Group 1 - The central economic work conference emphasizes expanding domestic circulation as a key focus, similar to last year, but with significant differences in expectations and pricing for domestic and foreign demand stocks [1][12] - There is a strong performance expectation for overseas exposure stocks, but the difficulty in further valuation increases is acknowledged; meanwhile, domestic demand stocks have potential for significant valuation elasticity if they exceed expectations [1][12] - The market is currently viewed as an important window for positioning in the spring market, with expectations for large-cap growth driven by industry trends and benefiting from insurance capital allocations [2][13] Group 2 - The market is expected to enter a new wave of trends as the underlying logic of the bull market remains intact, driven by structural trends and capital market reforms [3][14] - A-shares are still in an upward channel, with a transition from policy-driven momentum to profit-driven momentum anticipated, supported by recovering prices and domestic demand [4][15] - The upcoming policies are expected to create a favorable environment for risk assets, with a focus on sectors such as artificial intelligence, new energy, and consumer services [5][16] Group 3 - The cross-year market is likely to see a rotation of sectors, with a focus on technology and advanced manufacturing, while defensive and consumer sectors may also be considered in the short term [7][17] - The economic gears are expected to continue moving forward despite fluctuations in market expectations, with a focus on fundamental changes rather than price volatility [8][18] - The market structure is anticipated to evolve from a tech-dominated landscape to a more balanced bull market across various sectors, driven by policy support for growth and structural transformation [6][19]

Core Viewpoint - The A-share market is expected to experience a cross-year rally supported by new policy deployments, with a focus on TMT and advanced manufacturing sectors, while defensive and consumer sectors may be considered in the short term due to external factors [2]. Group 1: Market Performance - The Shanghai Composite Index fell by 0.34% this week, while the Shenzhen Component Index rose by 0.84%, and the ChiNext Index increased by 2.74% [2]. Group 2: Institutional Insights - **Everbright Securities**: Anticipates a cross-year market rally supported by new policy measures, with a focus on TMT and advanced manufacturing sectors. If external factors lead to market fluctuations, defensive and consumer sectors should be monitored [2]. - **Tianfeng Securities**: Notes that the CPI continued to rise year-on-year in November, while PPI's decline widened slightly. The market may be preparing for a new trading pulse before March, amidst a performance vacuum and policy negotiations [3]. - **Guotai Junan**: Believes that the market is entering a cross-year offensive, with expectations for policy upgrades and increased trading activity. The focus is on technology, brokerage insurance, and consumer sectors, as the market is expected to recover from previous adjustments [4]. - **CITIC Securities**: Emphasizes the importance of seeking intersection in investment strategies, focusing on overseas exposure and positive changes in domestic demand. Highlights the potential for resource and traditional manufacturing sectors to benefit from global market positioning [5].

- The "All-Weather Timing Model" detected positive signals, including significant volume increases and upward breakthroughs of multiple moving averages for the Wind All A Index, CSI 800 Index, and Fund Heavyweight Stock Index, indicating a potential end to the recent market pullback and the possibility of an upcoming upward trend [1][7] - The "Cycle Analysis Model" suggests that the market remains in an upward monthly trend since 2024, supporting the hypothesis that the recent pullback phase has concluded and a new upward phase may begin [1][7] - The "Industry Four-Wheel Drive Model" indicates that recent bullish signals are slightly biased toward technology growth sectors, with a focus on TMT and advanced manufacturing sectors, which have shown a slight increase in transaction volume proportion [2][7]

Core Viewpoint - Chengdu aims to exceed a GDP of 3.2 trillion yuan by the end of the 15th Five-Year Plan, building on the foundation of the 14th Five-Year Plan, which requires an annual increase of over 1.4 trillion yuan during this period [1][3]. Group 1: Development Strategy - The development strategy for the 15th Five-Year Plan includes "innovation-driven, open leadership, integration of science and industry, and strong counties and active regions," addressing the constraints on high-quality development [5]. - Chengdu's development positioning includes building five centers: economic, technological innovation, international exchange, international consumption, and cultural creativity centers, along with five key areas: a major carrier for national strategic technology, an advanced manufacturing base, a digital cultural and creative industry hub, a new high ground for reform and opening up, and a high-quality livable area [5][9]. Group 2: Industrial Development - Chengdu's industrial revenue is expected to cross three trillion yuan during the 14th Five-Year Plan, with the goal of establishing a modern industrial system centered on advanced manufacturing [7]. - The city plans to enhance the resilience, advantages, and vitality of its industrial chains, focusing on global competitiveness in existing industries and developing new sectors like artificial intelligence and quantum technology [7]. Group 3: Regional Integration - Chengdu will enhance its role in the Chengdu-Chongqing economic circle and urban agglomeration, promoting collaborative development through five key initiatives, including building an international transportation hub and a world-class advanced manufacturing cluster [9]. Group 4: Digital Cultural and Creative Industry - The digital cultural and creative industry is highlighted as a new urban development focus, with plans to elevate its total scale to over 600 billion yuan by 2030, supported by a comprehensive policy framework and significant investment in related projects [11][12]. Group 5: Quality of Life and Happiness - The city emphasizes improving the quality of life, focusing on employment, education, healthcare, and social security, while also enhancing environmental quality to maintain its reputation as a "most livable city" [13].

Core Insights - The Hong Kong IPO market has shown a strong recovery, with the listing of JD Industrial marking the 100th new stock in 2025, highlighting the market's resilience and attractiveness as an international financial center [1] Group 1: IPO Market Performance - In 2025, the Hong Kong IPO market raised over 270 billion HKD, significantly surpassing the previous year's figures and marking the second highest fundraising level in five years [2] - The Hong Kong Stock Exchange (HKEX) is projected to lead globally in fundraising with approximately 36 billion USD (about 280.8 billion HKD) in 2025, outpacing the New York Stock Exchange's expected 20.5 billion USD [2] - Eight new stocks raised over 10 billion HKD each, with CATL leading at 41.006 billion HKD, setting a record for the largest IPO globally this year [2] Group 2: Large IPOs and Sector Contributions - Large IPOs have been a key driver of the Hong Kong market's resurgence, with over 20 A-share companies expected to debut in Hong Kong, raising over 170 billion HKD collectively [3] - The average fundraising size has increased by 137% compared to last year, reaching the second highest level in five years, with industrial and retail sectors dominating [3] Group 3: Technology Sector Dominance - Technology-related companies have emerged as the main force in the IPO wave, particularly those under Chapter 18A (unprofitable biotech companies) and Chapter 18C (specialized technology companies) [3] - In 2025, 14 companies listed under Chapter 18A, a 250% increase from 2024, focusing on innovative fields such as cancer treatment and gene editing [4] Group 4: Market Outlook and Predictions - Major institutions are optimistic about the 2026 IPO market, predicting 150 to 200 new listings and fundraising exceeding 300 billion HKD [6] - UBS forecasts that the Hong Kong market will maintain its position as the top fundraising venue, with several large IPOs expected in January [6] Group 5: Recommendations for Companies - Companies planning to go public are advised to embrace technology and build integrated financial governance systems to ensure data transparency and compliance with regulatory standards [7]

Core Insights - The "光耀澴川创赢孝感" 2025 Xianggan·Saidi Innovation Star Competition successfully showcased Hubei Province's Xianggan City efforts in cultivating new productive forces and promoting high-quality development in manufacturing [1][2] Group 1: Competition Overview - The competition focused on five cutting-edge fields: intelligent sensors, optoelectronic information, advanced manufacturing, artificial intelligence, and intelligent connected vehicles and new energy vehicles [1] - A total of 147 high-quality projects participated, with significant representation from major innovation hubs: 31.97% from the Beijing-Tianjin-Hebei region, 21.09% from the Yangtze River Delta, and 12.93% from the Guangdong-Hong Kong-Macau Greater Bay Area [1] - 44 innovative projects were selected as winners, with advanced manufacturing representing 42.1% and artificial intelligence 31.2% of the winning projects [1] Group 2: Industry Collaboration and Support - The "Xianggan Industrial Technology Innovation Alliance" was officially established to integrate resources from government, enterprises, universities, research institutions, and financial capital, creating a collaborative mechanism for technology research, market expansion, and capital linkage [2] - The competition is seen as a practical exploration of promoting innovation and investment through competitive events, aligning with Xianggan's industrial strategy [2] - The Xianggan Municipal Government plans to provide tailored financial support, including "investment attraction loans," to award-winning and outstanding enterprises, facilitating a full-chain financial support system from project construction to operational turnover [2]

Core Viewpoint - Chengdu has established a new strategic positioning for the "14th Five-Year Plan" period, aiming to accelerate the construction of various centers and bases, including economic, technological, cultural, and advanced manufacturing centers, as well as a high-quality living environment [1][3][4]. Strategic Positioning - The new positioning includes five centers: national important economic center, technological innovation center, international communication center, international consumption center, and cultural creativity center [6][8]. - Additionally, it identifies five key areas: important carrier of national strategic scientific forces, advanced manufacturing base, digital cultural and creative industry gathering place, new high ground for reform and opening up, and high-quality livable area [9][10]. Economic Goals - Chengdu's GDP is projected to grow from 1.77 trillion yuan in 2020 to 2.35 trillion yuan by 2024, aiming for a total economic output exceeding 3.2 trillion yuan by the end of the "15th Five-Year Plan" period [4][6]. - The city aims to maintain an annual economic growth rate higher than the provincial average and to have over 16 counties and districts ranked among the national top 100 [4][6]. Development Strategies - The development strategy emphasizes "innovation-driven, open-led, integration of science and industry, and strong counties supporting districts" to address the constraints on high-quality development [5][14]. - Specific tasks include enhancing technological innovation, promoting advanced manufacturing, and building a digital economy [14][15]. Cultural and Creative Industry - Chengdu plans to accelerate the development of the digital cultural and creative industry, with a target of exceeding 410 billion yuan by 2025 and 600 billion yuan by 2030 [10][11]. - The city has implemented a comprehensive policy package to support the digital cultural and creative industry, including the establishment of a 3 billion yuan fund for sci-fi and future industries [10]. Action Plans - The "15th Five-Year Plan" outlines eight key tasks to ensure the implementation of the strategic positioning, focusing on integrating into national strategies and enhancing regional coordination [14][15]. - Specific initiatives include promoting urbanization, rural revitalization, and improving the quality of life for residents through various social and economic measures [17][18].

□ 本报记者 许 愿 今年是"十四五"规划收官之年。12月10日，省政府新闻办公室举办"高质量完成'十四五'规划"系列新闻 发布活动第一场——"推动经济高质量发展"主题新闻发布会，公布江苏"十四五"经济发展成绩单。 五年劈波斩浪，江苏这艘经济巨轮的航迹和成色，随着这份"成绩单"的发布而徐徐展开。记者从发布会 了解到，"十四五"以来，江苏经济总量由2020年的10.5万亿元攀升至2024年的13.7万亿元，即将在今年 跨过"十四五"期间第4个万亿元台阶，突破14万亿元。五年来，我省积极应对外部环境深刻变化和多重 超预期的因素挑战，交出了一份稳中有进、质效兼优的答卷。 地区生产总值连跨台阶 —— "经济大船"更稳健 这份亮眼的成绩单从何而来？关键在于"量"与"质"的协同跃升。 "我省综合实力与发展质效实现'双提升'，高质量发展步伐稳健。"省统计局副局长马俊表示，江苏经济 总量即将在今年跨过"十四五"期间第4个万亿元台阶。在综合实力稳步增强的同时，更加注重提升经济 发展质效，全员劳动生产率由2020年的21.3万元/人提升至2024年的28.4万元/人，2021—2024年年均增 速高于GDP年均增速0.5个百分点 ...

Group 1 - The event "2025 Foreign Investment Institutions Chengdu Tour" was held on December 9, featuring over 40 foreign investment institutions and local enterprises, with 12 high-tech companies presenting their financing needs totaling nearly 1 billion yuan [1][21] - The participating companies span various sectors including biomedicine, satellite communication, artificial intelligence, advanced manufacturing, and new energy, representing the growth status of Chengdu's tech enterprises [3][19] - Chengdu Guoxing Aerospace Technology Co., Ltd. focuses on building AI-enabled space computing infrastructure and offers global services in space computing and AI technology [3] - Chengdu Olin Biotech Co., Ltd. is a national high-tech enterprise specializing in the research, development, production, and commercialization of human vaccines, successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in June 2021 [5] - Chengdu Jin Xin Kang Yang Industry Group Co., Ltd. has been a pioneer in integrating medical and elderly care services in China, focusing on comprehensive urban elderly care solutions [7] Group 2 - Chengdu Boen Medical Robotics Co., Ltd. has developed AI-controlled surgical robots that automate laparoscopic surgeries, achieving multiple industry firsts [8] - Sichuan Zhishan Weixin Biotechnology Co., Ltd. specializes in gene therapy for genetic diseases and aging, being the first in China to have innovative gene drugs for hemophilia and Fabry disease approved for clinical trials, seeking 250-300 million yuan in financing [10] - Chengdu Weijin Bai Ao Biopharmaceutical Technology Co., Ltd. has a unique drug VG712 that can reset the immune system for cancer patients, with a financing demand of 70 million yuan [12] - Chengdu Lu Jia Isotope Technology Co., Ltd. focuses on the innovation and localization of medical isotopes, with a financing requirement of 20 million yuan [14] - Chengdu Wabo Technology Co., Ltd. is developing brain-computer interface technology and aims to target the consumer market, seeking 12 million yuan for 10% equity [16] Group 3 - Chengdu Ximeng Zhijian Technology Co., Ltd. provides one-stop scientific computing and intelligent simulation solutions, enhancing innovation efficiency through AI-driven research [17] - Sichuan Jinding Group Co., Ltd. focuses on the integration of AI and green energy technologies, with a financing need of 50 million yuan for its logistics and mining sectors [19] - The event facilitated in-depth communication between foreign investment institutions and local companies, with several firms expressing interest in establishing connections for future collaboration [21][23] - Chengdu Weijin Bai Ao Biopharmaceutical Technology Co., Ltd. secured a million-level equity investment intention after the roadshow, highlighting the potential of its core project VG712 [25]

Core Viewpoint - Chengdu aims to become a benchmark for high-quality development and governance by 2035, establishing itself as a modern international metropolis with global influence and reputation [1][2]. Development Positioning - Chengdu's development strategy includes the construction of "Five Centers" and "Five Places": - "Five Centers": Economic, Technological Innovation, International Exchange, Consumer, and Cultural Creative Centers [1][2]. - "Five Places": Important carriers of national strategic technological forces, advanced manufacturing bases, digital cultural and creative industry hubs, new heights of reform and opening up, and high-quality livable areas [1][2]. Key Tasks - The city will focus on: - Enhancing service integration with national strategies to elevate urban development capabilities [4]. - Promoting deep integration of technological and industrial innovation to boost the modern industrial system's competitiveness [4]. - Advancing reforms and high-level openness to improve global resource allocation capabilities [4]. - Supporting urban-rural coordination and cultural innovation to enhance the city's soft power [4]. - Ensuring high-quality development in public welfare to increase citizen happiness [4]. - Committing to green transformation for sustainable urban development [4]. - Fostering collaborative governance to improve modern urban management [4]. Cultural and Creative Industry - Chengdu is positioning itself as a national cultural creative center and digital cultural industry hub, with a focus on leveraging its cultural assets [7][8]. - The cultural creative industry has seen an average growth rate of approximately 12.6% over the past three years, contributing significantly to the economy [7]. - The city plans to enhance its cultural and technological integration, promoting local cultural values and strengthening its global brand [8]. Implementation Pathways - Chengdu's development plans will require a broad vision and specific actionable strategies to transform planning into reality [9][10]. - Local authorities are encouraged to identify unique opportunities based on their regional strengths, such as enhancing airport capabilities and integrating resources for economic growth [9][10]. - Innovation in both technology and operational strategies is essential for achieving the city's ambitious goals [10].