FICC日报 | 2026-01-29 国内市场资金抛售节奏呈现明显阶段性特征，初期主要撤离沪深300、上证50相关产品，后期及当前抛售重心已转 向中证1000，2025年增量部分已全部抛售，开始触及存量部分，整体抛售或已接近尾声。对比来看，中证500同期 规模仅减少13%，流出压力相对有限，展现出偏强优势，关注股指做多机会。 关注股指企稳时机 风险 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨 ...

FICC日报 | 2026-01-29 关注股指企稳时机 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨多跌少，有色金属、石油石化、煤炭行业涨幅超3%，传媒、国防军工、美容护理行业跌幅居前。当日 沪深两市成交额升至约3万亿元。海外方面，美国三大股指收盘涨跌不一，纳指涨0.17%报23857.45点。 期指保持升水。期货市场，基差方面，IF、IC、IM基差延续回升，当月合约保持升水。成交持仓方面，股 ...

记者注意到，近年来最高法院知识产权法庭处理的高额赔偿案件数量和赔偿金额都明显增长。对此郃中 林回应称，近年来高额赔偿案件越来越多的原因，首先是因为《知识产权强国建设纲要（2021—2035 年）》明确提出，全面建立并实施侵权惩罚性赔偿制度，加大损害赔偿力度。近年来，民法典和知识产 权专门法均规定了知识产权侵权惩罚性赔偿，并提高了法定赔偿数额。高额判赔是积极落实政策和严格 执行法律的必然结果。其次，严格保护知识产权，是适应知识产权客体的无形性、侵权行为的隐蔽性、 当前市场上侵权行为仍易发多发等因素的规律使然。再次，我国进入高质量发展阶段，知识产权越来越 成为企业核心资产和市场竞争利器，其市场价值越来越大，侵权行为危害程度也随之增大。 近年来，法庭受理案件越来越聚焦"高精尖"技术领域,涉战略性新兴产业案件数量和占比逐年攀升，高 额赔偿案件数量和赔偿金额随之都有较大幅度增长。其中，技术秘密高额赔偿案件占比较高；但专利高 额赔偿案件也屡见不鲜，赔偿额过1亿元的也有3件，超1000万元的至少有33件。数据显示，仅2025年， 法庭就在30案中适用惩罚性赔偿，共计11.3亿元，案均约3800万元；在32案中确定1000万 ...

"十四五"时期，湖南资本市场紧紧围绕"三高四新"战略定位，以服务实体经济高质量发展为核心，在上市公司培育、板块结构优化、创新动能集聚、社会 责任履行等方面取得突破性成就，为湖南经济社会发展注入强劲动力。 2020年末 2025年末 A股上市公司总市值 > 1.89 1.76 万亿元 增长7.5% 万亿元 2020年末 2025年末 上市公司营收 > 增长 40.21% 2024年 湖南省上市公司 营业总收入 8997.70 亿元 较2020年 6417.38亿元 上市公司海外收入 > 1575.73 亿元 843.31 亿元 增长 86.85% 2020年 2024年 研发投入 (> ▶ 湖南省上市公司研发支出 EU0/ 上市公司量质齐升 筑牢经济"压舱石" "十四五"时期，湖南上市公司实现数量与质量的双重跨越，成为稳定区域经济大盘的核心力量。 上市公司数量规模持续扩容。全省A股上市公司从2020年末的116家稳步增长至2025年末的146家，位居全国第十一、中部第三。2025年末，全省A股上市 公司总市值进一步攀升至1.89万亿元，较2020年末增长7.5%。资本市场"湖南板块"影响力持续扩大。 市场层次日 ...

2026.01. 29 本文字数：2651，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 2025年，中央企业实现利润总额2.5万亿元，完成固定资产投资5.1万亿元，上交税费2.5万亿元。完 成战略性新兴产业投资2.5万亿元、占总投资的41.8%，战新产业营收规模超过12万亿元。中央企业 在关系国家安全、国民经济命脉和国计民生等领域的营收占比超过70%。 1月28日，国务院新闻办举行发布会。国资委副主任庞骁刚表示，过去一年中央企业提质增效扎实推 进，在促进国民经济稳中向好中作出了新贡献。2026年是"十五五"开局起步的关键一年，将持续加 大拓市增收、降本增效的力度，积极扩大有效投资，靠前谋划实施一批重大项目和标志性工程，更好 支撑国家惠民生、促消费、扩投资，带动产业链上下游企业共同发展。 国资央企把科技创新摆在更加突出的位置。国务院国资委科技创新局局长张剑龙在发布会上回答第一 财经记者提问时表示，下一步，将在科技端加大攻关力度，在产业端加强前瞻布局，在转化端加速精 准对接，深入实施焕新、启航行动，接续推进启航企业培育工程，推动未来技术产业化、重点领域未 来化。 中国企业研究院首席研究员李锦对第一财经记者分析 ...

Core Insights - The report by Zhongzhi Consulting focuses on the strategic layout and development models of central enterprises controlling A-share listed companies in emerging industries, providing a systematic analysis of the layout logic and development paths of strategic emerging industries [1][12]. Group 1: Overview of Central Enterprises in Emerging Industries - Among 402 central enterprises controlling A-share listed companies, 64% can be classified as emerging industry enterprises, with nearly 80% concentrated in five key areas: new generation information technology, new materials, high-end equipment manufacturing, new energy, and biotechnology [1][18]. - The report highlights a significant underinvestment in critical areas such as industrial mother machines and chips, indicating a need for increased focus and resources in these sectors [1][18]. Group 2: Industry-Specific Analysis - The report emphasizes that over 40% of manufacturing emerging enterprises are transitioning towards new materials and high-end equipment manufacturing, showcasing significant industrial synergy effects [1][20]. - In terms of profitability, emerging industry enterprises contribute 26% of total operating revenue and 31.27% of total profit, with new generation information technology, new energy, and new materials showing particularly strong profitability [1][23]. Group 3: Strategic Positioning and Implementation Paths - The report identifies four business layout models: core business extension, establishment of emerging platforms, equity cooperation, and fund investment, which enterprises can combine based on their specific circumstances [2]. - It suggests a systematic cultivation framework of "assessment-layout-empowerment," advocating for a full-cycle evaluation mechanism and a tailored approach for each enterprise to optimize resource allocation and enhance competitiveness in emerging industries [2].

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) announced that central enterprises are projected to achieve a total profit of 2.5 trillion yuan, fixed asset investment of 5.1 trillion yuan, and tax contributions of 2.5 trillion yuan by 2025, with total assets exceeding 95 trillion yuan by the end of 2025 [1] Group 1: Performance Metrics - During the 14th Five-Year Plan period, central enterprises' total assets increased from 70 trillion yuan to over 90 trillion yuan, with an average annual growth rate of 6.9% [3] - The added value of central enterprises reached 51.3 trillion yuan, a 44.6% increase compared to the previous five-year period [3] - Total profits for central enterprises amounted to 12.7 trillion yuan, reflecting a 56.2% growth from the 13th Five-Year Plan period [3] - Key product outputs, such as crude oil production, electricity generation, and electricity sales, saw increases of 24.7%, 38.2%, and 40.7% respectively compared to the previous five-year period [3] Group 2: Innovation and R&D - Central enterprises' R&D investment reached 1.1 trillion yuan in 2025, with the addition of 22 academicians and the establishment of 23 innovation consortia involving over 100 entities [4] - Cumulatively, R&D investment during the 14th Five-Year Plan exceeded 5 trillion yuan, with a 0.27 percentage point increase in R&D intensity [3][4] - Central enterprises led or participated in all 22 national major science and technology projects in 2025, achieving breakthroughs in 121 leading technologies [4] Group 3: Strategic Investments - By 2025, revenue from strategic emerging industries for central enterprises surpassed 12 trillion yuan, with a continuous annual growth of 1 trillion yuan [5] - Strategic emerging industry investments accounted for 41.8% of total investments, with over 10 trillion yuan invested since the beginning of the 14th Five-Year Plan [5] Group 4: Future Directions - In 2026, central enterprises will focus on increasing value-added growth to match national GDP growth, ensuring stable improvements in profit totals, operating revenue rates, and net asset returns [10] - Emphasis will be placed on enhancing technological innovation, with plans to increase the proportion of basic research investment and tackle key strategic technologies [10] - Central enterprises will also expand their mid-test verification platforms and increase procurement of first sets, batches, and versions to facilitate the conversion of innovative results into productive forces [10]

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 4151.24 points, up 0.27%, and the Shenzhen Component Index at 14342.89 points, up 0.09% [1][4] - Among the 30 sectors, 11 saw gains, with non-ferrous metals, coal, and oil & petrochemicals leading the increases, while defense, media, and pharmaceuticals faced significant declines [1][4] - The total trading volume for the A-share market reached 29,923 billion yuan, showing a slight increase from the previous day [1][4] Overseas Market Overview - In the U.S. market, the three major indices closed mixed, with the Dow Jones Industrial Average up 0.02%, the S&P 500 down 0.01%, and the Nasdaq up 0.17% [2][4] - Large tech stocks showed varied performance, while the Nasdaq Golden Dragon China Index increased by 0.32% [2][4] Economic Performance Insights - By 2025, 18 provinces in China are expected to exceed the national GDP growth rate, highlighting the significant role of major economic provinces [3][10] - The State-owned Assets Supervision and Administration Commission (SASAC) announced that central enterprises aim to achieve a total profit of 2.5 trillion yuan and pay 2.5 trillion yuan in taxes by 2025 [3][14] Key Industry Developments - The central enterprises are projected to have total assets exceeding 95 trillion yuan by the end of 2025, with a fixed asset investment of 5.1 trillion yuan [14] - The focus on strategic emerging industries is evident, with an investment of 2.5 trillion yuan planned, accounting for 41.8% of total investments [15][14] Taxation and Regulatory Changes - The tax department plans to deepen tax system reforms in 2026, optimizing the tax structure and expanding local tax sources to enhance local financial autonomy [17][21] - Real estate companies have reported that they are no longer required to submit the "three red lines" indicators monthly, although some still need to report financial metrics like asset-liability ratios [17][21]

提质增效扎实推进。2025年，中央企业实现利润总额2.5万亿元，完成固定资产投资5.1万亿元，上交税 费2.5万亿元。 科技创新持续强化，在推进高水平科技自立自强中实现新突破。2025年，中央企业研发投入1.1万亿 元、连续四年超过万亿元，23个创新联合体新吸纳超过100家创新主体参与攻关，在前沿领域实现一系 列突破，国家战略科技力量作用更加凸显。 产业焕新提档升级，在建设现代化产业体系中展现新作为。2025年，中央企业完成战略性新兴产业投资 2.5万亿元、占总投资的41.8%，新组建成立中国雅江集团、中国长安汽车集团等企业，中国一汽、中国 旅游集团完成动力电池、邮轮运营资源整合，卫星通信、新材料、人工智能、生物技术等领域专业化整 合持续推进。 转自：人民日报 国务院国资委28日发布数据显示，截至2025年底，中央企业资产总额突破95万亿元，在促进国民经济稳 中向好中作出新贡献。 来自此次发布会的信息显示，"十四五"时期，中国中央企业规模实力不断增强，发展质效稳步提升，功 能作用有力彰显。五年间，中央企业资产总额连续跨上70、80、90万亿元三个台阶，年均增速达 6.9%；实现增加值51.3万亿元，比"十三五 ...

Core Insights - The central enterprises in China are projected to achieve significant financial milestones by 2025, including a total profit of 2.5 trillion yuan, fixed asset investments of 5.1 trillion yuan, and tax contributions of 2.5 trillion yuan, with total assets exceeding 95 trillion yuan by the end of 2025 [5][19]. Group 1: Financial Performance - By 2025, central enterprises are expected to realize a total profit of 2.5 trillion yuan and complete fixed asset investments of 5.1 trillion yuan [5][19]. - The total assets of central enterprises are projected to surpass 95 trillion yuan by the end of 2025 [5][19]. - The average annual growth rate of total assets during the 14th Five-Year Plan period is 6.9%, with a total value added of 51.3 trillion yuan, marking a 44.6% increase compared to the previous five-year period [6][20]. Group 2: R&D and Innovation - Central enterprises are set to invest 1.1 trillion yuan in R&D by 2025, with a notable increase in the number of scientific and technological talents by nearly 50% [8][22]. - The cumulative R&D investment during the 14th Five-Year Plan period exceeded 5 trillion yuan, with a 0.27 percentage point increase in R&D intensity [6][20]. - Central enterprises led or participated in all 22 national major science and technology projects in 2025, achieving breakthroughs in 121 leading technologies [8][22]. Group 3: Strategic Emerging Industries - Revenue from strategic emerging industries is expected to exceed 12 trillion yuan by 2025, with an annual growth of 1 trillion yuan for three consecutive years [9][23]. - Investment in strategic emerging industries will account for 41.8% of total investments, with cumulative investments exceeding 10 trillion yuan since the beginning of the 14th Five-Year Plan [9][23]. Group 4: Transformation and Upgrading - Central enterprises are focusing on the transformation and upgrading of traditional industries, establishing 70 advanced intelligent factories and 39 projects recognized as national green low-carbon advanced technology demonstration projects [11][25]. - The integration of artificial intelligence technologies is being actively pursued, with significant investments in new infrastructure and the development of over 1,000 application scenarios in key industries [12][26]. Group 5: Regulatory and Governance Enhancements - The central enterprises are implementing a personalized assessment system, with 76% of individual indicators for the 2025 assessment and 79% for the 2025-2027 term being customized [13][27]. - A nationwide state-owned assets system property information database has been established to enhance the scientific and effective regulation of state-owned enterprises [14][28]. Group 6: Future Directions - In 2026, the focus will be on ensuring continuous growth in value added, aligning with national GDP growth, and enhancing the quality of technological supply through increased investment in key technologies [15][29]. - Central enterprises will accelerate the establishment of pilot platforms for testing and validation, aiming to convert more innovative results into productive forces [15][29].