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十五五纲要
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天风证券:特朗普2.0加速百年变局
Xin Lang Cai Jing· 2026-01-21 23:39
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 天风研究 大类资产轮动展望:权益赛点2.0攻坚不易,波折难免。我们预计将保持政策连续性稳定性,增强灵活 性预见性,着力"四稳"。重视黄金,债券重点挖掘转债。新年第一会纷纷较去年有所提前,部委第一会 纷纷落地明确2026工作计划。我们预计年初会加速落实"十五五"纲要编制工作,落实落细更加积极的财 政政策和适度宽松的货币政策,进一步强化货币财政协同效应,"以我为主",应对后续"特朗普不确 定"以及海外地缘政治风险升级的潜在影响,努力为"十五五"开好局。 海内外政策要闻 二十届中央纪律检查委员会第五次全体会议召开。中国共产党第二十届中央纪律检查委员会第五次全体 会议,于2026年1月12日至14日在北京举行。全会由中央纪律检查委员会常务委员会主持。会议审议通 过了李希同志代表中央纪委常委会所作的《以更高标准、更实举措推进全面从严治党,为实现"十五 五"时期目标任务提供坚强保障》工作报告。 国内外政策导向分析 上周(1.12-1.16)海外政策聚焦于习近平主席会见加拿大总理卡尼,本次会见后加拿大政府允许数万辆 中国电动车进入加拿大市场;世界银行 ...
天风策略:政策靠前发力 春季行情可期
Xin Lang Cai Jing· 2025-12-23 23:57
Group 1 - The core viewpoint of the articles emphasizes the expectation of maintaining policy continuity and stability in the coming year, with a focus on enhancing flexibility and predictability, particularly in the context of the "14th Five-Year Plan" [1][6] - The articles highlight the importance of gold and convertible bonds as key investment areas, indicating a strategic shift in asset allocation [1][6] - The initiation of the Hainan Free Trade Port's full closure is seen as a significant step towards deepening reforms, aligning with the central government's strategic decisions [2][10] Group 2 - The recent meeting of the State Council, chaired by Premier Li Qiang, aims to ensure effective implementation of the central economic work conference's decisions, reinforcing the economic stability trend [2][9] - The Bank of Japan's decision to raise its policy interest rate to 0.75% marks the highest level in 30 years, indicating a shift in monetary policy that could impact global markets [10] - The articles report on various domestic policies, including the launch of the Hainan Free Trade Port and the establishment of a financial standardization technical committee, which are part of broader efforts to stimulate economic growth [3][11] Group 3 - In the equity market, the A-share index showed a slight rebound, while other major indices experienced minor declines, reflecting the need for policy support in consumption and investment [12] - The central bank's net fund injection of 109 billion yuan during the third week of December indicates a balanced liquidity approach, with ongoing measures to support the financial market [12] - The commodity market saw stability in non-ferrous metals and a rebound in precious metals, alongside a slight decrease in oil prices, suggesting mixed trends across different sectors [5][12] Group 4 - The foreign exchange market experienced a rebound in the US dollar index after the Federal Reserve's rate cut, while the Chinese yuan appreciated slightly, indicating ongoing currency dynamics [13] - The articles note the importance of the upcoming "14th Five-Year Plan" and the need for proactive fiscal and monetary policies to navigate potential geopolitical risks and uncertainties [1][6]