How to Understand the 2026 "New National Subsidy" Policy
Wallstreetcn·- The Chinese government has initiated a policy for 2026 to support the renewal of consumer goods with an initial allocation of 625 billion yuan from special bonds, indicating a reduced subsidy compared to 2025. - The focus remains on product consumption, with significant adjustments in subsidy structures for automobiles and home appliances, emphasizing higher energy standards. - Overall, while additional funds may enhance support for service consumption in the future, the policy primarily targets quality supply rather than demand-side subsidies.The 2025 New Fortune Best Analyst List is out! GF Securities' Guo Lei team wins the macro champion again, and GF Securities' Liu Chenming team ranks first in strategy (complete list attached)
Wallstreetcn·- The results of the 23rd New Fortune Best Analyst Awards, known as the "Oscars of the Brokerage Industry," were announced on December 17. - In the macroeconomic field, GF Securities' Guo Lei team ranked first, followed by others, while the strategy research sector saw GF Securities' Liu Chenming team take the top spot. - Additionally, Changjiang Securities was the standout firm, earning 18 placements across 30 research areas, with GF Securities and others also recognized.Zheshang Securities' Li Chao: The strongest asset in 2026 is equity, and the certainty of A-shares is concentrated in technology growth and dividends
Wallstreetcn·- The GDP forecast for 2026 is around 4.8%, with a focus on achieving a doubling of per capita GDP by 2035, requiring an average growth rate of approximately 4.17% over the next decade. - Key variables influencing this growth include industrial output, consumer spending, and investment, with a significant emphasis on transitioning from real estate to high-end manufacturing and technology sectors. - Overall, the investment strategy favors equities, particularly in technology and gold, to navigate macroeconomic uncertainties and enhance resilience against potential market fluctuations.