2025 年金融市场改革通过基准指引强化市场约束，推动基金从规模导 向转变为利益导向，ETF 追涨现象明显，IPO 节奏偏紧，减持处于低位， 明年关注高景气出口链、周期股和消费反转领域。 十五五，攻坚牛——2026 年度策略 20251217 摘要 中国经济在"十五"期间有望突破美国 GDP 的 70%，工业增加值已达 美国的 1.6 倍，得益于研发投入和工业体系建设，打破"日本化"叙事， 展示高质量发展基础。 美国面临债务加剧和财政赤字挑战，长期经济潜在增长率或仅为 1.2%，政府债务率上升引发对美债安全性的担忧，促使海外投资者减少 美债配置，央行增持黄金。 未来五年，中国投资机会集中在产业升级、科技创新和消费提升领域， 高比例研发投入和完整工业体系为应对外部技术封锁提供坚实基础。 中国将通过优化提升传统产业，培育量子科技、生物制造、氢能与核聚 变、脑机接口等新兴产业，并强化基础设施建设，以适应新的发展阶段 需求。 中国出口份额不断创新高，对美依赖度已降至 10%以下，通过多元化策 略保障出口韧性，贸易顺差持续扩大，竞争力显著增强。 为应对消费疲软，中国将提高居民消费率作为主要目标，优化"两新" 政策，加强 ...

Core Viewpoint - The article emphasizes the importance of technological modernization in China's development and the role of the China Association for Science and Technology (CAST) in uniting and leading scientists to contribute to building a strong technological nation [1]. Group 1: Contributions During the 14th Five-Year Plan - CAST has made significant contributions by promoting national scientific innovation achievements and enhancing the confidence of scientists in the new system of governance [2]. - The organization has focused on cultivating young scientific talent and optimizing the evaluation system for scientific personnel, establishing a "home for scientists" to protect their rights [2][3]. - Numerous academic conferences have been held to enhance scientists' insights into technological frontiers, and initiatives like "Science and Technology Courtyards" have supported rural revitalization [3]. Group 2: Responsibilities in the 15th Five-Year Plan - CAST aims to fulfill its role as a bridge between the government and scientists, guiding them to align with national goals and fostering a spirit of scientific innovation [4][5]. - The organization plans to enhance the innovation environment for scientists by promoting academic prosperity and establishing high-level academic exchange platforms [5]. Group 3: International Cooperation - CAST is committed to deepening international scientific exchanges and cooperation, supporting the establishment of international scientific organizations, and promoting China's technological innovations globally [6]. - The organization will facilitate multilateral platforms for scientific and cultural exchanges, enhancing international collaboration and sharing China's technological stories [6]. Group 4: Promoting Scientific Culture - The promotion of scientific literacy and innovation culture is crucial for enhancing public understanding of science and supporting the foundation for a strong technological nation [7]. - CAST will improve the effectiveness of its socialized science popularization system and strengthen the supply of high-quality scientific resources [7][8]. - The organization will also focus on celebrating and promoting the achievements of scientists to inspire future generations and foster a culture of scientific excellence [9].

这里，选育出了国内首个获得认定的南美白对虾抗病新品种——"中兴1号"，突破了种虾受制于国外 的"卡脖子"难题，让国人"吃虾自由"更有底气。让我们走进广东湛江国家863计划项目海水养殖种子工 程南方基地，探秘如何用一粒渔业"中国芯"，让"中国饭碗"端得更稳、更鲜。 编者按 千万IP创科普，共筑科技强国梦。为普及科学知识，弘扬科学精神，提高全民科学文化素质，助力实现 高水平科技自立自强，中国科协科普部与人民网联合策划推出"见证科技之路"主题报道，聚焦国家科技 战略政策、重要科技奖项、"卡脖子"关键核心技术等，深入基层一线开展采访调研，推出一批生动鲜活 的科普精品，大力弘扬科学家精神，为建设科技强国汇聚磅礴力量。 0:00 ...

编者按 千万IP创科普，共筑科技强国梦。为普及科学知识，弘扬科学精神，提高全民科学文化素质，助力实现 高水平科技自立自强，中国科协科普部与人民网联合策划推出"见证科技之路"主题报道，聚焦国家科技 战略政策、重要科技奖项、"卡脖子"关键核心技术等，深入基层一线开展采访调研，推出一批生动鲜活 的科普精品，大力弘扬科学家精神，为建设科技强国汇聚磅礴力量。 0:00 四足机器人俗称"机器狗"，也被称为"会移动的智能终端"。它们没有生命，却拓展着生命的边界；它们 没有感情，却守护着我们的安全。今天，我们一起走进它们的"智能"世界，探索其背后的奥秘与力量。 ...

中国学者答巴西友人：展望"十五五"，如何以科技创新推动高质量发展？｜ 问答中国 中新网12月17日电(记者 甘甜 陈天浩)"十五五"时期，中国将如何更好地把同理心、同情心，以及利他 主义理念，融入新兴技术发展过程中？在这一过程中，如何能做到"以人为本""以环境为核心"？近日， 巴西南里奥格兰德联邦大学信息学教授埃德森·普雷特斯在最新一期《问答中国》节目中，发出提问。 围绕相关提问，中国现代国际关系研究院研究员、金砖暨G20中心主任徐飞彪做出深入回答。 徐飞彪表示，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》将"科技自立自强水 平大幅提高"列入"十五五"时期经济社会发展的主要目标，不仅为我国科技事业发展指明了前进方向， 也释放了中国坚持开放合作、互利共赢的强烈信号。 他进一步指出，从"十五五"时期经济社会发展必须遵循的原则来看，其中一大原则就是坚持高质量发 展，也就是说，以新发展理念引领发展，推动经济持续健康发展和社会全面进步。 "从科技发展的角度来看，中国不是'蒙着头'、关着门在搞科技发展，而是打开门去发展，所践行的是 真正的利他主义。"徐飞彪进一步指出。 此外，徐飞彪表示，"十五五"规划建议 ...

Core Viewpoint - Zhongbao Investment has established itself as a significant player in the long-term investment and patient capital sector in China, managing over 450 billion yuan in assets and focusing on supporting national development strategies through a new strategic plan [2][4][8]. Group 1: Company Overview - Zhongbao Investment was founded in December 2015 in Shanghai and serves as the manager and general partner of the China Insurance Investment Fund [2]. - The company has developed a diverse product toolbox characterized by "equity + debt + mezzanine" investments, emphasizing its role in the domestic long-term investment landscape [2]. Group 2: Strategic Initiatives - In December 2024, Zhongbao Investment collaborated with Xinhua Insurance and Zhonghui Life to establish the Zhijixin Fund, investing approximately 2.037 billion yuan to acquire shares in the Shanghai Integrated Circuit Industry Investment Fund, marking the largest single S fund transaction in China that year [3]. - The company raised 20 billion yuan to invest in Shanghai Real Estate Group to support urban renewal projects, benefiting nearly 60,000 residents [3]. - Zhongbao Investment has supported major infrastructure projects and technology enterprises, with cumulative cooperation scale reaching 48 billion yuan in overseas port projects [3][4]. Group 3: Competitive Advantages - The company has established four core competitive advantages: 1. Strong brand influence in the asset management industry [4]. 2. Unique integration capabilities due to its regulatory background, acting as a bridge between government and market [4]. 3. Diverse product innovation, offering customized financial solutions across various sectors [4]. 4. Agile decision-making structure that enhances responsiveness to market changes [5]. Group 4: Investment Philosophy - Zhongbao Investment emphasizes the importance of long-term, rational, and value-based investments, avoiding short-term speculation [6]. - The company is actively investing in key sectors such as integrated circuits, renewable energy, and biomedicine, supporting leading technology firms to address critical challenges [6][7]. Group 5: Future Development Strategy - The company plans to implement a new strategic framework of "One Foundation, Two Industries, Three Comprehensives, and Four Transformations" to enhance its asset management capabilities and international presence [8]. - Zhongbao Investment aims to expand its international asset allocation to meet the growing demands of Chinese enterprises going global [8].

Core Insights - The insurance industry in China is facing unprecedented challenges as it transitions to a high-quality development phase, with traditional investment areas like infrastructure and real estate becoming saturated, leading to a compression of long-term profit margins [1][5][6] - Insurance funds, as long-term and patient capital, are well-suited to support technology innovation, especially in the context of the national strategy for technological self-reliance, which has created significant policy momentum and market opportunities [1][2][7] - There is a pressing need for insurance funds to explore new investment areas that can replace traditional investments and align with their long-term investment characteristics [1][4][12] Investment Landscape - As of June 2025, the balance of insurance funds in China exceeded 36 trillion yuan, indicating a growing capital scale, but the investment structure reveals significant imbalances and potential risks [3][4] - The investment composition shows a heavy reliance on the bond market, with bond investments accounting for 51.12% of total assets, while equity investments and long-term equity investments are significantly lower at 13.53% and 7.88%, respectively [3][4] Challenges in Investment - The low interest rate environment is causing fixed-income asset yields to decline, putting pressure on the insurance industry's profitability, which heavily relies on bond investments [5] - The saturation of infrastructure investments and the ongoing adjustments in the real estate sector are leading to a decline in traditional asset allocation channels for insurance funds [6][7] Transition to Technology Investment - The necessity, importance, and urgency of transitioning insurance investments towards equity in technology enterprises are highlighted, as this aligns with national strategies and can enhance investment returns [7][8][12] - Insurance funds can play a crucial role in supporting key sectors like semiconductors, biomedicine, artificial intelligence, and new energy, which are essential for national strategic goals [7][13] Recommendations for Investment Transformation - Suggestions include improving the policy environment to support insurance investment transformation, such as relaxing investment limits on unlisted equity and providing targeted incentives for investments in early-stage technology enterprises [16][17] - Developing a scientific and prudent investment strategy that emphasizes indirect investments through venture capital and private equity funds, while gradually moving towards direct investments as expertise grows [18][19] - Establishing a long-term performance evaluation mechanism that aligns with the nature of equity investments, focusing on multi-year assessments rather than annual returns [20]

贾飙 ◎记者 何奎 累计管理规模已超4500亿元、陪伴中国"英伟达"们成长……十年栉风沐雨、砥砺前行，中保投资有限责 任公司（下称"中保投资"）作为"中字头"保险行业基金——中国保险投资基金的管理人和普通合伙人， 成立十年来，交出了一份亮眼的"成绩单"。 1 2015年，国务院同意中国保险投资基金设立方案；同年12月18日，中保投资在上海成立，并被赋予"服 务实体经济发展，促进经济提质增效升级"的使命。如今，中保投资拥有"股+债+夹层"特点鲜明的丰富 产品工具箱，是国内长期投资、耐心资本领域不容忽视的重要力量，也成为耐心资本服务国家战略的成 功典范。 近日，中保投资董事长、上海资产管理协会会长贾飙在接受上海证券报记者专访时表示，公司将继续坚 定以耐心资本服务实体经济发展的使命，未来将通过"一基、两业、三全、四化"的新战略规划实施，致 力于打造一流的综合性资产管理集团。 为国担当： 当好耐心资本服务新质生产力发展 12月5日，成立仅5年、号称"中国版英伟达"的摩尔线程在科创板上市，以114.28元/股的发行价、近80亿 元的募资总额，双双创下2025年科创板IPO之最，成为资本市场名副其实的"明星项目"。在摩尔 ...

Group 1 - The central economic work conference emphasizes "innovation-driven development" as a key task for the upcoming year, focusing on nurturing new growth drivers [1] - The National Bureau of Statistics highlights the significant potential of industries such as new energy, new materials, aerospace, and low-altitude economy, which are expected to become emerging pillar industries [1] - By 2025, the low-altitude economy market size in China is projected to reach 1.5 trillion yuan, with expectations of growing to 3.5 trillion yuan by 2035 [12] Group 2 - The low-altitude application scenarios are rapidly expanding, with various uses from drone delivery to emergency rescue and sightseeing [3] - The Zero Gravity Aircraft Industry has signed a strategic cooperation agreement for the procurement of 50 ZG-ONE aircraft, indicating strong market demand [5] - The delivery of the world's first eVTOL aircraft with all three airworthiness certificates marks a significant milestone in the industry [9] Group 3 - Shanxi province is actively promoting the development of new industries, focusing on third-generation semiconductors, new materials, and synthetic biology, among others [20] - The production capacity of silicon carbide single crystals at Shanxi ShuoKe Crystal Co., Ltd. has reached 300,000 pieces annually, positioning the company as a leader in the domestic market [18] - The automotive industry in Shiyan, Hubei, is transitioning towards new energy and materials, with over a thousand automotive enterprises contributing to a diverse supply chain [22] Group 4 - The "embodied intelligence" sector is rapidly evolving, with significant investments and a growing number of companies involved, exceeding 400 billion yuan in financing [23][24] - The market for humanoid robots is expected to reach a scale of 100 billion yuan by 2030, driven by innovation and demand [24] - The integration of technological and industrial innovation has led to a 42% increase in the added value of high-tech manufacturing during the "14th Five-Year Plan" period [26]

Group 1 - Several foreign institutions, including UBS, JPMorgan, and Fidelity International, believe that Chinese assets have a solid foundation for continued rebound due to profit growth, accelerated innovation, and attractive valuations in their 2026 macroeconomic and stock market outlooks [1] - International long-term capital is showing strong interest in Chinese assets, particularly in sectors like healthcare, robotics, and low-altitude economy, with significant investments from Middle Eastern funds [2] - As of November, foreign long-term capital net bought approximately $10 billion in A-shares and H-shares, contrasting sharply with an outflow of about $17 billion in 2024, indicating a positive trend in foreign investment [3] Group 2 - Deutsche Bank projects that consumption will remain the main driver of China's economic growth, with a recovery in investment contributions and strong export performance [4] - The Central Economic Work Conference emphasized the need for effective qualitative improvements and reasonable quantitative growth in the economy, which is expected to support ongoing structural reforms [5] - UBS highlights that the technology sector in China represents one of the most significant global opportunities, with expected corporate profit growth of up to 37% in 2026, driven by ample liquidity [6]