从扫码支付的"秒到账"，到跨境投资的"一键通"，再到小微企业贷款的"快审批"——这些日常金融 场景的顺畅运转，背后都离不开金融基础设施的支撑。作为金融市场的"核心骨架"，金融基础设施不仅 是各类交易的"中转站"，更是维护金融稳定、保障资源配置的基石，其架构设计与监管效能，直接关系 到金融服务的质量与经济运行的平稳。 金融基础设施是金融资源交易运行的"道路桥梁"。金融基础设施是指为各类金融活动提供基础性公 共服务的系统及制度安排。目前，我国已逐步形成了为货币、证券、基金、期货、外汇等金融市场交易 活动提供支持的基础设施体系，功能比较齐全、运行整体稳健。金融基础设施服务效率的高低和质量的 优劣，决定了金融市场定价和资源配置是否有效。金融基础设施的服务效率越高、质量越优，市场信息 传递就越及时，资金供需匹配就越精准。 党的二十届四中全会审议通过的《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》，首次将"加快建设金融强国"写入五年规划建议，并围绕此目标作出全面部署，其中提出"建设安 全高效的金融基础设施"。未来如何进一步建设好金融基础设施，助力金融强国建设？经济日报记者采 访了多位业内人士。 推动资源高 ...

证券时报记者 李颖超 当前，全球经济格局加速演变，准确理解中国宏观趋势与市场机遇尤为重要，国际金融机构正深入研判"十五 五"开局之年的发展路径与投资机会。新年伊始，来自汇丰银行、渣打银行等多家国际金融机构的首席经济学家、 投资策略总监接受了证券时报记者的采访，多家机构不约而同地将"十五五"规划建议作为分析核心，从增长目 标、政策重点、产业动能到资产"跟投"，系统勾勒出一幅以"内需主导、创新驱动、高水平开放"为关键词的中国经 济新图景。 保持中高速增长 向内需与创新要动力 对于2026年中国经济的增速设定，外资机构给出了贴近"潜在增长水平"的预测。 超配中国股票 青睐科技与价值板块 基于对宏观面和政策面的积极研判，多家外资机构在资产配置上明确表达了对中国资产的偏好。 据渣打银行（中国）有限公司财富方案部总经理梁大伟介绍，该行最新发布的《2026年全球市场展望》建议超配 中国股票，并认为其有望受益于企业治理的改善，以及针对科技与创新的针对性政策支持。 "渣打银行自身也超配中国股票，预期定向的政策刺激，以及与人工智能主题相关的强劲盈利增长，将为中国经济 提供强有力支持。"渣打银行（中国）有限公司财富方案部投资策略总 ...

12月30日晚，复旦大学"南土国际金融政策圆桌会第8期"暨"如何看待当前宏观金融形势系列"第1期在复 旦大学经济学院成功举办。岁末年初，复旦大学经济学院将连续举办4期经济形势研讨会，分别就人民 币汇率、经常账户顺差、跨境资本流动、宏观经济政策等问题展开深入讨论。 这些事件可以说是单独的，但另一个角度反映的是：新兴市场的经济正在超过发达国家，大家对于美国 的单极秩序的信心在下降。另外，在这个单极秩序之下，像原来日本这种比较安全的地方，正在变得不 确定性在上升。它反映了这样的秩序。这是我想说的金融市场的问题。 第二，关于人民币的问题。今年人民币到底是在升还是在贬？其实很大程度上取决于我们拿它跟哪个资 产或货币做比较。如果去看人民币兑美元的汇率，确实从年初7.3几现在跌破7了。但如果看外汇中心的 人民币一篮子货币指数，年初是102，最低跌到95，这两天回来一些大概在97。也就是美元在整体向 下，我们对美元的波动不大，最后导致的结果就是美元带着我们往下走。 会上，兴业证券董事总经理、首席经济学家、经济与金融研究院联席所长王涵以其敏锐的市场洞察，为 与会者勾勒了一幅当前全球金融秩序变迁与人民币未来走势的复杂图景。王涵指 ...

Core Insights - The 20th Central Committee's Fourth Plenary Session outlines a blueprint for China's development over the next five years, emphasizing the importance of financial asset management companies in risk prevention and supporting the real economy [1][2]. Group 1: Understanding the Significance of the Plenary Session - The plenary session addresses major issues for the "14th Five-Year Plan" period, providing fundamental guidance for financial work in the new era [1][2]. - Financial asset management companies must grasp the session's significance and contribute positively to the construction of a financial power [1][2]. Group 2: Implementation of the Plenary Session's Spirit - The session emphasizes the need for financial asset management companies to accurately position themselves and actively play their unique roles in the broader context [2]. - Companies are required to enhance their risk management capabilities and act as stabilizers in the financial system, ensuring high-quality development [2][5]. Group 3: Focus Areas for Financial Asset Management Companies - Companies are tasked with advancing five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aligning with national strategic needs [3][4][5]. - Over the past three years, the company has invested a total of 107.7 billion yuan in these five areas, demonstrating its commitment to fulfilling its responsibilities [2][3]. Group 4: Specific Strategies and Innovations - In technology finance, the company aims to support enterprises in overcoming innovation challenges and optimizing governance [3]. - In green finance, the focus is on supporting the transition to a clean and low-carbon energy system, including investments in major energy projects [3]. - Inclusive finance efforts include addressing risks in the economy and providing targeted financial solutions to small and medium-sized banks [3][4]. Group 5: Addressing Aging Population and Digital Transformation - The company is actively engaging in pension finance to address the needs of an aging population, exploring sustainable business models in the healthcare sector [4]. - In digital finance, the company is promoting digital transformation and exploring innovative applications of artificial intelligence in asset management [5]. Group 6: Future Development Plans - The company plans to enhance its role in stabilizing the economy and supporting the real economy during the "14th Five-Year Plan" period, utilizing various financial tools to assist struggling enterprises [5][6]. - The focus will also be on revitalizing existing assets and addressing risks in key sectors, particularly in the real estate market [6].

党的二十届四中全会是在以中国式现代化全面推进强国建设关键时期召开的一次具有全局性、历史 性意义的重要会议。如何深入学习贯彻党的二十届四中全会精神，推动金融资产管理公司高质量发展， 更好地发挥防范化解风险和支持实体经济发展的独特功能？对此，《金融时报》记者专访了中信集团党 委委员、副总经理兼中信金融资产党委书记、董事长刘正均。 刘正均：党的二十届四中全会深刻把握党和国家事业发展所处的历史方位，回答了"十五五"时期确 保基本实现社会主义现代化取得决定性进展的一系列方向性、根本性重大问题，对"十五五"时期加快建 设金融强国提出明确要求，为新时代新征程做好金融工作提供了根本遵循。金融资产管理公司作为我国 金融体系内具有逆周期救助、化解金融风险、畅通要素循环特殊功能的重要组成部分，必须深刻把握全 会的重大意义、核心要义和实践要求，为推动金融强国建设取得新的重大进展作出积极贡献。 深刻领会全会的重大政治意义。全会为推进"十五五"发展谋篇布局，为接续推进第二个百年奋斗目 标凝心聚力，必将对党和国家事业发展产生重大而深远的影响。我们要充分认识全会的重大里程碑意 义，坚定拥护"两个确立"，坚决做到"两个维护"，切实把思想和行动 ...

党的二十届四中全会，是在以中国式现代化全面推进强国建设、民族复兴伟业关键时期召开的一次重要 会议，审议通过的《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》（下称"十五 五"规划建议），系统谋划了我国"十五五"时期发展的战略蓝图，其中明确提出加快建设金融强国，为 金融工作开启新征程、续写新篇章提供了根本遵循和行动指南。作为现代金融体系的重要组成部分，期 货市场应积极发挥发现价格、管理风险、配置资源功能，深化业务转型升级，创新衍生品服务模式，将 专业优势转化为服务实体经济的具体实践。 2024年，国务院办公厅转发中国证监会等部门的《关于加强监管防范风险促进期货市场高质量发展的意 见》（下称《意见》），勾勒出了我国期货市场中长期发展的新路径。深入贯彻落实党的二十届四中全 会精神，全面落实《意见》部署，是期货行业当前和今后一个时期把准方向、谋划发展、推动实践的根 本指引。作为国有金融企业，宏源期货坚决把思想和行动统一到习近平总书记重要讲话精神和全会决策 部署上，深刻领会核心要义，准确把握实践要求，积极推动党的二十届四中全会精神和《意见》要求落 到实处，聚焦主责主业，坚持服务实体经济，主动对接服务国家战略 ...

Core Viewpoint - The article emphasizes the importance of the public fund industry in China's financial development, highlighting the shift from scale-driven growth to return-oriented strategies, as outlined in the recent government guidelines and action plans [1][2][7]. Group 1: Industry Development and Strategy - The "15th Five-Year Plan" includes the goal of building a strong financial nation, marking the first time this concept has been included in such a plan [1]. - The "Action Plan" aims to deepen reforms in the public fund industry, promoting high-quality development through institutional restructuring [1][2]. - The public fund industry is experiencing significant growth opportunities amid intensified competition, necessitating differentiated product offerings and development paths [1][2]. Group 2: Investment Focus and Capabilities - The company has established a diverse equity investment team focused on emerging industries such as high-end manufacturing and technology growth, aligning with national strategic goals [2]. - The company has made significant investments in sectors related to carbon neutrality, new energy, chips, and artificial intelligence, facilitating capital flow into strategic technology innovation industries [2][3]. - The company has developed a "consensus asset system" to enhance research capabilities and actively contribute to value discovery and resource allocation in the public fund industry [2]. Group 3: Green Finance and ESG Initiatives - The company integrates green investment into its strategic development plan, focusing on clean energy and environmental protection [3]. - As a member of the "Green and Sustainable Investment Committee," the company has established a structured ESG investment system and is actively investing in leading green enterprises [3]. Group 4: Product Development and Investor Focus - The company maintains a "basic product supplier" positioning, ensuring clear return characteristics and stable investment strategies [4]. - The company has reduced management fees for several products to lower investment costs for investors, emphasizing investor interests [4]. Group 5: Pension Finance and Digital Transformation - The company is exploring personal pension products to provide stable investment tools for residents, aligning with national pension system goals [5]. - The company is enhancing its digital financial capabilities through the WISE investment decision support platform, which integrates research, operations, and risk control [6]. - A smart compliance risk management system has been developed to improve risk management efficiency and support business development [6]. Group 6: Future Directions - The company aims to continue its commitment to being a "basic product supplier" while pursuing differentiated development paths, focusing on professional research and optimizing investor experiences [7]. - The company is dedicated to contributing to the transformation of the public fund industry from scale-driven to return-oriented growth, supporting the real economy and enhancing residents' wealth [7].

2025年12月30日，复旦大学经济学院举办了"南土国际金融政策圆桌会第8期"，同时也是"如何看待当前 宏观金融形势系列"的首场活动。本次圆桌会聚焦"当前人民币汇率走势"，与会学者围绕美元周期波 动、关税博弈以及资本流动等多重因素，系统分析了人民币汇率的运行趋势，并深入探讨了中国在金融 强国竞争中面临的现实制约及可行战略选择。 在当前的宏观环境下，单纯依靠人民币贬值来提振出口的逻辑已不再成立。关于人民币汇率波动的利弊 影响，我们需要重新审视：贬值是否真的能如预期般带动出口增长？答案是不确定的。既然传统条件已 不再具备，我们便无需过度纠结于贬值带来的利益，也不应先入为主地将升值视为利空。相反，人民币 升值能够显著降低进口中间品和资本品成本，并提升企业"出海"投资的购买力。 复旦大学经济学院教授沈国兵指出，在"友岸外包"和价值观叠加产供链安全的新形势下，基于效率和国 际分工的"马歇尔-勒纳条件"已不再适用，使得传统"汇率贬值促进出口"的命题已然失效。随着美国特 朗普政府加码关税壁垒和实施供应链重塑战略，"友岸外包"和价值观叠加产业链供应链安全取代了效率 导向的国际分工逻辑，人民币贬值并不一定能改善一国出口绩效。相 ...

Core Viewpoint - The company emphasizes its commitment to green development and aims to enhance its role in supporting the green low-carbon transition and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and initiatives [2][4]. Group 1: Green Development Initiatives - In 2025, the company plans to solidify its position in green commodities by launching futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [3]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market integration and the importance of these commodities in the global new energy pricing [3]. - The company has introduced qualified foreign institutional investors (QFII) to participate in trading of industrial silicon, lithium carbonate, and polysilicon, enhancing international cooperation and expanding its green finance network [3]. Group 2: Strategic Goals and Future Plans - The company aims to deepen its commitment to green development by focusing on innovation in commodity offerings, particularly in new energy, new materials, and carbon emissions [4]. - Plans include the development of weather-related futures and research into carbon futures to better align with industry needs [4]. - The company will enhance its market services through the "Assist Green to New" industry service plan, expanding its reach to more entities in the real economy [4]. Group 3: Operational Excellence and Risk Management - The company has been recognized by the China Securities Regulatory Commission as a qualified central counterparty (QCCP), aligning its operations with international standards and enhancing its risk management capabilities [3]. - The focus will remain on maintaining a robust risk management framework while promoting high-quality development and ensuring stable market operations [4][5].

Group 1: Industry Overview - The Chinese futures market has played a significant role in supporting the high-quality development of the real economy during the "14th Five-Year Plan" period [1] - The implementation of the Futures and Derivatives Law has provided a strong legal guarantee for creating a safe, standardized, transparent, and open capital market [1] - The State Council has established a comprehensive regulatory framework to enhance risk prevention and promote high-quality development in the futures market [1] Group 2: Market Developments - Futures companies are accelerating their transformation into specialized, technology-driven comprehensive derivatives service providers, expanding into OTC derivatives and risk management services [1] - The "insurance + futures" model has been continuously expanded, covering various commodities such as live pigs, soybeans, and apples, becoming a crucial tool for rural revitalization [1] - The Shanghai Futures Exchange has successfully launched new futures and options products, enhancing its service capabilities for modern industrial systems [5] Group 3: Future Directions - The "15th Five-Year Plan" marks a new starting point for the futures industry, with a focus on risk prevention, strong regulation, and promoting high-quality development [2][3] - The industry aims to enhance its digital transformation and improve real-time monitoring capabilities to better serve the market [3] - The Guangzhou Futures Exchange is committed to becoming a green futures exchange, focusing on green low-carbon transformation and high-quality development [14]