indicating accelerated global expansion by firms like Huawei and CATL [5] - 2,039 companies participated in the formulation of national standards, contributing to 74.89% of the total published standards, with a clear trend of shifting from traditional manufacturing to high-tech fields [5] Corporate Development - The number of companies with over 100 billion yuan in revenue has increased to 8, but the proportion of firms achieving both revenue and profit growth has dropped from 5 to 3 [6] - Despite economic pressures, 934 companies increased R&D investment to a total of 359.7 billion yuan, with a significant concentration in the STAR Market and ChiNext [6] - Industries like instrumentation and communication equipment have seen R&D investment ratios exceed 20%, while traditional sectors are showing signs of transformation [6] Policy Environment - The Chinese capital market's support for technological innovation has reached unprecedented levels, with new policies facilitating financing for unprofitable "small but specialized" companies [7] - The emphasis on "technological self-reliance" in the 15th Five-Year Plan highlights the importance of enhancing the innovation capabilities of enterprises [7] Challenges and Outlook - Chinese companies face three core challenges: narrowing profit margins, slowing growth in R&D investment, and resource misallocation [8] - Positive signals include a rebound in median R&D investment, improved patent quality, and a commitment to technology by companies despite economic downturns [8] - The transition from cost leadership to technology leadership is crucial for China's ability to achieve original innovation [8]

Core Insights - The provincial governor emphasizes the importance of implementing measures for stable growth and expanding characteristic industrial chains to contribute to the development of Shaanxi province [1][2] - The governor encourages local businesses to innovate consumer activities and enhance the supply of quality products to meet diverse consumer demands [1] - There is a focus on improving safety, environmental responsibility, and innovation in local companies to enhance their core competitiveness [1] - The governor highlights the need for regional medical centers to improve their service levels and clinical research capabilities [1] Group 1 - The governor conducted a survey in Yulin city, stressing the need to follow the directives of Xi Jinping and the provincial government's work deployment [1] - The governor visited the "Time Street" shopping center to discuss operational models and encourage local consumer activities [1] - The governor inspected local companies, urging them to enhance innovation and adhere to safety and environmental responsibilities [1] Group 2 - The governor visited the coal mining area to assess the effectiveness of land restoration efforts and emphasized the importance of a systematic repair framework [2] - The governor addressed community concerns, highlighting the need for timely resolution of public issues and the protection of citizens' rights [2] - During a meeting, the governor called for clear goals and investment in projects to achieve a strong start for the "15th Five-Year Plan" [2]