Group 1 - The report by Deloitte China indicates that despite geopolitical tensions and the impact of the US "reciprocal tariff" policy, the global IPO financing amount for the top ten new stocks in 2025 shows slight improvement compared to 2024 [1] - The Hong Kong Stock Exchange is expected to lead in new stock financing in 2025, with four out of eight super-large IPOs ranking among the top ten globally [1] - The A-share market in 2025 continues the momentum from 2024, with an increase in the number of new stocks and a significant rise in financing amounts, supported by new policies [1][2] Group 2 - The Hong Kong IPO market is projected to rebound strongly in 2025, with expectations to reach a record financing amount of at least 300 billion HKD in 2026, driven by measures encouraging mainland enterprises to list in Hong Kong and the return of international capital [2] - By December 31, 2025, 114 companies are expected to list in the A-share market, raising 129.6 billion RMB, with the Shanghai Stock Exchange leading in financing amount [2] - The report anticipates that the A-share market will continue to see stable growth in new stock issuance in 2026, particularly in sectors like AI and those prioritized in the "14th Five-Year Plan" [1][3] Group 3 - Deloitte's partner in East China noted that the A-share market's performance in 2025 surpasses that of 2024, with an increase in average financing scale among the top five new stocks, indicating a healthy supply of quality IPOs [3] - The Hong Kong market achieved significant success in 2025, reclaiming its position as the leading global IPO market, attributed to various reforms and measures implemented by the Hong Kong Stock Exchange and the Securities and Futures Commission [3] - Predictions for 2026 suggest around 160 new IPOs in Hong Kong, with financing expected to exceed 300 billion HKD, including several large-scale listings from mainland enterprises [3][4] Group 4 - The outlook for the Hong Kong IPO market may still be influenced by macroeconomic and geopolitical factors, including US monetary policy and global capital allocation trends [4] - Continuous reforms and institutional optimizations in the capital market are expected to enhance Hong Kong's overall competitiveness, liquidity, and valuation levels, improving the IPO market's ecosystem [5]

Group 1 - The article discusses the progress of various provinces in China during the "14th Five-Year Plan" period, highlighting their unique development strategies and contributions to national modernization [4] - Guangdong is advancing the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and has made significant progress in the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" [1] - Jiangsu is focusing on high-quality development and has made strides in integrating into the Yangtze River Economic Belt and the Yangtze River Delta integration strategy [1] - Shandong is enhancing its new and old kinetic energy conversion, becoming a national innovation hub and cultural tourism destination [1] - Zhejiang is building a modern industrial system and enhancing its global connectivity through key transportation hubs [1] - Henan is making substantial progress in agriculture, manufacturing, and rural revitalization, with cultural tourism becoming a pillar industry [1] - Hubei aims to establish itself as a strategic point for the rise of central China, focusing on urban cluster development around Wuhan [1] - Fujian is deepening cross-strait integration and developing the core area of the Maritime Silk Road [2] Group 2 - The article emphasizes the differentiated development paths taken by various provinces, which collectively contribute to a unified national development strategy [4] - The focus on high-quality development is evident across provinces, with each region leveraging its strengths to align with national goals [4] - The construction of advanced manufacturing bases and modern industrial systems is highlighted as a key achievement in several provinces [2]

Core Viewpoint - The article reflects on the achievements of 2025 and sets a hopeful tone for 2026, emphasizing the importance of collective effort and determination in realizing national goals and aspirations [1] Group 1: Achievements in 2025 - Significant milestones include the commissioning of the "Fujian Ship" to enhance national defense, and the Shenzhou 20 mission where three astronauts set a record for the longest single crew stay in space at 204 days [1] - The establishment of the Hainan Free Trade Port and the implementation of the "child-rearing subsidy" policy are highlighted as key developments [1] Group 2: Aspirations for 2026 - The year 2026 marks the beginning of the "14th Five-Year Plan," which is crucial for setting the direction and priorities for the next five years [1] - The article emphasizes the need for a strong start in 2026 to lay a solid foundation for stable development during the "14th Five-Year" period [1] Group 3: Public Sentiments and Expectations - Citizens express various hopes for the new year, including better educational resources for children, sustained economic growth for youth, and improved health services for the elderly [1] - The article underscores that these aspirations reflect the public's desire for a better life, driven by collective effort and commitment [1] Group 4: Economic and Social Development - The Central Economic Work Conference has set the overall tone and direction for economic work in 2026, guiding efforts to achieve new accomplishments and create new opportunities [1] - The article suggests that all sectors of society will embark on a new journey of development, aiming to turn ambitious plans into tangible realities [1]

大象新闻记者 池里军 罗雅静 12月30日，中国共产党郑州市中原区第十二届委员会第十次全体会议暨区委经济工作会议召开。 会议由区委常委会主持。区委书记李晓雷受区委常委会委托报告工作，就《建议(讨论稿)》作说明，并 作讲话。区委副书记、区长邓英文落实全会精神对2026年经济工作作具体安排。 会议强调，"十五五"时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期，是河南扬长 补短、全面崛起的关键阶段，是郑州深入落实国家重大战略、推进国家中心城市建设加快奋起的关键阶 段，更是我区抢抓机遇、爬坡过坎，践行人民城市理念，聚力打造令人向往的充满"年轻力、科技感、 时尚度"的国家中心城市产城融合引领区的关键阶段。全区上下要加强政治统领，坚决拥护"两个确 立"、增强"四个意识"、坚定"四个自信"、做到"两个维护"，增强机遇意识，强化责任担当，以历史主 动精神克难关、战风险、迎挑战，破局而立闯出一条高质量可持续发展之路，奋力开创中原区推进中国 式现代化建设新局面。 会议强调，"十五五"时期中原区经济社会发展必须遵循以下原则：坚持党的全面领导，坚持人民至上， 坚持高质量发展，坚持全面深化改革，坚持有效市场和有为政府相结 ...

Group 1 - The "15th Five-Year Plan" is positioned as a crucial period for building a modern socialist country, following the solid foundation laid during the "14th Five-Year Plan" [3] - The "15th Five-Year Plan" will focus on high-quality development, addressing new economic and social structural changes, such as real estate market adjustments and demographic shifts [3][4] - The plan emphasizes a problem-oriented approach, reflecting strategic adjustments and policy responses from the government [3] Group 2 - In 2026, the implementation of major strategic deployments will include promoting innovation, developing new productive forces, and improving urbanization [4] - The economic growth target for 2026 is to achieve qualitative improvements and reasonable quantitative growth through increased consumption and effective investment [4][12] - The focus will be on enhancing domestic demand and ensuring the stability of employment, businesses, and market expectations [15] Group 3 - The economic policies will include more proactive fiscal measures and moderately loose monetary policies to support the real economy [9][12] - Innovation will be the primary driver of development, with a focus on integrating artificial intelligence with manufacturing and promoting green transformation [9][12] - The construction of a unified national market and the deepening of institutional reforms will be prioritized to enhance development vitality [12][15] Group 4 - The "15th Five-Year Plan" aims to address external challenges while ensuring internal economic stability, emphasizing the importance of reform and innovation [10][13] - The plan will also focus on expanding high-level opening-up and effectively managing international economic relations [15]

Core Viewpoint - Renowned chief economist Zhang Yidong announced his resignation, indicating a shift towards overseas business focusing on Hong Kong and international capital markets [1][3]. Group 1: Resignation Announcement - Zhang Yidong officially announced his resignation on December 31, 2025, citing career transition planning and family considerations as reasons for his departure [3]. - The research institute of Industrial Securities expressed respect for Zhang's personal choice and gratitude for his contributions to sell-side research and overseas business development [3]. Group 2: Background and Achievements - Zhang Yidong has a significant background in strategy research, having worked at Taiwan's Bao Lai Securities from 2002 to 2006 and at Industrial Securities since 2006, where he has been recognized multiple times as a top analyst [4]. - He has been awarded the first place in the New Fortune sell-side analyst rankings eleven times and became the first New Fortune diamond analyst in the field of macroeconomic research in China in 2023 [4]. Group 3: Future Outlook on Hong Kong Market - In a recent investment strategy meeting, Zhang emphasized the need for patience and caution in Hong Kong investments for 2026, suggesting that excess returns will come from "growth momentum and value reconstruction dividends" [5][6]. - He predicts that the macroeconomic landscape will improve in 2026, with nominal GDP growth expected to recover and inflation stabilizing, highlighting structural opportunities in the stock market [6]. Group 4: Investment Opportunities - Zhang identified four key areas for investment opportunities: 1. Growth momentum driven by the AI wave, particularly in internet, edge AI, and media sectors [7]. 2. High-yield assets such as insurance, banking, and energy in a low-interest-rate environment [7]. 3. Value discovery in traditional industries, focusing on industry leaders benefiting from global supply chain restructuring [7]. 4. Strategic assets like gold and rare earths, which are crucial in the context of global order restructuring [7].

岁序更替，华章日新。12月31日晚7时，国家主席习近平通过中央广播电视总台和互联网，发表二〇二 六年新年贺词。在此刻，我们站在一个崭新起点，一边是刚刚挥就圆满句号的"十四五"画卷，墨迹未 干，硕果盈枝，一边是等待起笔的"十五五"篇章，前景壮阔，任重道远。 回望来路，非凡成就筑牢前行底气。过去一年，是"十四五"规划的收官之年，中国经济在压力下彰显出 惊人的韧性与活力，高质量发展根基愈夯愈实。回望2025，一个个具体的成就，构成了我们信心的基 石，粮食产量稳定在1.4万亿斤以上，筑牢国家安全压舱石，超1800亿件快递包裹，映射出消费市场的 蓬勃生机与强大内需。"却顾所来径，苍苍横翠微。"这些数字背后，是一种以战略定力应对变局、以人 民为中心夯实根基、以创新驱动谋划长远的发展哲学。正是这种深厚积淀，赋予了我们迈向新征程的从 容底气。 "十四五"与"十五五"这两个五年规划的历史交汇点，连接着过往与未来，其厚重不仅在于时间的承续， 更在于发展阶段的使命传递。未来五年是在全面建成小康社会基础上迈向基本实现社会主义现代化目标 的关键五年，这意味着，我们的发展必须更有系统性和前瞻性，要统筹发展和安全，兼顾效率与公平。 国家的 ...

【导读】知名首席经济学家张忆东，官宣离任 中国基金报记者 含章 2025 年的最后一天，知名首席经济学家张忆东以 " 感恩过去，祝福未来！ " 为题发文，官 宣离任。 知名首席经济学家张忆东官宣离任 昨日（ 2025 年 12 月 31 日）晚间，张忆东在自己的微信号上表示： " 经过长时间的慎重 考虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我已于日前正式向公司提出 辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。 " 对于张忆东的离职，兴业证券经济与金融研究院向记者表示，研究院充分尊重其个人选择， 并对张忆东先生为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。同时指 出，张忆东先生的离职不会对相关业务开展造成影响。经过多年发展，研究院已建立起一支 规模超 200 人、兼具年轻活力与专业深度的研究团队，研究范围全面覆盖 A 股、港股及海外 中概股市场，汇聚了众多业内明星分析师。 2025 年 12 月中旬，在兴业证券召开 2026 年度投资策略会上，兴业证券全球首席策略师张 忆东对港股市场发表投资展望。 张忆东认为， 2026 年港股投资要耐心稳行、戒骄戒躁，超额收益来自 " ...

Group 1 - The year 2026 marks the beginning of the "15th Five-Year Plan" in China, with expectations for new opportunities and developments [1] - There is a focus on cultivating new jobs and supporting enterprises to stabilize and expand employment, particularly for key groups such as college graduates, migrant workers, and veterans [3] - The plan includes expanding free education and improving the quality of basic education, as well as increasing enrollment in higher education [5] Group 2 - The initiative aims to gradually increase the basic pension for urban and rural residents and improve the multi-tiered medical insurance system [7] - There is an emphasis on promoting positive marriage and childbirth views, optimizing fertility support policies, and reducing the costs associated with child-rearing [9] - The plan also includes enhancing basic elderly care services and developing a long-term care insurance system for the elderly [11] Group 3 - The overall vision for 2026 is to inspire collective effort towards achieving personal and national aspirations, emphasizing health, prosperity, and stability for families [14]

Group 1 - The outlook for the A-share market indicates a potential continuation of the bull market into 2026 [1] - The capital market is expected to see the emergence of "new four bulls," focusing on resource optimization and efficiency improvement [1] - The macroeconomic logic driving gold prices in 2025 is anticipated to boost copper prices in 2026 [1] Group 2 - The GDP growth target is projected to be around 5% [1] - The implementation of the "14th Five-Year Plan" is expected to create cyclical stimulus, with a continued expansion of the fiscal deficit ratio [1] - Five major highlights for the Chinese economy are anticipated in 2026 [1] Group 3 - There are four key investment opportunities in computing power to be capitalized on [1] - The year 2026 is expected to mark the beginning of mass production for humanoid robots and embodied intelligence, opening up a trillion-yuan market [1] - The energy storage industry is projected to experience a simultaneous increase in both volume and price in 2026 [1] Group 4 - The pharmaceutical industry is undergoing a value reconstruction, with expectations for significant developments in the future [1]