Group 1 - The core point of the news is that Longbai Group successfully issued a technology innovation bond worth 500 million yuan, marking the first mid-to-long-term technology innovation bond issued by a private enterprise in Henan Province in the interbank market [1] - The bond has a term of 3 years and a coupon rate of 2.14%, making it the largest, longest, and most subscribed technology innovation bond benchmark project in the province [1] - Since the launch of the "Technology Board" policy in May 2025, the People's Bank of China Henan Branch has actively promoted the issuance of technology innovation bonds, with 10 technology companies and 2 equity investment institutions in the province having issued a total of 19.12 billion yuan in such bonds [1] Group 2 - Longbai Group, a global leader in the titanium industry, holds over 280 core patents and has successfully addressed critical technical challenges in the preparation of aerospace-grade titanium [1] - The successful issuance of the technology innovation bond will significantly enhance Longbai Group's asset-liability structure and boost its capabilities in core technology research and development, particularly in new energy materials [1] - The issuance is expected to encourage more technology companies in the province to raise funds in the bond market, thereby increasing investment in technological innovation [1]

华灯璀璨，辞旧迎新 光影瞬间见证着华夏盛世、奇迹中国 回顾不平凡的2025 聆听贺词，一个个难忘时刻浮现眼前 习近平主席发表二〇二六年新年贺词 纵览"十四五"壮阔成就 66 岁序更替,华章日新。在新年 到来之际,我在北京向大家致 以美好的祝福! 66 2025年是'十四五'收官之 年。5年来,我们蹲厉奋发、 勇毅前行,克服重重困难挑 战,圆满完成目标任务,在中 国式现代化新征程上迈出了稳 健步伐。我国经济总量连续跨 越新关口,今年预计达到140 万亿元,经济实力、科技实 力、国防实力、综合国力跃上 新台阶,绿水青山成为亮丽底 色,人民群众获得感幸福感安 全感不断增强。 2025年11月10日,工作人员在中国邮政集 团有限公司江苏扬州邮件处理中心分拣快递 包裹。截至2025年11月30日,中国快递年 业务量首次突破1800亿件,相当于去年全球 快递包裹业务量的67%,折射出中国超大规 模市场的充沛活力。 2025年12月5日,满载集装箱的船舶驶离山 东港口日照港集装箱码头(无人机照片)。 "十四五"时期,我国外贸顶住了压力、展 现了韧性,贸易强国建设取得积极成效。 AMERICAL PART PERFECIAL ...

Core Viewpoint - The articles emphasize the transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" for Shenyang, highlighting the importance of resilience, innovation, happiness, and unity as key themes for future development [1][2][3][4][5][6][7][8][9][10] Group 1: Resilience - Resilience is described as a foundational quality and a strategic determination that allows Shenyang to thrive in adversity and change [3] - The city aims to balance stability and progress while actively seizing opportunities and avoiding pitfalls [3] - The focus is on strengthening the real economy and fostering innovation while being aware of the challenges that come with transformation [3] Group 2: Innovation - Innovation is positioned as a driving force that requires a rethinking of existing development paradigms, extending beyond mere technological advancements [4][5] - Shenyang is encouraged to break free from comfort zones and embrace new production capabilities as a means to stimulate growth [4] - The integration of ecological values into economic and social frameworks is highlighted as essential for sustainable development [5] Group 3: Happiness - The ultimate goal of development is framed around enhancing the quality of life for citizens, with a focus on public service and community well-being [6] - Shenyang has been recognized as one of the "most livable cities in China" for four consecutive years, which serves as both an acknowledgment and a motivation for continued improvement [6] - Efforts will be made to address community needs, such as upgrading old neighborhoods and ensuring quality education and environmental sustainability [6] Group 4: Unity - Unity is portrayed as a collective strength that emerges from diverse identities and aspirations within the city [7] - The importance of fostering communication, equitable opportunities, and an inclusive culture is emphasized to achieve common goals [7] - The narrative suggests that individual contributions to the city's development should resonate with the broader vision of progress [7]

●兵团日报全媒体记者 日月其迈，时盛岁新。辞旧迎新之际，习近平主席发表了二〇二六年新年贺词。饱含民生牵挂的温暖话 语，满含殷切期许的真挚嘱托，如同春风化雨般浸润人心，在兵团广大干部职工群众中引发热烈反响。 大家备受鼓舞、倍感振奋，决心在新的一年里，坚定信心、实干笃行，在新征程上奋力谱写中国式现代 化兵团篇章。 "5年来，我们踔厉奋发、勇毅前行，克服重重困难挑战，圆满完成目标任务，在中国式现代化新征程上 迈出了稳健步伐。"习近平总书记深情回望2021年到2025年的非凡征程，在天山南北引发强烈共鸣。 2025年，经过全体建设者的共同努力，兵团投资建设的最大单体水利工程——新疆奎屯河引水工程历时 5年正式建成投用，这项工程惠及兵地百万职工群众，有力保障天山北坡经济带核心区供水安全。 "总书记的每一句话，都让我作为一名建设者倍感光荣与自豪，更添奋进的底气与力量。"聆听了习近平 总书记的新年贺词，奎屯河引水工程引水隧洞项目经理邱斌信心满怀，"新的一年里，我将乘势而上， 抓好项目后期各项工作，让奎屯河真正造福兵地职工群众。" "2026年是'十五五'开局之年。我们要锚定目标任务，坚定信心、乘势而上，扎实推动高质量发展， ...

值此辞旧迎新之际，财联社向每一位读者致以最诚挚的新年祝福！愿您与家人在新年里平安喜乐，万事胜意。 2026，与您同行，共赴新程！ 回首2025，我们共同见证了资本市场的跌宕起伏，虽途中偶有波澜，但整体稳健前行，诸多优质企业崭露头角，新兴产业蓬勃发展，为投 资者带来了诸多机遇。这一年，无论是早晨第一条电报的叮咚声、还是深夜研报的灯火，还是市场激荡中的坚守，都是你们与财联社一起执 着奋斗、逐梦前行的生动写照。 新年已至，愿您在2026年事事顺遂，投资有成，生活如诗，事业如虹。财联社将始终以专业为帆，以速度为桨，持续为您提供快速、精 准、专业、极致的财经资讯服务。中国资本市场已形成理性与科技创新双轮驱动格局，定能创造更多价值、攀登新高度。愿您在新的一年， 以耐心为舟，以远见为帆，在时间的复利中，收获丰厚的财富硕果。 ...

《日出东方 科技追光》科技创新主题融媒体直播品牌节目将于今年元旦推出。2026年1月1日6点至16 点，直播共有五大板块。穿越全国近百个科技地标与秘境；打卡上海科技馆升级首展；围观顶尖科学家 跨界对谈……核心亮点先睹为快↓ 光启东方 向新出发 探秘上海科技馆升级首展！ （06:00-09:00） 从2026年第一缕阳光开始， 跨越全国80+点位， 全国十大系列"日出接力"！ 看大国重器、文明之光、美丽中国…… 属于全民的科技迎新仪式感，拉满！ 奇趣韶光 向新体验 （09:00-10:00） 知名科技馆长+科普大V 组队开启"Tech Walk"， （12:00-15:00） 满足你所有好奇细胞。 砥砺荣光 向新突破 （10:00-12:00） 深入十大"科技秘境"! 走近江门中微子实验、钍基熔盐实验堆、 全高温超导托卡马克…… 一眼看尽国家战略科技力量的 源头创新与硬核浪漫。 思想的光年 向新未来 登陆上海之巅会场， 王中林、黄荷凤等将开启一场 看科学如何玩出花样！ 让知识跳出课本， 以更年轻、更时尚的方式， 走进你每一天日常。 顶尖科学家跨界对谈！ 围绕生命、能源、智能等未来议题， 让思想之光穿越"光年"。 ...

Core Viewpoint - The article emphasizes the importance of technological innovation as a driving force for high-quality development in China, highlighting the need for innovation to empower sustainable growth and modernize the economy [1] Group 1: Technological Innovation - Technological breakthroughs are essential for improving development quality and expanding growth opportunities, showcasing a promising future for the economy [1] - The deep integration of technology and industry in recent years has led to a surge in innovative achievements, creating new productive forces and enhancing the quality of life [1] Group 2: High-Quality Development - High-quality development relies on technological innovation to cultivate new driving forces, indicating that modernization in China must be supported by advancements in technology [1] - The call for accelerating high-level technological self-reliance and adapting to local conditions to develop new productive forces is crucial for future growth [1] Group 3: Future Outlook - The article stresses the need to seize opportunities in the face of a new round of technological revolution and industrial transformation, positioning innovation as the key to leading high-quality development [1] - A vibrant and innovative China is portrayed as having limitless potential and a promising future, driven by a commitment to quality and innovation [1]

1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - In 2025, credit bond coupon value returned, and the expansion of ETFs brought a structural market. Credit risk events occurred sporadically, and the policy focus was on debt resolution and risk prevention. The net financing scale of credit bonds increased by nearly one trillion, and yields rose across the board [4][8]. 3. Summary According to the Table of Contents I. Annual Summary: Credit Bond Coupon Value Returned, and ETF Expansion Brought a Structural Market - Throughout 2025, the credit bond market was affected by various factors such as capital prices, policies, and market sentiment. The credit spread showed a trend of widening, narrowing, and then fluctuating. Overall, the 1y AA+ medium - and short - term note yield was reported at 1.78%, with the credit spread narrowing by 34BP to 23BP; the 3y AA+ medium - and short - term note yield rose by 6BP to 1.97%, with the credit spread narrowing by 21BP to 28BP; the 5y AA+ medium - and short - term note yield rose by 14BP to 2.18%, with the credit spread narrowing by 21BP to 37BP; the 10y AA+ medium - and short - term note yield rose by 30BP to 2.65%, with the credit spread widening by 2BP to 63BP [4][8][9]. II. Annual Major Events: Credit Risk Events Occurred Sporadically, and the Policy Focus was on Debt Resolution and Risk Prevention (1) Urban Investment: Debt Resolution and Arrears Clearance Accelerated, and Credit Risk Sentiment Decreased - **Hot Events**: In 2025, debt resolution continued, and two trillion in replacement bonds were issued, with Jiangsu issuing 251.1 billion yuan. The clearance of arrears accelerated, using both fiscal and financial means. The number of non - standard credit risk events in urban investment decreased significantly, and Inner Mongolia exited the list of key provinces, while Jilin met the exit criteria [21][22][28]. - **Regulatory Policies**: The central government supported the improvement and implementation of a package of debt - resolution plans. It required the implementation of debt replacement policies, regarded non - increase of implicit debt as an "iron - clad discipline", accelerated the stripping of the government financing function of local financing platforms, and promoted market - oriented transformation, as well as the clearance of local government arrears to enterprises [2][33]. (2) Real Estate: Vanke's Bond Extension at the End of the Year Slightly Exceeded Market Expectations, and Policies Continuously Promoted the Market to Stabilize and Recover - **Hot Events**: In 2025, Shenzhen Metro Group provided over 20 billion yuan in loans to Vanke to help it pay the principal and interest of its bonds in the public market. However, due to limited remaining credit, Vanke faced liquidity pressure and announced bond extensions at the end of the year. Only the motion to extend the grace period was passed in the bondholder meetings [39][40]. - **Regulatory Policies**: In 2025, real estate policies focused on demand, supply, and real - estate enterprise financing, aiming to promote market stability and build a new development model. On the demand side, it was necessary to release the potential of rigid and improved housing demand; on the supply side, high - quality urban renewal and the construction of "good houses" were emphasized; on the enterprise side, the reasonable financing needs of real - estate enterprises were supported, and the risk of debt default was prevented [44][46][47]. (3) Finance: AVIC Industry Finance, Tianan Property Insurance, and Jiutai Rural Commercial Bank Attracted Attention, and Active Measures were Taken to Prevent Financial Risks - **Hot Events**: The Ministry of Finance issued 500 billion yuan in special treasury bonds to support large banks in replenishing core tier - one capital. AVIC Industry Finance announced voluntary delisting, and the off - market bond payment plan was not approved. Tianan Property Insurance and Tianan Life Insurance defaulted on their bonds, and Jiutai Rural Commercial Bank's secondary capital bonds were significantly discounted [3][50][58]. - **Regulatory Policies**: In 2025, the central government adhered to preventing and resolving key financial risks and strictly adhered to the bottom - line of preventing systemic financial risks. It also issued high - quality development management measures for industries such as trust companies, asset management companies, commercial banks, and insurance companies to standardize their development [3][59][60]. (4) Others: The Science and Technology Bond and Credit Bond ETF Markets Developed Rapidly, and the Bond "South - Bound Connect" was Planned to be Extended to Non - Bank Institutions - **Bond Market "Science and Technology Board"**: Policies required the construction of a "science and technology board" in the bond market to support the issuance of science and technology innovation bonds. In 2025, the net financing of science and technology innovation bonds increased by nearly one trillion yuan year - on - year [65]. - **Credit Bond ETF**: In 2025, 8 benchmark - making credit bond ETFs and 24 science and technology innovation bond ETFs were listed, and the market scale expanded rapidly, reaching over 45 billion yuan by the end of the year [70]. - **Bond "South - Bound Connect"**: The scope of domestic investors in the Bond "South - Bound Connect" was planned to be expanded to non - bank institutions, and Hong Kong market bonds attracted market attention [72]. III. Review of the Primary and Secondary Markets of Credit Bonds: The Net Financing Scale Increased by Nearly One Trillion, and Yields Rose Across the Board (1) Primary Market: Industrial Bonds and Financial Bonds were the Main Supply Sources, and Urban Investment Bonds Continued to Shrink - In 2025, the net financing of credit bonds increased by 953.8 billion yuan year - on - year. Industrial bonds, supported by new science and technology bond policies, were the main supply source. The issuance of financial bonds accelerated in the third quarter due to the strong performance of the equity market, while the net supply of urban investment bonds continued to shrink [73]. (2) Secondary Market: Yields Generally Rose, Credit Spreads Narrowed Significantly at the Short - to - Medium End and Slightly Widened at the Long End - In 2025, the yields of credit bonds generally rose, especially at the medium - to - long end. The credit spreads showed a differentiated trend, narrowing significantly at the short - to - medium end and slightly widening at the long end. Non - financial bonds performed better than financial bonds [83].

过去这一年，我们一起见证了许多激动人心的时刻。在北京天安门广场，纪念中国人民抗日战争暨世界 反法西斯战争胜利80周年大会凝聚复兴伟力，点燃奋斗激情；在海南，自贸港全岛封关奏响改革与开放 的强音；在太空，神舟飞船、天问二号、长征系列运载火箭捷报频传；在北极，"奋斗者"号创造北极密 集海冰覆盖区进行连续、常规载人深潜新纪录…… 新华社北京12月31日电 题：致2026：在壮阔的航程中相信点滴的力量 新华社记者涂洪长 当2026的海平线迎来新的日出，"中国号"巨轮将开启新的壮阔航程，民族复兴的伟大史诗也将翻开新的 一页。 山河壮丽，大地丰饶。加油，我的中国！加油，所有平凡的人们！ 过去这一年，从DeepSeek横空出世，到《哪吒之魔童闹海》爆火，再到人形机器人密集亮相，现象级 的科技创新为中国人增添志气、锐气、底气；实施育儿补贴制度，持续加力消费品"以旧换新"，推进城 镇老旧小区改造，每一项政策都让"安居乐业"变为可触可感的现实；从"苏超""村超"点燃全域消费到素 人网红带火地方文旅，我们看到每个普通人都可以充满希望与散发光芒…… 在希望的田野上，在机器轰鸣的车间里，在车水马龙的街头，在书声琅琅的教室，为了美好生活 ...

12月31日，"十四五"广东成就系列新闻发布会中山专场在广州召开，详细介绍了"十四五"时期中山市经 济社会发展的总体情况和主要成就。"十四五"期间，中山地区生产总值连续跨越3500亿、4000亿元关 口，预计2025年将突破4200亿元。经营主体总量达74万户，五年增长60%；省级产业园区从3个增至11 个，十大产业集群总规模突破7000亿元，2024年工业投资总量较2021年实现翻一番。 中山坚持将创新作为引领发展的第一动力，从夯实创新供给基础、激活企业创新动能、完善金融支持生 态三个维度协同发力，初步走出一条具有中山特色的产业科技互促双强之路。中山市委副书记、市长尹 念红在发布会上介绍，增加高质量科技供给是推动科技创新与产业创新深度融合的基础，中山全力打造 支撑产业跃升的高能级创新平台，五年来投入近50亿元，携手中科院共建中山药物创新研究院、中山先 进低温技术研究院，与香港理工大学、长春理工大学等高校合作建设高水平研究机构，到目前为止，全 市省级以上科创平台增至421家。全市R&D经费投入连续三年超百亿元、连续两年增速超20%。其中， 依托康方生物，中山生物医药产业构建起"一基地六园区"生态圈，产值达18 ...