Core Insights - In 2025, China made significant technological breakthroughs across various fields, contributing to high-quality development and global progress in civilization [1][2] Group 1: Technological Innovations - The "artificial sun" achieved a world record of 1 million degrees Celsius for 1066 seconds, marking a significant step in nuclear fusion research [9] - The successful launch of the Tianwen-2 probe initiated China's first asteroid exploration mission, enhancing capabilities in deep space exploration [10] - The DeepSeek AI model broke traditional paths by optimizing algorithms to achieve top performance with limited computing power, promoting an open ecosystem for global developers [7] Group 2: Scientific Research Achievements - The first large-area production of two-dimensional metal materials was achieved, marking a new frontier in material science [3] - Research on lunar samples from the far side of the moon revealed new insights into its geological history, challenging previous understandings [4] - The Jiangmen Neutrino Experiment (JUNO) achieved a measurement precision 1.5 to 1.8 times better than the previous international standard, advancing the study of neutrinos [4] Group 3: Economic Impact and Industry Development - The integration of AI technologies across various sectors, including healthcare and transportation, is driving high-quality development and enhancing productivity [12][14] - The approval of 69 innovative drugs in 2025 set a new record, reflecting the rapid advancement in the pharmaceutical industry [13] - The promotion of carbon capture technology in the cement industry and digital transformation in the steel industry are part of a broader shift towards sustainable practices [14] Group 4: Strategic Initiatives - The establishment of a comprehensive innovation system is underway, with a focus on self-reliance in technology and the cultivation of new productive forces [15] - The development of advanced technologies such as brain-computer interfaces and quantum computing is positioning China as a leader in these fields [8]

Core Insights - In 2025, China achieved significant breakthroughs in various technological fields, marking a year of innovation that contributed to high-quality development and global progress [11][13]. Group 1: Technological Innovations - The DeepSeek AI model gained recognition as the first major model to pass peer review, showcasing China's advancements in AI and breaking traditional paths of development [17]. - The successful construction of the "Zuchongzhi No. 3" quantum computing prototype demonstrated processing speeds millions of times faster than current supercomputers, indicating a leap in quantum technology [19]. - The EAST nuclear fusion experiment achieved a world record of maintaining plasma at 1 million degrees Celsius for 1066 seconds, reinforcing China's leadership in fusion energy research [20]. Group 2: Space Exploration - The Tianwen-2 probe was launched for asteroid exploration, marking a significant step in China's deep space exploration capabilities [21]. - The successful launch of the Shenzhou-22 manned spacecraft highlighted advancements in China's manned space program and emergency response capabilities [21]. Group 3: Healthcare and Biomedical Advances - The first invasive brain-computer interface clinical trial in China allowed patients to control devices through thought, showcasing advancements in neurotechnology [18]. - A record number of 69 innovative drugs were approved for market in 2025, surpassing the previous year's total and indicating a robust growth in the pharmaceutical sector [25]. Group 4: Industrial and Economic Impact - The integration of AI technologies across various sectors, including healthcare and transportation, is driving high-quality development and enhancing productivity [23]. - The promotion of carbon capture technology in the cement industry and the digital transformation in the steel sector reflect ongoing efforts to modernize and green the economy [25][26].

中央经济工作会议12月10日至11日在北京举行。这是在"十四五"即将圆满收官、"十五五"即将开启的重 要历史节点上党中央召开的一次十分重要的会议。 怎样看待今年和"十四五"时期我国经济社会发展取得的重大成就？会议释放出做好明年经济工作哪些重 要信号？如何贯彻落实好会议决策部署，确保"十五五"开好局起好步？ 新华社12月30日推出第二十七期"中国经济圆桌会"大型全媒体访谈节目，邀请国务院研究室社会司司长 刘日红，中国财政科学研究院院长杨志勇，国家发展改革委宏观经济研究院研究员刘志成，中国民间商 会副会长、依文集团董事长夏华，共话贯彻落实中央经济工作会议精神，奋力实现"十五五"良好开局。 深刻认识发展成就 准确理解规律性认识 2025年是很不平凡的一年。以习近平同志为核心的党中央团结带领全党全国各族人民迎难而上、奋力拼 搏，坚定不移贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，实施更加积极有为的宏观政 策，经济社会发展主要目标将顺利完成。 中国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出新步伐，重点领域风 险化解取得积极进展，民生保障更加有力……会议指出，过去5年，我们有效应对各种 ...

善于识变应变求变，于变局中稳大局、开新局，是我们党领导人民战胜一切风险挑战、牢牢把握战略主 动的重要方法。 2026年我们将迎来"十五五"开局之年。党的二十届四中全会深刻把握世界大势和时代潮流，就"十五 五"时期我国发展面临的环境作出重大判断，对事关全局的战略任务进行顶层设计和战略擘画。全会审 议通过的"十五五"规划建议，事关我国未来5年发展的新蓝图，是以习近平同志为核心的党中央发扬历 史主动精神的重要体现，是我们党准确识变、科学应变、主动求变的实践成果，为我们掌握主动、赢得 未来提供了重要遵循。 确保"十五五"开好局、起好步，一个重要方面就是增强识变应变求变的自觉和本领，以历史主动精神克 难关、战风险、迎挑战，奋力开创中国式现代化建设新局面。 （一） 正确判断形势是科学决策的重要前提。 习近平总书记指出，"正确认识党和人民事业所处的历史方位和发展阶段，是我们党明确阶段性中心任 务、制定路线方针政策的根本依据"。 从直面"三期叠加"的复杂局面，作出我国经济发展进入新常态的判断，到把握结构失衡、环境污染等粗 放发展问题，明确我国经济已由高速增长阶段转向高质量发展阶段……新时代以来，党中央准确把握大 局大势，在关 ...

Core Viewpoint - The article emphasizes the importance of transforming financial accounting practices to support the cultivation of new quality productivity, which is essential for driving innovation and optimizing industrial structures [1]. Group 1: R&D Investment Measurement and Tracking - R&D investment is described as the "fuel" for technological innovation, with its precision and adaptability directly impacting the quality of new productivity cultivation [2]. - A project-based and detailed accounting system for R&D expenditures is proposed, tracking funding flows across various research stages [2]. - A dynamic evaluation mechanism is suggested to identify risks in R&D projects and adjust accounting treatments accordingly [2]. Group 2: Value Realization of Innovation Factors and Capital Allocation - The article discusses the need for a value management system that goes beyond traditional measurements to include new factors like data, technology, and talent [3]. - It highlights the importance of data asset pricing and the establishment of a valuation model for data resources to facilitate market-based allocation [3]. - A strategic human capital measurement system is recommended to assess talent contributions and efficiency, enhancing the visibility of human capital investments [3]. Group 3: Technology Capital Assessment and Securitization - The establishment of differentiated valuation models for intangible assets such as patents and proprietary technologies is emphasized, considering various factors like technological maturity and commercialization costs [4]. - Clear accounting rules for intellectual property are necessary to reflect the value changes and risks associated with these assets [4]. Group 4: Strategic Reconstruction of Value Creation Models - A multi-dimensional value reporting system is proposed to disclose contributions of technological innovation to various societal and environmental goals [5]. - The integration of financial and operational data is encouraged to enhance strategic decision-making capabilities [5][6]. Group 5: Innovation Risk Identification and Quantitative Early Warning - A dynamic risk control system covering the entire lifecycle of R&D to commercialization is recommended, focusing on precise risk identification and quantification [7]. - The establishment of a dashboard for real-time monitoring of core risk indicators is suggested to facilitate timely responses to emerging risks [7]. Group 6: Resilience Mechanism Construction and Risk Response - The article advocates for a multi-layered risk buffer mechanism to optimize resource allocation and ensure stability in innovation efforts [8]. - Regular comprehensive risk reports are recommended to support decision-making processes across various business functions [8].

Group 1 - The core viewpoint of the articles emphasizes the coordinated approach of fiscal and monetary policies in 2025 to stabilize growth, expand domestic demand, and promote innovation amidst complex domestic and international conditions [1][2][3] - Fiscal policy has shifted from "active" to "more active," with a fiscal deficit rate reaching approximately 4%, an increase of 1 percentage point from the previous year, and the issuance of 1.3 trillion yuan in ultra-long-term special government bonds and 4.4 trillion yuan in local government special bonds [2] - Monetary policy has transitioned to a "moderately loose" orientation for the first time in over a decade, with measures including a reserve requirement ratio cut and interest rate reduction, resulting in a cumulative social financing scale increase of 33.39 trillion yuan in the first eleven months, which is 3.99 trillion yuan more than the same period last year [2][3] Group 2 - The collaboration between fiscal and monetary policies has been particularly evident in the bond market, with a significant increase in net financing of various government bonds and a net liquidity injection of 4.9 trillion yuan by the central bank, which is 4.2 trillion yuan more than last year [3] - The combination of fiscal and monetary policies aims to achieve common goals such as stabilizing growth, expectations, and employment, particularly in key areas like supporting technological innovation and stabilizing the real estate market [3][4] - Policies to expand domestic demand have been prioritized, with a series of measures introduced throughout the year to enhance consumer capacity and improve the consumption environment, transitioning from short-term demand stimulation to long-term mechanism construction [4][5] Group 3 - The "subsidy + credit" and "credit + interest subsidy" combinations have effectively amplified policy effects, with 300 billion yuan allocated for subsidies to support the replacement of consumer goods, alongside financial policies encouraging personal consumption loans [5][6] - Data shows significant retail growth in consumer goods categories, with retail sales of household appliances and audio-visual equipment, cultural office supplies, and communication equipment increasing by 14.8%, 18.2%, and 20.9% year-on-year, respectively, from January to November [6] - The integration of industrial and financial policies has facilitated technological innovation and industrial upgrading, with a focus on strategic emerging industries and the establishment of a diversified financial service system to support technology-driven enterprises [7][8]

申万宏源证券总经理张剑： 深化科创板创业板改革 为拓展投行服务开辟新空间 ◎记者 常佩琦 在资本市场深化改革与科技创新加速演进的背景下，证券行业如何更好地服务实体经济、培育和发展新 质生产力，成为行业核心命题。近日，申万宏源证券总经理张剑接受上海证券报记者专访，深入分析我 国资本市场服务科技创新的独特优势与待解挑战，判断政策改革带来的行业机遇，并提出若干政策建 议。 张剑认为，当前我国资本市场服务科技创新具备三方面显著优势。 首先，我国拥有全球领先的科技企业资源禀赋，在新一代信息技术、生物医药、高端装备制造等战略性 新兴产业领域，聚集了大量具备核心技术和市场竞争力的优质企业，这为资本市场提供了丰富的服务标 的。 其次，近年来资本市场制度包容性明显提升。张剑认为：科创板的设立、注册制改革的分步骤推进，允 许未盈利企业、特殊股权结构企业上市，打破了传统的盈利门槛限制，为处于不同发展阶段、不同盈利 状态的科创企业提供了差异化的上市路径；创业板、北交所等多层次资本市场体系的完善，进一步拓宽 了科创企业的融资渠道；再融资、并购重组等制度的持续优化，为科创企业做大做强提供了有力支持。 最后，集成性制度改革高度重视服务科技 ...

在资本市场深化改革与科技创新加速演进的背景下，证券行业如何更好地服务实体经济、培育和发展新 质生产力，成为行业核心命题。近日，申万宏源证券总经理张剑接受上海证券报记者专访，深入分析我 国资本市场服务科技创新的独特优势与待解挑战，判断政策改革带来的行业机遇，并提出若干政策建 议。 张剑认为，当前我国资本市场服务科技创新具备三方面显著优势。 首先，我国拥有全球领先的科技企业资源禀赋，在新一代信息技术、生物医药、高端装备制造等战略性 新兴产业领域，聚集了大量具备核心技术和市场竞争力的优质企业，这为资本市场提供了丰富的服务标 的。 其次，近年来资本市场制度包容性明显提升。张剑认为：科创板的设立、注册制改革的分步骤推进，允 许未盈利企业、特殊股权结构企业上市，打破了传统的盈利门槛限制，为处于不同发展阶段、不同盈利 状态的科创企业提供了差异化的上市路径；创业板、北交所等多层次资本市场体系的完善，进一步拓宽 了科创企业的融资渠道；再融资、并购重组等制度的持续优化，为科创企业做大做强提供了有力支持。 最后，集成性制度改革高度重视服务科技创新。"从国家战略规划到具体制度安排，从引导中长期资金 入市到优化配套政策，监管部门正致力 ...

Core Viewpoint - The article emphasizes the resilience and determination of the Chinese people under the leadership of the Communist Party, highlighting the achievements and future prospects of China's economic development as it transitions into the "15th Five-Year Plan" period. Group 1: Economic Development - Multiple international institutions have raised their economic growth forecasts for China, indicating a stable and improving development trend [3] - Major infrastructure projects, such as the world's highest bridge and the first electromagnetic catapult aircraft carrier, have been completed, showcasing China's engineering capabilities [3] - The launch of the Hainan Free Trade Port and the expansion of visa-free policies have boosted tourism and consumer spending, enhancing China's global economic engagement [3] Group 2: Innovation and Technology - China is experiencing a surge in innovation, with advancements in artificial intelligence, electric vehicles, and other high-tech sectors contributing to its global competitiveness [8] - The country ranks first in the number of R&D personnel and has over 500,000 high-tech enterprises, with the "new economy" contributing significantly to GDP [8] - The focus on high-quality development and technological self-reliance is seen as essential for maintaining China's leadership in the global economy [9] Group 3: Cultural Confidence - The article discusses the importance of cultural confidence in national strength and development, highlighting recent achievements in cultural heritage and international cultural exchanges [10] - The success of Chinese cultural products, such as films and games, in global markets reflects the vitality of cultural innovation [10] - The emphasis on cultural creation and the role of the people in cultural development are seen as crucial for enhancing national identity and cohesion [11]

（来源：千龙网） 青春是自信奔跑的气宇。回望过去的一年，我们见证了越来越多的中国青年在面对热点事件时所展现出 的思辨力。他们不再仅凭情绪或片面信息作出判断，而是主动查阅专业资料、开展实地调研，探求事件 的真实面貌。在复杂的信息环境中，他们能够自觉识别并抵制那些利用热点事件传播错误思潮的行为， 沉着发声，推动公共讨论朝着更加理性、客观的方向发展。同时，深入研究中华优秀传统文化深厚内涵 和发展脉络，在各种场合传递中华文化独特价值。以平和的心态面对全球化背景下的文化挑战，彰显了 新时代中国青年的责任与担当。逐梦追光的身影，在屡破电影票房纪录的《哪吒之魔童闹海》中，也 在"国潮风""非遗热"的追捧里，在"国民闺女"的演奏间，也在拉布布（Labubu）古灵精怪的造型中，当 追光者成为光，中国的未来便有了无数种可能。 青春是拼搏奋斗的姿态。"十四五"圆满收官，"十五五"开局起步，历史又一次为当代青年铺就机遇之 路，亦设下成长之考。面向"十五五"及更远未来，接续绘制现代化蓝图的使命，已由青年接过。从此刻 算起，基本实现现代化仅剩10年，建成现代化强国不过二十余载。新时代青年将与民族复兴同频、与时 代脉搏共振。铭记"立志贵在 ...