焦作市工商联秉持"大道至简、实干为要"的工作理念，紧扣"三会三联三服务"工作机制中联络对接、服 务发展的关键要点，全力推动高水平对内对外开放，促使交流合作走上常态化轨道，为区域经济发展注 入源源不断的新活力。 焦作市把推动民营经济高质量发展作为构建现代化产业体系的重要支撑，累计培育国家级制造业单项冠 军企业4家、专精特新"小巨人"企业30家、专精特新中小企业308家、创新型中小企业753家。如今，焦 作市民营经济正以创新为翼、以转型为径，在高质量发展的赛道上加速腾飞。 为助力民营经济发展壮大，促进民营经济人士健康成长，焦作市工商联深入贯彻党中央及省委、市委决 策部署，以"三会三联三服务"工作机制为抓手，在思想政治引领、服务高质量发展、优化营商环境、深 化对外合作和加强自身建设等多个方面精准发力、务实创新，为助力全市民营经济高质量发展交出了一 份亮眼答卷。 "三会三联三服务"工作机制激活市场新动能 （来源：中华工商时报） 转自：中华工商时报 近年来，河南省焦作市民营经济蓬勃发展，呈现链式、集群化的良好态势。在高端制造领域，龙佰集团 连续7年入围中国制造业民营企业500强，多氟多等8家企业入选2024年省制造业头 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2026, the equity market is expected to start a new upward wave in Q1, with a long - position overweight strategy for the stock index. The bond market may continue its weak performance at the beginning of 2026 but could have a rebound after the Spring Festival, with a short - position hedge before the Spring Festival and a long - position underweight after. Commodities should be structurally allocated, with long - position overweight on precious metals, non - ferrous metals, and new energy commodities, long - position standard allocation (timing) on black building materials and agricultural products, and short - position standard allocation on crude oil [4]. Summary by Relevant Catalogs 1. Review of the Performance of Major Asset Classes - **Equity Market**: In December 2025, the A - share market oscillated upward, switching back to the growth - oriented style. Most primary industry indices rose, with national defense, communications, non - ferrous metals, non - bank finance, and machinery leading the monthly gains [8][10]. - **Bond Market**: The performance of short - and long - term bonds diverged. Short - term Treasury yields declined while long - term yields increased, and the Treasury term spread widened significantly. By December 31, 2025, the 2 - year and 5 - year Treasury yields dropped to 1.3605% and 1.3830% respectively, while the 10 - year and 30 - year yields rose to 1.8473% and 2.2674% [13]. - **Commodities**: The prices of domestic commodity futures were differentiated, with precious metals leading the gains. As of December 28, 2025, the precious metals index soared 14.38%, the metal index rose 6.18%, the industrial products index increased 1.44%, and the agricultural products index slightly declined 0.59% [17]. 2. Outlook and Analysis of Major Asset Classes - **Macroeconomic Aspect**: Abroad, the probability of further interest rate cuts by the Fed may decrease. Domestically, the probability of interest rate cuts in Q1 2026 is low, but a reserve requirement ratio cut is still expected [19][28]. - **Equity Assets**: In the short - to - medium term, the cross - year market has started, and the equity market is expected to start a new upward wave in Q1 2026. In the long - term, the policy and liquidity environment in 2026 are favorable to the market [31][32]. - **Bond Assets**: The bond market may continue its weak performance at the beginning of 2026, with the upper limit of the 10 - year Treasury yield before the Spring Festival likely between 1.90% - 1.95%. After the Spring Festival, there may be an oversold rebound opportunity [35][36]. - **Commodities**: The differentiation pattern of commodities will continue. Crude oil may remain weak after a short - term rebound. Industrial metals may face supply - demand imbalance, and agricultural product prices may fluctuate more due to various factors. Precious metals may experience significant short - term fluctuations but maintain an upward long - term trend [37][38]. 3. Allocation Strategies for Major Asset Classes - **Domestic Stock Index**: In 2026, the equity market should be strategically allocated, with a long - position overweight in January. Focus on industries such as the AI industry chain, leading companies going global, industries with improved supply - demand relationships, and the industrialization of cutting - edge technologies [40]. - **Commodities**: Increase the weight of commodities in the asset allocation. Overweight precious metals, non - ferrous metals, and new energy commodities; standard - allocate black building materials and agricultural products (timing); and short - allocate crude oil [41][42]. - **Treasury Bonds**: Hedge with short positions before the Spring Festival and underweight long positions after the Spring Festival. The bond market will remain volatile in 2026 and should be under - allocated [43].

Group 1 - The core diplomatic visit of South Korean President Lee Jae-myung to China at the beginning of the year signifies the importance of developing Sino-Korean relations and sends a positive signal to the international community about the commitment to a healthy and stable bilateral relationship [1][3] - The bilateral trade volume between China and South Korea is projected to reach $328.08 billion in 2024, marking a year-on-year increase of 5.6%, with China being South Korea's largest trading partner for 21 consecutive years [4] - The areas of cooperation between China and South Korea have expanded from traditional manufacturing to emerging sectors such as high-end manufacturing, cross-border e-commerce, and digital economy, highlighting the complementary advantages of both countries [4] Group 2 - In 2024, the number of people-to-people exchanges between China and South Korea is expected to reach 7.725 million, with 2.595 million South Koreans visiting China and 5.13 million Chinese residents traveling to South Korea, facilitated by over 1,000 regular flights each week [6] - Cultural exchanges have deepened, with the popularity of Korean cosmetics and films in China and the success of Chinese smart appliances in the South Korean market, indicating a significant cultural influence between the two nations [6][8] - Heartwarming stories of mutual assistance between the two peoples, such as a Chinese driver protecting a South Korean tourist and a South Korean coast guard officer sacrificing his life to save a Chinese citizen, illustrate the growing closeness and goodwill between the two nations [8]

Group 1 - The core viewpoint of the article highlights the increasing interest of domestic and foreign investors in Chinese assets, with expectations for emerging markets to benefit from a "weak dollar environment" and a desire for broader diversification in global investment portfolios [2][3] - Deutsche Bank's Chief Investment Officer for Emerging Markets, Deng Zhijie, predicts that after a valuation recovery in 2025, the Chinese capital market is expected to continue performing positively in 2026, driven by structural opportunities in sectors like new energy, photovoltaics, robotics, automation, and high-end manufacturing [2][3][4] - The article emphasizes the importance of maintaining a diversified investment portfolio to reduce risk and enhance returns, especially in the context of ongoing global market volatility and geopolitical uncertainties [3][4] Group 2 - In 2025, many investors began to shift their focus from high-valued developed markets to lower-valued emerging markets, with China showing strong performance compared to expectations, while India's market underperformed [4][5] - The article notes that the investment landscape has been significantly influenced by AI and high-tech sectors, which are expected to continue their upward trend into 2026, with a strong belief in the sustainability of AI investments compared to the tech bubble of the early 2000s [5][11] - The article discusses the resilience of emerging markets, emphasizing the need for robust domestic economic policies to support consumption and growth, particularly in countries like India and China [7][8] Group 3 - There is a notable increase in foreign investment interest in Chinese assets, driven by the realization of the volatility associated with concentrated investments in U.S. assets, leading to a desire for diversification [8][9] - The "14th Five-Year Plan" suggests a steady expansion of institutional openness in China, which is expected to enhance the attractiveness of the Chinese market for foreign investors through improved access and investment opportunities [9][10] - The article highlights the ongoing importance of gold as a safe-haven asset, with expectations for its price to continue rising due to persistent geopolitical uncertainties and central banks reducing their dollar holdings in favor of gold [10][11] Group 4 - The AI industry and related sectors, as well as the banking sector, are identified as key areas of focus for investors in 2026, with expectations of benefiting from economic growth and supportive fiscal and monetary policies [11][12][13] - The banking sector is anticipated to perform well due to favorable macroeconomic conditions, including higher long-term bond yields and the potential for interest rate cuts, which could support bank profitability [12][13]

Core Viewpoint - The Chinese stock market is poised for a bull market driven by five key factors, which have not yet been fully reflected in market valuations, suggesting potential for significant growth in the coming years [3][9]. Group 1: Interest Rate Reduction - The yield on China's 10-year government bonds is at 1.9%, while the average dividend yield of the CSI 300 index is 2.5%, surpassing long-term government bonds [4][13]. - Compared to the U.S. market, where the S&P 500 index has a price-to-earnings ratio of 25 and a dividend yield of 1.2%, Chinese stocks offer better value with lower valuations and higher yields [4][13]. Group 2: Capital Overflow - The real estate market, which previously attracted significant investment, has lost its capacity to absorb funds as property prices have peaked and declined [5][14]. - There is a substantial amount of excess savings, estimated at 50 trillion, with household deposits reaching 162 trillion, creating a need for alternative investment channels, primarily the stock market [5][14]. - The CSI 300 index has seen a consistent increase of around 15% over the past two years, improving investor sentiment and encouraging more capital inflow into the stock market [5][14]. Group 3: Economic Driver - The decline in real estate prices has led to a significant reduction in household wealth, estimated to be over 100 trillion, negatively impacting consumer confidence and spending [6][15]. - The government has emphasized the importance of stabilizing and activating the capital market as a key measure to restore consumer confidence through wealth effects [6][15]. Group 4: Profit Support - After nine consecutive quarters of negative growth, non-financial listed companies are expected to return to positive profit growth in 2025, with a projected growth rate of 14% for the MSCI China index in 2026, driven by sectors like internet platforms and high-end manufacturing [7][16]. - The recovery in corporate profits is seen as a confirmation of economic resilience, providing fundamental support for a gradual bull market in stocks [7][16]. Group 5: Global Landscape - The competitive dynamics between China and the U.S. have shifted, with China taking a more proactive stance in trade disputes, leading to a change in the balance of power [8][17]. - As global investors reassess the competitive landscape, there is an anticipated increase in long-term investment demand for Chinese assets, which is expected to be sustained over time [8][17]. - In a strong market environment, investment strategies should prioritize high-growth, technology, and small-cap stocks, while value stocks can serve as stable long-term holdings [8][17].

2025年，民营科创上市公司表现活跃，民营上市公司整体市值增长了37.0%，占A股市值的比重从年初的33.6%增长 至37.5%。 上市公司在价值提升、股东回报、信息披露等方面的主动作为意识增强。截至12月31日收盘，2025年A股公司派现 总金额高达2.6万亿元，也创下历史新高。 机构投资者更加关注前沿技术、先进制造和未来产业，"长钱长投"新生态下更多资本流向硬科技，促进"战略引领 ——产业创新——市值提升——资本反哺"的良性循环，推动新质生产力高质量发展。 2025年湖北A股上市公司也取得了亮眼成绩。根据Wind统计，2025年湖北A股上市公司总市值从年初约1.416万亿元 增长至12月31日的约1.996万亿元，涨幅约41%。 从股价涨幅来看，到2025年底19家上市公司股价翻番，52家上市公司市值超100亿元。其中，长飞光纤涨幅为 221.45%，总市值从216.15亿元跃升至963.35亿元。华工科技市值一度破1000亿。 湖北日报讯（记者王艳华）1月5日，中国上市公司协会发布2025年A股上市公司市值表现报告。2025年新增上市公 司116家，年底A股上市公司共5469家，总市值123万亿元；20 ...

Group 1 - The core viewpoint of the article emphasizes that the growth momentum and recovery quality of China's economy in 2026 largely depend on the resolution of existing structural issues and the effectiveness of related policies [2][27][30] - In 2026, China's economy is expected to grow steadily, with a predicted growth rate of around 4.5%-5%, driven by policy support, structural transformation, and deep reforms [27][28][39] - The focus for 2026 will be on expanding domestic demand, fostering new growth drivers through innovation and green development, stabilizing the real estate market, and addressing local government debt [27][30][39] Group 2 - In 2025, China's economy demonstrated resilience despite external pressures, with significant advancements in technology and high-tech manufacturing, which saw a value-added growth of 9.2% [27][28][30] - The export sector showed strong resilience, with a total trade value of 41.21 trillion yuan, marking a 3.6% year-on-year increase [28][29] - The capital market in China rebounded significantly in 2025, with the Shanghai Composite Index rising by 18.3%, indicating a recovery in investor confidence [28][29] Group 3 - Structural imbalances in the economy, such as the disparity between supply and demand, and the imbalance between external and internal demand, remain critical issues [29][30] - The low inflation environment, with CPI growth fluctuating between -0.7% and 0.7%, poses challenges for consumer spending and overall economic sentiment [31][34] - Experts suggest that addressing these structural issues will be crucial for achieving high-quality economic growth in the coming years [30][39] Group 4 - The manufacturing sector is expected to be a major highlight in 2026, with an anticipated investment growth of 5% driven by long-term policy mechanisms and high-tech industry growth [39][40] - The construction and infrastructure investment is projected to grow moderately at around 3%, balancing debt resolution and development needs [38][39] - The service sector is expected to see enhanced growth, particularly in personalized and self-care consumption, supported by favorable policies [33][34]

Group 1 - The core viewpoint is that the global economy in 2026 is facing three ongoing developments: the deepening impact of geopolitical stability in the East and instability in the West, the re-evaluation of China's industrial strength, and the exploration of breaking deflation [2][46][48] - The first ongoing development is the deepening of the devaluation of the US dollar, influenced by geopolitical factors and the uncertainty of US policies, with the dollar index having depreciated nearly 10% in 2025 [11][23][25] - The second ongoing development is the re-recognition of China's industrial strength, particularly in AI-related hardware and software applications, domestic computing power substitution, and the continued upgrading and internationalization of advanced manufacturing [12][57] Group 2 - The third ongoing development focuses on the exploration of breaking deflation, with an emphasis on the precise implementation of policies, including a continuation of subsidies for consumption and support for the real estate sector [3][60][62] - The expected scale of subsidies for consumption in 2026 is projected to be around 300 billion RMB, maintaining the level of 2025, with a greater focus on technology application scenarios [17][62][64] - The real estate sector is expected to see trials in inventory reduction and mortgage subsidies as part of the broader strategy to alleviate pressures in the housing market [19][66] Group 3 - The stock market outlook for 2026 remains positive, with a strong start indicated by the recent performance of A-shares and Hong Kong stocks, suggesting sustained market activity [27][71][75] - The active IPO market in Hong Kong, particularly for companies in the GPU and AI sectors, is seen as a significant factor in attracting global capital back to the Chinese stock market [29][75][78] - The strengthening of the RMB against the USD is viewed as a major benefit for overseas investors in Chinese stocks, enhancing the attractiveness of Chinese assets [37][82][87]

美国本以为通过关税战能将制造业带回美国，遏制中国发展，结果却适得其反。美国的农民遭遇了重创，拖拉机销量持续下滑；制造业不仅没有回流，失业 率反而不断上升；所谓的关税收益，比起美国巨大的财政赤字不过是杯水车薪。而在对美出口减少的情况下，中国的贸易顺差依然突破了万亿美元，用具体 的数字证明了美国霸权的衰落，也证明了最终还是中国占了上风。这场胜利的背后，是中国敢于斗争、善于斗争的智慧。中国不主动挑起争端，但绝不会退 缩，面对美国的极限施压，始终以对等的方式进行反击；我们不追求单方面的利益，只坚持公平原则，让美国的关税壁垒成为国际社会的笑柄。150多个国 家的支持，既是对中国发展模式的认同，也是对美国霸权主义的集体反抗。从2013年一带一路倡议启动，到2025年关税战胜利收官，中国用了13年时间，深 刻证明了霸权主义行不通，合作共赢才是唯一的正确道路。突破万亿贸易顺差并非终点，而是新的起点。拥有150多个伙伴的并肩作战，以及多年积累的韧 性，未来无论面临任何挑战，中国都能充满底气。此次胜利更是向全球宣告：美国霸权已经失去力量，公正最终会赢得人心，实力造就底气，全球未来，注 定由中国引领！ 这一切的故事要从2013年开 ...

作为2025年度国家博物馆"国家展览"项目之一，本次展览通过高端制造、产业基础、智能制造、绿色制 造、融合发展、美好生活等六部分、300余件(套)展品，全景呈现"十四五"期间中国制造蓬勃发展的历 程，为公众直观呈现中国制造的硬核实力与民生温度。 记者注意到，绿色制造板块以"技术赋能低碳转型"为核心，串联"节能、减排、循环"全链条，通过具象 化的绿色生产场景，传递产业发展与绿色生态和谐共生的发展理念。重点展品包括：全自动撬装式 VOCs废气处理系统、钢结构冷却塔模型、水电解制氢电解槽模型、"国和一号"CAP1400核电主泵模 型、尾气生物合成乙醇及蛋白项目、二氧化碳到淀粉的人工合成沙盘、碳捕集纤维制成的成衣、国内单 体最大低温多效海水淡化模型、新能源动力电池拆解破碎回收生产线视频、零碳工业园区沙盘等。 能源与材料领域系列制造成果亮相 中化新网讯近日，由中国国家博物馆、工业和信息化部新闻宣传中心联合主办的"筑基强国路——中国 制造'十四五'成就展"在中国国家博物馆开幕。 ...