Core Viewpoint - The article emphasizes the strategic initiatives of Harbin Bank in alignment with the "14th Five-Year Plan" of Heilongjiang Province, focusing on supporting the real economy, rural revitalization, and green finance to foster high-quality development. Group 1: Economic Development and Industry Support - Harbin Bank prioritizes serving the real economy, increasing credit support for key sectors as outlined in the provincial plan, particularly in manufacturing upgrades [1] - The bank aims to enhance the supply of medium to long-term loans to high-value enterprises in the manufacturing sector, facilitating structural optimization [1] Group 2: Innovation in Technology Financing - The bank addresses the financing challenges faced by tech enterprises by innovating financial products and mechanisms, including the launch of the "New Quality Loan" [2] - As of now, the "New Quality Loan" has a disbursement amount of 115 million yuan, utilizing a scoring card system to evaluate innovation capabilities [2] Group 3: Green Finance Initiatives - Harbin Bank integrates green principles into its operations, establishing a comprehensive green finance service system and promoting sustainable development-linked loans [3] - The bank's green loan balance is nearly 20 billion yuan, contributing to a carbon reduction of 69,000 tons annually in Heilongjiang Province [3] Group 4: Rural Revitalization Efforts - The bank plays a crucial role in rural revitalization, offering a range of financial products tailored to agricultural needs, with a total agricultural loan balance of 26.59 billion yuan [4] - Innovative products like the "Agricultural Property Financing Loan" and "Black Soil Quality Products Loan" have been introduced to support agricultural development [4] Group 5: Inclusive Finance and Social Welfare - Harbin Bank focuses on inclusive finance, enhancing services for small and micro enterprises, with a loan balance of 41.187 billion yuan and a growth rate of 11.69% [5] - The bank has developed a digital product "Money to Home" to streamline lending processes for small businesses [5] Group 6: Retail Financial Services - The bank is transforming its retail financial services through an integrated online and offline approach, serving over 15.08 million retail customers [6] - Specialized services for different demographics, such as the elderly and children, are being enhanced to improve customer satisfaction [6] Group 7: Future Strategic Directions - Moving forward, Harbin Bank aims to continue aligning with national and provincial goals, focusing on breakthroughs in technology finance, green finance, and digital finance to support the modernization of the industrial system [8]

Group 1 - The provincial disciplinary inspection and supervision work aims to achieve high-quality development by aligning with the overall work of the province and ensuring the implementation of major strategic tasks during the "14th Five-Year Plan" period [1] - Emphasis on political supervision and the need for precise and regular supervision to ensure accountability among leaders [1] - Focus on promoting high-quality development in rural areas through the "Hundred Counties, Thousand Towns, and Ten Thousand Villages" initiative [1] Group 2 - The city of Huizhou is committed to creating a new phase of modernization by developing a high-quality growth model and integrating into the domestic circulation [2] - The city aims to enhance its industrial technology and promote new productive forces while implementing the "Hundred Million Thousand Project" [2] - The focus is on deepening reforms and expanding high-level opening-up to ensure economic growth and social stability [2] Group 3 - The city of Shanwei emphasizes the importance of contributing to Guangdong's leadership in economic and social development through high-quality growth [3] - The city plans to strengthen its industrial chain and promote the upgrading of traditional industries while fostering new industries [3] - The goal is to achieve urban-rural integration and promote common prosperity through the "Hundred Million Thousand Project" [3] Group 4 - Dongguan is focused on integrating technological and industrial innovation to build a competitive modern industrial system [4] - The city aims to enhance its participation in the Guangdong-Hong Kong-Macao Greater Bay Area and improve its urban environment [4] - Governance efficiency is a priority to ensure high-quality development and safety [4] Group 5 - The city of Jiangmen is dedicated to high-quality development and aims to enhance its economic strength through various initiatives [5] - The focus is on urban-rural coordination and the implementation of the "Hundred Million Thousand Project" to tap into regional potential [5] - The city seeks to balance development and safety while improving the quality of life for its residents [5] Group 6 - The city of Yangjiang is committed to implementing strategic tasks and major initiatives for economic and social development [6] - The focus is on enhancing transportation infrastructure and optimizing the business environment to promote high-quality growth [6] - The city aims to improve social governance and ensure the well-being of its citizens through various initiatives [6] Group 7 - The provincial internet information system emphasizes the importance of the "14th Five-Year Plan" and aims to align its actions with the directives from the central government [7] - The focus is on promoting high-quality development in the internet sector and contributing to the modernization of the province [7] Group 8 - The provincial finance department is implementing a proactive fiscal policy to support economic growth and ensure the execution of major strategic tasks [8] - The focus is on maintaining fiscal revenue and expenditure while ensuring the safety of government debt [8] - The department aims to enhance the fiscal system and stimulate grassroots development through reforms [8] Group 9 - The provincial human resources department is focused on improving employment quality and expanding social security coverage [9] - The emphasis is on addressing structural employment issues and enhancing the overall quality of life for citizens [9] Group 10 - The provincial broadcasting and television bureau aims to integrate the directives from the "14th Five-Year Plan" into its operational strategies [10] - The focus is on leveraging new productive forces to drive high-quality development in the broadcasting industry [11] - The bureau emphasizes the importance of practical implementation and achieving tangible results from its initiatives [11]

【东盟专线】柬中友协主席：中国"十五五"规划为世界各国提供宝贵机遇 姜楠表示，"十五五"新的征程上，中方愿同柬方分享高水平对外开放带来的发展机遇，共同打造更高水 平的政治互信，拓展更高质量的互利合作，筑牢更高层次的安全保障，开展更高频率的人文交流，实施 更高标准的战略协作，大力推进高质量共建"一带一路"，不断充实中柬"钻石六边"合作架构，推动"工 业发展走廊"和"鱼米走廊"建设走深走实。 瞿亢指出，未来五年，中国银行(香港)金边分行将继续深耕柬埔寨市场，为中资企业出海提供更加优质 的金融服务。 此次专题交流活动由中国和平发展基金会驻柬埔寨办事处、柬中友协、柬中关系发展学会共同主办。柬 民间社会组织联盟论坛、柬中友好青年之家、柬工会联盟委员会等非政府组织以及柬政府部门代表参加 活动。(完) 中新社金边11月28日电 (杨强 强宝仪)"丝路心相通"柬读中国交流活动——"十五五"规划的世界意义和中 柬金融合作新机遇28日在金边举办。 柬埔寨中国友好协会主席艾森沃、中国驻柬埔寨大使馆公使姜楠、柬中关系发展学会会长谢莫尼勒、中 国银行(香港)发展规划部副总经理瞿亢等出席并发言。 艾森沃在致辞中指出，中国的"十五五"规划 ...

Core Points - The meeting of the 20th Central Committee of the Communist Party of China is crucial for the upcoming five years, focusing on the implementation of the "15th Five-Year Plan" and advancing the modernization of Liaoning [1][2] - The "15th Five-Year Plan" is seen as a strategic document that outlines the economic and social development for the next five years, emphasizing the importance of top-level design and strategic planning [1] - The period of the "15th Five-Year Plan" is identified as a key time for the comprehensive revitalization of Liaoning, requiring a sense of urgency and responsibility in driving development [2] Summary by Sections 1. Importance of the 20th Central Committee Meeting - The meeting is described as a significant event occurring at a critical juncture for achieving socialist modernization [1] - The approved document serves as a mobilization and directive for the economic and social development during the "15th Five-Year Plan" period [1] 2. Strategic Goals and Tasks - Emphasis on understanding the guiding principles and main objectives for the "15th Five-Year Plan" period [1] - The need to strengthen the leadership of the Party and unite various forces to promote modernization efforts [1] 3. Development Responsibility and Challenges - A call for heightened awareness of the urgency in driving development and maintaining strategic focus [2] - Encouragement for all parties involved in the People's Political Consultative Conference to contribute to the economic and social development goals [2]

"解读'十五五'规划建议研讨会"现场。 本版图片 许泽宇 摄 谭飞 胡云超 杨华辉 李国旺 章毅 余朝辉 近期，上海证券报社上证研究院与浦江金融论坛联合举办了"解读'十五五'规划建议研讨会"。与会嘉宾 表示，当前中国经济在微观层面展现出强大的内生韧性。"十五五"时期，金融业有望逐步构建更适配经 济发展需求的生态体系，为实体经济高质量发展提供更有力的金融支撑。应以并购整合与耐心资本赋能 新质生产力，一系列资本市场创新有望催生一批世界级科技企业。 上海证券报社总编辑谭飞： 企业韧性生长凸显中国经济坚实底色 ◎张玮华 记者 王敬博 近期，在上海证券报社上证研究院与浦江金融论坛联合举办的"解读'十五五'规划建议研讨会"上，上海 证券报社总编辑谭飞表示，通过深入一线的调研发现，当前中国经济在微观层面展现出强大的内生韧 性。无论是布局于热门赛道的新兴产业和未来产业企业，还是积极转型的传统企业，抑或是深耕细分领 域的"隐形冠军"企业，均表现出强劲的发展韧性。 谭飞介绍，为系统把脉"十五五"时期经济高质量发展的现实基础与未来方向，在过去半年中，他密集走 访了浙江、福建、广东、湖南等11个省份，调研覆盖200余家上市公司、金融 ...

Core Insights - The upcoming "15th Five-Year Plan" is expected to have a profound impact on the world due to China's significant economic size and the strategic decisions it encompasses [1][2] - The plan builds on the achievements of the "14th Five-Year Plan," showcasing China's commitment to modernization and providing stability amid global uncertainties [1][3] - China's economic fundamentals remain strong, with a robust growth trajectory and a significant contribution to global economic growth [2][3] Economic Growth and Contributions - China's GDP is projected to grow from 110 trillion yuan to 140 trillion yuan, with a consistent contribution rate of around 30% to global economic growth [3] - The country is expected to enter the top ten in the global innovation index by 2025, reflecting its rapid advancements in strategic emerging industries such as artificial intelligence and renewable energy [3] Open Economy and Global Engagement - China is committed to high-level openness, reducing the negative list for foreign investment, and lowering the overall tariff level to 7.3% [3] - The country has engaged in high-quality cooperation with over 150 countries and 30 international organizations through initiatives like the Belt and Road [3] - The "15th Five-Year Plan" emphasizes expanding high-level openness and fostering a cooperative and win-win international environment [4]

请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 2025年11月28日 证券研究报告 | 服务主导新周期 ——对"十五五"中国经济趋势的判断 经济研究 · 宏观专题 证券分析师：李智能 证券分析师：田地 证券分析师：董德志 0755-22940456 0755-81982035 021-60933158 lizn@guosen.com.cn tiandi2@guosen.com.cn dongdz@guosen.com.cn S0980516060001 S0980524090003 S0980513100001 2025年我国经济的三个显著趋势 请务必阅读正文之后的免责声明及其项下所有内容 2025年节奏：冲刺起跑，逐季回落 图："反内卷"政策取向下，我国第二产业显著放缓，第三产业韧性凸显 图："开局即决战"思路下，今年我国经济总体呈前高后低态势 资料来源：Wind、国信证券经济研究所整理 资料来源：Macrobond、国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 • 面对外部风险，今年在"开局即决战，起步即冲刺"部署下，Q1紧抓"窗 ...

证券研究报告 | 2025年11月28日 2026年财政政策展望 ——"开门红"下的积极续力 经济研究 · 宏观专题 0755-81982035 S0980524090003 S0980525110002 证券分析师：田地 证券分析师：王奕群 tiandi2@guosen.com.cn wangyiqun1@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 请务必阅读正文之后的免责声明及其项下所有内容 收入端：税收收入逆势回暖 今年财政运行特征：前高后低 图：税收回暖，非税下滑 图：印花税表现较好，四大主要税种都在正增长 资料来源：Wind、国信证券经济研究所整理 资料来源：Wind、国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 • 目前财政收入处于回升通道，1-10月增速0.8%，高于预算（0.1%）。 • 税收收入持续回暖，与经济数据有所分化。税收收入的增速今年整体呈现波动回升的趋势，到10月累计同比来到1.7%。 其中个人所得税11.5%，增值税4.0%，消费税2.4%，企业所得税1.9%。 • 非税收入持续下行。一是激励，去年基数较高，主要是缺口较大，地 ...

Core Insights - The article discusses the performance of quantitative CTA strategies during recent market fluctuations, highlighting their ability to generate positive returns amid broader asset declines [1][2]. Group 1: Quantitative CTA Performance - Quantitative CTA strategies exhibited "crisis alpha" characteristics, with an average return of 0.43% during a recent downturn, making them one of the few strategies to show positive returns [1]. - In October, domestic A-shares and bond markets experienced volatility, while quantitative CTA strategies achieved an average return of 2.01%, leading among various strategies [1]. - Year-to-date, quantitative stock selection strategies have outperformed quantitative CTA strategies, with average returns of 42.71% compared to approximately 11% for CTA strategies [2]. Group 2: Market Conditions and Future Outlook - The article notes that the market is currently focused on potential interest rate cuts by the Federal Reserve in December and the upcoming Central Economic Work Conference in China [1]. - The current economic environment, characterized by rising inflation, may benefit commodity performance, with October CPI rising to 0.2% and core CPI increasing to 1.2% [6]. - The article suggests that the current market conditions may favor the allocation of quantitative CTA strategies, particularly in a high liquidity environment [7]. Group 3: Strategy Characteristics and Selection - The performance of CTA strategies is heavily influenced by volatility and trend-following characteristics, with a preference for annualized volatility above 15% [4]. - Investors are advised to consider a diversified approach by selecting multiple strategies or managers to mitigate risks associated with individual performance variations [8]. - The article emphasizes the importance of timing in investing in quantitative CTA strategies, recommending purchases during periods of lower volatility [7].

Group 1 - The core viewpoint of the article emphasizes the need for urban agglomeration integration and urban circle synchronization as proposed in the "14th Five-Year Plan" [1][2] - Urban circles are defined as urbanization spatial forms centered around mega cities, with a basic commuting range of one hour [1] - The focus is on enhancing the radiation and driving role of cities, promoting collaborative development among surrounding cities and towns [3] Group 2 - The construction of a convenient and efficient commuting circle is guided by interconnectivity, promoting a unified operation of rail transit and orderly development of suburban railways [4] - The establishment of a tiered supporting industrial circle is directed by specialized cooperation, encouraging collaboration between headquarters and bases, as well as between research and production [5] - The formation of a convenient and shared living circle is aimed at promoting balanced public service accessibility [6]