中新社北京12月9日电 (记者 赵建华)"1+10"对话会9日在北京举行。中国财政部副部长廖岷就"1+10"对 话会有关情况答记者问时表示，与会国际经济组织负责人高度重视中国"十五五"规划，普遍认为"十五 五"规划不仅将夯实中国长期发展的根基，也将为世界经济的稳定与增长注入更强的确定性。 ——深化高水平对外开放，融入全球格局。与会代表欢迎中国扩大自主开放，对接国际高标准经贸规 则，期待中方继续缩减外资准入负面清单，完善跨境服务贸易负面清单管理制度，打造市场化、法治 化、国际化营商环境。 廖岷表示，中国成功实施了14个五年规划，始终坚持一张蓝图绘到底，一茬接着一茬干，集中精力办好 自己的事，并为世界经济持续注入强劲动力。面对当前复杂严峻的国际形势，中共二十届四中全会系统 谋划布局"十五五"时期中国经济社会发展，向世界展现了中国未来五年的发展蓝图，释放出中国愿继续 与世界各国共享机遇、共同发展的强烈信号，为变乱交织的世界注入更多确定性和正能量，为推动构建 人类命运共同体作出重要贡献。(完) ——塑造发展新动能，拓展共赢空间。与会代表表示，在数智化驱动全球变革当下，中国重点布局科技 创新和产业升级，加速新旧动能转换 ...

Group 1 - The forum highlighted the integration of technology and finance as a historic opportunity for the asset management industry, emphasizing the role of AI in driving transformation and high-quality development [1][8] - Keynote speakers discussed the importance of adapting financial services to meet the evolving needs of clients, leveraging AI for personalized wealth management and enhancing user experience [3][6][5] - The discussions underscored the necessity for the industry to embrace digital transformation and AI technologies to improve operational efficiency and service quality, aligning with national strategies for economic growth [2][4][5] Group 2 - The roundtable discussion emphasized the trend of multi-fusion and collaborative win-win scenarios in the asset management ecosystem, with institutions focusing on their core competencies and roles [7] - Participants noted that the next 3 to 5 years will be critical for the digital transformation of the asset management industry, with a focus on integrating products and risk management [7] - The forum concluded that the asset management industry must enhance its service capabilities and innovate to build a resilient and dynamic ecosystem, aiming for high-quality development [8]

证券日报网讯12月9日，百联股份（600827）在互动平台回答投资者提问时表示，公司持续提升企业数 智化能力，推进数字化与新消费场景的融合，赋能传统零售转型升级。通过BLOS项目优化推广、AI赋 能数字化工具、业财一体项目、招商计划项目功能开发、加速数智奥莱拓展、系统推进数据治理等举措 夯实企业数智底座。 ...

Group 1 - The core viewpoint emphasizes the importance of aligning A-share market investments with the "14th Five-Year Plan" policy guidance, focusing on opportunities arising from global monetary easing and industrial upgrades [1] - Three main investment themes are identified: 1) Technology innovation led by artificial intelligence; 2) Digital transformation of traditional industries through "AI+"; 3) Value recovery through investment in human capital to boost consumption [1] - The dual drivers of technology and cyclical industries are expected to continue, with relative profitability and economic advantages in technology likely to persist amid a global tech cycle [1] Group 2 - External demand for Chinese exports may face pressure due to tariff disturbances, low global economic growth, and stricter regulations on transshipment trade, but structural advantages in Chinese manufacturing are expected to support stable growth in exports [2] - Four incremental opportunities for external demand in 2026 are identified: 1) Structural support from the "re-industrialization" demand in emerging markets; 2) Gradual realization of competitive advantages in Chinese manufacturing; 3) Domestic industrial and value chain upgrades driven by overseas expansion; 4) Growth potential in service trade under focused policies [2]

Core Insights - China's service trade is experiencing robust growth, with a significant increase in both scale and structural optimization, contributing positively to global economic development [1][2] - The service trade sector is projected to grow from $661.72 billion in 2020 to $1,056.46 billion by 2024, reflecting an annual growth rate of 12.4%, outpacing goods trade [1] - Key urban clusters such as the Yangtze River Delta, Beijing-Tianjin-Hebei, and Guangdong-Hong Kong-Macao Greater Bay Area are playing a pivotal role in driving service trade development [1] Group 1 - In October, China's international balance of payments for goods and services trade reached 42,858 billion yuan [1] - The total service trade import and export volume exceeded $737 billion in the first eight months of the year [1] - The narrowing of the service trade deficit and enhanced coordination in imports and exports indicate a healthier trade balance [1] Group 2 - Challenges facing China's service trade include the need for improved overall competitiveness, structural optimization, and reduced regional disparities [2] - There is a call for increased participation in global digital service trade standards, as decision-making power is largely held by Western countries [2] - Future strategies should focus on institutional openness, digital innovation, and industry integration to foster service trade growth [2] Group 3 - Accelerating the construction of new infrastructure is essential for enhancing the digital transformation of service trade [3] - Collaboration among enterprises, universities, and research institutions is necessary to overcome core technology challenges [3] - Active engagement in international negotiations on high-standard economic and trade rules is crucial for improving international competitiveness [3]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 12 月 09 日 资料来源：聚源，中原证券研究所 -13% -7% -1% 5% 10% 16% 22% 28% 2024.12 2025.04 2025.08 2025.12 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,924.08 | | 0.54 | | 深证成指 | | 13,329.99 | | 1.39 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,621.75 | | 0.81 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 4,49 ...

证券日报网讯12月8日，百联股份（600827）在互动平台回答投资者提问时表示，公司未来业绩情况请 以后续信息披露为准。2025年下半年，公司将持续提升企业数智化能力，推动数字化与新消费场景的融 合，赋能传统零售转型升级。 ...

Core Insights - The Capital Airport Economic Zone has attracted 626 enterprises from January to October this year, with 250 companies in scientific research and technical services, accounting for 40% of the total [1][3]. Group 1: Company Developments - Beijing Southern Snecma Turbine Technology Co., Ltd. established in the economic zone in August 2025, focuses on the design and development of turbine components for civil turboprop engines, utilizing 3D printing technology to enhance precision and reliability [3]. - Zhongrui Heng (Beijing) Technology Co., Ltd., a national-level specialized "little giant" enterprise, settled in the economic zone in October, aiming to explore advanced energy data services and carbon asset management under the "dual carbon" policy [3][4]. Group 2: Economic Zone Features - The economic zone offers a convenient transportation network and a favorable environment for high-end talent, which is conducive to business development [3]. - The zone has 270 national high-tech enterprises, 12 national specialized "little giant" enterprises, and 103 specialized and innovative small and medium-sized enterprises in Beijing [4]. Group 3: Support and Services - The park management committee provides comprehensive support for enterprises, including policy interpretation and industry positioning, enhancing the business environment [4]. - Companies are encouraged to increase R&D investment and participate in the construction of regional smart energy systems, contributing to high-quality economic development [4].

格隆汇12月8日丨森马服饰(002563.SZ)在投资者互动平台表示，公司旗下拥有以森马品牌为代表的成人 休闲服饰和以巴拉巴拉品牌为代表的儿童服饰两大品牌集群，主要产品包括服装、鞋品、配饰等。作为 服装行业的时尚服务企业，公司密切关注人工智能的应用。近年来，公司持续推动AI能力建设，聚焦 于全链路提升效率效能。目前，公司在知识库、文本文案、拍片、视频、设计、数字人直播、客服、供 应链管理等各种场景开展AI深度应用与探索，有助于工作效能的提升和工作模式的重塑，未来，公司 会持续关注新技术在行业的应用，继续提升公司整体数智化能力。公司目前暂未涉足AI玩具业务。 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of economic construction and expanding domestic demand, positioning the consumer finance industry as a key driver for stimulating consumption and supporting economic growth [1] Group 1: Industry Development - By the end of 2024, the consumer finance industry is projected to reach an asset scale of 1.384859 trillion yuan, providing inclusive financial services to 85.43 million rural customers, thus becoming a significant "financial engine" in the strategy to expand domestic demand [1] - The industry is undergoing profound changes driven by policy guidance, technological innovation, and demand upgrades, while also facing severe challenges that require solutions during its transformation [2] Group 2: Trends in Consumer Finance - The consumer finance industry is exhibiting three major trends: 1. Policy restructuring that shifts the industry focus from "high-speed growth" to "high-quality development" [2] 2. Technological integration that enhances service innovation, breaking traditional boundaries and providing accessible credit support to underserved markets [2] 3. Demand upgrades leading to structural optimization, with consumer spending shifting towards education, healthcare, and new consumption areas, thus raising expectations for inclusivity and quality in consumer finance [2] Group 3: Challenges in Transformation - The industry faces several challenges during its critical transformation phase, including: 1. The need for clearer boundaries and compliance in business operations, as some platforms may overstep their financial roles [3] 2. The necessity to enhance the collaborative efficiency between banks and enterprises, as traditional models may hinder banks' risk control capabilities [3] 3. The requirement for improved consumer rights protection, as financial literacy among certain consumer groups remains low, leading to potential borrowing risks [3] Group 4: Strategic Directions for Development - To promote the long-term healthy development of consumer finance, the industry must adhere to licensed operations, build a new ecosystem of bank-enterprise collaboration, and strengthen consumer rights protection, focusing on inclusivity, digitalization, and quality [4] - The establishment of a comprehensive protection system for consumer rights is essential, which includes enhancing financial literacy, optimizing risk warning mechanisms, and ensuring careful design of operational processes [7] Group 5: Future Outlook - The long-term development of consumer finance is crucial for implementing the spirit of the 20th Central Committee and supporting the "14th Five-Year Plan" [9] - The industry must focus on key groups such as rural areas and new citizens, integrating into new consumption scenarios to ensure sustainable growth and contribute to the overall economic cycle [9]