（上接1版）新"国九条"要求，到2035年基本建成具有高度适应性、竞争力、普惠性的资本市场。资本 市场在现代金融运行中"牵一发而动全身"，需要通过持续改革来不断完善市场结构、提高发展质量。 中国银河证券首席策略分析师杨超告诉上海证券报记者，通过覆盖多元主体、创新金融工具及动态调整 规则，市场既接纳不同类型的企业与投资者，又能灵活应对内外环境变化。这需要持续深化投融资综合 改革，强化股债联动，进一步提升服务科技创新和新质生产力的能力。 近年来，多层次资本市场体系不断完善，服务实体经济的效能显著增强。数据显示，2025年全年IPO、 再融资合计1.26万亿元，交易所债券市场发行各类债券16.3万亿元，18个期货期权品种平稳上市。 清华大学国家金融研究院院长、五道口金融学院副院长田轩在接受上海证券报记者采访时表示，未来五 年，"股债期协同"将聚焦基础制度完善与监管协同机制建设，重点面向科技创新、绿色低碳、先进制造 等战略领域，进一步打通股权融资、债券发行、期现联动等渠道。 股权市场方面，制度包容性、适应性将不断提升：启动实施深化创业板改革，持续推动科创板改革落实 落地，提高再融资便利性和灵活性，促进北交所、新三板一 ...

一方面，更具包容性和适应性的多层次资本市场，在推动科技创新、培育新质生产力方面发挥着不可替 代的作用。当前，世界正经历百年未有之大变局，科技创新已成为国际战略博弈的主战场，人工智能、 生物技术、量子计算等前沿领域和未来产业的发展，离不开资本市场的有力支持。 招商基金研究部首席经济学家李湛在接受上海证券报记者采访时表示，传统信贷难以匹配科技创新和产 业升级的长周期、高风险特征。健康的股债市场通过市场化定价机制，能够自动引导资金投向最具活力 和增长潜力的领域，促进资本、科技与产业的高水平循环，从根本上推动经济结构转型与高质量发展。 另一方面，持续增强资本市场包容性、适应性，也是推动资本市场自身高质量发展的重要机制。 ◎记者 梁银妍 积极发展股债期市场，是增强资本市场包容性、适应性的关键举措。1月16日，中国证监会召开的2026 年系统工作会议提出"健全股债期产品和服务体系"，并明确2026年将"坚持改革攻坚，不断提高服务高 质量发展质效"。 新"国九条"要求，到2035年基本建成具有高度适应性、竞争力、普惠性的资本市场。资本市场在现代金 融运行中"牵一发而动全身"，需要通过持续改革来不断完善市场结构、提高发展质量 ...

Group 1 - The core theme of the article is the emphasis on "technological innovation" as a key focus during the local two sessions in Quzhou, highlighting its importance in driving industry development and competitiveness [1] - Quzhou has achieved significant recognition in technological innovation, ranking 49th in the national city innovation capability list and winning the "Technology Innovation Ding" award [1] - Local representatives emphasize the need for continuous innovation and the integration of new technologies, such as artificial intelligence, into manufacturing to enhance industry upgrades and ensure sustainable development [1] Group 2 - The general manager of Zhejiang Jingtai Glass Technology Co., Ltd. stresses that innovation should be a persistent effort rather than a sporadic occurrence, leading to improved product yield and increased competitiveness [1] - The deputy general manager of Zhejiang Tianji Sensor Co., Ltd. highlights the importance of the synergy between technology and talent, asserting that the dual development of technology and human resources is essential for high-quality industrial growth [1]

Group 1 - The government work report emphasizes high-quality development, showcasing a pragmatic approach, innovative spirit, and a commitment to the people, making it an inspiring report [1] - The report objectively summarizes the achievements of Binzhou's "14th Five-Year Plan" and outlines future development goals, reflecting the spirit and capabilities of the local population [1] - Significant achievements in various sectors have been noted, including continuous improvement in comprehensive strength, development quality, and living standards in Zou Ping, contributing importantly to the city's overall development [1] Group 2 - Zou Ping is encouraged to take the lead in the "15th Five-Year Plan" by strengthening party leadership and integrating it into all aspects of economic and social development [2] - The focus will be on innovation and industry, promoting the transformation of traditional industries and enhancing the integration of technological and industrial innovation [2] - Emphasis on deepening reforms and expanding high-level openness to drive development, alongside initiatives like "Binzhou Enterprises Create World" to empower high-quality growth [2] - Commitment to improving people's livelihoods through urban renewal and community upgrades, ensuring equitable distribution of development benefits [2] - The construction of a "Safe City" will be advanced, focusing on social stability and safety to support high-quality development [2]

Core Viewpoint - The seminar on "Strengthening Innovation Leadership to Build World-Class State-Owned Enterprises" emphasizes the role of central enterprises in driving high-quality development through innovation and technology breakthroughs [1] Group 1: Innovation and Technology - Central enterprises are seen as crucial to national strategic technological power, tasked with overcoming key core technologies and leading industrial upgrades [1] - The exploration and practice of new productive forces by central enterprises, exemplified by China State Construction Engineering Corporation (CSCEC), highlight significant advancements in areas such as integrated photovoltaic architecture and intelligent manufacturing [3][4] - CSCEC's innovative capabilities allow for rapid market competitiveness and brand influence, showcasing a shift from traditional manufacturing to intelligent and automated production processes [4] Group 2: Role Transformation of State-Owned Enterprises - The transformation of CSCEC illustrates how state-owned enterprises (SOEs) are evolving from traditional labor-intensive roles to becoming technology-driven, platform-oriented, and service-oriented entities [5] - The integration of cutting-edge technology and energy-saving solutions in projects like the world's largest indoor ski resort signifies a fundamental shift in the perception of construction enterprises [5] - CSCEC's role has expanded from being a mere contractor to an ecological leader, emphasizing the importance of innovation and value creation in the modern enterprise landscape [6] Group 3: Industry Logic and Ecosystem Development - CSCEC is transitioning from a single node in the industrial chain to an ecosystem leader, focusing on comprehensive solutions that generate ongoing environmental and economic benefits [6] - The company is fostering cross-industry integration, as seen in projects that combine construction, cultural tourism, high-end manufacturing, and low-temperature engineering [6] - The shift from competition to collaborative ecosystems among CSCEC and other industry players promotes a healthier, more competitive environment, aligning with the broader economic, innovation, and social responsibilities of central enterprises [7]

新华社北京1月20日电 题：财政支出力度如何？一揽子政策怎样发力？财政部详解财政热点问题 新华社记者申铖 在1月20日国新办举行的新闻发布会上，财政部副部长廖岷、综合司司长李先忠、金融司司长于红 围绕今年财政政策取向、财政金融协同促内需一揽子政策等热点问题进行介绍。 2026年财政总体支出力度"只增不减" 中央经济工作会议提出，要继续实施更加积极的财政政策。廖岷介绍，2026年，按照中央经济工作 会议部署，财政部门将继续实施更加积极的财政政策，概括起来就是"总量增加、结构更优、效益更 好、动能更强"。 其中，"总量增加"，就是要扩大财政支出盘子，确保必要支出力度。2026年财政赤字、债务总规模 和支出总量将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。 二是支持推进重点产业提质升级。加强财政金融协同支持科技创新。持续推动制造业新型技术改造 与中小企业数字化转型，加快智能化、绿色化、融合化发展。 三是强化企业科技创新主体地位。落实好结构性减税降费政策，重点支持科技创新和制造业发展。 继续发挥专精特新"小巨人"发展奖补政策、国家中小企业发展基金等作用，提升中小企业的创新能力和 专业化水平， ...

Core Viewpoint - The Chinese government is committed to implementing a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing economic momentum to ensure a strong start for the 14th Five-Year Plan [1] Fiscal Revenue and Expenditure - Fiscal revenue in 2025 is expected to show a "front low, middle high, and back stable" trend, with a 1.1% decline in Q1, followed by a 0.6% increase in Q2, and a 2.5% increase in Q3, with October showing a 3.2% growth [2] - The overall balance of revenue and expenditure is projected to be achievable, with stable growth in public budget revenue and strong expenditure supporting economic development [2] - Key expenditures in social security, employment, technology, education, and health have been well-supported, with over 10 trillion yuan allocated to these areas, accounting for over 40% of total public budget expenditure [3] Support for Technological Innovation - The fiscal policy is a crucial tool for supporting technological innovation, with measures including increased funding, tax incentives, and government procurement to promote high-level self-reliance in technology [4] - In 2025, 3.44 million enterprises received over 140 billion yuan in bank loans, with comprehensive financing costs reduced to below 5% [4] - Key areas of focus include enhancing government investment funds, supporting quality upgrades in key industries, and accelerating the application of major technological achievements [5] Policy Implementation - A comprehensive package of policies aimed at promoting domestic demand has been deployed, with a focus on early implementation to maximize impact [6] - Key policies include loan interest subsidies for small and micro enterprises, special guarantees for private investment, and support for consumer loans [7] - The budget for 2026 has made sufficient arrangements for the fiscal expenditures required for these policies, encouraging local institutions to actively engage in business [8]

Core Viewpoint - The article emphasizes the importance of optimizing the business environment in Shanghai, highlighting the initiatives taken by the Shanghai branch of China Construction Bank (CCB) to support this goal through innovative financial services and products aimed at enhancing efficiency and reducing costs for businesses [1][2][3][4][5][6][7] Group 1: Financial Support for Innovation - CCB Shanghai branch has developed a "value flow" evaluation model to convert "soft strengths" like technology patents into quantifiable "hard credit," enabling tech companies to secure loans based on intellectual property [2] - By the end of 2025, CCB Shanghai branch aims to serve nearly 20,000 tech enterprises, achieving a market coverage rate of over 50% and a loan balance exceeding 130 billion yuan in the tech innovation sector [2] Group 2: Solutions for Small and Medium Enterprises - CCB Shanghai branch employs an "industry map service" to analyze SMEs within the context of their entire industry chain, facilitating access to credit loans based on digital credit assessments [3] - In 2025, the balance of CCB Shanghai branch's loans for small and micro enterprises is projected to reach nearly 170 billion yuan, benefiting over 70,000 market entities in Shanghai [3] Group 3: Enhancing Cross-Border Financial Services - CCB Shanghai branch has upgraded its FT account system to streamline cross-border fund flows, significantly improving the efficiency of capital turnover for enterprises operating internationally [4][5] - The branch has established a global financial service center to provide comprehensive support for both outbound and inbound enterprises, positioning itself as a crucial financial bridge in the dual circulation economy [5] Group 4: Integration of Financial Services with Governance - CCB Shanghai branch has integrated its financial services with local governance through smart terminals that facilitate various administrative services, enhancing convenience for residents [6] - The bank has launched products aimed at supporting urban green transformation and has established community service points to provide essential services to outdoor workers, reflecting its commitment to improving the quality of life in the city [6][7]

Core Viewpoint - The Ministry of Finance and other departments have issued a notice to optimize the implementation of the equipment renewal loan interest subsidy policy, aimed at supporting enterprises in equipment upgrades and technological transformation, reducing financing costs, and promoting effective investment [1][6]. Group 1: Support Scope - The central government will provide a 1.5% interest subsidy on the principal of fixed asset loans for equipment renewal projects, applicable for a maximum of two years from the loan issuance date [1][6]. - The policy will include new technology innovation loans issued by banks starting in 2026, with the implementation period set until December 31, 2026, subject to possible extension [1][6]. Group 2: Expanded Support Areas - The policy expands support to various sectors including construction, municipal services, energy equipment, aviation materials, electronic information, safety production, agricultural facilities, fishing vessels, cold chain facilities, grain and oil processing, waste recycling, small hydropower, commercial facilities, artificial intelligence, and elderly care [2][7]. Group 3: Participating Banks - A total of 26 banks are designated to handle the interest-subsidized loans, including major state-owned banks and several joint-stock commercial banks [2][7]. Group 4: Interest Subsidy Process Optimization - The subsidy funds will be allocated through a "pre-allocation + settlement" method, with provincial banks required to submit annual subsidy fund requests by January 31, 2026 [3][8]. - Provincial finance departments must respond to these requests within 10 working days, and a joint review mechanism will be established to streamline the approval process [3][8]. Group 5: Fund Settlement and Clearing - From 2027, provincial banks must submit annual settlement requests for the previous year's subsidy funds by January 31, with finance departments providing feedback by February 20 [4][9]. - By January 31, 2029, provincial banks will submit clearing requests for subsidy funds, with a one-month response time expected from finance departments [4][9]. Group 6: Implementation and Supervision - The Ministry of Finance, National Development and Reform Commission, and other regulatory bodies will oversee the implementation of the policy, ensuring proper auditing and monitoring of fund usage [5][10]. - Banks are required to maintain strict loan monitoring to prevent misuse of funds, and any violations will lead to penalties, including the recovery of subsidy funds [5][10]. Group 7: Reporting Requirements - Banks must establish reporting systems to submit monthly policy execution reports to the Ministry of Finance, including details on loan issuance and subsidy usage [11].

Group 1: Economic Policy Initiatives - The Chinese government is focusing on policies to stimulate consumption, stabilize investment, and cultivate emerging industries as part of the 2026 economic strategy [1][2] - The National Development and Reform Commission (NDRC) is planning to implement significant high-tech industry projects and develop a strategy for expanding domestic demand from 2026 to 2030 [1][3] - A comprehensive package of policies was released by the Ministry of Finance, including optimizing personal consumption loan subsidies and implementing special guarantees for private investment [1][2][4] Group 2: Consumer and Investment Support - The Ministry of Finance aims to enhance consumer spending and private investment through various measures, including a 1% subsidy on personal consumption loans and expanding the scope of eligible financial institutions [4][5] - A total of 625 billion yuan has been allocated for the first phase of the "old for new" consumption support program, which has already been initiated in several provinces [3][4] - The government is also focusing on increasing the loan limits for businesses and expanding the categories of supported consumption areas to stimulate economic activity [5][8] Group 3: Focus on High-Tech Industries - The government is prioritizing investments in high-tech sectors, with the National Entrepreneurship Investment Fund set to attract over 1 trillion yuan in investments for projects in fields like quantum technology and biomedicine [10][11] - The share of high-tech manufacturing value added in industrial output has exceeded 17%, indicating a growing emphasis on innovation and technology [11][12] - Policies are being developed to support technological innovation and enhance the capabilities of small and medium-sized enterprises in high-tech sectors [12]