（来源：河北日报） 转自：河北日报 河北部署2026年发展改革七项重点任务 推动实现"十五五"良好开局 本报讯（记者冯阳）12月27日，全省发展和改革工作会议在石家庄召开。记者从会上获悉，2025年，全 省发展改革系统在稳增长、扩内需、促协同、调结构、抓改革、惠民生、防风险等方面主动作为，助力 全省经济运行稳中有进。2026年，将聚焦七项重点任务，推动实现"十五五"良好开局。 2025年是"十四五"收官之年，全省经济运行稳中有进。 重大战略深入实施。省会至张承高铁运行时间进一步压缩，京津冀首列观光旅游列车正式开行。1至11 月雄安新区固定资产投资同比增长14.8%。石家庄都市圈发展规划印发，促进沿海经济高质量发展20条 措施出台，连续3年有5个县级市入围全国百强。 扩大内需是战略之举。我省将积极争取中央各类政策资金支持，强化项目谋划储备和组织实施，持续激 发民间投资活力，优化实施消费品以旧换新，积极扩大服务消费，更好发挥内需主导作用。 为持续增强区域发展动能，我省将办好第三届空天信息创新技术大赛，联合京津共建更多产业链、创新 链。推进石家庄都市圈发展规划落地，着力提升潜力地区城镇化水平。 产业质效稳步提升。省 ...

今天分享的是：中信证券：AI泡沫质疑声中的韧性市场 报告共计：113页 AI泡沫质疑声中的2026年全球市场韧性展望 《AI泡沫质疑声中的韧性市场》报告指出，2025年全球市场在降息周期、科技景气与美元弱势三大因素驱动下，呈现股强于债、科技强于防御的结构性行 情，2026年市场虽面临AI泡沫争议等不确定性，但整体将保持韧性，多领域仍存明确投资机遇。 2025年市场回顾与核心驱动 2025年全球大类资产表现分化显著，黄金以62.8%的涨幅领跑，港股上涨29.5%，美股、欧洲股票等也实现稳健增长。债券市场中，美国投资级债、高收益 债均保持正收益，中资美元债表现亮眼。 核心驱动因素包括美联储预防式降息释放流动性，AI技术推动科技产业景气度提升，美元走弱为新兴市场和贵金属带来支撑。其中，AI相关板块成为关键 主线，中概互联网板块全年涨幅显著，半导体、算力相关资产受产业链需求驱动表现突出。 2026年三大核心投资主题 美国降息周期延续：美联储后续仍有降息空间，新任主席人选将影响降息节奏。预防式降息有望推动股市继续上涨，美股业绩预期持续上修，港股、韩股及 新兴市场股票将受益于流动性外溢，高收益债也将因融资成本下降获得支撑 ...

同时呢在长端掉期进行了回笼美元，以应对结汇的压力，所以啊也就间接影响到我们大a跳水了。而这 一个动作其实啊也只是起到了放缓人民币的涨势，而不是从根本上改变它原有的趋势，所以反映到我们 盘面上也就是突然跳下水，然后慢慢的再收起来了。至于之后的行情啊我依旧比较看好，不会因为今天 盘中的那么一跳而改变自己的观点。板块方面短期还是看商业航天和人形机器人，中期依旧看好AI、 算力、半导体、有色等方向。 今天中午发生了什么事，大盘突然跳水了，而午后又逐步收了上去。另外之后的行情大家又怎么看呢？ 和讯投顾卢明昊分析，今天早盘市场依旧延续着最近小幅攀升的节奏，就在以为还是老剧本重演的时 候，突然之间大盘直线跳水，由于跳水来的太快，可能有些朋友啊还没有反应过来，等到中午吃饭的时 候啊才看到，那到底是发生了什么事呢？原来啊是因为最近人民币升值过快短短一个月时间里，离岸人 民币对美元将近升值了1.5%左右，从而可能触发了机构交易市场重新购买美元的条件。 ...

12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融 界主办，汇聚监管部门、行业协会、金融机构、上市公司、媒体等领域数百位相关领导和重磅嘉宾。会 上，第十四届金融界"金智奖"年度评选结果重磅揭晓，恒润股份荣获"杰出成长性企业"。 恒润股份聚焦新能源与数字经济核心赛道，确立"风电+算力"双轮驱动发展战略，实现两大板块协同发 力、高速增长。在风电领域，恒润股份作为全球海上风电法兰龙头企业，是国内最早一批给海上风电大 功率风机配套塔筒法兰的厂商，也是全球少数能制造12MW及以上海上风电塔筒法兰的企业之一。同 时，公司攻克风电主轴轴承"卡脖子"技术，相关产品通过台架试验实现国产替代，充分彰显实业贡献与 技术硬实力。 算力业务则成为公司第二增长曲线的核心支撑，展现出强劲的创新活力与成长潜力。今年以来，上海润 六尺加大市场开拓力度，积极拓展融资渠道，实现业务规模快速增长，目前已与国内主流算力服务器厂 商建立深度战略合作关系，并在算力服务领域实现关键突破，客户群体与业务覆盖范围持续扩大。 未来，恒润股份将持续深化双轮驱动战略，风电板块聚焦大兆瓦风电法兰以及风电主轴轴承产品与 ...

Market Overview - The market experienced a significant rebound during the last complete trading week of 2025, with key sectors such as CPO, liquid cooling servers, humanoid robots, and commercial aerospace witnessing strong surges [1][4] - Major stocks like Shenjian Co. and Haoshi Electromechanical achieved consecutive daily limits, indicating robust market performance [1][4] Index Performance - Major indices, including the Shanghai Composite, Shenzhen Component, and ChiNext, recorded consecutive gains, with the Shanghai Composite achieving an 8-day winning streak since December 17 [2][16] - Several sectors saw weekly gains exceeding 6%, with some sectors showing even higher increases since their lows on November 24 [2][16] Leading Sectors - Key sectors leading the market include: - Hainan Free Trade Zone: 9.08% weekly increase, 9.20% since November 24 - Storage Chips: 13.87% increase since November 24 - Liquid Cooling Servers: 5.66% weekly increase, 12.71% since November 24 - CPO: 12.11% increase since November 24 - Humanoid Robots: 4.57% weekly increase [3][17] Policy and Funding Support - The National Venture Capital Guidance Fund officially launched on December 26, focusing on artificial intelligence and 6G technologies, with initial regional funds exceeding 500 billion [4][18] - The Jiangxi Province's "Artificial Intelligence+" action plan aims for a computing service scale of 5000 PFlops by 2030, further stimulating the computing sector [4][18] Commercial Aerospace Developments - The commercial aerospace sector has seen numerous catalytic events, including the release of a report indicating 325 global space launches and 4026 satellites in orbit, with China contributing significantly [5][18] - The Commercial Aerospace Industry Alliance's innovation fund has been initiated, with an initial scale of 10-20 billion, aiming to expand to 100 billion [5][18] Humanoid Robots Sector - The humanoid robot sector has seen a resurgence, with a weekly increase of over 4% and nearly 10% since November 24 [8][21] - Notable stocks include: - Tianqi Co. with consecutive daily limits - Haoshi Electromechanical achieving historical highs - Chaojie Co. doubling in price over the past month [8][21] Capitalization and Market Events - Recent capital operations in the humanoid robot sector include a significant acquisition by leading company UBTECH, which plans to acquire approximately 43% of Fenglong Co. [9][22] - Additional events include the establishment of the Beijing Robotics Industry Association and the upcoming humanoid robot marathon in 2026 [9][22]

12月22日，中国共产党甘肃省第十四届委员会第九次全体会议在兰州举行，全会审议通过了《中共甘肃 省委关于制定国民经济和社会发展第十五个五年规划的建议》，为今后五年全省发展作出总体设计、系 统部署。 "十五五"期间，甘肃将依托丰富的能源资源，统筹大基地、大通道、大消纳体系建设，建设超大型风光 电基地，加快陇电外送通道建设，实施新能源发展融合集成工程和"新能源+"行动，加强新能源大规模 开发和本地高比例消纳协同，壮大风电、光伏、光热、氢能、储能装备和新能源电池产业集群，推动甘 肃由能源大省向能源强省迈进。 丁巨胜表示，作为全国一体化算力网络国家枢纽节点之一，甘肃将统筹实施算力扩容聚链发展工程，加 强与东部地区算力高效协同，提升庆阳"东数西算"产业园承载力，推动算力服务、数据服务、设备制 造、信创产业等集聚发展。同时，实施好"人工智能+""数据要素×"行动，加快建设数智甘肃。 同时，针对第三产业规模总体较小、内部结构不尽合理的实际，甘肃将统筹开展服务业扩能提质行动， 提高现代服务业与先进制造业、现代农业融合发展水平，推进生产性服务业向专业化和价值链高端延 伸，推进生活性服务业向高品质、多样化、便利化发展。实施服务业 ...

Core Viewpoint - The A-share market is expected to enter a new phase driven by "profitability and policy guidance" in 2026, transitioning from a liquidity-driven market in 2025, with a focus on both growth and stability in investment strategies [2][5]. Investment Opportunities - The two main investment lines for the next 3-5 years are: 1. "Growth Steed" representing technology innovation fields such as domestic computing power, AI applications, robotics, and energy storage 2. "Steady Horse" representing traditional industry upgrades and value reassessment, including high-end manufacturing, resource security, and financial openness [3][4]. - Institutional funds are expected to continue focusing on AI and computing power, but with a more balanced allocation towards traditional industries like finance and resource optimization [2][3]. Market Characteristics - The 2026 market is characterized by a shift from liquidity-driven dynamics to profitability-driven dynamics, which may increase volatility but still present structural opportunities [5]. - The "15th Five-Year Plan" emphasizes "technological self-reliance" as a core strategy for high-quality development, which is anticipated to reshape the valuation system of A-shares, particularly benefiting technology growth stocks [4]. Valuation and Pricing Logic - The "technological self-reliance" policy is expected to enhance the visibility of earnings and policy certainty for technology growth stocks, thereby reducing risk premiums and raising valuation benchmarks [4]. - The pricing logic for technology stocks will shift from being purely thematic-driven to a three-dimensional assessment based on "technical barriers, market space, and policy support" [4]. Investment Strategy for Ordinary Investors - Ordinary investors are advised to adopt a "core + satellite" allocation framework, focusing on long-term growth sectors while dynamically adjusting satellite positions based on market conditions and policy catalysts [3][5]. - In 2026, it is recommended to initially lean towards "Growth Steed" sectors in the first half of the year, and gradually increase exposure to "Steady Horse" sectors in the latter half to manage potential market fluctuations [5].

今日焦点 欣旺达：子公司与中伟股份签署固态电池战略合作框架协议 欣旺达公告称，公司子公司欣旺达动力与中伟股份签署《固态电池战略合作框架协议》，双方将围绕固 态电池用正极材料前驱体的开发、固态电池正极材料及固态电池合作开发等领域开展全方位的战略合 作，旨在建立深层次的战略合作关系共同开发固态电池应用系列的新能源电池材料，推动固态电池应用 系列新能源电池材料的产业化实施。通过联合开发新型正极材料前驱体，直接应对固态电池在能量密 度、安全性和循环寿命方面的核心技术挑战，对公司固态电池的研发产生积极影响，符合公司发展战 略。 上海洗霸公告称，公司职工代表董事潘阳阳和副总裁索威因短线交易公司股票收到中国证监会上海监管 局的行政处罚决定书。潘阳阳被警告并罚款10万元，索威被警告并罚款15万元。两人已将短线交易收益 上缴公司。此次处罚不涉及公司日常经营，公司将加强相关人员法律学习，防止类似事件再次发生。 森远股份：与关联方签订2678万元算力集群集成建设合同 森远股份公告称，公司与关联方北京中科信控签署《算力集群集成建设合同》，合同总价款合计为 2678.39万元。中科信控为公司控股股东，此次交易构成关联交易。合同内容涉及 ...

Core Viewpoint - The A-share market has entered a new bull market in 2025, with the Shanghai Composite Index surpassing 4000 points, marking a ten-year high, and total market capitalization exceeding 100 trillion yuan, indicating a more resilient and active capital market [2][11]. Group 1: Market Performance - In 2025, the Shanghai Composite Index experienced a significant increase, reaching a year-to-date rise of 17.6%, while the Shenzhen Component Index surged by 29.5%, and the ChiNext Index rose by 50.8% [13]. - The total trading volume of the A-share market exceeded 400 trillion yuan in 2025, compared to 255.8 trillion yuan in 2024, showcasing robust market activity [14]. Group 2: Driving Factors - The bull market is driven by technological breakthroughs, industrial dynamics, institutional reforms, capital inflows, and an increase in risk appetite, characterized as a "technology revaluation bull" [2][11]. - The introduction of the DeepSeek open-source inference model in January 2025 sparked enthusiasm in the domestic AI sector, leading to a shift in market narratives towards "hard technology" [12]. Group 3: Future Outlook - Analysts express optimism for 2026, predicting a potential transition from a structural bull market to a broader market rally, with the possibility of the Shanghai Composite Index expanding by 10% to 20% if corporate earnings improve [2][11]. - The market is expected to experience a "slow bull" trend, supported by macroeconomic policies, ongoing industrial transformation, and continuous capital inflows [16][17].

Core Viewpoint - The current market trend indicates a bullish sentiment, with expectations for the Shanghai Composite Index to break previous highs and continue its upward momentum due to global monetary easing and capital inflows into A-shares [1][3]. Group 1: Market Trends - The Shanghai Composite Index has experienced a seven-day rally, with predictions of surpassing the previous high of 4034 points [1]. - Major global indices, including U.S. stocks, have reached new highs ahead of Christmas, indicating a strong market performance [1]. - The offshore RMB has successfully broken the 7 mark, and lithium carbonate futures have exceeded 120,000 [1]. Group 2: Economic Factors - The optimism in the market is attributed to the cyclical nature of economic trends, particularly under the influence of the Federal Reserve's monetary policy [1]. - The end of the Fed's balance sheet reduction and the purchase of U.S. Treasury bonds signify true monetary easing, which is expected to weaken the dollar and strengthen A-shares [1]. - The narrowing interest rate differential between China and the U.S. provides more room for interest rate cuts in China [1]. Group 3: Investment Opportunities - A-shares and H-shares are anticipated to catch up in valuation compared to U.S. and European markets by 2026 [3]. - The technical conditions for A-shares are favorable, with the Shanghai Composite Index stabilizing above the 60-day moving average [3]. - Key investment themes for 2026 include technology, cyclical assets influenced by Fed policies, and defensive sectors driven by domestic demand [4]. Group 4: Sector Focus - The technology sector, particularly related to AI, is expected to be a major focus, as AI is seen as a core component of the current technological revolution [3]. - The cyclical sector is linked to the Fed's monetary policy; easing will lead to rising asset prices and new highs in commodity prices [4]. - Defensive sectors, including new consumption, healthcare, and infrastructure, are expected to benefit from policy incentives [4]. Group 5: Commodity Insights - Copper is highlighted as a critical commodity due to its connection with AI and infrastructure development, particularly in the context of the U.S. "Big and Beautiful" plan [6]. - There is a projected supply-demand gap for copper, driven by increased demand for power supply solutions necessary for AI development [6]. - The potential for aluminum to replace copper in certain applications is debated, but copper's superior properties make it irreplaceable in many cases [6].