Report Information - Report Type: Stock Index Daily Review [1] - Date: January 22, 2026 [2] - Researcher: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Market Review - On January 21, the Wind All A index rose with shrinking volume, opening with a fluctuating upward trend, moving sideways in the afternoon, and slightly falling at the close, closing up 0.57%, with over 3,000 stocks rising in the whole market. The CSI 300, CSI 500, and CSI 1000 closed up 0.09%, 1.12%, and 0.79% respectively, while the SSE 50 closed down 0.11%. In the futures market, the main contracts of IF, IC, and IM closed up 0.30%, 1.48%, and 1.36% respectively, and the main contract of IH closed down 0.06% (calculated by the closing price) [6] Market Outlook - Externally, Trump said his goal of controlling Greenland "will never change" and refused to rule out the possibility of taking Greenland by force. Denmark said it is formulating a plan to send up to 1,000 combat soldiers to Greenland in 2026. US Trade Representative Greer stated in Davos that he hopes to conduct another round of potential trade negotiations with China. Domestically, the Ministry of Finance and other departments announced a package of five fiscal and financial policies to promote domestic demand, aiming to boost consumption and expand private investment to drive effective demand. The National Development and Reform Commission said it is planning to promote a number of high - tech industrial landmark and leading major projects during the "15th Five - Year Plan" period, and it will comprehensively rectify "involution - style" competition to shift from price competition to value optimization. In terms of funds, the market volume shrank slightly today, generally maintaining at the level of 2.5 - 3 trillion. The support around the Shanghai Composite Index of 4,100 points is relatively solid. Overall, the market sentiment has weakened in the short term due to the regulatory attitude, but the state's support for the capital market has not fundamentally changed. As the expectation of domestic economic improvement strengthens, the slow - bull pattern of the A - share market is gradually stabilizing. Long - term bullish thinking should be maintained, and the overall strategy is to go long at low levels [8] Industry News - US Trade Representative Greer stated in Davos that he hopes to conduct another round of potential trade negotiations with China. Chinese Foreign Ministry Spokesperson Guo Jiakun said that China and the US should jointly implement the important consensus reached by the two heads of state to inject more stability and certainty into China - US economic and trade cooperation and the world economy. The Minister of Housing and Urban - Rural Development, Ni Hong, said that this year, in terms of urban renewal, the focus is on three key tasks: continuously promoting the renovation of old urban residential communities, comprehensively promoting the construction of complete communities, and carrying out the renovation of small - scale public spaces in cities to increase community parks and pocket parks around the people. This year, efforts will be made to stabilize the real estate market. In the next step, the focus is to orderly establish basic systems for real estate development, financing, and sales. In real estate development, the project company system should be implemented; in real estate financing, the lead - bank system should be promoted; in commercial housing sales, the spot - housing sales system should be promoted to achieve "what you see is what you get" [31]

Group 1 - The National Development and Reform Commission (NDRC) is set to introduce multiple new measures in 2026, marking the beginning of the "14th Five-Year Plan" [1] - A strategic implementation plan for expanding domestic demand from 2026 to 2030 will be developed to lead new supply with new demand and create strong innovation initiatives and resource guarantees [2] - The NDRC is working on a plan for stabilizing jobs, expanding capacity, and improving quality, as well as a plan for increasing urban and rural residents' income to enhance consumer purchasing power and optimize supply [3][4] Group 2 - This year, the NDRC will promote the implementation of actions to enhance and improve the service industry, introducing a series of high-quality policies [5] - Plans are underway to advance a number of significant projects in high-tech industries during the "14th Five-Year Plan" period, with the added goal of establishing a national-level merger and acquisition fund [6][8] - By 2025, the added value of high-tech manufacturing is expected to account for over 17% of the industrial output above designated size, indicating a focus on high-tech industry development [8]

Core Viewpoint - The article discusses the implementation of the central economic work conference's spirit and the measures to promote a good start for the "14th Five-Year Plan" [1] Group 1: Economic Policy and Price Control - The National Development and Reform Commission (NDRC) emphasizes the importance of promoting a reasonable recovery of prices as a key goal of macroeconomic regulation [2] - A more proactive fiscal policy and moderately loose monetary policy will be implemented to foster a positive interaction between economic growth and price recovery [2] - Structural policies will focus on boosting consumption, increasing urban and rural residents' income, and optimizing the implementation of "two new" policies [2][3] Group 2: Market Regulation and Competition - The NDRC aims to enhance market vitality by addressing "involution" competition and shifting from "price competition" to "value competition" [3] - There will be a focus on improving market access, fair competition, and capacity exit mechanisms to regulate prices in key industries [3] - The NDRC plans to standardize local economic promotion behaviors and strengthen the market's survival of the fittest mechanism [3] Group 3: High-Tech Industry Development - The NDRC is planning to advance several significant projects in high-tech industries during the "14th Five-Year Plan" period, with a focus on innovation and integration of technology, products, and talent [4] - By 2025, the digital economy's added value is expected to reach 49 trillion yuan, accounting for approximately 35% of GDP [4] Group 4: Policy Support and Reform - The NDRC is working on a plan to enhance the effectiveness of the "two new" policies by optimizing support ranges, subsidy standards, and implementation mechanisms [6] - There will be a focus on reducing investment thresholds for project applications and increasing support for small and medium-sized enterprises [6] - The NDRC will also develop a list of actions that hinder the construction of a unified national market and a list of encouraged and prohibited investment behaviors [7] Group 5: Coordination of Policies - The NDRC emphasizes the need for coordination between reform and various policies, including fiscal, financial, consumption, investment, industrial, and innovation policies [8] - The focus will be on enhancing the synergy between policy support and reform innovation to address intertwined cyclical, structural, and institutional issues in economic development [8] Group 6: Regional Development Strategies - The NDRC highlights the significant potential of the central and western regions in supporting stable economic growth [10] - The commission plans to continue promoting strategies for the western development and the rise of the central region, transforming potential advantages into economic benefits [10]