"十五五"规划建议提出，积极发展股权、债券等直接融资，稳步发展期货、衍生品和资产证券化。 专家指出，在政策与市场的双轮驱动下，直接融资的快速增长，将成为经济结构转型升级的关键引擎。 中国首席经济学家论坛理事长、广开首席产业研究院院长连平指出，近年内，中国金融结构优化将进入 关键阶段，直接融资比重有望超过一半，形成直接融资规模超过间接融资的总体趋势。这一趋势的形成 对经济发展具有多方面积极意义，有助于加快经济结构转型升级，为需要直接融资支持的领域和行业提 供有力保障，推动经济高质量发展。 融资结构与产业需求更趋匹配 此前，证监会主席吴清在署名文章中提到了"十五五"时期提高资本市场制度包容性、适应性的重点任务 举措，其中包括积极发展股权、债券等直接融资。吴清表示，要以深化科创板、创业板改革为抓手，积 极发展多元股权融资，提升对实体企业的全链条、全生命周期服务能力。进一步健全科技创新企业识别 筛选、价格形成等制度机制，更加精准有效地支持优质企业发行上市。持续提升中介机构高标准专业化 服务能力。积极发展私募股权和创投基金。健全多层次债券市场体系，大力发展科创债券、绿色债券 等，稳步发展不动产投资信托基金和资产证券化。 ...

（来源：经济参考报） 诺德基金研究总监罗世锋日前发布观点称，2025年A股市场表现出明显的结构分化特征，揭示当前行业 景气度情况与我国经济结构的深刻变化。展望2026年，经济结构转型升级的趋势有望进一步深化，企业 盈利的改善或将对股市的上行提供重要驱动力。 "整体上，2025年A股市场表现出明显的结构分化特征，科技、高端制造、有色金属等板块表现较强 劲，而大消费等顺周期板块表现较弱。从市值结构来看，电子、电力设备、机械、军工等科技制造板块 的市值占比较年初显著提升近5个百分点，其他行业板块的占比基本都有所缩小（除有色外）。"罗世锋 表示，市场结构变化一方面反映了不同行业景气度的情况，另一方面也揭示了我国经济结构或已发生深 刻的变化，代表新质生产力的科技制造产业或已逐步成为我国经济的生力军。 展望2026年，罗世锋认为，我国经济有望继续保持温和复苏的态势，经济结构转型升级的趋势有望进一 步深化，宏观政策有望在短期稳增长与长期调结构之间取得平衡。同时，对A股市场的表现持积极态 度。 谈及企业盈利，罗世锋进一步表示，上市公司ROE已连续四个季度企稳，并在2025年3季度出现小幅改 善的趋势。企业盈利的改善有望对股市 ...

分析称，从指数运行情况来看，指数连续八个月环比回升，表明随市场供需持续改善，企业对未来市场 发展信心增强，预期向好，大宗商品市场景气水平继续回升，经济内生增长动能进一步巩固。 2025年12月中国大宗商品价格指数创近一年半来新高 中新社北京1月5日电 (记者 阮煜琳)中国物流与采购联合会5日发布数据显示，2025年12月份，中国大宗 商品价格指数(CBPI)为117.9点，环比上涨3.2%，同比上涨6%，并创下自2024年6月以来新高。 分行业看，环比来看，有色价格指数大幅上涨，农产品价格指数涨幅扩大，矿产价格指数继续回升，黑 色系价格指数止跌反弹，化工价格指数小幅上行，能源价格指数小幅走低。 分商品看，在中国物流与采购联合会重点监测的50种大宗商品中，本月价格与上月相比，31种(62%)大 宗商品价格上涨，19种(38%)大宗商品价格下跌。本月涨幅前三的大宗商品为碳酸锂、精炼锡和苹果， 跌幅前三的为烧碱、乙二醇和焦煤。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经 ...

中国青年报客户端北京1月5日电（中青报·中青网记者 贾骥业）中国物流与采购联合会今天发布的数据 显示，2025年12月份中国大宗商品价格指数为117.9点，环比上涨3.2%，同比上涨6%，连续8个月实现 环比上升，并创下自2024年6月以来新高，表明随国家系列政策优化调整显效，大宗商品市场供需两端 持续改善，企业信心活力和市场预期向好，经济内生增长动能进一步巩固。 来源：中国青年报客户端 分行业看，有色金属价格指数大幅走高，环比上涨4.9%；受节前备货季节性消费需求释放，以及部分 地区降雨降温影响农产品储运，农产品价格指数涨幅扩大，环比上涨2.5%；矿产价格指数、黑色金属 价格指数和化工价格指数亦小幅上行，环比分别上涨0.8%、0.4%和0.3%。 中国物流与采购联合会大宗商品流通分会副会长周旭表示，在全球经济复苏承压、国际贸易摩擦和地缘 政治局势紧张等外部环境不确定性增加的大背景下，2025年中国大宗商品市场总体保持稳中向好态势， 展现了中国经济的强大韧性和巨大潜力。展望2026年，尽管仍面临多重挑战，但积极宏观经济政策将为 国内经济和大宗市场的持续恢复提供保障，同时中国经济结构转型升级步伐加快，也将创造新 ...

2025年12月份中国大宗商品价格指数为117.9点，环比上涨3.2%，连续八个月实现环比上升，并创下自2024年6月以来新高。 央视网消息：中国物流与采购联合会1月5日公布，2025年12月份中国大宗商品价格指数为117.9点。从指数运行情况看，大宗商 品市场景气水平继续回升，市场供需两端持续改善，企业信心活力和市场预期向好，为今年经济继续持稳向好运行奠定良好基础。 在中国物流与采购联合会重点监测的50种大宗商品中，2025年12月价格环比上涨的大宗商品有31种。其中，碳酸锂、精炼锡和苹 果涨幅居前，较上月分别上涨15.5%、11.7%和8.5%。 专家表示，2025年中国大宗商品市场总体保持稳中向好态势。展望2026年，尽管仍面临多重挑战，但积极宏观经济政策将为国内 经济和大宗市场的持续恢复提供保障，同时中国经济结构转型升级步伐加快，也将创造新的大宗商品需求，大宗商品市场有望实现更 高质量发展。 分行业看，有色金属价格指数大幅走高，环比上涨4.9%；农产品价格指数涨幅扩大，环比上涨2.5%；矿产价格指数、黑色金属 价格指数和化工价格指数也小幅上行，环比分别上涨0.8%、0.4%和0.3%。 ...

Core Viewpoint - The new version of the Encouragement Directory for Foreign Investment will be implemented on February 1, 2026, featuring a total of 1,679 entries, which is an increase of 205 entries and modifications to 303 entries compared to the 2022 version [1] Summary by Relevant Sections Encouragement of Foreign Investment - The revised directory emphasizes guiding foreign investment towards advanced manufacturing and modern service industries, aligning with China's industrial development direction [3][5] - The directory includes new entries for the development and production of nucleic acid drugs, smart detection equipment, and various advanced manufacturing technologies [4] Focus on Advanced Manufacturing - The national directory continues to prioritize manufacturing as a key area for foreign investment, with specific new entries aimed at enhancing competitiveness in advanced manufacturing [4][5] Modern Service Industry Development - The directory encourages investment in modern service industries, including new entries for high-end shipping services, virtual power plant operations, and various consumer service sectors [4][6] Regional Investment Opportunities - The directory maintains a structure that includes both a national encouragement directory and a regional directory, tailored to the specific advantages of different areas [7] - New regional entries include cruise tourism services in Liaoning, ice and snow equipment R&D in Heilongjiang, and various other industry-specific developments across different provinces [7] Incentives for Foreign Investment - The directory outlines four main incentives for foreign investors, including tax exemptions on imported equipment, preferential land supply, reduced corporate tax rates in specific regions, and tax credits for reinvested profits [8][9]

Core Viewpoint - The article highlights the signs of stabilization and recovery in major price indicators, with CPI turning from decline to an increase of 0.2% year-on-year in October, and core CPI rising by 1.2%, marking the highest increase since March 2024 [2]. Price Stabilization - Major price indicators have shown signs of stabilization and recovery due to more proactive macro policies and consumption promotion measures [2]. - The Producer Price Index (PPI) decreased by 2.1% year-on-year, with the decline narrowing for three consecutive months [2]. Inflation Target Perspective - Experts suggest that China's inflation target of around 2% should be viewed from a medium to long-term perspective, acknowledging the time lag in the effects of macro policies, especially monetary policy [4]. - The shift in macroeconomic regulation should focus more on promoting consumption and improving people's livelihoods rather than relying heavily on investment [4]. Demand and Supply Dynamics - The low price levels in China are fundamentally a result of the supply-demand relationship, characterized by strong supply and weak demand in the real economy [5]. - Demand-side factors include a slowdown in traditional real estate and infrastructure investments, while new growth drivers like technological innovation and green development are emerging but may not fill the gap in traditional investment demand in the short term [6]. - On the supply side, the long-standing investment-driven development model has led to inefficiencies and over-competition in some sectors, resulting in rapid capacity expansion in emerging industries [7]. Macro Policy Adjustments - Recent macro policy adjustments have shown increasing effectiveness, with significant consumer subsidies and support for personal consumption loans reflecting a shift towards policies that prioritize improving livelihoods and promoting consumption [8]. - In the first three quarters, consumption contributed 53.5% to economic growth, an increase of 9 percentage points from the previous year, indicating a stronger role of consumption as an economic growth engine [9]. - The focus of fiscal policy has shifted from primarily investment in projects to improving people's livelihoods and promoting consumption, aligning with the transition to high-quality development [9].

Group 1 - The core inflation target of around 2% in China should be viewed from a medium to long-term perspective, as the effects of macroeconomic policies, especially monetary policy, typically have a time lag [1][3] - Major price indicators have shown signs of stabilization and recovery, with the CPI rising to 0.2% year-on-year in October, and the core CPI increasing by 1.2%, marking the highest growth since March 2024 [1][2] - The current low inflation is attributed to various factors on both supply and demand sides, and a combination of macroeconomic policies is needed to promote reasonable price recovery [1][4] Group 2 - The recent macroeconomic policies have been more proactive, with a focus on promoting consumption and improving living standards, which has led to a solidifying economic recovery [2][5] - The contribution rate of consumption to economic growth reached 53.5% in the first three quarters, an increase of 9 percentage points from the previous year, highlighting the growing role of consumption as an economic driver [5] - The shift in macroeconomic policy thinking is evident, moving from a heavy reliance on investment to a greater emphasis on consumption and social welfare, which is expected to enhance residents' consumption capacity and willingness [3][5]

Core Viewpoint - The manufacturing PMI for October decreased to 49.0%, marking a decline of 0.8 percentage points from the previous month, interrupting the upward trend since August [1] Manufacturing PMI Analysis - The manufacturing PMI index typically experiences seasonal fluctuations in October, with historical data showing a pattern of "7 declines, 2 increases, and 1 flat" over the past decade [2] - The production index fell significantly by 2.2 percentage points to 49.7%, entering a contraction zone for the first time since April, largely due to the reduced number of working days caused by the Mid-Autumn Festival [2] - New orders index decreased by 0.9 percentage points to 48.8%, reflecting weakened market demand, influenced by the diminishing effects of recent policies and ongoing adjustments in the real estate market [2] - The new export orders index dropped by 1.9 percentage points to 45.9%, indicating the impact of high tariffs from the U.S. on global trade and exports [2] Industry-Specific Insights - High-energy-consuming industries reported a PMI of 47.3%, a decline of 0.2 percentage points, indicating a decrease in economic activity [3] - The production and business activity expectation index for the manufacturing sector remained optimistic at 52.8%, suggesting a majority of firms maintain a positive outlook [4] - The implementation of 500 billion yuan in new policy financial tools has accelerated infrastructure investment, providing support for macroeconomic stability [4] Sector Confidence and Future Implications - The demand for non-ferrous metals is being driven by the ongoing economic transformation towards digitalization and green initiatives, particularly in the renewable energy sector [5][6] - The shipbuilding industry has seen a significant increase in global new ship orders, with a 15.1 percentage point rise compared to the previous five-year plan, indicating strong growth potential [7] - The growth in the non-ferrous metals and aerospace sectors is expected to stimulate upstream industries such as mineral resource development and high-end materials manufacturing [8]

Core Insights - The latest data from the Ministry of Commerce indicates that from January to September 2025, China attracted 573.75 billion RMB in foreign investment, with significant contributions from the manufacturing and service sectors [1] - High-tech industries received 170.84 billion RMB in foreign investment, with notable growth in e-commerce services (155.2%), aerospace manufacturing (38.7%), and medical equipment manufacturing (17%) [1] Group 1: Foreign Investment Trends - The service sector's attractiveness to foreign investment continues to rise, reflecting a shift towards digitalization, green initiatives, and specialized production services [2] - Local government policies have played a crucial role in driving growth in e-commerce services, with financial incentives for achieving sales targets [2] - Foreign investors are increasingly optimistic about the development of China's modern service industry and are leveraging their advantages to capitalize on growth opportunities [2] Group 2: Structural Optimization of Foreign Investment - The data highlights a continuous optimization in the structure of foreign investment, with the service sector's large market size and supportive policies enhancing its appeal [3] - The growth in foreign investment in high-tech manufacturing indicates confidence in the prospects of China's manufacturing upgrade, focusing more on quality and efficiency [3] - The month of September saw a year-on-year increase of 11.2% in actual foreign investment, with future growth dependent on the implementation of policies and expansion of market scenarios [3]