Core Insights - The national carbon market in China has achieved stable operation and is seen as a crucial policy tool for addressing climate change and promoting a green economic transition [1][7] - By the end of 2025, the cumulative trading volume of carbon allowances is expected to reach 865 million tons, with a total transaction value of 57.663 billion yuan [1] - The market has shown significant growth, with a 24% year-on-year increase in trading volume in 2025, reaching 235 million tons and a transaction value of 14.63 billion yuan [2] Market Expansion - In 2025, 3,378 key emission units will be included in the national carbon market, covering industries such as power generation, steel, cement, and aluminum smelting [2] - The average trading price for carbon allowances in 2025 was 62.36 yuan per ton, with a year-end closing price of 74.63 yuan per ton [2] - The Shanghai carbon market has successfully included over 400 enterprises and more than 1,800 investment institutions across 28 industries, being the first to include the aviation sector and the only one to include the shipping sector [2] System Innovation and Optimization - China's new Nationally Determined Contribution (NDC) targets aim for a 7% to 10% reduction in greenhouse gas emissions by 2035 from peak levels, providing a roadmap for the next decade [4] - The release of the "Opinions on Promoting Green and Low-Carbon Transition" marks a significant step in advancing the carbon market, indicating a phase of deepening and accelerating development [4] - Experts suggest establishing a comprehensive quota allocation scheme aligned with national carbon reduction goals to enhance the carbon market's effectiveness [5] International Cooperation - A memorandum of understanding was signed between the Beijing Green Exchange and the Singapore Metaverse Green Exchange to facilitate cross-border carbon credit technology integration [6] - China's carbon market is recognized internationally for its effective design and innovation, contributing to global carbon reduction efforts and providing valuable experience for emerging economies [7] - The Ministry of Ecology and Environment is actively exploring cross-border carbon trading and aims to establish management systems for such transactions [7]

■12日，中国机电商会发布关于中欧通过对话磋商妥善解决电动汽车反补贴案达成积极成果的声明。中 欧双方经过多轮磋商，成功推动该案实现"软着陆"。 ■据南京海关消息，2025年上合组织（连云港）国际物流园持续提升物流中转基地功能，全年完成物流 量8435.88万吨，同比增长13.52%，集装箱运量67.7万标箱，同比增长4.48%，均创历史新高。 ■国际标准化组织（ISO）正式发布《滑动轴承 轴承材料摩擦学特性试验 第1部分：轴承合金材料试 验》国际标准。该标准由我国牵头，日本、德国、英国、法国、奥地利等7国专家共同参与制定。 ■当地时间11日，美联储主席鲍威尔证实，美国司法部已向美联储发出传票，并威胁要就他关于美联储 大楼翻修的证词提起刑事指控。 ■中共中央总书记、国家主席、中央军委主席习近平12日上午在中国共产党第二十届中央纪律检查委员 会第五次全体会议上发表重要讲话。 ■12日，国家发展改革委等4部门联合发布《关于加强政府投资基金布局规划和投向指导的工作办 法》，首次在国家层面对政府投资基金的布局和投向作出系统规范。 ■市场监管总局统计，2025年，国家标准全文可免费下载数量从1500多项增加到32000多 ...

Group 1 - The article emphasizes the acceleration of global changes and the need for China to enhance its international technological innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area to support national development and security [1][2] - The construction of these centers aims to create original innovation sources and promote industrial upgrades, with a focus on establishing a globally influential technological innovation ecosystem [1][2][3] Group 2 - Significant achievements have been made in the construction of international technological innovation centers, with China ranking first in the number of global top 100 innovation clusters for three consecutive years, and the Shenzhen-Hong Kong-Guangzhou cluster leading globally [2][3] - Each of the three centers has unique strengths: Beijing excels in basic research and original innovation, Shanghai focuses on creating a competitive open innovation ecosystem, and the Greater Bay Area leverages its reform and opening-up advantages to enhance technology transfer capabilities [3][4] Group 3 - The expansion of international technological innovation centers is necessary to address challenges such as insufficient spatial capacity and incomplete innovation chains, shifting from single-city models to collaborative urban clusters [4][5] - The new approach emphasizes system collaboration, comprehensive innovation capabilities, and national strategic alignment, aiming to enhance the overall efficiency and security of the national innovation system [5][6] Group 4 - The article outlines specific strategies for each region: Beijing should strengthen original innovation and enhance global influence, the Yangtze River Delta should focus on integrating systems and optimizing innovation roles, and the Greater Bay Area should enhance international connectivity and open innovation advantages [7][8][9]

在总结10年研发试点经验基础上，中国人民银行于近期出台了《关于进一步加强数字人民币管理服 务体系和相关金融基础设施建设的行动方案》，提出了新一代数字人民币计量框架、管理体系、运行机 制和生态体系。此举是数字人民币试点以来的重大调整，具有里程碑式的意义。 更重要的是，数字人民币从人民银行的负债，明确转变为商业银行的负债。数字人民币开始具有价 值尺度、价值储藏和跨境支付三大核心职能，由电子支付进入数字支付时代，具备全场景型货币能力。 这将有助于激活商业银行参与数字人民币生态建设的内生动力，扭转此前商业银行"只投入无收益"的尴 尬局面。银行未来还有望围绕计息数字钱包开发更多存款、理财及信贷产品，进一步打造"支付+金 融"的综合生态。这种相容性激励安排，让用户、银行、非银支付机构等各方都能从数字人民币生态中 获益，将推动数字人民币与现有支付体系深度融合。这对打造一个持续健康发展的数字人民币生态来 说，尤为重要。 接下来，在此次重大调整的基础上，数字人民币仍需不断完善自身建设，进一步完善数字人民币监 管框架，明确法定地位。同时，进一步扩大数字人民币试点范围，充分调动各参与方积极性，通过和各 类促消费活动联动等方式，进一 ...

Core Insights - The aging population is driving the medical and health care industry from a marginal issue to a core component of economic and social development [1] - Insurance is evolving from a mere risk compensation tool to a critical connector within the medical, rehabilitation, elderly care, and payment systems, becoming an indispensable part of the health care industry [1] Demographic Changes - By the end of 2024, the population aged 60 and above in China is expected to exceed 300 million [1] - There is a significant increase in chronic diseases among the elderly, leading to a rising demand for long-term care and medical services [1] Financial Pressures - The growth rate of medical insurance fund expenditures is consistently outpacing income growth due to accelerated aging and advancements in medical technology [2] - A growing "protection gap" is emerging as many rehabilitation, nursing, and special medical expenses remain out-of-pocket for families [2] Role of Insurance - The unique value of insurance lies in its ability to connect customer needs, service supply, and funding payments, creating a closed-loop operational mechanism [2] - Some regions are beginning to integrate insurance products with rehabilitation and nursing services, allowing policyholders to access cash benefits and direct service resources [2] Challenges for Commercial Health Insurance - Current commercial health insurance products often focus on short-term hospitalization, which does not align with the long-term care needs of the elderly [3] - Pricing pressures exist due to high risks and costs associated with elderly care, making it challenging to balance affordability for consumers and sustainability for insurance companies [3] Future Outlook - The medical and health care industry is expected to evolve into a comprehensive system encompassing payment, services, and industry chain collaboration as the "silver economy" and elderly finance become national development priorities [3]

记者：如何看待2026年工业经济发展形势？工信部将采取哪些措施保持工业经济平稳增长？ 李乐成：过去一年，工业经济实现了质的有效提升和量的合理增长。2025年前11个月，规模以上工业增 加值同比增长6%，规模以上高技术制造业、装备制造业增加值同比分别增长9.2%、9.3%，产业提质升 级步伐明显加快，新动能不断壮大。 2026年，我国工业经济发展韧性强、潜力大、活力足的优势条件没有改变，当然也面临一些风险挑战， 但都是发展中、转型中的问题，只要坚定信心、迎难而上，用创新的思路、改革的办法，用足用好优势 条件，完全能够推动工业经济行稳致远。我们将着重抓好"稳""扩""创""增"四方面工作。 "稳"就是要稳定重点行业和重点地区增长。重点行业和地区的工业增加值都占到工业总量的80%，是工 业经济的基本盘。我们将充分发挥重点行业规模大、产业链长、带动强的作用，深入实施好新一轮十大 重点行业稳增长工作方案；继续支持工业大省挑大梁，强化政策支持和要素保障，因地制宜发展新质生 产力。 "扩"就是要挖潜扩大有效需求。扩大内需是战略之举。我们将加强供需适配，积极推广柔性制造，加快 人工智能等新技术新模式创新应用，分行业分领域建设 ...

2025年，美股市场科技板块不断上涨。但今年以来，市场波动性显著上升。美国科技股的高波动性本质 是技术革命、资本逻辑与宏观环境多重因素叠加的结果。既要认识到AI技术渗透的长期趋势，也需警 惕盈利兑现不及预期、债务风险上升与政策转向可能引发的阶段性回撤。 2025年，美股市场科技板块在宽松货币政策与人工智能（AI）叙事强化的推动下不断上涨，但2026年 开年以来，投资者既担忧AI泡沫破裂，又害怕错失AI热潮后期的上涨机会，这种矛盾心态令市场波动 性上升。2026年，在美联储政策分歧加剧、中期选举临近等因素作用下，美国科技股高波动态势可能进 一步加剧。 科技巨头为支撑AI投入而增加的债务风险也在不断放大。高盛数据显示，AI相关借贷目前已占到美国 投资级债券净发行量的约30%，尽管市场对AI"超大规模计算企业"日益攀升的债务水平存在担忧，但这 一融资趋势预计在2026年仍将持续增长。 宏观层面，美联储政策与政治不确定性成为市场波动的重要变量。2026年美联储领导层更迭在即，内部 对利率路径的分歧日益公开化：美联储理事米兰主张降息超100个基点，而里士满联储主席巴尔金则认 为当前利率已趋中性。政策预期的不稳定使得利率 ...

Core Insights - The Liangjiang New Area is positioned as a significant growth engine for modern Chongqing, enhancing the investment environment and fostering innovation and entrepreneurship [1] - The Guoyuan Port serves as the largest inland multi-modal transport hub in China, facilitating the development of the Yangtze River Economic Belt and the Belt and Road Initiative [2][3] - The area is set to become the third national-level new area to achieve administrative status by November 2025, further enhancing its development capabilities and strategic importance [1] Infrastructure and Logistics - Guoyuan Port is equipped with advanced facilities and technology, including remote-controlled operations for container handling, which enhances operational efficiency [2] - The port connects to various transport networks, including the China-Europe Railway Express and the ASEAN routes, facilitating trade and logistics [3] - The port's logistics capabilities are supported by a comprehensive service framework, including customs measures that have saved companies significant costs [5] Economic Development and Industry - The Liangjiang New Area has attracted over 1,500 enterprises to the Guoyuan Port economic zone, with nearly 400 companies in the comprehensive bonded area [4] - The automotive industry in the region is robust, with major players like Changan and over 200 supporting parts manufacturers, fostering a complete supply chain [6][7] - Investment in the automotive sector is significant, with plans for further expansion and the establishment of new production lines [8] Innovation and Technology - The area promotes a collaborative innovation ecosystem, with a focus on high-tech and technology-driven enterprises, aiming to increase the number of high-tech firms significantly by 2025 [11][12] - Partnerships with local universities and research institutions enhance R&D capabilities, driving technological advancements in the automotive and electronics sectors [11][13] - The establishment of innovation zones and support for startups has led to the incubation of numerous technology firms and the transfer of scientific achievements [14]

Group 1 - The Nanjing Intermediate Court made a first-instance judgment on the Jin Tong Ling Securities false statement representative lawsuit, involving over 43,000 investors with a total compensation amount exceeding 770 million yuan, primarily benefiting individual investors [1] - The Jin Tong Ling case is the third instance of a substantive judgment under the special representative lawsuit procedure, following the Kangmei Pharmaceutical and Zeda Yisheng cases, highlighting the effectiveness of this legal mechanism in protecting investor rights [1] - The China Securities Regulatory Commission (CSRC) emphasized that the special representative lawsuit serves as a significant legal method for coordinating regulatory and judicial governance, deterring potential violations in the securities market [1] Group 2 - The CSRC has taken administrative actions against the Jinzhou Port Securities false statement case, which severely disrupted market order and harmed investor rights, with over 50 investors authorizing the Investor Protection Agency to apply for a special representative lawsuit [2] - The implementation of the special representative lawsuit system aligns with the new "National Nine Articles" aimed at enhancing the application of this legal framework to protect investor rights effectively [2] - The CSRC will continue to support the Investor Protection Agency in fulfilling its legal public service role in civil litigation, promoting judicial cooperation to better safeguard the rights of investors, especially small and medium-sized investors [2] Group 3 - On December 30, 2025, Wenkang Securities announced the establishment of a special fund for advance compensation regarding the Guangdao Digital false statement, with an initial fund size of 210 million yuan, managed by the China Securities Investor Protection Fund [3] - The advance compensation mechanism is part of the diversified resolution mechanism for securities disputes as stipulated in the Securities Law, allowing for voluntary commitments from controlling shareholders and related securities companies to establish a special fund [3] - The CSRC supports market institutions in proactively conducting advance compensation work to effectively resolve market disputes and efficiently protect investor rights [3]

中央经济工作会议把"坚持内需主导，建设强大国内市场"摆在2026年经济工作重点任务的首位，并提 出"深入实施提振消费专项行动，制定实施城乡居民增收计划"。 提振消费需要金融体系提供全方位支持，以激发消费潜力、优化消费供给并培育新兴消费模式。近日， 商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同 更大力度提振消费的通 知》，围绕商品消费、新型消费、消费场景、县域消费等领域部署了多条政策措施，进一步丰富消费金 融产品和服务。 紧扣中央经济工作会议部署，各金融机构结合自身优势，进一步明确信贷支持举措，着力促消费、扩内 需。例如，建设银行提出，加快升级产品服务体系，深入推进消费金融专项行动，更好满足人民群众多 样化、差异化金融需求。中国银行表示，将积极配合实施好提振消费专项行动和城乡居民增收计划，全 方位满足居民多元消费需求。 2025年以来，多家银行配合地方迅速响应促消费政策，通过加大信贷投放、创新服务模式、提供财政贴 息等多种方式，为消费市场注入源源不断的金融活水。例如，工商银行推动消费贷款财政贴息政策落地 见效。自该政策实施至2025年11月末，工行累计发放个人消费贷款近1000亿元；累计签 ...