中经记者 郝亚娟 夏欣 上海 北京报道 （编辑：杨井鑫 审核：朱紫云 校对：张国刚） 近日，"2026数字金融展望暨星图金融研究院十周年论坛"在南京举行。论坛由江苏省数字金融协会指 导，星图金融研究院、江苏省金科数字与科技金融研究院联合主办，苏商银行支持。 在论坛上，江苏省数字金融协会会长、苏商银行董事长黄金老表示，目前国内外对数字金融本质的定义 尚未统一，但其核心属性在于"无边界性"，代表跨越边界、跨越省域、跨越国界。数字金融之所以能以 低成本服务长尾客户，关键在于规模效应，以大量长尾客户分摊科技与流量成本。数字金融的发展需要 遵循这一基本属性与规律。 黄金老指出，数字技术带来银行效率的提升，苏商银行就是典型例证，借助数字技术以700名员工管理 1600亿元资产，2025年上半年营收同比增速18.8%，成本收入比长期保持在22%左右的低水平，2024年 净资产收益率（ROE）达15.7%。苏商银行每年将营业收入的6%—8%投入科技研发，其中10%投入AI 领域，AI技术在苏商银行已实现较为全面的应用，AI助手已实现信贷业务全链条的智能化覆盖。 ...

监管层面对业务各环节的租赁物管理提出明确要求。《办法》要求，在尽职调查和审查审批环节，要求 重点调查租赁物适格性、权属、价值及物理状况；在合同订立与执行阶段，强调租赁物登记与交付；在 租后管理阶段，对处于不同状态的租赁物提出针对性管理要求。 多位金租行业人士认为，租赁物将进入"全生命周期"的管理状态。传统的租赁物管理多通过现场查看或 者手工操作，但随着业务积累越来越多，这种低效率的方式不具有可持续性。而实现对租赁物的"全生 命周期"管理，离不开数字化的支撑。 北银金租相关负责人在接受记者采访时表示，数字化转型可以推动租赁物和租赁项目管理进入"全生命 周期"管理状态，通过线上化、自动化和智能化，缩短业务审批周期，提高项目落地效率，有效提高了 租赁物管理能力和风险控制能力。 "公司采取全业务流程线上化模式，通过租赁业务系统，实现从商机获取、租前尽调、项目立项、审 批、放款、租后、结项全流程线上化处理，能实时查看各流程审批推进状态及当前审批人，放款与租后 管理实时可视，审批时效提升，人力成本下降，客户体验优化，合规风险降低。尤其在租后管理方面， 通过智能租后管理模式，利用物联网技术对租赁资产（工程机械、车辆、光伏） ...

Core Viewpoint - The "Gold Card" visa program, introduced by President Trump, aims to attract top talent to the U.S. by requiring a one-time payment of $1 million for individuals or $2 million for each foreign employee sponsored by a company, replacing the existing EB-5 investment immigration program [1][2]. Group 1: Financial Implications - The funds raised through the "Gold Card" program are expected to go directly to the U.S. government, potentially generating significant revenue for the federal treasury [2]. - The "Gold Card" requires a donation rather than an investment, contrasting with the EB-5 program, which allows for the possibility of fund recovery if the investment project is compliant [3]. Group 2: Market Response and Practical Concerns - Industry insiders express skepticism regarding the practical implementation of the "Gold Card," leading to a cautious market response, with many potential applicants choosing to wait and see [2][3]. - Initial inquiries about the "Gold Card" have not translated into formal applications, as potential clients recognize the risks associated with the non-refundable nature of the donation [3]. Group 3: Comparison with EB-5 Program - The EB-5 program requires an investment of $800,000 that can cover the entire family, while the "Gold Card" mandates $1 million per family member, making it a more expensive option [3]. - The "Gold Card" program is federally driven, raising concerns about its continuity and execution under future administrations, unlike the EB-5 program which is established through congressional legislation [4]. Group 4: Legal Perspectives - Some legal experts view the "Gold Card" as having certain advantages, such as the potential for expedited processing without congressional approval, allowing applicants to reside and work in the U.S. while their application is pending [5]. - The requirements for proving the source of funds for the "Gold Card" may be less stringent compared to the EB-5 program, which demands extensive documentation [6].

Core Insights - The Shanghai Stock Exchange (SSE) bond market has been active since 2025, with an issuance scale of nearly 4.5 trillion yuan, representing a year-on-year growth of 20% [1] - The high-growth industry bonds launched this year have seen 88 issuances, while the sci-tech bonds have increased by over 60% year-on-year, and the support bonds for small and micro enterprises have surged by over 800% [1] - The issuance of bonds supporting national strategic initiatives has also grown by over 50% [1] - As of the end of November 2025, the outstanding scale of the SSE corporate bond market is nearly 14 trillion yuan, making it one of the largest exchange bond markets globally in terms of both issuance and outstanding scale [1]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has released the "Guidelines for the Management of Corporate Bonds" to enhance proactive credit management by trustees, emphasizing the importance of credit throughout the bond lifecycle [1] Group 1: Guidelines Overview - The guidelines integrate the concept of credit management into the entire lifecycle of bond products, highlighting that credit is the lifeblood of corporate bonds [1] - A dedicated chapter encourages and supports proactive credit management, signaling a shift in the role of trustees and bringing new dynamics to the industry [1] - The guidelines provide a roadmap for proactive credit management, detailing monitoring, initiation, implementation, and incentives, along with a toolbox and case studies [1] Group 2: Industry Impact - Since the second half of 2024, the SSE has been promoting pilot programs for proactive credit management among brokers, with several pilot brokers successfully implementing these practices [1] - Issuers have improved their credit ratings and reduced financing costs, while investors have seen their rights protected and received stable returns [1] - The trustee management teams have leveraged their professional advantages, enhancing the quality and efficiency of bond business, thus fostering a positive feedback loop in the industry [1]

Core Insights - The Fuling shale gas field has cumulatively produced over 80 billion cubic meters of gas as of December 23, 2023, with a stable daily production of 23.5 million cubic meters, sufficient to meet the daily gas needs of approximately 47 million households [1] Group 1: Production and Development - The Fuling shale gas field is China's first large-scale shale gas field to enter commercial development, achieving significant exploration breakthroughs by the end of 2012 and commencing commercial operations in March 2014 [1] - By 2024, the cumulative proven reserves of the Fuling shale gas field are expected to exceed 1 trillion cubic meters [1] Group 2: Geological and Technical Challenges - Compared to North America, China's shale gas reservoirs have more complex geological conditions, deeper burial, and greater extraction difficulties [1] - China Petroleum has gradually developed a "dual enrichment" theory for southern marine shale gas and has leveraged its full industry chain advantages to independently develop key equipment such as electric drilling rigs and all-electric fracturing units, achieving complete localization of critical devices [1]

Core Insights - China National Offshore Oil Corporation (CNOOC) has discovered the Qinhuangdao 29-6 oil field in the Bohai Sea, marking the seventh billion-ton oil field found since 2019 in China's largest production base, the Bohai Oilfield [1] Group 1: Discovery Details - The Qinhuangdao 29-6 oil field is located in the central Bohai Sea, with the main oil-bearing layer being the lower section of the Neogene Minghuazhen Formation [1] - The oil field has a shallow burial depth, and the oil quality is classified as medium to heavy crude oil [1] - The discovery well encountered an oil layer of 66.7 meters and was drilled to a total depth of 1688 meters, with a tested daily production of 2560 barrels of crude oil [1] Group 2: Geological Reserves - Continuous exploration efforts have led to the confirmed geological oil reserves of the Qinhuangdao 29-6 oil field exceeding 100 million tons of oil equivalent [1]

Core Insights - Nvidia plans to deliver AI chip H200 to Chinese customers by mid-February 2026, marking its first official permission to supply high-performance AI products to approved clients in China since the U.S. tightened export controls in October 2023 [2][3] - The H200 chip, which offers a performance increase of 6.7 times compared to the previous H20 model, is seen as a strategic compromise in the ongoing U.S.-China tech rivalry, providing a temporary boost to Nvidia's performance while also serving as a catalyst for China's domestic chip innovation [3][5] Nvidia's Market Strategy Evolution - Over the past three years, Nvidia's supply strategy for the Chinese market has gradually retreated, starting with the ban on A100/H100 exports in September 2022, followed by the introduction of lower-performance models like A800/H800 and H20, which faced criticism for their limited capabilities [4] - The introduction of the H200 chip is viewed as a nuanced move to fill a market gap while adhering to U.S. government restrictions on more advanced chips like Blackwell and Rubin [5][6] Implications for the Industry - The limited return of the H200 chip is expected to have significant short-term impacts on Chinese GPU and chip manufacturers, pushing them towards innovation and domestic alternatives [6][7] - Companies like Baidu and Zhipu AI are already adopting a mixed training model using both Nvidia and domestic chips, indicating a shift in strategy to mitigate reliance on foreign technology [6][7] Nvidia's Balancing Act - Nvidia's actions reflect a balancing act between maintaining revenue from the Chinese market, which accounted for $5.4 billion in Q3 2025, and navigating geopolitical risks [7] - The H200's return is seen as a strategic signal that highlights the need for China to develop its own technology solutions rather than relying on external sources [6][7] Recommendations for Chinese Enterprises - Chinese companies are advised to adhere strictly to national security reviews when procuring H200 chips and to diversify their technology sources to avoid over-reliance on a single supplier [8] - There is a call for increased investment in software ecosystems and the formation of domestic alliances to enhance bargaining power and share technological advancements [8]

Group 1 - The core viewpoint of the news is that Visionox Technology Co., Ltd. has successfully passed the IPO application for the Sci-Tech Innovation Board, marking a significant milestone for the company in the global micro-display industry [1] - Visionox Technology's main product, silicon-based OLED micro-displays, is identified as a core hardware component for the next generation of smart terminals in the AI era, with the company achieving a breakthrough in core technology and leading the industry internationally [3] - The company is the first in the world to achieve large-scale production of silicon-based OLED micro-displays based on 12-inch wafer backplanes, and it possesses comprehensive self-research capabilities in the full stack of "display chip + micro-display + optical system" [3] Group 2 - According to a report by Frost & Sullivan, Visionox Technology ranks second globally and first domestically in the shipment volume of silicon-based OLED products for XR devices, holding a market share of approximately 35.2% in 2024 [3] - In the niche market of drone FPV glasses, Visionox Technology has developed a custom display for a strategic client, helping the client achieve a leading advantage and capturing a remarkable 91.6% market share in that field in 2024 [3] - The company plans to use the funds raised from the IPO to enhance its R&D capabilities and increase the production capacity of silicon-based OLED micro-displays, which will ensure the supply security of micro-display products in China and improve the overall competitiveness of the domestic micro-display industry [4]

12 月 24 日，北京出台《关于进一步优化调整本市房地产相关政策的通知》（以下简称《通知》），放 宽非京籍购房人群限购政策，商业性住房贷款利率将不再区分首套住房和二套住房，公积金二套房最低 首付比例由30%改为25%。 中经记者 吴静 卢志坤 北京报道 继今年8月五环外限购调整后，北京再一次对楼市调控进一步优化。 放宽非京籍限购政策 此前，北京地区的购房政策中，对于京籍家庭和连续社保或纳税符合年限的非京籍家庭，五环外购房不 限套数。但非京籍家庭五环外购房需连续缴纳个税或社保满2年，非京籍家庭购买五环内住房需满3年。 业内认为，核心城市在稳定全国市场中扮演着"压舱石"和"领头羊"的双重角色，一线城市加入政策优化 行列，意味着"因城施策"的深度和广度正在拓展。北京之后，预计沪深等城市将跟进调整。 此次调整后，非京籍家庭连续社保或纳税的门槛有所调整，五环内购房的由3年改为2年；五环外购房则 由2年改为1年。 同时，对于多子女家庭，此次政策也给予了倾斜和照顾，五环内可增购一套住房，这将满足这些家庭的 住房、子女教育等需求。 在个人住房贷款方面，此前，北京首套房贷和二套房贷执行不同的利率。商贷首套房贷利率为3.05% ...