Core Viewpoint - The year 2025 is characterized by significant events and developments, reflecting resilience and progress in various sectors, including technology, public service, and social welfare [1][8]. Group 1: Historical and Cultural Significance - The 80th anniversary of the victory in the Chinese People's Anti-Japanese War was commemorated with a grand military parade, showcasing national pride and historical remembrance [3]. - The parade featured young soldiers and advanced military equipment, symbolizing China's strength and confidence in its path towards national rejuvenation [3]. Group 2: Social Responsibility and Community Support - Instances of heroism were highlighted, such as a village leader who sacrificed their life during a flood rescue operation, demonstrating the spirit of community and selflessness [5]. - Citizens actively participated in emergency responses, showcasing a culture of mutual assistance and civic responsibility in urban settings [5]. Group 3: Technological Advancements - The emergence of humanoid robots and artificial intelligence has become a focal point in 2025, with significant advancements in their capabilities and integration into daily life [6]. - The rapid evolution of technology reflects China's progress in overcoming challenges and enhancing productivity, contributing to societal innovation [6]. Group 4: Public Welfare and Social Services - The implementation of supportive policies for childbirth and the introduction of services for special populations indicate a commitment to improving public welfare [7]. - Urban governance has seen enhancements in service delivery, addressing citizens' needs and improving overall quality of life [7]. Group 5: Resilience and Future Outlook - The concept of "resilience" encapsulates the spirit of perseverance in the face of challenges, serving as a guiding principle for future development [8]. - The year 2025 marks a transition towards the 15th Five-Year Plan, emphasizing the importance of sustained effort and commitment to achieving long-term goals [8].

12月30日午间，在岸人民币对美元升破7.0关口，创下2023年5月以来新高。 自2025年4月以来，人民币对美元汇率持续走强，从7.35左右一路升到7.01左右。12月25日，离岸人民币 对美元率先升破7.0关口，为2024年9月以来首次。 对于汇率后市走势，专家表示，市场和经营主体需要理性看待。未来影响汇率的市场因素和政策因素很 多，人民币走势仍存在较大的不确定性。 中银证券全球首席经济学家管涛认为，推动近期人民币汇率走强主要有两方面因素。一是美联储降息预 期增强，驱动美元指数回落。11月下旬至今，美元指数下跌约2.0%。二是今年以来，面对复杂的外部 环境，中国经济展现出较强韧性，近期国际货币基金组织、世界银行以及高盛等多家外资机构为中国经 济投了"信任票"，纷纷上调中国经济增速预测值，外资配置人民币资产兴趣增强。 同时，年末正处于结汇高峰期，出口企业增加的结汇需求也会带动人民币季节性走强。 中央经济工作会议指出，保持人民币汇率在合理均衡水平上的基本稳定。中国人民银行货币政策委员会 2025年第四季度例会强调，"防范汇率超调风险"。"人民币汇率双向波动、弹性增强是常态，下一步， 要继续增强外汇市场韧性，稳 ...

2025年12月23日，第一财经《云程笃行·万里可期 | 2025年度财经思想者盛典》圆满落幕。智汇集团创始 人及首席经济学家夏春、中欧陆家嘴国际金融研究院副院长刘功润、京华世家家族办公室董事长聂俊 峰、新鼎资本董事长张驰和第一财经总编辑杨宇东共同呈现了一场精彩的年度思想演说秀，围绕宏观趋 势、居民消费、年轻人理财、具身智能等热点议题展开，探寻2026年值得期待的结构性机遇。 此为《2025年度财经思想者盛典》中智汇集团创始人及首席经济学家夏春的演讲完整版内容 大家好！我是夏春。此刻，我们正站在"十四五"圆满收官、"十五五"即将开启的历史节点上，中央经济 工作会议刚刚擘画了2026年的发展蓝图，这让我们对未来中国经济的展望，充满了时代的使命感。 站在岁末，我想用三个关键词，与大家分享对中国经济的观察与思考。第一个关键词是韧性。 我喜欢打乒乓球，中国国家乒乓球队业绩长虹，大家都知道与国乒优良传统，举国训练模式相关，但大 家未必知道，国际乒联不断修改比赛规则，小球改大球一度冲击国乒的优势地位，但上海红双喜研制出 新一代乒乓球拍，帮助运动健儿所向披靡，这种新球拍韧性强，底劲足，中国经济也是如此。 2025年，中国经 ...

2025年12月3日晚，东方证券与上海财经大学联合举办的《财富管理与基金投资顾问》系列课程第七讲在中山北一路校区七教301教室圆满举办。本次课程由 东方证券财富管理委员会客群发展总部总经理助理邢海亮老师主讲《财富管理客户服务与沟通》，以及东方红资产管理首席财富管理师何国亮老师主讲《中 国经济韧性的逻辑与实践》。两位主讲嘉宾从一线服务实战到宏观战略视野，为来自上海财经大学、复旦大学、华东师范大学等多所高校的学生带来了一场 兼具温度与深度的财富管理课程。 在《财富管理客户服务与沟通》课程中，邢海亮老师结合其多年财富管理客户服务经验，系统阐述了客户分层服务体系与全生命周期服务理念。他从普惠、 大众、富裕三类客群的服务模式切入，详细介绍了东方证券在客户分类、标签管理、KYC-KYP策略、金融科技赋能等方面的实践。他强调，财富管理的核 心是以客户为中心，通过精准的需求洞察、持续的投教陪伴、专业的配置服务，实现从"交易驱动"到"服务驱动"的转型，真正帮助客户实现财富的稳健增 长。 课程现场，同学们围绕宏观政策、资产配置等问题踊跃提问，两位嘉宾结合自身实践与市场案例一一解答。本次课程不仅强化了学生对财富管理实务与客户 服务 ...

Group 1 - The offshore RMB exchange rate broke the 7.0 mark for the first time in 15 months, reaching a high of 6.9965, causing mixed reactions among different sectors of the economy [1][3] - The appreciation of the RMB is attributed to the expectation of interest rate cuts by the Federal Reserve, a record trade surplus exceeding $1 trillion, and significant foreign capital inflows into A-shares, with net inflows exceeding 150 billion [3][6] - For ordinary citizens, the stronger RMB translates to lower costs for overseas expenses, with the cost of exchanging $10,000 decreasing by nearly 1,700 yuan compared to the beginning of the year [3][6] Group 2 - Export-oriented businesses, particularly in labor-intensive sectors like textiles and toys, are facing significant challenges, with profit margins severely impacted by the RMB's appreciation [6] - The shift in China's foreign trade structure indicates a move away from relying on currency devaluation to boost exports, focusing instead on technology, branding, and added value, with new energy vehicles and solar components showing growth [6][8] - The recent RMB appreciation reflects the resilience of the Chinese economy and serves as a push towards high-quality development, highlighting the need for industries to adapt and upgrade [8]

近期人民币升值行情，是外部压力趋缓、内部韧性增强、政策精准调控与市场预期转向等多种因素共同 作用的结果。专家认为，本轮人民币升值的直接推动力，来自美元环境的转变。伴随美联储继续开展降 息，市场预期将进一步压制美元长期走势，为人民币提供外部升值空间。 12月25日，人民币对美元中间价报7.0392，上调79个基点；中间价升值至2024年9月30日以来最高，升 幅创2025年8月27日以来最大。 在中银证券全球首席经济学家管涛看来，推动近期人民币汇率走强主要有两方面因素。一是美联储降息 预期增强，驱动美元指数回落。11月下旬至今美元指数下跌约2.0%。二是今年以来，面对复杂的外部 环境，中国经济展现出较强韧性，近期国际货币基金组织、世界银行以及高盛等多家外资机构为中国经 济投了"信任票"，纷纷上调中国经济增速预测值，外资配置人民币资产兴趣增强。 今年以来，得益于出口市场多元化程度提升，以及我国商品出口保持较快增长，人民币汇率升值或推动 部分外贸企业季节性结汇需求释放。 "临近年底，企业结汇需求增加，带动人民币季节性走强；特别是近期人民币持续走强后，前期累积的 结汇需求可能加速释放。"东方金诚首席宏观分析师王青认为 ...

来源：滚动播报 近期人民币升值行情，是外部压力趋缓、内部韧性增强、政策精准调控与市场预期转向等多种因素共同 作用的结果。专家认为，本轮人民币升值的直接推动力，来自美元环境的转变。伴随美联储继续开展降 息，市场预期将进一步压制美元长期走势，为人民币提供外部升值空间。 "从内部因素看，中国经济的 韧性与吸引力构成坚实的基本面支撑，特别是经济数据边际改善与政策预期升温，为人民币汇率提供了 支持。"国家金融与发展实验室特聘高级研究员庞溟表示，出口展现出超预期韧性，前11个月中国贸易 顺差首次超过1万亿美元，中国资本市场的亮眼表现也吸引外资持续流入，国际投资者对中国国债的持 有规模不断扩大，这些因素都直接增加了人民币的买盘力量。 在中银证券全球首席经济学家管涛看 来，推动近期人民币汇率走强主要有两方面因素。一是美联储降息预期增强，驱动美元指数回落。11月 下旬至今美元指数下跌约2.0%。二是今年以来，面对复杂的外部环境，中国经济展现出较强韧性，近 期国际货币基金组织、世界银行以及高盛等多家外资机构为中国经济投了"信任票"，纷纷上调中国经济 增速预测值，外资配置人民币资产兴趣增强。（经济日报） ...

12月25日，人民币对美元中间价报7.0392，上调79个基点；中间价升值至2024年9月30日以来最高，升 幅创2025年8月27日以来最大。 近期人民币升值行情，是外部压力趋缓、内部韧性增强、政策精准调控与市场预期转向等多种因素共同 作用的结果。专家认为，本轮人民币升值的直接推动力，来自美元环境的转变。伴随美联储继续开展降 息，市场预期将进一步压制美元长期走势，为人民币提供外部升值空间。 "从内部因素看，中国经济的韧性与吸引力构成坚实的基本面支撑，特别是经济数据边际改善与政策预 期升温，为人民币汇率提供了支持。"国家金融与发展实验室特聘高级研究员庞溟表示，出口展现出超 预期韧性，前11个月中国贸易顺差首次超过1万亿美元，中国资本市场的亮眼表现也吸引外资持续流 入，国际投资者对中国国债的持有规模不断扩大，这些因素都直接增加了人民币的买盘力量。 在中银证券全球首席经济学家管涛看来，推动近期人民币汇率走强主要有两方面因素。一是美联储降息 预期增强，驱动美元指数回落。11月下旬至今美元指数下跌约2.0%。二是今年以来，面对复杂的外部 环境，中国经济展现出较强韧性，近期国际货币基金组织、世界银行以及高盛等多家外资机 ...

Group 1: Economic Resilience - The term "韧" (resilience) reflects the collective perception of China's economic resilience, emphasizing growth, adaptability, and recovery [1] - In the first three quarters, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [2] - The total retail sales of consumer goods increased by 4% year-on-year, with service retail sales growing by 5.4%, indicating a stable economic environment [2][3] Group 2: Industrial Upgrading - The rise of the term "深度求索" (DeepSeek) symbolizes the upgrading of China's industries towards high-end and intelligent development [4] - In the first eleven months, the added value of high-tech manufacturing increased by 9.2%, and the production of industrial robots and integrated circuits grew by 29.2% and 10.6%, respectively [4] Group 3: Microeconomic Dynamics - In the first half of the year, 13.278 million new business entities were established, showing a stable growth trend in various business types [5] - The number of registered "四新" (new technologies, new industries, new business formats, new models) enterprises reached 25.361 million, accounting for 40.2% of the total, with a year-on-year growth of 6.6% [5] - R&D investment by listed companies in Shanghai, Shenzhen, and Beijing reached 1.16 trillion yuan in the first three quarters, reflecting a year-on-year increase of 3.88% [5]

Group 1 - The year 2025 marks a critical intersection between the conclusion of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," emphasizing the rise of new productive forces [1] - The theme of the 2025 First Financial Capital Annual Conference is "New Momentum, New Milestones," focusing on discussions around China's economic resilience, breakthroughs in hard technology, and the construction of a science and technology innovation ecosystem [1][3] - The conference highlighted the importance of technology innovation and policy guidance in achieving economic stability and vitality, particularly in the context of global economic recovery and geopolitical uncertainties [3] Group 2 - Experts emphasized that the resilience of China's economy is closely tied to its super-large scale, which allows for iterative innovation based on existing technologies rather than blindly pursuing high-tech advancements [7][9] - The transition from old to new driving forces and technological innovation is essential for high-quality economic development, with recommendations for building a high-quality innovation development pattern from multiple dimensions [9][11] - The development of AI technology is seen as a significant driver for various industries, with expectations for more growth in sectors like pharmaceuticals and AI, leveraging China's advantages in engineering talent and manufacturing [11][13] Group 3 - The capital market plays a crucial role in supporting the industrialization of scientific and technological achievements, with discussions on the key paths for capital market support for innovation-driven industries [17][20] - The conference addressed the importance of patience and long-term capital in supporting industrial development, with a focus on the strategic planning for the "15th Five-Year Plan" period [20] - The establishment of a multi-tiered capital market structure in China is seen as beneficial for different types of innovative enterprises, providing tailored exit channels [19][20] Group 4 - The conference released multiple research findings, including the "Dialogue with Unicorns" report, which outlines industry development trends and enterprise needs, aiming to guide the efficient allocation of innovation resources [26][30] - The Shanghai high-quality incubator initiative aims to create a comprehensive ecosystem for innovation and industry integration, with a focus on nurturing new models of incubation [30][32] - Awards were given to 32 listed companies for their outstanding performance in various categories, highlighting the recognition of innovation and competitiveness in the market [32][34]