Group 1: Economic Policy Direction - The Central Economic Work Conference has outlined the policy direction for 2026, emphasizing the need for incremental policies to stabilize the economy and optimize expenditure structures [1][2] - The government aims to enhance the effectiveness of macroeconomic governance by integrating stock and incremental policies, focusing on both counter-cyclical and cross-cyclical adjustments [2][3] Group 2: Investment and Consumption - The government plans to implement measures to boost investment and consumption, including increasing central budget investments and optimizing the use of local government special bonds [5][6] - There is a focus on enhancing consumer spending through various initiatives, including the promotion of consumption in sectors like e-commerce and artificial intelligence [5][6] Group 3: Innovation and Industry Development - The emphasis on innovation and industry development is critical, with plans to strengthen key industrial chains and promote high-quality development actions [7][9] - State-owned enterprises are expected to play a significant role in leading these initiatives, focusing on strategic industries such as new materials, renewable energy, and advanced manufacturing [8][9] Group 4: Financial Policy Adjustments - The monetary policy will remain moderately loose, with a focus on maintaining liquidity and supporting the real economy through various financial tools [3][4] - The government aims to ensure fiscal sustainability while optimizing the structure of fiscal spending to support major national strategies [2][3]

"真正迷恋AI的是美国。"作者写道，并指出，美国的投资动机既商业化，又带着某种神秘色彩，尤其体 现在对通用人工智能（AGI）和"奇点"（singularity）的追求上；人们强烈相信技术会持续呈指数级进 步，却忽视了这种情况在技术史上极为罕见。且越是深入探究，就越会发现，无论在AI的支持者中， 还是在末日论者中，相关观点都显得越来越脱离现实。 与此同时，美国科技行业高度集中，其近乎垄断的结构进一步放大了风险：当巨额资金掌握在极少数公 司手中时，集体盲从的可能性也随之上升。 【文/观察者网 王恺雯】"美国会赢得AI，却输掉战争吗？"英国《金融时报》12月13日以此为题刊登文 章，给美国当前的人工智能（AI）热潮泼下一盆冷水。 文章作者、拜登政府时期担任白宫科技与竞争政策特别助理的吴修铭（Tim Wu），对美国全面押注AI 发出警告，指出与中国就这一未来关键技术展开"末日之战"的想法，既是幻觉，也是硅谷的游说套路。 相较之下，中国虽然也在大力推动AI发展，但态度却克制、务实得多，也更注重多元布局。 文章指出，在过去一年时间里，美国主要科技公司在与AI相关的基础设施上投入了超过3500亿美元， 预计到2026年将超 ...

Group 1 - The global equity market is characterized by a "two-eight" differentiation, with a significant number of stocks in various countries experiencing declines, while A-shares show a more uniform upward trend [29] - Leading sectors in the market include technology and resources/energy, driven by the acceleration of the AI industry cycle and the revaluation of resource prices [33] - The concentration of market capitalization in major countries has reached new highs, with the top 10 companies in many markets accounting for 30%-50% of total market capitalization [41] Group 2 - A/H shares are currently at a historical low valuation compared to US stocks, providing a substantial margin of safety for investors [49] - The profitability of A-shares has shown signs of stabilization, with a notable contribution from technology-related sectors and external demand [17] - The investment landscape for 2026 is expected to see an influx of foreign capital, driven by the depreciation of the US dollar and improving fundamentals in A-shares [66] Group 3 - The AI sector remains a key investment theme, with significant opportunities in both domestic and overseas supply chains [85] - The electric power sector is experiencing a turnaround, with demand recovery and capacity clearance improving asset turnover rates [57] - The copper market is closely tied to global manufacturing trends, with its performance expected to correlate with the PMI index [58]

12月12日，珠岛宾馆岭南厅内座无虚席，来自党政机关、金融机构与企业界的近500位嘉宾齐聚一堂，共同参加由中国银行广东省分行与南方日报联合主办 的"中银·南方金融大讲坛"第二期活动。当天，著名经济学家魏杰以"'十五五'与中国式现代化的动力重构"为题作主旨演讲，围绕未来五年中国经济增长动能 如何调整、企业如何在变局中找准方向展开深入解读。 F 12 12 14 des 3 t Trans C A Z the state Print 2 A 1 91 P "还有不到1个月，中国就要迈入'十五五'时期。"演讲一开场，魏杰便把时间坐标拉到了2035年——那是中国提出"基本实现现代化、人均国内生产总值达到 中等发达国家水平"的重要节点。 在他看来，从现在到2035年，是中国现代化建设的关键阶段，可以被视作一个"决定成色"的重要时期。其中，"十五五"这五年承上启下，既要巩固"十四 五"打下的基础，又要为2035年目标夯实更坚实的支撑，"具有至关重要的战略意义"。 他认为，相比"十四五"时期，拉动经济增长的"三驾马车"——出口、投资、消费这三大动力对经济增长的贡献和方式将发生重大变化，"总结成三个词，就 是调整出口、有效投 ...

海南日报全媒体见习记者 王泽宇 "从去年8月开工到现在，生产用电没有'卡过脖子'。"在东方市湘琼先进制造业共建产业园的配电房里， 吻野(海南)食品有限公司厂长陈义川看着稳定运行的设备告诉海南日报全媒体记者。对于这家从湖南迁来的 企业而言，稳定的电力供应曾是跨省投资时最深的顾虑之一。如今，这顾虑已消弭于一套创新的服务体系之 中。 东方湘琼产业园，作为全国首个自由贸易试验区和自由贸易港合作共建的产业园，自诞生起就肩负着探 索跨省协作新路径的使命。然而，行政壁垒曾是横亘在理想与现实间的第一道坎。最直接的体现，便是"用 电"难题——企业从湖南来到海南，面临的是两大电网体系、两省政策的差异。过去，企业办电时常需要"两 次报装、多头跑动"，耗时动辄十数日。 变化始于一项名为"跨网办电"的机制创新。今年，海南电网东方供电局与湖南长沙供电公司携手，在两 地设立专窗，并打通数字化平台，构建起"线上申请、数据互认、异地受理、协同办结"的服务闭环。"我们6 月在湖南提出线上申请，8月在海南拿地后，用电衔接非常顺畅。"首批入园的海南省展盛科技公司项目负责 人付冬林回忆，流程的简化超乎预期。 壁垒的破除不止于"进门"，更贯穿于企业全周 ...

Core Viewpoint - The central economic work conference emphasizes the importance of confidence, leveraging advantages, and addressing challenges to maintain a stable and improving economic momentum in China [1]. Economic Performance - China's economy is projected to reach approximately 140 trillion yuan, with international organizations raising their growth forecasts for 2025 [1]. - The contribution rate of China's economy to global growth has remained stable at around 30% over the past five years, despite external pressures [2]. Industrial Strength - China has established the world's largest and most comprehensive industrial system, with manufacturing value added expected to account for nearly 30% of the global total by 2024 [3]. - The country has built over 35,000 basic-level intelligent factories and 1,260 5G factories, showcasing its rapid advancements in technology and energy efficiency [3]. Market Potential - The total retail sales of consumer goods are projected to increase from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5% [4]. - China's domestic market, supported by a population of over 1.4 billion and the largest middle-income group globally, is rapidly evolving into the largest consumer market [4]. Strategic Focus - The emphasis is on utilizing China's complete industrial system and large-scale market advantages to drive economic stability and high-quality development [2][3][4]. - The government aims to enhance domestic demand and consumer spending while addressing public concerns to foster new economic growth points [4].

12月12日，工业和信息化部党组书记、部长李乐成主持召开党组扩大会议，传达学习中央经济工作会议 精神，研究贯彻落实举措。 会议强调，明年是"十五五"开局之年。全系统要全面贯彻落实党的二十大和二十届历次全会精神，深入 学习贯彻中央经济工作会议精神，完整准确全面贯彻新发展理念，坚持稳中求进工作总基调，以推动高 质量发展为主题，锚定实现新型工业化这个关键任务，着力稳增长、强创新、促融合、优治理、防风 险，因地制宜发展新质生产力，加快构建以先进制造业为骨干的现代化产业体系，实现"十五五"良好开 局。 ◎记者 李雁争 会议要求，要全力稳住工业基本盘，发挥存量政策和增量政策集成效应，增强供需适配性进一步促进消 费，深入实施新一轮十大重点行业稳增长工作方案，支持经济大省挑大梁。高质量编制"十五五"工业和 信息化发展规划，启动"十五五"重大工程项目。要促进科技创新和产业创新深度融合，深入实施国家科 技重大专项和重点研发计划，强化企业创新主体地位，布局建设国家制造业创新中心和中试平台，推动 国家高新区提质升级。 要推动信息通信业高质量发展，适度超前布局建设信息基础设施，推进6G技术研发。加快卫星互联网 建设发展。加强网络和数据 ...

Core Points - The meeting emphasized that the year ahead marks the beginning of the "14th Five-Year Plan" and highlighted the need for comprehensive implementation of the spirit of the 20th National Congress of the Communist Party and subsequent plenary sessions [2] - The focus is on achieving high-quality development, stabilizing growth, enhancing innovation, promoting integration, optimizing governance, and preventing risks [2] - The meeting called for the development of a modern industrial system centered on advanced manufacturing and the implementation of key industry growth plans [2] Group 1 - The meeting stressed the importance of stabilizing the industrial foundation and enhancing supply-demand adaptability to promote consumption [2] - It highlighted the need for deep integration of technological and industrial innovation, reinforcing the role of enterprises in innovation [2] - The meeting called for the optimization of industrial and supply chains, including the promotion of domestic orderly transfer of industries [2] Group 2 - The meeting emphasized the need for the digital transformation of manufacturing and the integration of artificial intelligence with manufacturing [2] - It called for the development of high-quality information and communication industries, including the advancement of 6G technology and satellite internet [2] - The meeting underscored the importance of modernizing industry governance and reducing the burden on enterprises by addressing overdue payments [2]

Core Viewpoint - The article emphasizes the importance of developing new quality productivity tailored to local conditions as a significant directive from the 20th National Congress of the Communist Party of China, aiming to enhance high-quality development and modernization in China [1][16]. Historical Logic - The development of new quality productivity has historically driven the overall enhancement of social productivity, representing the most innovative and forward-looking segment of productivity [2][18]. - Since the 18th century, each technological revolution has led to significant advancements in productivity, with China effectively leveraging new quality productivity since the reform and opening up [2][18]. Theoretical Logic - Developing new quality productivity exemplifies the advantages of the socialist system, which can overcome contradictions in capitalist production and enhance productivity more effectively [3][19]. - By 2024, the contribution of new industries, new business formats, and new models to GDP is expected to reach 18%, showcasing China's leading capabilities in sectors like new energy vehicles and 5G technology [3][19]. Realistic Logic - The push for new quality productivity is essential for achieving high-quality development and gaining strategic advantages in global competition [4][20]. - New quality productivity emphasizes innovation and the introduction of new elements, impacting various sectors including agriculture, industry, and services [4][20]. Major Tasks and Initiatives - Strengthening technological innovation is identified as the core driver for developing new quality productivity, with a focus on original and disruptive innovations [5][21]. - Optimizing and upgrading industrial structures is crucial, with an emphasis on enhancing traditional industries and fostering emerging sectors [6][22]. - Promoting a comprehensive green transition in economic and social development is highlighted as a key direction for new quality productivity [7][23]. - Building a robust domestic market is essential, leveraging the scale of the market to support new quality productivity [8][24]. - Advancing common prosperity and comprehensive human development is framed as the value orientation of developing new quality productivity [9][25]. - Establishing production relations that align with new quality productivity is necessary for its development [10][26]. Basic Requirements for Development - A unified national strategy is essential for coordinating major productivity layouts and addressing the relationship between reform and development [12][27]. - Encouraging local comparative advantages is vital, allowing regions to leverage their unique resources and industrial foundations [13][28]. - Tailored policies for different industries are necessary to address varying development stages and market demands [14][29]. - The role of enterprises as the main force in technological innovation and market adaptation is emphasized [14][29]. - Expanding high-level openness is crucial for optimizing resource allocation and promoting industrial upgrades [15][30].

（文章来源：证券时报） 在规模增长的同时，上市公司创新能力与回报意识同步增强。"十四五"时期，宁波上市公司累计研发投 入867.23亿元，年均增速超10%，成为地方科技创新和新质生产力发展的生力军。 投资者回报机制也持续优化。宁波证监局推动辖区上市公司践行"以投资者为本"理念，"十四五"时期累 计分红945.05亿元。其中，2025年有14家上市公司开展中期分红，现金分红总额55.60亿元，分红家数同 比增长71.43%，既提升了投资者获得感，也向市场传递了未来发展信心。 展望"十五五"，宁波资本市场正锚定高质量发展目标，持续强化对全球智造创新之都建设的支撑，推动 资本与先进制造、开放经济深度融合，在国家战略布局中释放"资本市场+实体经济"的双重价值。 "海定波宁"，是为"宁波"，也为"甬城"。海洋文明带来的韧性和闯劲，让宁波工业制造的硬实力享誉全 国。2024年末单项冠军企业104家、连续7年全国第一，宁波舟山港年货物吞吐量连续16年居全球第一 位。 记者了解到，宁波"十四五"时期整体发展后劲十足，特别是港口与营商环境优势明显，人工智能产业的 发展方兴未艾。目前，宁波市123家境内上市公司当中，有九成公司属 ...