Core Viewpoint - The A-share market is expected to experience a "sideways fluctuation with slight strengthening" in the first half of 2026, with core opportunities focusing on mid-cap blue chips, particularly in the cyclical (chemicals, non-ferrous) and manufacturing (new energy, robotics) sectors [2][3][4]. Market Outlook - The market is currently in an adjustment phase following the bull market of 2025, requiring three key tasks: transitioning from old to new driving forces, switching market hotspots to find new breakthrough directions, and redistributing stock chips to form a trading foundation [3]. - The previous bull market was driven by rising expectations rather than improvements in the real economy, indicating a need to return to observing the real economy for new expectations to form [3][4]. Investment Strategy - The focus for investment should be on mid-cap blue chips, which are characterized by moderate risk, solid performance, and potential for growth. Key sectors include cyclical industries (chemicals, non-ferrous) and manufacturing (new energy, robotics) [4][5]. - The market has shown a polarization trend from April 2023 to November 2025, with funds either flowing into low-risk, high-dividend stocks or chasing high-risk, high-growth tech stocks. This trend is beginning to change, indicating a return of risk appetite towards mid-cap blue chips [4][5]. Sector Insights - In the technology sector, while it remains a long-term focus, a short-term correction is necessary due to previous rapid increases in stock prices [6]. - The A-share market's selection strategy has shifted from performance-based to style-based, focusing on factors like EPS, ROE, and growth potential [6]. Economic Context - The macroeconomic environment is expected to show a "front low, back high" trend in GDP growth, estimated between 4.5% and 5.0% for the first half of 2026, with support from consumption, investment, and exports [7]. - The geopolitical landscape, particularly the U.S.-China dynamics, is anticipated to influence market stability and investment flows, with China positioned as a relatively stable market amid global uncertainties [7]. Industry Opportunities - In the AI sector, there is a genuine and sustained demand for domestic AI solutions, with a focus on advanced processing and chip technologies [8]. - The copper market is expected to see continued price increases due to strong demand and supply shortages, while lithium carbonate is projected to remain tight in supply [8][9]. - The new energy sector is focusing on storage, lithium battery materials, nuclear fusion, and solid-state batteries, with significant growth anticipated in storage solutions [8]. - The robotics industry is transitioning to a mid-stage focus, with key components like joint assemblies and dexterous hands being highlighted as important areas for investment [9].

Group 1: Long-term Strategy - China's political economy relies on "long-termism," emphasizing historical patience and strategic stability amid global changes[5] - The "Five-Year Plan" exemplifies China's long-term strategy, focusing on continuity and gradual execution rather than disruption[5] - China's understanding of time spans centuries, supporting the value of its assets through long-term goals[5] Group 2: Policy Continuity - The continuity of goals ensures that strategic intentions are realized, with each Five-Year Plan building on the previous one[9] - The "14th Five-Year Plan" and "15th Five-Year Plan" are interconnected, leading towards the centenary goals of building a prosperous socialist modern state[9] - China's commitment to carbon neutrality by 2060 illustrates its steadfast approach to long-term objectives, contrasting with the policy fluctuations seen in Western countries[10] Group 3: Incremental Capability Development - China's governance evolves through iterative upgrades, with policies adapting to current challenges while maintaining overarching themes[12] - The "Made in China 2025" strategy employs a phased approach, aiming for significant advancements by 2025, 2035, and 2049[13] - Infrastructure investments in key regions, such as the "Belt and Road Initiative," reflect a long-term vision for regional connectivity and economic growth[21] Group 4: Social Cohesion and Action - The realization of long-term economic goals depends on collective action across society, facilitated by clear roadmaps and accountability mechanisms[27] - The "14th Five-Year Plan" includes a comprehensive responsibility system to ensure effective implementation and monitoring of goals[27] - Cultural values, such as the promotion of socialist core values, underpin the social cohesion necessary for achieving long-term objectives[27] Group 5: Investment Themes - Long-termism translates into investment themes, including cultural confidence, strategic industries, and energy security[30] - The focus on local cultural heritage and strategic sectors is expected to continue evolving, reflecting China's unique economic landscape[30] - The stability of China's macro policies is increasingly recognized as a comparative advantage by global investors[30]

2025年转眼间已近岁尾。今年是个关键年份，"十四五"在今年圆满收官、"十五五"即将开启，我们国家 也即将走进"基本实现社会主义现代化夯实基础、全面发力的关键时期"的重要关口，而在这个关键的年 份，中国的资本市场也走出一条上升曲线，并且一扫阴霾，跑出收益。是什么促使中国资本市场走出这 条靓丽的曲线的，背后的根本动因是什么？最近，带着这些疑问，《国际金融报》记者专访了东方证券 研究所所长黄燕铭。 中国式"长期主义"正得到全球投资者认可 《国际金融报》：黄所长您好，非常感谢您接受我们的专访。已值岁尾，我们注意到，2025年中国的资 本市场，显然已走出阴霾，坚定地迈向高质量发展道路。您认为这其中的关键因素是什么？ 黄燕铭：我认为2025年中国资本市场能够一扫阴霾，跑出收益，不在于宏观增速，更不在于存款搬家， 而是中国式"长期主义"的政策基调正在得到更多全球投资者的认可。世界百年变局加速演进，国际力量 对比深刻调整，在"变"的外部环境中，中国政治经济学的法宝恰恰在于"不变"，在于以历史耐心、战略 定力为主旨的中国式"长期主义"。 "十五五"建议稿出炉后，有一种观点认为文件提法稳定有余、新意不足，对资本市场的刺激不大， ...

Core Insights - The "15th Five-Year Plan" is a critical period for achieving socialist modernization, emphasizing high-quality development and strategic adjustments compared to the "14th Five-Year Plan" [2][4]. Economic and Policy Focus - The "15th Five-Year Plan" continues to prioritize high-quality development while shifting focus from quantitative economic growth to qualitative improvements and reasonable growth [4]. - The plan emphasizes the integration of technological innovation with industrial innovation, particularly in key areas like integrated circuits and industrial mother machines [4]. - The strategy has shifted from a supply-side focus to a dual emphasis on supply and demand, highlighting the importance of new demand leading to new supply [5]. Key Areas of Opportunity - Five key sectors are identified for explosive growth: 1. Strategic and future industries such as renewable energy, aerospace, and quantum technology [7]. 2. Upgrading traditional industries through high-end, intelligent, and green transformations [7]. 3. Deep integration of modern services and the digital economy [7]. 4. AI and its application across various sectors [8]. 5. Modern infrastructure and green transition initiatives [8]. Asset Management Role - The asset management industry is crucial for funding allocation and value discovery, supporting technological innovation through various investment methods [9]. - The industry must also focus on promoting common prosperity and green transformation by developing inclusive financial products and directing funds towards green industries [10]. Challenges for Asset Management - The industry faces challenges in cultivating "patient capital" due to the long investment cycles associated with technology and green projects [10]. - There are difficulties in valuation and risk pricing for new technologies, requiring high professional capability [10]. - Policy execution uncertainties and the need for robust risk prevention measures are also significant challenges [10]. Investment Strategies for Individuals - Individual investors are advised to adopt a "slow wealth" approach, focusing on long-term growth alongside quality companies [11]. - Asset allocation should align with the "15th Five-Year Plan," emphasizing sectors like technology self-reliance and green transformation [11]. - Utilizing professional institutions for diversified investments and maintaining a balanced portfolio is recommended [12].

Core Insights - The "15th Five-Year Plan" emphasizes high-quality development and marks a critical period for achieving socialist modernization, with a focus on strategic priorities and specific areas of action [2][5][6] Economic and Policy Focus - The plan continues to prioritize high-quality development while shifting from quantitative economic growth indicators to qualitative improvements and reasonable growth [5][6] - Key areas of policy focus include enhancing macroeconomic policy consistency, upgrading traditional industries, and improving social policies to invest in human capital [7][8] Industry Opportunities - Several sectors are expected to experience significant growth opportunities, including strategic and future industries such as renewable energy, aerospace, and quantum technology [8][9] - Traditional industries will undergo high-end, intelligent, and green upgrades, benefiting from technological innovation and industrial internet solutions [8][9] - The integration of modern services and the digital economy is highlighted, particularly in areas like digital trade and health care [8][9] Investment Strategies - Public funds are encouraged to embrace "Chinese-style long-termism" by aligning their investment strategies with the long-term perspectives outlined in the five-year plan [9][10] - The asset management industry is seen as a crucial player in funding allocation and value discovery, with a focus on supporting technological innovation and green transformation [10][11] Challenges and Considerations - The asset management sector faces challenges such as the need for "patient capital" and the complexities of valuing new technologies [11] - Investors are advised to be cautious of speculative bubbles and to focus on long-term growth opportunities while maintaining a balanced asset allocation [12][13]

Core Viewpoint - The article emphasizes the resilience and determination of Huawei and its founder Ren Zhengfei, highlighting their approach to overcoming challenges through hard work and perseverance [1] Group 1 - The dialogue between Ren Zhengfei and People's Daily has gained significant attention, showcasing Huawei's survival wisdom and development strategy [1] - The narrative resonates with many ordinary workers, reflecting a shared experience of diligence and effort in achieving progress [1] - Huawei is portrayed as a symbolic Chinese innovative enterprise that embodies the spirit of hard work and continuous advancement [1]