锚定"促进物价合理回升"，能够助力提振市场信心，为巩固拓展经济稳中向好势头提供强劲内驱 力。在"供强需弱"的市场环境下，如果企业继续加大对既有产品的投资，将可能加剧相关矛盾，导致产 品价格持续下跌。如果企业投资新产品，则可能面临较大不确定性。不仅如此，当企业本身债务负担较 重时，物价低迷还会引发企业对未来实际债务负担和实际融资成本加重的预期，进一步削弱投资意愿。 将"促进物价合理回升"作为货币政策的重要考量，着力推动物价水平尽快回归到合理水平，能够系统性 地改善市场预期，增强企业家信心。企业部门的乐观预期将会带动居民收入预期向好，从而增强消费者 信心。在良好预期的作用下，信心增强和需求扩大之间能够形成正向循环，为扭转"供强需弱"的局面注 入动力。 2025年中央经济工作会议在部署2026年经济工作时明确要求，"把促进经济稳定增长、物价合理回 升作为货币政策的重要考量"。其中，"物价合理回升"首次与"经济稳定增长"并列成为货币政策的重要 考量，这一新提法引起了各界广泛关注。 通过梳理近年来中央经济工作会议内容可以发现，我国货币政策对物价的重视程度不断提升。2022 年，货币政策主要关注经济增长，要求保持流动性合 ...

"十五五"规划建议提出，促进形成更多由内需主导、消费拉动、内生增长的经济发展模式。这是基 于我国发展阶段和发展环境变化，顺应大国经济发展规律和我国经济发展新趋势而作出的重大战略部 署，是续写经济快速发展和社会长期稳定两大奇迹新篇章、推动中国式现代化行稳致远的重要支撑。要 从战略高度深刻认识形成新的经济发展模式的重要性和紧迫性，全面系统贯彻落实党中央决策部署，为 赢得未来竞争新优势奠定坚实基础。 重要性和紧迫性日益凸显 习近平总书记指出，大国经济的特征都是内需为主导、内部可循环。当前，世界百年变局加速演 进，国际形势深刻演变，不确定难预料因素增多，国内大循环仍存在卡点堵点，有效需求不足成为制约 经济发展的主要因素。在此背景下，因应形势变化调整经济发展模式，更多强调内需主导、消费拉动、 内生增长，既有利于我国应对外部风险冲击、牢牢把握发展主动权，也是保持经济发展活力和竞争力的 必然要求。 这是有效应对外部风险挑战的战略选择。眼下，世界经济增长动能持续不足，地缘冲突易发多发， 国际经济贸易秩序遭遇严峻挑战，保护主义、单边主义抬头。世界贸易组织预测全球货物贸易增速将从 2025年的2.4%降至2026年的0.5%，大 ...

Core Viewpoint - China's manufacturing sector is poised for high-quality development, focusing on high-end, intelligent, green, and integrated approaches to overcome challenges and enhance its global competitiveness [1][2][3][6][12]. High-End Development - High-end manufacturing is crucial for China's economic quality, addressing issues like reliance on foreign technology and enhancing the resilience of the supply chain [2][3]. - The transition to high-end manufacturing is necessary to optimize industrial structure and meet the growing demand for high-quality products [3]. - By 2025, China's automotive production and sales are expected to exceed 34 million units, maintaining its position as the world's largest market for 17 consecutive years [3]. Intelligent Development - The integration of artificial intelligence in manufacturing is transforming the sector, enhancing efficiency and driving innovation [6][7]. - By 2025, over 1 million industrial devices are expected to be connected through industrial internet platforms, significantly improving production efficiency and reducing costs [7][8]. - The digital transformation is not limited to large enterprises; small and medium-sized enterprises are also rapidly adopting digital technologies [8]. Green Development - The shift towards green manufacturing is essential for sustainability and economic growth, with a focus on reducing carbon emissions and enhancing resource efficiency [9][10]. - By 2025, nearly 60% of new energy vehicles are expected to be part of vehicle replacement programs, reflecting a strong consumer preference for green products [10][11]. - Innovative green technologies are being adopted across industries, contributing to significant reductions in carbon emissions [10]. Integrated Development - The integration of manufacturing with services and digital technologies is reshaping the industry, creating new growth opportunities and enhancing competitiveness [12][13]. - Policies are being implemented to promote service-oriented manufacturing, encouraging companies to shift from product sales to service-oriented business models [13][14]. - The collaboration between large and small enterprises is fostering a more integrated and efficient industrial ecosystem [14][15].

Core Viewpoint - The article highlights the development of the SCO Demonstration Zone's logistics capabilities, focusing on the expansion of the China-Europe Railway Express and international road transport, aiming to enhance cross-border trade efficiency and connectivity [1][2][3][4]. Group 1: China-Europe Railway Express - Two trains of the "Japan-Korea Land-Sea Express" have departed from the SCO Demonstration Zone, with plans to increase the number of China-Europe Railway Express trains to 1,225 by 2025, achieving over 20% growth in both train frequency and cargo volume [1]. - The expected import and export cargo volume is projected to reach 840,000 tons by 2025, marking a historical high for the region [1]. - The SCO Demonstration Zone aims to integrate sea and rail transport schedules to provide comprehensive logistics solutions for businesses [2]. Group 2: International Road Transport - The TIR (International Road Transport) volume is expected to maintain its national leading position, with 435 shipments planned for the year, reflecting a 53.7% year-on-year increase [1]. - The region has established four international road transport routes since September 2023, creating a regional hub for international road transport [3]. - The introduction of a streamlined process for international road transport, including "one declaration, one certificate, and one vehicle direct delivery," enhances efficiency and flexibility, attracting more customers [3]. Group 3: Infrastructure Development - The construction of the China-Europe Railway Express (Jinan-Qingdao) National Gathering Center is expected to provide new opportunities for high-quality development in the SCO Demonstration Zone [3]. - The center has implemented an integrated model of "train transport + park warehousing + international trade," successfully handling over 38,000 tons of specific goods [3]. - The SCO Demonstration Zone is focused on enhancing operational efficiency and service quality while exploring new international road transport routes targeting SCO member states [4].

"吹哨人"制度是成熟资本市场打击违法违规行为的重要机制之一。2014年6月，证监会发布实施《证券 期货违法违规行为举报工作暂行规定》，设立重大违法线索有奖举报制度。此次将制度名称修改为《证 券期货违法行为"吹哨人"奖励工作规定》，以更好体现"吹哨人"正义担当精神，强调专业特点，突出激 励导向。 新规最引人注意的变化，在于奖励标准的大幅跃升。根据《规定》，奖励金额由案件罚没款金额1%提 升为3%。提供重大违法行为线索的，奖金上限也从10万元提升为50万元。提供的案件线索在全国范围 内有重大影响，或者涉案数额特别巨大，或者"吹哨人"为内部知情人员的，每案奖金上限从30万元、60 万元统一提升至100万元。 奖励条件也同步完善，《规定》将严重破坏证券期货市场秩序，严重危害金融安全，严重侵害投资者合 法权益的重大案件纳入奖励案件范围。可奖励案件条件从罚没款金额10万元提升为100万元。按要求补 充相关材料信息的匿名"吹哨人"，以及在违法行为中起次要或者辅助作用的"吹哨人"，符合条件的也可 予以奖励。 "奖励标准大幅提高，能够激励更多人站出来，提供关键线索，提升证券市场违法行为的发现概率。"南 开大学金融发展研究院院长 ...

董责险正逐渐从上市公司的可选项变为必选项。近日，《中国上市公司董责险市场报告(2026)》(以下简 称《报告》)在北京发布。《报告》显示，截至2025年底，A股市场累计已有1753家上市公司公告披露 购买董事、监事及高级管理人员责任保险，投保渗透率突破三成，董责险正逐渐成为上市公司风险管理 体系中的基础工具。 董监高责任约束加强 董事、监事及高级管理人员责任保险，通常被简称为"董责险"，是以公司董事、监事和高级管理人员在 履职过程中可能面临的民事赔偿责任为保障对象的一类责任保险。其核心功能，是在董监高因涉嫌信息 披露违法、决策失当或未尽勤勉义务而遭遇监管调查、投资者诉讼时，为依法应承担的律师费、诉讼费 及民事赔偿金责任提供保险保障。 董责险的走红并非偶然，其发生在资本市场规则体系深刻重塑的关键阶段。随着新证券法和新公司法相 继实施，信息披露责任、董事勤勉义务和连带赔偿责任被系统性强化；代表人诉讼、示范判决等机制逐 步落地，中小投资者的维权能力显著提升。在这样的背景下，董监高的个人责任风险被持续放大，也倒 逼上市公司通过市场化工具为治理风险构建必要的缓冲带。 明亚保险经纪股份有限公司综合业务部副经理潘耀斌在接受 ...

市场交易量达到42.6万亿美元，企业外汇套期保值比率升至30%，均为历史新高；2025年12月末，我国 外汇储备规模已连续5个月处于3.3万亿美元之上，创2015年12月以来最高……2025年，我国外汇管理亮 点频出，市场供求基本平衡，预期总体平稳，保持较强韧性和活力。 筑牢市场"防波堤" 2025年，我国外汇市场交易量达42.6万亿美元，市场活跃度和参与度显著提升。同时，企业在跨境贸易 投资中主动识别和管理汇率风险的需求上升，企业外汇套期保值比率升至30%。这两项数据，既反映出 市场规模的扩大，也体现了市场成熟度的提升。 随着国际金融市场波动加大，越来越多企业将汇率波动纳入日常财务决策，通过外汇衍生品、本币结算 等多种方式管理汇率风险，企业汇率风险管理意识和能力不断提高。2025年，企业利用外汇衍生品管理 汇率风险的规模超1.9万亿美元，较2020年翻了近1倍；企业外汇套保比率较2020年提高8个百分点。 近年来，国家外汇管理局持续完善企业汇率风险管理服务。国家外汇管理局副局长李斌介绍，一是多种 方式开展汇率风险中性理念宣传，编发《企业汇率风险管理指引》《汇率风险情景与外汇衍生产品运用 案例集》，积极宣传汇 ...

Core Viewpoint - The introduction of the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles" marks a new phase in the standardized management of waste battery recycling in China, addressing the increasing volume of waste batteries expected to exceed 1 million tons by 2030 [1][2]. Group 1: Regulatory Framework - The new management measures enhance legal constraints and provide a solid guarantee for addressing management bottlenecks in the recycling of waste batteries [2][3]. - The previous regulations from 2018 will be abolished, and a digital identification system for batteries will be established to monitor their lifecycle and ensure compliance [3][4]. Group 2: Industry Standards and Responsibilities - The measures set new requirements for the scope of comprehensive utilization and the conditions for enterprises involved, emphasizing the need for compliance with environmental and safety standards [5][6]. - The government has established a recycling network across 31 provinces and cultivated 148 key enterprises to lead industry development [4][6]. Group 3: Social Participation and Public Awareness - The measures call for collective responsibility from all stakeholders, including consumers, who are urged to understand battery recycling processes and ensure proper disposal [8]. - The initiative aims to integrate policies, technology, and market resources to promote a standardized, efficient, and green transformation of the waste battery recycling industry, supporting sustainable development and carbon neutrality goals [8].

Core Viewpoint - The article discusses the innovative financing solutions for the renovation of old residential buildings in Beijing, particularly focusing on the "personal housing renovation loan" and the "mortgage retention renovation" model, which aim to alleviate the financial burdens on residents while ensuring the security of financial institutions' rights [1][2][3]. Group 1: Financing Challenges and Solutions - The old residential building at No. 28, Sanlihe District, Beijing, built in 1978, faces significant structural issues and requires demolition and reconstruction due to aging and lack of maintenance [1]. - Residents and financial institutions are in a dilemma due to traditional mortgage products not being suitable for old building renovations, leading to difficulties in obtaining new financing while existing loans must be repaid [1]. - The Beijing Financial Regulatory Bureau has introduced a pilot policy for financial support in the renovation of old buildings, creating a dedicated "personal housing renovation loan" product to address residents' financing challenges [2]. Group 2: Innovative Processes and Collaboration - The "mortgage retention renovation" process allows for the renovation of already mortgaged properties, ensuring that the rights of financial institutions are protected through optimized real estate registration processes [2]. - A new "four-in-one" mechanism has been established to streamline the processes of mortgage cancellation, property deregistration, new property registration, and new mortgage registration, effectively eliminating the "vacuum period" of mortgage rights [2][3]. - This innovative approach significantly reduces the financial burden on residents, enabling families previously constrained by mortgage and economic pressures to participate in the renovation, thereby improving living conditions and safety [3]. Group 3: Impact and Future Prospects - The successful demolition and ongoing construction of the No. 28 building serve as a model for similar urban renewal projects in Beijing and across the country, providing replicable experiences for future initiatives [3]. - The collaboration among banks, implementation entities, and real estate registration departments is crucial for ensuring timely financial services and safeguarding financial rights during the renovation process [2][3].

■中共中央、国务院、中央军委决定，给陈冬同志颁发"一级航天功勋奖章"，授予陈中瑞、王杰同志"英 雄航天员"荣誉称号并颁发"三级航天功勋奖章"。 ■21日，2026年全国春运电视电话会议召开。会议指出，2026年春运将从2月2日开始，3月13日结束， 共计40天。今年春运期间全社会跨区域人员流动量和铁路、民航客运量均有望创历史同期新高。 ■工信部：我国6G研发已完成第一阶段技术试验，形成超300项关键技术储备，近期已启动第二阶段6G 技术试验。 ■生态环境部21日公布第一批美丽乡村先行区名单，浙江安吉等23个县（市、区）入选。 ■我国多地遭遇强寒潮天气，天然气保供进入关键阶段。21日，国家管网集团管理的全国主干天然气管 网日供气量达11亿立方米，单日供气峰值刷新历史纪录。 ■国家能源局21日宣布，截至去年底，我国电动汽车充电设施数量达2009.2万个，突破2000万大关，建 成全球最大电动汽车充电网络，可支撑超4000万辆新能源汽车充电需求。 ■近日，财政部等5部门联合印发《关于口岸进境免税店有关事宜的通知》，提出在武汉天河国际机场 等41个口岸各新设1家口岸进境免税店。 ■财政部21日发布通知称，为解决财政电 ...