Group 1 - The three major indices in the stock market have risen, with the Shanghai Composite Index increasing by 1.88%, the Shenzhen Component Index by 3.53%, and the ChiNext Index by 3.90, indicating a positive market trend [1][16] - Citic Securities suggests that the market requires more diverse sources of economic growth to sustain upward momentum, emphasizing the need for structural opportunities in a fluctuating market [2][17] - Everbright Securities highlights the potential for a "spring rally" driven by policy support and increased capital inflows, suggesting that historical patterns indicate a seasonal market uptrend [3][18] Group 2 - The focus on growth and consumption sectors is recommended, with particular attention to the commercial aerospace concept as a potential investment opportunity [4][19] - Zhongtai Securities notes that the market has room for upward movement before the Spring Festival, with a favorable risk appetite and a focus on low-cost positioning [5][20] - Zheshang Securities identifies three driving factors for the market's shift towards a bullish sentiment, including strong performance from the CSI A500 ETF and the ongoing popularity of commercial aerospace [6][21] Group 3 - The overall valuation of A-shares has expanded, with the non-ferrous metals sector leading the gains, driven by global liquidity and tight supply conditions [10][26] - The current PB (LF) for the non-ferrous metals sector is at the 84.4% historical percentile, indicating that valuations have not reached extreme levels [10][26] - Long-term strategies under the current trend include focusing on technology and defensive sectors, particularly in light of the ongoing appreciation of the RMB [11][27] Group 4 - The market is expected to stabilize around the 4000-point mark on the Shanghai Composite Index, with a focus on macroeconomic data and policy changes [12][28] - The upcoming Spring Festival is anticipated to bring about a continuation of the spring rally, with a focus on technology and cyclical sectors [13][29] - The outlook for January includes expectations of further policy support and a potential increase in liquidity, which may enhance market conditions [14][30]

Group 1 - The recent focus on high-quality development across various regions is creating new practices and improving livelihoods, paving the way for a happier society [1] - The full operation of the Baotou-Yinchuan high-speed railway significantly enhances travel convenience for local residents and injects strong momentum into the new pattern of western development [3][5] - The Kunming Technology City, co-built by Kunming Economic and Technological Development Zone and Shanghai Lingang Group, aims to develop advanced manufacturing, biomedicine, high-end service industries, industrial internet, and new materials [7] Group 2 - The technology city not only attracts physical manufacturing enterprises but also gathers digital economy companies, with half of the introduced enterprises coming from eastern regions [9] - In Chongqing's Fengjie County, local farmers are utilizing professional live-streaming platforms to sell their oranges directly to consumers, effectively addressing sales challenges [11] - Local officials and farmers have become "local anchors," reducing sales costs and enhancing consumer trust, injecting new vitality into this pillar industry [13] Group 3 - A smart elderly care system is currently operational on Huanggua Island in Putian City, creating an invisible safety net for this isolated community [15] - The integration of 5G and IoT technologies is transforming elderly care from reactive to proactive measures, enhancing the quality of life for residents [17] - The comprehensive approach to infrastructure empowerment, industrial upgrading, rural revitalization, and livelihood security showcases the tangible benefits of high-quality development [19]

Core Viewpoint - The Sanya International Forum and the Fifth Sanya Wealth Management Conference highlighted the future positioning of Hainan Free Trade Port and new opportunities in Sanya, emphasizing the concept of "one line open, two lines controlled, and free movement within the island" as the core of Hainan's customs operation [1][5]. Group 1: Hainan's Strategic Positioning - Hainan is recognized as the most open region in China, serving as a major gateway for national strategies, a pilot zone for reform and opening up, an ecological civilization demonstration area, and an international tourism consumption center [3][7]. - The province is positioned to leverage unique policy advantages under the Regional Comprehensive Economic Partnership (RCEP), allowing for zero tariffs on processed goods that meet specific value-added criteria [3][8]. Group 2: Policy Implementation and Economic Opportunities - The "one line open" policy allows for global openness with most goods subject to zero tariffs, while the "two lines controlled" policy restricts these goods from freely entering the mainland unless they meet value-added requirements [5][10]. - Hainan's customs policies enable businesses to utilize bonded warehouses, reducing costs and risks associated with taxes on goods intended for domestic sales or re-export to Southeast Asia [5][11]. Group 3: Future Development and Industry Focus - Hainan aims to develop advanced manufacturing, modern services, tourism, and high-efficiency tropical agriculture as its pillar industries, attracting both domestic and foreign enterprises [8][9]. - The province is expected to become a hub for Chinese companies expanding internationally and for foreign companies entering the Chinese market, supporting high-quality development [9][12]. Group 4: Recommendations for Institutional Innovation - Hainan is encouraged to boldly experiment with policies aligned with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) to explore high-level institutional openness [4][9]. - The government is urged to improve the business environment by adopting advanced management practices and legislative powers to attract more enterprises and talent [13][14].

专题：2025三亚•财经国际论坛 三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。商务部国际贸易经济合作研 究院学术委员会副主任张建平出席并演讲。 张建平指出，海南已成为服务国家战略的先行示范区，国家已将第一个服务贸易负面清单放在海南。在 RCEP框架下，中国加入RCEP六年后，服务贸易将从正面清单列表转为负面清单列表。海南恰位于 RCEP这个全球最大一体化市场的中间地带，一方面能集合海南现有所有政策优惠，另一方面，海南加 工增值后到内地，30%的累计增加值可享受内地零关税；在RCEP整个市场，若累计增加值达到40%， 该产品在整个RCEP市场可零关税。 专题：2025三亚•财经国际论坛 三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。商务部国际贸易经济合作研 究院学术委员会副主任张建平出席并演讲。 张建平指出，海南已成为服务国家战略的先行示范区，国家已将第一个服务贸易负面清单放在海南。在 RCEP框架下，中国加入RCEP六年后，服务贸易将从正面清单列表转为负面清单列表。海南恰位于 RCEP这个全球最大一体化市场的中间地带，一方面能集合海南现有所有政策优惠，另一方面 ...

博原资本管理合伙人及CEO朱璘。受访者供图 开栏语 当时间的刻度指向2026，一个崭新的五年征程即将启幕。 此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济 再次走过了"很不平凡"的一年，并展现出强大韧性和活力，成就奠定坚实基础。 刚刚闭幕的中央经济工作会议深刻指出，做好明年经济工作，要"坚持稳中求进工作总基调"，在政策取 向上，"要坚持稳中求进、提质增效"，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效 提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形 势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇聚监管部 门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。2026，我们携手出发。 对企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发展 目标？新京报贝壳财经记者就此采访了博原资本管理合伙人及CEO朱璘。 新京报贝壳财经：2026年，博原资本在业绩增长、产品 ...

21世纪经济报道记者雷椰 李德尚玉 北京报道 岁末年终，市场翘首以盼的首批国家级零碳园区建设名单终于出炉。 零碳园区建设是一项创新性工作。2024年中央经济工作会议要求"建立一批零碳园区"，2025年政府工作报告再次作出明确部署。6月，国家发展改革委、工 业和信息化部、国家能源局等部门印发《关于开展零碳园区建设的通知》（发改环资〔2025〕910号，以下简称《通知》），提出了加快园区用能结构转型 等8方面重点任务，以及国家级零碳园区建设"1项核心指标+5项引导指标"的指标体系。 12月26日，国家发展改革委发布首批国家级零碳园区建设名单，共纳入52个园区。首批名单实现31个省（区、市）和新疆生产建设兵团全覆盖，每个地区至 少有1个园区入选，部分工作基础较好、新能源资源禀赋较好的地区入选的园区适当增多。值得注意的是，此次发布的是"国家级零碳园区建设名单"，未来 还要进行验收，园区达到了指标要求才能真正作为国家级零碳园区。 "此外，首批国家级零碳园区是应对绿色贸易挑战的桥头堡。现在国际市场上，低碳或零碳已经成了国际贸易和供应链的通行证。零碳园区可溯源的能源供 应系统和全流程碳足迹管理体系，能帮企业把产品碳足迹算得 ...

Core Insights - The "Chengdu Industrial Investment 28 Plan" roadshow held on December 26, 2025, attracted 20 companies from various cities, focusing on sectors like artificial intelligence, advanced manufacturing, aerospace, and biomedicine [2][3] Group 1: Event Overview - The roadshow featured a "direct access mechanism" where an evaluation panel of external institutions and internal industry experts assessed projects based on five quantitative criteria [2] - The event aimed to facilitate high-density technical validation and capital connection between companies and investors [2] Group 2: Industry Focus - The biomedicine sector showcased innovative gene drugs targeting specific genetic diseases and biodegradable vascular stent technology for cardiovascular treatment [3] - Automation in medical testing was highlighted with the introduction of fully automated blood collection and testing robots [3] Group 3: Artificial Intelligence Developments - Projects in the artificial intelligence sector included brain-computer interface solutions for mental health interventions and intelligent mining robots capable of autonomous operation [4] Group 4: Advanced Manufacturing and Aerospace - Advanced manufacturing projects included research on controllable nuclear fusion technology and developments in the semiconductor supply chain aimed at enhancing domestic production capabilities [5] - In aerospace, high-fidelity flight training equipment and satellite precision separation technology were presented, illustrating a comprehensive industry chain from ground manufacturing to space applications [5] Group 5: Support for Startups - The event also attracted startup teams from outside Chengdu, such as Guangzhou's Moju Technology, which expressed the need for visibility and resource connections [6] - The first roadshow's results revealed that out of 40 participating companies, 8 were rated as A-class projects, receiving "direct access cards," while 23 were rated as B-class projects [6]

Core Viewpoint - The 2025 Ecological Civilization Forum in Beijing recognized Haikou's Shishan and Yanfeng towns as innovative practice bases for the "Green Mountains and Clear Waters are Gold and Silver Mountains" concept, marking a significant milestone in Haikou's ecological civilization efforts [1][2] Group 1: Shishan Town Initiatives - Shishan Town focuses on a collaborative development model of "ecological protection + cultural tourism + green parks," while strictly preserving volcanic relics and ancient villages [1] - The town aims to develop diverse industries such as scientific research tourism, specialty homestays, and mountain sports, alongside creating the Meian Ecological Technology New City, which targets green and low-carbon industries like health and advanced manufacturing [1] - In 2024, Shishan Town received 570,000 tourists, generating tourism revenue of 47.8 million yuan, and the industrial output value of the park reached 8.38 billion yuan, effectively driving employment and regional economic growth [1] Group 2: Yanfeng Town Innovations - Yanfeng Town has developed a model combining "mangrove protection + ecological industry + rural revitalization," creating the Dongzhai Port mangrove ecological tourism circle and beautiful rural clusters [2] - The town launched two ecological IPs, "Whale North" and "Oyster Baby," to efficiently transform ecological resources into cultural tourism economic benefits [2] - In 2024, Yanfeng Town's tourism revenue reached 43.86 million yuan, with the Dongzhai Port tourism circle attracting 84,000 visitors and the beautiful rural clusters welcoming over 196,900 guests, establishing ecological tourism as a new economic growth engine [2] Group 3: Future Plans for Haikou - Haikou plans to use Shishan and Yanfeng towns as models to further deepen the practice of the "Two Mountains" concept, summarizing and promoting successful transformation experiences [2] - The city aims to continuously convert ecological advantages into developmental strengths, supporting the construction of a low-carbon green ecological city and establishing an ecological model for Hainan Free Trade Port [2]

2025年，A股市场走出近年来少见的低波动慢牛，上证指数也时隔10年一度回到4000点上方。而在2024 年末，光大证券策略首席分析师张宇生在接受《每日经济新闻》记者专访时就曾旗帜鲜明地表示继续看 好2025年的市场。 那么，2026年A股大势是否有望迎来"三连阳"？"9·24"行情以来，在"科技牛"主导行情的背景下，未来 市场风格是否将发生一定切换？2026年市场又有哪些核心主线值得关注？在"十五五"规划开局之年，政 策将有哪些值得期待的发力点？带着这些投资者关注的问题，近日《每日经济新闻》记者（以下简称 NBD）再度对张宇生进行了独家专访。 张宇生：站在当前时点，我对2026年A股市场依然保持积极乐观，核心判断是"慢牛格局延续，结构机 会凸显"。前期市场上涨源于政策支持与资金面改善的共振，而2026年作为"十五五"规划开局之年，各 项支撑条件将更加扎实。宏观层面有政策红利持续释放，产业层面有新质生产力加速培育，资金层面有 居民资产配置向权益市场迁移的长期趋势，这些因素将共同托举市场。虽然过程中可能会有阶段性波 动，但整体向上的趋势值得期待。 NBD：如果2026年A股市场仍然有机会，您觉得市场上涨的动力来 ...

Core Viewpoint - The newly released "Encouragement Directory for Foreign Investment Industries (2025 Edition)" aims to attract foreign investment into advanced manufacturing and modern service industries, while also promoting investment in central and western regions, northeastern regions, and Hainan Province [1][2]. Group 1: Encouragement of Foreign Investment - The 2025 edition of the directory includes a total of 1,679 entries, with a net increase of 205 entries and 303 modifications compared to the 2022 version [2]. - The national directory for encouraging foreign investment now contains 619 entries, an increase of 100 entries and 131 modifications [2]. - The directory emphasizes the importance of service consumption, including new categories such as pet hospitals, beauty services, and camping services [1][4]. Group 2: Focus on Advanced Manufacturing - The directory continues to encourage foreign investment in advanced manufacturing, adding new categories such as the development and production of nucleic acid drugs, smart detection equipment, and underwater robots [3][4]. - The focus on advanced manufacturing reflects China's commitment to building a modern industrial system [6]. Group 3: Modern Service Industry Development - The directory highlights the development of modern service industries, including new entries for high-end shipping services, virtual power plant operations, and various consumer services [4]. - The inclusion of diverse service consumption categories aims to meet the growing demand for high-quality living services [1][4]. Group 4: Regional Investment Encouragement - The directory encourages foreign investment in central and western regions, northeastern regions, and Hainan Province, taking into account local resource endowments and industry development [5][6]. - Specific new entries for regional investment include cruise tourism in Liaoning, ice and snow equipment in Heilongjiang, and marine environmental governance in Hainan [5]. Group 5: Policy Incentives for Foreign Investment - Foreign investment in encouraged sectors can benefit from four main policy incentives, including tax exemptions on imported equipment and reduced corporate income tax rates in western regions [8][9]. - The directory aims to balance investment across different regions, promoting economic development and employment in less developed areas [6][10]. Group 6: Optimizing Investment Structure - In November, China's actual foreign investment increased by 26.1% year-on-year, with 61,207 new foreign-invested enterprises established, marking a 16.9% growth [9]. - The structure of foreign investment is shifting towards high-tech industries, with multinational companies increasingly investing in advanced manufacturing and healthcare sectors [9].