Core Viewpoint - Hainan is accelerating the construction of a shared and prosperous free trade port, focusing on people-centered development to ensure that the benefits of economic growth reach the populace, thereby enhancing overall well-being [7]. Group A: Employment and Economic Stability - Hainan has established employment stations to assist job seekers, resulting in the creation of a labor team for agricultural work, which has alleviated immediate employment challenges for local businesses [8][9]. - The province has implemented various measures to stabilize employment, achieving a total of 684,400 new urban jobs during the 14th Five-Year Plan period, with an urban survey unemployment rate maintained below 5.5% [11]. - The "Hainan Good Employment" app has gained popularity, with 4.0059 million job postings and 294,500 registered job seekers, reflecting the province's commitment to providing accessible employment services [11]. Group B: Social Welfare and Education - Hainan is enhancing elderly care and children's education, with initiatives like regional elderly service centers and group-based schooling to ensure quality services for the elderly and children [12][13]. - The province has established 189 educational groups to improve resource distribution in education, allowing more children to access quality schooling close to home [13]. - Digital education resources have been expanded, with 3.5 million digital education resources and 6 million test questions available, promoting equitable education across the province [13]. Group C: Infrastructure and Living Conditions - Hainan is actively improving living conditions through the construction of affordable housing, with 117,000 affordable housing units planned and 2,187 old urban communities being renovated [16]. - The province has developed "pocket parks" to enhance urban green spaces, with 49 parks renovated this year, ensuring residents have access to green areas within walking distance [16]. - Infrastructure improvements include the construction of 2,815.79 kilometers of urban gas pipelines and a comprehensive underground utility corridor in Haikou, enhancing urban resilience [16]. Group D: Cultural and Recreational Development - Hainan is diversifying its cultural and recreational offerings, with events like the Hunan Satellite TV New Year's concert and government-issued consumer vouchers to stimulate local spending [18]. - The province is fostering a vibrant cultural scene, with activities such as marathons and other community events contributing to a lively atmosphere [18].

Core Insights - The Central Economic Work Conference held on December 10-11, 2025, outlined the economic work for 2026, emphasizing a more proactive fiscal policy and moderately loose monetary policy to stabilize the economy and promote high-quality development [1][3][5] Group 1: Economic Signals - The conference released three major positive signals: strong policy continuity with a focus on "more proactive fiscal policy + moderately loose monetary policy," emphasis on high-quality development, and targeted efforts in key areas such as domestic demand and risk prevention [3][4] - The focus on "domestic demand as the primary driver" highlights the commitment to building a robust domestic market, with specific measures to increase income for urban and rural residents [3][10] Group 2: Policy Framework - The macro policy framework for 2026 includes maintaining a fiscal deficit rate around 4% and expanding special bond quotas to approximately 5 trillion yuan, alongside a "small step, slow run" approach to monetary policy [7][8] - The expectation for fiscal policy is to direct funds towards key areas such as technology innovation, green initiatives, and consumer sectors, while monetary policy aims to lower financing costs for the real economy [8][9] Group 3: Focus on Domestic Demand - "Expanding domestic demand" is positioned as the top priority for 2026, with a focus on consumption driven by income growth and improved public services [10][20] - The strategy emphasizes a collaborative effort across government, businesses, and individuals to stimulate consumption and create a strong domestic market [10][21] Group 4: Innovation and New Growth Drivers - The conference identified key areas for new growth drivers, including digital economy, artificial intelligence, advanced manufacturing, and renewable energy, with the capital market playing a crucial role in supporting these sectors [13][14] - Capital markets are expected to provide pricing, financing, and merger support to foster innovation and facilitate the transition to high-tech industries [13][14] Group 5: Risk Management and Competition - The need to address "involution" in competition and improve the quality of small financial institutions was highlighted, with a focus on creating a unified national market to enhance fair competition [15][16] - Strategies for risk management include targeted measures to address risks in real estate and local government debt, emphasizing a market-oriented approach combined with policy support [17][18] Group 6: International Cooperation and Investment Opportunities - The conference emphasized the importance of international cooperation in areas such as digital trade, green energy, and high-end manufacturing, which are expected to present significant investment opportunities [19][20] - Investment opportunities are anticipated in sectors benefiting from service industry expansion, digital trade, and green transition, particularly for companies with competitive advantages in these areas [20][21]

3. 中信建投：跨年行情蓄势待发 A股上涨的底层逻辑并未改变，目前市场已经基本完成调整，跨年有望迎来新一波行情。中期行业配置 方面，重点关注具有一定景气催化的有色金属和AI算力板块;主题投资方面，商业航天为主线，可控核 聚变和人形机器人也可适当关注。此外，港股市场中的潜在热点主要集中在互联网巨头、创新药两大方 向。 上周A股市场风格分化，成长风格整体走强。主要指数中，沪指累跌0.34%，深证成指累涨0.84%，创业 板指累涨2.74%。通信、军工、电子、机械设备领涨;煤炭、石油石化、钢铁、房地产板块下跌。 后市市场将如何演绎?且看最新十大券商策略汇总。 1. 中信证券：内外兼顾，寻求交集 从中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品 种和外需品种的预期和定价与去年存在巨大差异：去年底投资者对外需普遍谨慎，对内需充满期待，但 最终外需的表现大超预期;今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心;实际 上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。从这些角度来看，海外敞口品种 业绩兑现力强，但估值继续提升难度大;内需敞口品种景气度一般 ...

每经AI快讯，12月15日，万科企业在港交所公告称，公司计划于宽限期内召开万科企业股份有限公司 2022年度第四期中期票据第二次持有人会议。 ...

万科A公告称，已在中国银行间市场交易商协会网站披露《关于2022年度第四期中期票据2025年第一次 持有人会议的答复公告》，并同步在巨潮资讯网刊登。本次债券本金兑付日为2025年12月15日，债项余 额20亿元。会议提出三大议案，分别为调整本息兑付安排、追加增信措施有条件调整兑付安排、调整兑 付安排并追加增信措施，但均因同意表决权未超总表决权90%而未生效。公司表示已知悉表决结果，就 展期影响致歉，将继续协商寻求解决方案。 ...

Group 1: Company Performance - Huayi Brothers has reported a cumulative loss of 8.2 billion yuan over the past seven years, with its current market value being less than one-tenth of its peak [3] - In Q3, Huayi Brothers achieved a revenue of 62.6 million yuan, a year-on-year decline of 31.61%, and a net loss attributable to shareholders of 39.5 million yuan [3] - Lululemon's stock price has dropped by 46.40% this year, resulting in a market value loss of approximately 25 billion USD, leading to the resignation of CEO Calvin McDonald [8] Group 2: Industry Developments - The average age of the labor force in China has reached 39.66 years, indicating a gradual maturity in the aging process of the population [2] - The global largest automotive safety testing center has been put into operation in Ningbo, Zhejiang, featuring multiple Guinness World Records [6] - The National Market Supervision Administration has issued guidelines prohibiting car manufacturers from selling vehicles at a loss, aiming to enhance price compliance in the automotive industry [4] Group 3: Strategic Moves - Kweichow Moutai has introduced a volume control policy to alleviate financial pressure on distributors, halting product distribution until January 1, 2026 [4] - SpaceX is reportedly seeking to go public with a target valuation of approximately 1.5 trillion USD, which could make Elon Musk the world's first trillionaire [2] - OpenAI has adjusted its compensation policy to prevent talent outflow by removing the "vesting cliff" for stock options [11]

现在有很部分人，平时就喜欢关注楼市，看到房价的持续下跌，结果被中介给"忽悠"惨了！竟然真卖掉 了"自住"的房子！ 并且，这些人觉得将房子卖掉了，手里还能攥着几十万甚至是上百万现金，将其中的大部分现金存银行 定期，留下一小部分用来租房子住和日常使用，从此就不用担心房价下跌了。 甚至，还说："钱揣在兜里，比看着房价跌心慌强"。 今天就来分享同事将自房子给卖掉后，在外租房近一年时间了的真实感觉！ 当初为什么要卖房子？ 说句话实话，如果是有多套住房的，在房价一直在下跌的当下，将其出售掉，其实是非常合理的，得是 能得到大家支持的。 如果只有一套自住房，因为房贷过高，现在已经是"资不抵贷"了，不得不将房子早点卖掉，少亏点，这 也是能理解的。 所以说，住在租的房子里，在空间感上没有任何失落，反而觉得采光更好，心情更好。 .01 但是，只有一套房子，还没有房贷，或者是还房贷对自己来说，一点压力都没有，就是单纯房子作为资 产一直在贬值，眼睁睁的看着资产缩水，所以就将房子给卖掉，这样就不用担心房子的贬值问题。 一旦将房子卖掉后，就能实现财务自由，能实现自己很多的愿望，做很多以前想到却因为没钱而不敢去 做的事，例如来一场说走就走的 ...

近期，有位在三线城市购房的亲友向我咨询：他刚花120万买的房子，五年后到底能值多少钱？说实 话，这个问题看似简单，背后却牵扯到经济趋势、城市发展、政策调控等多重因素。为了给出相对客观 的参考，我特地请教了几位在房地产行业深耕多年的朋友，他们从不同角度给出了自己的判断。今天， 我就把这些信息整理出来，用更贴近现实的角度，和大家聊聊房子未来价值的那些事儿。 一、市场整体态势：分化成为关键词 从全国范围看，房地产市场早已告别"普涨"时代。根据2024年统计部门发布的数据，房价整体呈现稳中 有降的态势，但不同能级的城市之间差异显著。一线和重点二线城市因资源集聚、人口流入，房价支撑 力较强，部分区域甚至保持温和上涨；而多数三、四线城市则面临需求放缓、库存压力等问题，房价出 现不同程度回调。 这种分化格局意味着，同样120万的房子，放在不同城市，五年后的命运可能天差地别。正如一位在三 线城市做了近二十年中介的朋友所说："过去闭眼买房都能赚，现在得睁大眼睛挑。人口往外走、房子 不好卖，已是不少中小城市的常态。" 二、业内观点：理性看待增值空间 几位行业人士虽然视角不同，但普遍认同一个观点：房地产高速增值阶段已基本结束，未来 ...

（张宇生/郭磊）2025-12-14 您可点击今日推送内容的第1条查看 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【策略】新一轮政策部署护航，A股跨年行情可期——策略周专题（2025年12月第2期） 新一轮政策部署护航，A股跨年行情可期。一方面，未来国内经济政策有望持续发力，经济增长有望保持在合 理区间，进一步夯实资本市场繁荣发展的基础；另一方面，政策红利释放，有望提振市场信心，进一步吸引各 类资金积极流入；此外，历史来看，"十三五"和"十四五"开局之年A股市场均有不错的表现，历史上开局之年 的积极表现有望在2026年得到延续。 您可点击今日推送内容的第3条查看 【房地产】11月核心15城二手房成交面积环比+15%——光大核心城市房地产销售跟踪（2025年11月 ...

Group 1 - The central economic work conference emphasized stabilizing the real estate market through city-specific policies to control new supply, reduce inventory, and improve supply [1] - In the first eleven months, the proportion of second-hand housing transactions in total transactions reached 45%, indicating a shift towards a market dominated by second-hand housing [1] - Experts noted that the current supply-demand relationship in the real estate market has changed significantly, with a reduction in new supply reflecting both policy implementation and market self-adjustment [1] Group 2 - Some hot cities, such as Xiamen, Guiyang, and Wuhan, showed positive signs of recovery, with both new and second-hand housing transaction volumes increasing year-on-year [2] - The successful hot cities share characteristics such as solid fundamentals and coordinated policy efforts, which include optimizing purchase restrictions and lowering down payment ratios [2] - The rapid development of the rental market and the implementation of "rent and purchase rights" policies are reshaping housing consumption patterns, with increased demand for public rental housing [2]