1月23日，国务院新闻办举行新闻发布会，介绍2025年知识产权工作进展。2025年，我国共授权发明专 利97.2万件，受理PCT国际专利申请7.8万件，注册商标420.6万件。截至2025年底，我国国内发明专利 有效量达532万件，每万人口高价值发明专利拥有量达到16件。 信息技术管理方法、计算机技术、医学技术等领域有效发明专利增速最快 创新质量持续提升，重点区域创新活跃。国家知识产权局副局长芮文彪介绍，在国内有效发明专利中， 信息技术管理方法、计算机技术、医学技术等领域的有效发明专利增速最快，人工智能专利有效量居全 球前列。截至2025年底，长三角地区、京津冀地区和广东省的发明专利有效量分别为173.4万件、91.6万 件和89.9万件，合计约占国内总量的2/3。 截至2025年底，我国国内高价值发明专利拥有量达到229.2万件，占国内有效发明专利比重达到43.1%， 较"十三五"末提高2.9个百分点。 "战略性新兴产业的国内有效发明专利达到153.4万件，28万家企业拥有176.4万件高价值发明专利，成为 创造高价值发明专利的'主力军'。"国家知识产权局战略规划司司长梁心新认为，我国专利结构正在向 优转变 ...

Core Viewpoint - Central enterprises are increasingly establishing new companies in Guangdong, reflecting a strategic focus on long-term development and collaboration with local economies, particularly in the Greater Bay Area [1][5]. Group 1: Central Enterprises' Activities - In 2025, at least 25 new companies were established by central enterprises (including subsidiaries) in Guangdong, indicating a robust trend of investment and collaboration [5]. - The establishment of physical companies by central enterprises signifies a commitment to long-term growth and resource integration in the region [1][5]. - Notable companies established include Guangdong Cangyue Direct Current Power Operation Co., Ltd. and China Resources Recycling Group, which focus on energy and environmental sectors [2][3]. Group 2: Investment Trends - Southern Power Grid announced an investment of 180 billion yuan for fixed asset investments in 2026, marking a record high for five consecutive years, focusing on new power systems and quality service improvements [3]. - Central enterprises are increasingly investing in strategic emerging industries, with an average annual investment growth rate exceeding 20% [6][8]. - The focus on green and low-carbon initiatives is evident, with companies like China Resources Recycling and Zhonglin (Zhaoqing) Forestry Development Co., Ltd. engaging in carbon management and environmental technologies [8]. Group 3: Regional Economic Impact - The influx of central enterprises into Guangdong is a recognition of the region's business environment, market potential, and strategic importance [6]. - Cities like Guangzhou and Shenzhen are becoming key hubs for central enterprise activities, attracting new business developments and innovation headquarters [5][6]. - The collaboration between central enterprises and local governments is fostering a diverse industrial ecosystem, enhancing the depth and breadth of cooperation [5][6]. Group 4: Innovation and Technology - Central enterprises are leveraging Guangdong's rich application scenarios and innovative regulatory frameworks to test new technologies and products [6][7]. - Companies like China First Automobile Works are focusing on low-altitude economy initiatives, with significant advancements in electric vertical takeoff and landing (eVTOL) aircraft technology [6]. - The establishment of platforms for high-tech applications, such as rare earth materials, is crucial for advancing Shenzhen's high-tech and green energy sectors [7][8].

Core Insights - Dalian has become the first city in Northeast China to achieve a GDP exceeding 1 trillion yuan, reaching 10,002.1 billion yuan in 2025, with a year-on-year growth of 5.7% at constant prices [1][3]. Economic Contributions - The industrial economy and port economy are significant contributors to Dalian's growth, with the industrial sector accounting for 60% of GDP growth in 2023 [4]. - Dalian's petrochemical industry is a key player, projected to reach a production value of 425.6 billion yuan in 2024, ranking first in Northeast China and fourth nationally [4]. - The port economy is vital, with Dalian Port ranking fourth globally in the Container Port Performance Index for 2020-2024 [5][7]. Emerging Industries - Dalian is fostering new economic drivers, with a new generation information technology industry forming a 200 billion yuan cluster and advancements in the new energy sector [8]. - Strategic emerging industries now account for 15% of GDP, indicating a shift towards innovation and modernization [8]. Regional Impact - Dalian's success is seen as a potential catalyst for the revitalization of Northeast China, with expectations to attract more investment and talent [9]. - The city aims to serve as a model for other cities in the region, demonstrating a pathway from traditional industry to emerging sectors [9]. Future Goals - Dalian's government has set a target for GDP growth of over 5% in the upcoming years, indicating a commitment to sustained economic development [10].

Core Viewpoint - The 2026 regulatory work meeting of the National Financial Regulatory Administration established the financial regulatory tone for the "14th Five-Year Plan" period, emphasizing the continuous promotion of "reporting and operation integration" in the insurance industry and the adjustment of predetermined interest rates [1] Group 1: Trends in the Insurance Industry - The insurance industry is expected to exhibit three core trends in 2026: low upper limits on predetermined interest rates for traditional insurance, the rise of dividend insurance as a market mainstream due to its "fixed income + floating" characteristics, and the strategic position of insurance funds as "patient capital" [1] - Dividend insurance is gaining popularity as it effectively balances the risk of interest margin losses for insurance companies and the inflation resistance needs of customers, with a current predetermined interest rate research value of 1.89% [2][3] - The sales of dividend insurance are closely linked to investment yield rates and competing product yields, with the decline in bank deposit rates making dividend insurance more attractive to residents [4] Group 2: Reporting and Operation Integration - The "reporting and operation integration" initiative has been implemented in the auto insurance sector and is now being extended to non-auto insurance areas, which is expected to fundamentally change the industry's cost competition model [5][6] - This integration is anticipated to improve industry expense ratios, reduce overall operating costs, and enhance insurance companies' ability to price risks accurately [7] - The competition in the bancassurance channel is expected to shift from a focus on fees and products to a competition based on professional capabilities and comprehensive services [8] Group 3: Strategic Investment Directions - The meeting highlighted the importance of cultivating "patient capital" to support the development of new productive forces, with insurance funds being well-suited for long-term, stable funding support [9] - Infrastructure and real estate, along with private equity, are expected to become key areas for alternative investments by insurance funds, aligning with their investment characteristics [10] - Insurance companies are encouraged to increase their equity investment in strategic emerging industries, focusing on sectors like 5G, artificial intelligence, healthcare, and new consumption, which are seen as having significant growth potential [11]

官方解读每万人口高价值发明专利拥有量超额完成：体现四"有"特点 1月23日，北京，国务院新闻办公室举行新闻发布会，介绍2025年知识产权工作进展情况。中新网 记者 孙自法 摄 他说，知识产权工作在该指标上提交的一份优秀答卷，体现出质量有提升、产业有新意、企业有活力、 区域有支撑等四个"有"的最新特点。 质量有提升方面，截至2025年底，中国国内(不含港澳台)高价值发明专利拥有量达到229.2万件，占国内 有效发明专利总量的比重达到43.1%，较"十三五"末提高2.9个百分点。这表明，中国专利结构正在向优 转变，技术含量更高、市场价值更高、权利状态更加稳定的发明专利占比不断提升。 产业有新意方面，截至2025年底，中国战略性新兴产业的国内有效发明专利达到153.4万件，占高价值 发明专利总量的比重保持在七成左右。战略性新兴产业发明专利储备的不断增加，为加快壮大新兴产 业、培育未来产业提供了重要动能和技术供给。 企业有活力方面，作为创新的主体，2025年底中国共有28万家企业拥有高价值发明专利176.4万件，企 业拥有的高价值发明专利占比超过四分之三，达到77%，已成为创造高价值发明专利的绝对"主力军"。 区域有 ...

深圳市国资委党委书记、主任杨军在致辞中表示，深圳国资国企主动从"资源持有者"向"生态共建者"转 型，与民营企业共同构建良性循环的创新生态。此次发布的国资基金矩阵，以近期印发的《深圳市属国 有企业基金业务管理办法(试行)》为基础，聚焦深圳"20+8"战略性新兴产业和未来产业，构建覆盖种子 期、初创期、成长期到成熟期的国资基金矩阵，形成层次清晰、功能互补、协同联动的全链条基金体 系，在现有基础上持续扩大对科技创新的资本供给能力，更好发挥国有资本的长期引导和放大效应。 中证报中证网讯(记者张兴旺)1月22日，深圳国资基金矩阵三年行动计划发布仪式暨粤港澳大湾区创业 投资引导基金入驻仪式举行。 在启动仪式后，深圳市国资委详细解读了深圳国资基金矩阵三年行动计划重要内容，明确重点支持半导 体和集成电路、人工智能、生物医药等硬科技领域。 ...

Group 1 - The establishment of a national-level merger and acquisition (M&A) fund is a strategic initiative aimed at optimizing industrial structure and accelerating the cultivation and development of new productive forces [1][2] - The national-level M&A fund can leverage its financial scale and professional operational capabilities to guide social capital towards strategic emerging industries and high-tech sectors, promoting a higher-level industrial structure [2][3] - This initiative is expected to enhance innovation and entrepreneurship by integrating resources such as technology, talent, and markets for innovative companies, thereby accelerating the transformation and industrialization of technological achievements [2][3] Group 2 - The entry of the "national team" into the M&A market is anticipated to effectively guide social capital towards key strategic emerging industries and traditional advantageous industries that require consolidation [3][6] - The national-level M&A fund is expected to improve industry concentration and facilitate the transition towards high-end, intelligent, and green industries, injecting new vitality into economic development [3][6] - According to Wind data, the total scale of M&A transactions in China's market reached 350.425 billion yuan in the third quarter of 2025, reflecting a year-on-year increase of 150.42% and a quarter-on-quarter growth of 44.67% [3] Group 3 - The funding sources for national-level M&A funds typically include public pensions, sovereign wealth funds, and diversified fundraising [4][5] - Globally, M&A investment is a mainstream strategy for national-level M&A funds, focusing on mature assets and strategic sectors, which include critical technologies and national soft power [5] - The governance structure of national-level M&A funds emphasizes professionalism, independence, and sustainability, ensuring that funds are guided by government initiatives while being market-driven [5] Group 4 - Local state-owned assets have begun establishing M&A funds in response to national strategies, aiming to optimize resource allocation and promote industrial upgrades [6][7] - These local funds are designed to effectively combine government-led funding with social capital, focusing on strategic emerging industries and advanced manufacturing [6][7] - There is a need for improved top-level design and planning in the establishment of local M&A funds to avoid homogenization and resource waste, ensuring compliance with national industrial policies [7]

在全球经济增长乏力、不确定性持续上升的背景下，中国经济走向正成为国际社会高度关注的重要议 题。 无论是在国际货币基金组织最新发布的《世界经济展望》中，还是在19日启幕的达沃斯论坛上，中国经 济都是全球关注的焦点。 回望2025年，在复杂多变的内外部环境中，中国经济交出了一份亮眼的"成绩单"：全年经济总量迈上 140万亿元新台阶，经济增速达到5%。 此前，中国首席经济学家论坛理事长连平在接受南方财经记者采访时表示，在内需偏弱、外部风险增加 的情况下，能保持5%左右的增速并不容易，足以体现中国经济的韧性。他指出，最值得关注的重点之 一是结构的变化——高技术产业和战略性新兴产业增速明显快于传统产业，正在为经济注入新动能，推 动经济向更高质量方向发展。 从国际视角看，渣打银行财富管理部全球首席投资总监布思哲在接受南方财经记者采访时指出，通胀已 经出现企稳回升的迹象，这对中国经济是一个"很重要的积极信号"。因为名义GDP的改善不仅能缓解债 务压力，也能增强投资和消费的动力，让经济更有"持续性"。 从数据层面看，2025年工业、服务业回升态势稳健，消费与外贸也保持韧性。连平认为，出口的结构在 优化，服务消费和新型消费增长 ...

美国高级经济学家大卫·布莱尔（David Blair）、复旦大学管理学院科创中心首席经济学家邵 宇，以及招商基金首席经济学家李湛，在本期《全球财经连线》中，围绕中国经济运行的内在 逻辑与未来增长动能，进行了深入解读。 此前，中国首席经济学家论坛理事长连平在接受南方财经记者采访时表示，在内需偏弱、外部 风险增加的情况下，能保持5%左右的增速并不容易，足以体现中国经济的韧性。他指出，最 值得关注的重点之一是结构的变化——高技术产业和战略性新兴产业增速明显快于传统产业， 正在为经济注入新动能，推动经济向更高质量方向发展。 从国际视角看，渣打银行财富管理部全球首席投资总监布思哲在接受南方财经记者采访时指 出，通胀已经出现企稳回升的迹象，这对中国经济是一个"很重要的积极信号"。因为名义GDP 的改善不仅能缓解债务压力，也能增强投资和消费的动力，让经济更有"持续性"。 从数据层面看，2025年工业、服务业回升态势稳健，消费与外贸也保持韧性。连平认为，出口 的结构在优化，服务消费和新型消费增长较快，高技术产业的比重在提升，这些都在成为新的 增长支撑。 记者丨 杨雨莱 李依农 编辑丨施诗 在全球经济增长乏力、不确定性持续上升 ...

Group 1 - The total assets of local state-owned enterprises in the province reached 23.23 trillion yuan, with operating revenue exceeding 2 trillion yuan and total profits surpassing 100 billion yuan [1] - The total assets, operating revenue, and total profits increased by 116.2%, 97.3%, and 27.7% respectively compared to the end of the 13th Five-Year Plan [1] - The total assets of six major advantageous industries reached 2.04 trillion yuan, with operating revenue and total profits at 543.8 billion yuan and 101.56 billion yuan, reflecting growth of 132.2%, 41.3%, and 59.1% respectively [1] Group 2 - R&D investment by local state-owned enterprises is projected to reach 21.71 billion yuan by the end of the 14th Five-Year Plan, doubling compared to the end of the 13th Five-Year Plan [2] - The number of national high-tech enterprises, technology-based SMEs, and "specialized and innovative" small giant enterprises increased to 317, 114, and 39 respectively, with significant additions since the end of the 13th Five-Year Plan [2] - Major breakthroughs were achieved in key core technologies, particularly in integrated circuits and high-end equipment, through the implementation of over 500 national and provincial technology projects [2]