在创业投资领域，江小涓进一步分析，除传统科创投资外，产业创投资金与政府创投资金均是科创金融的关键力量，这类资本兼具战略投资与耐心资本的特 征，为科技创新提供了稳定且可持续的资金支持。 "当前产业端在合作中已不再处于弱势地位，反而具备了自主选择投资者的主动权。"江小涓提醒金融业需树立紧迫感，必须加快市场化、数智化、国际化转 型步伐，自身做得好才能抓住我国科技创新带来的新机遇，拓展自身的发展空间。 岁末启新，共谋发展。在"十四五"收官与"十五五"开局的关键节点，由金融界主办、宁波银行支持、清华大学经济管理学院中国金融研究中心提供学术支持 的"启航・2025银行业高质量发展年会"于12月26日在北京成功举办。本次年会以"凝心启新，聚力致远"为主题，汇聚监管专家、学界精英、行业领袖及科技 企业代表，围绕服务实体经济、数字化转型、AI+金融创新、风险防控等核心议题展开深度讨论，为银行业高质量发展建言献策。 锚定高质量发展核心方向 会上，多位行业专家从宏观视角与专业维度精准施策，为银行业高质量发展锚定方向。中国银行业协会副秘书长殷有祥在致辞中指出，银行业作为国民经济 的核心，是服务实体经济的主力军、防控金融风险的主战场、 ...

转自：北京日报客户端 中国国际服务贸易交易会已成功举办12届。自2012年创办以来不断提质升级，已累计吸引近200个国家 和地区的147万展客商参与。目前，2026年服贸会已经进入筹备阶段。 固化举办时间和地点 "一企一策"赋能多元合作 2026年服贸会将于9月9日至9月13日在北京首钢园举办。首钢园正为打造服贸会永久会址进行升级改 造，届时将开放展览、会议、洽谈与文化活动融为一体的多功能"会展小镇"。赞助合作方面，2026年服 贸会合作层级将分7大类56项，继续提供"一企一策"定制化服务，目前已与来自金融、保险、科技、服 务消费等领域的多家企业达成意向。 广泛邀请各方设展办会 服贸会将继续沿用主宾国、主宾省的设置，邀请国际组织、服务贸易强国和地区、行业龙头企业等设展 办会。目前，已有挪威、斯洛伐克、世界知识产权组织、世界贸易中心协会等10余个国家和国际组织计 划设展办会；港澳台地区计划继续设立展台；近百家世界500强和行业龙头企业意向参展。 举办全球服务贸易峰会 同步设置专题展 首次设置"出海专区" 和中小企业展览专区 在部分专题展区将首次增设"出海专区"展示我国对外贸易，特别是服务出海、技术出海的案例和成 ...

Group 1 - The China International Fair for Trade in Services (CIFTIS) has successfully held 12 sessions since its inception in 2012, attracting 1.47 million exhibitors and visitors from nearly 200 countries and regions [1] - The 2026 CIFTIS is scheduled to take place from September 9 to September 13 at Shougang Park in Beijing, which is undergoing upgrades to become a permanent venue for the fair [2] - The 2026 CIFTIS will feature a "one enterprise, one policy" customized service approach, with 56 categories of cooperation planned, and several companies from finance, insurance, technology, and consumer services have already expressed interest [2][3] Group 2 - The 2026 CIFTIS will introduce a "Going Global Zone" and a small and medium-sized enterprise exhibition area to showcase China's foreign trade, particularly in service and technology exports [5] - Professional institutions will provide policy interpretation and risk consulting services in areas such as cross-border law, taxation, and intellectual property at the fair [5] - Embassies and overseas business associations will establish "country service windows" to facilitate supply-demand matching and support enterprises going global [5] Group 3 - The fair will continue to set up guest countries and provinces, inviting international organizations, service trade powerhouses, and industry leaders to participate [7] - More than 10 countries and international organizations, including Norway and the World Intellectual Property Organization, have already planned to set up exhibitions [7] - Nearly 100 Fortune 500 companies and industry leaders have shown interest in participating in the event [7] Group 4 - The 2026 CIFTIS will host a Global Service Trade Summit, inviting foreign dignitaries, international organization leaders, and CEOs of multinational companies to speak and engage in discussions [8] - The summit will also feature specialized exhibitions in key service trade areas such as telecommunications, financial services, and education services, showcasing new achievements and technologies [8] Group 5 - The 2026 CIFTIS has begun soliciting proposals for forums and promotional activities, aiming to create a vibrant atmosphere for business negotiations [10] - The event will utilize various unique venues within Shougang Park to organize diverse "cultural, business, travel, and sports" activities [10] - The fair aims to enhance internationalization, professionalism, and marketization levels while providing immersive experiences and practical cooperation opportunities [10]

Group 1 - The 2026 China International Service Trade Fair (CIFTIS) is scheduled to be held from September 9 to 13, 2026, with participation from over 10 countries and international organizations, including Norway and the World Intellectual Property Organization [1] - Since its inception in 2012, CIFTIS has successfully held 12 sessions, attracting 1.47 million exhibitors and visitors from nearly 200 countries and regions [1] - Starting in 2025, CIFTIS will be held annually during the second week of September at Shougang Park, with a five-day duration and plans for a permanent venue upgrade [1] Group 2 - The 2026 CIFTIS will host a high-profile global service trade summit, inviting foreign dignitaries, international organization leaders, and CEOs of multinational companies to participate and speak [2] - The fair will feature specialized exhibitions in key service trade areas such as financial services, cultural tourism, education, and sports, focusing on industry trends and showcasing new technologies [2] - A new "Overseas Zone" and a small and medium-sized enterprise exhibition area will be introduced, providing platforms for showcasing service and technology exports, along with tailored services for SMEs [2] Group 3 - CIFTIS 2026 will organize various cultural, business, and tourism-related activities at distinctive venues like the Shougang Ski Jump, creating a relaxed atmosphere for business negotiations [3] - Business investigation routes will be offered to provide exhibitors with immersive service experiences [3]

Core Insights - The People's Bank of China released a draft for the revised rules of the Cross-Border Interbank Payment System (CIPS), indicating significant changes in financial infrastructure and catalyzing the financial market [1] - The CIPS system is crucial for the internationalization of the Renminbi, connecting 174 direct participants and 1,509 indirect participants across 120 countries and regions by May 2025 [1] - The new rules enhance the flexibility of the CIPS system, allowing for additional business activities approved by the People's Bank of China, which opens up opportunities for future innovations [1] Policy Benefits - The CIPS system serves as a "highway" for Renminbi internationalization, facilitating nearly 35,000 cross-border Renminbi transactions daily [1] - Recent policy measures from the State Council, including 77 pilot measures related to financial technology and cross-border payments, are being promoted to other free trade zones and nationwide [2] - The launch of the Cross-Border Payment Link in Hong Kong allows real-time cross-border remittances, enhancing convenience for residents [2] Market Reactions - The financial software sector has reacted positively, with significant stock price increases for companies like Zhinancun and Dazhihui following the announcement [4] - Analysts are optimistic about the financial IT sector, noting that the new rules will facilitate the continuous expansion of CIPS, benefiting IT service providers [4] - Digital Renminbi applications are expanding, with innovative uses in offshore trade scenarios already being implemented [4] Investment Logic - There is a strong demand for a rebound in the financial technology sector, which has lagged behind other sectors since 2025 [5] - The balance between traditional financial stocks and technology innovation stocks is expected to converge, with opportunities arising from financial reforms [5] - The focus on intelligent risk control is becoming paramount in digital finance, with institutions encouraged to build advanced risk management platforms [5] Ecological Transformation - The upgrade of the cross-border payment system is expected to drive upgrades across the entire industry chain, from hardware to software and operational services [7] - Financial institutions are actively participating in the national "data factor" initiative, which aims to enhance the application of financial data through shared technologies [7] - There is a growing competition for digital finance talent, with institutions encouraged to recruit professionals with digital backgrounds [7] Opportunities and Challenges - Financial institutions must balance innovation with risk control, as highlighted in the new guidelines for artificial intelligence applications [8] - The complexity of managing external cooperation risks in the digital finance ecosystem is increasing, necessitating robust risk assessment frameworks [8] - Rapid technological advancements require financial institutions to continuously adapt and innovate, focusing on distributed and microservice architectures [8] Market Outlook - The CIPS system upgrade is expected to inject new momentum into the financial technology sector, with cross-border payments and digital Renminbi likely to remain active areas [10] - The market is trending towards balance, with undervalued financial stocks and growth-oriented technology stocks expected to rotate positively [10] - The financial technology sector is entering a promising era, with companies demonstrating technological strength and innovation likely to stand out [10]

"今年以来，我国资本市场经受住了多重考验，市场功能有效发挥，市场韧性持续增强，抗风险能力显 著提升，实现了规模有序增长与发展质量跃升，有力支撑了经济社会发展大局。"中国上市公司协会党 委委员、副会长余辉说。 中金财富证券党委委员、执委会委员、副总裁陈明表示，在大众财富管理市场上，要扩大服务半径，提 升个体的服务质量，必须借助于以AI为代表的金融科技的力量。 华鑫信托党委书记、董事长朱勇也表示，金融机构是理性的机构投资者，迎接AI时代的技术创新需要 与时俱进，用新方法构建新趋势。并从"指数法则"角度，指出投资于AI领域资本的五方面启示：第一， 在时间维度上，做耐心资本；第二，在风险维度上，要求有高容错的宽松投资环境；第三，新技术拥有 最终的话语权，在AI投资中比投资于物更重要的是投资于人；第四，在空间维度上，享受正向不确定 性馈赠的意外之喜；第五，财富增量比财富存量更加重要。 期货日报网讯(记者肖佳煊)12月26日，证券日报社主办"2025证券市场年会"，以进一步探讨资本市场改 革发展新路径，激发创新活力，共同展望行业新未来。 "十五五"新征程即将开启。《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 ...

度小满 阳光保险 北京银行 兴业银行 国投证券 华鑫信托 南华期货 华安证券 国元证券 第一创业 长江证券 景顺长城基金 中海基金 华夏基金 嘉实基金 建信基金 兴业基金 ...

Core Insights - The seminar on "New Pathways for High-Quality Financial Development in Shenzhen" was successfully held, focusing on the strategic layout of Shenzhen's financial sector during the 14th Five-Year Plan period, aiming to support the construction of a globally influential financial center [1][4] - Two reports were released: the "Shenzhen Technology Financial Innovation Report (2025)" and the "Shenzhen Financial Technology Competitiveness Report (2025)", which provide theoretical and practical insights for the digital transformation of the financial industry [2][4] Group 1: Reports and Findings - The "Shenzhen Technology Financial Innovation Report (2025)" indicates that Shenzhen ranks third nationally in the comprehensive index of technology finance, benefiting from flexible systems, solid industrial foundations, and substantial innovation investment, but highlights areas for improvement in digital empowerment and financing for small and startup enterprises [2][3] - The report emphasizes the need for financial and policy collaboration to address the financing challenges in transforming technological achievements, advocating for a comprehensive financial support system throughout the lifecycle of technology [2][3] - The "Shenzhen Financial Technology Competitiveness Report (2025)" reveals that Shenzhen has developed a diverse industrial ecosystem led by Tencent and Ping An, with notable performance in digital payment penetration and 5G infrastructure, yet faces shortcomings in R&D investment ratio and talent density [3] Group 2: Expert Opinions and Future Directions - Experts suggested optimizing the evaluation index system for technology finance by incorporating industry practices, establishing a credible data system for assessing enterprise innovation capabilities, and enhancing cross-regional coordination to avoid resource waste [3][4] - The seminar highlighted the need for a balanced approach to financial digitalization, focusing on value creation while managing data security risks, and emphasized the importance of integrating technology finance and financial technology for sustainable development [4] - Shenzhen aims to leverage its position in the Guangdong-Hong Kong-Macao Greater Bay Area to overcome institutional barriers and development shortcomings, steadily progressing towards becoming a global financial technology hub [4]

Core Insights - The wave of mergers and restructuring among China's small and medium-sized banks has progressed with unexpected intensity and speed, focusing on financial risk prevention and high-quality industry development as the core themes of the year [1][2]. Summary by Sections Mergers and Restructuring - As of December 26, 2025, a total of 394 banking institutions were approved to exit the market through mergers and dissolutions, doubling the total from 2024 [1][7]. - Between 2024 and 2025, nearly 550 banking institutions were reduced through mergers and restructuring, surpassing the total from the previous seven years [1]. - The restructuring involved 28 provinces, with Inner Mongolia leading by integrating 139 institutions, followed by Shandong (33), Henan (26), and others [1][9]. Characteristics of the Restructuring - The integration of small and medium-sized banks in 2025 is characterized by two significant trends: the involvement of state-owned banks in "village-to-branch" transformations and the acceleration of provincial-level reforms in the rural credit system [1][15]. - The core entities in the restructuring are village banks (231), followed by rural commercial banks (81) and rural credit cooperatives (71) [12]. Policy and Regulatory Framework - The central financial work conference in 2024 emphasized the need to "properly handle risks in small financial institutions," placing them alongside local debts and real estate as key areas for financial risk prevention [3]. - The regulatory focus during the "14th Five-Year Plan" period has been on risk prevention and resolution for small financial institutions, with a commitment to personalized reform strategies based on regional differences [4]. Achievements and Future Directions - Significant progress has been made in risk resolution, with over 40% more non-performing asset disposals compared to the previous five-year period, and the total capital and provisions in the industry exceeding 50 trillion yuan [5]. - The government work report for 2025 outlined a market-oriented and legal approach to risk resolution and transformation of local small financial institutions [5]. Service Upgrades and Market Dynamics - The restructuring is not merely a reduction in numbers but aims to enhance the quality and efficiency of financial services, particularly for rural and small enterprises [19][20]. - Merged institutions are expected to improve operational standards, risk resistance, and expand their service offerings through enhanced digital capabilities [19][20]. Long-term Outlook - The ongoing restructuring of small and medium-sized banks is anticipated to continue into 2026, with a focus on quality improvement and effective integration as the core theme [21].

来源丨凤凰网财经《IPO观察哨》 作者丨DW 2024年营收同比下滑超过24%，净利润却增长超16%；海外布局喊了五年，2024年收入占比仍不到1%；在AI军备竞赛的关键时刻，研发人员在2024年减少 了超过500人……这些矛盾的信号，同时出现在一家行业龙头公司的港股IPO招股书里。 12月24日，北京宇信科技集团股份有限公司（以下简称"宇信科技"）向港交所二次提交上市申请书，联席保荐人为华泰国际、法国巴黎银行。此刻谋求港 股上市，究竟是其为了突破主业天花板的一场战略豪赌，还是在增长乏力与现金流重压下的无奈自救？ 01 背靠百度，从清华夫妻店到金融IT龙头 宇信科技的故事始于1999年那个互联网勃兴的年代。创始人洪卫东从清华大学自动化系毕业后，毅然放弃了西科姆(中国)有限公司的安稳职位，创办了北 京宇信鸿泰科技发展有限公司，这便是宇信科技的前身。 （宇信科技创始人洪卫东） 这并非一场孤独的冒险，洪卫东的妻子吴红随后也加入其中，两人将一家初期的硬件系统供应商，一步步发展成如今拥有841项软件著作权及71项专利的综 合型金融IT服务商。 | | | | | | | 商首相重意或 | | --- | --- | - ...