第三，要遵循未来产业特征和发展规律，强化支持政策的针对性。未来产业是由前沿技术驱动的前瞻性 新兴产业，高度不确定性是其区别于新兴产业、传统产业最显著的特征。为降低产业投资回报的不确定 性，解决早期投资、长期投资严重匮乏问题，要发展创业投资，建立未来产业投入增长和风险分担机 制，鼓励各类经营主体和社会资本投资未来产业。为降低发展路径选择的不确定性，解决未来产业技术 路线难把握、市场用户接受程度不高、配套制度不完善等问题，要探索多元技术路线、典型应用场景、 可行商业模式、市场监管规则，通过有组织地复制推广好经验好做法，降低全社会探路成本。为降低产 业生态不完善带来的不确定性，特别是解决经营主体少、产业链上中下游协作网络不健全等问题，要推 动创新资源向企业集聚，创新监管方式，培育壮大科技领军企业，促进中小企业专精特新发展，培育独 角兽企业，加快构建良好产业生态。 [ 责编：袁晴 ] 第一，要增强抢占发展先机的紧迫感，强化未来产业布局的前瞻性。纵观近现代历史，科技革命是产业 变革的先导，每一次科技革命都会孕育出一批重塑全球竞争格局的新产业，引发大国兴衰。科技革命是 厚积薄发、长期积累的结果，产业变革是量变到质变的过程 ...

人民财讯11月26日电，中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议发 布。其中提出，发展壮大高精尖产业。统筹传统产业提升、新兴产业发展、未来产业布局，巩固壮大实 体经济根基。推动重点产业提质升级，扩大新一代信息技术、医药健康等产业集群优势，培育人工智 能、绿色先进能源和低碳环保等一批新产业（300832）集群。实施产业创新工程，推动新技术新产品新 场景大规模应用，加快集成电路、机器人和智能制造、智能网联汽车、空天技术等战略性新兴产业发 展。完善未来产业投入增长和风险分担机制，培育第六代移动通信、量子科技、生物制造、脑机接口等 新增长点。围绕重点产业链健全安全风险评估、预警和应对机制，推进关键装备、软件、工艺、材料国 产化替代，提升战略性资源供应保障能力，增强产业链供应链韧性和安全水平。加强质量品牌建设。 ...

智通财经APP获悉，中国银河证券发布2026年A股市场投资展望。 "十五五"规划开局之年，政策红利与 产业机遇有望深度融合，结构性主线也将更加清晰，重点关注以下"两条主线+两条辅助线"。主线一， 全球百年未遇之大变局加速演进，国内经济底层逻辑转向新质生产力，人工智能、具身智能、新能源、 可控核聚变、量子科技、航空航天等"十五五"重点领域值得关注。主线二，反内卷政策温和推进，供需 结构优化叠加价格回升预期带动下，制造业、资源板块盈利修复路径清晰。此外，扩大内需政策导向下 消费板块迎来布局窗口，出海趋势将带动企业盈利空间进一步打开。 银河证券主要观点如下： 2025年行情复盘：截至11月14日，全A指数上涨26.58%，创业板指、科创50涨幅领先，分别上涨 45.29%、37.65%。31个一级行业中，有30个行业收盘价较上年末上涨。其中有色金属、通信、电力设 备、综合行业领涨，涨幅超50%，食品饮料行业下跌3.40%。 2026年投资环境：(1)海外视角：中期选举压力下，2026年特朗普政府可能重新聚焦于经济增长。美国 劳动力市场明显降温，但美国通胀反复压力仍存。预计美联储2026年仍处于降息周期中，且下半年降 ...

Core Viewpoint - The core focus of the article is on the "15th Five-Year Plan" which emphasizes high-quality development as the central theme for China's economic and social development in the upcoming five years, building on the previous "14th Five-Year Plan" [1][2]. Economic Development Strategy - The "15th Five-Year Plan" outlines seven strategic tasks aimed at promoting sustained and healthy economic development, which include building a modern industrial system, enhancing technological self-reliance, and optimizing regional economic layouts [2][3]. - The plan stresses the importance of economic construction as a priority, reflecting the party's long-standing commitment to economic development [3]. Technological Innovation - The plan prioritizes the establishment of a modern industrial system and emphasizes the need for innovation in key technologies to overcome reliance on external sources [4][5]. - It aims to foster new pillar industries, particularly in sectors like renewable energy, aerospace, and advanced materials, to drive economic growth [3][4]. Financial Support and Policy - Financial systems are urged to enhance support for major strategic areas and weak links, with a focus on providing comprehensive financial services for technological innovation [2]. - The government plans to optimize fiscal resource allocation to ensure effective use of funds in high-quality development areas [2][7]. Market and Economic Structure - The plan emphasizes the construction of a strong domestic market and the need to break down barriers to create a unified national market [6][8]. - It calls for the enhancement of the socialist market economy to ensure sustainable high-quality development [6]. Agricultural and Rural Development - The plan highlights the importance of modernizing agriculture and rural areas, ensuring that rural populations benefit from modernization efforts [9]. - It aims to establish mechanisms to prevent poverty and ensure sustainable development in rural regions [9]. Regional Coordination - The plan includes measures to promote regional coordinated development, emphasizing infrastructure connectivity and collaboration across administrative boundaries [10]. - It aims to create a framework for sustainable cooperation among different regions to leverage their respective advantages [10].

Core Viewpoint - The article emphasizes the strategic importance of technological self-reliance and innovation in China's modernization process, as outlined in the "14th Five-Year Plan" [2][3]. Group 1: Technological Self-Reliance and Innovation - The "14th Five-Year Plan" prioritizes technological self-reliance, establishing a comprehensive framework for enhancing the national innovation system and integrating technological and industrial innovation [2][3]. - The focus on foundational software as a key area highlights both the risks from external supply chain controls and the strategic opportunities for improvement in usability and functionality [3]. - The plan encourages enterprises to take a leading role in innovation, promoting collaboration between research institutions and industry to enhance the efficiency of resource allocation and innovation outcomes [4]. Group 2: Talent Development and Education - The "14th Five-Year Plan" proposes a mechanism for integrated development of education, technology, and talent, focusing on key talent groups such as strategic scientists and engineers [5]. - Reforms aimed at breaking down barriers to talent mobility are expected to stimulate innovation and creativity across various sectors [5]. Group 3: Future Industries and Infrastructure - The plan outlines a forward-looking approach to future industries, identifying key areas such as quantum technology, biomanufacturing, and 6G as focal points for development [6][7]. - New infrastructure construction is deemed essential for supporting future industries, with a focus on building a robust digital economy framework [7][8]. Group 4: Institutional Reforms - The "14th Five-Year Plan" emphasizes institutional reforms to eliminate barriers to high-quality development, particularly in finance and taxation, which are expected to create new market demands [8][9]. - The financial sector is set to undergo significant changes, including upgrades to trading systems and enhanced risk monitoring capabilities [8]. Group 5: Global Cooperation and Market Expansion - The plan advocates for high-level openness and cooperation, particularly in technology export and global collaboration, creating opportunities for domestic companies to expand internationally [10]. - The focus on digital infrastructure development in countries along the "Belt and Road" initiative aligns with China's strengths in digital technology, facilitating market entry for Chinese firms [10].

Core Viewpoint - The report from CITIC Securities indicates that the A-share bull market is expected to continue into 2026, with a forecast of a fluctuating upward trend in the index, although the rate of increase may slow down. Investors are advised to focus on fundamental improvements and economic verification [1][2]. Group 1: Market Outlook - The current market is entering a critical phase of economic verification, where the index is expected to continue fluctuating upward but with a reduced rate of increase. This phase may see a style switch in the market, with sectors that have high valuations but lowered growth expectations potentially undergoing a phase adjustment [1][2]. - The bull market is supported by a shift in policy and improved liquidity, which are expected to continue or even strengthen through 2026. However, the report warns that excessive short-term gains could lead to an early peak in the bull market [1]. Group 2: Sector Focus - Key sectors to watch include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, machinery equipment, and computers. Thematic focuses include new materials, solid-state batteries, commercial aerospace, nuclear power, and cross-strait integration [1][2]. - The report highlights that after the technology bull market, resource commodities may become a new mainline direction for A-shares. Conditions for a resource bull market are accumulating, driven by global monetary easing, supply-demand gaps, and the ongoing competition for key resources amid US-China tensions [2]. Group 3: Strategic Recommendations - The report suggests that investors should look for performance elasticity and capitalize on structural market trends, particularly in AI, new energy, and critical resources. The competition between the US and China in future industries and frontier technologies is expected to intensify, with a focus on AI, new energy, biotechnology, and quantum technology [2]. - The military industry is identified as a significant direction for the 14th Five-Year Plan, with attention on rare earth equipment, superhard materials, special gases, aerospace equipment, and new materials [2].

Market Overview - A-shares demonstrate strong resilience amid external negative impacts, with significant sector rotation observed, particularly in consumption, cyclical, and some traditional industries, countering the pressure from the technology sector's adjustment [1][20] - As of Wednesday's close, the Shanghai Composite Index reported 3969.25 points, up 0.23%, while the Shenzhen Component Index and the ChiNext Index rose by 0.37% and 1.03%, respectively, indicating a rebound despite external market pressures [2] Sector Performance - The consumption and cyclical sectors are recovering, with active performances noted in local Hainan stocks, food and beverage, tourism, chemicals, and steel [3] - The power equipment and energy storage sectors have surged, with numerous stocks hitting their upper limits [3] - The technology sector, including CPO, quantum technology, and AI applications, is experiencing a collective pullback, indicating a release of risks as chips concentrate at high levels [3][10] Sector Rotation Logic - The technology sector's high-level fluctuations are seen as inevitable due to previous significant gains driven by CPO and AI, leading to a lack of new incremental funds and resulting in a necessary period of consolidation or adjustment [5] - The rise of the consumption sector is attributed to the traditional peak season in Q4, with increased seasonal demand for liquor, food, and tourism [6] - Policy measures are expected to further stimulate domestic demand, with consumer confidence gradually recovering [7] - The cyclical sector is active due to stabilizing raw material prices, with chemicals, non-ferrous metals, and steel entering a replenishment cycle [8] - Improvement in overseas economic data is enhancing export expectations [9] - Accelerated domestic infrastructure investment is boosting upstream demand, leading to a shift in funds towards lower-priced sectors and industries with improving conditions [10] Structural Opportunities - Investment focus areas include: - Consumption (liquor, tourism, retail): driven by seasonal effects and policy support, focusing on leading companies and those benefiting from regional consumption policies [13] - Cyclical (chemicals, non-ferrous metals, steel): driven by replenishment and stabilizing raw materials, focusing on leading enterprises or undervalued stocks [13] - Power equipment and energy storage: supported by new energy expansion and policy backing, focusing on storage components and leading grid equipment [13] - Small-cap growth stocks (CSI 2000): indicating a style shift, with attention on newly listed stocks with good performance expectations [13] Investment Recommendations - For the technology sector, it is advised to refrain from chasing high prices and to wait for consolidation or rapid adjustments to complete trend repairs [14] - The consumption and cyclical sectors are recommended for short to medium-term allocations to capture continuous opportunities arising from improving conditions [14] - Small-cap stocks should be closely monitored for fund inflows, with low-priced quality growth stocks being worthy of attention [15]

Group 1 - The A-share market opened lower with the Shanghai Composite Index down 0.08% and the ChiNext Index down 0.2%, with sectors like AI data, quantum technology, and gold experiencing significant declines [1] Group 2 - Huatai Securities indicates a high probability of the index continuing to break upwards, suggesting that the "anti-involution" policies will lead to improvements in related industries. The current bull market is characterized by structural prominence and concentrated trading directions, with potential market stabilization expected after the end of October US-China negotiations [2] - Huajin Securities maintains that a slow bull market and a focus on technology remain unchanged, recommending investments in technology growth and certain cyclical and core asset sectors. Specific sectors to consider include telecommunications, electronics, media, machinery, computing, non-ferrous metals, and chemicals, as well as industries benefiting from the "14th Five-Year Plan" and improved Q3 performance [3] - Dongfang Securities notes that after the Shanghai Composite Index surpassed 4000 points, market trading enthusiasm has slightly decreased, with increased volatility among major indices. Despite potential trading disturbances, the overall trend remains upward [4]

Core Viewpoint - High-quality development is the primary task for building a modern socialist country and is the theme for the 14th Five-Year Plan period [1] Group 1: High-Quality Development - The focus should be on accelerating high-level technological self-reliance and developing new productive forces, achieving substantial breakthroughs in technological innovation and economic structure optimization [1] - A strong domestic market should be built to promote a consumption-driven economic model, ensuring a dynamic balance between supply and demand at a higher level [1] Group 2: Supply-Side Insights - Emphasis on leading the construction of a modern industrial system through technological innovation, capturing opportunities from the new round of technological revolution [2] - The manufacturing sector's reasonable proportion is crucial, with China's manufacturing share currently around 25%, which is still about 10 percentage points higher than the global average [2] Group 3: Demand-Side Strategies - Building a strong domestic market is essential, with a focus on combining investments in physical assets and human capital [3] - Increasing public service spending and enhancing human resource development are necessary to adapt to demographic changes and ensure sustainable economic growth [3] Group 4: Consumer Spending - Improving the resident consumption rate is linked to increasing resident income, which can be achieved through urban and rural income growth plans and reallocating investment funds to public services [4]

Core Viewpoint - The 15th Five-Year Plan emphasizes the importance of technological self-reliance and innovation as key drivers for China's economic and social development, aiming to enhance the overall effectiveness of the national innovation system and promote high-quality development [2][4]. Group 1: Technological Innovation - The 15th Five-Year Plan aims to significantly improve the level of technological self-reliance and innovation, focusing on breakthroughs in key core technologies such as integrated circuits, advanced materials, and biomanufacturing [3][5]. - There is a strong emphasis on the integration of technological innovation and industrial innovation, with a call for a new type of national system to support decisive breakthroughs in critical areas [3][6]. - The plan highlights the need for a coordinated approach to education, technology, and talent development, fostering a robust ecosystem for innovation [4][6]. Group 2: Future Industries - The plan outlines the necessity to cultivate and expand emerging and future industries, including renewable energy, aerospace, and quantum technology, to drive economic growth [5][6]. - It advocates for the implementation of large-scale application demonstration actions for new technologies and products, aiming to accelerate the development of emerging industries [5]. - The exploration of diverse technological routes and viable business models is essential for positioning future industries as new economic growth points [5][6]. Group 3: Talent Development - The 15th Five-Year Plan emphasizes the importance of nurturing top-tier innovative talent and establishing a global influence in education and scientific research [4]. - It calls for a comprehensive mechanism to promote the development of education, technology, and talent, ensuring a synergistic relationship between technological innovation and talent cultivation [4]. - The plan aims to optimize the talent structure and promote regional coordination in talent development, addressing the need for strategic scientists and skilled professionals [4].