● 本报记者 王舒嫄 1月23日，中国贸促会在2026年中国会展经济国际合作论坛上发布的《中国展览经济发展报告2025》显 示，2025年，在中国境内举办的经贸类展会达4095项，展览总面积1.59亿平方米，分别同比增长6.53% 和2.5%，经贸类展会的数量和展览面积均创历史新高。 良之隆集团的实践，生动诠释了展会对产业的强效赋能。"我们自2008年办展以来，始终以产业服务商 定位，整合全国头部食材供应商资源，为国内外食材企业、经销商搭建桥梁。"良之隆集团总经理朱清 梦在2026年中国会展经济国际合作论坛上说。 "通过产业路由器模式，我们打通食材研发、生产、流通、消费全链条，破解传统展会'展商自嗨'的困 境。"朱清梦说，"2025年武汉主场展会吸引全球5000家展商、40万专业观众，交易金额破百亿。2026年 我们瞄准35万平方米展览面积、6000家展商的目标，力争现场预签单突破150亿元。" 东营贸促会会长张凌认为，展会在产业补链、强链、扩链中发挥着不可替代的作用。"我们始终秉持'以 产兴展、以展促产、展产协同'理念，石油装备展覆盖油气勘探、储运全产业链技术装备，橡胶轮胎展 囊括从原料到终端产品的完整生态 ...

● 本报记者 董添 1月23日，国务院新闻办公室举行新闻发布会，介绍2025年知识产权工作进展情况。国家知识产权局相 关负责人透露，截至2025年底，我国国内（不含港澳台）发明专利有效量达到532万件。其中，人工智 能专利有效量居全球前列。 创新质量持续提升 国家知识产权局副局长芮文彪介绍，2025年共授权发明专利97.2万件，实用新型专利146.1万件，外观设 计专利66.6万件。专利复审和无效结案9.6万件。发明专利审查周期压减至15个月，结案准确率提升至 95.6%。截至2025年底，我国国内（不含港澳台）发明专利有效量达到532万件，每万人口高价值发明 专利拥有量达到16件。专利密集型产业增加值占GDP比重升至2024年的13.38%，超额完成知识产权"十 四五"规划预期目标。 芮文彪表示，上述数据反映出，我国创新质量持续提升。我国国内（不含港澳台）有效发明专利中，高 价值发明专利同比增速比总体水平高2.2个百分点，数量达到229.2万件。信息技术管理方法、计算机技 术、医学技术等领域的有效发明专利增速居前，人工智能专利有效量居全球前列，在量子科技、生物制 造、脑机接口、第六代通讯等未来产业布局了一批 ...

Group 1: Financial Support and Policy Impact - The issuance of a 150 million yuan loan has addressed the urgent funding needs for technological transformation at Guangdong Rifa Cable Co., which plans to build an automated production project with an expected production efficiency increase of 20%-50% [1] - The People's Bank of China has introduced a series of structural monetary policy measures, including a 0.25 percentage point reduction in various policy tool rates and an expansion of the re-lending quota for technological innovation and transformation to 1.2 trillion yuan [1][4] - The Agricultural Bank of China provided a tailored financial service plan for Huafei Textile, including a 150 million yuan project loan, leveraging the favorable policy environment created by the recent interest rate cuts [2] Group 2: Bank Lending and Economic Support - The Transportation Bank of Guangdong has supported nearly 200 technology enterprises and 25 technological transformation projects, with a total credit investment exceeding 6.5 billion yuan, significantly reducing interest expenses for enterprises [3] - The recent reduction in structural monetary policy tool rates has enabled banks to obtain funds at lower costs from the central bank, enhancing their ability to issue loans to qualifying enterprises [3] - The People's Bank of China has already disbursed 5.036 billion yuan in re-lending and rediscount funds to financial institutions following the rate cuts, effectively transmitting policy benefits to agricultural, small, and private enterprises [2][3] Group 3: Future Expectations and Industry Focus - The optimization of structural monetary policy tools is expected to guide financial resources towards technology innovation, green development, and support for small and micro enterprises, with a specific focus on a 1 trillion yuan re-lending quota for private enterprises [4][5] - Analysts believe that the enhancements in structural monetary policy tools reflect the government's commitment to supporting specific industries, which will help stabilize market expectations and attract more social capital into these sectors [5] - The central bank aims to utilize various structural monetary policy tools to support key areas of the national economy, including technology innovation, manufacturing transformation, and consumption stimulation, ensuring a foundation for long-term high-quality development [5]

A05·公司纵横 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 specific futures and options products for foreign traders to participate in domestic trading, aiming to enhance market accessibility and liquidity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will introduce futures and options for paraxylene, bottle flakes, short fibers, purified terephthalic acid, and their respective options [1] - The Guangzhou Futures Exchange will offer lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will include options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise relevant futures exchanges to ensure proper preparations are made for the smooth introduction of these products for foreign traders [1]

三湘大地，金融"活水"涌动如潮。资本市场，债券融资精准滴灌沃土。 全国首单乡村振兴低碳转型挂钩公司债券破茧而出，农村"两水"业务绿色乡村振兴公司债券顺利落地， 湖南省首只科技创新公司债券"23衡高K1"成功发行…… 日前，财信证券股份有限公司党委书记、董事长刘宛晨在接受中国证券报记者专访时表示，"十五五"期 间，债券市场需以更大力度推进品种创新、筑牢风控防线，财信证券将坚守扎根三湘大地、面向全国的 国有券商使命，以债券业务创新实践为新质生产力发展注入金融动能。 ● 本报记者徐昭谭丁豪葛瑶 一收一扩市场结构重塑 一笔笔债券融资，勾勒出时代的脉动，见证着财信证券服务实体经济的责任担当。 随着"十四五"规划圆满收官，我国债券市场稳步前行，交出了一份量质齐升的亮眼答卷。 "这五年，债券市场在复杂环境中砥砺前行。"刘宛晨分析道，从发行规模看，2021年至2025年我国各类 债券发行规模年均复合增长率达8.46%，截至2025年末，市场存量规模较2020年末增长70.61%，连续多 年稳居全球第二。 市场结构之变，尤为引人注目。 利率债作为资本市场"压舱石"，在政策协同中起到了关键作用。"积极的财政政策持续发力，国债、地 ...

为确保期货市场与实体产业高效对接，广期所在多晶硅期货合约设计中采用注册品牌交割制度，并对交 割品质量标准设定进行了详尽调研，以满足上下游企业产销需求。 广发期货分析师纪元菲表示，多晶硅生产企业产能较为集中，行业内的贸易对品牌声誉、质量标准较为 重视，具备品牌管理基础。同时，品牌交割制度有利于保障产业客户的需求，进一步确保入库商品质量 的可追溯性与一致性。 ● 本报记者王超 作为服务实体经济的重要金融工具，多晶硅期货上市已满一周年，在稳定光伏产业链、优化行业生态方 面发挥了不容忽视的作用。作为光伏产业链的核心原材料，当前多晶硅仍面临供需阶段性错配、价格大 幅波动的风险。期货工具的引入，为产业企业提供了重要的价格"晴雨表"和风险"防护垫"，为整个光伏 行业平滑周期波动、管理风险、转型升级持续注入力量。 服务国家战略契合产业迫切需求 在"硅料-硅片-电池片-组件"组成的光伏产业链中，多晶硅位于上游，是决定光伏产品性能与成本的核心 环节。中国作为多晶硅全球最大的生产国和消费国，已建立起全球领先的产业优势。然而，近年来其价 格受产业周期、技术迭代等多重因素影响波动显著，给上下游企业的稳定经营带来挑战。数据显示， 202 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 specific futures and options products for foreign traders to participate in domestic trading, aiming to enhance market accessibility and liquidity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will introduce futures and options for paraxylene, bottle-grade PET, short fiber, and purified terephthalic acid [1] - The Guangzhou Futures Exchange will offer lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will include options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise the relevant futures exchanges to ensure proper preparations are made for the smooth introduction of these products for foreign traders [1]

其次，公司在硬件投入上不遗余力。公司位于杭州萧山世纪城，自建了规模可观的独立机房，在算力等 硬件基础设施上进行了超前投入，为量化策略的研发与迭代筑牢底层基础。 ● 本报记者刘英杰 近日，"中国银河（601881）证券.中国证券报私募行业星耀领航计划"调研团队走进艮岳投资，公司合 伙人蔡群接受了中国证券报记者的专访，分享了公司在量化投资领域的深耕、对科技创新的探索、多策 略平台化发展的实践，以及他对企业社会责任的理解。 "星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投资能力 与合规治理水平的私募管理机构。本次调研旨在推动优秀投资理念的行业共享，助力构建科技、资本与 实体经济良性循环的生态体系。 构建稳健科创赋能模式 艮岳投资成立于2016年。公司发展历经三个阶段：第一阶段是从事量化孵化，引进海外人才回国创业； 第二阶段是进行自有资金管理；第三阶段是在积累资本金后，将公司定位于打造多策略、多基金经理 (PM)的平台型资产管理公司。 "参考美国成熟市场，头部量化机构多采用多PM平台模式。"蔡群表示，当前私募行业经营主体众多， 基金经理流动性较高。平台化模式能更好地抵御由单一策略 ...

Core Viewpoint - The State Council's press conference highlighted significant progress in China's intellectual property (IP) work, with a focus on the increase in the number of valid invention patents and the enhancement of innovation quality by 2025 [1][2]. Group 1: Patent Statistics and Quality Improvement - By the end of 2025, the number of valid invention patents in China (excluding Hong Kong, Macau, and Taiwan) is expected to reach 5.32 million, with a per capita high-value invention patent ownership of 16 [2][3]. - In 2025, a total of 972,000 invention patents, 1.461 million utility model patents, and 666,000 design patents were authorized, with a patent review cycle reduced to 15 months and an accuracy rate of 95.6% [2]. - The value-added of patent-intensive industries is projected to account for 13.38% of GDP, exceeding the targets set in the 14th Five-Year Plan [2]. Group 2: Focus on High-Value Patents - The growth rate of high-value invention patents in China is 2.2 percentage points higher than the overall level, reaching 2.292 million [2]. - Key areas of growth for valid invention patents include information technology management methods, computer technology, and medical technology, with AI patents ranking among the highest globally [2][3]. Group 3: International IP Protection Efforts - The National Intellectual Property Administration (NIPA) is enhancing foreign-related IP protection, addressing issues such as information asymmetry and weak response capabilities among domestic enterprises [4]. - By the end of 2025, NIPA established 99 overseas IP dispute response guidance platforms across 30 provinces, providing over 4,800 consultations and recovering losses of 2.75 billion yuan [4]. - New regulations and a comprehensive guidance network are being developed to support enterprises in overseas markets, particularly in key industries and cross-border e-commerce [5].