Core Viewpoint - The article emphasizes the role of the futures market in supporting national strategies and stabilizing the real economy, highlighting the commitment of Donghai Futures to high-quality development and professional responsibility [1] Group 1: Service to National Strategy - Donghai Futures focuses on two major strategic lines, establishing a service system deeply embedded in the industrial chain [1] - The company aims to serve national strategic directions through in-depth understanding and implementation [1] Group 2: Regional Development - Donghai Futures actively explores a "one region, one policy" service model tailored to local needs, striving to be a "co-builder" and "enabler" of regional industrial development [1] Group 3: Risk Control - The company prioritizes risk prevention as a lifeline, adhering to the principles of "compliance first, risk control in advance" [1] - An integrated risk control system is built on compliance and data intelligence [1] Group 4: Industry Development Collaboration - Donghai Futures seeks to create an efficient ecosystem involving government, industry, academia, research, and finance [1] - The company collaborates with industry institutions to promote service innovation and develop customized solutions with enterprises in the industrial chain [1]

中证报中证网讯(记者马爽王超)2025年12月10日至11日，中央经济工作会议在北京举行。浙商期货董事 长胡军表示，公司始终坚持服务实体经济初心，以促进高质量发展为主线，围绕做好金融工作"五篇大 文章"，加快探索模式创新与服务升级，持续打造形成资源共享、优势互补的期货保障体系，确保金融 服务覆盖更广、成效更足。 她说，浙商期货将不断提升专业能力和创新水平，最大程度上释放出期货市场的服务保障功能，为加快 建设金融强国目标持续贡献期货力量。始终坚持党对金融工作的领导，切实增强做好金融行业党建工作 的责任感使命感，紧扣防风险、强监管、促高质量发展工作要求，谋深谋实公司"十五五"发展规划，在 服务国家战略、促进实体发展和履行社会责任等方面采取更多有力有效的工作措施。 ...

Core Viewpoint - China's economy is transitioning from high-speed growth to medium-speed growth, driven by a shift from supply-side constraints to demand-side challenges, emphasizing the importance of innovation and consumption as new growth drivers [1] Group 1: Economic Growth Potential - China has significant catch-up potential, with a current per capita income of approximately $14,000 and a target of $35,000 to $40,000 by 2035, indicating a $20,000 gap that represents this potential [2] - The global demand during this stage is relatively stable, and the growth potential is highly certain, which should be emphasized [2] Group 2: Technological Advantages - China possesses advantages in a new technological revolution focused on digital and green technologies, with some sectors already catching up or leading, such as the renewable energy sector where costs have decreased by about 90% over the past decade [3] Group 3: Market Scale Advantages - China has a super-large-scale market economy advantage, which includes not only the consumer market but also production, investment, trade, innovation, finance, and currency markets, with a projected middle-income group of 800-900 million people, leading to a significantly larger market consumption scale in the future [3] - China is the only country with all industrial categories classified by the United Nations, indicating a robust innovation network and strong economic resilience [3] Group 4: Building Strong Economies - To build a manufacturing and consumption powerhouse, China should focus on developing productive service industries and addressing structural biases in consumption relative to GDP, aiming to become the largest consumer market globally [3] - A modern financial system is essential to support the manufacturing and consumption sectors, with an emphasis on enhancing the project selection capabilities of the financial system in response to increasing economic complexity and uncertainty [4] Group 5: Capital Market Evolution - As real estate investment attractiveness declines and interest rates drop, more funds are expected to flow into capital markets, which need to nurture leading enterprises at the global technological forefront [4] - From an investor's perspective, pension funds should enter the market to provide income for an aging society, and a larger portion of household income should be generated through capital markets, enhancing the historical mission of these markets [4]

Core Viewpoint - The Central Economic Work Conference has outlined the overall requirements, policy orientations, and eight key tasks for economic work in 2026, reinforcing confidence and direction for the new year [1] Group 1: Economic Environment and Policy - The conference emphasized the importance of a stable, transparent, and predictable policy environment for various markets, including commodities, to bolster confidence in economic development [1] - The recognition of the indispensable value of the futures and derivatives market in the modern economic system highlights its role as a "financial main force" in serving national strategies [1] Group 2: Strategic Direction and Market Development - The concept of a "financial power" has been integrated into the national "14th Five-Year Plan," indicating the need for a mature and efficient futures and derivatives market to provide risk management and price signals for high-quality economic development [2] - The company, Yong'an Futures, aims to embed itself deeply within key industrial chains to assist enterprises in navigating the challenges of transformation and upgrading [2] - Yong'an Futures has established an overseas presence in Hong Kong, Singapore, and London, utilizing a "four-wheel development" model to help enterprises manage risks associated with overseas procurement and sales [2] Group 3: Mission and Corporate Goals - Yong'an Futures aims to align its goals with national development objectives, focusing on becoming a "first-class derivatives investment bank" while adhering to a mission of "finance for good and futures for reality" [3] - The company plans to implement significant reforms centered on customer needs, positioning itself as a risk manager for industrial chains and a comprehensive financial service expert [3] - A commitment to compliance, integrity, professionalism, and risk management culture is emphasized, with the goal of enhancing risk control through financial technology [3]

本报讯 （记者王宁）明年是"十五五"规划的开局之年，做好经济工作至关重要。刚刚召开的中央经济 工作会议精准研判了当前宏观经济形势，对明年经济工作作出一系列重要部署，必将进一步坚定发展信 心，持续巩固经济稳中向好势头，为实现"十五五"发展目标打牢发展基础。 浙商期货董事长胡军表示，站在新的历史起点上，要充分认识中央经济工作会议的重大意义，准确把握 好主要目标和重要任务，贯彻落实好"八个坚持"的相关要求，时刻谨记金融工作的政治性、人民性，以 更强的动力、更足的信心不懈努力、接续奋斗，努力在新征程中作出更多贡献。浙商期货始终坚持服务 实体经济初心，以促进高质量发展为主线，围绕做好金融工作"五篇大文章"，加快探索模式创新与服务 升级，持续打造形成资源共享、优势互补的期货保障体系，确保金融服务覆盖更广、成效更足。 会议强调"要坚持稳中求进、提质增效"。在政策引导与市场驱动中。胡军表示，浙商期货将不断提升专 业能力和创新水平，最大程度上释放出期货市场的服务保障功能，为加快建设金融强国目标持续贡献期 货力量。始终坚持党对金融工作的领导，切实增强做好金融行业党建工作的责任感使命感，紧扣防风 险、强监管、促高质量发展工作要求， ...

Core Insights - The forum "New Leap, New Journey - 2025 Excellent Competitiveness Financial Forum" focused on enhancing economic and financial adaptability, financial technology, digital transformation, and empowering the real economy [1] - Artificial intelligence (AI) is having a disruptive impact on the financial industry, with licensed financial institutions collaborating with tech companies to implement AI technologies [3] - The development of the pension finance market is expected to be supported by life insurance companies leveraging their risk management and long-term capital utilization capabilities [3] Financial Technology and AI - Financial technology and digital finance have been the most significant innovations in China's financial story over the past 20 years [3] - The application of AI in financial institutions has progressed from conceptual stages to practical implementation, with a clear stratification in development [3] - Currently, AI applications in finance are primarily in the "assisted decision-making" phase, transitioning towards becoming a "core productivity engine" [3] Empowering New Productive Forces - In the context of significant global changes, securities institutions need to strengthen internal capabilities and support new productive forces through value investment and patient capital [4] - Traditional financial paradigms must be broken to empower new productive forces, requiring profound changes in concepts, mechanisms, products, and ecosystems [4] - Key internal adjustments at Guangfa Bank include incorporating technology finance credit indicators into assessment systems and creating a conducive environment for lending [4] Investment Strategies - Jianxin Life Insurance is directing its long-term capital towards high-end manufacturing, AI, and chip sectors, providing robust financing support for new productive forces [5] - Jianxin's investment strategy focuses on supporting strategic emerging industries and modern infrastructure through various investment forms [5] - The investment approach emphasizes patience and long-term perspectives, particularly for companies with significant R&D investments and uncertain returns [6] Risk Management and Financing - Financial leasing companies are enhancing their risk identification capabilities through technology empowerment, which is crucial for supporting new productive forces [6] - The characteristics of "light asset" companies necessitate a financing model based on "credit + data" to address their unique challenges [6]

Core Insights - The conference emphasized the theme of "vitality and resilience, innovation and empowerment" to address contemporary challenges and explore future pathways [2] Economic Transition - China's economy is transitioning from high-speed to medium-speed growth, with a shift in growth drivers from investment and exports to innovation and consumption [3] - The GDP deflator index has shown negative growth for ten consecutive quarters leading up to Q3 2025, with actual growth rates of 5.4% and 5.2% in the first two quarters of 2025 [3] Long-term Growth Advantages - China possesses three long-term growth advantages: 1. Catch-up potential, with per capita income at approximately $14,000, indicating significant room for growth towards the levels of developed countries [3] 2. Advantages in new technology revolutions, particularly in digital and green technologies, where China is at the forefront of industrial engineering and commercial applications [4] 3. The scale of the market economy, highlighted by a large middle-income group and the potential for 900 million low-income individuals to transition to middle-income status, significantly expanding the consumer market [4] Financial Strength - The construction of a "manufacturing powerhouse, consumer powerhouse, and financial powerhouse" is essential for modernizing China's economy [5] - Financial systems must enhance their project selection capabilities to support the real economy, especially as the economy shifts towards innovation-driven growth [5] Currency and Internationalization - A strong currency is a key indicator of a financial powerhouse, with the need for the RMB to play a more significant role internationally [6] - Recommendations include balancing imports and exports while increasing the use of RMB for international transactions, thereby enhancing its liquidity and facilitating its internationalization [6]

文：浙商期货董事长 胡军 文：浙商期货董事长 胡军 明年是"十五五"规划的开局之年，做好经济工作至关重要。刚刚召开的中央经济工作会议精准研判了当 前宏观经济形势，对明年经济工作作出一系列重要部署，必将进一步坚定发展信心，持续巩固经济稳中 向好势头，为实现"十五五"发展目标打牢发展基础。 站在新的历史起点上，要充分认识中央经济工作会议的重大意义，准确把握好主要目标和重要任务，贯 彻落实好"八个坚持"的相关要求，时刻谨记金融工作的政治性、人民性，以更强的动力、更足的信心不 懈努力、接续奋斗，努力在新征程中作出更多贡献。浙商期货始终坚持服务实体经济初心，以促进高质 量发展为主线，围绕做好金融工作"五篇大文章"，加快探索模式创新与服务升级，持续打造形成资源共 享、优势互补的期货保障体系，确保金融服务覆盖更广、成效更足。 会议强调"要坚持稳中求进、提质增效。"在政策引导与市场驱动中，浙商期货将不断提升专业能力和创 新水平，最大程度上释放出期货市场的服务保障功能，为加快建设金融强国目标持续贡献期货力量。始 终坚持党对金融工作的领导，切实增强做好金融行业党建工作的责任感使命感，紧扣防风险、强监管、 促高质量发展工作要求，谋 ...

Core Viewpoint - The securities sector is expected to experience a recovery in 2026, supported by favorable policies and a stable capital market, despite underperforming compared to the Shanghai Composite Index in 2025 [1][2]. Group 1: Market Performance and Trends - The broker index has shown a cumulative increase of only 2.11% from the beginning of 2025 to December 11, 2025, significantly lagging behind the over 15% increase of the Shanghai Composite Index during the same period [1]. - The third-quarter reports from listed brokers indicate a notable growth in revenue and net profit, highlighting a mismatch between performance and valuation [1]. Group 2: Policy and Market Environment - The "14th Five-Year Plan" is expected to enhance the stability of the capital market, with policies aimed at building a strong financial nation and improving market functions [2]. - The monetary policy is anticipated to maintain a moderately loose stance in 2026, supporting liquidity and encouraging institutional investment [2]. Group 3: Industry Dynamics and Opportunities - The securities industry is projected to demonstrate resilience and adapt through value transitions, with active trading expected to support brokerage business and accelerated wealth management transformation [3]. - Mergers and acquisitions are seen as crucial for breaking through business bottlenecks and restructuring return on equity (ROE) [4]. Group 4: Investment Focus - Investors are advised to focus on leading securities firms aiming for international competitiveness, mid-sized firms with potential to enter the top tier, and companies benefiting from the recovery of wealth management and enhanced capital market flexibility [4].

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！ 摘要 12月10日至11日，中央经济工作会议召开。会议总结2025年经济工作，分析当前经济形势，部署2026年 经济工作。 总体上看，会议坦诚务实、基调积极，既充分认识困难又看到是发展和转型中的问题，举措注重务实可 行，着眼目标在于稳增长、优结构，同时高度强调民生为大。会议在延续前期"更加积极有为"宏观政策 导向和"高质量发展"主线的基础上，更突出三个取向：一是更强的问题导向和底线思维，直面"供强需 弱""风险隐患较多"等现实矛盾，对房地产、地方债、新就业形态、极端天气等给出更细化的应对路 径；二是更明确的结构性与制度性安排，通过"条例""纲要""配套法规""试点"等抓手，把全国统一大市 场、能源强国建设、民营经济发展、地方税体系完善等推向更具约束力和可操作性的阶段；三是更重视 预期管理和政策协同，不仅强调"增强宏观政策取向一致性"，还把经济与非经济、存量与增量政策一体 纳入评估，健全预期管理机制，通过制度化安排来稳定信心、引导预期。 中央经济工作会议延续了此前政治局会议的重大判断和政策取向，充分肯定今年和过去五年的成绩，在 政策基调上 ...