榜单结果显示，通信设备、显示面板、服务器等硬件设备领域的龙头企业仍然在 科技 创新上保持领 先，半导体产业链公司展现出强劲的研发韧性与技术突破能力，而软件服务公司则在人工智能、大模 型、安全与金融科技等前沿领域不断涌现新成果。整体上，榜单不仅反映出硬科技企业在 人才积 累、研发强度、专利产出 等方面的真实情况，也折射出中国硬科技产业在2025年所展现出的 技术 进取心与产业竞争力 。 2025 中国硬科技上市公司价值榜 【子榜单2】 2025中国硬科技上市公司 科技创新力 CF行榜TOP30 01 | 中兴通讯 000063.SZ 通信设备与ICT解决方案供应商 无线/有线网络设备(基站、光传输、核心网）、算力与 服务器、终端产品(手机) 02 | 大华股份 002236.SZ 视频监控与智能安防产品与解决方案供应商 大华雷视融合一体机、热成像双目云台、智能PoE系列等 03 | 海康威视 002415.SZ 视频感知与智能物联(安防+AI)龙头 摄像机/视频编码、Al视频分析、大数据与云端平台等 04 | 科大讯飞 002230.SZ 人工智能与语音/大模型平台公司 在全球科技竞争加速、产业升级步伐加快的背 ...

Core Viewpoint - The concept of "market value management" has evolved dramatically over the past two decades, transitioning from a stigmatized notion to an essential practice for A-share listed companies, especially following the introduction of the "New National Nine Articles" in April 2024, which emphasizes the need for systematic market value management [2][3][4]. Group 1: Market Value Management - Market value management is fundamentally about value management rather than merely stock price management, focusing on sustainable development and long-term returns for investors [2][7][14]. - The essence of market value management lies in three aspects: value creation, value communication, and value operation, with an emphasis on enhancing intrinsic value as the primary goal [3][15][18]. - The historical context of market value management in China shows its importance has been recognized since the first "National Nine Articles" in 2004, but it gained significant traction after the second "National Nine Articles" in 2014 [9][10]. Group 2: Value Creation - Value creation is centered on a company's ability to generate free cash flow, which is crucial for determining its value and requires clear strategic positioning and effective governance [15][16]. - The ability to allocate free cash flow effectively is vital for sustaining value creation over time, with return on invested capital (ROIC) serving as a key metric for assessing management's capital allocation decisions [16][17]. Group 3: Value Communication - Value communication is essential for ensuring that a company's intrinsic value is accurately reflected in the market, necessitating effective information disclosure and investor relations [18][19]. - Companies must prioritize annual reports and performance briefings as critical channels for communicating with investors, ensuring that management is actively involved in these processes [19]. Group 4: Value Operation - Value operation focuses on managing through market cycles, employing strategies to mitigate risks associated with industry and financial cycles [20]. - Tools for effective value operation include reasonable refinancing, mergers and acquisitions, and managing shareholder expectations through legitimate share reductions [21][22]. Group 5: Structural Challenges in A-share Market - The A-share market faces structural challenges, including the need for larger, stronger companies and the lack of distinctive characteristics among smaller firms, which necessitates regulatory and market-driven efforts for value reassessment [4][26]. - Despite significant growth in the number of listed companies and total market capitalization, the A-share market still has considerable room for improvement in terms of market efficiency and investor returns [24][25]. Group 6: Transition to Equity Era - The Chinese economy is transitioning from a real estate-driven model to an equity-driven model, with capital markets needing to adapt to this shift by focusing on investor returns and sustainable growth [32][33]. - This transition emphasizes the importance of capital markets in supporting new economic drivers and ensuring that companies prioritize long-term value creation over short-term financing needs [34][35]. Group 7: Importance of Market Value Management - Market value management is now a critical focus for all listed companies, as it directly impacts their ability to attract capital and maintain their listing status [38][42]. - As the market evolves, the significance of market value will continue to grow, making effective market value management an essential strategy for companies aiming to thrive in the equity era [42].

Core Viewpoint - The overall economic operation in China is stabilizing and improving in the first half of 2025, but structural contradictions remain prominent, with investment, consumption, and exports not synchronizing. The focus for 2026 will be on deepening reforms to stimulate market vitality and balancing stable growth with structural optimization [1]. Group 1: Economic Context - The economic performance in the first half of 2025 is characterized by "policy efforts" and "export grabbing," leading to a steady improvement overall [1]. - There is a need to address new challenges in the second half of the year while consolidating the achievements of the first half [1]. - Key issues include stimulating private sector vitality, reshaping industrial chain advantages, promoting technological innovation, and improving expectations and confidence [1]. Group 2: Event Announcement - The 23rd Financial Wind and Cloud List is officially launched, aiming to identify industry leaders contributing significantly to China's economic and industry development [1]. - The evaluation will cover five major categories: listed companies, banks, insurance, finance, and comprehensive fields, using a dual-track evaluation system of "public voting + expert review" [1][2]. - The award winners will be announced at the Financial China 2025 Annual Meeting, with past winners achieving breakthroughs in brand voice and business innovation during the evaluation period [2]. Group 3: Participation Guidelines - Eligible companies must operate legally within China, covering all types (state-owned, private), nationalities (domestic, foreign, joint ventures), and scales (listed, non-listed) [3]. - Participating companies must comply with various laws and regulations and should not have significant violations or investigations in the past year [3]. - Each company can submit a maximum of two cases for one category, and the committee will ensure fairness and impartiality in the selection process [3].

财经国会 和印 SEEC 财经思想 财经中国2025年会诚邀共同见证 用 议题 前沿 T而级大咖 和讯网董事长章知方在往届 财经中国 年会中曾指出，"增长的关键在预期，预期的根本在信心"，并 强调"改革需要回答真问题，做真动作"，唯有打破制约发展的束缚，市场机制才能充分发挥作用，预 期与信心才能自然回归。 值得注意的是， 同期举办的第23届财经风云榜，作为中国财经领域一年一度的盛事，将继续秉 持"公平、公正、公开"的原则，通过资质审查、线上投票及专家评审等多重环节， 聚焦 企业价值、 社会责任、科技创新、品牌营销等多维度，评选出行业内先锋榜样。 总体来看，本届 榜单覆盖 了 上市公司、银行、保险、券商、基金、期货等金融机构， 致力于通过 树立标杆的方式推进 国内金融市场 高质量发展 。 作为 财经媒体 ， 和讯深知其肩负 的责任 ， 正 积极携手金融机构， 共同推动金融强国目标的 实现 。 如今， "财经中国年会" 已 历经二十余年的积淀与传承，凭借其豪华的嘉宾阵容、前沿的话题探讨 及超强的传播规模，成为 了 中国财经领域最具影响力的年度思想盛宴之一，被业界誉为预示中国下 一年财经动态的风向标。本届年会将继续 ...

Group 1 - The total number of A-share investors in China has surpassed 240 million as of June 2025, indicating that one in six Chinese individuals is now a stock market participant [2] - By the end of 2024, individual investors accounted for over 99.76% of the total investor base, with 99.63% of new accounts in the first half of 2025 being individual investors [2] - The influx of personal investors reflects strong confidence in the A-share market and a growing demand for wealth management amid economic transitions and structural adjustments in China [2] Group 2 - The family trust market in China is projected to exceed 900 billion yuan by the end of 2024, with expectations to enter the "trillion era" in 2025 [2] - An estimated 20 trillion yuan of wealth is expected to be passed down to the next generation over the next decade, highlighting the urgency of addressing family wealth inheritance issues [3][18] Group 3 - The investment landscape is shifting as individuals seek effective asset allocation strategies beyond traditional real estate investments, particularly in the context of a changing economic cycle [3] - Young investors exhibit diverse attitudes towards wealth management, with some being overly conservative and others seeking high-risk, high-reward opportunities [7][9] Group 4 - Quantitative investment strategies are gaining traction among retail investors, offering a systematic approach to decision-making that can mitigate emotional biases in trading [11][12] - Basic quantitative methods focus on fundamental analysis, allowing investors to make informed decisions based on company performance rather than market trends [12] Group 5 - Effective wealth management requires a clear understanding of individual financial goals and risk tolerance, which can significantly influence investment strategies [13][14] - A layered approach to wealth management, separating funds for daily living expenses from those intended for long-term growth, can alleviate anxiety related to investment losses [17] Group 6 - The concept of wealth management should evolve from viewing oneself as the "owner" of wealth to acting as a "steward," emphasizing responsible management and long-term value creation [20][21] - Wealth should be viewed through a moral lens, ensuring that its use benefits society and enhances overall well-being rather than merely serving personal interests [22]

Core Viewpoint - The article discusses the resurgence of dividend-type critical illness insurance in China, driven by regulatory changes and market demand, which aims to provide better protection against inflation and meet diverse consumer needs [3][4][5]. Group 1: Return of Dividend-Type Critical Illness Insurance - The recent guidance from the National Financial Regulatory Administration allows for the reintroduction of dividend-type critical illness insurance after a 22-year hiatus, aiming to enhance the sustainability of long-term health insurance products [4][5][6]. - The traditional critical illness insurance has faced challenges due to fixed coverage levels being eroded by inflation, leading to a decline in sales since 2019. The introduction of dividend-type insurance is seen as a solution to these issues [5][11]. - Analysts predict that the implicit investment return rate of critical illness insurance could increase from 2% to between 2.5% and 3% following the reintroduction of dividend-type products, making them more attractive to consumers [7][11]. Group 2: Emergence of Lightweight Critical Illness Insurance - Lightweight critical illness insurance is gaining popularity, offering low-cost, short-term coverage that pays out upon diagnosis, catering to young graduates and budget-conscious families [3][9]. - This type of insurance addresses the "need for coverage but unable to afford" dilemma faced by many consumers, providing an entry-level option for those with limited financial resources [9][10]. - The combination of lightweight and dividend-type critical illness insurance products can create a complementary product line, meeting both immediate and long-term protection needs [10][12]. Group 3: Market Demand and Future Development - There is a significant untapped demand for critical illness insurance, with an estimated 400 million new policies expected to be sold from 2021 to 2024, indicating a potential market rebound as conditions improve [11][12]. - The industry is encouraged to develop a "multi-layered and combinable" product system to cater to varying consumer needs across different life stages and risk preferences [12][13]. - Technological advancements in pricing and service delivery, such as online underwriting and dynamic pricing, are anticipated to become standard practices in the future [13].

在这样的关键时刻，如何激发民营经济活力、重塑产业链优势、推动科技创新、拒绝"内卷式竞争"， 改善预期与信心，是本届「 财经中国2025年会暨第23届财经风云榜 」 关注的核心议题。 2025年 12月，由联办集团、和讯联合主办，财经中国会承办的「 财经中国2025年会暨第23届财经风云榜 」， 以 "寻找中国经济突围之路" 为主题，联合政、商、学、研各界领袖，共同探讨 国经济在复杂 环境中实现提质增效和可持续发展的前瞻思路与务实方案。 财经国会 和印 SEEC 财经思想 财经中国2025年会诚邀共同见证 用 议题 前沿 T而级大咖 2025年，中国经济正处于充满挑战与转机的关键阶段。房地产深度调整地方财政承压、外需趋弱、 内需恢复缓慢，增长动能面临着考验。在上半年"政策发力"与"抢出口"之后，中国经济整体运行稳 中向好，但结构性矛盾依然突出，投资、消费、出口三驾马车动力尚未同步 。 "突围"意味着不只是 保增长，更在于走出一条真正可持续、具有韧性的中国式现代化发展道路。 据悉，今年活动 在 北京举办，将 聚焦宏观政策协调、结构性改革、科技创新与产业升级、民营经 济发展、金融开放与风险防控等核心议题 ， 邀约各 ...

文/李悦 谁能想到，一个政治人物的行事风格，竟能衍生出一种独特的投资策略，让无数投资者在这场风云变 幻中，试图寻找通往财富的捷径？ 全球市场刚经历了一场熟悉的"过山车" ： 10月10日， 美国总统 特朗普威胁对 中国加征100%关 税，美股应声暴跌，纳斯达克指数单日重挫3.56% ， 加密货币市场也出现大规模爆 仓 。然而，恐 慌仅持续三天，美国副总统万斯便出面释放缓和信号，市场迅速反弹 。 这种剧烈的市场波动，正是华尔街所谓的TACO交易模式的完美体现 ，而资本似乎 早已 学会在特朗 普的反复无常中套利 。 从A股市场表现来看， 10月13日，A股不惧特朗普加征100%关税的"威 胁"，在资金"趁低吸纳"的主导下低开高走，上证指数最终 仅微跌0.19% 。 然而，当特朗普的"胆怯"从秘密变为共识，策略收益必然 将 递减。 01 什么是TACO交易？ TACO，这个听起来像墨西哥玉米卷的词，在华尔街却有着完全不同的含义。 它的英文全称 是"Trump Always Chickens Out"（特朗普总是临阵退缩）的缩写 。这个 术语 由 《金融时报》专栏作家罗伯特·阿姆斯特朗 ( Robert Armstr ...

绿色信贷持续扩容，六大行"压舱石"作用凸显 截至2025年二季度末，全国本外币口径绿色贷款余额已达42.39万亿元，同比、环比均实现显著增 长。 和讯财经研究院梳理了A股上市银行半年报数据，有37家上市银行在2025年半年报中披露了绿 色信贷余额，合计规模达29.22万亿元平均每家上市银行绿色信贷平均余额约 8000亿元 。同时， 自央行实施碳减排支持工具以来，已有32家银行在官网披露碳减排贷款相关信息，其中16家银行披 露了2025年第二季度的数据。 国有六大行总额突破20万亿元，合计占比超过七成， "压舱石"作用凸显 。其中工商银行绿色信贷 规模超6万亿元居首，建设银行、农业银行均在5.7万亿元左右，邮储银行以 38.56%的 同比增速成 为六大行中的"增速黑马"，规模逼近万亿门槛，中国银行境内绿色信贷余额 45391.45亿元，同比 增长24%。 此外，头部银行正通过信贷、债券等多维工具推动绿色产业链融资体系完善。 02 9月绿债发行回暖，资产证券化成新亮点 日前，和讯财经研究院发布 了 《2025年 9 月绿色金融发展月报》 。报告梳理了A股42家上市银行 最新半年报数据，其中37家披露了绿色信贷数据 ...

文 / 高歌 中美经贸争端进入新一轮博弈，前三季度进出口增速按季增长，此前有关 抢出口、抢转口之后的出 口下滑 预期并 未显现 。 美国总统特朗普10月10日宣布，拟从11月1日起对所有中国进口商品加征100%额外关税，叠加现 有税率后，部分商品实际关税可能超过150%。同时，将对"所有关键软件"实施出口管制（包括操作 系统、AI算法、半导体设计工具等）。 额外加征100%关税适用于所有从中国进口的商品，包括消费电子产品（如手机、电脑）、机械设 备、纺织品、玩具和农产品等，几乎覆盖中美贸易总额的全部，这不是针对特定行业的选择性关税， 而是全面覆盖。 从历史数据看，2024年中国对美出口额为5252.25亿美元，若政策落地，将直接影响全部输美商 品。2025年9月中国对美出口同比已下滑16.11%（当月值），今年前9月累计贸易差额为2086.33 亿美元。 商品结构 方面 ，劳动密集型商品（如玩具、纺织品、鞋类等）受关税的影响较为显著。粤开证券数 据显示，2025年上半年，美国自中国进口的玩具占其玩具总进口的比重为58.2%，较2024年下降 15.1个百分点。 自2024年年底起，市场对中国出口走势一直存有忧 ...