Core Viewpoint - The recent proposal by the Guangdong Provincial Committee of the Communist Party of China outlines a strategic plan for the province's economic and social development, focusing on eight new economic sectors to seize emerging opportunities [1] Group 1 - The proposal introduces a dedicated section for the development of eight new economic sectors, indicating a proactive approach to economic growth [1] - The initiative aims to create a "combination punch" strategy to effectively capitalize on these new economic trends [1] - A video has been produced to explain how Guangdong plans to leverage these eight new economic opportunities [1]

制作：学习经济工作室 近日出炉的《中共广东省委关于制定广东省国民经济和社会发展第十五个五年规划的建议》创新性地开 设专栏，就发展8种新经济打出"组合拳"。一条视频，读懂广东如何抢占这8大新风口！ 统筹：丁青云 谭婷 曾婷芳 （原标题：经济大省挑大梁丨"十五五"广东新经济八面来风） ...

Core Insights - The article emphasizes the importance of asset securitization in connecting capital markets with the real economy, particularly under the strategic guidance of the central financial work conference focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2] Group 1: New Economy and Digital Finance - The new economy is characterized by the integration of digital and intelligent technologies, which transforms real-world information into digital information, facilitating rapid dissemination and interaction [2] - The government report for 2025 highlights "new quality productivity" as a primary task, aiming to enhance emerging industries and support small and medium enterprises through digital financial services [2][3] - Digital finance leverages technologies like the internet and big data to provide financial services, which is crucial for the development of the new economy and the real sector [2] Group 2: Asset Securitization and Data Assets - Asset securitization is a vital financing method that offers low costs, quick liquidity, and risk diversification, particularly beneficial for revitalizing state-owned enterprises [3] - The integration of data assets into securitization represents a significant innovation, allowing for a new valuation basis and enabling brokers to convert data assets into tradable securities [3][4] - The article discusses the need for innovative approaches to securitize data assets, focusing on the use of data usage rights and revenue rights as underlying asset pools [4] Group 3: Regulatory Framework and Policy Support - The "three rights" mechanism proposed in the "Data Twenty Articles" aims to separate management, usage, and operational rights of data assets, enhancing their circulation and utilization [6][7] - Recent policies provide a solid foundation for exploring innovative paths in data asset securitization, ensuring compliance and effective management of state-owned data assets [7] Group 4: Innovation in Data Asset Securitization Models - As of September 2025, the Shanghai and Shenzhen exchanges have issued nine data asset-related products, totaling 9.92508 billion yuan, primarily based on infrastructure REITs [8] - The article highlights the emergence of data asset pledge financing as a new funding avenue, although it notes that this method does not fully capture the independent value creation potential of data assets [8][9] - A proposed ideal model focuses on future revenue rights as core assets, aiming to establish a market pricing mechanism for data products and ensure stable cash flow [9][10] Group 5: Practical Exploration and Case Studies - The article outlines the process from data to data asset securitization, emphasizing the importance of rights confirmation, valuation, credit enhancement, and liquidity [12] - A pilot project in Shanghai involving health data products demonstrates the potential for data asset securitization to create stable cash flows and enhance market liquidity [14][16] - The successful implementation of data asset securitization can facilitate the transformation of data from a resource into capital, broadening financing channels for enterprises [17] Group 6: Challenges and Future Directions - Despite ensuring data security and compliance, pricing and valuation of data products remain significant challenges in asset securitization [18] - The need for a dynamic pricing model that considers data quality and market factors is highlighted, along with the importance of collaboration between brokers and technology firms to establish industry standards [18]

Core Viewpoint - The recent surge in the stock prices of listed insurance companies is attributed to the announcement by the National Financial Regulatory Administration regarding the adjustment of risk factors for insurance companies, effectively "unbinding" capital for insurers [9][11]. Group 1: Policy Adjustments - The core of the policy adjustment is to reduce the capital occupation cost for insurance companies through technical means, guiding funds more precisely [3][11]. - The risk factors for index components held for over three years, such as the CSI 300 and CSI Dividend Index, have been lowered from 0.2 to 0.17, while the risk factor for stocks locked for over five years on the Sci-Tech Innovation Board has been reduced from 0.4 to 0.36 [4][11]. - This adjustment allows insurance companies to release more usable capital without increasing their capital base [5][11]. Group 2: Market Implications - The regulatory intent is clear: to encourage insurers to adhere to "value investing" by lowering the holding costs of blue-chip and dividend stocks, acting as a "ballast" for the market [5][11]. - The adjustment also provides more room for insurers to support "hard technology" and "new economy" sectors, particularly favoring the Sci-Tech Innovation Board [5][11]. - The recent stock price increase reflects a perfect resonance between policy benefits and the transformation needs of insurance companies, especially in a declining interest rate environment [6][11]. Group 3: Future Outlook - The surge on December 5 may be just the beginning of a new round of asset allocation adjustments by insurers, with incremental funds gradually flowing into high-value areas of the A-share market [7][12]. - This situation presents a good opportunity for insurers to optimize their balance sheets and signifies that "patient capital" has better access to the market [7][12]. - However, the effectiveness of this policy relaxation will ultimately depend on the insurers' stock selection capabilities and risk management in a volatile market [7][12].

中新网12月2日电(范宇斌康玉湛)"大家经常会问新的社会阶层人士代表什么？在我看来，新的社会阶层人士主 要的内核和底色是专业能力。"近日，全国政协委员、上海市新的社会阶层人士联谊会监事长、德勤中国主席 蒋颖接受中新网专访时表示。 在她看来，新阶层人士正通过专业能力，在新经济生态中扮演着至关重要的角色——他们链接技术与产业、 沟通政策与市场、贯通国内与国际，成为推动新质生产力发展的关键力量。 专业底色，价值创造 "当前中国GDP中约60%来自服务业，其中生产性服务业约占30%，这一比例与发达经济体相比还有提升空 间。"蒋颖分析道，"十五五"规划建议中重点强调提升现代服务业，新阶层人群恰好处于这个框架的核心范 围。 她将新阶层的核心价值概括为三个方面：首先是技术与产业的链接者，能把实验室的尖端技术通过专业咨 询、专利转化落地为市场商品和产业；其次是政策与实业的"翻译官"，既能解读政策适配企业需求，又能将企 业实践反馈给政府；第三是国内与国外的桥梁，凭借国际化视野助力中外经济交流合作。 2025年是蒋颖加入德勤的第30个年头。她深有感触地说："这30年既是我个人的工作事业的历程，也是伴随中 国改革开放的过程。我们既 ...

Group 1: Core Views - The article discusses the favorable factors for the Chinese stock market from both the asset and funding sides, emphasizing the importance of stable profit growth and elevated valuation levels during economic transformation and upgrading [3][4]. - Historical experiences from developed countries indicate that a stable profit growth rate and rising valuation levels can sustain a long-term bull market, even when economic growth rates decline [6][10]. Group 2: Transformation and Growth - Since the "924" event last year, the A-share market has diverged from the economic fundamentals, with A-shares rising over 50% while domestic demand remains under pressure [6]. - The current financial cycle's downward trend is expected to enhance overall efficiency in the Chinese economy, transitioning from a focus on real estate to innovation and technology [18][21]. Group 3: High-Quality Global Expansion - China is actively expanding through trade and investment, with high-tech and high-growth companies increasingly exposed to overseas markets, leading to better revenue growth and profitability compared to traditional sectors [28][30]. - The share of overseas revenue for specialized and innovative companies is projected to rise significantly, indicating a shift towards global market engagement [32][33]. Group 4: Corporate Governance Improvement - Recent policies aimed at improving corporate governance are expected to enhance transparency and shareholder returns, transitioning the capital market towards a balance between financing and investment [45]. - The contribution of dividends to total returns in the A-share market has been relatively low, but recent reforms are likely to improve this situation, with dividend rates increasing from 35% in 2020 to nearly 45% [49][51]. Group 5: Long-Term Capital Inflows - Stable inflows of long-term capital, particularly from insurance and pension funds, are anticipated to support a structural bull market in A-shares [56][59]. - Global capital rebalancing is expected to attract more foreign investment into the Chinese market, which has been undervalued in recent years [60][62].

Core Insights - The transformation of traditional industries in China has led to the emergence of new technologies, business models, and industries, which are crucial for high-quality economic development [10][11] - Financial institutions need to develop new service models that align with the demands of new economic industries, focusing on five categories: new consumption, new technology, new digital, new terminals, and future industries [10][13] Group 1: New Economic Industries - New economic industries are becoming a significant driving force for economic development, with the added value of the new economy reaching 24.3 trillion yuan in 2024, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year [11] - As of June 2025, there are 25.36 million registered new economy enterprises in China, representing over 40% of the total number of enterprises, with a year-on-year growth of 6.6% [11] Group 2: Financial Service Requirements - The five new economic categories present unique requirements for financial services, including challenges in intangible asset valuation and sustainable business model assessment in new consumption, technology path judgment and information asymmetry in new technology, and the need for a scientific valuation system in new digital industries [10][12] - Financial institutions must accelerate the formation of tailored financial service models for each of the five new economic categories, focusing on diverse value creation and innovative supply-demand relationships [10][12] Group 3: New Consumption Financial Services - New consumption industries are crucial for expanding domestic demand, with a shift towards service, value, cultural, and green consumption, maintaining over 10% growth in sectors like leisure and tourism despite overall consumption pressure [14] - Financial institutions face challenges in serving new consumption industries due to the intangible nature of core assets, lack of market comparables for valuation, and the non-linear growth paths of new consumption enterprises [15][16] Group 4: New Technology Financial Services - New technology industries are vital for innovation-driven development, with over 500,000 high-tech enterprises in China as of 2024, marking an 83% increase since 2020 [18] - Financial institutions encounter challenges in serving new technology industries, including limited understanding of technological innovation, information asymmetry regarding non-financial metrics, and differing valuation logic across various technology sectors [19][20] Group 5: New Digital Financial Services - The digital economy is rapidly growing, with its added value exceeding 43% of GDP in 2024, driven by sectors like industrial internet and smart manufacturing [21][22] - Current financial services for new digital industries are insufficient, with low representation in the A-share market and a need for improved valuation and pricing capabilities [22][23] Group 6: New Terminal Financial Services - New terminal industries, characterized by deep integration of manufacturing, digital, and technology, require financial services that respond to complex ecological collaboration relationships [24][25] - Financial institutions must optimize value assessment capabilities and provide integrated financial solutions for the entire industrial chain, focusing on collaboration with leading enterprises [25][26] Group 7: Future Industry Financial Services - Future industries are marked by breakthroughs in common technologies and face significant risks, including feasibility of technology paths and market demand realization [27][28] - Financial institutions should innovate comprehensive financial service models to address the uncertainties faced by future industries, leveraging government funds and private equity investments to support development [29]

证监会的"并购六条"打开了资本市场收购兼并的空间，北京"并购19条"这类地方政策的推出，进一步加 强了地方的支持力度。随着政策的完善，以及各级政府对符合条件的并购活动的支持，并购业务将会迎 来更快的增长，助推我国新经济实现更好更快的发展。 桂浩明 年底往往是证券市场上并购业务较为活跃的时期。自去年证监会的"并购六条"发布后，国内资本市场上 的并购业务明显升温，各地也结合本地情况纷纷推出支持并购政策的细则。 上月底北京市政府颁布的《北京市关于助力并购重组促进上市公司高质量发展的意见》（下称：北 京"并购19条"）颇受关注。北京"并购19条"突出强调了两点：一是服务和支持符合条件的企业依法收购 上市公司，注入优质资产，提升上市公司质量；二是服务和支持拟上市企业自主选择通过IPO或并购重 组上市，借助资本市场实现跨越式发展。 很明显，该思路把并购视作提升上市公司质量的主要途径，同时也是企业走向资本市场的一个重要选 项。过去，因IPO更受重视，在资本运作方面，并购往往不是首选方案。这次北京"并购19条"则把并购 与IPO放在了同等位置。 目前，沪深京三个证券交易所，上市公司数量已超5500家。这两年，监管部门严把发行 ...

Core Insights - Guangdong's foreign trade has achieved significant growth during the "14th Five-Year Plan" period, surpassing 8 trillion and 9 trillion yuan in total trade value, marking historical highs [1] - The province's contribution to national foreign trade growth has increased from 17.8% in 2021 to 38.4% in 2024, solidifying its role as a key player in China's foreign trade [1] Trade Market Expansion - Guangdong has diversified its trade markets, with ASEAN becoming its largest trading partner, reaching an import-export scale of 1.45 trillion yuan in 2024, a growth of 33.5% [2] - Exports to emerging markets such as Latin America, the Middle East, India, Russia, and Central Asia have seen substantial increases, with growth rates of 76.8%, 55.1%, 70.8%, 103.6%, and 208.9% respectively [2] - Trade with countries involved in the Belt and Road Initiative reached 3.48 trillion yuan, growing by 36.4% and accounting for 38.3% of Guangdong's total trade [2] Trade Structure Optimization - General trade has become increasingly significant, with a 46.1% growth in general trade imports and exports, contributing to a 6.3 percentage point increase in overall trade growth [2] - The number of private enterprises engaged in import-export activities rose from 77,000 to 123,000, a 60.7% increase, with their trade value growing by 48.2% [2] Export Dynamics - The export of electric vehicles and lithium batteries has surged, with growth rates of 31 times and 1.3 times respectively, reflecting a shift towards advanced manufacturing and green low-carbon industries [3] - The export scale of integrated circuits, computers, and ships has increased by 77.5%, 70.3%, and 1.7 times compared to the end of the "13th Five-Year Plan," enhancing Guangdong's share in national exports of these products [3] - Self-branded products now account for 21.1% of total exports, up 2.6 percentage points from 2020, indicating a strong global presence of "Guangdong manufacturing" [3] Import Trends - The demand for imports has shifted towards new and high-quality products, with significant growth in the import of integrated circuits, semiconductor manufacturing equipment, and computers, showing increases of 27.1%, 190.3%, and 132.2% respectively [3] - There has been a notable rise in imports of agricultural products and pharmaceuticals, with growth rates of 26.7% and 27.4% respectively, reflecting the increasing domestic consumption needs [3]

BOI强调，中小企业获得特别扶持，最低投资额仅为50万泰铢，并享有更高企业所得税优惠，助力更多 企业成长为国际竞争者。 主要投资集中在五大重点领域：农业、食品和生物技术投资超310亿泰铢，推进高端食品、生物塑料、 生物燃料等产业；旅游、物流及医疗服务投资超过300亿泰铢；数字领域投资超过1400亿泰铢，其中数 据中心成为核心增长动力；工业公用设施投资超过930亿泰铢，主要集中在太阳能、生物质能等绿色能 源；汽车及机械零部件投资超34亿泰铢，体现泰国供应链竞争力。 据泰媒报道，泰国投资促进委员会（BOI）表示，2025年前九个月泰国投资额大幅增长，泰国企业投资 申请共840个项目，总额超过4470亿泰铢，同比上涨99%，显示私营部门在推动国家迈向"新经济"方面 潜力巨大。自2023年实施新战略以来，BOI重点通过政策激励引导企业以科技、创新和高技能劳动力提 升竞争力，并推动本地与海外企业合作。 ...