会议认为，2025年我国经济顶压前行、向新向优发展，"十四五"时期党和国家事业取得新的重大成就， 根本在于以习近平同志为核心的党中央领航掌舵，在于习近平新时代中国特色社会主义思想的科学指 引。理事会党员干部要深刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做 到"两个维护"，切实把思想和行动统一到习近平总书记重要讲话精神上来，统一到党中央关于经济形势 的科学判断和对经济工作的决策部署上来。 会议强调，一是要持续深入学习习近平总书记重要讲话和会议精神，与学习贯彻党的二十届四中全会精 神结合起来，准确把握精神实质和实践要求，进一步坚定信心、积极作为，推动党中央决策部署在理事 会落地落实。 二是要稳妥审慎抓好基金投资运营。紧密跟踪国内外宏观经济和资本市场形势，科学有效开展资产配 置，稳健做好各大类资产投资。充分发挥长期资金、耐心资本作用，在守住安全底线的基础上，积极服 务国家发展需要，更好支持科技创新和产业创新深度融合。 社保基金会12月16日消息，社保基金会党组书记、理事长刘昆12月15日主持召开党组会议，传达学习中 央经济工作会议精神，研究贯彻落实工作。会议强调，要推动党中央决策部署在理事 ...

Group 1 - The report indicates that the A-share market is expected to maintain a "slow bull" trend, benefiting from the new "National Nine Articles" policy and a similar "4 trillion" investment strategy [8][39] - The A-share market is projected to continue a wide fluctuation and gradual upward trend in November, with specific attention on sectors benefiting from the "15th Five-Year Plan" [4][39] - The report highlights that the major A-share indices have shown an upward trend in 2025, with the ChiNext Index and the Sci-Tech Innovation Board leading with increases of 48.09% and 48.53% respectively [2][10] Group 2 - The report emphasizes that the macroeconomic environment is expected to improve, particularly with the anticipated easing of US-China trade tensions and the positive outcomes from the recent economic discussions [4][20] - Domestic funding conditions are likely to remain relatively loose, driven by long-term capital inflows and a shift of household deposits towards equity markets [5][28] - The report notes that the industrial added value has maintained a year-on-year growth of over 6% in the first three quarters, with industrial profits showing a rebound trend [30][32] Group 3 - The report suggests that the Hong Kong stock market is expected to follow the US market and continue its upward trend, supported by anticipated interest rate cuts by the Federal Reserve [31][37] - The report identifies technology and new consumption sectors as key areas of focus for investment in the Hong Kong market [7][37] - The report highlights that the Hong Kong market has outperformed other major global equity markets in 2025, with significant increases in the Hang Seng Technology Index and the Hang Seng Index [6][31]

Group 1 - The report emphasizes the importance of maintaining core investment themes while exploring new platforms in the A-share market for the fourth quarter of 2025 [2][4] - Key recommended sectors include rare earth permanent magnets, precious metals, military industry, financial IT, power equipment, and agricultural products [3] - The report anticipates a more abundant liquidity environment due to expected interest rate cuts by the Federal Reserve and the upcoming "14th Five-Year Plan" proposals, which may enhance market expectations [4][10] Group 2 - Economic growth is projected to steadily decline, with GDP growth expected at 5.0% for 2025, and 4.6% for Q4 2025 [10][11] - Consumer retail sales are forecasted to grow by 3.8% for the year, with a significant slowdown in investment across various sectors, particularly in real estate, which is expected to decline by 14.3% [10][11] - The report highlights that while exports are expected to maintain a high level of activity, a slight decline in growth is anticipated in Q4 due to high base effects from the previous year [19][24] Group 3 - The report discusses the anticipated recovery of the RMB exchange rate, driven by the Federal Reserve's interest rate cuts, which may attract foreign capital inflows [42][61] - It notes that the central bank has a clear intention to guide the RMB towards appreciation, which is crucial for maintaining market liquidity [47][61] - The report also indicates that the RMB's appreciation could lead to increased foreign investment in domestic stocks, enhancing overall market liquidity [61][62]