Group 1 - The core viewpoint of the report is that China Construction Bank's net profit attributable to shareholders is expected to grow by 2.2% year-on-year in Q4 2025, indicating a positive outlook for the bank's financial performance [1] - The asset quality of China Construction Bank continues to improve, with the non-performing loan ratio decreasing to 1.31% by the end of December [1] - The valuation of China Construction Bank is currently considered attractive, leading to an increase in the target price from HKD 10.44 to HKD 11.28, while maintaining a "Buy" rating [1]

Market Overview - A-shares opened high but closed lower, with the Shanghai Composite Index down 0.80% at 3,891.86 points, while the Shenzhen Component fell 1.81%[14] - U.S. stocks saw significant gains, with the Dow Jones rising 2.49% to 46,341 points, the S&P 500 up 2.91% to 6,528 points, and the Nasdaq increasing 3.83% to 21,590 points[8] Economic Indicators - China's manufacturing PMI for March was 50.4, up 1.4 from the previous month, indicating improved manufacturing conditions[5] - The non-manufacturing PMI was 49.3, an increase of 1.1, suggesting a recovery in service sectors[5] Commodity and Currency Markets - The U.S. dollar index fell 0.5% after five consecutive days of gains, while gold prices rose 3.48% to $4,668.06 per ounce[24] - Crude oil prices dropped, with WTI down 1.46% to $101.38 per barrel and Brent down 3.18% to $103.97 per barrel[24] Fixed Income Market - U.S. Treasury yields decreased by 0-4 basis points, with the 2-year yield at 3.79% and the 10-year yield at 4.32%[27] - Asian credit markets showed stability, with bond spreads narrowing by 1-2 basis points amid light buying activity[27] Sector Performance - In the U.S., 9 out of 11 S&P sectors rose, with telecommunications and information technology leading gains at 4.41% and 4.24% respectively[8] - In Hong Kong, the Hang Seng Index rose 0.15%, while the Hang Seng Tech Index fell 0.86%[10] Global Political Context - The U.S. and Iran signaled a willingness to de-escalate tensions, positively impacting market sentiment and contributing to the stock market rebound[8] - Trump indicated that the U.S. could end military actions in the Middle East within two to three weeks, which may influence upcoming elections[5]

Core Viewpoint - The company reported its 2025 annual performance, showing revenue growth of 8.1% year-on-year and a net profit increase of 4.9%, with Q4 2025 results aligning with expectations [1] Financial Performance - In Q4 2025, revenue increased by 13.8% year-on-year and 15.6% quarter-on-quarter, while pre-tax profit rose by 0.3% quarter-on-quarter and 5.0% year-on-year, meeting expectations [1] - The net interest income (NII) for Q4 2025 grew by 7.3% year-on-year, contributing to an annual adjusted NII increase of 1.4%, outperforming consensus expectations [1] - The average HIBOR for 2025 decreased by over 160 basis points compared to the previous year, yet the company's adjusted net interest margin (NIM) only declined by 6 basis points to 1.58%, supported by structural optimization [1] Growth Drivers - The company experienced a 5% year-on-year increase in average interest-earning assets and an 8% rise in deposits, both outpacing the 4% growth in average interest-bearing liabilities [1] - The company focused on comprehensive customer management, enhancing cash management and payroll services, resulting in a 7 percentage point increase in CASA deposits by the end of 2025 [1] - Total loans increased by 2.4% year-on-year, with a moderate growth of 2% in Hong Kong loans and a robust 10% increase in Southeast Asian loans [1] Non-Interest Income - The adjusted non-interest income for 2025 surged by 40% year-on-year, with fee income rising by 14%, driven by significant growth in wealth management-related services [2] - Other adjusted non-interest income skyrocketed by 143%, attributed to accurate trading rhythm judgments on the proprietary side [2] - The company actively explored the needs of top corporate clients, diversifying income sources through foreign exchange, precious metals, and interest rate products [2] Profit Forecast and Valuation - The company introduced profit forecasts for 2026 and 2027, estimating revenues of HKD 77.3 billion and HKD 78.4 billion, and net profits of HKD 40 billion and HKD 40.5 billion respectively [2] - The current trading price corresponds to 1.2x and 1.1x the projected P/B for 2026 and 2027, leading to a target price increase of 53% to HKD 45.1, reflecting an upside potential of 11.2% [2]

Group 1 - The report emphasizes that the adjustment in the market presents an opportunity to invest in Chinese assets, highlighting the emergence of significant bottom points in the Chinese stock market after recent adjustments [11][12][14] - The report identifies that China's energy consumption has a low oil and gas proportion of less than 30%, which is below the global average, enhancing resilience against risks [11][12] - The report notes that China's relatively stable security situation, complete supply chain system, and proactive industrial development are unique advantages that can counteract the prevailing narrative of stagflation [11][12] Group 2 - The report suggests that the focus on domestic demand and expansionary fiscal policies in 2026 will support consumption and stabilize investment, which is expected to counterbalance the decline in global demand [12][13] - The report highlights the acceleration of capital expenditure in new economic sectors and the growth of global energy transition demands as key drivers for China's growth logic in 2026 [13][14] - The report recommends sectors such as finance, technology manufacturing, and stable domestic demand as primary investment targets, emphasizing the value of high dividend yield in financial and stable sectors [14] Group 3 - The report discusses the performance of Tencent Holdings, which is expected to see solid growth driven by AI investments, with projected revenues of 830.2 billion CNY in 2026 [21] - The report highlights the launch of Claude Cowork, which is anticipated to accelerate CPU demand due to its role in AI applications, suggesting a significant growth opportunity in the electronic sector [24][29] - The report mentions that the communication sector, particularly optical interconnection, is expected to experience high growth due to increasing demand in AI infrastructure [36][39]

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank with a target price of 6.29 CNY per share, based on a projected PB of 0.69 for 2026 [3][5]. Core Insights - The bank's performance continues to improve, with a projected growth in net profit attributable to shareholders of 3.7% in 2026, 4.5% in 2027, and 5.1% in 2028. The BVPS is expected to be 9.07, 9.76, and 10.49 CNY for the respective years [3][4]. - The bank's revenue growth is forecasted to be 1.8% in 2024, 2.0% in 2025, and gradually increasing to 4.0% by 2028, indicating a steady upward trend [4]. - The bank's net interest margin is expected to narrow slightly, with a decrease of 21 basis points year-on-year, but improvements in deposit costs are anticipated in the future [9]. Financial Performance Summary - For 2024A, the bank's operating income is projected at 348,775 million CNY, with a year-on-year growth of 1.8%. By 2028E, the operating income is expected to reach 392,425 million CNY, reflecting a growth of 4.0% [4][12]. - The net profit attributable to shareholders is forecasted to be 86,479 million CNY in 2024A, increasing to 99,512 million CNY by 2028E, with a growth rate of 5.1% [4][12]. - The bank's total assets are projected to grow from 17,084,910 million CNY in 2026E to 23,133,557 million CNY by 2028E, indicating robust asset expansion [12].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The domestic manufacturing industry's prosperity has rebounded to the expansion range, providing some support for the market, and Chinese stock indices are relatively resistant to declines compared to other markets. However, the current market trading focus remains on geopolitical factors, fluctuating with changes in event expectations [3] 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Macro Aspect**: In March, with the acceleration of resumption of work and production after the Spring Festival, both production and demand expanded simultaneously. China's manufacturing, non - manufacturing, and comprehensive PMI output indices all returned to the expansion range, reaching 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [1] - **Geopolitical Aspect**: Trump stated that he is willing to end military operations against Iran even if the Strait of Hormuz remains largely closed, believing that the war with Iran is likely to end soon. Iran's Foreign Minister Araqchi said that the current situation involves information exchange through direct channels or "regional friends", and Iran still receives information from US representative Witkoff, but this does not mean negotiations have started, and currently Iran is not in negotiations with any specific party [1] - **Index Adjustment**: In the spot market, the three major A - share indices adjusted. The Shanghai Composite Index fell 0.8% to close at 3891.86 points, and the ChiNext Index fell 2.7%. Most sector indices declined, with only household appliances, banking, and food and beverage industries rising. Coal, power equipment, electronics, and basic chemical industries led the decline. The daily market turnover was 2 trillion yuan. The central bank's Monetary Policy Committee held its first - quarter regular meeting to study the main ideas of monetary policy for the next stage, suggesting to give play to the integrated effect of incremental and existing policies, comprehensively use various tools, strengthen monetary policy regulation, and grasp the intensity, rhythm, and timing of policy implementation. Overseas, the three major US stock indices all closed higher, with the Nasdaq rising 3.83% to 21590.63 points [2] - **Basis Recovery**: In the futures market, the basis of stock index futures all recovered. In terms of trading volume and open interest, the trading volume and open interest of IF, IH, and IC increased simultaneously [2] 3.2 Strategy - The recovery of domestic manufacturing prosperity to the expansion range provides support for the market, and Chinese stock indices show relative resistance to declines compared to other markets. However, the current market trading focus is still on geopolitical factors, fluctuating with changes in event expectations [3] 3.3 Charts 3.3.1 Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][8][10] 3.3.2 Spot Market Tracking Charts - **Domestic Main Stock Index Daily Performance**: The Shanghai Composite Index closed at 3891.86, down 0.80%; the Shenzhen Component Index closed at 13478.06, down 1.81%; the ChiNext Index closed at 3184.95, down 2.70%; the CSI 300 Index closed at 4450.05, down 0.93%; the SSE 50 Index closed at 2826.12, down 0.25%; the CSI 500 Index closed at 7617.33, down 1.76%; the CSI 1000 Index closed at 7619.85, down 1.91% [13] - Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] 3.3.3 Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume of IF was 97664, an increase of 2925; the open interest was 257846, an increase of 4198. The trading volume of IH was 47813, an increase of 1832; the open interest was 101567, an increase of 55. The trading volume of IC was 166503, an increase of 6990; the open interest was 273460, an increase of 11361. The trading volume of IM was 233473, a decrease of 3452; the open interest was 393494, an increase of 6672 [15] - **Basis**: For IF, the basis of the current - month contract was - 16.25, an increase of 3.30; the basis of the next - month contract was - 36.65, an increase of 2.30; the basis of the current - quarter contract was - 74.25, an increase of 3.70; the basis of the next - quarter contract was - 156.65, an increase of 5.10. For IH, the basis of the current - month contract was - 1.72, an increase of 2.49; the basis of the next - month contract was - 4.72, an increase of 2.29; the basis of the current - quarter contract was - 22.12, a decrease of 1.31; the basis of the next - quarter contract was - 61.92, an increase of 0.49. For IC, the basis of the current - month contract was - 41.73, an increase of 5.19; the basis of the next - month contract was - 90.93, an increase of 8.19; the basis of the current - quarter contract was - 192.33, an increase of 0.79; the basis of the next - quarter contract was - 361.93, an increase of 4.59. For IM, the basis of the current - month contract was - 46.25, an increase of 25.88; the basis of the next - month contract was - 121.85, an increase of 22.28; the basis of the current - quarter contract was - 240.45, an increase of 18.08; the basis of the next - quarter contract was - 459.85, an increase of 25.48 [37][39] - **Inter - period Spread**: The inter - period spread data of different contracts (next - month minus current - month, next - quarter minus current - month, etc.) are provided, including the current values and changes [46][47]

Core Viewpoint - CICC reports that Bank of China Hong Kong announced its 2025 annual results, with revenue increasing by 8.1% year-on-year and net profit attributable to shareholders rising by 4.9% [1][2] Financial Performance - The company forecasts operating revenue for the next two years to be HKD 77.3 billion and HKD 78.4 billion, with net profit attributable to shareholders expected to be HKD 40 billion and HKD 40.5 billion respectively [1][2] Target Price and Rating - CICC raised the target price for the company by 53% to HKD 45.1 and maintains an "outperform" rating based on changes in market risk appetite and profit expectations [1][2] Future Projections - The company is expected to maintain double-digit year-on-year growth in net fee income for 2026, with credit costs remaining stable at approximately 50 basis points [1][2] Shareholder Returns - The board has approved a framework for shareholder returns from 2026 to 2028, which includes increasing the dividend payout ratio within the established range of 40% to 60%, share buybacks, and special dividends [1][2] - Given the current high valuation level, CICC assesses that the probability of adopting dividend-related measures is higher, with special shareholder returns likely to be implemented in the first half of this year [1][2]

Core Insights - The core focus of Bohai Bank's transaction banking is to integrate financial services deeply into the real economy by aligning with industry needs and development scenarios [1][8] Group 1: Supply Chain Development - Bohai Bank adheres to a supply chain development philosophy that emphasizes industry-based solutions and scenario-driven financial services, aiming to provide customized financial solutions that meet diverse industrial needs [1] - By 2025, Bohai Bank plans to invest over 1 trillion yuan in both on-balance and off-balance sheet businesses, enhancing financial support for high-quality industrial development [1] Group 2: Basic Industries - The bank targets essential industries such as water, electricity, coal, gas, oil, and transportation, moving away from traditional homogeneous financial services to offer scenario-based financial solutions that integrate into the entire operational process [2] - Strategic partnerships with leading companies in sectors like electricity and logistics have led to the development of specialized financial products that efficiently respond to high-frequency funding needs, thereby improving cash flow and reducing capital costs for enterprises [2] Group 3: Green Development - Bohai Bank integrates green finance concepts with scenario-based financial models to promote the green transformation of traditional industries, particularly in agriculture and forestry [3] - The bank has created tailored green supply chain financial solutions that leverage the credit of core enterprises to empower upstream participants, significantly shortening payment cycles and enhancing overall operational efficiency [3] Group 4: Inclusive Finance for SMEs - Recognizing small and micro enterprises as vital to the economy, Bohai Bank has developed a digital transformation strategy that offers inclusive financial services to address common financing challenges faced by these businesses [4] - The bank's "one garden, one policy" digital supply chain solution aims to enhance the financial service platform for industrial parks, thereby strengthening industrial clusters and improving competitiveness [4] Group 5: Cross-Border Financial Services - In the context of the dual circulation development pattern, Bohai Bank is enhancing cross-border financial services, with a target of exceeding 100 billion USD in international settlements by 2025 [5] - The bank has introduced innovative services like "one account, multiple currencies" to streamline cross-border payment processes and improve financial management for enterprises [5] Group 6: Smart Treasury Solutions - Bohai Bank has developed a "Bohai Treasury" smart financial service platform to meet the internal management needs of enterprises, facilitating centralized and refined fund management [7] - The platform has been implemented in 204 enterprises across 13 provinces, achieving a 42% coverage rate among state-owned enterprises in Tianjin, and has successfully assisted large enterprises in unified fund management [7] Group 7: Future Directions - Bohai Bank aims to continue its commitment to serving the real economy by deepening product and service innovation in the scenario finance sector, ensuring that financial services align closely with industrial development needs [8]

Macro Insights - The Middle East conflict has raised global inflation expectations, with March PMI indicators for the US, Europe, and Japan showing weakness due to energy supply shocks and high oil prices impacting the real economy [2][3] - The US stock indices fell throughout the month, while oil prices surged significantly, leading to increased volatility in equity and commodity markets [2] - Domestic manufacturing capacity adjustments are nearing completion, and raw material prices have risen sharply due to oil supply shocks, potentially squeezing profits for mid- and downstream enterprises [3] Company-Specific Insights - Guizhou Moutai (600519 CH) is undergoing a critical year of market-oriented governance transformation, with short-term price stability for its flagship product and long-term growth potential [7] - China Duty Free Group (601888 CH) reported a revenue of 53.694 billion yuan, down 4.92% year-on-year, but showed signs of recovery in Q4 with a revenue increase of 2.81% [8] - RuiPu Bio (300119 CH) achieved a revenue of 3.398 billion yuan in 2025, reflecting a 10.7% year-on-year growth, with a focus on the development of its microbial protein project [10] - MingNing (1768 HK) reported a revenue increase of 68.2% to 66.17 billion yuan, driven by higher store openings and improved profitability [11] - Torch Electronics (603678 CH) achieved a revenue of 4.121 billion yuan, up 47.09% year-on-year, with a focus on diversifying its business to enhance competitiveness [13] - China Overseas Development (688 HK) reported a revenue of 168.1 billion yuan, down 9% year-on-year, but maintains a strong competitive advantage in the industry [14] - Poly Property (6049 HK) achieved a revenue of 17.13 billion yuan, up 5% year-on-year, with expectations for continued stable growth in 2026 [24] - Times Electric (688187 CH) reported a revenue of 28.703 billion yuan, up 15.23% year-on-year, with strong performance in its non-rail business segments [25]

Report Industry Investment Rating No relevant content provided. Core Views - Focus on the intensity of external risks, which may provide an unexpected difference in the aggregate demand policy in 2026. The policy goal is "stable economic growth and reasonable price recovery", and price remains an important consideration for monetary policy. Externally, since 2026, the situation from South America to the Middle East has escalated, with frequent geopolitical and trade conflicts. Internally, the impact of "external shocks" has increased, and policies are in the stage of observing the impact transmission [2]. - The macro - policy continues the requirements of "strong supply and weak demand" and "cross - cycle adjustment" in the fourth quarter. Price remains the focus of the central bank's monetary policy. In terms of monetary policy, "promoting the low - level operation of the comprehensive social financing cost" is postponed, and "regulating the operation of the credit market and reducing the intermediate financing costs" is added. As the cycle may pick up, regulatory policies may be strengthened compared with the loosening of aggregate policies. In terms of structural policies, the support order for key areas remains unchanged, with aggregate demand remaining the top priority. Policy support for investment has increased and spread from the "two - heavy" and "two - new" areas to a wider range, which may be the area with an unexpected difference in monetary policy in 2026. The deletion of "jointly maintaining the stable development of the financial market" and "using the swap facilities of securities, funds, and insurance companies and the relending for stock repurchase and increase, and exploring a normalized institutional arrangement" may mean that monetary policy will further enhance its support for the economic structure and the real economy under the state of "optimizing tool management" [3]. - The exchange - rate policy is the same as in the third and fourth quarters. Under external conflicts, the pressure on the RMB side has been alleviated [4]. - The macro - strategy tone remains unchanged. In the second quarter, pay attention to the possibility of a shift from defense to offense. The monetary policy continues the characteristic of increasing demand for price recovery since the fourth quarter, which comes from the "cross - cycle" on the supply side and the unexpected difference in investment on the demand side. The positive judgment of the macro - strategy in 2026 is maintained. The forward - looking monetary policy may drive the market volatility to be relatively stable. In the time window of the cycle transition, maintain a neutral position on short - term equities, observe the evolution of external conflicts, and reduce the hedging ratio as the volatility rises. The interest - rate market continues to focus on the phased trading opportunities after the rapid rise of the long - end [5]. Summary by Directory 1. "Monetary Policy Committee Meeting" Comparison Analysis 1.1 First Paragraph: Monetary Policy - The first - quarter statement emphasizes that macro - policies are more proactive and effective this year, and monetary policy remains moderately loose, strengthening counter - cyclical and cross - cyclical adjustments. The reform effectiveness of the loan prime rate continues to be released, the role of the market - based deposit - rate adjustment mechanism is effectively played, the transmission efficiency of monetary policy is enhanced, and the social financing cost is at a historically low level. The foreign - exchange market supply and demand are basically balanced, the RMB exchange rate floats bidirectionally, and remains basically stable at a reasonable and balanced level. The financial market generally operates smoothly [12]. - The fourth - quarter statement states that macro - control efforts have been increased this year, and monetary policy is moderately loose, continuously exerting force and increasing force in a timely manner, strengthening counter - cyclical adjustments. It serves the high - quality development of the real economy and creates a suitable monetary and financial environment for the stable and sound economic development. Other contents are similar to the first - quarter statement [13]. - Huatai's analysis shows that in terms of the total amount, the first - quarter monetary policy operation has changed from "increasing intensity" to "more proactive and effective", indicating a relatively wait - and - see state in the short term. In terms of structure, "cross - cycle" adjustment is added in the first quarter, aiming to achieve "better" economic development. Despite the uncertainty of the global geopolitical situation, the domestic economic cycle is gradually recovering, and the macro - policy has shifted from "increasing force" to "support" [14]. 1.2 Second Paragraph: Situation Analysis - The first - quarter statement analyzes the domestic and international economic and financial situations. It believes that the impact of changes in the external environment has deepened, the world economic momentum is weak, geopolitical and trade conflicts occur frequently, the economic performance of major economies is differentiated, and there is uncertainty in inflation trends and monetary - policy adjustments. China's economy operates generally stably and makes progress while maintaining stability, but still faces problems and challenges such as strong supply and weak demand and external shocks. It is necessary to continue to implement a moderately loose monetary policy, strengthen counter - cyclical and cross - cyclical adjustments, better play the dual functions of the total amount and structure of monetary - policy tools, strengthen the coordination and cooperation of monetary and fiscal policies, and promote stable economic growth and reasonable price recovery [27]. - The fourth - quarter statement also analyzes the domestic and international economic and financial situations. It believes that the impact of changes in the external environment has deepened, the world economic growth momentum is insufficient, trade barriers have increased, the economic performance of major economies is differentiated, and there is uncertainty in inflation trends and monetary - policy adjustments. China's economy operates generally stably and makes progress while maintaining stability, but still faces problems and challenges such as prominent contradictions between strong supply and weak demand. Other contents are similar to the first - quarter statement [28]. - Huatai's analysis indicates that in terms of the external economic and financial situation, the description has changed from "insufficient growth momentum" to "weak momentum", and the external uncertainty has increased. In terms of the internal economic situation, although the contradiction between strong supply and weak demand still exists, it has weakened marginally. The first quarter deletes the description of "prominent contradiction" and adds the description of "external shock", indicating that the domestic macro - policy needs to respond to external uncertainties in the short term. For monetary policy, the descriptions of "strengthening counter - cyclical" and "cross - cyclical adjustment" remain unchanged, indicating a transformation from total - amount to structural policies and that incremental policies are still on standby [29]. 1.3 Third Paragraph: Policy Requirements - The first - quarter statement suggests giving play to the integrated effect of incremental and stock policies, comprehensively using various tools, strengthening monetary - policy regulation, and grasping the intensity, rhythm, and timing of policy implementation according to the domestic and international economic and financial situations and financial - market operation. It is necessary to maintain sufficient liquidity, match the growth of social financing scale and money supply with the expected goals of economic growth and general price level. Strengthen the guidance of the central bank's policy interest rate, improve the market - based interest - rate formation and transmission mechanism, play the role of the market - interest - rate pricing self - regulatory mechanism, and strengthen the implementation and supervision of interest - rate policies. Regulate the operation of the credit market, reduce intermediate financing costs, and promote the low - level operation of the comprehensive social financing cost. Observe and evaluate the bond - market operation from a macro - prudential perspective, and pay attention to changes in long - term yields. Smooth the monetary - policy transmission mechanism and improve the efficiency of capital use. Enhance the resilience of the foreign - exchange market, stabilize market expectations, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [42]. - The fourth - quarter statement is similar to the first - quarter statement, but it does not mention "regulating the operation of the credit market and reducing intermediate financing costs" and emphasizes "preventing exchange - rate overshooting risks" [43]. - Huatai's analysis shows that the central bank's monetary policy remains in the "discretionary" stage started in the fourth quarter. The statement of "promoting the low - level operation of the comprehensive social financing cost" is postponed. As the inflation index begins to gradually recover upward, the actual financing cost is in the process of repair, and the urgency of actively reducing the financing cost through policies has decreased. The new statement of "regulating the operation of the credit market and reducing intermediate financing costs" is added. In 2026, the banking industry has been under high - pressure supervision, with a large number of regulatory penalties and high fines, especially in the credit business [44]. 1.4 Fourth Paragraph: Policy Reform - The first - quarter statement points out that it is necessary to guide large - scale banks to play the main role in financial services for the real economy, promote small and medium - sized banks to focus on their main responsibilities and businesses, and enhance the capital strength of banks. Make good use of various structural monetary - policy tools, optimize tool management, do a solid job in the "five major articles" of finance, and strengthen financial support for key areas such as expanding domestic demand, scientific and technological innovation, and small and medium - sized enterprises. Continuously do a good job in financial services to support the development and growth of the private economy. Maintain the stable operation of the financial market. Effectively promote the high - level two - way opening of finance and improve the economic and financial management ability and risk - prevention ability under open conditions [54]. - The fourth - quarter statement is similar to the first - quarter statement, but it adds "jointly maintaining the stable development of the financial market" and "using the swap facilities of securities, funds, and insurance companies and the relending for stock repurchase and increase, and exploring a normalized institutional arrangement" [55]. - Huatai's analysis shows that the support order for key areas remains unchanged. The policy support for investment will also be maintained in 2026 to improve the investment structure. The use scope of structural policy tools will be expanded in 2026. The policy's active structural support for foreign trade will decline. The deletion of some statements may mean that monetary policy will further enhance its support for the economic structure and the real economy. The focus of financial - stability policies has been further expanded [56]. 1.5 Fifth Paragraph: Policy Guidance - The first - quarter statement emphasizes guiding by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, the Central Economic Work Conference, and the National Two Sessions. According to the decisions and arrangements of the Party Central Committee and the State Council, firmly grasp the primary task of high - quality development, solidly promote Chinese - style modernization, fully and accurately implement the new development concept, and accelerate the construction of a new development pattern. Put strengthening the domestic economic cycle in a more prominent position, coordinate the relationship between total supply and total demand, enhance the forward - looking, targeted, and coordinated nature of macro - policies, focus on expanding domestic demand and optimizing supply, improve the increment, and revitalize the stock, and continuously consolidate and expand the momentum of stable economic development [64]. - The fourth - quarter statement is similar to the first - quarter statement, but it does not mention the National Two Sessions [65]. - Huatai's analysis shows that the first - quarter monetary - policy requirements continue the fourth - quarter requirements. The macro - policy has shifted from "coordination and cooperation, maintaining policy continuity and stability, and enhancing flexibility and predictability" to "forward - looking, targeted, and coordinated". The focus of the policy in 2026 is to expand domestic demand, and the statement of "optimizing supply" is added, reflecting the overall "stable" policy tone [66].