● 本报记者王鹤静 12月6日，湖南大学股权与创业投资研究院院长、清华大学全球私募股权研究院首席专家刘健钧在中国 证券报主办的"双创融合智启新程——2025科创投资大会"上发表主题演讲时表示，在"十五五"规划建议 的指引下，中国的股权与创投基金将迎来重要发展机遇，概括分为两大层面：一是带来"4+5"产业投资 机遇，即"四大领域加上五个特别产业的投资机遇"；二是从六个方面营造良好的投资环境。 对于四大领域产业投资机遇，刘健钧认为，包括优化提升传统产业，培育壮大新兴产业和未来产业，促 进服务业优质高效发展，构建现代化基础设施体系特别是超前建设新型基础设施。 对于资本市场的功能，刘健钧认为，既不能只看重融资功能，又不能只考虑投资功能，两者相互协调， 才能推动资本市场积极、健康、可持续发展。在目前的情况下，国内IPO主渠道还需实行适当的管控， 但为了更好推进创新驱动战略，对于关系到国家重大战略的硬科技企业可以有特别考量。所以，"十五 五"规划建议提出要"提高资本市场制度包容性、适应性"。 结合"十五五"规划建议的政策取向，刘健钧认为，"十五五"期间有望形成稳定的宏观税收环境。在具体 行动上，一方面，增强财政可持续性， ...

Core Viewpoint - The speech by Liu Jianjun at the "2025 Sci-Tech Investment Conference" highlights significant development opportunities for equity and venture capital funds in China, driven by the "14th Five-Year Plan" recommendations, focusing on two main aspects: investment opportunities in "4+5" industries and creating a favorable investment environment [1][2]. Investment Opportunities - The "4" major industry investment opportunities include optimizing traditional industries, nurturing emerging and future industries, promoting high-quality development in the service sector, and constructing a modern infrastructure system, particularly in new infrastructure [1]. - The "5" special industry investment opportunities focus on emerging sectors such as modern agriculture, health care, green transformation, national security, and military industries. Examples include implementing seed industry revitalization, advancing traditional Chinese medicine, supporting innovative drugs and medical devices, and enhancing national security capabilities in emerging fields like AI and biotechnology [1]. Investment Environment - Liu Jianjun emphasizes the importance of a stable macroeconomic environment, a healthy capital market, and a stable macro tax environment to foster the development of equity and venture capital funds. Key measures include leveraging government investment funds, innovating regulatory approaches, and improving the overseas investment environment for enterprises [2]. - The need for proactive macroeconomic policies, including monetary policy adjustments, is highlighted to address unprecedented global changes and ensure stable growth, employment, and expectations [2]. Policy Environment - The "14th Five-Year Plan" is expected to create a stable macro tax environment through enhancing fiscal sustainability, refining tax policies, and improving income distribution systems. This includes supporting the expansion of the middle-income group and regulating excessive income [3]. - Liu Jianjun suggests that structural tax incentives for venture capital funds should be carefully designed, taking into account China's unique circumstances and learning from international experiences, particularly focusing on promoting long-term investment incentives [3].

统筹发展和安全是贯穿"十五五"规划建议的另一条主线。马建堂提示了几项至关重要的安全发展任务： 首要的是确保国家经济社会发展所必需的能源、矿产资源得到稳定可靠的保障供给；其次是要确保产业 体系具备足够的韧性和安全性，能够应对可能出现的极端情景；此外，保障战略运输通道的安全也至关 重要。 马建堂表示，"十五五"规划建议将人民至上的理念摆在突出位置。他列举了"十五五"期间在推进共同富 裕方面期望取得扎实进展的几个具体量化目标：力争将全国东、中、西部地区居民收入差距控制在 1.5：1：1左右；将城乡居民收入差距控制在2：1左右；将居民收入在初次分配中的比重提升至65%以 上；努力将衡量收入分配差距的基尼系数控制在0.45-0.46之间。 马建堂认为，扎实推动共同富裕需把握几个关键：必须坚持在高质量发展中推进，处理好生产与分配的 关系；必须坚持在社会主义市场经济框架内推进，处理好效率与公平的关系；必须将民生工作的着力点 更多放在低收入群体和困难群体上，处理好调节过高收入与提高低收入的关系。 马建堂分析，与以往相比，"十五五"规划建议的一个显著特点是居安思危意识、主动应变精神更为突 出。"十五五"规划建议明确指出，我国发 ...

编者按 "中东局势影响集装箱运价指数、原油、黄金等品种；俄乌冲突导致能源价格剧烈波动、黑海谷物运输 中断推高粮价。"王骏表示，东南亚的地缘冲突也影响了锡、橡胶等品种的价格。面对波动加剧的市场 环境，交易者及机构大多通过期权策略应对市场波动率变化。 "十五五"规划建议开启新发展机遇 在王骏看来，"十五五"规划建议将对期货市场产生深远影响。"十五五"规划建议突出高质量发展、科技 自立自强、现代产业体系建设等目标，将完善期货基础标的市场。 在期货日报近日推出的"期货大家谈——2025期货业盘点"系列访谈中，格林大华期货副总经理王骏作为 第一期嘉宾，以"定调2025——年度十大热点事件盘点与影响深远度评估"为主题，接受了本报记者专 访。王骏系统回顾并解读了影响2025年期货市场的十大热点事件，其中，"4月初特朗普发起全球关税 战，众多商品出现全年最大跌幅"成为2025年令人印象最深的事件。王骏表示，当时有色金属价格下挫 为实体企业提供了难得的采购机遇。 全球经济增长面临多重挑战 根据IMF和OECD预测，2025年全球经济增长处于近年低点。王骏表示，明年全球经济增速可能进一步 放缓至3.1%左右，为近五年最低水平。发 ...

Group 1: Key Events Impacting the Futures Market - The series "Futures Discussion - 2025 Futures Industry Review" aims to provide insights into the 2025 futures market and its key events, with a focus on macro to micro analysis and future planning for 2026 [2] - A significant event in 2025 was the global tariff war initiated by Trump in early April, which led to the largest price drop for many commodities throughout the year, providing purchasing opportunities for physical enterprises [2] Group 2: Global Economic Growth Challenges - According to IMF and OECD forecasts, global economic growth is expected to slow to around 3.1% in 2025, marking the lowest level in five years, with developed economies struggling while emerging markets, particularly in the Asia-Pacific region, contribute 60% of global growth [3] - The economic policies of different regions are diverging, with the US, Europe, and the UK entering a rate-cutting cycle, while Japan plans to raise rates, and countries like Turkey and Argentina are increasing rates due to high inflation [3] - China's economy shows resilience with a GDP growth of 5.2% in the first three quarters, but a continuous PMI index below the threshold indicates weak consumer demand, suggesting potential stimulus measures in 2026 [3] Group 3: Geopolitical Conflicts and Commodity Price Volatility - Geopolitical conflicts in various regions in 2025 have led to significant volatility in commodity prices, increased supply chain costs, and heightened market risk aversion [4] - The situation in the Middle East has affected container shipping rates, oil, and gold prices, while the Russia-Ukraine conflict has caused energy price fluctuations and disruptions in grain transport, raising food prices [4] Group 4: Development Opportunities from the 14th Five-Year Plan - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which will have a profound impact on the futures market by enhancing the underlying market for futures [5] - New infrastructure and industrial development are expected to boost demand for raw materials like steel and non-ferrous metals, while technological advancements will drive demand for new materials such as lithium carbonate and platinum [5] Group 5: AI Demand and Energy Transition - In 2025, global investments in AI data centers and chip industries reached $2.9 trillion, with new AI-driven demands promoting green energy development and altering energy consumption structures [6] - The share of green energy in traditional energy provinces has reached 50%, leading to increased demand for silver, aluminum, copper, and polysilicon [6] - The traditional pig cycle has shortened from around 40 months to 15-20 months due to enhanced breeding scale, necessitating attention to breeding stock and production efficiency [6] Group 6: Futures Tools Supporting the Real Economy - The performance of the non-ferrous metals sector in 2025 was notably influenced by the tariff war, which provided hedging opportunities for companies to lock in low raw material prices [7] - The focus on AI development is shifting from investment to application scenarios, which will become a new direction for capital market growth in 2026 [7] - Understanding long-term economic cycles can enhance asset allocation strategies, making it easier for traders and companies to navigate investment decisions [7]

央视网消息："十五五"规划建议提出，"推动灵活就业、新就业形态健康发展。提高灵活就业人员、农民工、新就业形态人员参保率。"目前， 全国新就业形态从业人员已超过8400万人，针对他们的急难愁盼问题，国家正加快完善各项福利保障，为他们打造工作与生活的温暖"港湾"。 在上海静安区江宁路街道，一场专门面对新就业群体的免费体检，吸引了不少快递小哥、外卖骑手来参加。 来自河南的王昌杰到上海做快递小哥已经10年了。刚到上海时，他为了省钱，租住在8平方米的房子里，狭小的空间让他只能把妻儿安顿在家 乡。 家具、电器一应俱全，快递小哥们拎包入住。拿到钥匙，王昌杰第一时间就把妻子和儿子接到了身边。 住房成本高，是像王昌杰这样的外来务工人员在大城市生活的最大难题。"十四五" 期间，国家加快建设保障性租赁住房，把新市民、新就业 群体纳入到保障范围。上海面向新就业群体推出了一批保障性租赁住房，王昌杰也申请到了一间公租房。 王昌杰的妻子蔡玉洁表示，交通也方便，这个小门出去马上就是个地铁口，不到3分钟，小孩上学特别方便，2站路就到学校了。 有了这间温馨的住所，一家人终于团聚。每天回家有热乎的饭菜，有家人的欢声笑语，王昌杰工作更有干劲儿了。现 ...

Group 1 - The article announces the "2025 December Passenger Car Market Analysis Release Conference" organized by the China Automobile Dealers Association Passenger Car Market Information Joint Conference Secretariat, which will be held online [2][3] - The report will cover various topics including the registration situation of the Shanghai automobile market in November 2025, analysis of adjustments to the purchase tax and consumption tax technical requirements for energy-saving and new energy vehicle products starting in 2026, and a brief analysis of the "14th Five-Year Plan" recommendations [2][3] - Additional reports will include the October 2025 new energy vehicle industry monthly report, a forecast study on the light commercial vehicle market for November 2025, and an in-depth analysis of the national used car market for October 2025 [2][3] Group 2 - The conference will also feature an analysis of the Beijing automobile market for October 2025 and a national passenger car market analysis for November 2025 [3] - The report will be available through the WeChat subscription account (cpca2024) and the official website (www.cpcaauto.com) [2][3] - The event is supported by various organizations including Sohu Auto, Shanghai Information Center, and Ipsos (China) Consulting Co., Ltd. [2]

2025年12月2日，财政部副部长廖岷在部内会见国际货币基金组织（IMF）第一副总裁卡茨。双方就中美经贸关 系、全球和中国经济形势、IMF对华第四条款磋商等共同关心的议题交换了意见。廖岷重点介绍了中国经济增长 前景和"十五五"规划建议，强调中国经济保持良好发展势头，展现强大韧性和活力，并将继续同世界分享发展机 遇。 来源：中国财经报 ...

格隆汇12月5日｜据中共中央对外联络部官网，12月4日，中共中央对外联络部副部长陆慷在北京会见美 国外交政策全国委员会代表团，就中美关系及共同关心的问题交换看法。陆慷着重介绍了中共二十届四 中全会精神和"十五五"规划建议有关内容。 ...

人民财讯12月5日电，12月4日，中共中央对外联络部副部长陆慷在北京会见美国外交政策全国委员会代 表团，就中美关系及共同关心的问题交换看法。陆慷着重介绍了中共二十届四中全会精神和"十五五"规 划建议有关内容。 ...