Core Viewpoint - The article emphasizes the necessity of accelerating the construction of a new development pattern in China, focusing on building a unified national market to strengthen domestic circulation and enhance economic resilience while addressing international uncertainties [1] Group 1: Building a Unified National Market - Establishing a unified national market is a key reform for enhancing domestic circulation and stimulating internal demand, as highlighted by Xi Jinping [1] - The 20th Central Committee's Fourth Plenary Session stresses the importance of a strong domestic market as a strategic foundation for Chinese modernization and calls for the removal of barriers to market construction [1] Group 2: Combining Establishment and Removal - The approach of "establishing" and "removing" should be integrated, where "establishing" focuses on creating necessary institutional rules and "removing" aims to eliminate outdated regulations that hinder fair competition [2] - A unified property rights protection system and a negative list for market access are essential for promoting a strong domestic market [2] Group 3: Breaking Down Institutional Barriers - There is a need to eliminate institutional barriers that restrict economic circulation, such as local protectionism and market segmentation [3] - Strengthening anti-monopoly enforcement and ensuring equal market access for all entities are crucial steps in this process [3] Group 4: Focusing on the Real Economy - The real economy is fundamental for national strength, and the article advocates for a balanced development between the real and virtual economies [4] - Emphasis is placed on advancing manufacturing capabilities and fostering innovation in key technologies to enhance economic self-reliance [4] Group 5: Promoting Supply and Demand Interaction - The article highlights the importance of creating a dynamic balance between supply and demand, where new demand leads to new supply and vice versa [5] - A modern circulation system and effective market information transmission mechanisms are necessary for achieving this balance [5] Group 6: Streamlining Administration and Empowering Markets - The government should reduce direct intervention in market activities while enhancing regulatory oversight to maintain order and fairness [7] - The focus should be on creating a conducive environment for various business entities to thrive [7] Group 7: Central-Local Coordination - Strengthening coordination between central and local governments, as well as among various departments, is essential for building a unified national market [8] - Encouraging regional market integration and collaboration can enhance overall development efficiency [8]

□四川日报全媒体记者 王眉灵数读宜宾 "十四五" 地区生产总值 由2020年的2863.5亿元 增长到2024年的4005.8亿元 跨越两个千亿级台阶 稳居全省第三 全国GDP百强城市 排名上升至87位 人均地区生产总值达86714元 高于全省平均水平 产业升级 工业 2024年全部工业增加值1607.9亿元 是"十三五"末的1.5倍 是"十三五"末的1.5倍 农业 酿酒专用粮、茶园、蚕桑、油樟面积居全省第一 打造宜宾早虾、长宁竹荪、筠连红茶等 连续4年稳居全省第二 在全省的占比由7.6%提升至9% 连续入选全国先进制造业百强市 服务业 打造万象宜宾天地、冠英古街、 长江音悦街等消费新场景 2024年服务业增加值1696.3亿元 11个全国名特优新农产品 2024年农林牧渔总产值683.3亿元 是"十三五"末的1.2倍 城乡融合 以片区化思路 打造31个城乡融合发展试验区 建成首批14个和美乡村生活聚居点 地区生产总值超200亿元的县（区） 由2020年的2个 增加至2024年的9个 民生改善 实现"县县通高速" 成宜高铁、渝昆高铁渝宜段通车运营 全面融入成渝"1小时经济圈" 常态化开行 宜宾至重庆、宜昌、武 ...

2025年，我国经济呈现稳中有变、变中有机的态势，在曲折中显露向好趋势，为"十五五"规划的系 统部署奠定了坚实基础。一方面，居民消费从信心筑底走向温和改善，企业盈利压力逐步缓解、应收账 款增速明显回落，经济运行的微观根基持续巩固。另一方面，外部环境仍存不确定性，但外部经贸摩擦 的边际扰动趋于弱化，有助于稳定企业预期。同时，新阶段供给侧结构性改革的政策框架日益明晰，改 革的系统性增强为培育新动能打开了更广阔空间。 过去数年，多方面因素共同导致经济循环一度受阻。针对这些结构性掣肘，国家相继推出"反内 卷"、账款清理、发展现代服务业、稳妥化解地方债务等一系列举措，着力疏通堵点、修复循环、提振 预期。随着政策持续显效，微观活力正在逐步恢复，经济具备进一步向好的基础。在此背景下，2026年 作为"十五五"规划的开局之年，其重要性愈加凸显。开局之年不仅承担着稳预期、强动能的任务，也关 系到未来五年现代化建设的整体布局。要巩固恢复势头、增强增长后劲，改革必须在更深层次、更宽领 域同步推进，以提升经济体系的韧性与竞争力。 构建现代化产业体系 构建现代化产业体系，是提升国家竞争力、推动高质量发展的核心抓手。 从整体看，传统产业 ...

强化省级统筹与区域协同，构建分层分类的校地对接机制 针对江苏南北区域发展差异较大、县域经济形态多样的特点，需建立差异化政策导向。立足省内县域资 源禀赋、产业基础和发展阶段的差异性，加强省级层面的战略规划和引导，推动高校与县域实现精准对 接和协同发展。对昆山、江阴等经济强县，重点支持高水平大学设立产业技术研究院和专业学位研究生 培养基地，聚焦集成电路、生物医药、高端装备等先进制造业，打造"研发在县城、转化在园区"的创新 产业（300832）链分工模式。对苏北农产品主产区和生态功能区县域，引导涉农高校和职业院校布局， 开展农业技术推广、生态保护与绿色低碳技术研发，主动融入乡村振兴。同时，鼓励省内高水平大学通 过对口支援、共建研究院、远程教育等方式，将优质教育资源辐射至苏北、苏中地区县域，建立"飞行 专家"制度和远程协作平台，推动全省高校优质资源向县域流动，破解人才分布不均衡难题。 深化产教融合与科教融汇，构建双向赋能的协同创新体系 □ 潘文琦 城乡融合发展是中国式现代化的必然要求。县域作为城乡融合发展的关键节点，其现代化进程已成为全 面推进中国式现代化的重要支撑。党的二十大报告明确提出"推进以县城为重要载体的城镇 ...

Core Viewpoint - The emphasis on maintaining a reasonable proportion of manufacturing is a strategic deployment to accelerate the construction of a manufacturing powerhouse and build a modern industrial system centered on advanced manufacturing [1][2]. Group 1: Importance of Manufacturing - Maintaining a reasonable proportion of manufacturing is essential for building a modern industrial system, as the level of industrial modernization determines the overall level of the industrial system [2]. - China has maintained its position as the world's largest manufacturing country for 15 consecutive years, with a manufacturing value added projected to reach 33.6 trillion yuan in 2024, accounting for 24.9% of GDP [2]. - The current global environment presents complex challenges for manufacturing, necessitating a strong commitment to the manufacturing powerhouse strategy to support the modernization of the industrial system [2][3]. Group 2: Economic Foundation - Manufacturing is a crucial pillar of the national economy and is fundamental to national strength, making it imperative to focus on the real economy by maintaining a reasonable manufacturing proportion [3]. - Historical examples show that countries that neglect manufacturing can fall into the "middle-income trap," highlighting the importance of a robust manufacturing sector for economic resilience [3]. Group 3: Social Awareness and Policy Direction - There is a need to establish a clear societal focus on the importance of manufacturing, with policies tailored to local conditions rather than a one-size-fits-all approach [4]. - The government aims to optimize the development environment for manufacturing, enhance traditional industries, and foster emerging sectors while promoting intelligent, green, and integrated development [4]. - Actions will be taken to ensure high-quality development of key manufacturing industry chains, enhance self-sufficiency, and maintain industrial security [4].

Core Viewpoint - The company has completed the iteration of its large-scale production system, achieving "Mass Production 2.0" with enhanced cost-effective capacity expansion [1] Group 1: Production Optimization - The company has optimized its production processes, line organization, and personnel structure at the Shunde base [1] - Significant improvements have been made in production rhythm, standardized processes, and automated auxiliary equipment [1] Group 2: Future Production Plans - The 905 base is a crucial part of the company's multi-base collaborative layout and is expected to commence production by mid-January next year [1] - Preparations for the first phase of the 905 base have accelerated, with 90% of infrastructure completed, 60% of electromechanical installation done, and 70% of the first batch of production equipment being debugged [1] - The company has completed the selection process for personnel for the first phase of the 905 base and is enhancing skills training [1]

长江商报消息 ●长江商报记者 李璟 未来五年怎么干？湖北明确了总体目标。 11月22日，中共湖北省委召开新闻发布会，解读省委十二届十一次全会精神。 会上披露，湖北省委十二届十一次全会于11月21日在武汉胜利召开，全会全面总结了"十四五"时期湖北经济社会 发展的主要成就，深入分析了"十五五"时期湖北发展的历史方位和阶段性特征，科学确定了"十五五"时期湖北发 展目标，系统部署了12个方面重点任务，突出强调了坚持和加强党的全面领导。 全会审议通过了《中共湖北省委关于制定全省国民经济和社会发展第十五个五年规划的建议》（下称《建 议》）。《建议》全面贯彻落实党的二十届四中全会精神，锚定湖北加快建成中部地区崛起的重要战略支点的使 命任务，确定了未来五年湖北发展的总体目标：推动加快建成中部地区崛起的重要战略支点取得决定性进展。 中共湖北省委副秘书长、省委政研室主任陈宏斌表示，"推动加快建成中部地区崛起的重要战略支点取得决定性进 展"就意味着"基本建成支点"，保持了湖北支点建设战略部署的连续性、稳定性，体现了一张蓝图绘到底的战略定 力。 围绕实现这一总体目标，湖北对未来五年发展作出系统谋划，总的考虑是深入实施"七大战略"，整 ...

Core Viewpoint - Multiple domestic and foreign institutions predict that China's economy will continue to show steady growth in 2026, supported by policy measures, structural upgrades, and the release of potential [1][3][4] Group 1: Economic Growth Predictions - Foreign institutions generally forecast that China's economy will maintain steady growth in 2026 due to policy support [3] - Morgan Stanley anticipates moderate growth driven by appropriate easing policies and gradual rebalancing [3] - UBS expects more precise policy support to enhance economic resilience [3] Group 2: Structural and Policy Support - The chief macro analyst at Everbright Securities highlights significant growth potential and quality upgrade space in China's economy due to its vast market and strong industrial system [4] - UBS emphasizes targeted support measures such as energy cost subsidies for businesses and consumer incentives [6] - Goldman Sachs has raised its forecasts for China's export growth and real GDP growth, citing the "14th Five-Year Plan" as a confidence booster for advanced manufacturing competitiveness [6] Group 3: Trade and Domestic Demand - The dual drivers of foreign trade and domestic demand are crucial for high-quality economic growth, with exports remaining a core support force [7] - Analysts from CITIC Securities predict stronger overall exports in 2026 compared to 2025, with a focus on mid-to-high-end manufacturing competitiveness [9] - The potential of the domestic market is accelerating, with consumer and livelihood policies expected to play a key role in expanding domestic demand [9] Group 4: Innovation and Stability - Analysts identify "innovation" as a key theme for the economy in 2026, with a shift from traditional factor-driven growth to technology-driven growth [14] - The IMF representative notes that expanding consumption is a priority for the government, contributing to high-quality growth [11] - UBS economists highlight the stability of domestic policies as a solid foundation for innovation and a crucial guarantee for steady economic progress [18][20] Group 5: Open and Sustainable Development - The concept of institutional openness in finance, particularly in RMB internationalization and capital market openness, is seen as a positive factor for economic vitality [22] - The emphasis on green finance and support for high-tech industries is expected to enhance the overall economic landscape [22]

Core Insights - The 20th Central Committee of the Communist Party of China emphasizes high-quality development as the main theme for the 14th Five-Year Plan period, highlighting the importance of enterprises as micro-subjects of economic and social development [2][3] - Chinese enterprises, particularly private ones, face a complex and uncertain development environment, necessitating a focus on cultivating new productive forces and enhancing survival capabilities [2] - The "mid-life crisis" phenomenon among listed companies indicates that after reaching maturity, companies may experience a decline in health, which requires attention from older listed firms [4][5] Group 1: High-Quality Development - The focus on industrial transformation and upgrading is essential for achieving high-quality development and creating world-class enterprises [6] - Traditional industries need optimization through equipment upgrades, technological advancements, and brand building to enhance high-end product supply [6] Group 2: AI as a New Growth Driver - The application and maturity of artificial intelligence (AI) in Chinese enterprises have significantly increased, with a strong expectation for further growth in AI application over the next 12 months [7][8] - The integration of AI into business models is becoming more mature, driving innovation across various sectors [7][8] Group 3: Corporate Health Index - The newly established Corporate Sustainable Development Health Index (CSHI) aims to provide a standard for evaluating high-quality sustainable development among enterprises [4] - The CSHI shows a non-linear relationship with company age, indicating that health levels improve initially but may decline as companies mature, signaling potential "mid-life crises" [5]

Group 1: Long-term Bull Market Foundation - The current bull market has lasted over a year, with the index performance approaching a structural bull market, indicating significant room for growth compared to previous comprehensive bull markets [15] - The improvement in liquidity is a key factor for the current bull market, but historical trends show that long-term bull markets are often supported by improved fundamental expectations [19][28] - The relationship between market performance and fundamentals becomes more stable over longer time periods, emphasizing the importance of fundamental factors for sustained market performance [19] Group 2: Earnings Stability and Structural Highlights - In 2026, price changes are expected to become a major driver of earnings, with A-share earnings projected to gradually recover, reaching a growth rate of approximately 10% [2][82] - The recovery in prices is anticipated to be driven by policies aimed at stabilizing prices and demand, which will alleviate downward pressure on prices in various industries [69] - The structural highlights in earnings are expected to come from sectors like AI and semiconductors, which are likely to continue their performance validation [82] Group 3: Focus on Resident Funds and the "14th Five-Year Plan" - Resident funds are the most significant source of capital for the A-share market, with a notable trend of "deposit migration" expected to continue, driven by higher relative returns in the capital market [89][90] - High-risk preference funds have been the main incremental source of capital in the current bull market, similar to trends observed in 2015 [90] - Middle-risk preference funds are anticipated to become a major incremental source in the next phase, particularly as the "money-making effect" of public funds becomes more evident [106][111] Group 4: Industry Main Lines and Potential Switches - The TMT and advanced manufacturing sectors are expected to remain the main lines of the bull market in 2026, with significant growth potential as they enter the second phase of the bull market [5][91] - There may be potential sectoral switches, particularly towards cyclical and financial sectors, as market conditions evolve [5][109] - The focus on technology growth, consumption, and resource sectors is expected to present thematic investment opportunities [5][110]