在山东滨州市区黄河五路、渤海十八路，两条城市中轴线交会处的核心区域，4幢现代化商务写字楼矗立于 此。这片曾被称为"滨州101"的大楼，经历了股东纠纷、资金链断裂、债务重组后，项目长期处于搁置、停工状 态，其间虽历经多次引入投资，但均因各类问题最终停滞。如今，这座大楼已甩掉历史包袱，变身为高端商务综 合体和产业聚合平台，实现由城市"伤疤"向城市地标的焕新。 占地1.96万平方米、矗立在滨州市核心地段的"滨州101"，对于很多滨州居民来说并不陌生，其最初规划建设 成为当地第一座五星级酒店。从2004年项目建设开始，这座大楼经历了三次开工停工，2021年经过法拍、项目资 产转移后，因市场波动、新开发商流动性缺口等问题反复停摆。 10余年来，大楼建设一波三折，其中资金问题尤为突出。原开发商资金链断裂导致项目搁置，其间多次债务 重组、引入投资机构，但多次尝试始终未能将项目盘活。 搁置多年后，这个项目迎来了曙光。滨州市先后成立市住房城乡建设局工作专班和市直各部门联合工作专 班，推进实施项目强制清算及建设重启等工作。通过政府干预引导、司法清算、引入投资商，加强项目复工建设 《金融时报》记者踏入其中一幢大楼时看到，各楼层已装 ...

Core Viewpoint - The construction of the Western Land-Sea New Corridor is a clear requirement outlined in the "14th Five-Year Plan," with the People's Bank of China and other departments issuing guidelines to enhance financial support for this initiative [1] Group 1: Financial Support Measures - The guidelines propose 21 key measures across six areas to improve financial services for the corridor, including enhancing organizational collaboration, strengthening financial support, optimizing cross-border settlement, and improving financial risk prevention [1] - The banking sector is identified as a primary financial force in supporting the corridor's development, with experts indicating that the guidelines clarify the direction and focus for banks in this initiative [1][2] Group 2: Cross-Regional Collaboration - The guidelines emphasize the establishment of cross-regional financial collaboration mechanisms to address existing coordination issues among banks, governments, and logistics entities [2] - The People's Bank of China aims to promote coordinated financial development across provinces and with countries along the corridor, facilitating a dual circulation economic model [2] Group 3: Digital Financial Services - The guidelines encourage the banking sector to innovate in digital financial services, with a focus on integrating blockchain technology and enhancing logistics financing services [4] - Digital financial services are highlighted for their advantages in risk identification, service efficiency, cost control, and product innovation, which are crucial for supporting the corridor's development [4] Group 4: Innovative Financing Models - The National Development Bank's Guangxi branch has adopted innovative financing models, providing significant funding for infrastructure projects to enhance the region's connectivity and trade with ASEAN countries [6] - The corridor serves as a key node in the Belt and Road Initiative, necessitating expanded financial cooperation and a clear financial collaboration network with relevant countries [6] Group 5: Responsibilities of the Banking Sector - The guidelines call for the banking sector to take on greater responsibilities in establishing financial cooperation mechanisms and exploring international financial collaboration [7] - Banks are encouraged to work with regulatory bodies and international organizations to develop financial solutions tailored to regional trade characteristics [7]

《规则》共38条，主要内容如下：一是明确职责范围。细化董事会秘书在信息披露、公司治理、内 外部沟通等方面的具体职责。二是健全履职保障。从信息获取、履职平台、履职救济等多方面提供保 障，促进董事会秘书充分依法履职。三是完善任职管理。提升董事会秘书任职的专业素养及合规要求， 禁止可能有职责冲突的兼任。要求提名委员会对董事会秘书任职资格进行审查。四是强化责任追究。要 求上市公司内部定期开展履职评价和内部追责；对上市公司出现违法违规但董事会秘书未勤勉尽责的， 严格采取监管措施或者实施处罚。 为进一步规范上市公司董事会秘书履职行为，推动提升上市公司治理水平，中国证监会起草了《上 市公司董事会秘书监管规则（征求意见稿）》（以下简称《规则》），现向社会公开征求意见。 责任编辑：杨喜亭 ...

Core Viewpoint - The People's Bank of China and multiple departments have jointly issued the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor," aiming to inject new momentum into the development of this national strategic initiative [1] Financial Support and Development - The Western Land-Sea New Corridor has achieved significant results, with an import and export volume of 611.5 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 19.3%, contributing 3.4 percentage points to the overall foreign trade growth in the western region [1] - The banking sector has integrated into the construction of the corridor by providing financial support for infrastructure and industry empowerment, facilitating a new pattern of opening up that promotes both land and sea connectivity [1] Financing and Settlement Functions - The dual drive of "financing" and "settlement" will activate the industrial chain and create a financial ecosystem for internal and external circulation, transforming the geographical corridor into a "golden channel" for global resource allocation [2] - Financing should evolve beyond mere capital provision to foster endogenous growth, requiring banks to align their services with the industrial clusters emerging from the corridor [2] - The settlement function aims to enhance the efficiency of cross-border trade by integrating China's payment and settlement systems into broader trade networks [2] Innovation in Cross-Border Financial Services - The Opinions emphasize the need for banks to innovate cross-border financial services, including facilitating cross-border trade settlements and supporting new trade formats [3] - There is a focus on promoting the use of the renminbi in cross-border trade and investment to reduce exchange rate risks for enterprises [3] - The establishment of a multi-layered, cross-regional risk prevention system is essential, leveraging financial technology for real-time monitoring of cross-border capital flows and abnormal transactions [3] Economic Impact and Future Outlook - As the measures outlined in the Opinions are implemented, financial resources will be more precisely directed to various sectors of the Western Land-Sea New Corridor, enhancing its role as a "golden channel" for integrating and allocating global resources [3]

千年前，李白"蜀道难，难于上青天"的慨叹，道尽了西南内陆与外界联通的天然阻隔。重峦叠嶂曾 让西部长期深陷"内陆封闭"的发展困境，对外贸易只能绕行东部沿海，耗时费力、成本高企。随着西部 陆海新通道正式开通，这一历史格局被彻底改写。 从"一条线"铺展为"一张网"，"蜀道难"的千年慨叹早已被钢铁巨龙的轰鸣驱散。2025年9月，西部 陆海新通道铁海联运班列年度发运量首次突破100万标箱，较2017年开通初期增长110倍；运输网络拓展 至127个国家和地区的581个港口；货物种类涵盖电子产品、整车及零部件、机械、食品等数十个大类的 1300余种产品。这条串联"一带一路"的黄金通道，更需金融活水的精准滴灌。近日，中国人民银行等八 部门联合印发《关于金融支持加快西部陆海新通道建设的意见》（以下简称《意见》），构建起全方位 金融服务体系，让这条开放大动脉更具活力、更有韧性。 制度创新是提升金融服务效能的核心密码。《意见》聚焦跨境贸易结算与投融资便利化，推出一系 列突破性举措，让资金流动更高效、更安全。在跨境结算方面，支持优质企业开展新型离岸国际贸易跨 境资金结算，让特产"出海"的资金周转更快捷。在人民币国际化方面，推动与东南 ...

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for December 2025, indicating a net liquidity injection across various monetary policy tools, which reflects the central bank's efforts to manage liquidity in the financial system [1][2]. Group 1: Central Bank Loans - The net injection from the Standing Lending Facility (SLF) was 7.1 billion yuan [1][2] - The net injection from the Medium-term Lending Facility (MLF) was 100 billion yuan [1][2] - The net withdrawal from the Pledged Supplementary Lending (PSL) was 5.6 billion yuan [1][2] - Other structural monetary policy tools saw a net injection of 159.4 billion yuan [1][2] Group 2: Open Market Operations - The net injection from the 7-day reverse repos was 81.9 billion yuan [1][2] - The net injection from other term reverse repos was 400 billion yuan [1][2] - The net injection from open market treasury transactions was 50 billion yuan [1][2] - The net injection from central treasury cash management was 10 billion yuan [1][2]

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice urging market participants to improve the preservation of bond trading records due to widespread issues with internal controls and compliance, which hinder effective regulation and the identification of illegal activities [1][2] Group 1: Regulatory Actions - The association has identified common issues among institutions, including inadequate internal control systems for bond trading record preservation and ineffective compliance measures [1][2] - There will be increased penalties for institutions that violate regulations, with stricter self-discipline measures based on the severity of the violations [1] Group 2: Types of Violations - The main types of violations include: 1. Failure to establish proper internal control systems for bond trading record preservation [2] 2. Compliance measures being superficial and not effectively implemented [2] 3. Incomplete tracking of bond trading records [2] 4. Inability to provide complete trading records for transactions suspected of serious violations [2] 5. Other behaviors that violate bond trading record preservation requirements [2] Group 3: Importance of Compliance - Accurate and comprehensive preservation of trading records is a fundamental requirement of the bond market and an important obligation for market participants [2] - Institutions are urged to enhance their internal controls and compliance awareness to promote a healthy and orderly market development [2]

4日，沙特阿拉伯、俄罗斯、伊拉克、阿拉伯联合酋长国、科威特、哈萨克斯坦、阿尔及利亚和阿曼的 代表举行线上会议，避开讨论影响该产油国集团多个成员国的政治危机，最终决定维持石油产量不变。 石油输出国组织(欧佩克)当日发表声明说，欧佩克和非欧佩克产油国中的8个主要产油国决定，维持 2025年11月初制定的产量计划，在2026年2月和3月继续暂停增产。 石油输出国组织(欧佩克)决定，8个成员国将在2026年第一季度暂停增加石油产量，以应对潜在供应过 剩。 2025年，"欧佩克+"的8个成员国(沙特、俄罗斯、阿联酋、哈萨克斯坦、科威特、伊拉克、阿尔及利亚 和阿曼)将石油产量目标提高了约290万桶/日，相当于全球石油需求的近3%，以夺回市场份额。这8个成 员国已于11月同意在1月、2月和3月暂停增产，原因是北半球冬季需求相对低迷。4日举行的线上会议重 申了这一政策，且未讨论委内瑞拉相关议题。 ...

Core Viewpoint - Dongguan is leveraging institutional innovation to address the challenges of revitalizing its substantial stock of industrial and commercial real estate assets through the pilot program for real estate trust property registration [1][2]. Group 1: Institutional Innovation - The pilot program for real estate trust property registration aims to implement high-quality development in the trust industry and optimize the business environment in Dongguan [1]. - The program clarifies the definition and applicable scope of real estate trusts, detailing the key processes involved, which previously faced obstacles due to a lack of registration norms [1][2]. Group 2: Industry Development - The pilot program is expected to enhance the independence of trust assets by requiring joint applications from the trustee and trust institution, thus clarifying property boundaries and preventing asset commingling [2]. - This institutional design addresses industry pain points, enabling the risk isolation advantages of real estate trusts to be effectively realized, supporting diverse scenarios such as family wealth inheritance and retirement security [2]. Group 3: Market Potential - As of now, eight regions, including Dongguan, have initiated the pilot program for real estate trust property registration, which is anticipated to lower the establishment threshold for real estate trusts and facilitate the appreciation of idle assets through professional management [3]. - The potential for the trust industry is significant, with the China Trust Industry Association reporting that by mid-2025, the asset service trust balance is expected to reach at least 8 trillion yuan, accounting for 24.67% of the total trust asset scale [3]. Group 4: Future Outlook - The ongoing pilot programs for real estate and equity trust property registration are expected to clear institutional barriers for asset service trusts, particularly family trusts, leading to better and faster development in wealth management services [4]. - The pilot in Dongguan is anticipated to activate the value of regional stock assets and enrich wealth management channels, providing valuable practical samples for improving the national trust property registration system [4].

Core Viewpoint - In 2025, China's economy demonstrates strong resilience and vitality, achieving stable growth amidst global economic challenges and geopolitical conflicts. The focus is on enhancing macroeconomic policy effectiveness to support sustained economic recovery as the country enters the "15th Five-Year Plan" period [1]. Economic Performance - China's GDP growth rate for the first three quarters of 2025 is 5.2%, aligning closely with its potential growth rate and significantly improving from a -0.3% output gap in 2024. This positions China as a leader among major global economies, especially as the global economic growth rate is projected at 3.2% for 2025, a slight decline from 2024 [2]. Industrial and Service Sector Resilience - The industrial sector shows strong recovery, with industrial added value growth at 6.2% in the first three quarters of 2025, an increase of 1.6 percentage points from 2023 and 0.4 percentage points from 2024. The service sector also performs well, with a 5.4% increase in added value, surpassing 2024's growth by 0.4 percentage points [3]. Risk Management and Economic Stability - Significant progress has been made in risk prevention and resolution, particularly through policies aimed at stabilizing market order and curbing irrational competition. The recovery of consumer and producer price indices has improved corporate profit expectations and market confidence, supporting overall economic stability [3]. Achievements of the 14th Five-Year Plan - The year 2025 marks the successful conclusion of the 14th Five-Year Plan, with GDP growth contributing over 35 trillion yuan, equivalent to creating an economy the size of the Yangtze River Delta. Despite various challenges, the average annual growth rate during this period is approximately 5.5%, contributing about 30% to global economic growth [4]. Policy Recommendations for 2026 - For 2026, it is recommended to set reasonable GDP growth and price targets to signal stability and confidence in economic policies. The aim is to achieve around 5% growth, considering the complexities of the external environment [5][6]. Strengthening Industrial Competitiveness - Emphasis on consolidating the advantages of a complete industrial system is crucial. This includes maintaining a reasonable manufacturing sector proportion, addressing weaknesses in key areas like integrated circuits and high-end instruments, and promoting intelligent, green, and integrated industrial development [7]. Expanding Domestic Demand - Strategies to boost domestic demand should focus on both consumption and investment. This includes enhancing income stability, increasing public investment in education and healthcare, and optimizing the investment structure to support high-quality growth in technology and emerging industries [8]. Coordinated Macroeconomic Policies - The "three policies in one" approach is essential for balancing supply and demand, involving coordinated monetary, fiscal, and structural policies to create a synergistic effect that promotes economic stability and growth [9].