Core Viewpoint - Zhejiang's capital market has achieved significant growth during the "14th Five-Year Plan" period, focusing on high-quality development through the "Phoenix Action" plan, enhancing enterprise cultivation, industrial empowerment, and ecological optimization, leading to a dual increase in scale and quality [1] Group 1: Capital Market Development - Zhejiang's capital market has seen a substantial increase in the number of listed companies, with 192 new domestic IPOs, bringing the total to 607, ranking second in the country [2] - The total market capitalization of listed companies in Zhejiang grew from 5.51 trillion yuan at the end of 2020 to 7.54 trillion yuan by the end of 2025, marking a 36.8% increase [2] - The coverage rate of listed companies in county areas increased from 71% at the end of the "13th Five-Year Plan" to 85% [2] Group 2: Financing Growth - From early 2021 to October 2025, Zhejiang's capital market generated a total of 24,364.5 billion yuan in new equity and debt financing, accounting for 7% of the national total [3] - New IPO financing in Zhejiang reached 1,647.3 billion yuan, representing 10.1% of the national new IPO financing total [3] - The merger and acquisition market in Zhejiang has been active, with 308 listed companies completing 532 mergers and acquisitions, disclosing a total amount of 1,294.10 billion yuan [3] Group 3: Strategic Emerging Industries - By December 2025, Zhejiang had 194 listed companies in strategic emerging industries, ranking second nationally [5] - The proportion of new listed companies in strategic emerging industries increased from 55.71% in 2021 to 100% by 2025 [5] - Strategic emerging industry companies in Zhejiang achieved a total revenue of 2,960.88 billion yuan and a net profit of 202.71 billion yuan in the first three quarters of 2025, with a net profit growth rate of 12.15% [6] Group 4: Financial Ecosystem - The bond market in Zhejiang expanded steadily, with a cumulative issuance of corporate bonds and asset-backed securities (ABS) reaching 22,771.6 billion yuan during the "14th Five-Year Plan" [7] - By the end of November 2025, the outstanding scale of bonds and ABS in Zhejiang reached 15,743.23 billion yuan, ranking fourth nationally [7] - The development of public REITs in Zhejiang has made significant progress, with five REITs issued, raising 12.62 billion yuan, accounting for approximately 6.5% of the national total [9] Group 5: Future Outlook - The "15th Five-Year Plan" emphasizes the need to enhance the financial service system to support technological innovation and industrial transformation [9] - Zhejiang aims to leverage its capital market to cultivate high-quality listed companies in emerging industries and promote active mergers and acquisitions [9]

Core Viewpoint - Salt Lake Co. plans to invest 4.605 billion yuan to acquire a 51% stake in Minmetals Salt Lake Co., aiming to enhance its position in the salt lake industry and resolve competition issues with its parent company [1]. Group 1: Transaction Details - The acquisition involves a cash payment of 4.605 billion yuan for the 51% stake in Minmetals Salt Lake, which will be consolidated into Salt Lake Co.'s financial statements post-transaction [1]. - The transaction is not classified as a major asset restructuring and is part of a commitment by China Minmetals to address competition concerns [1]. Group 2: Financial Performance and Projections - Minmetals Salt Lake is projected to achieve a cumulative net profit of over 2.1 billion yuan over the next three years, with specific annual commitments of 668 million yuan, 692 million yuan, and 745 million yuan for 2026, 2027, and 2028 respectively [3]. - For the fiscal year 2024, Minmetals Salt Lake is expected to generate revenue of 2.084 billion yuan and a net profit of 690 million yuan, with revenue of 798 million yuan and net profit of 316 million yuan reported for the first eight months of 2025 [2]. Group 3: Resource and Production Capacity - Minmetals Salt Lake primarily operates in lithium and potassium resource development, with proven reserves of 1.6459 million tons of lithium chloride and 14.6311 million tons of potassium chloride as of the end of 2024 [1]. - The company has established production capacities of 15,000 tons/year for lithium carbonate, 2,000 tons/year for lithium phosphate, 1,000 tons/year for lithium hydroxide, and 300,000 tons/year for potassium fertilizer [2]. Group 4: Valuation Insights - The valuation premium for Minmetals Salt Lake is attributed to the significant increase in lithium carbonate market prices since the acquisition of mining rights in 2013, advancements in technology, and the extended service life of the mine [3]. - The total equity value of Minmetals Salt Lake has seen a valuation increase rate of 352.42%, with the mining rights valued at approximately 6.9 billion yuan [2].

主编:彭玉琼 编辑:谢伊岚 美峰:刘晓庆 2025年12月31日 星期三 2025年A股注定 载入中围资本市场发展 史册:总市值首破百万亿元 大关,实现历史性体量跨越:科 校板块强势团归重塑市场主线,成 为行情核心引擎。从规模跃升的"量 的突破,到结构优化的"质"的飞跃,资本 市场以全方位的进阶,清晰映射出中国经济 高质量发展新格局。 数说A股2025 绘制市场 证券时报记者 梁谦别 2025年 A 股市场今日收官。回顾这一年,市场在经济复苏.产业政策深化与投资者结构变迁 的共同驱动下,演绎了一场深刻而又充满活力的结构性行情。这一年, A股不仅实现了规模的踪 越式增长,更在产业结构、资金强向与投资生态上,呈现出标志性的新特征。本文将从十大角度 逐一展开,解读数据背后的趋势与信号。 两融会额攀升至历史高位 30000 ■ 单位:亿元 25000 200000 15000 10000 5000 0 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年 2025年融资净买入前十股票 | 代码 | 简称 | A股市值 (Z元) | #1155 融资净买 ...

12月30日，财政部、税务总局发布《关于个人销售住房增值税政策的公告》，明确个人将购买不足2年 的住房对外销售的，按照3%的征收率全额缴纳增值税；个人将购买2年以上（含2年）的住房对外销售 的，免征增值税。《公告》自2026年1月1日起施行。 广东省住房政策研究中心首席研究员李宇嘉认为，新政将降低二手住宅交易摩擦，促进挂牌销售。此前 房地产市场销售纾困政策主要集中在降低首付比例、降低利率等，税费优惠政策较少。新政反映出宏观 政策正在加大逆周期调节力度，着力稳定房地产市场。 （文章来源：证券时报） 本次政策优化主要针对个人出售持有不满2年的住房的情形。该情形下，个人销售住房所缴增值税的税 率从此前的5%下调至3%。以住房售价500万元、个人持有不满2年计算，新政实施后，个人出售该住房 需缴增值税税费15万元，税费成本将较此前减少10万元。 ...

Core Viewpoint - The Chinese trust industry is undergoing a transformation and is preparing a systematic plan for high-quality development over the next decade, as outlined in the draft "High-Quality Development Plan for the Trust Industry (2025-2035)" [2] Group 1: Development Goals and Key Tasks - The plan sets two phases for the trust industry's development: solidifying the foundation for high-quality development by 2029 and fully leveraging professional service functions by 2035 [3] - Four key tasks are identified for the next decade: enhancing financial support for national strategies, deepening the "three classifications" transformation, improving trustee service capabilities, and strengthening comprehensive risk management [3] Group 2: Specific Content of Key Tasks - In the area of technology finance, the plan emphasizes that trust companies should support high-tech enterprises through funding for R&D, intellectual property trust services, and long-term capital provision to meet the lifecycle needs of innovative companies [4] Group 3: Supporting Measures - The plan outlines four supporting measures, including talent cultivation, institutional improvement, digital transformation, and cultural development, to achieve high-quality development in the trust industry [5] Group 4: Background and Context - The upcoming plan is influenced by the new requirements of Chinese-style modernization, the mission of building a financial power, and the need to serve the real economy while preventing systemic financial risks [6] - The plan is also guided by the "1+N" regulatory framework and aims to explore the potential of the trust industry in contributing to high-quality development [6]

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration regarding the value-added tax (VAT) policy for individuals selling residential properties aims to stimulate the real estate market by reducing tax burdens on property sales, particularly for homes held for less than two years [1] Group 1: Policy Changes - Individuals selling residential properties held for less than two years will be subject to a VAT rate of 3%, down from the previous rate of 5% [1] - For properties held for two years or more, individuals will be exempt from VAT entirely [1] Group 2: Financial Implications - For a property sold at 5 million yuan, the VAT payable under the new policy will be 150,000 yuan, which represents a reduction of 100,000 yuan compared to the previous tax burden [1] Group 3: Market Impact - The new policy is expected to reduce transaction friction in the second-hand housing market and promote listings for sale [1] - This policy shift indicates a stronger macroeconomic effort to stabilize the real estate market, complementing previous measures focused on lowering down payment ratios and interest rates [1]

Core Viewpoint - The Chinese government has announced a new policy for 2026 aimed at promoting large-scale equipment upgrades and a "trade-in" program for consumer goods, with a total of 625 billion yuan allocated to support these initiatives, particularly to meet the demand during peak consumption periods like New Year and Spring Festival [1] Group 1: Policy Support and Scope - The 2026 policy will optimize support in three main areas: scope of support, subsidy standards, and implementation mechanisms [2] - In the equipment upgrade sector, the policy will continue to support areas from 2025 while expanding to include the installation of elevators in old residential communities and equipment updates in elderly care institutions [2] - The "trade-in" program will continue to provide subsidies for scrapping and replacing cars, with maximum subsidies of 20,000 yuan for scrapping and 15,000 yuan for replacing [2] Group 2: Subsidy Standards and Implementation - The subsidy for household appliances will focus on six categories, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, which account for over 70% of household appliance ownership [2] - The policy will adjust the subsidy for old elevators based on the number of floors, and prioritize electric trucks in the scrapping and replacement program for old operational vehicles [3] - The implementation mechanism will streamline project application processes and reduce investment thresholds to support small and medium-sized enterprises [3] Group 3: Consumer Protection and Regulation - The policy will enforce a unified subsidy standard nationwide for car scrapping, car replacement, and the six categories of household appliances [4] - Measures will be taken to combat fraudulent activities related to subsidies, such as price inflation before subsidies and "scalper" behaviors [4] - The government will enhance inter-departmental cooperation and data sharing to ensure effective monitoring and regulation of the subsidy funds [4]

Core Viewpoint - The implementation of the Value-Added Tax (VAT) Law Regulation aims to refine the VAT system in China, effective from January 1, 2026, with detailed provisions on taxpayer classification, tax rates, tax calculation methods, tax incentives, and management measures [1][2]. Group 1: Taxpayer and Tax Scope - The regulation specifies the scope of taxable transactions, including goods, services, intangible assets, and real estate, while clarifying the standards for different types of taxpayers [1]. - It further defines the criteria for general taxpayers and small-scale taxpayers, as well as the specific circumstances under which services and intangible assets are consumed domestically [1]. Group 2: Tax Rate Application - The regulation clarifies the range of export goods eligible for a zero tax rate and the specific conditions under which cross-border sales of services and intangible assets apply a zero tax rate [1]. - It also establishes principles for applying tax rates and collection rates when a taxable transaction involves multiple rates [1]. Group 3: Tax Calculation Methods - The regulation outlines the specific types of VAT deduction certificates and the methods for deducting input VAT [1]. - It details how tax authorities will determine the sales volume of taxpayers and clarifies the rules for input VAT deductions in special circumstances [1]. Group 4: Tax Incentives - The regulation specifies the standards for various VAT exemption projects and outlines the scope, standards, and conditions for applying VAT incentive policies [1]. - It mandates that the Ministry of Finance and tax authorities assess the effectiveness of VAT incentive policies and report to the State Council for timely adjustments [1]. Group 5: Management Measures - The regulation further clarifies the registration requirements for general taxpayers, the requirements for issuing special VAT invoices, and the timing of tax obligations [2]. - It also includes provisions for export tax refunds (exemptions) and the sharing of tax-related information [2].

清 上市公司到 江赏本市 增长 42.8% HE+ "十四五"时期 新增境内IPO 607 家 上市公司 L 192家 主题成 2020年末 2025年 12月底 市公司总市值 == 7.54 端长 36.8% 万亿元 5.51 万亿元 上市公司总市值 2025年12月末 2020年末 直接融资 7% "十四五"时期(截至2025年10月末) 24364.5 浙江辖区资本市场 新增股债融资总额达 亿元 全国同期总额 上市公司总收人 4.41 月亿元 2.8 te K 万亿元 2020年 2024年 上市公司海外收 3922.36亿元 增长 2020年 103.08% 2024年 0017 = 作为中国资本市场的重要增长极与组成部分，浙江资本市场上市公司群体庞大、新兴产业占比高，多元资本服务 生态协同模式成熟，债券、REITs等金融工具创新成效显著。"十四五"时期的成果不仅筑牢了浙江特色现代化产业 体系的资本根基，更为全国地方资本市场服务新质生产力、打通"资本—实体"循环提供了示范性经验。展望"十五 五"，浙江将进一步精准有效发挥资本市场服务功能，为因地制宜大力发展新质生产力、加快构建浙江特色现代化 产业体系提 ...

Core Insights - The private equity industry in 2025 experienced a recovery and restructuring phase, with the total management scale surpassing 22 trillion yuan, marking a significant rebound from previous downturns [5][6] - The industry is witnessing a concentration effect, with leading firms gaining more market share amid stricter regulations and a more rational investor base [5][10] Group 1: Industry Growth and Scale - By the end of November 2025, the private equity fund scale reached 22.09 trillion yuan, up from 19.91 trillion yuan at the beginning of the year, indicating a net increase of over 2 trillion yuan within the year [6][7] - The private securities investment funds have been the primary driver of this growth, with their scale increasing from 5.21 trillion yuan at the start of the year to 7.04 trillion yuan by November [6][7] Group 2: Market Dynamics and Investor Behavior - The recovery in private equity scale is attributed to a rebound in the stock market, leading to improved performance of private equity funds, which in turn has shifted investor risk preferences towards more selective and proactive asset allocation [7][10] - The number of private equity firms with over 100 billion yuan in assets has increased significantly, with 113 firms reported by the end of October 2025, indicating a return to the "double hundred" era [8][10] Group 3: Fundraising Trends - The number of newly registered private equity funds showed a notable increase, with 1,689 new funds registered in July 2025, marking the highest monthly registration in nearly four years [10][11] - There is a pronounced disparity in fundraising, with top-tier quantitative firms significantly outperforming mid-tier and lower-tier managers, reflecting a stronger "Matthew effect" in fundraising dynamics [10][11] Group 4: Quantitative Strategies and AI Integration - Quantitative strategies have gained prominence, particularly in small-cap indices, with some products achieving over 50% returns in 2025, driven by favorable market conditions [11][12] - AI technology is increasingly integrated into the quantitative investment process, enhancing data analysis and decision-making capabilities, thus reshaping the competitive landscape of the industry [15][16] Group 5: Regulatory Environment and Industry Consolidation - The regulatory framework for algorithmic trading has been strengthened, promoting transparency and fair competition within the market, which is expected to lead to a healthier long-term development of the capital market [13][14] - The number of private equity managers that have been deregistered reached 1,118 in 2025, indicating a significant industry cleanup and a shift towards compliance and sustainable operations [17][18]