行业研究报告 2025 年私募股权投资行业信用回顾与 2026 年展望 金融机构部 高飞 摘要：近年来，国内股权投资市场进入调整阶段，募资金额逐年下降，存续 规模由增转减。2025 年前三季度在二级市场活跃度持续提升的背景下，股权投 资市场投资案例数及金额较去年同期有所增长，退出市场活跃度亦有所回升。 近年来政府投资基金公司表现持续活跃。随着《国务院办公厅关于促进政府 投资基金高质量发展的指导意见》以及《关于加强政府投资基金布局规划和投向 指导的工作办法（试行）》和《政府投资基金投向评价管理办法（试行）》的先 后落地，政府投资基金公司将逐步转变为追求政策效益最大化，新设立的创业及 私募股权投资基金将更契合区域产业发展。因资产端表现较为固化，通常政府投 资基金公司的负债结构以长期债务为主。由于付息偿付较为刚性，年度间投退节 奏较为均衡，账面现金有规律的来源于投资完成清算后收益的公司，往往会拥有 更稳定的盈利表现。 展望 2026 年，募资和退出环节逐步回暖带动私募股权投资市场活跃回升。 政策引导进一步明确，政府投资基金将逐步优化整合，新设基金将围绕政策导向 进行投资。 行业研究报告 一、私募股权投资行业信用回顾 ...

山西省政府工作报告将"主动服务和融入全国统一大市场"列在2026年重点工作首位，提出"加快建设高 标准市场体系。常态化开展市场准入壁垒清理整治行动。实施知识产权助力转型发展行动。深化质量强 企强链强县，推动质量、标准、品牌深度融合"。明确将大型农贸批发市场完成不少于100万批次农产品 快检，作为2026年15件民生实事之一。 市场成长性越强，对资源越具有吸引力。在审议山西省政府工作报告时，山西省人大常委会党组成员、 副主任李凤岐表示，要毫不迟疑融入全国统一大市场，把投资于人与投资于物紧密结合。山西省人大代 表、副省长景普秋说，要扎实做好知识产权各项工作，推动知识产权创造、运用、保护、管理、服务全 链条发展，更好激发创新活力；要扎实推动营商环境优化升级，持续深化"高效办成一件事"改革，促进 政务服务提质增效，充分激发经营主体内生动力。山西省人大代表，山西杏花村汾酒集团有限责任公司 党委专职副书记、副董事长李振寰建议，加快制定白酒行业标准，强化企业全链条质量监管，增强产业 话语权。 着眼让"非禁即入"落地生根，山西省人大代表、太原学院物理与电子工程系负责人潘婧提出，应将"非 禁即入"转化为可操作的法治承诺，建议构 ...

Group 1 - China aims to be not only the world's factory but also the world's market, signaling its capability and willingness to contribute to global economic recovery amidst challenges like trade protectionism [1] - The foundation of China's capability to be a global market lies in its vast population of over 1.4 billion and more than 400 million middle-income groups, leading to diverse and robust consumer demand [1] - Daily consumption figures in China highlight its market potential, including 700,000 tons of grain, 98,000 tons of oil, 1.92 million tons of vegetables, and 230,000 tons of meat [1] Group 2 - Reforms in China are advancing, with the introduction of a new negative list for market access and the implementation of laws to promote the private economy, indicating a commitment to optimizing industrial layout and enhancing investment [2] - The growth potential of the Chinese market is immense, with opportunities arising from ongoing reforms that link investment in goods and people to improvements in livelihoods and economic growth [2] Group 3 - China's commitment to openness is evident in its policies and actions, reflecting a deep understanding of economic globalization and a proactive approach to building a community with a shared future for humanity [3] - Despite rising anti-globalization sentiments, China has maintained a strong stance on open cooperation and has actively supported the multilateral trading system centered around the World Trade Organization [3] Group 4 - Institutional arrangements and platforms like the China International Import Expo demonstrate China's efforts to convert its openness commitments into tangible global benefits, providing a "green channel" for foreign enterprises to access its large market [4] - Initiatives such as the expansion of free trade zones and the deepening of Belt and Road economic cooperation continue to release market dividends, showcasing China's role as a contributor and leader in economic globalization [4] - China's actions, including zero tariffs on 100% of products from least developed countries, reflect its commitment to mutual prosperity and the creation of a stable demand for global partners [4]

Group 1 - The core message is that China aims to be not only the world's factory but also a significant global market, especially in the context of a challenging global economic recovery and rising trade protectionism [1] Group 2 - China's capability to be a global market is supported by its large population of over 1.4 billion and more than 400 million middle-income individuals, with a per capita GDP exceeding $13,000, leading to diverse and robust consumer demand [2] - Daily consumption figures in China include 700,000 tons of grain, 98,000 tons of oil, 1.92 million tons of vegetables, and 230,000 tons of meat, highlighting the vast domestic market [2] - By 2025, China is projected to import agricultural products worth nearly 1.5 trillion yuan, with over 83,000 foreign food companies registered, totaling more than 500,000 [2] - Ongoing reforms, such as the new negative list for market access and the implementation of the Private Economy Promotion Law, are enhancing market potential and reducing "involution" competition [2] Group 3 - China's commitment to becoming a global market is evident in its unwavering stance on opening up and practical measures, reflecting a deep understanding of economic globalization and the concept of a community with a shared future for mankind [3] - China has not retreated in the face of rising anti-globalization sentiments but has instead reinforced its commitment to open cooperation and the multilateral trading system centered around the WTO [3] - The 15th Five-Year Plan emphasizes expanding high-level openness and creating win-win cooperation [3] Group 4 - China has transformed its open commitments into tangible global benefits through institutional arrangements and platforms, with the China International Import Expo serving as a prime example [4] - The Expo provides a "green channel" for global companies to access the vast Chinese market and facilitates efficient connections between global goods, technologies, services, and Chinese demand [4] - Initiatives such as the expansion of free trade pilot zones, the establishment of cross-border e-commerce zones, and deepening Belt and Road cooperation continue to release market dividends [4] - China is implementing zero tariffs on 100% of products for the least developed countries with which it has diplomatic relations, expecting a 9% increase in imports from these countries by 2025 [4] Group 5 - The interplay of capability and willingness showcases China's immense potential as a global market, providing stable demand for the world while its continued openness creates opportunities for other countries [5] - In the face of global economic uncertainties, China is committed to being a stabilizer for the world economy and a booster for global trade, demonstrating that an open market fosters vitality and shared opportunities [5] - China plans to further expand its openness, allowing its vast market to serve as a broad platform for mutual development among countries [5]

中国将对外开放作为基本国策，不仅源于对经济全球化历史潮流的深刻把握，更体现出对人类命运共同 体理念的积极践行。近年来，面对逆全球化思潮抬头，中国非但没有封闭退缩，反而以更加坚定的姿态 高举开放合作旗帜，积极维护以世界贸易组织为核心的多边贸易体制。《中共中央关于制定国民经济和 社会发展第十五个五年规划的建议》专章部署对外开放，明确提出"扩大高水平对外开放，开创合作共 赢新局面"。 "不仅愿做世界工厂，更愿做世界市场"，从达沃斯论坛到国新办发布会，中国正清晰地向世界传递这样 的信号：在全球经济复苏步履维艰、贸易保护主义暗流涌动的当下，中国不仅愿做世界工厂，更有能力 有意愿成为世界市场。 中国有14亿多人口和4亿以上中等收入群体，人均国内生产总值突破1.3万美元，庞大人口基数叠加稳步 提升的收入水平，催生出多元且旺盛的消费需求，形成了全球独有的市场纵深。仅吃饭这一项，中国人 每天就要消耗70万吨粮、9.8万吨油、192万吨菜和23万吨肉。中国分享自身庞大的内需市场，为全球企 业带来实实在在的订单与生意。2025年，中国进口农产品近1.5万亿元，在海关注册的农食产品境外企 业增加8.3万家，累计数量超过50万家。 改 ...

（来源：中国改革报） 转自：中国改革报 □ 黄 健 黄 静 要素流动对营商环境质量的影响分析 高水平的营商环境需要建立要素多维流动的法治保障和标准体系。针对劳动力要素的流动而言，应完善 跨区域劳动力权益保障机制，健全劳动争议仲裁跨省协调处理制度，保证劳动者流动过程中法律地位的 一致性。对于数据、技术等新要素应加快确权、估值、交易、安全管理的标准化建设，弥补法律法规在 数字经济领域的空白。从具体操作层面而言，应不断改进统一的公共资源交易平台功能，将要素交易的 全过程纳入法治化的监管轨道，保证碳排放权、排污权等绿色要素在交易过程中程序公正、结果公开。 这一标准化的支撑体系可以降低要素流动的摩擦成本和合规风险，使法治成为营商环境质量最硬的支 撑。 劳动力要素的流动降低了企业与劳动者之间的信息不对称与匹配成本，使企业可以根据市场变化快速改 变生产规模。从宏观角度而言，劳动力要素向高效率的地区、行业自发集聚，会产生强烈的倒逼效应， 迫使地方政府在户籍准入、住房保障、子女教育等公共资源配置上进行改革。由劳动力要素流动所引领 的社会治理优化，是营商环境由硬基础设施向软服务环境转变的过程。 劳动、资本、技术、数据要素的流动是 ...

Group 1 - The report from the Anhui Provincial High People's Court indicates that by 2025, the total number of cases accepted will reach 2.024 million, with 1.883 million cases concluded, reflecting continuous improvement in trial quality, efficiency, and public satisfaction with litigation services [1] - The court will impose strict penalties for serious public safety and violent crimes, concluding 2,389 cases related to such offenses by 2025 [1] - There will be an intensified crackdown on drug-related crimes, with 335 cases expected to be concluded [1] Group 2 - The court will continue its regular campaign against organized crime, concluding 129 cases related to gang-related activities and recovering 580 million yuan in illicit assets [1] - Corruption crimes will be severely punished, with 1,217 cases involving embezzlement, bribery, and abuse of power expected to be concluded, including cases against 2 former central management officials and 26 former provincial management officials [1] - The court will also address local corruption issues, concluding 640 cases related to "fly" and "ant" corruption in areas such as school meals, medical insurance fund management, and rural collective asset management [1] Group 3 - The court will strictly regulate enterprise-related law enforcement, concluding 548,000 enterprise-related cases by 2025 [2] - It will handle cases related to resource allocation and market access, regulating monopolistic and unfair competition behaviors to support the establishment of a unified national market [2] - The court will enhance regional judicial cooperation to support major strategic implementations such as the Yangtze River Delta integration and the high-quality construction of the "Belt and Road" initiative, leveraging the advantages of specialized courts in Hefei [2]

Core Insights - Beijing's Market Supervision Administration will focus on addressing monopolistic behaviors in platform economy sectors, particularly in accommodation and catering industries, by implementing comprehensive regulations and monitoring systems by 2026 [1][2][7] Group 1: Regulatory Actions - The administration will conduct a thorough "health check" on key platform enterprises, particularly in the accommodation and catering sectors, to combat "involution" competition [2][7] - A negative list of eight types of behaviors will be established to regulate the platform economy, with a focus on enhancing compliance management [7] - The administration is accelerating the establishment of a national live e-commerce monitoring platform to address the challenges posed by new business models [2][7] Group 2: Consumer Protection and Rights - In 2025, the administration upgraded the management of single-purpose prepaid cards and introduced local standards for administrative mediation of consumer disputes [8] - Plans for 2026 include the establishment of 100 consumer rights protection service stations and 50 consumer education bases to enhance consumer protection [8] - The administration will maintain a high-pressure stance against "professional store closers" and promote third-party platforms for consumer compensation [8] Group 3: Business Environment and Growth - By the end of 2025, the number of business entities in Beijing reached 2.8697 million, a year-on-year increase of 6.83%, with over 40% being technology-based enterprises [11] - The survival rate of enterprises over the past three years has exceeded 75%, indicating a robust business environment [11] - The administration has implemented various innovative measures to improve the business environment, including the launch of a series of local standards for business registration services [11][12] Group 4: Food Safety and Quality Control - In 2026, Beijing will enhance its food safety traceability and risk warning systems, focusing on online dining safety and implementing special rectification actions [9][10] - The administration has introduced a new supply model for school meals, integrating digital platforms for food processing oversight [10] Group 5: Monitoring and Compliance - The administration has improved its monitoring capabilities, covering over 8,000 key live streaming rooms and releasing ten measures to regulate unreasonable business practices in live commerce [7] - A comprehensive regulatory framework is being developed to ensure fair competition and address issues such as counterfeit goods and false advertising [7][12]

证券研究报告 | 行业周报 gszqdatemark 2026 02 07 年 月 日 钢铁 惊涛之后 行情回顾（2.2-2.6）： 铁水产量增加，库存增幅扩大。本周全国高炉产能利用率回升，国内 247 家钢厂高炉产能利用率为 85.7%，环比+0.3pct，同比-0.1pct；五大品种 钢材周产量为 819.9 万吨，环比-0.4%，同比+1.4%；本周长流程产量增 加，日均铁水产量增 0.7 万吨至 228.6 万吨，钢材产量小幅下降，螺纹 钢产量降幅明显；库存方面，本周五大品种钢材周社会库存为 940.4 万吨， 环比+5.6%，同比-18.0%，钢厂库存为 397.3 万吨，环比+2.5%，同比- 24.1%；钢材总库存增幅扩大，周环比增加 4.6%，较上周增幅扩大 2.9pct，社会库存增幅大于钢厂库存；本周由产量与总库存数据汇总后的 五大品种钢材周表观消费 760.7 万吨，环比-5.1%，同比+22.3%，其中螺 增持（维持） 行业走势 -10% 0% 10% 20% 30% 40% 2025-02 2025-06 2025-10 2026-02 钢铁 沪深300 作者 分析师 笃慧 执业证书编 ...

Economic Goals - GDP growth targets for most provinces are set around 5%, with Sichuan and Hubei at approximately 5.5%, and Tibet exceeding 7%[8] - Guangdong's growth target is set between 4.5% and 5%[8] Diplomatic Engagements - Frequent diplomatic activities include meetings between Chinese and foreign leaders, with expectations for upcoming meetings between China and the US, Germany, and others[9] Macro Policy Direction - The macro policy emphasizes "stability while seeking progress" and aims to promote a reasonable recovery in prices, focusing on domestic circulation and the real economy[10] Investment Strategy - Investment will focus on both physical and human capital, with an emphasis on increasing the proportion of investments in people's livelihoods[13] Consumer Growth - Expanding domestic demand is prioritized, with initiatives to support consumption upgrades and new growth points in service consumption[15] Unified Market Development - Key sectors such as electricity, transportation, technology, and data are targeted for breakthroughs in the construction of a unified national market[20] Agricultural Modernization - The focus shifts to agricultural modernization, emphasizing food security and improving agricultural quality and efficiency[21] Energy Transition - The dual control of energy consumption is transitioning to carbon emissions control, with a planned investment of 4 trillion yuan in the new power system during the 14th Five-Year Plan[22] Technological Innovation - Local governments are encouraged to develop new productive forces, with a focus on building international technology innovation centers in key regions[23] Urban Development - A multi-level modern urban system is being constructed, with efforts to enhance the capital metropolitan area and promote regional coordinated development[24]