21世纪经济报道记者 李域 国盛证券研究所人事震荡还在持续。 12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国金证券，履新国金证券计算机首席分析师、研究 所常务副所长及科技领域牵头人。在此之前，原国盛证券所长助理兼医药首席分析师张金洋带队加盟国联民生证券。 与此同时，国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域，这些离任的分析师主要是国盛证券研究所联席所长郑震湘、 刘高畅等团队成员。据市场此前消息，郑震湘、刘高畅、张金洋等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证券，而刘高畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情人士透露，针对当前的人才缺口，公司已同步启 动新研究团队引进工作，相关流程正在推进中。 数据显示，2025年上半年，国盛证券研究所的分仓佣金收入为9456.42万元，同比下降28.35%，在行业中排名第21位。 分析师集体出走 公开信息显示，刘高畅于2018年加入国盛证券，曾是最年轻的计算机行业首席 ...

Core Insights - The grain and oil industry is undergoing a significant structural transformation driven by consumer upgrades, digitalization, and supply chain changes, moving from a traditional "low-frequency necessity" model to a more dynamic and data-driven approach [1][10] - The implementation of smart retail systems is fundamentally reshaping the entire lifecycle process of new product launches, enhancing success rates and reducing operational risks [1][10] Consumer Insights - Traditional product development often suffers from a "closed-door" approach, leading to misalignment with actual consumer needs; smart retail systems now create 360-degree consumer profiles through data integration [1][2] - The system captures real-time data from e-commerce platforms, offline POS systems, and social media to define consumer demand accurately, allowing for targeted product development [2] Product Development - Smart retail systems facilitate agile iteration and flexible supply chain collaboration, integrating data from consumer insights directly into R&D processes [3] - For instance, a company identified a surge in demand for "instant grain meals" and quickly developed a microwaveable product, reducing the R&D cycle by 40% [3] Channel Collaboration - The success of new product launches heavily relies on effective channel strategies; smart retail systems enable personalized distribution strategies tailored to individual store profiles [4] - The system generates customized stocking recommendations based on historical sales data and local consumer preferences, enhancing distribution efficiency [4] Marketing Promotion - Traditional marketing methods are being replaced by data-driven strategies that allow for precise targeting of consumer segments [6] - Smart retail systems create personalized marketing materials and track the effectiveness of various channels, optimizing budget allocation based on ROI [6] Inventory and Logistics - The smart retail system employs AI algorithms for high-precision demand forecasting, significantly improving inventory management and reducing waste [7] - For example, a company reduced delivery times to 24 hours and decreased loss rates by 60% through optimized logistics strategies [7] Performance Evaluation and Continuous Optimization - Real-time dashboards provide insights into key performance indicators, allowing for immediate adjustments based on sales performance [8] - The system accumulates knowledge from each product launch, creating a knowledge graph that informs future product development and marketing strategies [8] Conclusion - Smart retail systems represent a strategic operational framework that shifts companies from experience-driven to data-driven decision-making, enhancing responsiveness to market changes [10] - Embracing smart retail is no longer optional for grain and oil companies; it is essential for survival and growth in a competitive market [10]

数字金融作为金融"五篇大文章"之一，是金融强国蓝图的关键落笔。 眼下，中国数字金融已形成完整梯队。2025年前三季度，数字经济核心产业增加值同比增长 9.2%，银行业数字化投入占比达15.3%。 离岸与数字金融协同，技术赋能是抓手。运用区块链、大数据实现跨境资金实时监测与穿透式监 管；探索跨境数字资产质押、离岸数据资产交易，严防资金违规流动与数据泄露。 前瞻布局人民币稳定币，沙盒试点聚焦离岸贸易、跨境供应链金融场景，开展研究性试点；风险防 控借鉴新加坡100%储备金模式、香港多链清算经验，完善储备资产托管与风控方案。 保障机制要形成协同合力。建立部际联席会议：国务院层面统筹跨部门监管与数据共享，每年召开 两次；政策支持：对物联网、区块链验证类融资给予费率补贴，借鉴美国SBA模式提供最高50%风险补 偿；人才培育：高校增设数据合规、离岸金融课程，给予高端人才个税与住房保障；监管部门建立智能 风控系统，强化从业者合规培训。 中国数字金融正从"规模扩张"向"结构优化"转型，核心在于以制度创新破解堵点、以数据赋能激活 潜力、以跨境突破拓展空间。通过离岸与数字金融深度融合、稳定币前瞻布局，数字金融将成为金融强 国建设的 ...

Core Viewpoint - The recent meeting held by the People's Bank of China and the Ministry of Science and Technology emphasizes the importance of deepening financial supply-side structural reforms to support the construction of a technology-driven nation, highlighting the strategic position of technological self-reliance during the 14th Five-Year Plan period [1] Group 1: Financial and Technological Integration - The integration of finance and technology is crucial for addressing challenges and stimulating high-quality development, with financial services aimed at precisely supporting technological innovation [1] - The transition from "single-point breakthroughs" to "ecological symbiosis" in technology finance emphasizes collaboration among various stakeholders, including government, financial institutions, technology companies, and research institutions [2] Group 2: Government and Financial Institutions' Roles - Governments play a dual role as guides and service providers, implementing forward-looking strategies and optimizing the business environment while also using market-oriented methods to attract social capital into technology innovation [2] - Financial institutions are evolving from mere fund providers to comprehensive financial service integrators, with innovations like intellectual property pledge financing addressing the financing challenges faced by technology enterprises [2] Group 3: Current State and Challenges of Technology Finance - China's technology finance scale ranks among the world's top, characterized by systematic policy innovation and large-scale mobilization of market resources [3] - There are structural contradictions between the risk-averse nature of finance and the high uncertainty of technological innovation, necessitating a rethinking of financial supply logic to align with the long cycles and high risks of technology innovation [3] Group 4: Evaluation and Risk Management - Establishing a multi-dimensional evaluation system that includes technology maturity and team stability is essential, with a focus on integrating non-financial indicators into credit decision-making [4] - The introduction of standardized data interfaces and intelligent assessment tools can help overcome financing difficulties for light-asset enterprises by transforming dormant patents into standardized financial assets [4] Group 5: Capital Market Support and Long-term Funding - Strengthening the capital market's support for the entire chain of technology achievement transformation and broadening long-term funding channels is critical [5] - Enhancing tax incentives and exit mechanisms for private equity and venture capital, along with increasing government fund contributions to early-stage technology funds, will promote investment in technology [5]

党的二十届四中全会围绕全面建成社会主义现代化强国、实现第二个百年奋斗目标，审议通过了"十五五"规划 建议。全会对加快建设金融强国和资本市场高质量发展、推进文化强国建设等作出战略部署，并将坚持党的全 面领导作为"十五五"时期经济社会发展的首要原则，为资本市场未来五年发展提供了根本遵循和行动指南。 站在新的历史起点，泓德基金认为，公募基金作为资本市场的重要参与主体，肩负着服务实体经济、助力居民 财富管理的核心使命，应为资本市场高质量发展、为全面建设社会主义现代化强国贡献基金力量。 编者按： 三十余载砥砺前行，中国资管行业从初步探索到如今跻身全球前列，与经济的蓬勃发展和制度的日趋完善密不可 分。在此期间，公募与私募协同发展的多元生态为资本市场的鼎新革故注入了核心动力，二者的发展始终与国家 改革同频共振，与经济发展浪潮同向而行，与产业升级齐头并进。 站在"十五五"开启的历史节点，二十届四中全会明确的"高质量发展取得显著成效、科技自立自强水平大幅提高"等 目标，为资本市场赋予了更重使命。中国证券投资基金业协会与证券时报·券商中国携手推出本次联名报道，特别 邀请多家国内头部公私募基金高管，从制度创新、市场演进、投资实践等 ...

Core Viewpoint - China Life Insurance's efficient claims service has successfully processed claims, providing warmth and hope to families in distress, highlighting the insurance industry's role as a "social stabilizer" [1][3] Claims Processing - In a recent case, a client diagnosed with lung cancer received a claim payment of 20,000 yuan within a day of submitting the claim, exemplifying the "critical illness one-day claim" commitment [4][1] - The company has optimized internal approval processes and enhanced inter-departmental collaboration to expedite claims payments, alleviating financial pressure on families [5][2] Industry Standards - The "critical illness one-day claim" initiative not only aids families but also sets a positive example for the insurance industry, emphasizing a customer-centric service philosophy [6][2] - The company has integrated advanced technologies such as big data and artificial intelligence to streamline claims processing, significantly improving efficiency and customer experience [6][2] - Recent data indicates that the company has reduced claims processing times and increased customer satisfaction, having provided claims services to millions and paid out hundreds of billions in claims [6][3] Future Commitment - The company aims to continue enhancing service levels and claims capabilities, adhering to the core philosophy of "helping others to achieve oneself," thereby safeguarding the quality of life for its clients [6][3]

Industry Overview - The number of large-scale mining machinery enterprises in China has shown a growth trend, with 1,887 enterprises in 2023 and an estimated 1,987 enterprises in 2024 [1] - Coal mining machinery, as a core segment of mining machinery, holds a significant proportion of the total number of mining machinery enterprises [1] Market Outlook - The coal mining machinery industry serves as an upstream provider for coal enterprises, ensuring their healthy and stable development [3] - Despite a gradual decline in the proportion of coal energy consumption, the total coal consumption continues to increase annually, maintaining coal's foundational role in China's energy security [3] - The domestic coal mining machinery market is expected to grow steadily, driven by factors such as new coal mine capacity, equipment upgrades, and the integration of advanced technologies like AI and big data [3] - The market for coal mining machinery is projected to grow at a compound annual growth rate (CAGR) of 5.3% from 2025 to 2030, reaching approximately 176.7 billion yuan by 2030 [3] Import and Export Overview - The total import and export value of the coal mining machinery industry is expected to increase to $4.396 billion in 2024, representing a year-on-year growth of 12.0% [5] - The import value is projected to be $658 million, while the export value is expected to reach $3.739 billion, resulting in a trade surplus of $3.081 billion [5] - For the period of January to September 2025, the total import and export value and trade surplus are estimated at $3.815 billion and $2.977 billion, respectively [5] Export Trends - From 2021 to 2024, the export value of coal mining machinery products has shown an upward trend, with an expected export value of $3.739 billion in 2024, marking a year-on-year increase of 22.6% [7] - For the period of January to September 2025, the export value is projected to be $3.396 billion [7]

"金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大维 度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等领域数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，宇信科技荣获"投资价值上市公司"。 在AI能力的加持下，宇信科技出海战略取得初步成效，已中标、承接多个海外项目，并与多家全球金融科技公司达成战略合作。公司将以珠海总部为全球 拓展基地，持续开拓海外市场客户资源。 未来，宇信科技将继续聚焦主业，深化技术创新，拓展业务边界，为金融行业数字化转型注入持久动力。 公司持续加大科研投入，围绕人工智能、大数据、云计算、区块链等前沿技术 ...

12月26日金融一线消息，近日，金融监管总局发布《银行业保险业数字金融高质量发展实施方案》（以 下简称《方案》），有关司局负责人表示，《方案》将监管数字化智能化转型纳入数字金融重点工作， 明确了提升数字化智能化监管能力的主要举措。 在流程优化方面，《方案》提出大力提升市场准入、非现场监管、现场检查和行政处罚等关键监管环节 的数字化、智能化水平，运用数据技术充分发挥数据要素价值，全面支撑"五大监管"能力建设。 在技术赋能方面，加大人工智能与大数据技术的应用力度，丰富穿透式监管工具箱，提高金融风险监测 预警前瞻性，提升对风险早识别、早预警、早暴露、早处置能力。 在监管大数据建设方面，通过监管报表"一表通"建设实现监管数据的统一标准、统一采集和统一管理， 提升监管数据完整性、准确性与及时性；丰富大数据来源渠道，充分发挥数据要素在强化风险监测和动 态捕捉市场主体异常行为中的作用。 在监管基础设施方面，整合强化算力资源，优化网络架构，健全安全防护和智能运维体系，为监管数字 化智能化转型提供安全可靠的基础设施保障。《方案》特别指出，监管数字化转型需要人才体系支撑， 提出培养懂科技、懂数据、懂监管业务的复合型人才，通过系统 ...

Core Viewpoint - The Chinese government is initiating a new phase of consumption development through policies that establish a "consumption rebate points" system, promoting green consumption and digital economy, creating significant market opportunities for ordinary people [1] Policy Support - The development of green consumption points is backed by continuous government policies, starting from the 2016 guidelines to the recent 2025-2027 action plan, which emphasizes the full implementation of the green points system [3] - The legal framework for consumption points has been established, enabling various incentive methods such as point redemption and discounts to expand the green consumption market [3] - Pilot programs in cities like Beijing and Shanghai demonstrate the practical benefits of green consumption, with projections indicating that the energy-saving and environmental protection industry will reach a scale of 15 trillion yuan by 2030 [3] Core Logic - Green consumption points are evolving from simple rewards to a recognized value of consumers' environmentally friendly behaviors, covering a wide range of low-carbon consumption activities [4][5] - Unlike traditional points, green points can be converted into vouchers or even equity shares, allowing consumers to become stakeholders in the companies they support [5][7] Consumption Business Model - The consumption business model allows ordinary people to participate without significant investment, through green consumption rebates and social sharing of green products [7] - The rise of digital consumption service providers supports this model by matching green products with consumer needs, facilitating monetization through data services and carbon asset management [7] Online and Offline Integration - Green consumption points are integrated into various consumption scenarios, creating a seamless online and offline ecosystem that enhances consumer experience [9] - Consumers can earn points through purchases in both physical stores and online platforms, promoting a lifestyle centered around green consumption [9] Action Guidelines - To capitalize on the emerging market, individuals are encouraged to join government-backed green consumption platforms, learn about digital tools, and incorporate green consumption into their daily lives [10]