Group 1 - On January 5, the spot price of 0 zinc ingots in Shanghai was quoted at 23,970.00 CNY/ton, which is a premium of 150.0 CNY/ton over the futures main price of 23,820.00 CNY/ton [1] - The national zinc price overview on January 5 shows various market prices for 0 zinc ingots, with Shanghai prices ranging from 24,020 CNY/ton to 24,070 CNY/ton, while prices in Guangdong were at 23,720 CNY/ton [2] - The Shanghai Futures Exchange reported a closing price of 23,820.00 CNY/ton for the main zinc futures contract on January 5, with a daily increase of 2.25% and a trading volume of 141,147 contracts [2] Group 2 - As of January 5, the zinc futures warehouse receipts on the Shanghai Futures Exchange totaled 41,374 tons, a decrease of 1,045 tons from the previous trading day [3] - Domestic zinc smelters are continuing to reduce production, with January zinc ingot output expected to remain stable month-on-month despite a seasonal consumption slowdown [3] - The macroeconomic outlook indicates that policy expectations should align with market expectations, avoiding a situation where the market and policy are in conflict [4] Group 3 - The upstream zinc ore import volume is declining due to unfavorable internal and external price comparisons, leading to increased losses in importing zinc concentrate [4] - Domestic smelters are starting winter raw material reserves and are more inclined to purchase domestic zinc concentrate, although competition for domestic ore is intensifying [4] - The downstream market is shifting towards a seasonal slowdown, with the real estate sector dragging down demand, while some support is seen in the automotive sector [4]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry in the upcoming year [3][23]. Core Insights - The year 2026 marks the beginning of the "14th Five-Year Plan," with expectations for high-quality development in the real estate sector. The current new housing market, valued at 8 trillion yuan, shows potential for absorption, particularly as fiscal policies are expected to strengthen and a competitive landscape among blue-chip companies emerges [2][23]. - In December 2025, the top 100 real estate companies achieved a sales amount of 3,246.5 billion yuan, reflecting a month-on-month increase of 39.3% but a year-on-year decrease of 26.1%. The equity sales amount reached 2,615.3 billion yuan, with a month-on-month increase of 42.0% and a year-on-year decrease of 28.7% [4][7]. Summary by Sections Sales Performance - In December 2025, the top 100 real estate companies recorded a total sales amount of 31,344.8 billion yuan, down 19.0% year-on-year, with a narrowing decline compared to November 2025. The equity sales amount was 24,645.1 billion yuan, down 20.1% year-on-year [7][11]. - The top 50 companies had a sales amount of 27,341.2 billion yuan, down 18.6% year-on-year, while the equity sales amount was 21,143.8 billion yuan, down 18.8% year-on-year [11][17]. Company Recommendations - The report recommends several companies for investment: 1. Development companies: Vanke A, Poly Developments, China Overseas Development, and others [23]. 2. Commercial and residential: China Resources Land, Longfor Group [23]. 3. Property management: Wanwu Cloud, China Overseas Property, Poly Property, and others [23]. 4. Cultural tourism: Overseas Chinese Town A [23]. Monthly Sales Trends - In December 2025, the majority of the top 100 companies experienced negative year-on-year sales growth. Notably, China Overseas Development led with a monthly sales figure of 380 billion yuan, followed by China Resources Land at 369 billion yuan [19][23]. - Among the top 50 companies, nine achieved positive year-on-year growth, with China State Construction East achieving the highest growth rate of 213.2% [19][23].

Group 1 - The overall performance of major assets shows that the equity, bond, and commodity markets are stabilizing with narrow fluctuations [2][9] - The A-share market is experiencing a high-level narrow fluctuation, with the Shanghai Composite Index maintaining a continuous upward trend, although affected by pre-holiday risk aversion [3][11] - The domestic macroeconomic data continues to improve, with PMI rising and remaining in the expansion zone, while the RMB continues to appreciate against the USD, providing support for the market [3][12] Group 2 - The bond market is expected to remain in a state of fluctuation, with liquidity easing providing a support base while upward movement is capped by the equity market [6][36] - The bond market configuration suggests that it may continue to experience a period of oscillation, with short-term bonds likely to perform better due to their flexibility [6][36] Group 3 - The commodity market is stabilizing after a slight decline, with precious metals like gold and silver experiencing adjustments after significant gains [7][44] - The outlook for precious metals remains positive in the medium to long term, with expectations of upward movement due to ongoing geopolitical conflicts and a declining status of the US dollar [7][44] - The recommendation for commodity allocation suggests maintaining positions in gold [7][47] Group 4 - The report suggests an "barbell strategy" for A-share allocation, focusing on offensive sectors like telecommunications and commercial aviation while retaining cash for potential post-holiday volatility [5][13] - The focus on technology innovation sectors is emphasized as a key driver for market performance in the medium to long term, particularly in the context of national competition and industrial transformation [11][13]

Group 1 - China's economy is expected to reach 140 trillion yuan this year, marking a significant increase in economic, technological, and national defense strength [1] - The introduction of L3-level autonomous driving license plates in Beijing and Chongqing signifies China's leadership in the electric vehicle sector and its rapid advancement towards smart technology [3] - The Hainan Free Trade Port has expanded its "zero tariff" goods to over 6,600 items, with the first day of customs clearance valued at over 500 million yuan, showcasing the benefits of open trade policies [3] Group 2 - The cultural and tourism market is thriving, with increased attendance at cultural venues and events, reflecting a growing demand for cultural experiences and boosting consumer confidence [4] - Policies supporting the replacement of old products with new ones, particularly in the automotive and home appliance sectors, are being enhanced to meet consumer demand for high-tech and green products [6] - The implementation of various social welfare policies, such as free preschool education and the addition of 114 new drugs to medical insurance, aims to invest in human resources and promote long-term economic returns [6]

做好今年经济工作，关键在行动、关键靠实干。市委经济工作会议系统部署2026年重点目标任务，为成 都今年经济工作把脉定向、谋篇布局。我们要积极抢抓一切有利时机、用好一切有利资源、调动一切有 利因素，凝聚高质量发展合力，不折不扣抓好目标落实，确保"十五五"良好开局。 转自：成都日报锦观 真抓实干 凝聚高质量发展合力 ——三论深入学习贯彻市委经济工作会议精神 □本报评论员 要强化闭环管理，推动任务落实。一分部署，九分落实。既要坚持立说立行、雷厉风行，主动领任务、 迅速抓推进、创新抓落实、及时报进展，也要扭住不放、一抓到底，用一贯到底的执行力穿透力抓出成 效。不能眉毛胡子一把抓，也不能一味拼速度，要结合实际明确优先序、把握时度效，力求最好效果。 要树牢正确政绩观，务求工作实效。一方面要坚持为人民出政绩、以实干出政绩，自觉按规律办事，另 一方面，也要持续整治形式主义为基层减负赋能，认真落实"三个区分开来"要求，切实让基层干部心无 旁骛谋发展、轻装上阵抓落实。 需要强调的是，形势越复杂，越要加强党的领导。学习贯彻市委经济工作会议精神，就要加强党对经济 工作的全面领导，把党的政治优势、组织优势转化为高质量发展的实际成效。全 ...

社 论 转自：黄冈发布 审时度势，方能行稳致远；正视短板，方能破局突围。在肯定成绩的同时，我们清醒认识到，黄冈仍处在转型攻坚、爬坡过坎的关键阶段。一些领域方向 明确但路径不畅，传统产业升级、山货出山、消费进山、交通区位优势转化等方面还存在短板。问题所在，正是攻坚所向。我们必须坚持目标导向与问题 导向相统一，把破解发展瓶颈作为打开工作局面的突破口，在应对挑战中锻造长板，在补齐短板中夯实根基。 征程万里风正劲，重任千钧再出发。做好2026年经济工作，事关全局、责任重大。我们要从讲政治的高度抓经济工作，大力弘扬大别山精神，敢想敢干、 真抓实干、奋勇争先、不胜不休，把会议确定的各项目标任务一项一项落到实处、干出成效，确保"十五五"开好局取得新突破、见到新气象，为全省支点 建设作出黄冈更大贡献！ 此次会议深入贯彻落实党的二十届四中全会及中央、省委经济工作会议精神，全面总结2025年全市经济工作，科学分析当前经济形势，系统部署2026年工 作任务，动员全市上下进一步统一思想、明确任务、鼓足干劲，为实现"十五五"良好开局凝聚奋进力量。 2025年12月31日，市委经济工作会议召开。 "十五五"开局之年，使命如磐，重任在肩。 ...

Group 1: PMI Overview - Manufacturing PMI rebounded to 50.1% in December, up 0.9 percentage points from 49.2%, marking the first expansion in eight months and exceeding Bloomberg's expectation of 49.2%[1] - Non-manufacturing PMI also increased to 50.2%, up from 49.5%[1] - The composite PMI for December rose by 1 percentage point to 50.7%, the highest in the second half of the year[5] Group 2: Manufacturing Sector Insights - Key drivers for the manufacturing PMI were production and new orders, with production increasing by 1.7 percentage points to 51.7% and new orders rising by 1.6 percentage points to 50.8%[1] - New export orders improved by 1.4 percentage points to 49.0%, nearing the highest level of the year[2] - Manufacturing purchasing volume increased by 1.6 percentage points to 51.1%, while raw material purchase prices decreased by 0.5 percentage points to 53.1%[2] Group 3: Construction and Services Sector - The construction sector saw a significant rebound, with the business activity index rising by 3.2 percentage points to 52.8%, the highest in the second half of the year[3] - Service sector PMI increased slightly by 0.2 percentage points to 49.7%, remaining below the expansion threshold[3] - New orders in the service sector rose by 1.8 percentage points to 47.3%, indicating some improvement despite overall weakness in consumer-related services[3] Group 4: Price Trends and Economic Outlook - Price trends showed divergence, with manufacturing output prices rebounding by 0.7 percentage points to 48.9%, while service and construction prices fell[4] - The overall economic recovery in December is attributed to increased fiscal spending and positive expectations for the upcoming year, particularly with the 2026 Spring Festival being later in February[4] - The necessity for aggressive monetary policy easing appears to be decreasing, with potential delays in interest rate cuts anticipated[6]

Group 1 - The A-share market shows resilience despite adjustments in surrounding stock markets, with the Shanghai Composite Index rebounding quickly after a low opening and closing slightly down, while the Shenzhen market performed even better, closing in the green [1] - On Tuesday, both markets opened lower but recovered, with the Shanghai Composite Index closing above the 5-day moving average for the tenth consecutive day, while the Shenzhen Component Index also closed above the 5-day moving average, indicating strong performance [1] - Market turnover exceeded 2 trillion yuan, slightly increasing from the previous day, with key sectors including oil, petrochemicals, and non-ferrous metals showing significant activity, alongside a notable performance in the robotics sector [1] Group 2 - The Shanghai Composite Index has formed a small double bottom pattern, attempting to rise above the neckline, with similar downward adjustments observed in late November and mid-December, indicating a potential upward trend supported by the 5-day moving average [1] - The market is expected to experience lower trading volume and volatility as it approaches the last trading day of 2025, with optimistic expectations for the upcoming "14th Five-Year Plan" contributing to recent market strength [1]

龚正指出，要坚决守牢城市安全底线，切实绷紧安全这根弦，以"时时放心不下"的责任感，深入开 展安全隐患排查整治，强化节日期间应急值守和应急准备，确保不发生重特大安全事故，保障城市安全 有序运行。要确保市场供应平稳有序，主副食品供应充足、价格稳定，水电气等正常供应、服务便捷。 要扩大优质商品和服务供给，结合节日消费特点和群众需求，创新多元消费场景，营造浓厚节日氛围， 激发假期消费潜力。 龚正指出，要有效保障困难群众基本生活，做好帮困送温暖，确保广覆盖、不遗漏。特别是要聚焦 困难老人、困难残疾人、因病致贫家庭等特殊群体，多做雪中送炭的事。要做好重点行业企业工资支付 情况督促检查，着力化解矛盾纠纷。同时，各委办局要主动服务和参加好市"两会"。龚正强调，越是年 节期间，越是不能放松纪律这根弦。要巩固深入贯彻中央八项规定精神学习教育成果，严守财经纪律， 坚决落实党政机关过紧日子的要求，切实做到厉行节约、勤俭办事。 市领导吴伟、陈杰、张小宏、解冬、陈宇剑、舒庆、彭沉雷出席。市政府秘书长马春雷作《政府工 作报告》起草情况说明，市发展改革委汇报"十五五"规划《纲要（草案）》编制情况，与会相关部门作 交流发言。 记者 孟群舒 上 ...

Core Viewpoint - The report suggests that the Federal Reserve is expected to lower interest rates as anticipated and may exceed expectations in expanding its balance sheet, which could reduce policy uncertainty and market volatility for investors, presenting opportunities in global equities and commodities. The recommendation is to overweight AH shares and US stocks, as well as gold and industrial commodities by January 2026 [1]. Group 1: Strategic Asset Allocation (SAA) - The company has developed an "all-weather" asset allocation framework consisting of Strategic Asset Allocation (SAA), Tactical Asset Allocation (TAA), and Major Event Review Adjustments to guide investment decisions [1]. - SAA aims to diversify macro risks and set long-term allocation benchmarks to ensure portfolio stability [1]. Group 2: Tactical Asset Allocation (TAA) - TAA employs quantitative methods to identify assets with superior short-term risk-return characteristics and adjusts portfolio weights accordingly to enhance returns [1]. Group 3: Equity Allocation - The company is relatively optimistic about equities, recommending a 47.50% equity allocation for January 2026, with specific allocations: 10.00% to A-shares, 10.00% to Hong Kong stocks, 17.50% to US stocks, 2.50% to European stocks, 5.00% to Japanese stocks, and 2.50% to Indian stocks [2]. - Factors supporting Chinese equity performance include an upcoming economic work conference, expected expansion of the fiscal deficit, and a more proactive economic policy [2]. - The "Goldilocks" scenario is emerging, favoring US stock performance, with resilient economic conditions and decreasing inflationary pressures supporting corporate earnings expectations [2]. Group 4: Bond Allocation - The company maintains a neutral stance on bonds, recommending a 37.50% bond allocation for January 2026, with allocations: 10.00% to long-term government bonds, 10.00% to short-term government bonds, 7.50% to long-term US Treasuries, and 10.00% to short-term US Treasuries [3]. - The bond market may see renewed interest as risk appetite increases, despite existing imbalances in financing demand and credit supply [3]. - The Federal Reserve's cautious monetary policy guidance suggests that US Treasury yields may fluctuate, with a potential moderate decline in yield levels [3]. Group 5: Commodity Allocation - The company is optimistic about commodities, recommending a 15.00% commodity allocation for January 2026, with allocations: 8.00% to gold, 2.00% to oil, and 5.00% to industrial commodities [4]. - Gold is recommended for overweighting due to its strong resilience and safe-haven attributes amid rising geopolitical uncertainties and ongoing central bank purchases [4]. - Industrial commodities are expected to benefit from improved demand forecasts and sustained trading momentum, particularly driven by sectors like construction, electric grids, and electric vehicles [4].