高盛预测，MSCI中国指数和沪深300指数在2026年将分别上涨20%和12% 文｜《财经》记者 张欣培 编辑｜陆玲 郭楠 在概念板块上，商业航天热度持续。中信建投表示，当前商业航天产业在国家政策支持和产业技术突破 共同助力下，有望进入新纪元，当前商业航天发展是国企与民营企业共振周期。 对于A股近期上涨原因，星石投资副总经理、首席策略投资官方磊认为，主要在于积极因素积累、资金 情绪偏高、对利多因素反应敏感等，此轮市场上涨并非单一因素驱动，流动性因素和政策预期都对股市 表现有助力。 流动性方面，2025年12月美联储降息扩表，国内中央经济工作会议定调财政货币政策双宽格局，市场流 动性预期向好。政策方面，2025年12月中央经济工作会议定调积极政策基调，并指明2026年经济工作重 点在于扩大内需、科技创新及反内卷领域，为后续资本市场投资指明结构性机会。此外，岁末年初人民 币持续升值，美元对离岸人民币突破7的关键点位，也对市场情绪走高形成支撑。 "目前仍处于牛市中期。2025年股市整体以估值扩张为主，成长板块景气度较高，传统板块景气度触 底，股市估值扩张具有结构性分化的特征，与此同时，本轮企业盈利底大概率已经在20 ...

2026年伊始，A股迎来"开门红"，沪指连续四个交易日（1月5日至8日）收于4000点上方。多家外资机 构发布展望，表示看好中国市场2026年的表现。 从资金角度看，据胡知鸷观察，2025年，国际投资者对中国资产的态度发生转变，从前期的观望试探转 变为主动参与，资金回流态势明显。 "去年年初，可能部分外资还在观望，到了年底已经变成主动参与。据我们了解，部分外资重新组建了 中国团队，全球资金对中国市场的关注度明显回升。"她说。 "从估值角度看，目前，中国资产并未进入过热区间。"瑞银集团中国区总裁胡知鸷对第一财经表示，A 股此轮行情并非由过度拥挤的交易推动，而是由捕捉新质生产力投资机遇的资金所推动。 她同时提到，去年以来，外资对中国市场的关注度显著回升，外资从此前被动等待、进进出出的流动状 态，转向为主动、长期地参与交易。 高盛也表达了对中国市场的看好。该机构在最新披露的研报中称，对A股和H股维持超配评级，2026年 市场将由估值扩张推动的增长，转向由盈利增长驱动。"在当前盈利增长、估值水平和投资者仓位普遍 较低的背景下，中国股票的风险回报比具有吸引力。"高盛中国股票首席策略师刘劲津称。 瑞银称2025年中国市场 ...

"如果用一句话总结2025年中国资本市场的表现，那就是全面的超预期发挥。"胡知鸷说。 她分析称，多重因素将支持中国市场继续上行。首先，估值方面，目前MSCI中国指数市盈率约13倍， 仅略高于过去十年均值；其次，资金方面，投资者参与度仍低于历史高点；最后，从内外部环境来看， 全球经济格局的演变、"走出去"和"反内卷"政策的双重发力等，均对中国市场形成利好。 "如果用一句话总结2025年中国资本市场的表现，那就是全面的超预期发挥。" 2026年伊始，A股迎来"开门红"，沪指连续四个交易日（1月5日至8日）收于4000点上方。多家外资机 构发布展望，表示看好中国市场2026年的表现。 "从估值角度看，目前，中国资产并未进入过热区间。"瑞银集团中国区总裁胡知鸷对第一财经表示，A 股此轮行情并非由过度拥挤的交易推动，而是由捕捉新质生产力投资机遇的资金所推动。 她同时提到，去年以来，外资对中国市场的关注度显著回升，外资从此前被动等待、进进出出的流动状 态，转向为主动、长期地参与交易。 高盛也表达了对中国市场的看好。该机构在最新披露的研报中称，对A股和H股维持超配评级，2026年 市场将由估值扩张推动的增长，转向由盈利增长 ...

文昌市税务局积极落实出口退税企业直联制度，定期开展风险排查和预警提示，及时梳理问题清单、责 任清单、措施清单，真正做到把情况摸清、对策提实，特别是针对新增出口企业，开展"一对一"全流程 专项辅导。某国际建设有限公司在首次办理出口退税时，存在出口业务量大、出口商品品类多、相关政 策和流程不熟悉等困难，文昌市税务局积极靠前服务，帮助企业梳理出口退税所需的各类材料，并详细 解答了公司在申请过程中的疑问指导公司高效、合规地完成退税申请。 下一步，文昌市税务局将持续发挥税收在支持新质生产力高质量发展中的重要作用，持续优化外贸企业 分类分级服务，精准落实税收优惠政策、精准帮扶企业发展、精准对接企业需求，赋能添力、提质增 效，进一步优化税收营商环境，助推"走出去"企业行稳致远。（来源：文昌市税务局） 为推进海南高水平对外开放，持续擦亮自贸港"金字招牌"，文昌市税务局以跨境纳税人缴费人需求为导 向，依托"税路通·跨海行"跨境税费服务品牌，通过"政策精准滴灌解难题"的服务举措，助力"走出去"企 业加速发展、破浪前行。 针对"走出去"企业，文昌市税务局加大个性化税费服务力度，深入企业问计问需，把定制化税收服务延 伸到企业跨境投资 ...

Group 1 - Despite fluctuations in international oil prices, the domestic oilfield service industry maintains high prosperity, with listed companies showing stable growth in net profits for the first three quarters [1] - CNOOC Energy Development Co., Ltd. reported revenue of 33.947 billion yuan, a year-on-year increase of 0.81%, and a net profit of 2.853 billion yuan, up 6.11% [1] - Potential Energy Technology Co., Ltd. achieved revenue of 427 million yuan, a year-on-year increase of 18.26%, with Q3 revenue reaching 196 million yuan, up 63.54%, and net profit turning positive at 9.618 million yuan [1] Group 2 - Global exploration and development activities remain active, with domestic policies supporting the oil service industry's prosperity [2] - The capital expenditure of the "Big Three" oil companies remains high, ensuring growth in upstream reserves and benefiting subordinate oil service companies [2] - Despite declining oil prices, major oil and gas companies can maintain profitability, allowing capital expenditure to continue growing [2] Group 3 - In September, China National Petroleum Engineering Co., Ltd. signed an EPC contract for an LNG pipeline project in the UAE worth 3.688 billion yuan and another contract for an Iraqi seawater pipeline project worth approximately 18.032 billion yuan [3] - Sinopec Oilfield Service Corporation signed new contracts totaling 82.21 billion yuan in the first three quarters, a year-on-year increase of 9.5%, with overseas contracts reaching 26.28 billion yuan, up 62.0% [3] - Chinese oil and gas companies and service companies are accelerating their international expansion, leveraging advanced technology and cost advantages [3]

Group 1 - The core viewpoint is that China's capital market is steadily expanding its high-level institutional openness, supported by concrete measures and data [1] - During the 14th Five-Year Plan, the foreign ownership limit for industry institutions has been fully lifted, and the Qualified Foreign Institutional Investor (QFII) system has been improved [1][5] - As of now, foreign capital holds a market value of 3.4 trillion yuan in A-shares, with 269 companies listed overseas [1][5] Group 2 - Foreign institutional investment in China's capital market is showing resilience, with QFII holding shares in 1,145 A-share companies, totaling a market value of 143.464 billion yuan, an increase of 21.290 billion yuan from the previous quarter [2] - The potential for growth in foreign institutional holdings is significant, with estimates suggesting a possible inflow of $20 billion if holdings return to 2021 peak levels [2] - Foreign investment is diversifying, covering over 1,100 listed companies, with the top five sectors being finance, information technology, industrials, materials, and consumer discretionary [2] Group 3 - The Chinese stock market has performed well this year, driven by improved corporate fundamentals, with MSCI China Index showing stable earnings and upward revisions in sectors like internet, technology, pharmaceuticals, and automotive [3] - The bond market in China, exceeding one trillion yuan, is becoming increasingly attractive to foreign investors, with a custody balance of 4.0 trillion yuan held by foreign institutions [3] - As of August 2023, 907 foreign institutions have obtained QFII qualifications, with 47 institutions approved in the first eight months of the year [3] Group 4 - The plan includes enhancing the role of long-term funds as stabilizers, improving cross-border investment and financing convenience, and attracting more global capital to invest in China [4] - China's capital market is actively participating in international rule-making, aligning domestic markets with international standards [5] Group 5 - Since the implementation of the new regulations in March 2023, 269 companies have successfully listed overseas, enhancing the visibility and influence of Chinese enterprises globally [6] - Chinese securities firms and fund companies are accelerating their international expansion, supported by mechanisms like fund recognition and cross-border financial services [6] - A-share companies achieved overseas revenue of 4.90 trillion yuan in the first half of the year, a year-on-year increase of 4.50%, marking a continuous rise in the proportion of overseas income [6] Group 6 - Future reforms are expected to deepen the openness of China's capital market, with suggestions to expand stock connect programs and enhance cross-border financial products [7] - Recommendations include increasing the transparency and predictability of domestic policies to encourage more foreign investment in China [7]

Group 1: Financial Overview - The main financial costs in the 2025 semi-annual report are primarily related to bank loan interest expenses incurred from investments in energy projects [2] Group 2: Business Opportunities - The company focuses on exploring existing markets, particularly in urban renewal projects, such as the historical district renovation in Nanning [2] - In 2023, the company acquired Guangxi Hualan Hydropower Engineering Design Co., Ltd., expanding into water-related construction design and consulting [3] - The company has a Grade B qualification in water conservancy engineering design and is involved in projects like the "Left River System Chongzuo Urban Section River Governance Project" [3] Group 3: New Business Development - The company is developing distributed photovoltaic power generation and energy management services, establishing Guangdong Hualan Energy Development Co., Ltd. and Guangxi Hualan Smart Technology Co., Ltd. [3] - In the first half of 2025, the company signed contracts worth approximately 15.854 million yuan for new EPC projects in distributed photovoltaic power generation [3] - The cumulative contract signing amount for energy management services reached about 20.7 million yuan in the first half of 2025 [3] Group 4: Digital Transformation - The company has developed digital products and services using AI and BIM technology, enhancing its competitive advantage in architectural design and engineering [3] Group 5: International Expansion - The company has established an international business department and opened an office in Cambodia, focusing on markets in Southeast Asia [3] - The company successfully undertook the "Aid Tunisia Gabes Tumor Center Project," marking a breakthrough in foreign aid projects [3] Group 6: Mergers and Acquisitions - The company plans to conduct mergers and acquisitions in a steady manner, aligned with its strategic planning [3] Group 7: Investor Relations - The investor relations activity did not involve any undisclosed significant information [3]

Group 1: Economic Development Strategies - The Chief Executive of Hong Kong, John Lee, emphasized the government's strategies for developing the Northern Metropolis and industrial innovation in the 2025 Policy Address [1][2] - The Northern Metropolis is identified as a new engine for Hong Kong's economic development, with significant potential and a focus on expediting the introduction of industries and major projects [2][3] - The government plans to establish a Northern Metropolis Development Committee to streamline administrative processes and create a dedicated legal framework for its development [2][3] Group 2: Integration with National Development - The Policy Address outlines how Hong Kong can better integrate into the national development framework, enhancing its role as a platform for international cooperation and trade [3][4] - The focus will shift from merely attracting investments to actively seeking opportunities in emerging markets, reflecting changes in global trade dynamics [2][3] Group 3: Social Welfare and Living Standards - Improving the quality of life for citizens is a primary goal, with initiatives aimed at better housing, increased income for workers, and enhanced care for the elderly [3][4] - The report highlights the importance of economic growth as a foundation for improving living standards, which in turn stimulates market vitality and economic development [3][4] - Specific measures include increasing public housing supply, enhancing transportation systems, and reforming healthcare to ensure sustainability and accessibility [4]

Core Insights - Increasing number of mainland Chinese restaurant companies are expanding into Hong Kong, viewing it as a stepping stone to international markets despite high operational costs [1][2] - Hong Kong's stable and potentially lucrative consumer market is attracting investment, with the Hong Kong Investment Promotion Agency assisting over 1,300 businesses, including 630 from mainland China [1][9] - The local dining scene is seeing a surge in new entrants, particularly from the tea beverage sector, with brands like Mixue Ice City and Bawang Chaji successfully launching in Hong Kong [4][6] Group 1 - High rental and labor costs are significant challenges for mainland restaurant companies entering the Hong Kong market [1] - Hong Kong is recognized as a global financial hub and a favorable environment for new stock offerings, with nearly HKD 90 billion raised in the first half of the year [2] - The local market's diverse consumer base allows for effective product testing and brand validation, making it an ideal location for international expansion [4][5] Group 2 - Successful brands like Mixue Ice City have rapidly expanded their presence in Hong Kong, with eight stores established in key areas since their initial launch [6] - The trend of mainland brands entering Hong Kong is part of a broader strategy to achieve global expansion and enhance brand visibility through local flagship stores [7] - The Hong Kong government is actively supporting businesses in adapting to local market demands, including menu adjustments and supply chain enhancements [8][9]

Core Insights - The "Going Global" comprehensive service platform in Lingang New Area aims to empower Chinese enterprises in their internationalization efforts through specialized training and support [1][3] - The training program addresses the complexities of international trade and regulatory environments, enhancing companies' capabilities to navigate these challenges [1] Group 1: Training Program Overview - The training program includes professional lectures, case studies, and on-site teaching to improve the internationalization capabilities of enterprises [1] - Shanghai University of Finance and Economics President Liu Yuanchun provided insights on China's economic trends in the context of global economic changes, emphasizing the importance of leveraging policy support for international expansion [1] Group 2: Platform Development and Support - The "Going Global" platform has established an international service provider alliance with over 500 partners to support enterprises in their overseas ventures [2] - The platform is piloting innovative national policies in areas such as cross-border finance and offshore trade, converting policy benefits into advantages for enterprises [2] - The platform has set up nearly 50 overseas liaison stations and covers 17 provinces, providing comprehensive support for companies going global [2] Group 3: Future Plans and Collaborations - The platform aims to create a training ecosystem that is layered, categorized, and covers the entire cycle of internationalization, positioning itself as a talent incubator for Chinese enterprises [3] - Collaborations with universities and professional institutions are being deepened to develop a comprehensive training system tailored to various industries and destinations [3] - The platform plans to enhance its brand effect in "Going Global" training, cultivating high-end talents with international perspectives and practical skills to support Chinese enterprises in global competition [3]