2026年作为"十五五"开局之年，经济增长目标预计维持在5%左右，实际增长率约4.9%，名义GDP增速升至4.2%左右，经济运行聚焦"质价共进"。投资端， 制造业在高端化智能化驱动下增速预计达5.2%，"十五五"重大项目推动广义基建投资增长6%，房地产投资降幅收窄至-10%。消费端，社消增速乐观预期达 5%，县域消费与医疗、教育、文旅等服务消费成为重要增长点，CPI和PPI预计分别回升至0.5%、-1%至0区间。外需受益于中美短期贸易协议及安全型走廊 贸易深化，出口增速预计在4%-5%。 政策层面延续宽松基调，财政政策持续发力，预算赤字率或突破4%，新增专项债限额约4.5万亿元，超长期特别国债发行规模扩大至1.4-1.5万亿元，重点支 持"两重"建设与消费品以旧换新。货币政策保持适度宽松，美联储降息背景下，国内或有25bp降准和10bp降息空间，社会融资规模增速预计保持8%以上。 税制改革聚焦动态调整，将持续提升直接税占比，健全经营、资本、财产所得税收政策。 大类资产配置方面，超配美股（受益于流动性宽松与AI资本开支增长）、黄金（上半年降息预期与央行购金支撑）、铜（供给紧张叠加AI电网需求）；低 配原油（库存 ...

齐鲁晚报.齐鲁壹点连宁燕 企业是科技创新的主体。"十四五"以来，威海市聚焦高水平科技自立自强，深入实施创新驱动发展战 略，以强化企业科技创新主体地位为核心，构建全链条科技型企业培育体系，推动企业创新能力跨越式 提升，为培育发展新质生产力提供坚实支撑。 2024年全市国家高新技术企业达到1724家，按区域划分，主要集中在主城区，共1152家，占比 66.82%；按行业领域划分，主要集中在高端制造业、电子信息和新材料领域，共1263家，占比 73.26%；按科技属性来看，国家高新技术企业研发投入占营业收入比重为5.1%，科技人员占职工总数 比重为23.5%；研发投入占全社会研发投入的70%以上，科技型企业已成为区域创新生态的重要组成力 量。 集成各类政策资源，扶优扶强。鼓励企业开展关键技术攻关，积极帮助争取省级项目支持，"十四五"期 间，累计获批省重大科技创新工程项目26项、争取资金2.4亿元，获批省科技型中小企业创新能力提升 工程项目304项、争取资金1.02亿元。发挥国家、省创新创业大赛竞技场作用，助力高成长性科技企业 脱颖而出，176家企业获省赛优胜企业，争取省级补助3000余万元。助力企业持续加大研发投入 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 外资看多、做多中国资产。 站在当前时点，外资机构对中国资产的兴趣正持续提升。据最新消息，摩根大通表示，受全球经济增长稳 健、中国企业盈利提升以及中国电商巨头间竞争缓解等因素的支撑，预计到2026年底，MSCI中国指数预 计将上涨约18%。汇丰私人银行也在最新发布的报告中预测，恒生指数到2026年底将升至31000点，较 最新收盘点位，潜在上涨空间约21%。 "中国股票涨势将延续" 当地时间12月9日，摩根大通首席亚洲及中国股票策略师刘鸣镝在新闻发布会上表示，预计随着企业估值 逐步正常化，关键行业的盈利能力提高，明年MSCI中国指数将进一步反弹。 另据摩根士丹利的最新数据，截至今年11月，外国多头基金在A股、港股市场中合计买入了约100亿美元 的股票。有机构预计，受政策支持、企业盈利改善和估值吸引力等多重因素的推动，2026年外资增配中 国资产的趋势将持续。 刘鸣镝说道："（中国）企业的盈利状况让我们充满信心。如今，A股、港股市场的盈利状况正在逐步恢 复。" 摩根大通预测，到2026年底，MSCI中国指数预计将上涨约18 ...

只有落后的产品，没有落后的产业。强根基、延链条，化压力为动力、变短板为潜能，传统产业必能在 新赛道上迸发更加强劲的发展动能。（中国经济网评论员 年巍） 未来会怎样？"初步估计未来5年会新增10万亿元左右的市场空间"，国家发改委有关负责人在新闻发布 会上对于传统产业寄予希望。实现目标，战略上要坚持稳中求进，把握好节奏和力度；战术上要注重实 效，一仗接着一仗打。 先列一组数据：今年前三季度，我国纺织品出口超千亿美元，同比增长2.1%。1至8月，纺织行业对近 七成国家和地区实现出口正增长。如今，从人造血管、特种缆绳到汽车阻燃内饰，纺织业加快向新能 源、航空航天、医疗健康等领域辐射延伸。跳出纺织做纺织，现代纺织业还有很大空间。不懈探索"从 无到有"新可能，不断攀登"人有我精"新高度，推动以纺织业为代表的重点产业提质升级，需要更多企 业打开视野，转变思维，开拓发展新空间。 再看两个案例：通用技术集团沈阳机床（000410）股份有限公司攻克五轴联动机床，填补工业母机领域 多项国内空白；国家能源集团通过"国能e+"数字化生态协作平台，链接3000余家内部单位和50万户产业 链外部客商。"自主可控"是增强产业链韧性的前提。强 ...

Economic Growth Projections - The economic growth target for 2026 is set at around 5%, with an expected actual growth rate of approximately 4.9%[3] - Nominal GDP growth is projected to rise to about 4.2%[3] - Manufacturing investment growth is anticipated to reach around 5.2%, driven by high-end and intelligent upgrades[3] Investment and Infrastructure - Broad infrastructure investment growth is expected to be around 6%, supported by major projects under the "14th Five-Year Plan"[3] - Real estate investment decline is projected to narrow to approximately -10% due to improved supply-demand dynamics[3] Consumption and Prices - Consumer spending is expected to increase, with retail sales growth projected at around 5%[3] - CPI is forecasted to recover moderately to 0.5%, while PPI is expected to remain between -1% and 0%[3] Policy and Fiscal Measures - The budget deficit ratio may exceed 4%, with new special bond limits around 4.5 trillion yuan[3] - Monetary policy is expected to remain "moderately loose," with potential small rate cuts of about 25 basis points and interest rate reductions of approximately 10 basis points[3] Global Economic Context - The U.S. job market is cooling, and inflation pressures are manageable, but uncertainties remain regarding future interest rate paths[3] - Emerging markets may see marginal economic slowdown in 2026, with internal performance continuing to diverge[3] Asset Allocation Strategies - Overweight positions are recommended in U.S. equities and gold, benefiting from liquidity easing and fiscal expansion[3] - Underweight positions in oil are suggested due to high inventory levels and weak demand[3] Risks - Risks include lower-than-expected domestic economic growth, geopolitical tensions, and potential overseas recession exceeding expectations[3]

Group 1 - The "Investment Opportunities in China" roadshow successfully took place in Germany, featuring representatives from five Shenzhen-listed companies engaging with institutional investors [1] - The Shenzhen Stock Exchange (SZSE) organized a total of 11 overseas roadshows in 2025, covering over 50 Shenzhen-listed companies and reaching countries like Singapore, South Korea, Australia, and Germany [1] - The participating companies in the German roadshow represent key sectors such as renewable energy, high-end manufacturing, and healthcare, which are of significant interest to German investors [1] Group 2 - In the Sydney roadshow, six companies from the green low-carbon and high-end manufacturing sectors engaged with nearly 70 representatives from Australian investment institutions, highlighting the shift of Chinese companies from "technology followers" to "standard setters" [2] - During the Singapore roadshow, companies like Mindray Medical and Inovance Technology received positive feedback from foreign investors, who expressed high interest in the global strategies and technological advancements of Chinese firms [2] - The SZSE is actively organizing roadshows in Hong Kong to enhance understanding and trust between Shenzhen-listed companies and foreign investors, facilitating international investment in the Shenzhen market [2][3] Group 3 - The SZSE plans to continue organizing overseas roadshows and activities for foreign investors to enhance their understanding of the investment value of Chinese assets [3] - The exchange aims to improve the quality of services for connecting Shenzhen-listed companies with foreign investors, facilitating cross-border investment activities [3]

Core Insights - The essence of trade is questioned, focusing on what China truly desires to import from the world in the foreseeable future [1][3] - The dialogue reveals the underlying tensions in global trade, particularly regarding the distribution of benefits [3][4] - China's shift towards self-sufficiency is driven by a strategic need to reduce dependency on external supply chains, especially in light of geopolitical tensions [10][12] Group 1: China's Economic Strategy - China is moving away from being a mere consumer to becoming a developer within the global supply chain [12] - The country aims for comprehensive self-sufficiency across industries, driven by a sense of insecurity regarding external dependencies [10][12] - This shift is expected to have significant repercussions on European economies, particularly Germany, which may see a 0.3 percentage point reduction in growth due to China's domestic substitution efforts [14] Group 2: European Response and Challenges - Europe faces a dilemma: either reform its foundational production chains or resort to trade protectionism [20][22] - The "difficult option" involves deep reforms to adapt to China's competitive manufacturing landscape, which is politically challenging for European societies accustomed to high welfare [22][24] - The "bad option" of protectionism could lead to a breakdown in global trade relations, as both sides may resort to tariffs and sanctions [26][30] Group 3: Diverging Development Paths - The current situation highlights a historical divergence in development paths between China and Europe, with China prioritizing manufacturing and technology over consumerism [30][32] - China's focus on enhancing technological independence and industrial security is deemed more critical than increasing imports from Europe [32][34] - The inability of Europe to adapt to this new competitive landscape may lead to a closed-off and confrontational approach, reflecting the collapse of the old global division of labor [34]

当前，我国正处于"十四五"规划收官、"十五五"规划开局的关键节点，综合施策扩大有效投资，更 加关注投资质量和效益，对于经济平稳运行至关重要。 优化政府投资工具使用，提高公共投资效率。比如，稳定并适度扩大直接用于项目建设的债券额 度，确保资金支持实物工作量形成。适度下放专项债管理事权，增强地方自主性。再如，适当加大新型 投资率过高曾是中国经济增长模式的挑战之一，也是导致供求矛盾的一大结构性根源。当前，我国 正处于"十四五"规划收官、"十五五"规划开局的关键节点，综合施策扩大有效投资，更加关注投资质量 和效益，对于经济平稳运行至关重要。 今年以来，全国固定资产投资呈现明显放缓态势。国家统计局数据显示，前10个月，全国固定资产 投资同比下降了1.7%，尤其是10月当月投资增速罕见下滑至-11.2%，一些海外媒体趁机以"投资失速"为 由，大肆渲染中国经济"通缩论""危机论"，引发市场猜测与担忧。 投资率过高曾是中国经济增长模式的挑战之一，也是导致供求矛盾的一大结构性根源。中国经济经 过多年高速增长，如今面临着城镇化减速、基础设施建设需求下降等新问题，而投资增速放缓正是其具 体表现之一。当前，中国经济步入了新发展阶段， ...

Core Insights - The recent high-level call between China and the U.S. indicates a recognition of long-term competition but also the potential for cooperation [1][7][22] - China's continuous increase in gold reserves, reaching 73.9 million ounces, signals a strategic move to build a financial "moat" and reduce reliance on the U.S. dollar [3][5][14] Group 1: U.S.-China Relations - U.S. Treasury Secretary's statement reflects a realistic view of U.S.-China relations, acknowledging competition while leaving room for cooperation [7][18] - The recent appreciation of the Renminbi suggests a market reassessment of U.S.-China dynamics following the call and the Fed's interest rate cuts [7][9] - The upcoming APEC summit in Shenzhen will serve as a platform for discussing regional cooperation and financial interconnectivity [12][22] Group 2: China's Financial Strategy - China's gold purchases are part of a broader strategy to enhance the international credibility of the Renminbi and prepare for external risks [5][14] - The reduction of U.S. Treasury holdings to $700.5 billion indicates a deliberate move to decrease dollar dependency [5][9] - The potential establishment of Shenzhen as a global gold reserve center could reshape the international financial landscape [14][16] Group 3: Economic Policies - China maintains low interest rates and focuses on stabilizing its real estate market while promoting high-end manufacturing [10][24] - The contrasting economic strategies of the U.S. and China highlight a long-term structural competition rather than a short-term political game [9][20] - The APEC summit is expected to be a critical moment for China to push for the internationalization of the Renminbi and establish itself as a key player in global gold pricing [14][24]

全国工商联报告：中国民企境外经营规模进一步扩大 中新社海口11月28日电 (记者 陈建新 王子谦)中华全国工商业联合会28日在海南海口发布的《2025中国 民营企业国际化发展报告》显示，中国民企境外经营规模进一步扩大，国际化水平提高。 研发方面，报告指出，受访民企研发投入持续增加，创新能力显著提升。2024年研发投入14088.30亿 元，增长超5%，研发投入强度3.01%。其中，境外研发投入增长超5%。截至2024年底，受访民企拥有 国际有效发明专利67669件，增长11.32%。其中，新一代信息技术产业、高端制造业的国际有效发明专 利占比超94%。 报告还显示，中国民企对外工程承包额快速增长，工程建设能力明显提升；风险防范意识不断增强，合 规管理体系更加完善。面对错综复杂的国际形势，广大民企展现出强大的韧性与活力。(完) 来源：中国新闻网 今年，全国工商联在"上规模民营企业调研"基础上，对4022家有境外资产、出口贸易、对外投资、对外 工程承包、对外劳务合作等国际业务的民营企业开展问卷调研，形成上述报告。 报告显示，2024年，受访民企境外收入总额52149.66亿元(人民币，下同)，同比增长11.93% ...