Core Viewpoint - The future strength of the Renminbi (RMB) is essential for its development into a powerful currency, which is a key element for building a strong financial nation [1][2]. Group 1: Importance of a Strong Currency - A strong currency is crucial for a financial power, characterized by its widespread use in international trade, investment, and as a global reserve currency [2]. - The RMB's moderate strength will facilitate its broader use in global trade and encourage international capital to hold RMB for investments [2]. - A weak currency may lead countries to reduce their holdings of that currency in foreign exchange reserves, while a strong RMB could increase its share in global reserves [2]. Group 2: Financial Institutions - Strong financial institutions are necessary for a financial power, defined by their comprehensive services, high operational efficiency, and strong risk management capabilities [3]. - The current global competitiveness of Chinese financial institutions is relatively weak, partly due to the low global usage of the RMB [3]. - Sustained moderate strength of the RMB could enhance the international competitiveness of Chinese financial institutions by increasing their RMB-denominated assets and liabilities abroad [3]. Group 3: International Financial Centers - A strong international financial center is vital for a financial power, capable of attracting global investors and influencing international pricing systems [4]. - Shanghai's international financial center has not yet reached the level of New York or London, partly due to insufficient foreign participation and the RMB's weaker valuation [4][5]. - Historical evidence suggests that a currency must maintain strength over time to support the development of a leading international financial center [5]. Group 4: Central Banks - A strong central bank is essential for effective monetary policy and macro-prudential management, which helps prevent systemic risks [6]. - A weak currency can hinder the internationalization of the RMB and reduce its acceptance and influence globally [6]. - A relatively strong RMB supports the central bank's functions and enhances the credibility of the currency [6]. Group 5: Future Outlook - There are sufficient reasons for the RMB to appreciate moderately, despite pressures from external factors [7]. - The RMB's exchange rate should be based on supply and demand, but policy considerations are also necessary to achieve favorable economic and financial development [7].

岁序常易，华章日新。值此2026年新春佳节来临之际，我谨代表天弘基金，向中国基金报的广大读者朋友们致以诚挚的 问候和新春的祝福！ 2026年，"十五五"的序幕正在拉开。党的二十届四中全会锚定金融强国建设目标，为中国特色金融发展之路标定了新航 向。公募基金业站在37万亿规模的新台阶上，面对的不再只是数字的增长，而是一份沉甸甸的时代问卷——如何将金融 工作的政治性、人民性写进每一次投资决策、每一份持有人回报之中。 愿新的一年，市场有温度，投资有收获，行业有进步。天弘基金愿与各位投资者、各位同业伙伴携手同行，在"十五 五"的新征程上，写下属于公募基金的扎实注脚。 恭祝大家新春吉祥，阖家幸福！ 面向2026年，天弘基金的信念清晰而坚定。 这份信念，源于对专业价值的持续打磨。天弘基金深刻认知公募基金作为资本市场重要枢纽和稳定器的功能定位，作为 重要的机构投资者，必须持续强化全维度的投研能力建设：将"单一阿尔法"的追求转化为"长期稳健增值"的承诺， 将"短期的趋势追踪"升级为"中长期的价值发现"。通过构建深度的研究驱动体系，在市场波动中发挥定价锚点作用，护 航资本市场的平稳健康发展。 这份信念，源于对信托责任的初心坚守。 ...

Core Viewpoint - The Chinese capital market has shown strong resilience and vitality amid reforms, reflecting a steady economic progress and quality improvement in 2023 [4]. Group 1: Industry Performance - In the past year, the total volume of the Chinese capital market has increased, and its structure has been optimized, indicating robust growth [4]. - The company has achieved a significant milestone with its actively managed equity funds ranking in the top 10% of the industry over the past seven years, with a performance ranking of 11 out of 121 as of the end of 2025 [4]. - The company has become the first fund company to have a bond ETF scale exceeding 100 billion yuan, with a continuous growth in the total management scale of its six bond ETFs [4]. Group 2: Future Outlook - The "14th Five-Year Plan" is expected to release policy dividends, with corporate profit recovery anticipated and a trend of global capital reallocation emerging [4]. - Key areas such as technological innovation, industrial expansion, domestic demand recovery, and high-dividend assets are seen as rich structural opportunities for investment [4]. - The company aims to enhance its research and investment system, improve its product offerings, and provide high-quality asset management services to investors in 2026 [5].

2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为明年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行"建设，发挥"投早投小投长期"的专业优势，为科技创新和 产业升级注入金融活水；持续强化"交易投行"特色与国际化优势，加强跨境互联互通，服务高水平对外 开放，助力提升中国资本市场的全球竞争力。 新征程上，中金公 ...

新 春 快 乐 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限可能。 国金证券党委书记、董事长冉云在《预见金马》年终策划中表示，过去一年，全球经济环境复杂多变，但中国资本市场展现了强大的内生韧性。 证券行业在新"国九条"的指引下，正加速回归服务实体经济的本源，从追求规模转向追量更重质，从短期博弈转向长期价值。 展望2026年，冉云表示，新的一年，金融强国建设的蓝图催人奋进，行业将更加坚定地行驶在高质量发展的主航道上。国金证券将继续坚守"本 分"，深耕主责主业，做实体经济的长期"陪伴人"和价值发现的坚定"守望者"。 以下为视频全文： 大家好，新年好！我是国金证券党委书记、董事长冉云。祝贺券商中国微信粉丝突破600万！ 寒暑流易，光华常新。转眼间，我们告别了耕耘不辍的2025年，迎来充满希望的2026年。在这辞旧迎新的美好时刻，很高兴通过券商中 ...

新 春 快 乐 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限可能。 汇添富基金党委书记、董事长鲁伟铭在《预见金马》年终策划中表示，回首过去一年，面对百年变局深入演进，中国经济以韧性破局，向新向优 发展，金融强国 建 设迈出坚实步伐，资本市场呈现回暖向好态势，公募基金行业高质量发展稳步前行。 新的一年，汇添富基金将以投资者利益为本，努力建设一流投资机构，认真写好金融"五篇大文章"，以更有温度的服务满足居民财富管理需求， 以更有力度的作为支持现代化产业体系建设和新质生产力发展，为实现"十五五"发展目标和建设金融强国贡献公募力量！ 以下为视频全文： 各位券商中国和券中社APP的用户，大家新年好！我是汇添富基金党委书记、董事长鲁伟铭。祝贺券商中国微信粉丝突破600万。 新的一年，伴随"十五五"规划稳步开局，汇添富基金将深入贯彻党的二十大和二十届历 ...

Core Viewpoint - The article emphasizes the importance of building a modern financial system in China, focusing on serving the real economy and achieving high-quality development in the banking sector as part of the broader "14th Five-Year Plan" [5][10]. Group 1: Policy and Economic Context - In 2025, the Chinese banking industry adhered to a policy framework characterized by "seeking progress while maintaining stability" and "systematic integration" to enhance financial service quality in key areas [4][9]. - The year 2026 marks the beginning of the "14th Five-Year Plan," which is crucial for advancing the construction of a financial powerhouse in China [5][10]. Group 2: Goals and Strategies - The construction of a financial powerhouse requires a focus on a people-centered approach, serving the real economy, and contributing to international financial stability [5][10]. - The article highlights the necessity of providing high-quality international financial products and digital financial infrastructure to support global economic development and promote a community with a shared future for mankind [5][10]. Group 3: Leadership and Development - Strengthening the comprehensive leadership of the Party is deemed essential for ensuring that financial work remains focused on the people, risk prevention, and deepening structural reforms in financial supply [5][10]. - The commitment to a customer-centric approach and innovation as a driving force is emphasized, with a clear alignment to the goals of the "14th Five-Year Plan" [5][10].

Group 1 - The core viewpoint of the article emphasizes the increasing uncertainty and structural conflicts in the global economic landscape, as highlighted in the "14th Five-Year Plan" which describes the current external environment as characterized by "intertwined changes and increasing turmoil" [3][7] - By 2026, the global economy is expected to be in a phase of deep adjustment and order reconstruction, with more frequent external shocks and diverse transmission paths, reflecting a chaotic system characteristic [3][7] - China's economic transition from high-speed growth to high-quality development necessitates a shift in development goals and operational logic, focusing on precise resource allocation, stability in cross-cycle adjustments, and overall resilience of the system [8] Group 2 - High-quality development requires financial resources to effectively serve key areas such as new productive forces, fostering patient capital, and establishing institutional risk-sharing mechanisms [8] - The financial system must guide funds to achieve better matching between industrial cycles and technological cycles, continuously supporting industrial upgrades and the release of potential growth momentum [8] - The transition from a financial power to a financial strong nation is marked by a clear and profound era connotation, where "big" reflects scale and coverage, while "strong" indicates capability and resilience [4][8]

Core Viewpoint - The China Investment Corporation (CIC) aims to enhance the quality and level of its foreign investments and strengthen state-owned financial capital to support the construction of a financial power during the 14th Five-Year Plan period. Group 1: Strategic Planning and Implementation - The CIC actively integrates into the national development framework, steadily advancing strategic planning, optimizing asset allocation, and fulfilling its responsibilities in managing state-owned financial capital [1][9]. - The company emphasizes the importance of learning and implementing the spirit of the 20th National Congress of the Communist Party of China, focusing on Xi Jinping's important speeches and the key points of the 14th Five-Year Plan [2][10]. Group 2: High-Quality Development Goals - The CIC is committed to building a world-class sovereign wealth fund and contributing significantly to the construction of a financial power by fully understanding and implementing the strategic deployments of the 20th National Congress [3][12]. - The company will strengthen the comprehensive leadership of the Party and adhere to the path of financial development with Chinese characteristics, ensuring that the Party's leadership is integrated into all aspects of reform and development [4][13]. Group 3: Risk Management and Investment Strategy - The CIC will prioritize safety in its operations, enhancing risk management and asset allocation adaptability to respond to complex changes in the development environment [5][14]. - The company aims to improve its autonomous investment capabilities by optimizing strategies and increasing self-operated investment in key areas, while also expanding partnerships for collaborative investments [6][15]. Group 4: Enhancing State-Owned Financial Capital Management - The CIC plans to develop the Central Huijin Investment Company into a prominent state-owned financial capital management institution with distinct characteristics and strategic significance [7][16]. - The company will focus on supporting the real economy, optimizing resource allocation, and enhancing governance to strengthen its core competitiveness [8][17].

Core Viewpoint - The article discusses the strategic planning and initiatives of China Investment Corporation (CIC) in alignment with the national development goals outlined in the 15th Five-Year Plan, emphasizing the importance of high-quality development and the role of CIC in building a strong financial nation. Group 1: Strategic Planning and Implementation - CIC is actively integrating into the national development framework, optimizing asset allocation and investment layout while fulfilling its responsibilities in managing state financial capital [1][3] - The company is committed to enhancing its investment quality and scale during the 15th Five-Year period, aiming to contribute to the construction of a financial powerhouse [1][3] Group 2: Learning and Promotion of Party Spirit - CIC prioritizes the study and implementation of the spirit of the 20th Party Congress, organizing comprehensive training and discussions to ensure alignment with the central government's directives [2][4] - The company has developed a work plan focusing on nine key tasks to promote the spirit of the Congress throughout its organizational structure [2] Group 3: High-Quality Development Goals - CIC aims to establish itself as a world-class sovereign wealth fund, contributing significantly to the financial strength of the nation [3][4] - The company emphasizes the importance of adhering to the principles of comprehensive party leadership and the unique path of financial development in China [4] Group 4: Risk Management and Investment Strategy - CIC is focused on enhancing its risk management capabilities, ensuring that safety is prioritized in its investment strategies [5][6] - The company plans to improve its investment resilience and quality by diversifying its portfolio and strengthening its risk management framework [6][8] Group 5: Support for National Development - CIC is committed to serving the national development agenda by leveraging its sovereign wealth fund platform to support major investment projects and enhance investment in emerging markets [6][7] - The company aims to optimize its governance and resource allocation to better support the real economy and national strategic initiatives [7][8]