Societe Generale Securities pointed out that overall, the December Politburo meeting continued the spirit of the “15th Five-Year Plan” proposal and emphasized expanding domestic demand and optimizing supply. We believe that on the premise that demand-side incentives remain stable, supply optimization can gradually drive nominal prices to gradually rise, which is conducive to corporate profit growth in 2026 and to the long-term healthy development of the capital market.

Societe Generale Securities pointed out that overall, the December Politburo meeting continued the spirit of the “15th Five-Year Plan” proposal and emphasized expanding domestic demand and optimizing supply. We believe that on the premise that demand-side incentives remain stable, supply optimization can gradually drive nominal prices to gradually rise, which is conducive to corporate profit growth in 2026 and to the long-term healthy development of the capital market.