Core Viewpoint - The South Korean government plans to incubate 10,000 startups in hard tech fields such as artificial intelligence (AI) over the next five years, aiming to make these companies a significant force in the country's economic development [1]. Group 1: Government Initiatives - The Ministry of SMEs and Startups, along with relevant departments, released a comprehensive strategy titled "Towards Becoming One of the Global Four Venture Capital Powerhouses" [1]. - The strategy includes multiple goals, such as creating 50 unicorns and "decacorns," and facilitating connections to a global venture capital market estimated at approximately 40 trillion Korean Won (about 1.904 trillion RMB) annually [1]. Group 2: Resource Allocation - To achieve these goals, the South Korean government plans to acquire around 50,000 graphics processing units (GPUs) by 2030 to establish a large AI computing power node and manage resource allocation effectively [1]. - Priority will be given to supporting venture capital and hard tech startups through adjustments and improvements to the policy framework related to strategic industries such as AI, biomedicine, military, energy, and advanced manufacturing [1].

重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩 不预示未来表现。投资须谨慎。 过去十几年，A股市场在岁末年初通常会呈现这样一个现象：基于对新一年经济、政策或行业的预期， 市场资金流入增加，交易趋于活跃，风险偏好抬升，进而酝酿一段上涨行情，这一现象被称为跨年行 情。 从历史数据看，跨年行情在时间维度和资产表现风格上呈现不同的特征。跨年行情通常集中在上年12月 至次年3、4月之间，中间跨越春节、两会这两个重要的时间节点。行情延续时间长短不一，强弱也各有 不同。统计2010年至2025年跨年行情可以看到，主要指数在12月至次年2月期间的上涨概率逐步上升， 背后的主要因素可能在于，2月份通常是春节所在月份，市场受到春节前后积极情绪以及春节后至两会 前政策博弈的推动。 | | 上证指数 | 沪深300 | 中证500 | 中证1000 | 创业板指 | 万得全A | | --- | --- | --- | --- | --- | --- | --- | | 12月 | 47% | ୧୦% | 40% | 27% | 33% | 40% | | 1月 | ...

本次招聘会由陕西省退役军人事务厅、陕西省国防科技工业办公室主办。活动现场气氛热烈，吸引 了801名退役军人前来求职，累计接收简历726份，初步达成就业意向224人。 12月16日，陕西省2025年退役军人军民融合与军创企业专场招聘会在西安举行。省内47家企业参加 招聘会，涵盖航空航天、先进制造、现代能源、文化旅游、生活服务等行业领域，提供岗位779个。 陕西省退役军人事务厅相关负责人表示，将持续聚焦退役军人就业创业需求，进一步优化服务机 制、拓宽就业渠道、强化技能培训，不断促进退役军人高质量充分就业、服务陕西经济社会建设。（记 者：刘芊羽） 招聘会现场还设立了政策咨询与就业指导专区，为退役军人提供政策讲解、就业指导、职位介绍等 服务。 ...

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase during the "14th Five-Year Plan" period, with a historic milestone of full island closure operations expected by December 18, 2025 [1] Financing and Market Growth - Hainan's capital market has achieved a remarkable performance with direct financing totaling 78.821 billion yuan over five years, and the total market value of listed companies has increased by 85% to 462.111 billion yuan [1][5] - The number of companies with a market value exceeding 100 billion yuan has expanded to 14, and the scale of mergers and acquisitions has surpassed 80 billion yuan, with cumulative dividends increasing by 86% [1][5] Capital Market Functionality - The capital market in Hainan has effectively utilized diverse financial tools such as equity financing, bond issuance, and mergers to channel funds into key sectors of the real economy, supporting the optimization and upgrading of industrial structures [5][6] - By the end of November 2025, Hainan's listed companies had a total share capital of 87.618 billion shares, reflecting a 70% increase in share capital compared to the end of the "13th Five-Year Plan" [5] Industry Integration and Innovation - During the "14th Five-Year Plan," Hainan's listed companies completed 106 mergers and acquisitions, involving a total of 80.5 billion yuan, with over 70% of companies focusing on technology innovation and green development [6] - Cumulative operating revenue for Hainan's listed companies reached 811.517 billion yuan from 2021 to the third quarter of 2025, marking a 30% increase compared to the "13th Five-Year Plan" period [6] Investor Returns and Engagement - Hainan's listed companies have enhanced their awareness of returning value to investors, with total dividends amounting to 5.789 billion yuan over five years, an 86% increase from the previous period [8] - Share buybacks and stockholder increases have been actively pursued, with 7 companies conducting buybacks totaling 869 million yuan, and significant stockholder increases amounting to 999.2 million yuan [8] Financial Innovation and Services - Hainan's capital market has expanded its financial product offerings and optimized service models, with the establishment of new public fund management companies and a growing number of private fund managers [10][11] - Innovative financial products, such as green bonds and asset-backed securities, have been introduced to support sustainable development and rural revitalization [10][11] Regulatory Framework and Risk Management - Hainan's regulatory body has strengthened its oversight mechanisms, implementing 137 regulatory measures and imposing fines totaling nearly 150 million yuan to combat financial misconduct [13] - Risk monitoring and assessment have been enhanced, with proactive measures taken to address potential risks in key sectors, including the restructuring of companies facing operational crises [13] Future Outlook - With the full island closure operation marking a new historical starting point, Hainan's capital market aims to align with high-standard development goals, focusing on improving the quality of listed companies and expanding cross-border asset management pilot projects [14]

Core Viewpoint - The report emphasizes the importance of assessing the progress and challenges of carbon neutrality and clean air in China, which is essential for fulfilling international commitments and promoting high-quality domestic development [1] Air Pollution and Climate Change - Ozone (O3) concentration is showing a fluctuating upward trend, with VOCs reduction efforts being insufficient and global warming contributing to increased heatwave days, which are potential reasons for inadequate ozone pollution control [2] - The PM2.5 pollution in 2020 was most severe in cities concentrated in the Beijing-Tianjin-Hebei region and surrounding areas, with a projected overall concentration decrease to 50μg/m³ by 2024 [2] - The distribution of O3 pollution has changed, with new pollution centers emerging in eastern Hubei province, and the overall situation worsening in 2024, particularly in the Beijing-Tianjin-Hebei region and Fenwei Plain [2] Governance System and Practices - China is gradually establishing a multi-departmental collaborative governance system that includes administrative, economic, and social governance methods, although challenges remain, particularly in high carbon emission cities where PM2.5 pollution is more severe [3] Structural Transformation and Governance Technology - The trend in fossil energy consumption is diverging, with a slowdown in coal consumption growth and a decrease in coal power approvals since the 14th Five-Year Plan began, although chemical industry output growth remains a major factor for industrial coal consumption [4] - Advanced manufacturing and digital industries are driving rapid growth in electricity demand, while carbon capture, utilization, and storage (CCUS) technologies are developing quickly, with significant milestones achieved in various aspects [4] Atmospheric Composition Sources and Reduction Pathways - From 2020 to 2024, human-induced carbon dioxide emissions increased by 15.4%, posing significant pressure on achieving the carbon reduction targets of the 14th Five-Year Plan, with a cumulative carbon intensity reduction of approximately 7.8% by 2024 compared to 2020 [5] - The stability of terrestrial carbon sinks has been maintained during the 14th Five-Year Plan, but the annual growth rate has slowed, necessitating scientific forest management to sustain carbon sink growth [5] Health Impacts and Synergistic Benefits - The number of deaths attributed to PM2.5 exposure is decreasing, but there has been no significant improvement in deaths related to ozone pollution, with extreme weather events from climate change severely impacting public health [6] - Collaborative governance is expected to yield significant health benefits, requiring further efforts in areas such as integrating clean energy use, building energy efficiency, and improving indoor air quality into pollution reduction policies [6]

Core Viewpoint - Multiple regions in China are actively promoting investment projects to attract private capital, with a focus on new technologies and emerging industries, aiming to stimulate economic growth and optimize the economic structure [2][3][4]. Group 1: Project Promotion - Beijing's Development and Reform Commission announced the second batch of projects for private capital, totaling 120 projects with an estimated total investment of approximately 110.6 billion yuan, aiming to attract about 33.1 billion yuan in private investment [1][6]. - Other regions, including Chongqing and Hubei, have also launched initiatives to promote private investment, with Hubei planning to introduce 275 projects with a total investment of 216.99 billion yuan and expected private capital of 84.14 billion yuan [2][7]. - The third Chengdu-Chongqing Economic Circle Conference highlighted 259 projects in Chongqing, showcasing a systematic approach to attract private investment [2][7]. Group 2: Focus on Emerging Industries - The projects promoted across various regions emphasize new technologies, new infrastructure, and new consumption, which are expected to inject sustainable momentum into high-quality development [3][8]. - In Beijing, projects include 14 technology innovation projects related to AI with a total investment of about 8 billion yuan and 6 advanced manufacturing projects related to hydrogen-powered drones with a total investment of about 700 million yuan [3][8]. - The project lists from different regions predominantly feature emerging industries such as digital economy and intelligent manufacturing, indicating significant investment potential [3][9]. Group 3: Diverse Investment Opportunities - The project supply is not limited to emerging industries but also includes stable demand sectors such as infrastructure and public services, catering to various risk preferences of private capital [4][9]. - The promotion of projects in commercial services and cultural tourism has also gained traction, reflecting a comprehensive approach to attract diverse investments [4][9].

Group 1: Strategic Evolution - The strategic positioning of technology innovation has shifted from a "supporting role" to a "core engine" of economic growth, indicating its integration into the core logic of economic growth and productivity restructuring[6] - The focus of innovation policy has transitioned from "bridging gaps" to "building advantages," emphasizing the cultivation of globally competitive industrial systems[8] - The institutional arrangements have evolved from primarily resource allocation to establishing long-term mechanisms that foster innovation, highlighting a systemic approach to innovation ecology[10] Group 2: Policy Implications - The policy emphasis has moved from merely supporting technology to ensuring that technology serves as a foundational support for national development security[6] - The shift in policy logic reflects a deeper understanding of how to sustainably convert technology into productive forces, impacting local governance, enterprise development, and capital market operations[11] - The current capital market trends are not short-term fluctuations but rather a concentrated reflection of the ongoing evolution of innovation policy logic, with technology innovation becoming a systematic project for long-term growth[12] Group 3: Market Dynamics - The capital market has seen a structural rally driven by sectors such as artificial intelligence, advanced manufacturing, and semiconductors, indicating a strong consensus on technology as the main investment theme[5] - The emphasis on nurturing new momentum while updating old momentum suggests a recognition that new quality productivity is not merely a replacement for traditional industries but a comprehensive upgrade through digitalization and green transformation[9] - The evolving role of the capital market is crucial, serving not only as a financing platform for tech companies but also as a hub connecting technology, industry, and market expectations[11]

Core Viewpoint - The article discusses the recent sample adjustments to various Shenzhen stock indices, highlighting the focus on promoting new productive forces, strengthening the real economy, and guiding long-term value investment [3][5]. Group 1: Index Adjustments - The Shenzhen Component Index has replaced 17 sample stocks, removing 10 from the main board and 7 from the ChiNext board, including companies like China National Pharmaceutical (000028.SZ) and Tibet Mining (000762.SZ) [4]. - The ChiNext Index has replaced 8 sample stocks, with companies like BeWater (300070.SZ) and Yihua Record (300212.SZ) being removed, while new additions include Dazhu CNC (301200.SZ) and Changshan Pharmaceutical (300255.SZ) [4]. - The Shenzhen 100 Index has replaced 7 sample stocks, with Tianshan Shares (000877.SZ) and Shanxi Coking Coal (000983.SZ) being removed, and new companies added from both the main board and ChiNext [4]. - The ChiNext 50 Index has replaced 5 sample stocks, removing companies like Teradyne (300001.SZ) and Mango Super Media (300413.SZ), while adding Longxin Bochuang (300548.SZ) and Xiechuang Data (300857.SZ) [5]. Group 2: Strategic Focus - The adjustments reflect a commitment to developing new productive forces, with the ChiNext Index's strategic emerging industry weight reaching 93%, and R&D expenses for the new sample companies growing by 13% year-on-year [5]. - The Shenzhen 100 Index has enhanced its new quality blue-chip attributes, with strategic emerging industries now accounting for 81% of its weight, and key sectors like advanced manufacturing and digital economy making up 79% [5]. - The ChiNext 50 Index has a strategic emerging industry weight of 98%, with new generation information technology industries, including AI and chips, comprising 45% [5]. Group 3: Economic Fundamentals - The Shenzhen Component Index now has a manufacturing company weight of 76%, the highest among Chinese capital market indices, with over 30% being single champion enterprises in manufacturing [6]. - The ChiNext Index shows strong growth, with new sample companies reporting a 16% increase in revenue and a 24% increase in net profit year-on-year, particularly in high-end equipment manufacturing and new energy sectors [6]. - Over 80% of the Shenzhen 100 sample companies have expanded their business internationally, with overseas revenue showing a compound annual growth rate of 17% over the past three years [6]. Group 4: Investor Returns - Nearly 60% of the new sample companies in the Shenzhen Component Index have implemented "quality return dual enhancement" action plans, with over 30% engaging in stock repurchase programs [6]. - In the ChiNext Index, 64 companies have an ESG rating of A or above, representing 79% of the index [6]. - The Shenzhen 100 sample companies have distributed a total of 302.2 billion yuan in dividends this year, accounting for 55% of the total dividends in the Shenzhen market, with a rolling net asset return rate of 12% over the past year [6].

Core Viewpoint - The article discusses the recently approved "Suggestions for the 15th Five-Year Plan" by the Shaanxi Provincial Committee, emphasizing the need for innovation-driven high-quality development and the establishment of Shaanxi as a demonstration area in the western region of China [1] Group 1: Development Goals - The 15th Five-Year Plan aims to achieve breakthroughs in six key areas, focusing on high-quality development and benefiting the local population [1] - The plan is aligned with President Xi Jinping's directives and aims to address the needs of the nation and the aspirations of the people [1] Group 2: Economic Strategy - The strategy emphasizes a balance between quality and scale, aiming for economic growth that supports employment and regional strength while enhancing innovation and industrial advantages [2] - The plan highlights the importance of leveraging national policies and local resources to create a synergistic effect for development [2] Group 3: Regional Development - The plan recognizes the distinct characteristics of Shaanxi's three regions (Guanzhong, Northern Shaanxi, and Southern Shaanxi) and advocates for tailored policies to maximize regional advantages [3] - Guanzhong will focus on innovation, Northern Shaanxi on energy, and Southern Shaanxi on ecological priorities to create a complementary economic structure [3] Group 4: Modernization - The plan stresses the integration of material and human modernization, aiming for equitable distribution of development benefits to the local population [4] - It emphasizes the need for policies that not only consider economic factors but also prioritize social welfare and public needs [4] Group 5: Income Distribution - The plan addresses income disparity and aims to enhance income distribution measures to ensure steady growth in residents' income [6] - It proposes initiatives to develop county economies and improve skills training to increase employment and income opportunities [6] Group 6: Quality of Life - The plan aims to enhance the quality of life and personal development opportunities for residents, moving beyond mere economic growth [7] - It focuses on improving cultural services and social security systems to address pressing public concerns in education, healthcare, and social welfare [7]

Group 1 - The Hainan Free Trade Port will officially start its full island closure operation on December 18, providing a platform for enterprises to connect with global markets and gather quality resources [1] - The closure will implement a customs supervision model characterized by "one line open, two lines controlled, and free flow within the island," allowing for significant trade facilitation [1] - The "zero tariff" system for imports will expand to approximately 6,600 tax items, accounting for about 74% of all product tax items, enhancing the attractiveness for private enterprises [1] Group 2 - The policy provides greater flexibility for private enterprises in international trade and manufacturing, significantly reducing production costs and enhancing competitiveness in international markets [2] - The overall plan encourages high-end manufacturing and high-value-added processing industries to settle in Hainan, promoting the development of high-tech industries [2] - The dual 15% tax rate policy for enterprises and individual income tax is well-received, making Hainan an attractive location for talent and innovation [3] Group 3 - Companies are expanding cross-border asset operations, with measures to facilitate the free flow of foreign capital and the establishment of multi-functional free trade accounts [3] - The financial policies in Hainan align with the operational needs of enterprises engaged in international trade and capital settlement, enhancing efficiency [4] - The influx of international visitors has positively impacted traditional industries such as hospitality and modern service sectors, with a reported 20% annual growth in guest traffic [4]