新华社图 □本报编辑部 冬虫，蛰伏地下，等待第一声春雷，唤醒活力，张扬生命…… 竹笋，蓄力深土，等待第一场春雨，破土而出，拔节生长…… 百花，含苞未发，等待第一缕春风，绽放枝头，争奇斗艳…… 等待，是一种定力，是一种智慧，是一种信念。 等待，不是消极的，不是被动的，不是躺平，更不是摆烂。等待，是苦练内功，是内求于心，外合于 道。等待，是以静制动，是蓄势待发，伺机而行。 北冥有鲲，潜藏深渊，蓄势化鹏，翱翔九天。潜龙勿用，非是无力，乃藏锋养气运，隐忍待时发。 绳锯木断，水滴石穿，这是时间的力量，这是坚持的力量，这是专注的力量，这是耐心的力量。 慢养孩子，静待花开。教育孩子要多一分从容和耐心，忌望子成龙、望女成凤心切，拔苗助长，欲速则 不达。 手中有股，心中无股。投资资本市场，要秉持长期、理性、价值投资原则，要看得准、拿得住，要 有"乱云飞渡仍从容"的定力，要有"咬定青山不放松，任尔东西南北风"的坚守。 脚踏坚实大地，心系星辰大海，人类创新的步伐永不停歇，人类探索的目光永无止境…… 高科技，已成为大国博弈的主战场，竞争日趋白热化。"科学技术是第一生产力"，国人对这句话一直有 着切肤之痛，如今更是有了全新的领悟。"科 ...

Core Viewpoint - The Guangzhou Futures Exchange is committed to supporting green low-carbon transformation and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and emphasizing the importance of green development in high-quality growth [1][3]. Group 1: Achievements in 2025 - In 2025, the exchange successfully launched futures and options for platinum and palladium, expanding the new energy metal futures sector [2]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, with over half of the listed companies in the photovoltaic and lithium battery sectors using futures for hedging [2]. - The introduction of qualified foreign institutional investors (QFII) for trading in industrial silicon, lithium carbonate, and polysilicon marked a significant step in opening up the market [2]. Group 2: Future Plans and Strategies - The exchange aims to deepen the implementation of green development principles and enhance its role in supporting the high-quality development of the Greater Bay Area [3]. - Focus will be placed on innovation in product offerings, particularly in new energy, new materials, and carbon emissions, with plans to accelerate the development of weather-related futures and carbon futures [3]. - The exchange plans to enhance its international presence by exploring overseas settlement price authorization and building overseas delivery warehouses [3]. Group 3: Commitment to Green Futures - The exchange is dedicated to becoming a leading green futures trading platform, aligning with the strategic tasks of the "14th Five-Year Plan" and contributing to the construction of a financial powerhouse [4]. - There is a strong emphasis on collaboration and collective effort to achieve the goals of financial modernization and sustainable development [4].

记者丨 崔文静 编辑丨巫燕玲 当前，我国正加速迈向"金融强国"的新征程。作为资本市场的核心中介与关键枢纽，证券行业 被赋予更高期望：不仅要更高效地服务实体经济，还要在全球金融舞台上争取更大话语权。如 何平衡"立足本土"与"竞逐全球"这双重使命，成为券业发展的重要议题。 近日，21世纪经济报道记者专访了中金公司党委副书记、副董事长、总裁王曙光。他明确指 出， 服务国内实体经济与争夺全球金融定价权是"双向赋能"、协同共进的关系。唯有深耕本 土，才能锻造国际竞争的核心能力；同时，只有争取全球定价权，才能反哺国内高质量发展。 面向更宏伟的全球愿景，王曙光认为，中国投行跻身国际一流投行的当务之急在于"锻内功、 转思维"，转向价值创造，全力弥补在深度研究、协同服务、全球风控与高端人才等方面的关 键短板。 尤为值得关注的是，在王曙光看来，中国投行对全球金融秩序更深层次的贡献，并非简单的定 价权争夺，而在于将中国市场实践中形成的、强调金融与实体经济深度融合的"赋能型"发展范 式，以开放合作的姿态贡献于世界，推动全球金融治理体系朝着更加包容、均衡和可持续的方 向演进。这一系列判断，为理解中国券商在新时代的战略定位与转型方向提供 ...

21世纪经济报道2025年终特刊专访10位经济领域顶级专家学者，把脉当下，寻路2026的方向与机会。 专访刘世锦 ： 打造强大的货币与资本市场，为创新和消费架桥 下一步中国需要推进以全链条技术和产业布局为特征的制造强国、消费强国、金融强国建设，驱动国民经济进入高质量发展的新循环体系。 【点击查看详情】 专访刘元春： 2026年继续强化创新驱动布局，消费有望实现逆转 未来，随着房地产市场的止跌回稳、随着"反内卷"工作的持续推进，中国多支柱支撑的新增长模式会全面发力。 【点击查看详情】 专访邢自强： 从投资于物到投资于人，持续撬动消费市场 中国经济的未来在于实现"星辰大海"式创新与"柴米油盐"民生改善的"双向奔赴"。 【点击查看详情】 独家专访诺奖得主托马斯·萨金特： 全球经济难测，中国发展显韧性 中国的五年规划不仅提供了思考与行动的框架，更在政策执行中体现了清晰的连续性。这种耐心与系统性决策，使得中国经济能够在全球不 确定性增加的背景下保持稳健和韧性。 【点击查看详情】 专访诺奖得主罗伯特·恩格尔： 在不确定性时代解构风险 事实上，互联网泡沫并非纯粹的投机泡沫，只不过有一些公司最终是失败了，但它实际上反映了科技 ...

专题：2026新年贺词 来源：浙商证券在线 岁月更迭,万象更新。在2026年即将 到来之际,我们谨向每一位并肩前行的浙 商证券人,向长期给予我们信任与托付的 股东、客户,向所有关心支持我们的社会 各界友人,致以最崇高的敬意与最美好的 新年祝福。 回望2025,这是中国式现代化征程中 一个刻下深深印记的年份。党的二十届四 中全会擘画的发展蓝图,将"十五五"的 航向锚定在更加壮阔的未来。我们身处这 场关乎国运的宏大叙事,愈发清晰地感 知:资本市场,既是资本流动的河床,又 是撬动创新的支点,也是通向共富之路的 桥梁。金融的初心,当如烛火,照亮国家 战略的经纬,温暖千家万户的期盼。 过去一年,我们俯身大地,倾听实体 经济的脉搏。公司始终胸怀"国之大 者"、牢记"省之要事"、践行上级党委 决策部署,用心书写金融"五篇大文 章",以"投资+投行+投研"的合力,畅 通企业全生命周期的融资脉络。发行股权 承销项目8单,债券承销规模突破千亿元, 连续三年主承销规模超千亿元。数字的背 后,是无数创新种子的破土,是产业升级 齿轮的加速转动。我们精准落子,设立多 支政府引导基金,如同涓涓细流汇入科技 创新与区域发展的沃土 -- 从绿 ...

Core Viewpoint - The article discusses the evolution of China's currency policy, emphasizing the transition towards a strong renminbi (RMB) as a key element in establishing a financial powerhouse by 2025, aiming to reduce reliance on the US dollar and enhance the RMB's international status [1][3][9]. Group 1: Historical Context of Currency Policy - Over the past 30 years, China's exchange rate system has undergone significant changes approximately every decade, starting with the 1994 unification of exchange rates, followed by a fixed peg to the US dollar until 2005, and then a market-based adjustment approach [1]. - From 2005 to 2015, the RMB appreciated significantly against the US dollar, with a cumulative increase of 26%, while the nominal effective exchange rate (NEER) rose by 46% [8]. - Post-2015, the RMB has exhibited more two-way fluctuations, with the exchange rate generally oscillating between 6.25 and 7.35 against the dollar [8]. Group 2: Policy Directions for a Strong RMB - The 2023 Central Financial Work Conference highlighted the need to accelerate the construction of a financial powerhouse, placing "strong currency" at the forefront of its core elements [3][9]. - The government is expected to enhance policy coordination to elevate the RMB's international status, aiming to provide a viable alternative in the global monetary system [3][4]. - The "14th Five-Year Plan" emphasizes technological innovation and industrial integration to bolster the economic foundation necessary for a strong currency [3][15]. Group 3: Internationalization of the RMB - Significant progress has been made in promoting the RMB as an international currency, with measures taken from 2010 to 2015 to increase its use in international trade settlements and the establishment of offshore RMB markets [19]. - By the end of 2015, the IMF included the RMB in its Special Drawing Rights (SDR) basket, marking a milestone in the RMB's internationalization [19]. - As of 2021, the RMB accounted for 2.8% of global foreign exchange reserves, with expectations to reach a more competitive level in the coming years [21][28]. Group 4: Challenges and Future Outlook - The potential for RMB internationalization is largely constrained by the degree of openness of China's capital account, with expectations for gradual relaxation of capital flow controls while maintaining macroeconomic management [4][22]. - The government aims to balance the promotion of RMB internationalization with the management of associated risks, focusing on building a robust cross-border payment system to reduce reliance on the SWIFT network [28][29]. - The RMB's role in global trade and investment is anticipated to grow, particularly in transactions with countries along the Belt and Road Initiative, as China continues to diversify its trade and investment relationships [27].

金融是国民经济的血脉。"十四五"时期，我国加快构建中国特色现代金融体系，牢牢守住系统性风险安 全底线，为高质量发展注入磅礴动能。 2025年，全球金融格局深刻演变，中国加快建设金融强国：从"金融强国"目标写入五年规划建议，到货 币政策持续发力显效；从资本市场量质齐升、直接融资功能持续增强，到国有大行补充资本、公司治理 体系加速重塑；从中小金融机构深度整合、行业格局优化升级，到公募基金、保险资金等中长期资金加 速入市；从贵金属价格屡创新高映射全球变局，到港股IPO重回全球第一、AI浪潮重塑全球科技与投资 版图…… 站在"十四五"与"十五五"交汇的新起点，我国金融业将继续秉持改革锐气和开放胸襟，为中国式现代化 注入更加澎湃的金融活水。 【01】"金融强国" 入五年规划建议，"五篇大文章" 顶层设计落地 10月，党的二十届四中全会召开，会议通过"十五五"规划建议，建议提出加快建设金融强国，标志着金 融发展从"规模扩张"向"质量提升"的历史性跨越；3月，国务院办公厅印发《关于做好金融"五篇大文 章"的指导意见》，构建 "1+N" 政策体系，明确科技金融、绿色金融、普惠金融、养老金融、数字金 融"五篇大文章"重点领域和 ...

在金融强国战略加速推进的背景下，高质量金融人才的培养已成为支撑资本市场健康发展的核心要素。此前，中国证券业协会培训中心下发《关于远程培训 行业共建课程及成品共享课程的确认函》，九方智投控股有限公司（以下简称"九方智投"）报送的课程《资本市场服务金融强国建设》成功入选"行业共建 课程"。 图说：九方智投课程入选中证协共建项目 值得关注的是，这是继此前两次入选后，九方智投第三次获得这一权威认可。"九方智投研发这门课程，正是希望帮助从业人员跳出技术细节，建立起对金 融体系、产业演进与国家战略之间联动关系的系统性认知。只有理解了'为什么要有资本市场'，才能真正做好'如何用好资本市场'。"九方智投总经理、九方 金融研究所所长程伟在接受《证券日报》记者专访时表示。 立足国家战略 打造兼具高度与深度的行业课程 | 序号 | 课程题目 | | --- | --- | | | 资本市场服务金融强国建设 | 以专业立身 持续输出可信赖的投教价值 事实上，此次课程入选中证协共建项目，也标志着九方智投的内容能力获得了行业最高层级的专业背书。根据中证协要求，入选课程需经公司合规部门审 核，并由培训中心统筹制作上线，相关师资与制作费用均 ...

Core Viewpoint - The 2025 ranking of the top 100 rural commercial banks in China highlights the competitive landscape, focusing on various dimensions of performance including comprehensive competitiveness, operational scale, profitability, stability, technological innovation, and brand building [3][4][6]. Comprehensive Competitiveness - The top ten banks in comprehensive competitiveness are: Chongqing Rural Commercial Bank, Shanghai Rural Commercial Bank, Beijing Rural Commercial Bank, Shenzhen Rural Commercial Bank, Chengdu Rural Commercial Bank, Dongguan Rural Commercial Bank, Guangzhou Rural Commercial Bank, Jiangsu Jiangnan Rural Commercial Bank, Tianjin Rural Commercial Bank, and Qingdao Rural Commercial Bank [1][8]. Operational Scale and Capital Strength - The leading banks in operational scale and capital strength are: Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, Beijing Rural Commercial Bank, Guangzhou Rural Commercial Bank, Dongguan Rural Commercial Bank, Shenzhen Rural Commercial Bank, Chengdu Rural Commercial Bank, Jiangsu Jiangnan Rural Commercial Bank, Tianjin Rural Commercial Bank, and Guangdong Shunde Rural Commercial Bank [1][13]. Profitability - The top banks in profitability are: Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, Chengdu Rural Commercial Bank, Jiangsu Changshu Rural Commercial Bank, Shenzhen Rural Commercial Bank, Hangzhou United Rural Commercial Bank, Beijing Rural Commercial Bank, Jiangsu Jiangnan Rural Commercial Bank, Dongguan Rural Commercial Bank, and Zhejiang Xiaoshan Rural Commercial Bank [1][18]. Stability - The banks excelling in stability are: Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, Shenzhen Rural Commercial Bank, Dongguan Rural Commercial Bank, Jiangsu Jiangnan Rural Commercial Bank, Tianjin Rural Commercial Bank, Guangzhou Rural Commercial Bank, Beijing Rural Commercial Bank, Shaanxi Qinong Rural Commercial Bank, and Wuhan Rural Commercial Bank [1][6]. Technological and Service Innovation Capability - The top banks in technological and service innovation capability are: Chongqing Rural Commercial Bank, Shanghai Rural Commercial Bank, Beijing Rural Commercial Bank, Chengdu Rural Commercial Bank, Guangzhou Rural Commercial Bank, Jiangsu Suzhou Rural Commercial Bank, Shenzhen Rural Commercial Bank, Qingdao Rural Commercial Bank, Tianjin Rural Commercial Bank, and Dongguan Rural Commercial Bank [2][6]. Brand Building Capability - The leading banks in brand building capability are: Chongqing Rural Commercial Bank, Shanghai Rural Commercial Bank, Jiangsu Zijin Rural Commercial Bank, Dongguan Rural Commercial Bank, Jiangsu Kunshan Rural Commercial Bank, Shenzhen Rural Commercial Bank, Jiangsu Jiangnan Rural Commercial Bank (tied for seventh), Zhejiang Shaoxing Ruifeng Rural Commercial Bank (tied for seventh), Beijing Rural Commercial Bank, and Chengdu Rural Commercial Bank [2][6].

Group 1 - The central economic work conference has outlined comprehensive plans for economic work in 2026, emphasizing the need for financial institutions to support key areas such as domestic demand, technological innovation, and small and micro enterprises [1] - The national local finance cooperation exchange meeting focused on the theme of "integration of industry and talent, financial empowerment for high-quality development," gathering over 300 representatives from various provinces to discuss pathways for high-quality local financial development during the 14th Five-Year Plan period [1][2] - The meeting highlighted the importance of creating a favorable business environment to support financial innovation and the integration of financial services with the real economy [3] Group 2 - The conference emphasized the necessity for local finance to align with the "five major articles" of financial development, which include technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - Local financial institutions are encouraged to integrate resources and develop innovative financial products to better serve small and micro enterprises, particularly in rural areas [3][4] - The integration of digital technology in financial services is seen as crucial for enhancing service efficiency and risk management [6][7] Group 3 - The establishment of a "government-industry-academia-research-finance" ecosystem is deemed essential for fostering high-quality development and innovation [8] - Local financial institutions are urged to collaborate with research institutions to develop specialized financial products that meet the needs of emerging industries [8][9] - The meeting concluded with a commitment to implement the central economic work conference's directives, aiming to provide precise and efficient financial support for technological innovation, industrial upgrading, and rural revitalization [9]