"十五五"开局之年已然临近。 规划建议首度将"金融强国"写入，既标志着我国金融发展逻辑发生重大转变——从基础制度搭建转 入以"强国"为导向的质量提升与全球竞争力培育阶段，更对金融业发展提出更高要求。 正是在这样的历史节点，12月26日，以"财富管理助力中国式现代化青岛实践"为主题的2025青岛 财富论坛在青岛金家岭金融区如约而至。 本次论坛共设置一个主论坛和三个分论坛，紧扣建设金融强国目标，围绕金融"五篇大文章"，现场 数百位国内经济金融领域相关领导、业内知名专家学者齐聚，共探财富管理与国家战略同频共振的 实践路径。 01 发出"青岛声音"，洞察"十五五"前沿趋势 过去一年，全球经济格局波谲云诡，国内新旧动能转换稳步演进，传统模式面临艰难险阻，在多重 风险交织叠加下，金融业站在了转型的十字路口。 本届论坛上，各界嘉宾在延续往年以前瞻视角、权威声音纵论行业发展同时，还进一步强调与国 家"十五五"规划建议的融合，带来精彩的观点输出，以更加积极的姿态深入探讨财富管理助力中国 式现代化青岛实践的赋能路径与未来图景。 "随着我国社会财富总规模的逐步积累，中国经济增长的模式也需要逐渐从投资驱动向消费投资并重 转变，充分发 ...

转自：推广 "十五五"开局之年已然临近。 规划建议首度将"金融强国"写入，既标志着我国金融发展逻辑发生重大转变——从基础制度搭建转入以"强国"为导向的质量提升与全球竞争力培育阶段， 也更对金融业发展提出新的更高要求。 正是在这样的历史节点，12月26日，以"财富管理助力中国式现代化青岛实践"为主题的2025青岛财富论坛在青岛金家岭金融区如约而至。 本次论坛共设置一个主论坛和三个分论坛，紧扣建设财富管理核心主线金融强国目标，围绕金融"五篇大文章"，现场数百位国内经济金融领域相关领导、 业内知名专家学者齐聚，共探财富管理与国家战略同频共振的实践路径。 发出"青岛声音" 洞察"十五五"前沿趋势 过去一年，全球经济格局波谲云诡，国内新旧动能转换任重道远稳步演进，传统模式面临艰难险阻，在多重风险交织叠加下，金融业站在了转型的十字路 口。 已连续举办11届的青岛财富论坛，作为青岛推进财富管理中心建设的重要平台和品牌活动，早已成为洞察金融业发展趋势的前沿平台窗口。 本届论坛上，各界嘉宾在延续往年以前瞻视角、权威声音纵论行业发展同时，还进一步强调与国家"十五五"规划建议的融合，带来精彩的观点输出，以更 加积极的姿态深入探讨财 ...

Core Viewpoint - Guotai Haitong Securities is promoting two deputy directors and one deputy dean in its research institute, indicating a strategic move to enhance its research capabilities and leadership [1]. Group 1: Promotions and Appointments - Zhi Meng and Liu Xinqi are being promoted to deputy directors of the research institute, while Ding Dan is set to become the deputy dean of the policy and industry research institute [1]. - Zhi Meng has a strong background in wholesale and retail trade, as well as food and beverage research, having led a team that was awarded the New Fortune Best Analyst for three consecutive years from 2016 to 2018 [1]. - Liu Xinqi focuses on non-bank financial research and has also led teams that received accolades as New Fortune Best Analysts in the non-bank financial sector [2][3]. Group 2: Background and Experience - Zhi Meng has been registered as a securities investment consultant since December 2009, with experience at various firms including China International Capital Corporation and Guotai Junan Securities [1][2]. - Liu Xinqi has been registered as a securities investment consultant since August 2014, with a career that includes positions at Ping An Securities and Founder Securities before joining Guotai Junan Securities [3][4]. - Ding Dan specializes in pharmaceutical research and has led teams recognized as New Fortune Best Analysts in the pharmaceutical and biotechnology sector for two consecutive years in 2011 and 2012 [4][5]. Group 3: Company Overview and Goals - Guotai Haitong Securities aims to become a leading securities research institution with international influence and local pricing power, continuously optimizing its research system [6][7]. - The research institute is structured into major research groups covering various fields, including macro, strategy, fixed income, industry, and company research, with over 40 sub-research areas [7]. - As of the third quarter of 2025, Guotai Haitong's total assets reached 2.01 trillion yuan, with operating income of 45.89 billion yuan, reflecting a year-on-year growth of 101.6%, and a net profit of 22.07 billion yuan, up 131.8% year-on-year [7].

Core Insights - Digital finance is a key component of China's financial power blueprint, with a complete structure already formed. The core industry value added of the digital economy grew by 9.2% year-on-year in the first three quarters of 2025, and the banking sector's digital investment accounted for 15.3% [1] Group 1: Structural Challenges - Structural contradictions are evident, including lagging institutional supply, with regulatory sandboxes covering only 8.7% of prefecture-level cities, and limited promotion of cross-border innovative products [1] - Data factor allocation is inefficient, with less than 30% of quality data, leading to difficulties in rights confirmation and token circulation, creating "data islands" [1] - Cross-border scenarios are insufficiently penetrated, with digital RMB cross-border transactions accounting for only 3.2%, and reliance on the SWIFT system limiting currency diversity [1] - Financing obstacles exist for small and medium-sized tech enterprises, which often have data without assets or assets without financing, resulting in inadequate valuation and risk control systems [1] Group 2: Proposed Solutions - To break the deadlock, it is suggested to open up the system by establishing a nationwide unified regulatory sandbox, covering core cities in 31 provinces by the end of 2026, led by the National Financial Regulatory Administration [1] - Aiming for full coverage of public data rights confirmation by 2026, a national unified registration platform will be built, clarifying data ownership and processing rights for enterprises and operational rights for personal data after desensitization [2] - A three-dimensional valuation model will be developed to assess "data quality + scenario value + market demand," and the entire pledge registration process will be streamlined to three working days [2] Group 3: Cross-Border Enhancements - The digital RMB's cross-border application will be deepened, with plans to connect with over 10 payment systems of economic entities by 2027, enabling multi-currency real-time settlement [3] - A cross-border data trusted exchange system will be established, breaking the reliance on SWIFT, with 29 countries connected to CIPS [3] - The establishment of offshore RMB bonds and core scenarios for cross-border supply chain finance will be concentrated in Hainan Free Trade Port and Shanghai Free Trade Zone by 2028 [3] Group 4: Collaborative Mechanisms - A joint inter-ministerial meeting will be established to coordinate cross-departmental regulation and data sharing, with biannual meetings [3] - Policy support will be provided for financing related to IoT and blockchain verification, with risk compensation up to 50% modeled after the US SBA [3] - Talent cultivation will be enhanced by adding courses on data compliance and offshore finance in universities, along with tax and housing guarantees for high-end talent [3] Group 5: Strategic Transition - China's digital finance is transitioning from "scale expansion" to "structural optimization," focusing on institutional innovation to resolve bottlenecks, empowering potential through data, and expanding space through cross-border breakthroughs [4]

12月26日，第十四届全国政协委员、中国宏观经济学会副会长刘尚希在《证券日报》社有限责任公司举 办的"2025证券市场年会"上表示，建设金融强国，要以强大的货币为前提。人民币国际化，是提升金融 国际竞争力的前置条件，也是增强我国在全球配置资源、管理财富、分配价值能力的基础。 "人民币国际化是以财政为基础条件的。"刘尚希表示，现代政府财政既能创造货币，也能创造金融资 产，像赤字融资、土地金融、发行政府债券、资产证券化和政府投资基金，其实都是在不断创造货币， 创造货币其实也就是创造信用，同时也是在创造资产。这对整个证券市场，或者更大范围的资本市场而 言，是基础性的。 刘尚希认为，财政收支过程即货币流通过程。首先，财政收支直接嵌入基础货币投放和回收过程。其 次，财政成为另一个隐形的"货币水龙头"，在收支平衡条件下则被"关掉"。最后，财政收支具有调节货 币流通的功能，也使货币由中性转变为非中性。 其中，他谈到，当财政支出大于财政收入的时候，财政的货币扩张效应就显现出来了。当前实施更加积 极的财政政策，就是要保持适当的赤字规模、债务规模以及支出扩张的强度，也就是要发挥财政的货币 扩张效应，就是要把财政这个隐形的"货币水 ...

Core Insights - China Pacific Insurance (Group) Co., Ltd. reported strong financial performance for the first nine months of 2025, with operating revenue of 344.9 billion yuan, a compound annual growth rate of 10.8% compared to the same period in 2022, and a net profit of 45.7 billion yuan, with a compound annual growth rate of 14.3% [4][23]. - The company has focused on deepening reforms and enhancing core competitiveness since 2023, aligning with national strategies and improving its service capabilities to support the real economy [4][23]. Financial Performance - The total asset scale exceeded 3.1 trillion yuan, an increase of 1 trillion yuan compared to the end of 2022 [4][23]. - The life and property insurance sectors remain among the top three in the industry, demonstrating sustained comprehensive strength [4][23]. Strategic Initiatives - China Pacific Insurance launched a 50 billion yuan merger and acquisition fund and a private equity investment fund to support the "Financial Strong Country" strategy and the construction of Shanghai's "Five Centers" [24]. - The merger and acquisition fund has a target size of 30 billion yuan, with the first phase of 10 billion yuan already in operation, focusing on key industries such as integrated circuits, artificial intelligence, and biomedicine [24]. Technological and Service Innovations - The company has provided risk protection totaling 227.6 trillion yuan to technology enterprises over the past three years, introducing various insurance products tailored for high-tech industries [25]. - China Pacific Insurance established the first technology insurance service workstation in the Lingang New Area, enhancing service accessibility for technology companies [25]. International Expansion - The company is actively building an overseas service network and has established strategic partnerships with multiple multinational insurance groups, covering nearly 100 countries and regions [32][33]. - As of the third quarter of 2025, China Pacific Insurance has provided risk protection exceeding 3 trillion yuan for projects related to the Belt and Road Initiative [33]. ESG and Sustainability - The company achieved an upgrade in its MSCI ESG rating from "AA" to "AAA," becoming the first insurance institution in mainland China to receive this highest rating [27]. - China Pacific Insurance is committed to integrating sustainable finance into its operations, focusing on long-term capital and stable financial support for the real economy [27]. Social Responsibility - The company has expanded its health insurance offerings, covering nearly 5 billion people across 250 cities, and has been a leader in providing policy-based health insurance [28]. - China Pacific Insurance has implemented a grid-based claims processing model to enhance efficiency in handling occupational injury claims, processing over 3,000 claims in 2025 [28]. Community Development - The company has launched multiple community projects, including the "Taibao Home" initiative, which has established 15 community centers across 13 cities [20][31]. - It has also developed specialized rehabilitation hospitals to improve the quality of life for the elderly [31].

Core Insights - The period from 2021 to 2025 is pivotal for the development of China's insurance industry, marking a transition from scale expansion to value reconstruction [1] - The industry is evolving from a capital-intensive model to a technology-intensive, service-oriented, and governance-focused model [1] Group 1: Top-Level Design and Regulatory Restructuring - The establishment of the National Financial Regulatory Administration in 2023 signifies a fundamental restructuring of financial regulation in China, transitioning from institutional to functional regulation [2] - The Central Financial Work Conference in October 2023 set strategic goals for building a financial powerhouse, emphasizing the role of the insurance industry as an economic stabilizer and social stabilizer [2][3] Group 2: Third Pillar of Pension System - The insurance industry has created a multi-layered social security network, with total assets exceeding 40 trillion yuan by August 2025, reinforcing its position as the world's second-largest insurance market [4] - The personal pension system has evolved from pilot programs in 36 cities in 2022 to nationwide implementation by 2024, marking a significant milestone in the development of the third pillar of pension insurance [4][5] Group 3: Technological Insurance - Technological insurance is transitioning from traditional risk compensation to an innovative stabilizer, with significant advancements in policy support, market scale, and product innovation [8] - By 2024, the market for technological insurance provided over 9 trillion yuan in coverage for innovation activities, with premium income growing by 30% year-on-year in the first three quarters of 2025 [9] Group 4: Risk Reduction and Management - The insurance industry is shifting from passive risk compensation to proactive risk intervention, with a comprehensive risk reduction service framework established by 2025 [11][12] - The industry has implemented a tiered early warning system to identify and address potential risks, achieving a comprehensive solvency adequacy ratio of 186.3% by the end of the third quarter of 2025 [20][22] Group 5: Patient Capital - Insurance funds are evolving from passive allocators to active enablers, playing a crucial role in long-term investments and supporting national strategic initiatives [15][18] - By the end of the third quarter of 2025, the balance of insurance company funds exceeded 37 trillion yuan, with a year-on-year growth of 16.5% [16] Group 6: Future Challenges and Directions - The insurance industry faces challenges such as product homogeneity and insufficient depth in inclusive services, necessitating a focus on high-quality development in the upcoming "15th Five-Year Plan" [23] - The industry aims to enhance its support for technological innovation, green transformation, and rural revitalization while improving the multi-layered social security system [23]

● 本报记者 王宇露 银河基金坚持在科技创新领域深耕细作，持续加强研究深度与投资布局。组建科技行业投研团队，紧跟 政策导向，深入开展理论学习，加强实地调研。聚焦科技前沿产业开展前瞻性、系统化、全景式研究， 形成低空经济、人工智能产业等新质生产力系列专题报告。基于多年在科技赛道的研究积淀，银河基金 立足全产业链，在半导体、AI、机器人、信创、新能源等领域前瞻布局，形成了较为全面的投资体 系，积极陪伴有潜力的科技企业成长。同时，以银河高端装备混合发起式、银河新材料股票发起式、银 河中证机器人指数等科技细分赛道基金产品为依托，充分发挥公募基金对科技领域的价值发现作用，持 续服务新质生产力发展，推动"科技-产业-金融"深入一体融合，深化"科技银河"特色品牌。 牢记金融为民 在履行社会责任中展现形象 "十五五"规划建议把"坚持人民至上"作为经济社会发展必须遵循的重要原则。《推动公募基金高质量发 展行动方案》强调要坚持以投资者为本，牢固树立以投资者最佳利益为核心的经营理念。银河基金表 示，公募基金要牢记金融为民的初心，积极践行中国特色金融文化，将履行社会责任和企业经营发展深 度融合，不断增强人民群众获得感、幸福感。 银河 ...

Core Insights - The "14th Five-Year Plan" emphasizes the acceleration of building a financial powerhouse, with the public fund industry expected to reach nearly 37 trillion yuan by the end of November 2025, transitioning from "scale expansion" to "quality enhancement" [1] - The fund industry is urged to support the transformation of the real economy by channeling capital into key areas such as technology, green finance, and pension finance, creating a virtuous cycle of capital and industry [2] Group 1: Financial Empowerment - The fund industry is focusing on long-term capital allocation to empower the transformation of the real economy, aligning with national strategies in technology innovation, green finance, and pension solutions [2] - In technology innovation, public funds are increasingly investing in hard tech companies, leveraging professional research to help overcome critical technological bottlenecks [2] - The green finance sector is witnessing steady growth in ESG fund sizes, with institutions integrating environmental risk assessments into their investment processes [2] Group 2: Research and Compliance - The core support for the "Five Major Articles" lies in the systematic enhancement of research capabilities, with many institutions adopting integrated research systems to improve asset discovery across cycles [3] - Compliance and risk management are critical for the fund industry, with a shift towards comprehensive, real-time risk monitoring systems being established to ensure financial stability and investor trust [4] - Institutions are embedding compliance requirements throughout their operations, enhancing employee awareness through training and education [4] Group 3: Inclusive Finance - The fund industry is committed to promoting inclusive finance to ensure broader access to capital market benefits, aligning with the goal of common prosperity [7] - Cost reduction and diversified product offerings are key strategies for inclusive finance, with institutions lowering fees and creating a variety of investment products to cater to different investor needs [7] - Long-term investor education initiatives are being implemented to enhance financial literacy and promote rational investment behaviors, contributing to a healthier market ecosystem [8]

截至2025年12月25日收盘，长城证券(002939)报收于10.23元，上涨0.69%，换手率0.77%，成交量27.73 万手，成交额2.84亿元。 董秘最新回复 投资者： 贵公司什么时候发2025年业绩年报预告？ 董秘： 您好，如公司预计2025年经营业绩和财务状况出现《深圳证券交易所上市公司自律监管指南第1 号——业务办理：4.1定期报告披露相关事宜》所规定的应当披露业绩预告的情形，公司将严格按照监 管规定履行业绩预告信息披露义务。感谢您的关注。 投资者： 公司业绩今年达到上市以来新高，可股价迟迟突破不了新高，公司有没有具体维护公司市值 做大做强的措施？ 董秘： 您好，公司将继续坚持"聚焦主责主业发展产业券商"和"建设专业能力打造一流综合型投资银 行"的"产业券商+一流投行"战略发展总体思路，凭借央企控股券商的天然优势，持续打造产业金融专业 能力，充分发挥产业金融的重要作用，全力构建产业金融新生态、催发服务实体新效能，助推产业链供 应链优化升级，赋能科技成果转化，助力新兴产业与未来产业培育。感谢您的关注。 投资者： 打造金融强国 ，证监会鼓励券商之间吸收合并，打造世界级投资机构，公司目前在行业内实 ...