Core Insights - The insurance industry in China is poised for growth aligned with the "14th Five-Year Plan," focusing on five key areas: disaster prevention and reduction, green development, rural revitalization, enterprises going global, and industrial modernization [1] Group 1: Disaster Prevention and Reduction - The natural disaster insurance protection gap in China is estimated at 90%, compared to a global average of 50%, indicating significant market potential [2] - Annual insurance losses from natural disasters have exceeded $100 billion, approaching $150 billion, with potential global losses reaching $300 billion [2] - The Chinese government is implementing measures to reduce this protection gap, emphasizing collaboration between insurance companies and government to enhance disaster risk management [2] Group 2: Green Development - China is actively promoting renewable energy and green transformation, with the energy-saving and environmental protection industry expected to reach 15 trillion yuan by 2030 [3] - The insurance penetration rate in green energy projects is already high, with most solar and wind facilities insured [3] - The green insurance sector is projected to experience high growth over the next five years, driven by the expansion of infrastructure rather than increased penetration rates [3] Group 3: Rural Revitalization - The focus on rural revitalization aims to enhance food security and agricultural modernization, which will lead to increased investment in agricultural assets and machinery [4] - Two growth directions for agricultural insurance are identified: natural growth due to increased risk awareness among larger farm operators and the need for simplified insurance products for smallholders [4] - Index insurance is highlighted as a promising solution for small farmers, offering a straightforward loss assessment mechanism [4] Group 4: Enterprises Going Global - More Chinese enterprises are expected to accelerate their overseas expansion, diversifying investments beyond traditional infrastructure projects [6] - The changing risk landscape presents opportunities for reinsurance companies to support these enterprises by addressing various overseas risks [6] Group 5: Industrial Modernization - China's push for technological self-reliance and industrial upgrading is creating new risk management demands in emerging technology sectors [7] - Insurance can provide targeted coverage for new risks associated with research, supply chains, and advanced operations, supporting industrial upgrades [7] - The insurance industry must adopt cautious underwriting strategies to adapt to the evolving risk landscape and ensure alignment with future client needs [7] Group 6: Market Growth Projections - The property and casualty insurance sector in China is expected to grow at a rate of 5%-6% from 2025 to 2030, outpacing GDP growth [8] - Non-auto insurance is anticipated to be the main growth driver, while auto insurance remains a stable support for the market [8] - The industry is focusing on improving underwriting quality and operational efficiency to achieve sustainable profitability [8]

为更好解读中国资产全球吸引力，吸引更多境外资本长线投资中国资本市场，近日，上海证券交易所与 中国上市公司协会在香港共同举办"走进香港"上市公司路演及投资者交流活动。据悉，活动共举办36场 路演并开展上市公司ESG、企业出海等主题交流活动，助力内地上市公司与境外投资者加强沟通交流， 展示优质上市公司高质量发展成效。40家内地上市公司高管人员、近200位境外投资机构代表参与。 系列活动举办期间，上交所以"上拓新局.永续笃行"为理念，举办ESG专题活动，围绕可持续发展与国 际竞争力提升展开深度探讨，并邀请券商首席经济学家、律师和会计师事务所合伙人等围绕上市公司 ESG披露标准与实践经验等热点话题进行探讨。此外，上交所联合香港投资推广署，组织上市公司高管 开展"香港助力内地企业出海"座谈会，邀请香港"出海专班"参与者分享出海机遇、挑战和策略。 上交所持续推进在港路演，既巩固了内地企业与全球投资者的直接联通，发挥"内地企业走出去、海外 资金进得来"的双向枢纽与通道功能，进一步提升跨境对接的便捷度与效率，也是积极响应党的二十届 四中全会精神、贯彻落实"十五五"规划建议关于"扩大高水平对外开放，开创合作共赢新局面"战略部署 ...

Core Viewpoint - The necessity for Chinese enterprises to expand internationally is emphasized, highlighting the competitive advantages and opportunities available through global engagement [2][3][4]. Group 1: Reasons for Going Global - The first reason is that going global is an inevitable choice for competitive development, with future opportunities lying in the integration of urban-rural and international markets [2]. - The second reason is the profound changes in the global economic landscape, shifting from a focus on developed countries to a new paradigm that includes emerging markets [3]. - The third reason is the current economic challenges faced by China, where going global is seen as a key pathway to overcome development bottlenecks [3]. - The fourth reason is the immense potential of the "Belt and Road" initiative, which offers vast market opportunities for enterprises that can develop cross-border operational capabilities [3]. Group 2: Risk Management in Going Global - The risks associated with going global include geopolitical risks and currency management risks, which are often overlooked by domestic enterprises [4]. - Each of the nine critical stages in the transition from domestic to international operations presents risks that exceed the operational understanding of domestic companies [4]. Group 3: Strategies for Successful International Expansion - Companies should prepare mentally by utilizing tools like AI to research overseas markets and should experience the market firsthand before committing capital [4]. - There is a need for personnel preparation, emphasizing the importance of training local talent and leveraging localized teams for production management and profitability [4]. - Material preparation remains a traditional strength, but companies must adapt to the differing expectations of social responsibility in international markets [4]. Group 4: Goals and Mindset for Going Global - The ultimate goal of international expansion is high-quality and sustainable development rather than short-term gains [4]. - Companies are advised to maintain a low-profile and pragmatic approach post-expansion, focusing on enhancing operational efficiency and achieving win-win outcomes [4].

0:00 申万宏源研究所总经理、首席策略分析师王胜日前主持《沪市汇・硬科硬客》第二季第6期节目"供应 链'再出海'"时表示，要想造就一家伟大的企业，企业家必须胸怀天下。正如真正的外交家，一定是能 够与竞争对手握手的人。中国企业家也要有这种气度，才能在"走出去"的过程中，把企业做得更大， 让"出海"走得更远。（中经记者 孙汝祥 夏欣 北京报道） ...

上海虹桥国际中央商务区管委会党组书记、常务副主任孔福安在开场致辞中指出，虹桥国际开放枢纽正 加速政策、功能与资源集聚，致力于建设成为长三角强劲活跃增长极中的"极中极"与联通国内国际市场 的"彩虹桥"。与耀达合作推动TOP100CFOs平台，旨在借助具备全球视野的CFO群体，共同助力提升"大 虹桥"的开放能级。 近日，在上海虹桥国际中央商务区管委会的指导下，耀达主办的"2025海外上市公司首席财务官峰会暨 CFO百强榜颁奖典礼"近日于上海静安香格里拉大酒店圆满落幕。活动吸引了来自港股、美股、A股等 市场的上市公司首席财务官、专业机构代表及专家学者逾百位嘉宾，共议发展前景。 本次峰会暨颁奖典礼持续为上市公司CFO群体构建了专业、权威的交流平台，助力其应对复杂市场环 境，实现专业化成长与价值提升。 颁奖典礼上，香港公司治理公会北京代表处首席代表高伟博士致辞强调，CFO角色需兼具财务敏锐性、 国际视野与战略思维。耀达创始人兼CEO张剑锋回顾了峰会与百强榜影响力的提升，并宣布正式启 动"TOP100 CLUB"社群计划，通过系列互动活动深化CFO群体间的链接与价值共创。活动现场还首次 发布了《上市公司CFO薪酬白皮书（ ...

高培勇 合肥派河港铁路物流基地等待装车出口的新能源汽车。 新华社图 童继生 高瑞东 5—8版大会相关图片 许泽宇摄 合肥市巢湖湿地及城市天际线。 新华社图 中国社会科学院学部委员高培勇： 确保高质量发展取得显著成效有两大支点 ◎记者 陈芳 "十五五"时期，面对更趋严峻复杂的发展环境和发展的预期目标，如何确保高质量发展取得显著成效？ 中国社会科学院学部委员高培勇12月7日在2025上证（巢湖）上市公司高质量发展大会上表示，有两大 支点：一是大力提振消费；二是扩大有效投资。围绕着基本实现社会主义现代化取得决定性进展的关键 目标，依托于大力提振消费、扩大有效投资，从而确保高质量发展取得显著成效。 高培勇表示，相对于"十四五"而言，"十五五"时期，我国发展面临的环境更趋严峻复杂。党的二十大报 告确定到2035年，我国要基本实现社会主义现代化，即人均GDP达到中等发达国家的水平，达到2.5万 美元至2.6万美元。2024年，我国人均GDP近1.35万美元。 "这意味着从2025年到2035年，我们的人均GDP要翻一番。这也意味着，从现在开始，我们已进入倒计 时状态。要确保既定目标实现，经济社会发展要保持适当的速度。"高 ...

Core Viewpoint - Jiangsu Bank successfully hosted the "Suyin Cross-border: Set Sail" event to support Chinese enterprises going global, focusing on the Shanghai Free Trade Zone and Central Asia as key areas for expansion [1][3]. Group 1: Event Overview - The event gathered leaders from Jiangsu Provincial Department of Commerce, Shanghai Pudong New Area Business Committee, and industry experts, along with over a hundred representatives from Chinese enterprises [1]. - The Shanghai Free Trade Zone is highlighted as a crucial hub for linking global resources and expanding international markets, while Central Asia is identified as a potential blue ocean for economic cooperation [3]. Group 2: Strategic Insights - Jiangsu Bank's President Yuan Jun emphasized the bank's commitment to accompany Chinese enterprises in seizing opportunities in the Pudong Free Trade Zone and exploring the Central Asian market [3]. - The event featured a keynote speech by Liang Zhonghua, Chief Macro Analyst at Guotai Junan Securities, providing macroeconomic insights for corporate strategic decision-making [5]. Group 3: Support Services - The Shanghai Pudong New Area Business Committee's Deputy Director Dong Xiaoling delivered a presentation on development opportunities in Pudong, aiding enterprises in understanding regional dynamics [5]. - A strategic cooperation agreement was signed between the Shanghai Pudong New Area Enterprise Going Global Comprehensive Service Center and Jiangsu Bank Shanghai Branch to empower enterprises in their international ventures [5]. Group 4: Market Opportunities - Ding Hai, Vice President of Suhao Holdings Group, introduced the China-Central Asia Trade Connectivity Cooperation Platform, offering comprehensive support for enterprises entering the Central Asian market [8]. - Askar Dairova, representative from the Kazakhstan Trade Policy Development Center, discussed Kazakhstan's trade policies and cooperation opportunities, providing essential references for enterprises [8]. Group 5: Financial Services - Jiangsu Bank's Assistant General Manager of the International Business Department, Chen Lingjia, elaborated on the "Suyin Cross-border" brand, which offers a comprehensive cross-border service solution based on a "4+6" financial and non-financial service system [10]. - The bank aims to continue providing one-stop support for clients' global operations, focusing on innovation and customer-centric services [12].

12月8日早盘，中证石化产业指数高开低走震荡调整，现跌约0.5%，成分股光威复材、彤程新材、 巨化股份等领涨。相关ETF方面，石化ETF（159731）近10个交易日内有8日资金净流入，合计"吸 金"1402万元。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行 业分布来看，基础化工行业占比为60.4%，石油石化行业占比为32.7%，有望充分受益于反内卷、调结 构和淘汰落后产能等政策。 每日经济新闻 中信证券认为，超预期的内需变化出现前，震荡和结构性机会的轮动是常态，资源/传统制造业在 全球定价权的重估仍然是潜力的被低估的方向。去年"9.24行情"以来，两轮市场水位的整体抬升都伴随 着融资规模的系统性抬升，合计净增了1.11万亿元，远超去年10月以来公募和私募主观多头产品新发 ...

证券研究报告 | 2025年12月04日 2025年12月06日 2025年12月08日 金蝶国际（00268.HK） 优于大市 企业 SaaS 服务领军者，AI 赋能重构管理软件 企业管理解决方案完善，积极推进 AI 落地。公司是全球领先的企业管理云 SaaS 服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包括 企业级 AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、星辰。公司自 2011 年 开启云转型，2025H1 公司云服务收入占公司收入比重达 83.74%。随着订阅 模式的成熟，公司收入持续提升，2020-2024 年间 CAGR 达 16.84%，近年来 销售毛利率、净利率均有所回升。 云原生 EBC 重构管理软件，为 AI 落地的必要方案。公司与 Gartner 共同提 出企业数字化管理进入后 ERP 时代，开始向云原生 EBC 转型。EBC 把原本封 闭的功能模块重新拆分成可被 AI 调用的能力服务，成为企业 AI 落地必要的 接口层。公司为云原生 EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在 ERP 换代需求推 动下，央国企引领 ...

Core Insights - The "2025 Overseas Listed Companies CFO Summit and CFO Top 100 Awards Ceremony" was successfully held in Shanghai, attracting over 100 guests from various stock markets to share experiences and discuss future trends [1] Group 1: Event Overview - The event was guided by the Shanghai Hongqiao Management Committee and involved multiple supporting institutions, including Ernst & Young, SoftBank China, and Gobi Partners [1] - The summit featured keynote speeches and roundtable discussions, focusing on the challenges and opportunities in international capital markets [3][4] Group 2: Keynote Speeches - Professor Li Ruoshan from Fudan University discussed the opportunities and challenges for Chinese companies going global, emphasizing the need for CFOs to enhance compliance awareness and governance structures [3] - Ernst & Young's partner, Mr. Tang Zhehui, highlighted the importance of "security, technology, and development" as strategic cores for the next five years amid global geopolitical tensions [6] Group 3: Roundtable Discussions - The "Consumer Retail" session focused on financial resilience and value reconstruction, with CFOs sharing practical experiences on store returns, inventory optimization, and AI applications [8] - The "Pharmaceutical and Medical" session discussed the hot topics and outlook for 2025, emphasizing Hong Kong as a crucial bridge for companies going global [10] - The "Going Global" session highlighted the evolving role of CFOs from financial controllers to strategic integrators and risk managers in international operations [12] - The "ESG and Capital Markets" session underscored the necessity of ESG compliance for companies, linking it directly to valuation and financing efficiency [14] Group 4: Awards and Recognition - The CFO Top 100 list was unveiled, reflecting the evolving expectations of CFO roles in the global capital market [16] - The founder and CEO of YaoDa, Mr. Zhang Jianfeng, emphasized the summit's role as a professional platform for CFOs to showcase and exchange ideas [18][24] - The launch of the "TOP100 CLUB" community plan aims to enhance collaboration and value creation among CFOs [22][28]