清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩表示，"十五五"期间有两项核心任务，即大力发展实体经济与实现高水平的科技创新， 尤其在人工智能成为重要驱动力的今天，科技创新具有战略意义。 田轩表示，领投VC对失败的容忍度越高，被投企业上市以后创新的数量和质量会更高，我们要有更加包容的创新市场。政策导向已从过去注重"保持战略定 力""趋利避害"的被动应对，转变为如今强调"以历史主动精神，克难关、战风险、迎挑战"的积极作为。 专题：2026全球与中国资本市场展望论坛 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！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未来。嘉宾表示，从巴菲特到马斯克，AI重构全球财富生 成逻辑！A股牛市没有结束，仍有较大纵深与后续演绎空间！风格轮动剧烈，警惕"牛市里亏钱"。 王忠民：从巴菲特到马斯克，AI重构全球财富生成逻辑，中国市场迎主题资产切换 全国社保基金理事会原副理事长王忠民发表主旨演讲。王忠民指出，全球财富管理已从工业文明与互联网时代的传统模型，全面切换至AI主导的新范式。 巴菲特所代表的工业 ...

《中国电力报》今日刊发国家电网"十四五"发展成就报道。报道指出，2025年，国家电网公司投资超过 6500亿元，成为历史最高年度投资。"十四五"期间，国家电网跨省区输电能力突破3.7亿千瓦，电网资 源配置能力显著增强。2025年，国家电网经营区内新能源装机占比达到48%，新能源稳定成为第一大电 源，每3度电中就有1度绿电。为支撑高比例新能源消纳，国家电网加快抽水蓄能电站建设，在运在建抽 蓄装机规模超过9400万千瓦，并积极推进新型储能发展，装机规模约达1亿千瓦。 擎光而行 向新赋能 ——写在"十四五"收官之际的国家电网答卷 历史于时序更替中前行，梦想在接续奋斗中实现。当"十四五"的壮阔画卷在时代卷轴上徐徐收笔，"十 五五"的宏伟蓝图在奋进号角中渐次铺展，国家电网公司胸怀"国之大者"，以"顶梁柱"的担当、"先行 者"的姿态，镌刻高质量发展的崭新篇章。 这一年，国家电网公司深刻领悟"能源的饭碗必须端在自己手里"的战略深意，以电为笔，勾勒强国脉 络；以网为线，编织复兴蓝图。在保障能源安全的主阵地、推动绿色转型的最前沿、服务国家战略的大 棋盘上，步履铿锵，足印深沉，为中国经济巨轮破浪前行注入了澎湃可靠的电力动能。 电 ...

Group 1 - The core focus of economic development should be on the real economy, emphasizing the optimization and upgrading of traditional industries while nurturing emerging and future industries [1] - As of 2024, China's manufacturing sector has maintained its position as the largest in the world for 15 consecutive years, providing a solid foundation for economic stability [1] - The real economy serves as a major channel for job creation, providing billions of jobs and reinforcing social stability [1] Group 2 - The development of the real economy faces significant challenges, including pressure on traditional industries to upgrade, resource and environmental constraints, and a lag in high-end and intelligent manufacturing [2] - There is a notable gap in core technology capabilities, with weak basic research and low patent conversion rates, alongside high financing costs for small and medium-sized enterprises [2] - To strengthen the foundation of the real economy, it is essential to optimize traditional industries through technological innovation, digital transformation, and a focus on green and low-carbon development [2] Group 3 - Strengthening the real economy also involves the development of emerging and future industries, which can drive collaborative upgrades across the industrial chain and create new demand [3] - The service sector is a crucial component of the real economy, and its efficient development can facilitate manufacturing upgrades and enhance employment opportunities [3] - Ultimately, the goal is to establish a modern industrial system centered on advanced manufacturing, balancing domestic and international markets while promoting quality and brand transformation in Chinese products [3]

日前，科技部直属的国家级公益类科技信息研究机构——中国科学技术信息研究所发布《国家创新 型城市创新能力评价报告2025》。报告显示，南京在全国城市创新能力百强榜单中位居第五，与上年 度持平。 国家创新型城市是指自主创新能力强、科技支撑引领作用突出、经济社会可持续发展水平高、区域 辐射带动作用显著的城市。2019年以来，中国科学技术信息研究所在国家创新调查制度的支持下，按 年度发布《国家创新型城市创新能力评价报告》，为创新型城市建设提供决策支撑。2025年报告评价 体系设置构建了创新治理力、原始创新力、技术创新力、成果转化力和创新引领力5个维度以及30个具 体指标的评价指标体系。 创新人才与生态体系同步优化。构建分层分类的科技人才评价改革试点体系，被国家列为外国人才 服务保障综合配套改革试点城市。第9次入围"魅力中国—外籍人才眼中最具吸引力的中国城市"榜单， 位列全国第8名。构建起"宁科贷""科创投""科创债"三位一体金融赋能机制，布局设立了18家科创金融服 务驿站，累计服务科技企业超过万家、撮合融资超300亿元。 下一步，南京将切实扛好经济大省挑大梁的省会担当，统筹科技供给与需求牵引，加快构建企业主 导、各主 ...

来源：华泰期货 作者： 汪雅航 市场分析 央行发布重磅政策。宏观方面，央行打出"组合拳"支持经济高质量发展。其中包括：下调再贷款、再贴 现利率0.25个百分点；合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总 额度中单设1万亿元民营企业再贷款，重点支持中小民营企业；科技创新和技术改造再贷款额度增加 4000亿元并扩大支持范围；拓展碳减排支持工具支持领域；将商业用房购房贷款最低首付比例下调至 30%。央行表示，今年降准降息还有一定空间。海外方面，美国上周初请失业金人数下降9000人至19.8 万人，显著低于市场预期21.5万人，为去年11月以来最低水平。四周移动平均值降至20.5万，创两年新 低。 指数走势分化。现货市场，A股三大指数走势分化，上证指数跌0.33%收于4112.60点，创业板指涨 0.56%。行业方面，板块指数涨跌互现，电子、基础化工、有色金属行业领涨，国防军工、传媒、计算 机行业跌幅居前。当日沪深两市成交额回落至2.9万亿元。海外方面，美国三大股指小幅收涨，道指涨 0.6%报49442.44点。 基差收敛。期货市场，基差方面，当月合约今日交割，基差基本收敛。成交持仓方 ...

向科技要效益 敢揽突破瓶颈的"瓷器活" 生产的瓶颈点，就是增效的突破口。丙烯腈厂将目光牢牢锁定在装置运行中那些消耗高、效率低的环 节。他们坚信，破解难题必须依靠科技这个"金刚钻"。 这个数字的背后，是全厂人员在"科技、质量、成本、环保"四个方向上同步发力的结果。从科技突破装 置瓶颈到提升产品质量，从勒紧成本口袋到拓展绿色空间，吉化丙烯腈厂绘就了一幅内涵式增长、高质 量发展的生动图景。 厂领导亲自挂帅，4个专业攻坚小组迅速组建，把主装置区、主控室和技改的关键现场作为"主战场"。 在这里，"该提的提、该降的降、该节的节、该算的算"不是口号，而是融入每一次参数调整、每一项流 程优化的行动准则。 一场针对废水焚烧系统的优化运行攻关悄然展开。技术人员日夜盯守，反复模拟、调整，寻找最优燃烧 模型与热量回收路径。功夫不负有心人，优化后的系统不仅运行更稳，也带来了每年超过3000万元的创 效。在乙腈装置，他们引入先进的Aspen模拟技术，通过对物料返料流程的精准重构，一举节约蒸汽 6243吨，创效108万元。 由技术能手和操作"明星"组成的"攻坚先锋队"，成了专啃硬骨头的"尖刀班"。乙腈装置提产等5项长期 困扰生产的难题，被 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing eight policy measures to support economic structural transformation and optimization, focusing on providing low-cost loans to key sectors such as technology innovation and small and medium-sized enterprises (SMEs) [1]. Group 1: Monetary Policy Adjustments - The PBOC has lowered the re-lending and re-discount rates by 0.25 percentage points, bringing the one-year rate to 1.25%, which reduces the cost of funds for commercial banks and encourages more lending [1]. - A new quota of 500 billion yuan for agricultural and small enterprise re-lending has been introduced, along with a dedicated 1 trillion yuan re-lending for private enterprises, directly addressing the financing needs of SMEs [5]. Group 2: Support for Technology and Innovation - The quota for re-lending aimed at technology innovation and technological transformation has been increased from 800 billion yuan to 1.2 trillion yuan, with a focus on supporting private SMEs with high R&D investment levels [3]. - A combined risk-sharing tool for technology innovation and private enterprise bonds has been established, with an additional 200 billion yuan in re-lending, providing a "double insurance" for tech-oriented private enterprises [3]. Group 3: Real Estate Market Adjustments - The minimum down payment ratio for commercial property loans has been reduced from 50% to 30%, aimed at addressing high inventory and vacancy rates in the commercial real estate sector, thereby lowering entry barriers for investors and operators [8]. Group 4: Strategic Direction - The PBOC's recent actions reflect a commitment to directing financial resources towards technology, green initiatives, and small enterprises, ensuring support for high-quality development in the economy [10].

陈刚代表自治区党委、政府对北京国际技术交易联盟代表团一行来桂商谈合作表示欢迎。陈刚表 示，广西作为我国面向东盟开放合作的"桥头堡"，正深入学习贯彻党的二十届四中全会和中央经济工作 会议精神，贯彻落实习近平总书记关于广西工作论述的重要要求，解放思想、创新求变，向海图强、开 放发展，抢抓国家实施人工智能能力建设普惠计划、高水平共建西部陆海新通道等重大机遇，主动拥抱 人工智能时代，聚焦国家所需、广西所能、东盟所盼，协力各方构建"北上广研发+广西集成+东盟应 用"发展路径，推动人工智能赋能千行百业，因地制宜发展新质生产力，扎实推动高质量发展。广西拥 有中国—东盟技术转移中心、东盟国家标准化合作交流中心等国家级合作平台，北京国际技术交易联盟 是推动国际科技交流合作、成果转化的重要力量。希望双方进一步加强沟通交流，持续拓展合作空间， 积极在人工智能、科技创新等领域开展务实合作，携手推动人工智能与金融"双向奔赴"，共同开拓东盟 市场，在服务构建更为紧密的中国—东盟命运共同体和高质量共建"一带一路"中实现互利共赢、共同发 展。 1月15日，自治区党委书记、自治区人大常委会主任陈刚在南宁会见"一带一路"空间信息走廊先导 示范工 ...

Core Viewpoint - The city of Binzhou is transforming from a saline-alkali land into a hub of technological innovation and open trade, focusing on enhancing its industrial matrix and improving the quality of life for its residents, with a vision extending towards 2026 [1][10]. Group 1: Technological Innovation - The previously limiting saline-alkali land has become fertile ground for technological innovation, exemplified by the intelligent workshop of Weiqiao Textile, where AGV vehicles operate along a 35-kilometer track using 5G technology for automated material handling [3][11]. - The Bohai Advanced Technology Research Institute has generated a technological innovation effect worth 12.8 billion yuan, while Weiqiao's research centers have produced over 700 scientific achievements [3][11]. - The project by Zhongyu Food for deep processing of high-quality wheat is expected to create an annual economic benefit of 4 billion yuan, contributing to the upgrade of the national grain processing industry [3][11]. Group 2: Green Shipping Initiatives - The launch of the world's first 10,000-ton offshore new energy bulk carrier, "Weiqiao Green Movement 1," marks a significant step in reducing carbon emissions in traditional shipping through the use of new energy technologies [4][12]. - This vessel, measuring 109.8 meters in length, will primarily transport aluminum ore between Yantai and Binzhou, showcasing the company's commitment to the national "dual carbon" strategy [4][12]. Group 3: International Trade and Economic Growth - Binzhou's foreign trade reached a record high, surpassing 100 billion yuan for the first time, entering the national "100 billion club" and maintaining its position among the top foreign trade cities in China [5][14]. - The number of private market entities in Binzhou is projected to reach 467,300 by 2024, with private enterprises accounting for 168,400 of that total, reflecting a significant increase in the local economy [5][14]. - Cross-border e-commerce trade has surged, increasing 11 times compared to 2021, indicating a robust growth in international trade activities [5][14]. Group 4: Community and Quality of Life Improvements - Binzhou has implemented various initiatives to enhance the quality of life, including the renovation of 832 old residential communities benefiting 98,000 households, and the installation of 296 elevators in existing multi-story buildings [8][15]. - The city has focused on creating child-friendly spaces and improving accessibility for the elderly and disabled, achieving 100% coverage for wheelchair ramps and blind paths [8][15]. - Community programs have been established to provide employment opportunities for parents, allowing them to balance work and family responsibilities effectively [9][16]. Group 5: Future Development Goals - As Binzhou enters the "14th Five-Year Plan" period, it aims to maintain a steadfast commitment to high-quality development, emphasizing innovation and collaboration between government and enterprises [17].

1月15日，国务院国资委召开地方国资委负责人会议，总结2025年工作和"十四五"成绩，研究提出"十五 五"工作思路，部署2026年重点任务。 《证券日报》记者从会上获悉，2025年前11个月，地方监管企业实现增加值6.9万亿元，地方监管企业 完成固定资产投资5.3万亿元。国务院国资委数据显示，"十四五"时期，国资系统监管企业资产总额从 235万亿元增长到387万亿元，年均增长10.5%，有力支撑了我国经济社会持续健康发展。 2026年是"十五五"的开局之年。为确保"十五五"开好局起好步，本次会议将"着力推进提质增效稳增 长"列为2026年各地国资委要着力抓好的六方面工作之首。 国务院国资委强调，各地国资委要坚定信心，全力以赴稳经营、提质效。要引导企业把握消费新趋势， 强化供给提级、产品提档、服务提质，打造一批带动面广、显示度高的消费新场景，不断培育消费新增 长点。要指导企业用好超长期特别国债、设备更新专项贷款等支持政策，谋划实施一批强链补链的重点 项目，以有效投资拉动需求增长。 当前，随着全球争夺科技制高点的竞争空前激烈，对国有企业而言，其加强科技创新的重要性和紧迫性 也更趋凸显。为此，国务院国资委要求，20 ...