二是提高国有资产配置效率。改革开放以来，国资国企往往更多承担着国民经济顶梁柱、压舱石的任 务，稳定性是优先考量，运营效率仍有提升空间。同时，在市场化程度较高的领域，即便国有企业之间 也可能存在非理性竞争，导致资源内耗。近些年，国有资产规模持续扩大，国资委监管的中央企业总资 产在2025年已达到90万亿元，提升国有资产配置效率已成为一项基本的硬性要求。 因此，新的国资国企重组的重点方向，就是通过形成专业化的规模效应与协同效应，提升国有资本的整 体配置和运营效率。无论是此次中石化与中航油的合并重组，还是前期在煤炭、动力电池等领域的整 合，都带有明显的横向合并同类业务或纵向整合产业链的特征。 三是培育世界一流企业。党的十九大报告明确提出，要"培育具有全球竞争力的世界一流企业"，而后这 一战略目标在党的二十大、二十届三中全会上被反复提及，并给予更高要求。何为"世界一流企业"？在 《关于加快建设世界一流企业的指导意见》中，世界一流企业的四大核心特征，是产品卓越、品牌卓 著、创新领先、治理现代。2019年，国务院国资委启动了"创建世界一流示范企业"行动，遴选航天科 技、中国石油等10家企业作为首批试点，构建"对标—达标— ...

12月26日，全市场ETF总规模历史性突破6万亿元大关。事实上，自2024年起，ETF市场就开始了爆发 式扩容，2024年全年规模增长1.68万亿元，2025年8月份总规模突破5万亿元，而从5万亿元到6万亿元的 跨越仅用时约4个月。 在政策引导下，保险、企业年金等长线资金加速通过公募ETF布局指数产品。利用ETF这一高效工具， 机构能够覆盖权益、固收、商品等多类资产的配置需求，资金入市效率进一步提升。 笔者认为，中国ETF市场的迅速发展，标志着一个更理性、更高效、更富韧性的投资时代的开启，可以 从三个角度来观察。 第一，ETF"量质齐升"，产品结构优化。 截至12月26日，中国ETF市场产品数量达到1391只，总规模达到6.03万亿元，双双创下历史新高。但比 数字更值得关注的是产品结构的优化。 ETF市场正在经历从"股票独大"到"多元均衡"的转型。债券型ETF和商品型ETF成为新的增长极。债券 型ETF总规模从2024年底的1739.13亿元增至当前的8045.64亿元，增幅高达362.62%；商品型ETF总规模 增幅达239.72%。股票型ETF的市场份额则略有下降。 由此可见，投资者更注重资产配置的稳健性 ...

Core Viewpoint - The article highlights the significant role of Everbright Bank's Shanghai branch in supporting national strategies through high-quality financial services, contributing to major project construction and regional economic development. Group 1: Support for Key Industries - Everbright Bank's Shanghai branch provides customized, full-cycle financial support focused on key sectors such as aviation and shipping, aligning with national strategic goals [1][2] - The bank issued 120 million yuan in working capital loans to an aviation company for daily operations and route expansion, demonstrating its commitment to supporting the aviation industry's recovery [1] Group 2: Regional Development and Urban Enhancement - The bank invested 730 million yuan in non-publicly issued corporate bonds of a state-owned enterprise in Xuhui District, contributing to regional high-quality development [3] - Everbright Bank has engaged with 20 regional urban investment enterprises this year, emphasizing its role in urban development and infrastructure enhancement [3] Group 3: Integration into Regional Strategies - The bank actively supports the "Yangtze River Economic Belt" initiative by investing 100 million yuan in a specialized asset-backed plan, facilitating financial and industrial financing along the Yangtze River [4] Group 4: Support for National Brands - Everbright Bank has established deep partnerships with local enterprises, including a century-old jewelry brand, providing 800 million yuan in working capital loans to promote the development of national brands [5] Group 5: Expansion of Cross-Border Financial Services - The bank is enhancing its cross-border financial services to support enterprises' internationalization, focusing on key sectors such as infrastructure and digital economy [6] - As a pilot bank for a new offshore international trade business verification platform, the bank successfully completed its first transaction on the launch day, reinforcing its commitment to facilitating cross-border financial services [6] Conclusion - The various initiatives undertaken by Everbright Bank's Shanghai branch exemplify its dedication to serving national strategies and contributing to the development of Shanghai as an international financial center [7]

基金设立层面，北京、江苏、广东等地均有基金宣布设立或落地，基金主要聚焦人工智能、商业航天、 集成电路、新能源、生物医药 等赛道 。北京 20亿商业航天社会化专项基金主攻航天赛道。广东30亿人工智能与机器人产业基金子基金瞄准AI领域。此外， 慕华联合智元设立基金 布局AI产业 链。 值得关注的是， 本周内江苏、湖北多地百亿社保科创基金集中亮相 。 此外， 首期5亿元的弘晖重庆新质生产力基金完成备案； 同时，两广等多地 基金管理人遴选工作正在推进。 千亿航母级国家创业投资引导基金成立 导读 本周上海、成都等地均有母基金宣布落地或出资，母基金重点布局生物医药、人工智能、交通设施、能源资源等领域。 值得关注的是，本周千亿航母级国家创业投资引导基金正式启航， 旗下三只区域子基金分别在北京、上海、深圳三地同日完成工商登记。 2025年12月22日，国家创业投资引导基金（以下简称"国家创投引导基金"）旗下的三只区域子基金，分别在北京、上海、深圳三地同日完成工商登 记。据介绍，首批三只区域基金已与49只子基金和27个直投项目签订投资意向，预计近期可完成一批重点子基金和直投项目投资。未来，引导基金 将推动在三个区域设立超过60 ...

● 本报记者 林倩 12月19日，由中国证券报主办的"财富向善 智理未来"2025财富配置与资产管理大会在深圳举行。上海 证券党委书记、董事长李海超在发表主旨演讲时表示，服务居民财富管理是证券公司的重要使命，必须 精准对接国家战略，将行业发展融入国家大局。目前，上海证券正着力打造具有专业特色的财富管理型 券商，通过在专业能力、科技融合、生态建设等领域的持续探索，走出一条差异化发展道路，并与行业 同仁携手共建良性生态，切实履行金融报国、服务民生的责任担当。 财富管理必须精准对接国家战略 在行业深刻变革的当下，李海超表示，财富管理已不只是一项市场化的金融服务，更成为服务国家战 略、推动高质量发展的重要支撑。 日前召开的中央经济工作会议提出，"持续深化资本市场投融资综合改革"。李海超认为，这为行业赋予 了前所未有的时代使命。财富管理必须精准对接国家战略，既要围绕共同富裕、扩大内需，通过服务下 沉惠及更广泛人群，也要紧扣创新驱动与绿色转型，引导资金投向科创与低碳领域；同时还需服务高水 平对外开放，助力居民拓展全球资产配置。 "财富管理的价值正在发生三重根本性升级，从金融机构的市场行为，升维为国家战略的有机组成；从 服 ...

Group 1 - The China Securities Regulatory Commission (CSRC) is planning to introduce new key futures products, indicating a strategic direction for the Chinese futures market as it transitions from the 14th Five-Year Plan to the 15th [1] - The carbon emissions trading market is expanding, with the national carbon market's coverage increasing from 5 billion tons to 8 billion tons, and the number of regulated enterprises rising from over 2,200 to 3,700, marking a 60% increase in market scale [2] - The introduction of carbon emissions futures is seen as a crucial step in managing price volatility and enhancing the carbon financial product offerings in response to the growing demand from newly included industries [2] Group 2 - Hydrogen energy is recognized as a vital component of future energy systems, with China's hydrogen production and consumption expected to exceed 36.5 million tons in 2024, making it the largest globally [3] - The Shanghai Futures Exchange is developing a "China Hydrogen Price Index" to improve market price guidance and establish a trading framework for hydrogen energy [3] - The potential launch of scrap steel futures is anticipated to address pricing transparency and risk management needs in the steel industry, promoting a circular economy [3] Group 3 - The Guangzhou Futures Exchange is actively working on the development and listing of lithium hydroxide futures, which are essential for the lithium battery industry and will provide real-time pricing to market participants [4] - The introduction of sunflower seed oil futures is expected to help domestic enterprises hedge risks and enhance China's bargaining power in global sunflower oil trade [5] - The future launch of potato futures aims to support the national strategy for potato as a staple food, providing price signals to processing and logistics companies [5] Group 4 - The development of chicken futures is underway to expand the range of futures tools available for agricultural services, addressing price volatility issues in the poultry industry [5] - The People's Bank of China and other departments are working on the introduction of RMB foreign exchange futures, which will lower hedging barriers for small and medium enterprises and support the internationalization of the RMB [7] - The Chinese futures market is transitioning from scale expansion to quality enhancement, aiming to integrate with national strategies and better serve the high-quality development of the real economy [7]

中经记者 张漫游 北京报道 中国社会科学院工业经济研究所所长、党委副书记陈彦斌 （编辑：张漫游 审核：朱紫云 校对：翟军） 2025年是"十四五"规划收官与"十五五"蓝图谋划的承启之年，2026年是"十五五"的开局之年。陈彦斌表 示，当前，世界之变、时代之变、历史之变正以前所未有的方式展开，我国经济发展环境的复杂性、严 峻性、不确定性依然存在。在此背景下，党的二十届四中全会不仅明确了"以推动高质量发展为主题"， 更系统部署了实现高质量发展的路径，这为企业在复杂环境中找准定位、突破增长瓶颈提供了根本遵 循。 "党的二十届四中全会提出了中国具有四大优势，即中国特色社会主义制度优势、超大规模市场优势、 完整产业体系优势、丰富人才资源优势。"陈彦斌分析道，中国将以这四大优势的确定性来对冲所面临 的复杂性、严峻性与不确定性，企业应当深刻体会和把握这一国家战略，善于利用这些确定性优势来化 解外部不确定性带来的挑战。 基于对宏观形势与国家战略的深刻解读，陈彦斌认为，新时代的中国企业竞争力，本质上是与国家战略 同频共振、在高质量发展轨道上实现价值创造的能力，也是在深刻变革中准确识变、科学应变、主动求 变的能力，更是融合了科技 ...

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to adjust risk factors for insurance companies, aiming to enhance their ability to support the real economy and promote long-term capital investment [1][2]. Group 1: Adjustments to Risk Factors - The risk factor for stocks in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index held for over three years has been reduced from 0.3 to 0.27 [1]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [1]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been decreased from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [1]. Group 2: Impact on the Insurance Industry - The adjustments in risk factors are designed to cultivate patient capital and support technological innovation, thereby enhancing the insurance industry's service to the real economy [2]. - The notice encourages insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [2]. Group 3: Internal Control and Management - Insurance companies are required to improve internal controls and accurately measure the holding period of stock investments, thereby enhancing their long-term capital investment management capabilities [3]. - The National Financial Regulatory Administration will guide insurance companies to implement the notice's requirements and improve their solvency management [3].

Core Viewpoint - Wuhan is positioned as a key strategic hub in China's development, with a focus on high-quality growth and innovation, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [2][4][10]. Group 1: Strategic Importance - Wuhan is entrusted with significant responsibilities in the national development framework, emphasizing its role in implementing major national strategies [4][6]. - The city aims to integrate its development with national needs, showcasing its capabilities in technology and innovation [7][10]. Group 2: Technological Innovation - Wuhan's Nine Peaks Mountain Laboratory is a key facility focusing on compound semiconductor research, operating 24/7 to meet national demands [4][5]. - The number of high-tech enterprises in Wuhan is projected to exceed 15,000 by 2024, with technology contract transaction volume surpassing 300 billion yuan [5][6]. Group 3: Regional Development - The Wuhan metropolitan area is expected to achieve an economic total of 3.6 trillion yuan in 2024, accounting for 29% of the Yangtze River Middle Reaches urban cluster [6][8]. - Collaborative development with surrounding cities is emphasized, with a focus on enhancing regional industrial layouts [5][6]. Group 4: Urban Governance and Quality of Life - Wuhan is exploring modern governance models, utilizing digital infrastructure to improve community services and emergency response systems [6][8]. - The city is implementing urban renewal projects that balance historical preservation with modern functionality, enhancing overall urban quality [11][12]. Group 5: Logistics and Connectivity - Wuhan has become a crucial logistics hub, with the establishment of the "China-Europe Railway Express" and improved transportation links reducing logistics costs by approximately 15% [9][10]. - The city is enhancing its role in domestic and international logistics, aiming to strengthen its position in the new development landscape [9][10].

Core Insights - China's digital transformation has made significant progress, with cash circulation becoming nearly invisible in daily life and physical bank cards fading from view [3][4] - The technological revolution is attributed to a carefully designed long-term national strategy aimed at ensuring a smooth transition, covering the entire process from R&D to manufacturing and procurement [3] - The strategy includes systematic energy planning, exemplified by the construction of large solar power stations in the Tibetan Plateau, which efficiently store and transmit clean energy over long distances [3] - This strategic focus also promotes factory automation to reduce manufacturing costs for electric vehicles, which are increasingly being exported globally [3] - Over the past decade, the number of car users in China has significantly increased, particularly among the expanding middle-income group that has largely skipped the gasoline vehicle phase to adopt electric vehicles directly [3] Industry Implications - The advancements in digitalization enhance convenience in daily life, service access, and personal development opportunities, showcasing significant advantages [3] - China's leadership in clean energy and AI training centers positions it at the forefront of global technological advancements [3] - The quiet streets in China, attributed to the widespread adoption of electric vehicles, surprise many European visitors, highlighting a cultural shift in transportation [3][4] - The ongoing transformations in China are expected to reshape the world and impact everyone's lives in the future [4]