Group 1 - The core theme of the forum is "Fifteen Five Start, Economic New Voyage - Reshaping Growth Paradigms, Co-creating Future Prosperity" [2] - Key speakers include prominent figures such as Sina Finance CEO Deng Qingxu and various economists and researchers discussing the development of the capital market [2][5] - The forum emphasizes the importance of collaboration among government, enterprises, capital markets, and media to activate new growth drivers through technological, institutional, and model innovations [5] Group 2 - Deng Qingxu highlights that 2025 was a year of steady progress for China's economy amidst global challenges, showcasing resilience and vitality [5] - The "Zhima AI" system developed by Sina Finance is positioned as an essential tool for investors, providing comprehensive monitoring and analysis of financial events [5] - Liu Shijin discusses the need for a balanced import-export strategy to sustain domestic consumption and suggests that the appreciation of the RMB will have long-term benefits for productivity and competitive advantage [9][7] Group 3 - Liu Shangxi emphasizes that addressing the issues faced by farmers is crucial for achieving common prosperity in China, highlighting the need for reforms to improve their social status and opportunities [12][15] - Li Daokui expresses optimism about the stock market, suggesting that the transition to a modern development-oriented government is essential for high-quality economic growth [16][18] - Li Ling discusses the importance of a health-centered development paradigm, advocating for a new health industry that could surpass the real estate sector in scale [20][22] Group 4 - Wu Xiaoqiu predicts a positive growth trend for China's capital market in 2026, attributing recent market improvements to systematic reforms and increased transparency [23][25] - He advises investors to view market downturns as opportunities for entry, emphasizing the importance of long-term trends over short-term volatility [26] - He also notes that the current influx of funds into the market must be balanced with the quality and performance of listed companies to ensure sustainable growth [30] Group 5 - He Qiang highlights the successful efforts of the China Securities Regulatory Commission in attracting long-term funds to the market, which has contributed to recent market rallies [28][29] - Liu Shuwei attributes the stock market's rise to economic cycles and improved business environments due to anti-corruption measures [31][34] - Xia Chun predicts that Hong Kong may become the second-largest international financial center, driven by the gradual appreciation of the RMB and the awakening of global investors to China's industrial achievements [36][38] Group 6 - Shen Junfeng discusses the transformation of household asset allocation, noting a shift from savings to stock investments as real estate's dominance wanes [40] - He emphasizes the importance of ETFs in long-term asset management and encourages investors to adopt a rational approach to market participation [40]

Market Overview - On January 15, the A-share market experienced a slight fluctuation after hitting resistance, with the Shanghai Composite Index encountering resistance around 4133 points[2] - The Shanghai Composite Index closed at 4112.60 points, down 0.33%, while the Shenzhen Component Index rose 0.41% to 14306.73 points[7] - Total trading volume for both markets was 29,388 billion yuan, slightly lower than the previous trading day[3] Sector Performance - Strong performers included the battery, semiconductor, non-ferrous metals, and energy metals sectors, while the internet services, cultural media, pharmaceutical commerce, and software development sectors lagged[3] - Over 50% of stocks in the market declined, with notable gains in electronic chemicals, precious metals, and fertilizers[7] Valuation and Investment Strategy - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.88 times and 53.38 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3] - The market has seen increased trading activity in January, with margin financing balances rising, suggesting a clear influx of new capital[3] Economic Indicators - The domestic risk-free interest rate continues to decline, and there is a trend of household deposits moving towards equity markets, providing ample liquidity[3] - The Consumer Price Index (CPI) year-on-year growth rate slightly expanded in December 2025, indicating marginal improvement in domestic demand[3] Future Outlook - The current market conditions, characterized by effective volume expansion, positive policy expectations, and ongoing industrial catalysts, suggest that the current market rally may continue[3] - Investors are advised to focus on opportunities in the battery, semiconductor, energy metals, and non-ferrous metals sectors in the short term[3]

Core Viewpoint - The People's Bank of China has announced multiple financial policies to support the high-quality development of the real economy, particularly benefiting the scientific instrument industry through increased loan quotas and reduced interest rates [2][3]. Group 1: Financial Policy Changes - The central bank has increased the loan quota for technological innovation and equipment renovation by 400 billion, raising the total quota to 1.2 trillion [2]. - A new focus on supporting private small and medium-sized enterprises (SMEs) has been introduced, allowing them to benefit from the technological innovation and equipment renovation loan policies starting in 2026 [2]. - The central bank has decided to increase the agricultural and small business loan quota by 500 billion, with a total quota of 1 trillion specifically for private enterprises [2]. Group 2: Interest Rate Adjustments - Starting from January 19, 2026, the central bank will lower the re-lending and re-discount rates by 0.25 percentage points [3]. - The new rates will be 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year agricultural and small business loans, respectively, with a re-discount rate of 1.5% [3]. - The policy also includes a commitment to provide up to 800 billion in funding support for carbon reduction initiatives [3].

Group 1 - The 2026 National Foreign Investment Work Conference emphasized integrating foreign investment efforts with domestic demand expansion, consumption stimulation, and technological innovation [2][3] - The conference highlighted the importance of promoting foreign investment and enhancing the "Invest in China" brand, while also encouraging foreign reinvestment and local production [3] - In 2025, China's foreign investment attracted significant attention, maintaining its position as a leading developing country in foreign investment utilization, with a focus on optimizing the investment structure [2][3] Group 2 - The meeting addressed the challenges posed by global declines in multinational direct investment and the need for a coordinated approach to domestic and international economic relations [3] - Key strategies for 2026 include improving the foreign investment service guarantee system and accelerating the construction of major foreign investment projects [3] - The conference underscored the importance of risk prevention and maintaining a correct performance view in foreign investment statistics and reporting [3]

专题：新浪财经2025年会暨第18届金麒麟论坛 "新浪财经 2025 年会暨第 18 届金麒麟论坛" 于 2026 年 1 月 15 日在北京举办，本次会议的主题是 "十五 五开局，经济新启航 —— 重塑增长范式，共创未来繁荣"。 本届论坛上，新浪财经 CEO 邓庆旭，第十三届全国政协经济委员会副主任、国务院发展研究中心原副 主任刘世锦，全国政协委员、中国财政科学研究院研究员、原院长刘尚希，清华大学中国经济思想与实 践研究院院长、清华大学社会科学学院教授李稻葵，第十三届全国政协经济委员会副主任、北京大学国 家发展研究院教授、北京大学健康发展研究中心主任李玲出席主论坛并发表演讲。 在圆桌对话环节，中国人民大学原副校长、国家金融研究院院长、国家一级教授吴晓求，中央财经大学 金融学院教授、证券期货研究所名誉所长贺强，中央财经大学中国企业研究中心研究员刘姝威，智汇集 团创始人及首席经济学家夏春，京华世家家族办公室董事长聂俊峰围绕《推动资本市场高质量发展》的 主题进行对话。 邓庆旭：重塑增长范式要依靠科技创新 第十三届全国政协经济委员会副主任、国务院发展研究中心原副主任刘世锦发表演讲。他表示，今年以 来，在不利的国际环 ...

Group 1: Monetary Policy Adjustments - The People's Bank of China (PBOC) is implementing measures to support the real economy, including lowering the rates of structural monetary policy tools and expanding the quota for relending [1][2] - From January 19, 2026, the PBOC will reduce the rates of various structural monetary policy tools by 0.25 percentage points, with specific rates for different loan types [2] - The average reserve requirement ratio for financial institutions is currently 6.3%, indicating room for further reductions [2] Group 2: Economic Growth and Price Stability - The PBOC emphasizes promoting stable economic growth and reasonable price recovery as key considerations in monetary policy [3] - Recent positive changes in price levels and improved supply-demand matching are expected to boost market confidence [3] Group 3: Support for Technological Innovation - The quota for relending aimed at technological innovation and transformation will increase by 400 billion yuan, raising the total to 1.2 trillion yuan [4] - Starting in 2026, private small and medium-sized enterprises with high R&D investment will be included in the support scope [4] Group 4: Financial Support for SMEs - The PBOC will merge the quotas for agricultural and small business relending with the rediscount quota, adding 500 billion yuan for agricultural and small business relending, with a separate quota of 1 trillion yuan for small and medium-sized private enterprises [5] - This arrangement aims to enhance the flexibility and efficiency of policy tool usage, addressing financing difficulties for SMEs [5] Group 5: Financing Costs and Real Estate Support - The weighted average interest rate for new corporate loans and personal housing loans is approximately 3.1%, showing a significant decrease compared to 2018 [7] - The minimum down payment ratio for commercial property loans has been lowered to 30% to support reasonable financing needs in the real estate market [8] Group 6: Green Finance Initiatives - The PBOC will include projects with direct carbon reduction effects in its carbon reduction support tool, with an annual operation volume not exceeding 800 billion yuan [9] Group 7: Liquidity Management - The PBOC will flexibly conduct government bond trading operations to maintain liquidity and create a favorable monetary environment for government bond issuance [10] Group 8: Exchange Rate Stability - The PBOC reaffirms its commitment to a market-oriented exchange rate formation mechanism, maintaining the stability of the RMB at a reasonable equilibrium level [11] - The RMB exchange rate is expected to continue to fluctuate within a dual-directional range, influenced by various external factors [11]

Core Viewpoint - The newly implemented tax policies aim to support the development of the He Tao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, facilitating international scientific innovation and collaboration between Shenzhen and Hong Kong [1][2]. Group 1: Tax Policies - The tax policies, effective from February 10, 2026, exempt certain entities within the customs supervision area from import duties, value-added tax, and consumption tax on self-used scientific research goods imported from Hong Kong [1]. - Goods entering the mainland from the customs supervision area will require the payment of import taxes, but those already taxed in the customs supervision area will not incur additional taxes [1][2]. Group 2: Goods and Benefits - The first batch of goods eligible for tax exemption includes 509 items across six categories, such as equipment, consumables, and biological samples, which will help reduce costs for innovation entities [2]. - The policies are expected to enhance cooperation between Shenzhen and Hong Kong, promoting technological innovation and industrial development, and supporting Hong Kong's integration into the national development framework [2]. Group 3: Regulatory Framework - The He Tao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone is the only major cooperation platform focused on technological innovation within the Guangdong-Hong Kong-Macao Greater Bay Area [3]. - The upcoming implementation of the Shenzhen Economic Special Zone regulations will establish a unique regulatory model that simplifies customs processes and supports cross-border scientific activities [3].

相关税收政策明确了。 为支持河套深港科技创新合作区深圳园区（以下称"河套深圳园区"）联合香港园区打造国际科技创新高地，财政部、海关总署、税务总局日前联合印发 《关于河套深港科技创新合作区深圳园区货物进出口有关税收政策的通知》，自2026年2月10日起实施。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 此外，免税科研货物及其研发成品在海关监管区域内流通时，参照通知相关规定，补缴进口税收。从海关监管区域经"一线"离境的货物，涉及出口关税应 税商品的征收出口关税。出口货物增值税、消费税政策按现行规定执行。据悉，该税收政策所附第一批货物清单涵盖"设备及零配件、器具、耗材、文 献、标本、动物及其产品"等6类509项货物，有利于创新主体降低成本，成为河套深圳园区衔接国际科研政策的重大突破和优势，将推动深港双方互利合 作、协同推进科技创新和产业发展，支持香港融入国家发展大局，打造国际科技创新高地，推动粤港澳大湾区高质量发展。 河套深港科技创新合作区是粤港澳大湾区内唯一一个以 ...

Group 1 - The forum titled "2026 Global and China Capital Market Outlook" was held in Beijing on January 15, featuring a keynote speech by Tian Xuan, the Dean of the National Institute of Financial Research at Tsinghua University [1][5] - Tian Xuan emphasized the need for a more inclusive venture capital market that allows for trial and error to support technological innovation [3][7] - He referenced a study on "super entrepreneurs," highlighting three categories of traits: positive qualities, neutral characteristics, and traditionally negative descriptions, which together drive their innovative capabilities [3][7] Group 2 - Tian Xuan argued that disruptive innovation often requires unconventional thinking and actions, contrasting with the stability-seeking nature of most individuals [3][7] - He encouraged students to value peers who may exhibit traits like introversion or self-centeredness, suggesting that investing in such individuals can genuinely support their innovative endeavors [3][7]

《自然》杂志增刊"自然指数—科研城市"十强中，中国城市占据六席；美国《国家科学院学报》发 表的研究数据显示，中国科学家在国际合作中担任领导角色的数量迅速增长；科睿唯安公司发布的高被 引研究者奖项，其中1/5被授予中国大陆的研究人员……近来，多份国际知名科创榜单显示：中国在科 研产出、学科贡献、技术研发能力等方面名列前茅，得到全球范围内广泛认可。 "向东看"的不仅是国际科创榜单，看待中国创新还有不少维度。非洲种植的杂交水稻、欧洲的新能 源汽车，还有多国基于中国人工智能成果"二次开发"的本土大模型，这些都是中国科技创新"赋能全 球"的实际成效。 以开放合作促进科技进步，一直是中国科技创新的鲜明特征。在单边主义、保护主义盛行的当下， 中国科技的进步是在"逆风"条件下取得的，殊为不易。面向未来，中国将继续走好科技强国建设之路， 拥抱全球合作，以更多创新成果推动全球发展。（谷业凯） 不妨看个具体的例子，"自然指数—科研城市"十强中的6个中国城市，不少都来自我国三大国际科 创中心。中央经济工作会议部署三大科创中心建设"扩围提质"，进一步发挥中心城市的龙头辐射带动作 用，将持续有力促进创新生态的集群化发展。 我国还拥有全球 ...