要聚焦主责主业，在服务国家大局中展现新作为。紧紧围绕会议部署的"八个坚持"重点任务，特别是与 金融保险密切相关的领域，丰富保险产品服务供给，发挥保险长期资金优势，积极服务扩大内需和建设 强大国内市场、服务创新和培育新动能、服务绿色转型和民生保障、服务对外开放和"一带一路"，支持 香港国际金融中心建设，助力港澳更好融入国家发展大局。要坚守风险底线，在服务大局与稳健经营中 体现担当。牢记"安全第一、稳慎经营、高质量发展"的要求，守住不发生重大风险的底线，实现高质量 发展与高水平安全的统一。要深化改革开放，在激发内生动力中实现新突破。持续完善公司治理，深化 市场化体制机制改革，着力推动数智化转型，积极探索产品、服务、模式创新，培育差异化竞争优势。 要强化战略引领，高标准编制"十五五"规划，谋划好高质量发展新篇章。 来源：共享太平 12月15日，中国太平保险集团召开会议传达学习中央经济工作会议精神、全国金融系统工作会议精神， 结合实际研究贯彻落实措施。集团董事长尹兆君主持会议并讲话，集团领导班子、经营班子成员，股权 董事，驻集团纪检监察组负责人，集团各部门和境内及港澳子公司主要负责人参加会议。 这次中央经济工作会议， ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing outlines the economic work for 2026, emphasizing high-quality development to address uncertainties in the current economic landscape [1][8]. Group 1: Macroeconomic Policy - The conference signals a continuation of a more proactive fiscal policy and moderately loose monetary policy, enhancing the synergy of macroeconomic policies [1][2][3]. - Emphasis on "optimizing expenditure structure" and scientific management within fiscal policy aims to stabilize total demand while directing funds towards key areas such as technology innovation and public welfare [3][10]. - Monetary policy is set to remain "moderately loose," with flexibility in using various tools like reserve requirement ratio cuts and interest rate reductions to ensure adequate liquidity [3][10]. Group 2: Domestic Demand and Economic Structure - The conference prioritizes "expanding domestic demand" as a key task, reflecting a strategic decision to strengthen the internal economic drive amid rising external uncertainties [3][4][11]. - Key strategies for expanding domestic demand include stabilizing income, enhancing consumer confidence, optimizing supply, and promoting investment to create a virtuous cycle [4][11]. Group 3: Innovation and New Growth Drivers - Future growth drivers will focus on the integration of cutting-edge technology with industries, particularly in areas like artificial intelligence, new energy, and high-end manufacturing [5][11]. - The capital market is identified as a crucial element in nurturing new growth drivers, with a call for reforms to better support national innovation strategies [5][11]. Group 4: Reform and High-Quality Development - The conference highlights the need for reforms to eliminate "involutionary" competition and establish a unified national market, which is essential for enhancing economic vitality [6][12]. - Recommendations include setting high standards for market access and fair competition rules to guide enterprises in phasing out outdated capacities [12]. Group 5: International Cooperation and Investment Opportunities - China's opening up is shifting towards institutional openness, with future cooperation expected to focus on service trade, digital trade, and green low-carbon sectors [6][13]. - Investment opportunities are anticipated in domestic leading service enterprises, technology companies in digital trade, and firms in the renewable energy sector that can engage in international standard-setting [13].

风险提示：数据来源基金定期报告、wind，相关业绩经托管行核对，过往表现不代表未来。十年国债 ETF成立于2017年8月4日，2017年-2025年上半年净值增长率/业绩比较基准为：-1.55%/-1.01%； 7.6%/8.47%；2.49%/4.81%；1.92%/2.09%；5.19%/5.78%；2.52%/2.87%；4.37%/4.83%；9.02%/8.09%； 0.67%/-0.24%。提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 相关机构表示，当前债市回归"上有顶、下有底"的窄幅震荡格局，宏观经济偏冷的环境为债市提供支 撑。从宏观基本面来看，经济处于周期底部或弱复苏初期，新旧动能切换与"高质量发展"是核心方针， 政策避免对旧动能强力刺激，这一偏冷状态将延续。需求端方面，出口结构改善具备韧性 ...

Core Viewpoint - The resilience and potential of the Chinese economy will further be released, bringing more stability and certainty to the global economy [1] Economic Growth Expectations - The World Bank and IMF have raised their growth forecasts for the Chinese economy, with the World Bank increasing its 2025 growth forecast by 0.4 percentage points and the IMF projecting a 5% growth for 2025, up by 0.2 percentage points from its previous report [3] - The confidence from these international institutions reflects the solid foundation of stability and strong momentum in the Chinese economy, supported by effective government policies [3] Domestic Demand and Investment - The government is stimulating domestic consumption through measures such as issuing consumption vouchers and optimizing the consumption environment, leading to an increase in consumer willingness and capacity [4] - Fiscal policies are precisely targeting infrastructure and industrial upgrades, with infrastructure investments improving livelihoods and industrial upgrades focusing on high-end manufacturing and green low-carbon sectors [4] Export Resilience - China's diversified export market strategy has effectively mitigated external risks, with a reported 4.1% year-on-year growth in total goods trade in November 2025 [4] - The export structure is improving, with significant growth in electric vehicles, photovoltaics, and lithium batteries, and the share of electromechanical and high-tech products in total exports surpassing 60% [4] Innovation and Industrial Upgrades - Innovation is identified as the core engine driving progress, with significant advancements in original innovations and a notable rise in the global innovation index ranking [5] - Traditional industries are undergoing transformation through digitalization and green initiatives, enhancing efficiency and competitiveness in both domestic and international markets [5] Policy and Market Confidence - The recognition of the collaborative effect of policies and market dynamics is evident, with the government adopting more proactive and predictable macroeconomic policies [6] - The increase in private investment in sectors such as automotive manufacturing and transportation equipment indicates a recovery in market confidence [6] Future Outlook - Looking ahead to the "15th Five-Year Plan," the Chinese economy is expected to continue on a path of high-quality development, contributing significantly to global growth [6]

Core Viewpoint - Tian Su Measurement aims to leverage capital to enhance its core competitiveness and contribute to society through its IPO on the ChiNext board [3] Company Overview - Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services [1] - The company serves a wide range of industries, including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] Strategic Development - The company has developed 90 self-compiled standards recognized by CNAS and participated in 78 standards and 9 technical specifications, covering strategic emerging industries such as high-end manufacturing, new energy, and biomedicine [2] - The new energy battery testing business has shown significant development, with 84 major battery testing capabilities and over 2,000 testing channels serving more than 2,000 new energy enterprises [2] - Future focus will be on calibration and new energy battery testing services, with ongoing investment in technology R&D and talent acquisition to maintain competitive advantages [2] Market Position - The measurement and testing industry is becoming more concentrated, with leading institutions enhancing their competitive capabilities [2] - Tian Su Measurement has established a differentiated competitive landscape through its core technologies, achieving a leading advantage in certain niche areas [2] IPO Details - The company plans to issue 16,304,348 shares, accounting for 25% of the total share capital post-issue, with an offering price of 36.8 yuan per share [3] - The subscription date is set for December 12, 2025, and the payment date for December 16, 2025, with the stock code 301449 and the name "Tian Su Measurement" [3] Investor Engagement - The online roadshow featured active interaction between the management team and investors, addressing key questions regarding business, technology prospects, market competition, and strategic planning [3] - The successful online roadshow laid a solid foundation for Tian Su Measurement's debut on the ChiNext board and generated investor enthusiasm for its future development [3]

Group 1 - The core message of Xi Jinping's speech at the Central Economic Work Conference emphasizes the importance of unifying thoughts and actions with the Party's scientific judgment on the current situation, and the commitment to high-quality development as a foundation for the "14th Five-Year Plan" [1] - The speech reflects on the achievements of the past year and sets a positive tone for the upcoming "15th Five-Year Plan," highlighting the significance of the Party's leadership in overcoming challenges [1] - The meeting outlines the necessity of fully tapping into economic potential, balancing policy support with reform innovation, and integrating investments in both physical and human capital [2] Group 2 - The conference identified eight key tasks for the upcoming year, focusing on the integration of technological innovation and industrial development, particularly in fields like artificial intelligence and biotechnology [3] - There is a strong emphasis on enhancing consumer spending through policies and activities, aiming to upgrade consumption patterns and meet diverse consumer needs [4] - Local governments are encouraged to align their strategies with the central government's directives, fostering a modern industrial system that reflects regional characteristics and advantages [3][4]

Core Viewpoint - Yancheng Century New Town Group is committed to the mission of "serving regional development" and is focused on enhancing investment, construction, and operation to drive high-quality development in the economic development zone [1][3]. Group Performance and Strategy - The group is in a critical phase for the fourth quarter, adopting a "decisive battle" approach to meet annual targets, emphasizing practical measures and accountability [3]. - Key projects such as the Sino-Korean Friendship Hospital, All-Season 5.0 Hotel, and Huajian Hall Hotel are prioritized to enhance development foundations [3]. - The group aims to add 10 new "Four Up Enterprises" and attract $1 million in foreign investment by year-end, focusing on improving weak indicators like foreign capital inflow and trade growth [3]. Operational Improvements - The group is conducting a comprehensive review of operational shortcomings, particularly in engineering construction and procurement, to enhance the institutional framework and address management gaps [5]. - The chairman emphasizes the importance of adhering to the region's work style requirements and achieving high performance during the 14th Five-Year Plan period [5].

盐城市经济开发区新城街道党工委书记周姝姝表示，全区作风建设暨"大干两个月冲刺夺全年"动员大会凝聚共识、鼓足干劲，街道将紧扣"三新"要 求、抓实"三大"行动，以过硬作风冲刺全年目标，为"十五五"开局筑牢基础。 拼抢奋进抓落实，加速项目建设，全程代办亿元项目开工相关事宜，推动8个在手重点项目签约落地；筑牢安全防线，对18个商住小区1.3万户居民 开展消防安全"敲门入户"行动，组织秋冬季消防演习培训，普及"三清三关"知识；厚植民生福祉，依托就业服务站举办两场超300人招聘会及一期职 业培训，精准推进低保扩围、特殊困难人员复核等工作，织密民生兜底保障网。 通讯员：袁帆 扬子晚报/紫牛新闻记者周珉 今年以来，经开区新城街道锚定高质量发展方向，深化党建引领，统筹发展与安全，各项工作交出亮眼答卷。5项主要经济指标超序时进度或达区 调度目标，新签约亿元以上产业项目6.5个，其中4.5个通过市平台认定；圆满完成盐渎路北安置清零及盐渎路南正规户安置清零任务，6个安置小区 国企物业均顺利进场，民生保障与经济发展同步提质。 聚焦"十五五"发展，街道多点发力夯实根基。锤炼过硬作风强动能，扛牢主体责任，分层分类开展三轮大讨论，凝聚干部干 ...

Group 1 - The core viewpoint of the report is that steel demand is expected to gradually bottom out, and the supply side is beginning to show signs of market-driven clearance, with a potential recovery in the steel industry's fundamentals [1] - The report indicates a decrease in demand and inventory levels, with apparent consumption of five major steel varieties at 8.397 million tons, down 2.83% week-on-week and 4.76% year-on-year [2] - The production of five major steel varieties was 8.062 million tons, a week-on-week decrease of 22.7 thousand tons, while total inventory stood at 13.32 million tons, down 33.5% week-on-week [2] Group 2 - The average gross profit for rebar was 169.8 CNY/ton, an increase of 22.2 CNY/ton week-on-week, while hot-rolled coil showed a gross profit of -30.2 CNY/ton, a decrease of 17.8 CNY/ton [3] - Approximately 65% of steel companies are currently operating at a loss, and the market-driven clearance of supply is beginning to occur [4] - The Ministry of Industry and Information Technology has released a plan to continue implementing production reduction policies, which is expected to promote a dynamic balance between supply and demand [4] Group 3 - The long-term outlook for the steel industry includes an increase in industry concentration and a focus on high-quality development, benefiting companies with product structure and cost advantages [5] - Key recommendations include companies like Baosteel (600019), Hualing Steel (000932), and Shougang (000959), which have leading technology and product structures [5] - The report also highlights the potential of upstream resource companies such as Hebei Steel Resources (000923) and Dazhong Mining (001203) in the context of demand recovery [5]

Core Insights - The articles collectively highlight the strategic planning and development goals for various districts in Nanjing during the "15th Five-Year Plan" period, emphasizing modernization, economic growth, and social development initiatives. Group 1: Economic and Social Development Goals - The city aims to implement the spirit of the 20th Central Committee and the important speeches of General Secretary Xi Jinping, focusing on systematic planning for economic and social development during the "15th Five-Year Plan" period [1] - Each district is mobilizing efforts to enhance their roles in economic development, with specific targets for innovation, reform, and urban functionality [2][4][9] Group 2: District-Specific Initiatives - Xuanwu District plans to enhance its international influence and urban functionality, focusing on comprehensive development across various sectors [2][3] - Qinhuai District aims to create a high-quality development model through innovation and cultural empowerment, establishing a modern industrial system [4][5] - Jianye District is set to focus on innovation, culture, and internationalization, with a target GDP of 1,120.1 billion yuan and a projected financial industry value added of 460 billion yuan [7][8] - Gulou District anticipates reaching a GDP of over 2,200 billion yuan by 2025, with significant advancements in technology and environmental quality [9][10] - Qixia District emphasizes regional integration and a competitive modern industrial system, aiming for a high-quality urban environment [11][12] - Yuhua District is focused on building a modern industrial stronghold with a projected software business revenue of 3,500 billion yuan, supporting the development of a trillion-level software industry cluster [13][14]