中共广东省委关于制定广东省国民经济和社会发展第十五个五年规划的建议发布。其中提到，培育壮大 新兴产业和未来产业。着力打造新兴支柱产业，实施产业创新工程，一体推进创新设施建设、技术研究 开发、产品迭代升级，加快新能源、新材料、商业航天、低空经济等战略性新兴产业集群发展，做强新 能源车船、集成电路、新型储能、医药和医疗器械、无人机和无人船等优势产业。前瞻布局未来产业， 探索多元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子科技、生物制造、氢能和 核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。促进中小企业专精特新发 展，培育瞪羚企业、独角兽企业。强化新赛道新领域制度供给，探索设立"科创特区"，实施包容审慎监 管，加快育成新产品、新技术、新业态。 ...

人民财讯12月8日电，中共广东省委关于制定广东省国民经济和社会发展第十五个五年规划的建议发 布。其中提到，培育壮大新兴产业和未来产业。着力打造新兴支柱产业，实施产业创新工程，一体推进 创新设施建设、技术研究开发、产品迭代升级，加快新能源、新材料、商业航天、低空经济等战略性新 兴产业集群发展，做强新能源车船、集成电路、新型储能、医药和医疗器械、无人机和无人船等优势产 业。前瞻布局未来产业，探索多元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子 科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。促 进中小企业专精特新发展，培育瞪羚企业、独角兽企业。强化新赛道新领域制度供给，探索设立"科创 特区"，实施包容审慎监管，加快育成新产品、新技术、新业态。 ...

Core Insights - China is a key trade partner for Argentina, with significant opportunities arising from this relationship [1] Trade Relations - China is Argentina's second-largest trading partner, importing key products such as soybeans and beef [1] - The emphasis on technological independence and food security in China presents opportunities for Argentina, a major global food producer [1] Technological Advancements - China's advancements in artificial intelligence are notable, with examples including efficient management of container cranes and automated production lines [1] - The "14th Five-Year Plan" in China highlights key areas of focus such as quantum technology, biomanufacturing, and sixth-generation mobile communications [1] Market Dynamics - Argentine visitors to China observe that Chinese products are of high quality and competitively priced, with excellent customer service [1] - The rapid delivery of customized products, such as tailored suits within 24 hours, reflects the efficiency of Chinese businesses [1]

Core Insights - China is a key trade partner for Argentina, with significant opportunities arising from this relationship [1] Trade Relations - China is Argentina's second-largest trading partner, importing key products such as soybeans and beef [1] - The focus on technological independence and food security in China presents opportunities for Argentina, a major global food producer [1] Technological Advancements - China's advancements in artificial intelligence are notable, with applications in logistics and manufacturing, enhancing operational efficiency [1] - The "14th Five-Year Plan" in China emphasizes key areas such as quantum technology, biomanufacturing, and sixth-generation mobile communications [1] Market Dynamics - Argentine visitors to China observe that Chinese products are of high quality and competitively priced, with excellent customer service [1] - The rapid delivery services in China, such as custom suits delivered within 24 hours, highlight the efficiency of Chinese businesses [1]

Core Viewpoint - The article emphasizes the new opportunities in investment during the "14th Five-Year Plan" period, driven by a new factor system, a restructured institutional framework, and an innovative service system in the capital market [1]. Group 1: New Factor System - The new factor system, represented by talent and new assets, is becoming a new driving force for China's economic growth. The "14th Five-Year Plan" highlights the importance of technological innovation and original breakthroughs [2]. - Accumulation of technological factors will enable breakthroughs in future industries such as artificial intelligence, biomedicine, hydrogen energy, nuclear fusion, embodied intelligence, and 6G mobile communication [2]. - Data factors will drive economic growth by transforming consumption channels and habits, leading to new consumption patterns such as service consumption, emotional consumption, and integrated consumption [2]. Group 2: New Institutional Framework - The capital market is expected to enhance its quality and capacity under the guidance of policies aimed at activating the market and coordinating investment and financing functions [3]. - Reforms in the capital market's basic systems will significantly improve market inclusiveness and adaptability, with a focus on deepening reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [3]. - The formation of a healthy market ecosystem will enhance the attractiveness of the Chinese market, promoting mutual constraints and cooperation among institutional investors, intermediaries, listed companies, and retail investors [3]. Group 3: New Service System - The company is accelerating reforms in its organizational structure, management model, and business system to adapt to changes in the economic landscape, focusing on a comprehensive service system [4]. - In financing services, the company is developing diversified service solutions that encompass venture capital, IPOs, mergers and acquisitions, refinancing, asset securitization, ESG, and strategic consulting [4]. - The investment service aims to meet diverse asset allocation needs of investors with a robust product offering, while trading services are enhancing liquidity support through innovative products like OTC derivatives, market making, ETFs, and carbon finance [4].

Core Viewpoint - The upcoming year 2026 is anticipated to be a year of comprehensive reform and development, with new driving forces for economic growth emerging, particularly in technology and innovation [1][2][3]. Economic Outlook - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and innovation, which is expected to drive new productivity in the economy [2]. - The accumulation of technological factors is projected to lead to breakthroughs in future industries such as AI, biomedicine, hydrogen energy, and sixth-generation mobile communications [2]. - The focus on expanding domestic demand is expected to strengthen under the reform framework, with a notable emphasis on structural economic recovery in 2026 [3]. A-Share Market Strategy - A-share market is currently experiencing a phase of high valuation and potential adjustment, particularly in the AI sector, but a significant upward trend is not yet concluded [6][7]. - A small rebound in technology growth is expected before the spring of 2026, with a potential comprehensive market rally in the second half of the year [7]. - Key investment themes for 2026 include recovery trades in basic chemicals and industrial metals, technology industry trends in humanoid robots and energy storage, and enhanced manufacturing influence [7]. Consumer and Investment Trends - The nominal GDP is expected to improve, leading to better profitability and a recovery in investment growth, with fixed asset investment projected to return to around 3% [4]. - Consumer retail growth is anticipated to be 4.5% in 2026, with service sector retail expected to perform better at 5.5% [3]. External Demand - Export resilience is expected to remain strong, with a narrowing decline in exports to the U.S. and an increase in trade with non-U.S. regions [5].

2025年10月20日至23日，中国共产党第二十届中央委员会第四次全体会议召开，会议审议通过《中共中 央关于制定国民经济和社会发展第十五个五年规划的建议》（简称《建议》），对"十五五"时期我国经 济社会发展作出系统谋划和战略部署。 打造发展新引擎 《建议》与"十四五"规划一脉相承，继续把推动高质量发展确定为"十五五"时期经济社会发展的主题， 突出科技创新的引领作用。 《建议》将"高质量发展取得显著成效"列为"十五五"时期经济社会发展的主要目标之首。这需要以新质 生产力替代传统要素驱动；供应链安全风险上升，核心关键技术必须自主可控；并跑领跑领域持续增 加，为实现中国式现代化奠定坚实基础。 创新引领未来 "4+6"产业集群瞄准科技制高点 "十四五"期间，我国战略新兴产业实现跨越式发展，2024年"三新"经济增加值占GDP比重达18.01%。 《建议》明确培育壮大4个新兴支柱产业和6个未来产业，进一步提升我国科技竞争实力，构建现代化产 业体系新支撑。 新兴支柱产业方兴未艾，打造新的增长极 在新能源产业方面，2025年上半年我国可再生能源发电装机占比60%左右，2024年风光累计装机占全球 47%。"十五五"时期，新 ...

Core Viewpoint - The 2026 Capital Market Investment Conference hosted by Shenwan Hongyuan emphasizes the importance of technological innovation and data as new driving forces for economic growth, suggesting a shift in investment strategies towards new sectors and opportunities [3][6][7]. Group 1: Economic Outlook - Liu Jian, Chairman of Shenwan Hongyuan, highlighted that the "14th Five-Year Plan" prioritizes technological innovation, which will lead to breakthroughs in industries such as artificial intelligence, biomedicine, and hydrogen energy [6]. - The conference suggests that the future growth of the Chinese economy will rely on new factors of production rather than traditional drivers, opening new spaces for capital market investments [7]. Group 2: Market Strategy - The research team at Shenwan Hongyuan proposed a "two-stage bull market" outlook, predicting that the first stage, driven by technological structure, will peak in spring 2026, followed by a comprehensive bull market in the second half of 2026 [7][8]. - The team anticipates significant improvements in A-share profitability in 2026, marking the first time in five years that both non-profitability and net profit growth will show double-digit increases [8]. Group 3: Macroeconomic and Bond Market Insights - Chief Economist Zhao Wei noted that the reforms during the "14th Five-Year Plan" will focus on systemic effectiveness, with 2026 expected to be a pivotal year for comprehensive reform and development [9]. - The bond market is entering a new phase where the core variables will shift towards price and capital flow, with a particular focus on inflation throughout 2026 [9].

Core Insights - The article emphasizes the importance of future industries driven by cutting-edge technologies, which are in the early stages of development and have significant strategic, leading, disruptive, and uncertain characteristics [1]. Government Initiatives - The Chinese government has issued multiple guiding documents to promote the development of future industries, focusing on six key areas: future manufacturing, future information, future materials, future energy, future space, and future health [2]. - The 2024 and 2025 State Council work reports highlight the need to cultivate emerging and future industries, including quantum technology and life sciences, and to establish growth mechanisms for future industry investments [2]. - The 15th Five-Year Plan emphasizes the exploration of diverse technology routes and typical application scenarios to drive new economic growth points in various future industries [2]. Industry Developments Quantum Technology - Quantum technology integrates principles of quantum mechanics with various scientific fields, aiming to revolutionize information processing and transmission [5]. - Significant advancements include the development of the "Zuchongzhi III" superconducting quantum computing prototype, which set new global records in quantum computing capabilities [6]. - By 2025, China is expected to lead in quantum computing, transitioning from "catching up" to "leading" in the field [7]. Biomanufacturing - Biomanufacturing utilizes biological processes for material processing and conversion, with applications in pharmaceuticals, new materials, and renewable energy [8]. - China has become the largest exporter of key enzyme preparations and gene components, holding a 29% share of the global market [9]. - The industry is characterized by the integration of AI in research and production, accelerating innovation and improving production efficiency [10]. Hydrogen and Nuclear Fusion Energy - Hydrogen energy is recognized as a crucial component of global energy transition, with China being the largest hydrogen producer [11]. - Major projects include the world's largest green hydrogen base and advancements in nuclear fusion technology, with significant milestones achieved in plasma control and fusion energy development [12][13]. Brain-Computer Interfaces - Brain-computer interfaces (BCIs) are emerging as transformative technologies, with successful trials and clinical applications in various fields [14][15]. - The development of both invasive and non-invasive BCIs is progressing rapidly, with applications in medical rehabilitation and research [18]. Embodied Intelligence - The embodied intelligence sector is witnessing rapid growth, particularly in robotics, with advancements in AI and sensor technologies [19][20]. - 2025 is seen as a pivotal year for humanoid robots transitioning from prototypes to mass production, with applications in various industries [21]. Sixth Generation Mobile Communication - The sixth generation (6G) mobile communication technology is expected to enhance performance metrics significantly compared to 5G, with various breakthroughs achieved in key technologies [22][23]. - Standardization efforts for 6G are underway in China, with commercial deployment anticipated around 2030 [23][24].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The 15th Five - Year Plan still focuses on technological self - reliance, and the technology sector is expected to be a long - term direction [2]. - Domestically, the liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market [2]. - Near the end of the year, funds are relatively cautious, and the market style is more balanced compared to the third quarter. From the current trend, the market is still expected to maintain a long - term and slow - bull trend [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4614.00, 4600.40, 4572.40, and 4531.60 respectively, with declines of - 75.00, - 72.80, - 68.60, and - 65.60. The trading volumes were 22853.00, 67288.00, 14864.00, and 4984.00, and the open interest changes were - 424.00, 543.00, 3546.00, and 1709.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts were 3034.00, 3030.40, 3025.80, and 3017.00, with declines of - 36.60, - 37.40, - 37.40, and - 39.40. The trading volumes were 9482.00, 32072.00, 5074.00, and 1605.00, and the open interest changes were - 824.00, 1112.00, 452.00, and 66.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts were 7208.00, 7137.40, 6960.00, and 6762.00, with declines of - 111.40, - 113.40, - 109.20, and - 104.00. The trading volumes were 22554.00, 71699.00, 16437.00, and 5922.00, and the open interest changes were - 1650.00, 610.00, 1362.00, and 986.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts were 7468.40, 7372.00, 7140.00, and 6913.40, with declines of - 81.80, - 90.80, - 91.80, and - 88.80. The trading volumes were 34335.00, 125074.00, 23113.00, and 10057.00, and the open interest changes were - 1680.00, - 1368.00, 2359.00, and 1746.00 respectively [1]. - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM next - month minus current - month contracts were - 13.60, - 3.60, - 70.60, and - 96.40 respectively, compared to previous values of - 16.60, - 3.80, - 66.40, and - 87.60 [1]. 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4628.14, 3038.43, 7235.46, and 7502.76, with declines of - 1.57%, - 1.15%, - 1.63%, and - 1.16% respectively. The trading volumes (in billions of lots) were 192.09, 48.80, 205.86, and 271.97, and the total trading amounts (in billions of yuan) were 4447.20, 1203.76, 3104.85, and 4062.93 respectively [1]. - **Industry Indexes**: Among CSI 300 industry indexes, energy, raw materials, industry, and optional consumption had declines of - 1.04%, - 2.09%, - 1.63%, and - 1.22% respectively. Main consumption, medical and health, real - estate finance, and information technology had declines of - 1.09%, - 0.83%, - 0.40%, and - 3.39% respectively. Telecommunication services and public utilities had declines of - 2.87% and - 0.71% respectively [1]. 3.3 Spot - Futures Basis - **IF Contracts**: The previous day's spot - futures basis values of IF contracts (current month, next month, next quarter, and far - quarter) minus the CSI 300 index were - 14.14, - 27.74, - 55.74, and - 96.54 respectively, compared to previous two - day values of - 8.47, - 25.07, - 56.27, and - 100.67 [1]. - **IH Contracts**: The previous day's spot - futures basis values of IH contracts minus the SSE 50 index were - 4.43, - 8.03, - 12.63, and - 21.43 respectively, compared to previous two - day values of - 1.07, - 4.87, - 9.67, and - 14.07 [1]. - **IC Contracts**: The previous day's spot - futures basis values of IC contracts minus the CSI 500 index were - 27.46, - 98.06, - 275.46, and - 473.46 respectively, compared to previous two - day values of - 19.89, - 86.29, - 267.89, and - 469.89 [1]. - **IM Contracts**: The previous day's spot - futures basis values of IM contracts minus the CSI 1000 index were - 34.36, - 130.76, - 362.76, and - 589.36 respectively, compared to previous two - day values of - 24.58, - 112.18, - 344.58, and - 578.58 [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4002.76, 13289.01, 8077.94, and 3134.32, with declines of - 0.39%, - 1.03%, - 1.31%, and - 1.40% respectively [1]. - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26696.41, 50911.76, 6846.61, and 24088.06, with increases of 0.18%, 1.26%, 0.21%, and 0.53% respectively [1]. 3.5 Macroeconomic Information - National People's Congress Standing Committee Chairman Zhao Leji will conduct an official friendly visit to New Zealand and Australia from November 19th to 25th [2]. - Han Wenxiu proposed to cultivate and expand emerging and future industries, and accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy [2]. - Hong Kong's economy is expected to achieve positive growth for the third consecutive year, and the economy is expected to continue growing next year [2]. - By the end of the third quarter of 2025, the balance of insurance funds' investment reached 37.46 trillion yuan, with the book balance of stocks at 3.62 trillion yuan, an increase of nearly 50% compared to the end of last year. The third - quarter increase was 5524 billion yuan. Bank stocks remained the favorite of insurance funds, and industries such as steel, communication, and food and beverage were heavily increased in the third quarter, while power equipment, non - ferrous metals, and transportation were reduced [2]. 3.6 Industry Information - In the era of the stock housing market, the substitution effect of second - hand housing for new housing is increasing. From January to October, the online signing area of second - hand housing transactions in China increased by 4.7% year - on - year, accounting for 45% of the total transaction volume. In more than a dozen cities, the online signing area of second - hand housing transactions increased by more than 10% year - on - year [2]. - In 2025, the global clothing market size is expected to reach 1.84 trillion US dollars, accounting for 1.6% of the global GDP [2]. - In the third quarter, many large Wall Street hedge funds reduced their positions in the "Magnificent Seven" US stocks and increased their investments in application software, e - commerce, and payment fields. They also reduced their risk exposure to well - known enterprises in the healthcare and energy sectors [2].