Understanding the "14th Five-Year Plan": Chief Economist Xiong Yuan of GUOSHENG SECURITIES takes you to decode the underlying logic of macro policies, from the semantic logic of policies to the forward-looking trend inflection points
Wallstreetcn·- The year 2026 marks a significant turning point in China's economy, transitioning from "scale dividends" to a focus on "system safety and quality-effect revolution." - As the country enters its 14th Five-Year Plan, the complexities of economic policies and their impacts are increasingly difficult to decipher, highlighting the inadequacy of traditional economic indicators. - Dr. Xiong Yuan, a chief economist, will guide participants in understanding the underlying logic of the new Five-Year Plan, addressing vital issues including fiscal policy, market dynamics, and investment strategies for the evolving economic landscape.Alibaba Qianwen APP public beta ignites the software sector: valuation and profitability both bottoming out, AI applications accelerating implementation, industry showing initial signs of recovery!
Wallstreetcn·- Alibaba's AI application "Qianwen" has entered public testing, marking a shift from B-end to C-end AI applications and igniting investor enthusiasm in the software sector. - The launch reflects a strategic pivot for Alibaba, aiming to enhance monetization and integrate various AI applications under the "Qianwen" brand, while also competing with other tech giants for user attention. - Recent financial reports indicate a recovery in the software industry, with leading companies showing significant growth, suggesting that AI is becoming a key driver of success rather than a threat.Guosheng Securities: The banking precious metals business is expected to become an important growth driver, and the dividend strategy may still have sustainability
Zhitong·- Guosheng Securities reports that despite high volatility in the gold market in 2025, the trend of listed banks deepening their precious metals business remains unchanged. - With global central banks continuing to increase gold reserves, the contribution of precious metals to banks' profitability is expected to grow, supported by domestic policies aimed at stabilizing the economy. - The report highlights the importance of risk control in navigating market fluctuations, suggesting that banks with strong risk management and market-making capabilities will likely enhance their competitive advantage.