文/孟圆 在"十五五"规划开局之际，中国经济正站在新旧动能转换的关键节点。规划中明确提出的"建设现代 化产业体系"与" 加快高水平 科技自立自强"，正成为引领未来五年发展的重要纲领。在这一背景 下，如何平衡制造业升级与内需提振，成为各界关注的焦点。 12月7日，由联办集团、和讯共同主办、财经中国会承办，主题为 " 寻找中国经济破局之路"的和讯 财经中国2025年会暨第23届财经风云榜在北京举行。 会上， 上海财经大学滴水湖高级金融学院院 长、北京大学客座教授姚洋 ， 与 国家统计局原局长、阳光保险集团顾问邱晓华 ， 华泰证券机构业 务委员会主席梁红 ， 中泰国际首席经济学家、中国经济学家论坛副理事长李迅雷 展开了一场 巅峰 对话 ，共同解读"十五五"规划内涵，展望2026年经济走向与投资机会。 01 解读"十五五" ， 发展的核心是什么？ 前不久， 二十届四中全会审议通过了 《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》。 根据 "十五五"规划建议，建设现代化产业体系、实现 高水平 科技自立自强、扩大内需 是前三大战略任务， 被视为中国经济破局的核心方向。 其中， 制造业 升级 和 科技 创新 ...

Core Viewpoint - The market has experienced fluctuations but has shown a strong upward trend in technology growth sectors since the end of the previous correction on November 23, with significant gains in the ChiNext Index and the Sci-Tech Innovation 50 Index [1] Group 1: Market Performance - From November 24 to December 9, the ChiNext Index rose by 9.9%, and the Sci-Tech Innovation 50 Index increased by 12.4%, while the Shanghai Composite Index only gained about 2% [1] - Analysts attribute this rally to advancements in industries such as optical modules, photovoltaics, and consumer electronics, as well as investors' early pricing in of the positive fundamentals for technology growth in the coming year [1] Group 2: Earnings Expectations - Consensus among analysts indicates that the earnings growth rate for the ChiNext Index is expected to be around 30% next year, maintaining a significant gap compared to the earnings growth of value sectors [1] Group 3: Index Composition and Focus - The ChiNext Index consists of 100 stocks with large market capitalization and good liquidity, focusing on strategic emerging industries, with upcoming adjustments including leaders in high-end manufacturing, new energy, and biomedicine [1] - The Sci-Tech Innovation 50 Index is selected from the ChiNext and Sci-Tech boards, focusing on large-cap, liquid stocks in emerging industries, covering sectors such as semiconductors, new energy, and biomedicine [1] Group 4: ETF Information - The latest sizes of the ChiNext ETF (159915) and the Sci-Tech Innovation ETF (159781) are approximately 100 billion yuan and 12 billion yuan, respectively, making them the largest ETFs for their respective indices [1] - Both ETFs have the lowest management fee rate of 0.15% per year, which can help investors seize opportunities in the technology growth sector [1]

Core Viewpoint - The company has significantly increased its R&D investment in high-end manufacturing sectors, achieving notable advancements in technology and innovation [1] Group 1: R&D Investment - The company reported R&D expenses of 1.049 billion yuan for the first nine months of the year [1] - Key expenditures are focused on high-end manufacturing sectors such as cables, cogeneration, tire manufacturing, and new metal materials [1] Group 2: Achievements in Innovation - The company has successfully established two national-level postdoctoral research stations [1] - It has added two national-level specialized and innovative "little giant" enterprises and five provincial-level specialized and innovative enterprises [1] - The company has also been approved for one national-level green factory and one "5G" factory [1]

12月9日，龙华区在国际合作中心召开产融结合高质量发展大会，集中发布一批标志性金融合作成果。 会上，百亿级战新产业基金集群正式落地，其中深资本建信龙华AIC基金、深担农银龙华AIC基金两支 总规模均为20亿元的AIC基金备受瞩目，标志着龙华在深化产融结合、赋能实体经济方面迈出关键一 步。 作为深圳制造业大区，龙华工业占GDP比重超四成，推动金融与产业深度融合、服务实体经济高质量发 展，已成为区域发展的核心战略。据龙华区发展和改革局相关负责人介绍，本次大会龙华区官宣落地百 亿级战新产业基金集群，其中尤为引人瞩目的是深资本建信龙华AIC基金、深担农银龙华AIC基金，两 支基金总规模均为20亿元，重点布局深圳市"20+8"产业集群和龙华区"1+2+3"产业体系中的数字经济、 新能源、高端医疗器械、集成电路、人工智能等赛道。 值得关注的是，深担农银龙华AIC基金在大会现场即完成首批意向投资项目签约，实现"官宣即运作"的 高效落地。首批签约企业包括昂湃技术、圭华智能、精泰达等多家辖区优质拟上市企业，它们分别聚焦 于液冷散热、精密激光装备、自动化测试设备等高端制造赛道。 "我们看好深圳和龙华制造业良好基础，利用龙华区'一 ...

另一方面，在高技术中间品领域，中国集成电路进口额达2.1万亿元，同比增长18%；芯片、航空航 天、汽车零部件等采购额均保持两位数增速，为韩国、日本、德国、美国等地的高端制造业提供了关键 需求与预期支撑。此外，随着"双碳"项目扎实推进，前三季度液化天然气、光伏组件制造设备、电池级 锂矿进口分别增长21%、34%、47%，来自挪威、智利、澳大利亚等国的企业切实分享了中国绿色转型 带来的市场红利。 当前，全球贸易保护主义思潮难以平息，一些西方国家屡屡展现自己在经贸事务上的双重标准。与西方 媒体的自我标榜形成鲜明对比的是，西方一些国家迭起波澜，不断加码贸易保护措施。荷兰政府以所 谓"国家安全"为名，运用行政手段直接干预商业并购，强行夺取安世半导体中国母公司闻泰科技在该国 子公司股权的行为，便是将经贸问题泛安全化、滥用国家力量破坏市场规则的典型案例。然而，经济全 球化本质是共赢的"正和之路"。妄自给中国贴上"以邻为壑"的标签，既罔顾事实，也与外国企业扎堆来 中国的选择相悖。今年以来，特斯拉上海超级工厂迎来第100万辆整车下线，苹果宣布追加在华研发投 资30亿元，空客天津第二条总装线正式开工……这些实实在在的项目，正是对 ...

招商引资成效显著，五年累计引进重大项目995个，其中"三类500强"项目313个，总投资超万亿元。实 际使用外资66.4亿美元，1456家外商投资企业稳健发展，德国巴斯夫等龙头项目落户推动外资向高端制 造、现代服务领域集聚。连续举办跨国公司长沙行、德企长沙行、国际采购、产经对接等活动，拓展长 沙与国际市场的连接通道。 对外投资方面，"长沙力量"走向全球。70.1亿美元的对外实际投资，彰显内陆城市"走出去"实力。阿治 曼中国城、中国-巴西农业科技产业园、马达加斯加农业产业园等境外园区成为长沙与当地深化合作的 重要载体。隆平高科、楚天科技等企业通过海外并购、技术合作构建全球产业链，"长沙制造""长沙服 务"国际竞争力持续增强。 开放平台能级跃升 支撑体系更健全 五年来，长沙构建起多层次、高水平的开放平台矩阵，核心平台引领发展。 长沙晚报掌上长沙12月8日讯（全媒体记者 刘捷萍）五年来，长沙开放发展交出亮眼成绩单：进出口总 额达1.4万亿元，出口收汇率超80%；对非贸易年均增长31.7%，实现翻番；实际使用外资66.4亿美元， 占全省72.6%；在长投资世界500强企业达201家；对外实际投资70.1亿美元，稳居中 ...

Core Viewpoint - The trade deficit between the EU and China, amounting to $310 billion, has become a contentious issue, with French President Macron threatening tariffs if the situation is not addressed. However, the complexity of trade relationships suggests that a simple deficit does not equate to a loss for Europe [2][4][6]. Trade Structure - The EU's trade structure with China shows a significant reliance on Chinese manufacturing due to its efficiency and cost-effectiveness, with many European households using Chinese products [4]. - French products, including aircraft, wine, cosmetics, and luxury goods, are thriving in the Chinese market, indicating a mutually beneficial relationship [4][12]. - European companies benefit from investments in China, often earning more than what is reflected in export figures, which is frequently overlooked in discussions about trade deficits [4][6]. Economic Context - The economic pressures in Europe, including high inflation and an ongoing energy crisis, have led to increased scrutiny of trade relationships, with Macron's statements reflecting domestic political pressures rather than a genuine desire to disrupt trade [8][10]. - The concept of "strategic autonomy" in Europe aims to reduce reliance on external markets, but the reality is that Europe remains heavily dependent on international supply chains [10][16]. Cooperation Beyond Trade - The depth of cooperation between China and France extends beyond trade, encompassing technology partnerships, cultural exchanges, and educational collaborations, which are vital for both economies [12][14]. - France's agricultural and luxury sectors have seen consistent growth in China, highlighting the importance of this market for French economic stability [14][16]. Political Dynamics - Macron's tough stance on trade appears to be more of a political maneuver aimed at addressing domestic concerns rather than a reflection of the actual economic relationship between the EU and China [8][18]. - The potential for tariffs could harm European businesses and consumers, as they rely on Chinese goods and materials, suggesting that a cooperative approach would be more beneficial [16][18].

Group 1 - The core viewpoint of the article highlights the recent trends in the A-share market, indicating a continuation of volume contraction and a rotation of themes, with market participants awaiting new guiding signals [3][11]. - The A-share market saw a slight increase in major indices, with the Shanghai Composite Index rising by 0.37%, the CSI 300 by 1.28%, and the ChiNext Index by 1.86%, indicating a stronger performance in growth styles compared to value styles [11]. - The average daily trading volume in the A-share market was 16,870 billion, showing a decrease compared to the previous week, reflecting a cautious market sentiment as it approaches significant policy meetings [11]. Group 2 - The non-bank financial sector is influenced by the recent notification from the financial regulatory authority, which aims to encourage insurance funds to invest more in specific equity assets by adjusting risk factors [4][12]. - The commercial aerospace sector has shown active performance due to recent event-driven catalysts, with significant developments in rocket launches and tests, suggesting a potential shift from emotional to logical investment strategies [4][12][13]. - Precious metals, particularly silver, have experienced a rapid price increase due to global liquidity recovery and supply-demand dynamics, with long-term trends expected to be influenced by the narrative of shrinking dollar credit [4][13]. Group 3 - The public fund market is undergoing a transformation with the introduction of new performance assessment guidelines aimed at correcting past issues of short-term incentives and soft accountability, promoting a focus on value creation and high-quality development [4][14]. - The guidelines emphasize a core assessment system based on investment returns, aiming to align the interests of fund managers with long-term returns for investors [14]. Group 4 - The active equity fund indices showed positive performance, with the Active Stock Fund Selection Index rising by 1.64% last week, achieving a cumulative excess return of 15.40% since inception [5]. - The Value Stock Fund Selection Index increased by 1.62%, with a cumulative excess return of 3.96% since inception, while the Balanced Stock Fund Selection Index rose by 1.00%, achieving a cumulative excess return of 9.27% [6][7]. - The Growth Stock Fund Selection Index saw a smaller increase of 0.64%, with a cumulative excess return of 13.45%, while the Pharmaceutical Stock Fund Selection Index decreased by 1.73%, but still recorded a cumulative excess return of 21.62% [8][9].

Core Insights - The report titled "Austria's Business Environment Survey for Chinese Enterprises 2024" highlights that 80% of surveyed Chinese companies view Austria's business environment positively, citing advantages such as strategic location, strong industrial foundation, and comprehensive policy support [1][12][55]. Group 1: Business Environment Overview - 80% of surveyed Chinese enterprises rated Austria's business environment as "good" [12]. - Key advantages include Austria's strategic location as a gateway to Central and Eastern Europe, a solid industrial base in high-end manufacturing and green technology, and favorable policies for foreign investment [1][2]. - The report indicates that nearly half of the surveyed companies expect to achieve profitability in 2024 and plan to expand their operations in Austria [2][12]. Group 2: Cooperation Opportunities - By the end of 2024, bilateral investments between China and Austria are projected to exceed $3.6 billion, with over 40 Chinese companies operating in Austria and more than 600 Austrian companies investing in China [2]. - Opportunities for cooperation are concentrated in three main areas: green economy, digital economy, and advanced manufacturing [2]. - The green economy sector is particularly promising due to Austria's 2040 carbon neutrality goal, which creates demand for hydrogen infrastructure and energy-efficient building renovations [2]. Group 3: Challenges Faced - The report identifies four main challenges: regulatory hurdles, high operational costs, labor shortages, and lengthy processes for business registration [2][3]. - Regulatory challenges include a lowered threshold for foreign investment approval in sensitive sectors and stringent environmental assessments that can take 6-9 months [2]. - High operational costs are exacerbated by an average monthly wage of €2,906 and significant social security contributions of 37.65% [2]. Group 4: Recommendations for Improvement - The report suggests four key actions for Chinese enterprises: prioritize entry strategies through mergers and acquisitions, enhance compliance management, optimize operational structures, and leverage official resources for local support [3]. - Companies are encouraged to familiarize themselves with local regulations to mitigate policy risks and utilize Austria's tax treaties to reduce costs [3]. Group 5: Future Outlook - Despite challenges, the overall sentiment remains optimistic, with 53.3% of surveyed companies expressing a positive outlook for Austria's future business environment [12][55]. - The report emphasizes the importance of addressing compliance, cost, and talent challenges to fully leverage Austria's strategic advantages for Chinese enterprises [3].

近期，摩根士丹利中国首席股票策略师王滢发布的2026年中国股票展望在市场刷屏。 今年3月，王滢接受券商中国记者采访时曾明确提出"现在是建议全球投资人增加对中国股票配置的最佳时 机"。行至年末，王滢再次接受券商中国记者专访，阐述她对明年中国股市及中国资产重估的最新观点。 王滢认为，2026年将是巩固中国股市估值修复"胜利果实"的一年，指数表现可能呈现个位数涨幅，通过精选个 股与把握产业主题可以取得超额收益。 在配置上，王滢表示，应坚定选择与中国中长期发展战略高度契合的板块。 她认为，中国在人工智能、高端 制造（含人形机器人及自动化）、生物制药等已具备全球或区域领先地位的产业，将持续涌现成长机会；同 时，"反内卷"将是持续数年的长期主题。 谈及AI"泡沫"，王滢认为，当前AI板块中仍有不少标的处于合理估值区间。她还表示，她今年进行了多场全球 路演，得到的强烈信号是：全球机构投资者对投资中国股票的信心正在逐渐增强。 因此，外资有望在2026年 保持净流入的态势。 明年将是巩固"胜利果实"的一年 "2025年，中国股市在估值层面取得了决定性的修复。2026年将是巩固和保存2025年胜利果实的一年。"王滢告 诉券商中国 ...