（来源：天津日报） 转自：天津日报 会上，天津大学校长柴立元、全国妇联原副主席孟晓驷、商务部研究院学术委员会秘书长过聚荣作主旨 演讲。中国民间商会副会长、全联女企业家商会会长张荣华致辞，全国工商联副主席、全联女企业家商 会荣誉会长何超琼视频致辞。全联女企业家商会与天津滨海高新技术产业开发区协作打造的综合性服务 平台"津帼会客厅"项目揭幕。与会代表聚焦数字经济、科技创新、产业升级等领域开展圆桌对话。会 前，全联女企业家商会召开七届三次理事会。 会议希望，全联女企业家商会深入学习贯彻党的二十届四中全会精神，发挥桥梁纽带作用，引领更多女 企业家关注天津、投资天津、扎根天津，共享天津发展机遇。天津市委、市政府将为企业家提供更优质 的服务、更有力的支持，让大家安心创业、舒心发展、开心生活。 市有关部门负责同志，政界、商界、学术界、金融界等领域代表以及优秀女企业家代表约500人参加。 本报讯（记者 刘平）12月25日，由全国工商联女企业家商会主办的"融合蝶变 同向同行——奔赴'十五 五'"首届女性领导力大会在我市举办。市委副书记刘桂平会见与会企业家代表。全国工商联副主席汪鸿 雁，中国妇女发展基金会理事长杜芮，市委常委、市 ...

Core Insights - The Guizhou Municipal Economic Work Conference has outlined the economic goals and key tasks for 2026, emphasizing the importance of a strong start to the "14th Five-Year Plan" [1][2][3] Economic Goals and Strategies - The conference identified the need for a focus on six major industrial clusters to guide economic work in the coming year, providing a clear direction and path for development [3][4] - The emphasis on innovation-driven growth and the activation of educational and technological talent is crucial for enhancing productivity and fostering new industries [3][4] Support for Private Sector - The conference aims to boost confidence in the development of the private economy, with initiatives to improve the business environment and enhance communication between government and enterprises [2][5] - The city will promote investment and consumption, focusing on new retail formats and enhancing consumer experiences through various initiatives [5] Digital Economy and Data Development - The strategy includes a commitment to achieving a target of 300 billion in the digital economy, with a focus on integrating data, artificial intelligence, and electronic information industries [4][5] - The "Four Cities Linkage" initiative aims to deepen the integration of technological innovation with industrial development [3][4] Employment and Talent Development - The human resources system will prioritize job stability and expansion, particularly for key groups such as recent graduates and rural laborers [6][7] - Efforts will be made to enhance the talent environment and optimize policies to attract and retain skilled professionals [7][8] Urban Development and Infrastructure - The city will focus on urban renewal projects and the optimization of state-owned capital layout to support industrial cluster development [7][8] - The Guizhou Supply and Marketing Cooperative will enhance services for agriculture and rural development, aiming to strengthen its market competitiveness [8]

Group 1 - The core message emphasizes the importance of technological empowerment in modern manufacturing, highlighting the need for independent innovation and technological breakthroughs [1] - The Luoyang Bearing Group has successfully developed multiple products that reduce China's reliance on imported high-end bearings, with high-end bearing output accounting for 70% of total output [1] - The "14th Five-Year Plan" has seen 13 technological achievements reach international standards, indicating significant progress in the manufacturing sector [1] Group 2 - The "15th Five-Year Plan" places a strong emphasis on "self-reliance and self-improvement" in technology, as well as the importance of high-level innovation [2] - The integration of technological innovation and industrial innovation is a key focus, with support for the application of independently developed products being crucial for fostering a conducive environment [1]

Group 1 - The core viewpoint emphasizes the synchronization of "top-level design" and "grassroots practice" in achieving the goals set by the "14th Five-Year Plan," which focuses on high-quality development and building a strong domestic market [4] - The achievements highlighted include advancements in intelligent production lines, increased job opportunities, and enhanced consumer choices, making "Chinese-style modernization" a tangible reality [4] - The narrative captures both the hard power represented by advanced military equipment and the soft sentiments of historical remembrance and peace, showcasing the duality of China's strength [4] Group 2 - The concept of "breakthrough" and "inclusive growth" is increasingly evident, with innovations like DeepSeek making top-tier AI accessible to small and medium enterprises and the general public [4] - The construction of the Hainan Free Trade Port is noted for transforming reform dividends into benefits for people's livelihoods, reflecting a commitment to societal welfare [4] - The focus on technological and institutional innovation as core development models enhances China's confidence and resilience in the global landscape [4]

Group 1 - The core viewpoint emphasizes the need for a capital market that supports technological innovation, which requires a more inclusive venture capital market and a less aggressive secondary market [1][2] - The "14th Five-Year Plan" outlines seven development goals focused on the real economy and technological innovation, necessitating strong support from the capital market [1] - Technological innovation is characterized by long cycles, high uncertainty, and high failure rates, which necessitates a more accommodating venture capital environment [1] Group 2 - A less aggressive secondary market is essential for providing a stable environment for innovative companies, which includes five key aspects: strong anti-takeover provisions, moderate stock liquidity, long-term institutional investors, reduced analyst pressure, and less frequent information disclosure [2] - Strong anti-takeover provisions, such as dual-class share structures, can protect the stability of company control and encourage innovation [2] - Moderate stock liquidity is linked to innovation, where low liquidity can be beneficial, but excessive liquidity may attract short-term investors, creating pressure on companies [2] - Long-term institutional investors are crucial as they can better identify and support innovative companies, enhancing their focus on core business and innovation efficiency [2] - Reducing analyst pressure can prevent management from overly focusing on short-term earnings, which may lead to cuts in R&D spending and harm long-term innovation [2] - Less frequent information disclosure is preferred by investors in innovative companies, as it can mitigate short-sighted management behavior [2]

Core Viewpoint - The "2025 Securities Market Annual Conference" emphasized the need for reform and innovation in the capital market to enhance its ability to serve the real economy and protect investors, particularly in key areas like technology and green finance [1][2] Group 1: Development Direction - The upcoming "15th Five-Year Plan" aims to improve the inclusiveness and adaptability of the capital market, ensuring a coordinated investment and financing function [2] - The conference highlighted the importance of deepening reforms to enhance the capital market's attractiveness and competitiveness, aligning with national economic development goals [2] Group 2: Wealth Management - Wealth management is identified as a crucial bridge between residents' wealth and the real economy, essential for fostering long-term capital and stabilizing the capital market [3] - The focus on innovation in regulatory frameworks is necessary to empower institutions and give investment choices back to investors [3] Group 3: Practical Focus - The "Financial Sub-Forum" and "Listed Companies Sub-Forum" addressed specific practical issues, including asset allocation and risk management in a complex market environment [4][5] - Discussions included the role of technology in reshaping corporate ecosystems and the challenges and breakthroughs in technological innovation [5] Group 4: Awards and Recognition - The conference concluded with the "2025 Golden Horse Award Ceremony," recognizing outstanding contributions to the healthy development of the capital market across various sectors [5]

Core Viewpoint - The annual conference emphasizes the theme "Reform and Innovation in Capital Markets" and highlights the resilience and growth of China's capital market under the leadership of the China Securities Regulatory Commission [1][2]. Group 1: Market Resilience and Growth - China's capital market has demonstrated significant resilience, effectively supporting economic and social development, with the number of listed companies exceeding 5,000, doubling over the past decade [1]. - The total market capitalization and industry coverage of listed companies have continuously expanded, reflecting a steady improvement in profitability and a more rational financing structure [1]. Group 2: Innovation and Technological Advancement - The conference discusses the importance of technological innovation as a core driver of new productive forces, with listed companies leading in high-end manufacturing, biomedicine, digital economy, and green transformation [2]. - R&D investment in the market reached 1.16 trillion yuan in the first three quarters of 2025, marking three consecutive years of exceeding one trillion yuan, with strategic emerging industries showing a research intensity of 5.21% [2]. Group 3: Governance and Shareholder Returns - Governance innovation is crucial for long-term development, with a shift from compliance to effective governance, as reflected in the new corporate governance guidelines aimed at enhancing transparency and value creation [3]. - The willingness of listed companies to return value to shareholders is increasing, with cash dividends reaching a historical high of 2.4 trillion yuan in 2024, and 426 companies distributing dividends exceeding their initial fundraising amounts [3]. Group 4: Sustainable Development and Global Integration - The long-term value of listed companies is rooted in their contributions to environmental, social, and governance (ESG) factors, aligning with national strategies and enhancing their global competitiveness [4]. - By the end of 2024, nearly 70% of A-share companies had overseas operations, generating over 9.5 trillion yuan in revenue, particularly in the manufacturing sector, showcasing their ability to navigate global markets [4]. Group 5: Role of the China Listed Companies Association - The China Listed Companies Association serves as a bridge connecting various stakeholders and is committed to enhancing the quality and investment value of listed companies [5]. - The association aims to foster a high-level service system for listed companies, contributing to the overall quality improvement of China's capital market [5].

Core Insights - The article highlights the advancements in agricultural technology in Guangxi, particularly focusing on the automation of sugarcane harvesting, which significantly enhances productivity and efficiency [1] Group 1: Agricultural Innovation - The fourth-generation automated sugarcane harvester can harvest 30-40 tons of sugarcane per day, equivalent to the work of 30 people [1] - Guangxi's focus on mechanizing the sugarcane industry is supported by strong policy backing, with nearly 90% of surveyed enterprises praising innovation policies such as "specialized, refined, and new" support and R&D expense deductions [1][1] - The Guangxi Science and Technology Department has secured nearly 10 million yuan in research funding for the Guangxi Science and Technology Group, enhancing its research capabilities and leading to multiple patents [1] Group 2: Policy Support and Ecosystem - The government provides not only financial support but also guidance in integrating resources, which is crucial for enterprise development [1] - The establishment of a comprehensive data platform covering "plowing, planting, managing, and harvesting" has been a significant achievement for the Guangxi Science and Technology Group [1] - The implementation of specialized services and support has allowed companies like Runjian Co., Ltd. to focus on innovation, resulting in a robust development trajectory [1] Group 3: Technology Transfer and Economic Impact - Guangxi has seen a significant increase in technology transfer, with 6,243 technology achievements registered from January to October, a year-on-year increase of 10.83% [1] - The total value of technology contracts reached 70.36 billion yuan, reflecting a 22.96% year-on-year growth [1] - Innovations such as AI translation glasses and breakthroughs in dairy cattle breeding have successfully transitioned from laboratories to market applications, demonstrating the effectiveness of Guangxi's innovation ecosystem [1]

特约评论员熊夏柠 近日召开的中央经济工作会议确定了明年经济工作要抓好的八大重点任务，其中要求，要坚持创新驱 动，加紧培育壮大新动能。制定一体推进教育科技人才发展方案。建设北京（京津冀）、上海（长三 角）、粤港澳大湾区国际科技创新中心。强化企业创新主体地位，完善新兴领域知识产权保护制度。 党的二十届四中全会审议通过的《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》 （下称《建议》）中指出，加快高水平科技自立自强，引领发展新质生产力。中国式现代化要靠科技现 代化作支撑。抓住新一轮科技革命和产业变革历史机遇，统筹教育强国、科技强国、人才强国建设，提 升国家创新体系整体效能，全面增强自主创新能力，抢占科技发展制高点，不断催生新质生产力。 发展新质生产力必须强化科技创新，需要建设现代化产业体系、加快高水平科技自立自强、加快构建高 水平社会主义市场经济体制、加快经济社会发展全面绿色转型等关键部署中。科技创新和产业创新，是 发展新质生产力的基本路径。《建议》多次提及"科技"和"创新"，体现了科创在发展新质生产力中的重 要驱动作用。 同时，科创还需要与产业创新深度融合，要强化企业创新主体地位，让创新与产业深度融合 ...

（来源：经济参考报） 2025年，债券市场"科技板"正式落地，为债券ETF市场注入了强劲发展动能。 作为连接金融与科技的重要工具，2025年科创债ETF在政策红利与市场需求的双重驱动下，实现了规模 快速扩容，以及交易活跃度的稳步提升，投融两端呈现出多元化发展的特征。 市场扩容提速 从投资端角度看，现阶段配置需求与交易需求并存。华泰证券固收分析师文晨昕指出，目前年金、理财 机构是科创债ETF的主要买盘之一，由于科创债ETF具备"T+0"、可质押、低费率等优势，叠加公募赎 回新规影响，市场对其需求有望持续扩充。 鹏华基金相关负责人也表示，相较于单券买入策略，科创债ETF具有低费率、低交易成本、透明度高、 分散度高、高效申赎等优势，有利于分散投资组合风险、提高资金使用效率，因此深受专业投资者认 可。 再就投资策略来看，目前各交易机构明显更关注成分券超跌带来的机会。多位一线交易员表示，科创债 ETF流动性较好，在纳入可质押库的基础上，其需求有望进一步提升，存在一定超额收益，适合左侧布 局。 截至11月末，科创债ETF市场迎来爆发式增长，规模扩容成效显著，一级市场供给充足，二级市场交易 活跃，整体呈现高质量发展态势。 ...