2025年12月7日，由联办集团、和讯共同主办、财经中国会承办的财经中国2025年会暨第23届财 经风云榜在北京圆满落幕。据悉，本届年会以 "寻找中国经济破局之路"为主题，邀请了包括黄奇 帆、李扬、吴晓求、姚洋、李稻葵等在内的二十余位国内顶尖经济学者和政策智囊，围绕"十五 五"规划展望、宏观经济走向、科技创新、资本市场生态重塑、全球变局下的资产配置等前沿议题展 开深度对话。 图：和讯网董事长章知方 和讯网董事长章知方在致辞中表示，2025年以来，以DeepSeek人工智能普及、LABUBU全球走 红、《哪吒2》票房创纪录、上证指数突破4000点为代表的现象，凸显出中国在科创与文化产业领 域的旺盛活力。但宏观层面仍面临发展不平衡不充分、新旧动能转换艰巨、就业与居民收入增长承 压、重点领域风险隐患尚存等多重挑战。 他认为，破局之路，还在解放生产力。要打造技术创新驱动的新质生产力，更要充分调动民营企业和 地方政府的积极性。民营企业是吸纳就业的主力军、经济发展的稳定器。如何提升5800万民营企业 的生产力和创造力，强化对民营企业的司法保护，让民营企业家敢闯敢干，仍是一个亟待破局的重要 课题。 "十五五"规划解读与20 ...

2022年以来，中信银行将品牌管理上升到企业发展的战略高度，党委书记方合英带领下的党委班子 持续推动品牌体系焕新升级，以"让财富有温度"为主张走出了一条特色金融品牌建设之路。 12月4日，《银行家》（The Banker）杂志揭晓年度"全球最佳银行"榜单， 中信银行再度荣膺"中 国年度银行"大奖 。这是该行继2017年首次获奖后，再次折桂这一被誉为"银行业奥斯卡"的国际权 威奖项。 习近平总书记 提出"推动中国制造向中国创造转变、中国速度向中国质量转变、中国产品向中国品牌 转变"。时间回到2017年，国内正深入推进供给侧结构改革，以激发企业的创新创造活力。正是这 一年，经 国务院批准将每年5月10日设立为"中国品牌日" 。 在2017年揭晓的"中国年度银行"奖项中，国际金融观察者们敏锐地察觉到了中信银行在品牌影响力 提升方面的可喜变化，这是对其初露锋芒的认可。 真正的变革，发生在一家银行对自身品牌角色的重新定义上——让财富有温度，中信银行以"真善 美"三字为哲学立骨：以"真"立信，筑牢风险防控的铜墙铁壁；以"善"致远，将金融活水精准注入实 体经济血脉；以"美"传情，让金融服务从冰冷的数字交易升华为有温度的生活 ...

Core Viewpoint - Shanghai Rural Commercial Bank emphasizes the integration of financial services with emotional value for customers, aiming to create a service-oriented bank that delivers community value through its "Heart Garden" public service project [1][2]. Group 1: Community Services - The "Heart Garden" project has established over 1,000 public service stations, covering all 216 streets and towns in Shanghai, providing various community services such as elderly education, family education, and agricultural product sales [2][14]. - The bank collaborates with multiple stakeholders, including government, enterprises, and schools, to create a "concentric circle" of community governance, focusing on the financial integration of social resources and addressing community needs [2][14]. Group 2: Elderly Services - Shanghai Rural Commercial Bank serves over 70% of the elderly population in Shanghai, providing pension distribution services to more than 1.3 million customers [5]. - The bank has developed the "Enjoy Heart Life" elderly service brand, establishing nearly 100 specialized financial service outlets tailored to the needs of seniors, implementing a "six-special" standard for service [5][8]. - The bank promotes an elderly consultant system, training volunteers to educate the community about elderly care policies and services [5]. Group 3: Agricultural Support - The bank has created the "Heart Garden" agricultural product purchasing platform, connecting local farmers with urban consumers, allowing residents to access fresh and affordable agricultural products [9][10]. - Collaborations with local agricultural companies have been established to enhance the sales of high-quality local products, ensuring that financial support for agriculture is effectively implemented [10]. Group 4: Educational Initiatives - The "Heart Garden" elderly university has been launched, offering over 5,000 seniors courses in various subjects, including art and digital literacy, to enhance their quality of life [11][12]. - Family education initiatives have been introduced, providing workshops and consultations to help parents manage family dynamics and improve communication with their children [13][14]. Group 5: Overall Impact - Over three years, the "Heart Garden" project has engaged with more than 1,500 partners, conducting over 40,000 activities that have reached over 5 million people, significantly enhancing community engagement and support [14]. - The project not only extends financial services but also actively participates in social governance, addressing public concerns and contributing to community development [14].

文/李悦 " 脱媒 " 已经成为发展资本市场的有效条件 " 应 对 低利率的挑战恐怕是我们未来的一个问题。 " 李扬的断言背后，是一系列无可辩驳的数 据。 从长期国债收益率到短期债券收益率，从货币市场利率到信贷市场利率，所有指标"无一例外"地指 向下行。以货币市场利率为例， 10月份同业拆借加权平均利率为1.39%，质押式回购加权平均利率 为1.4%， 同比、环比双双走低 。 当我们谈论中国金融图景时，一些深刻的结构性变化正在水面之下加速涌动 。 12月7日， 由 联办集团、和讯 共同主 办 ，财经中国会承办，主题为" 寻找 中国经济破局之路"的 和讯 财经中国202 5 年会暨第 23 届财经风云榜 在北京举行 。 中国社会科学院学部委员、国家金 融与发展实验室理事长李扬 在大会演讲中 谈到两点 值得注意的金融格局变化 。 李扬 指出，利率下行可能成为未来一段时期我国金融运行的常态，应对低利率的挑战将成为我国金 融业的主要任务之一。同时， 更为关键的 转变 发生在货币政策领域 ， 中国的货币政策 从传统上 不关注资产价格转向将资产价格稳定纳入视野。 李扬认为，随着有效需求不足局面的延续，以及财政赤字和增发债 ...

文 / 高歌 在经历了三十多年的高速增长后，中国经济从2010年一季度开始由高速逐步转向中速。截至2025年 第三季度，GDP平减指数已连续10个季度负增长。2025年前两个季度实际增长5.4%和5.2%，名义 增长为4.6%和3.9%。 长期看，根据"十五五"规划纲要提出，到2035年"人均国内生产总值达到中等发达国家水平"。要实 现这一目标，意味着中国人均GDP将在现有基础上再迈上一个新台阶。"十四五"时期，中国人均 GDP从2020年的10632美元提升至2024年的13445美元。 短期增长压力与长期高质量发展的诉求皆 指向 中国经济增长正由供给约束转为需求约束，消费是撬 动需求变化的最大变量之一。 12月7日， 由联办集团、和讯共同主办、财经中国会承办，主题为"寻找中国经济破局之路"的和讯 财经中国2025年会暨第23届财经风云榜在北京举行。十三届全国政协经济委员会副主任、国务院发 展研究中心原副主任刘世锦 针对"'十五五'时期消费强国建设与相应结构性改革"这一主题给出最新 观点。 "需求不足主要不是投资和出口不足，而是消费不足，GDP可分为消费和储蓄，与低消费相对应的是 高储蓄。把高储蓄的起因说清 ...

文/ 徐帅 章知方表示，2025年以来，以DeepSeek人工智能普及、LABUBU全球走红、《哪吒2》票房创纪 录、上证指数突破4000点为代表的现象，凸显出中国在科创与文化产业领域的旺盛活力。但宏观层 面仍面临发展不平衡不充分、新旧动能转换艰巨、就业与居民收入增长承压、重点领域风险隐患尚存 等多重挑战。 在他看来，中国式创新的典型场景背后，是众多创业公司的勃发生机，是无数工程师对财富创造的天 然渴望。在此之上，一些地方只是提供了相对宽松的土壤，便解放了生产力，长出了"六小龙"、"四 小强"。 章知方认为，破局之路，还在解放生产力。要打造技术创新驱动的新质生产力，更要充分调动民营企 业和地方政府的积极性。 民营企业是吸纳就业的主力军、经济发展的稳定器。如何提升5800万民营 企业的生产力和创造力，强化对民营企业的司法保护，让民营企业家敢闯敢干，仍是一个亟待破局的 重要课题。 同时，章知方指出，破局也有赖于解放观念。他以《哪吒2》团队为潜心创作缺席领奖为例，强调社 会应珍视并激发这种内在的创造热爱。 他认为，这种对实现自身价值的渴望，潜藏在无数年轻人身上。如何将他们从不是"躺"就是"卷"的 姿态中解放出来，如 ...

Core Viewpoint - Shanghai Rural Commercial Bank emphasizes the integration of financial services with emotional value for customers, aiming to create a service-oriented bank that generates value for the community [1][2]. Group 1: "Heart Home" Public Service Project - The "Heart Home" public service project was launched in December 2022, focusing on the financial integration of social resources and addressing community needs through innovative banking services [1]. - The project has established over 1,000 public service stations, achieving full coverage of 216 streets and towns in Shanghai, contributing to a vibrant "15-minute community life circle" [1][9]. Group 2: Community Engagement and Cultural Activities - Shanghai Rural Commercial Bank collaborates with local community centers to create themed service activities, such as promoting local culture through performances and educational workshops [3][4]. - The bank organizes various community events, including "walking party classes" that involve visits to historical sites and cultural storytelling, enhancing community engagement and cultural awareness [4]. Group 3: Elderly Care and Support Services - The bank has partnered with local elderly service centers to provide comprehensive support, including financial safety education and health-related activities for seniors [5]. - Initiatives like the "Farm Products Discount Purchase" program allow elderly residents to access fresh produce directly, demonstrating the bank's commitment to their well-being [5][6]. Group 4: Support for Technology and Business Development - The bank has established public service stations in industrial parks to cater to the diverse needs of businesses, offering personalized consulting and training sessions [7][8]. - Monthly themed events are organized to address the specific financial needs of technology companies, facilitating connections between businesses and investment opportunities [8][9]. Group 5: Overall Impact and Vision - The "Heart Home" project has hosted over 1,000 events monthly, serving more than 3 million people, transforming the bank's role from a financial service provider to a community value co-creator [9]. - The initiative aims to foster a harmonious community ecosystem by blending the three core colors of "Party Red," "Elderly Care Yellow," and "Technology Blue," reflecting the bank's commitment to social responsibility and community development [9].

我的分析聚焦于党的二十届四中全会提出的一个核心命题——"促就业、增收入、稳预期"。这三者 各有其侧重点，同时又是一个不可分割的整体，要求我们在工作中统筹起来。因此，我试图从经济学 的底层逻辑出发，厘清如何实现这三者的统筹兼顾，并剖析各自领域的重点任务所在。 01 以下文章来源于中国宏观经济论坛 CMF ，作者蔡昉 中国宏观经济论坛 CMF . 创立于2006年，由中国人民大学国发院、经济学院、中诚信国际信用评级有限公司联合主办。依托人大 经济学一级学科排名全国第一的优秀研究力量，诚邀社会知名专家，集中从事中国宏观经济动态和重大 经济问题研究，定期发布分析与预测报告。 以"五个结合"构建宏观经济学新范式 关于"促就业、增收入、稳预期"三者的统筹，我认为在逻辑上应当理解为实现"五个结合"。这实际 上为我们认识中国经济提出了一种新的范式。 第一，坚持应对周期性冲击与保持长期增长相结合。 过去我们在分析经济问题时，往往将应对短期 波动（周期性问题）与关注长期趋势（增长问题）区分开来。周期性波动通常被视为宏观经济学的范 畴，但宏观经济学同样也分析长期增长问题。现在我们讲统筹就意味着两者要统一起来。 第二，坚持供给侧的潜 ...

Core Viewpoint - The insurance sector is positioned as "patient capital," playing a crucial role in driving new productive forces through diversified investment channels, including equity, debt, funds, and alternative investments [2][3] Group 1: Current Industry Status - The insurance asset management industry is experiencing high growth, with total assets reaching 35.91 trillion yuan by the end of 2024, a 13.9% increase from the beginning of the year, marking the highest growth rate since 2017 [7] - By mid-2025, total assets in the insurance industry reached 39.2 trillion yuan, reflecting a 9.2% increase from the start of the year, indicating sustained high growth [8] - Despite overall growth, there is uneven distribution, with many small and medium-sized companies facing challenges, leading to a degree of "involution" in the industry [8] Group 2: Investment Opportunities and Strategies - The recent renaming of the China Banking and Insurance Asset Management Association aims to foster collaboration between insurance asset management and bank wealth management, creating numerous potential cooperation opportunities [9][10] - The insurance asset management sector is exploring alternative investments and innovative strategies to address the challenges posed by a scarcity of quality assets and interest rate risks [6][12] - The focus on green finance aligns with the long-term liabilities of insurance capital, allowing for better matching of investment cycles with the characteristics of insurance liabilities [13][14] Group 3: Future Trends and Recommendations - The insurance sector must enhance its asset-liability matching management capabilities while prioritizing safety to improve yield, which is essential for sustainable growth [19] - The industry is encouraged to concentrate on its comparative advantages and avoid overextending into all investment tools, focusing instead on stable investment opportunities [17][18] - As the scale of insurance capital continues to grow, the sector's responsibilities towards policyholders and the broader market will become increasingly significant, necessitating a balance between risk-taking and fulfilling contractual obligations [18][19]

Core Viewpoint - The semiconductor sector has emerged as one of the most dynamic segments in the A-share market since 2025, driven by surging AI computing demand, accelerated domestic supply chain autonomy, and a global semiconductor cycle recovery, marking a critical window for high-quality development in China's semiconductor industry [2]. Group 1: Market Performance - The semiconductor sector's structure in 2025 shows that the midstream and upstream segments are leading, with the Semiconductor Equipment Index rising approximately 47% and the National Gold Semiconductor Equipment 20 Index increasing by about 62%, reflecting strong market expectations for domestic semiconductor equipment replacement [3]. - The digital chip design sector also performed well, with the Shenwan Digital Chip Design Index increasing by around 56%, serving as a core driver for the sector's upward movement [3]. Group 2: Individual Company Performance - Companies focusing on core technology breakthroughs, such as Saiwei Electronics and Chipone Technology, achieved over 180% growth, indicating sustained market optimism in areas like analog chips, IP licensing, and consumer-grade storage [4]. - In terms of trading activity, companies like Cambrian-U, SMIC, and Haiguang Information dominated the market with a combined trading volume exceeding 4.1 trillion yuan, highlighting institutional and market interest in domestic AI chips and advanced manufacturing processes [4]. Group 3: Semiconductor Company Value Rankings - The "2025 China Semiconductor Listed Company Value List" was released, ranking companies based on a comprehensive study of 181 listed firms, focusing on research innovation, financial health, growth potential, and market performance [5]. - The report indicates that companies like Haiguang Information, Cambrian, and others are leading in investment value, showcasing the sector's potential [5]. Group 4: Detailed Analysis of Semiconductor Companies - The analysis of 181 listed semiconductor companies revealed that firms like Haiguang Information, Zhongwei Company, and Guoli Microelectronics are in the high-scoring group for research innovation, indicating significant breakthroughs in key technology areas such as CPU/GPU, EDA, and etching equipment [10]. - Financial health scores for companies like SMIC and Cambrian reflect stable business models and strong cash flow, essential for maintaining strategic resilience amid increasing industry competition [11]. - Companies such as Cambrian and Guoli Microelectronics show strong growth potential, indicating that sectors like AI chips and EDA are becoming focal points for capital and capacity deployment [11]. Group 5: Sector Performance Comparison - The semiconductor sector has demonstrated the strongest overall competitiveness, with an average score leading all segments, while the hardware equipment sector follows closely due to China's robust supply chain and production capabilities [16]. - The semiconductor industry, supported by policy and capital, exhibits the highest comprehensive value creation potential among various sectors [17].