推动产业从"野蛮生长"向"规范发展"转变的关键一步。 低空经济作为新质生产力的重要载体，正处于从技术探索迈向规模化、商业化发展的关键阶段，安全与风 险保障是其高质量发展的重要支撑。 国家发展改革委联合金融监管总局、中国民航局近日出台《关于推动低空保险高质量发展的实施意见》 （以下简称《意见》），立足低空经济发展全局，构建覆盖全链条、全场景、全主体的低空保险服务体 系。 《意见》明确，到2027年，无人驾驶航空器责任保险强制投保制度初步建立，低空保险产品不断丰富，更 好满足各类应用场景保障需求；到2030年，低空保险政策框架基本形成，对低空经济安全健康发展的保障 作用持续增强。 国家信息中心经济预测部研究员张晓兰表示，《意见》的出台不仅是完善低空经济治理体系的重要举措， 更是推动产业从"野蛮生长"向"规范发展"转变的关键一步，其系统性安排既回应了产业风险保障需求，又 契合安全监管要求，通过健全政策体系、建立强制投保制度、强化服务保障、提升经营能力、完善组织保 障，护航我国低空经济高质量发展。 建立强制投保制度 低空保险是以保障低空飞行活动为核心，为低空航空器制造与运营、低空基础设施建设以及各类专业化服 务等提供 ...

资本市场投资和融资功能失衡的主要表现 尽管我国资本市场规模已位居世界前列，但在投资和融资协调方面仍存在明显短板，最为突出的问题是 重融资、轻投资。长期以来，我们把金融理解为资金融通，资本市场被视作银行体系的延伸，只是另一 个融资市场而已。事实上，资本市场具有分散风险、共享收益的天然优势，是金融支持科技创新的主战 场，也是服务居民财富管理、分享增长红利的重要渠道。 健全投资和融资相协调的资本市场功能，是推进经济高质量发展、培育壮大新质生产力、增进民生福祉 的关键一环。长期以来，我国资本市场在支持企业融资、促进经济发展方面发挥了巨大作用，但也不同 程度地存在投融资功能失衡的现象。《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》强调，"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"。在当前复杂 的内外部环境下，突出"投资和融资相协调"，是建立资本市场内在稳定性长效机制、更好发挥资本市场 枢纽功能、建设培育鼓励长期投资的资本市场生态的必然路径。 当前，我国资本市场投资和融资功能失衡主要表现在以下四个方面。一是融资与投资周期错配。融资活 动呈现明显顺周期性，牛市集中扩容、熊市趋于停滞 ...

Market Overview - The Hong Kong stock market experienced fluctuations with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw all three major indices decline, with the Dow Jones down 1.34%, S&P 500 down 1.57%, and Nasdaq down 2.03% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The technology sector in Hong Kong saw a drop, with the Hang Seng Technology Index down 1.65% [1] - Notable stock performances included Budweiser APAC down 5.2%, Lenovo Group down 4.6%, and Meituan down 4.5%, while Zijin Mining rose 3.5% and WuXi AppTec increased by 2.9% [1] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see medium to long-term development opportunities [3] - The Ministry of Industry and Information Technology's recent policies on national computing power interconnectivity are expected to boost domestic computing and communication sectors [3] - Investors are advised to focus on sectors supported by policies for "expanding domestic demand," including sports apparel and non-essential service consumption, as well as undervalued central state-owned enterprises with high dividends [3] Key Companies and Trends - The report highlights the performance of companies like BYD, which saw a 35% year-on-year increase in sales in January, benefiting from EU tariff exemptions for Chinese brand SUVs [9] - The report also notes that the domestic export of new energy vehicles reached 286,000 units in January, indicating strong growth potential for leading companies in this sector [9] - Companies such as China Mobile and Zhiyun AI are recommended for their roles in the computing power supply chain, reflecting a growing demand for AI and related technologies [9]

2月13日，A股三大指数集体低开，上证指数低开0.44%，深证成指低开0.66%，创业板指低开0.56%。 盘面上，AI审核概念表现活跃，人民网封涨停，浩瀚深度涨超10%，国投智能涨超8%，三未信安、吉大正元、中新赛克跟涨。 点评：消息面上，近期，部分网络账号发布AI生成合成信息时，存在利用虚假不实内容欺骗误导公众的问题，破坏网络生态。网信部 门督促网站平台深入排查整治，依法依约处置账号13421个，清理违法违规信息54.3万余条。 早盘太空光伏概念震荡下挫，双良节能跌停，亚玛顿、聚和材料、赛伍技术、金晶科技等跟跌。 另外，有色金属、光模块、影视传媒板块领跌。 展望后市，光大证券认为部分资金获利了结或者持币过节的倾向下，市场偏好和热点持续性都会较为平淡。节前沪深指数也难有大的 变化，预计延续窄幅震荡。 热门板块 1、AI审核概念表现活跃 AI审核概念表现活跃，人民网封涨停，浩瀚深度涨超10%，国投智能涨超8%，三未信安、吉大正元、中新赛克跟涨。 2、太空光伏概念震荡下挫 | | AI应用(02GN2343) | | (+) 板块 | | --- | --- | --- | --- | | | 1618.36 ...

委"1310"具体部署及市委"1312"思路举措，完整准确全面贯彻新发展理念，积极服务和融入新发展格 局，着力推动高质量发展，坚持稳中求进工作总基调，更好统筹发展和安全，持续扩大内需、优化供 给，做优增量、盘活存量，因地制宜发展新质生产力，深度参与全国统一大市场建设，持续防范化解重 点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保 持社会和谐稳定，加快实现老城市新活力、"四个出新出彩"，继续在高质量发展方面发挥领头羊和火车 头作用，实现"十五五"良好开局。我们将一如既往大力支持国防和军队现代化建设，推动新质生产力同 新质战斗力高效融合、双向拉动，持续深化双拥模范城创建，用心用情做好拥军优属工作，加强退役军 人思想政治引领和服务保障，巩固和发展坚如磐石的军政军民团结，积极营造关心国防、热爱军队、尊 崇军人的良好社会氛围。 驻穗中国人民解放军和中国人民武装警察部队全体官兵、军队文职人员、民兵预备役人员，全市红军老 战士，军队离退休干部，烈军属，残疾军人，退役军人和其他优抚对象： 春携暖意迎骏马，羊城纳福启华章。值此新春佳节来临之际，我们谨代表全市人民，向你们致以诚挚问 候 ...

Core Viewpoint - The approval of the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023-2035)" is a significant step towards optimizing the capital's functions and promoting high-quality regional development, marking the first metropolitan area plan approved by the central government [1] Group 1: Strategic Framework - The planning enhances the capital's planning system, establishing a strategic positioning of "four zones and one engine" for the metropolitan area, which includes key areas for optimizing capital functions and promoting world-class city cluster development [2][3] - The spatial structure proposed is "one core, two wings, multiple cities, and multiple circles," focusing on commuting, functional, and industrial collaboration circles [2][3] Group 2: Spatial Circles - The commuting circle covers approximately 27,000 square kilometers, including all of Beijing and 12 surrounding districts, based on current cross-border commuting rates and a one-hour travel radius [2] - The functional circle, which is the core area for development, spans about 42,000 square kilometers, including Beijing, Tianjin, and parts of Hebei [3] - The industrial collaboration circle extends beyond the functional circle, integrating surrounding urban clusters and enhancing cooperation with major city groups [3] Group 3: Development Goals - The plan aims to create a synergistic and interconnected development pattern among Beijing, Tianjin, and Hebei, leveraging each region's comparative advantages [4] - Beijing will focus on creating a safe and efficient governance environment, promoting cultural collaboration, and enhancing its role as an international exchange center [4][5] - Tianjin will be integrated into the commuting and functional circles, emphasizing the development of an innovation triangle with Hebei and Beijing [5] Group 4: Innovation and Infrastructure - The plan emphasizes innovation-driven development, proposing the establishment of a collaborative innovation triangle in the core area, with a focus on technology and industrial cooperation [6] - A comprehensive transportation network will be developed to improve commuting efficiency, with projected daily cross-city travel reaching 225,000 by 2025 [6] - Environmental protection initiatives will be implemented to strengthen ecological barriers and promote sustainable development [6] Group 5: Implementation Mechanisms - The plan includes mechanisms for dynamic maintenance and optimization of planning, allowing for greater flexibility in land use management [7] - Future efforts will focus on optimizing capital functions, fostering innovation, and enhancing public services across the three regions [7]

东吴证券认为，尽管南向资金加速流入，但港股整体成交缩量，观望情绪浓厚，短期建议防御策略为 主。 东方财富证券分析师付原表示，港股估值处于历史低位(恒指PE仅12倍)，南向资金抄底吸引力增强，被 错杀的优质标的有望反弹。 恒生指数低开1.45%，恒生科技指数跌1.59%。科网股走低，阿里巴巴跌超2%。黄金股下跌，紫金黄金 国际跌超3%，灵宝黄金跌超2%。 关于港股后市 中金公司指出，港股回调源于美联储鹰派预期、AI资本开支回报质疑及制造业PMI偏弱的"三重压力"， 短期存在超调，有向上修复空间，但中期指数空间有限，机会在于必需零售、科技硬件等景气结构。 建银国际首席经济学家赵文利判断，港股估值修复已基本到位，投资逻辑正从"估值修复"转向"新质生 产力"的重估。广发证券则指出，春节前后港股或跟随A股出现阶段性上涨，但需警惕节后日历效应不 明显的风险。 本文转载自"腾讯自选股"，智通财经编辑：蒋远华。 ...

Core Insights - The state-owned economy in Chongqing maintained a steady performance in 2025, with total operating revenue increasing by 5.2% year-on-year and total profit rising by 2.1%, while key state-owned enterprises saw a profit growth of 6.2% on a comparable basis [1] Group 1: Economic Performance - In 2025, the total assets of state-owned enterprises reached 5.9 trillion yuan, with a focus on strategic restructuring and professional integration [1] - The loss-making ratio of state-owned enterprises dropped to the lowest level in five years, with over 100 billion yuan in assets revitalized and 47 billion yuan in funds recovered [1] - State-owned enterprises completed investments totaling 227.42 billion yuan, contributing 30.2% to the city's key project investments [1] Group 2: Strategic Initiatives - State-owned enterprises actively participated in major strategies such as the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor, with significant projects like Chongqing East Station and the T3B terminal of Chongqing Jiangbei International Airport completed [2] - A total of 254 projects were implemented to integrate innovation chains, industry chains, capital chains, and talent chains, with continuous growth in R&D investment and breakthroughs in key technologies [2] - Collaborative efforts among state-owned, central, private, and foreign enterprises resulted in 620 signed projects worth 208.14 billion yuan, including significant partnerships like the headquarters of China Chang'an Automobile Group settling in Chongqing [2] Group 3: Future Goals - In 2026, the focus will be on stabilizing and improving quality, with targets set for a 5% growth in operating revenue and a 5.5% increase in total profit for key state-owned enterprises [3] - The goal includes revitalizing 30 billion yuan of state-owned assets and maintaining a 15% investment share in strategic emerging industries, with R&D investment growth targeted at 8% [3] - The aim is to enhance the core business capabilities and competitiveness of state-owned enterprises while implementing a "double first-class" initiative to build modern enterprises and cultivate well-known brands [3]

"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 首创基石客户经理制度、构建"AI*(1+4+N)"数智财通创新体系、蝉联权益类基金10年期收益冠军、落地 多个全国首单科创债和ABS项目、实现港股上市独立保荐从0到1的突破、离岸基金管理规模创新高…… 回顾财通证券的发展历程，这一桩桩鲜活的资本实践，既是一部以客户为中心、以科技赋能破局立新的 奋进史，也是证券行业服务实体经济、助力经济高质量发展的生动实践。 "作为浙江唯一省直属券商，财通证券始终秉持'金融服务实体经济'根本宗旨，努力打造科创型、服务 型、平台型、变革型的'四型财通'，通过发挥专业优势，助力经济高质量发展。"财通证券党委书记、 董事长章启诚日前在接受中国证券报记者专访时说："财通证券牢记金融服务实体经济的初心使命，以 实绩数据彰显责任担当，持续为实体经济高质量发展和新质生产力培育提供有力金融支撑。" 潮平岸阔，正扬帆时。正值"十五五"昂扬启程的关键节点，面对新阶段的新要求，章启诚表示，财通证 券深入学习领会党的二十届四中全会精神，立足于服务国家战略和创新浙江建设的使命定位，秉持"金 融向新、融智未来"的美好愿景，将持续巩固和深化"四型财通" ...

2月12日，全市2025年度工作总结交流会暨2026年一季度"开门红"推进会举行。省委常委、市委书记盛阅春出席会议并强调，要深入学 习贯彻党的二十届四中全会精神和习近平总书记考察湖北重要讲话精神，认真落实省委、省政府部署要求，提振"四气"精神、强化比学赶 超，拼抢一季度、夺取"开门红"，确保"十五五"开好局、起好步。 市委副书记、市长熊征宇主持会议。市人大常委会主任胡立山、市政协主席杨智、市委副书记孟祥伟出席。 盛阅春指出，过去一年，全市上下牢记嘱托、感恩奋进，全力以赴稳增长、促转型、惠民生、防风险，圆满完成全年目标任务，实 现"十四五"胜利收官，科学谋划"十五五"规划，新质生产力加快壮大，城市功能品质明显提升，人民群众获得感不断增强，社会大局保持 平安稳定，风清气正的政治生态持续巩固，高质量发展和现代化建设呈现生机勃勃的新气象。成绩的取得，根本在于习近平总书记领航掌 舵，根本在于习近平新时代中国特色社会主义思想科学指引，是省委、省政府大力支持的结果，是全市上下精诚团结、同心奋斗的结果。 盛阅春指出，过去一年的工作充分说明，只要我们坚定信心、志存高远，小干部一定能够干成大事业；只要我们坚持解放思想、改革 创新 ...