11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州南沙成功举办。第十四届全 国政协委员尹艳林发表主旨演讲。他强调，科技金融作为"五篇大文章"之首，在金融强国建设和社会主义现代化进程中 地位举足轻重，"十五五"时期我国科技金融发展机遇与挑战并存，需聚焦重点方向破解发展难题，构建科技产业与金融 的良性循环。 尹艳林首先回顾了"十四五"时期我国科技金融取得的显著成就。商业银行充分发挥间接融资主渠道作用，5年来科技贷款 增长30%，截至今年上半年规模超40万亿元，制造业长期贷款增速尤为突出。此外，贷款加权平均利率低至2.9%，100多 万家科技企业获得贷款服务，"小巨人"示范企业获贷率高达80%，"贷款难、贷款贵"问题显著缓解。 资本市场支持力度持续加码，科创板设立及注册制改革深化，设置科创成长层，启动第五套标准，截至4月底已有500多 家科创企业上市，占沪市企业总数的41%，新上市企业中70%为科技企业，市值占比30%以上。 版权声明 同时，科创债等创新产品推出，债券市场"科技板"正式启动；创业投资、科技保险蓬勃发展，推动7地设立科创金融改革 试验区，跨境金融便利化政策持续优化 ...

11月21日至22日，党的二十届四中全会精神团中央青年讲师团示范宣讲走进山东报告会先后在日 照、淄博两地举办。报告会引导青年深入学习、系统领会全会精神，深刻领悟"两个确立"的决定性意 义，坚决做到"两个维护"，把思想和行动统一到全会精神上来，奋进"十五五"、建功新征程，奋力书写 为中国式现代化挺膺担当的青春篇章。 学习贯彻党的二十届四中全会精神团中央青年讲师团示范宣讲走进山东 "奋进'十五五' 青春挺膺担当" 共计700余名新兴领域青年、高校师生代表、乡村好青年等参加报告会，省市两级青年讲师团部分 成员观摩学习。（记者 刘宸 通讯员 董云宇 陈箫宇） 宣讲现场，团中央青年讲师团成员们充分发挥其"来自青年、植根青年"的独特优势，紧密结合各行 各业青年关注热点、理解难点等内容，运用"青言青语""网言网语"，通过一个个鲜活的案例、一段段动 人的故事、一组组翔实的数据，系统解读"十四五"成就与"十五五"使命。活动中，大家走下讲台，走到 观众中间与青年围绕思政教育的"转化之道"、青年工匠的"成长密码"、乡村振兴的"实践真经"、朋辈宣 讲的"创新路径"等开展"青春问答"。 ...

Group 1 - The U.S. non-farm payrolls increased by 119,000 in September, exceeding market expectations of 51,000, although revisions for July and August showed a combined downward adjustment of 33,000 jobs [1][9] - The unemployment rate rose slightly from 4.3% in August to 4.4% in September, marking the highest level since 2021 and above the expected 4.3% [1][9] - Employment in sectors such as education and healthcare, leisure and hospitality, and construction continued to rise, while transportation and warehousing, professional and business services, and manufacturing saw declines [1][9] Group 2 - The probability of a rate cut in December has decreased, but there is a significant chance of a rate cut in January due to ongoing inflation risks and economic uncertainty [2][10] - The U.S. Labor Department will no longer release a separate non-farm payroll report for October, merging it into the November report, which will be published after the last Federal Reserve meeting of the year [2][10] - Recent hawkish signals from Federal Reserve officials indicate a pause in rate cuts in December, but a potential resumption in January remains likely [2][10] Group 3 - In October, general fiscal revenue decreased by 0.6% year-on-year, while tax revenue grew by 8.6%, maintaining positive growth for seven consecutive months [3][4] - The securities transaction stamp duty increased by 17.52% year-on-year, driven by sustained activity in the stock market [3] - Government fund revenue fell by 18.4% year-on-year, reflecting a slowdown in land transfer income [4] Group 4 - October fiscal expenditure declined by 19.1% year-on-year, with significant reductions in government fund expenditures, which dropped by 38.2% [4] - The slowdown in fiscal spending may lead to an acceleration in future expenditures, supported by new policy financial tools and central government allocations [4] Group 5 - The industrial production in October showed a steady increase, with a year-on-year growth of 4.9%, indicating resilience in the industrial sector [15] - The manufacturing sector, particularly high-tech industries, demonstrated significant growth, reflecting the effectiveness of industrial upgrade policies [15] - The consumer market in October continued to expand, with retail sales growing by 2.9% year-on-year, driven by a shift towards service consumption [20]

Core Viewpoint - The article highlights the implementation of the spirit of the 20th Central Committee of the Communist Party of China through a unique outreach event held on a large ocean fishing vessel in Tanmen Town, Qionghai City, emphasizing the importance of modernizing the fishing industry and improving the livelihoods of fishermen [3][4]. Group 1: Event Overview - A宣讲活动 (propaganda activity) was conducted on November 19, featuring national representative Wang Shumao as the speaker, focusing on the spirit of the 20th Central Committee [3]. - The event took place in a relaxed setting aboard a large fishing vessel, with fishermen participating in discussions in their local dialect, creating an engaging atmosphere [3]. Group 2: Economic and Technological Advancements - During the "14th Five-Year Plan" period, significant advancements in China's economic strength, technological capabilities, and overall national power were noted, with specific mention of improved navigation technology such as the Beidou system [3]. - The government has continued to provide substantial support for the fishing industry, including fuel price subsidies, contributing to the improved quality of life for fishermen [3]. Group 3: Future Development Goals - The goals for the "15th Five-Year Plan" period include developing deep-sea aquaculture, promoting the integration of fishing and tourism, and enhancing the local fishing culture to create a fishing tourism town [4]. - Fishermen expressed a strong commitment to modernizing their operations, aiming for advanced vessels, safer fishing practices, and improved living conditions [4]. Group 4: Infrastructure and Community Support - The article emphasizes the visible investments in fishing infrastructure, such as the newly completed Tanmen leisure fishing port, which reflects the government's commitment to supporting the fishing community [4]. - Fishermen shared their experiences of technological advancements in their vessels, including better communication and freezing equipment, which have reduced transportation losses and increased market prices for their catch [4].

记者 孟群舒 座谈会上，黄浦区、长宁区、普陀区、虹口区、闵行区、嘉定区、奉贤区、崇明区、虹桥国际中央 商务区管委会主要负责同志先后发言，围绕加快推进"五个中心"建设、加强社会治理、促进城市更新、 完善公共服务、提高城市安全韧性水平等领域提出想法建议。龚正认真倾听记录，与大家一同分析形 势、讨论交流。 龚正说，"十五五"是上海乘势而上的全面发力期，也是转型升级的攻坚决胜期。我们要积极识变应 变求变，坚定不移办好自己的事，以自身发展的确定性应对外部环境的不确定性，牢牢掌握发展战略主 动，更加积极有为推动高质量发展，奋力开创"十五五"经济社会发展新局面。 龚正指出，围绕坚定不移加快"五个中心"建设，各区要找准区域定位和发力重点，打好抢占科技竞 争和未来发展制高点的主动仗。围绕坚定不移培育发展新质生产力，各区要强化科技创新策源和成果转 化，聚焦主导产业，深耕细分赛道，实现特色化、差异化发展。围绕坚定不移服务构建新发展格局，各 区特别是产业大区、外贸大区要挑起大梁，把惠民生和促消费、投资于物和投资于人紧密结合，深入谋 划推进。围绕坚定不移实施高水平改革开放，各区要抢抓重点改革事项向全市复制推广的机遇，推出更 多落地场景 ...

"资本结构变动推动了'重资产到轻资产、轻资产至重资本'全链条、全场景新模态的塑造。轻资产、重资本的时代金融叙事,与创投基金形成良好互动,创造了 诸多二级市场交易机会。"在11月19日开幕的"2025深圳国际金融大会"上，全国社会保障基金理事会原副理事长王忠民这样说。 这次由中国人民大学主办的会议，以"金融强国建设与大湾区高水平对外开放"为主题。"十五五"我国资本市场可能有哪些新变化？对未来有哪些新研判？在 会议上，原中国保险监督管理委员会副主席周延礼，中国人民大学原副校长吴晓求、王忠民等多位业内专家发表了主题演讲。 人工智能时代面临新挑战 吴晓求说，中国人均GDP已从1978年的150美元跃升至2025年的预计1.4万美元，逼近发达国家门槛。经济形态也由"短缺经济"转向"过剩经济"，约220个细 分行业面临产能过剩，仅少数领域存在供给缺口。这一转变要求理论与政策的重心从"扩大供给"转向"追求供需动态平衡"。 他进一步提到，以智能化为核心的第四次工业革命自2010年左右兴起，其发展高度依赖于算力、算法和大数据三大核心要素。得益于在第三次工业革命中打 下的信息产业与互联网坚实基础，以及新能源发展为算力基础设施提供 ...

要求理论与政策的重心从"扩大供给"转向"如何有效管理过剩经济和扩张内需"。 "资本结构变动推动了'重资产到轻资产、轻资产至重资本'全链条、全场景新模态的塑造。轻资产、重资本的时代金融叙事,与创投基金形成良好互动,创造了 诸多二级市场交易机会。"在11月19日开幕的"2025深圳国际金融大会"上，全国社会保障基金理事会原副理事长王忠民这样说。 （全国社会保障基金理事会原副理事长王忠民） 原保监会副主席周延礼说，面对"十四五"收官与"十五五"开局的关键节点，保险业需从传统风险补偿向全周期风险管理升级，成为国家现代化产业体系与民 生安全网的"稳定器"。 他强调，针对"新三样"的产品，新能源装备、机器人、人工智能等新型产业保险的需求,保险机构要创新产品与服务,积极地研发数据安全、网络安全、知识 产权侵权保险等相关的新型保险产品。深圳是创新的热土,每年的知识产权注册数量高速增长。 这次由中国人民大学主办的会议，以"金融强国建设与大湾区高水平对外开放"为主题。"十五五"我国资本市场可能有哪些新变化？对未来有哪些新研判？在 会议上，原中国保险监督管理委员会副主席周延礼，中国人民大学原副校长吴晓求、王忠民等多位业内专家发表了 ...

Core Viewpoint - The article discusses the strategic planning and goals set forth in the "15th Five-Year Plan" for China's economic and social development, emphasizing the importance of achieving a per capita GDP level comparable to that of moderately developed countries by 2035, which requires maintaining an average annual growth rate of approximately 4.8% during the "15th Five-Year" period [1][6][10]. Economic Growth and Productivity - The "15th Five-Year Plan" aims to maintain economic growth within a reasonable range while steadily improving total factor productivity and significantly increasing the resident consumption rate [1][6]. - To achieve the target of per capita GDP reaching around $25,000 by 2035, an average annual growth rate of 4.8% is necessary, with potential growth rates estimated between 4.5% and 4.8% [6][7]. Demographic Challenges and Consumption - China is entering a phase of negative population growth and moderate aging, with projections indicating that by 2032, over 21% of the population will be aged 65 and above, which will impact consumption patterns [7]. - The emphasis on increasing the resident consumption rate is crucial to counteract the negative effects of demographic changes and to enhance the income levels and consumption capabilities of residents, particularly the elderly [7][10]. Income Distribution and Middle-Income Expansion - Expanding the middle-income group is essential for achieving higher levels of common prosperity and modernization by 2035 [10]. - Improving income distribution requires coordinated efforts across primary, secondary, and tertiary distribution, with a focus on enhancing labor market conditions and reducing structural unemployment [10][12]. Government Investment and Social Services - The article highlights the need for government spending to focus more on "investing in people" rather than solely on material investments, suggesting a shift in priorities to enhance social welfare and public services [8][13]. - Increasing the share of social spending in GDP is necessary to improve the quality of life and reduce poverty transmission across generations [13]. Artificial Intelligence and Employment - The development of artificial intelligence (AI) presents both challenges and opportunities for employment, necessitating alignment with an "employment-first strategy" to ensure that AI enhances rather than replaces human labor [14][15]. - AI can help address structural employment issues by improving labor productivity and facilitating the transition of labor from low-productivity agricultural sectors to higher-productivity non-agricultural sectors [20][22]. Urbanization and Household Registration Reform - The article discusses the ongoing urbanization process and the need for reforming the household registration system to facilitate labor mobility and improve access to public services for rural residents transitioning to urban areas [16][17]. - Enhancing public services in urban areas and reducing the disparity in service quality between urban and rural regions are critical for successful urbanization [17]. Agricultural Modernization - The potential for agricultural modernization in China is significant, with opportunities for labor transfer from agriculture to higher productivity sectors, supported by advancements in technology and AI [20][22]. - Modern agriculture is characterized by high labor productivity, large operational scales, and the application of scientific technologies, which can be further enhanced through AI [21][22].

Core Insights - The development of the new energy industry is undergoing a cyclical change, transitioning from explosive growth to high-quality development, with "involution" being a necessary phase in this maturation process [1][2] - The current internal adjustments in the new energy sector are driven by deep market factors rather than just supply-side structural reforms, necessitating improved cost control and technological innovation among companies [1] - The global trade environment for new energy has significantly changed, requiring companies to rethink their international strategies and ensure compliance with market-specific environmental standards while maintaining technological leadership [1][2] Industry Analysis - The new energy industry is experiencing a shift from quantity to quality, indicating a maturation phase characterized by overcapacity and price competition [1] - Continuous technological innovation, such as advancements in lithium batteries, solid-state batteries, and thorium molten salt reactors, is essential for the vitality of the new energy sector [1][2] - Companies are advised to focus on their strengths, avoid overcrowded markets, and integrate digital and AI elements into their new energy products before pursuing international expansion [2] Future Outlook - The core driving force for the new energy industry will remain technology, with emerging growth points in thorium molten salt reactors, solid-state battery technology, and decreasing hydrogen energy costs [2] - The future competitiveness of new energy companies will depend on breakthroughs in technology, the expansion of downstream application scenarios, and the formulation of development plans tailored to their unique characteristics [2] - There is a need for more scientific planning in the new energy sector to avoid redundant construction and resource waste, particularly in regions lacking a solid foundation for new energy development [2]

Core Viewpoint - The article emphasizes the new opportunities in investment during the "14th Five-Year Plan" period, driven by a new factor system, a restructured institutional framework, and an innovative service system in the capital market [1]. Group 1: New Factor System - The new factor system, represented by talent and new assets, is becoming a new driving force for China's economic growth. The "14th Five-Year Plan" highlights the importance of technological innovation and original breakthroughs [2]. - Accumulation of technological factors will enable breakthroughs in future industries such as artificial intelligence, biomedicine, hydrogen energy, nuclear fusion, embodied intelligence, and 6G mobile communication [2]. - Data factors will drive economic growth by transforming consumption channels and habits, leading to new consumption patterns such as service consumption, emotional consumption, and integrated consumption [2]. Group 2: New Institutional Framework - The capital market is expected to enhance its quality and capacity under the guidance of policies aimed at activating the market and coordinating investment and financing functions [3]. - Reforms in the capital market's basic systems will significantly improve market inclusiveness and adaptability, with a focus on deepening reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [3]. - The formation of a healthy market ecosystem will enhance the attractiveness of the Chinese market, promoting mutual constraints and cooperation among institutional investors, intermediaries, listed companies, and retail investors [3]. Group 3: New Service System - The company is accelerating reforms in its organizational structure, management model, and business system to adapt to changes in the economic landscape, focusing on a comprehensive service system [4]. - In financing services, the company is developing diversified service solutions that encompass venture capital, IPOs, mergers and acquisitions, refinancing, asset securitization, ESG, and strategic consulting [4]. - The investment service aims to meet diverse asset allocation needs of investors with a robust product offering, while trading services are enhancing liquidity support through innovative products like OTC derivatives, market making, ETFs, and carbon finance [4].