对话人： 李 拯 本报评论员 田 轩 清华大学国家金融研究院院长 李拯：习近平总书记强调，"把人口高质量发展同人民高品质生活紧密结合起来，把'投资于物'同'投资 于人'紧密结合起来"。"十五五"规划建议提出，"坚持惠民生和促消费、投资于物和投资于人紧密结 合"。从投资角度来看，投资于人主要包括哪些方面，与投资于物有何不同？ 田轩：投资于人本质上是贯彻以人民为中心的发展思想，把资源更多投向人的全面发展，主要包括教育 投资、健康投资、社会保障与福利投资、就业创业支持投资等方面。 从"物"到"人"，主要变化体现在几点：从投资对象与价值形态看，投资于人以劳动者为对象，形成无形 的人力资本，价值衡量多元复杂；从回报周期看，投资于人是长期过程，回报相对滞后但持久稳定；从 社会效应看，人力资本具有自我增值和适应能力，投资于人具有广泛社会效应和正外部性，能够有效提 升经济社会发展的质量效益。 李拯：明确提出投资于物和投资于人紧密结合，这背后是发展思路和宏观经济治理的深刻调整，主要体 现在哪些方面？ 田轩：体现为三个方面的深刻调整。增长动力从要素驱动转向创新驱动，投资于物依赖物质要素投入， 投资于人则注重提升人力资源素质，更多 ...

Core Insights - The article emphasizes the importance of encouraging consumption while opposing waste, highlighting the need for a balanced approach to economic growth and sustainability [1][6]. Group 1: Consumer Behavior and Economic Growth - The article discusses the case of a drone enthusiast who, taking advantage of a trade-in policy, invested in a drone setup, reflecting a shift towards effective demand and quality supply in the consumer market [2]. - The growth of the civil drone industry in China is noted as a significant contributor to the low-altitude economy, creating new job opportunities and promoting high-quality employment [2]. - The article stresses that encouraging consumption and opposing waste leads to more effective growth, aligning with sustainable economic development [2]. Group 2: Green Consumption - A case study of an electric vehicle owner illustrates the benefits of green consumption, where participation in a vehicle-to-grid program can yield financial returns while reducing carbon emissions [3]. - The shift towards green products is highlighted, with policies supporting green consumption becoming increasingly influential in consumer choices [3]. - The article argues that opposing waste is not about reducing consumption but about enhancing the quality of life and meeting the growing demands for better living standards [3]. Group 3: Cultural Consumption - The article highlights the rising trend of cultural consumption, with increased attendance at performances and events, indicating a shift in consumer preferences towards experiences rather than material goods [4]. - The growth in ticket sales and cultural events reflects a change in consumer behavior, where value is placed on quality experiences [4]. - The integration of culture and commerce is seen as a new landscape for consumption, fostering regional development and enhancing local brands [4]. Group 4: Government Spending and Social Welfare - The article presents a case of local government spending in Zhejiang, where a significant portion of the budget is allocated to social welfare rather than extravagant expenditures, reflecting a commitment to improving citizens' lives [5]. - The increase in social spending by 21.1% year-on-year indicates a focus on investing in people and enhancing public welfare [5]. - The government's approach to fiscal responsibility is framed as a means to build public trust and ensure that resources are directed towards meaningful social initiatives [5].

展望"十五五"，继续推动传统产业优化提升与新兴产业培育壮大双轮驱动，要充分发挥新型举国体制优 势，奋力实现关键核心技术突破；要强化"四链"深度融合，培育更多创新型和专精特新中小企业；要统 筹发展和安全，以高水平对外开放提升产业链供应链韧性与安全水平。 （作者为南京大学经济学院产业经济学系教授，本报记者姚雪青采访整理） 接线用上机器人，百年纺织企业无锡一棉焕发新活力；3D打印火箭"心脏"，新兴产业深蓝航天掌握"独 门绝技"。坚持把发展经济的着力点放在实体经济上，坚持智能化、绿色化、融合化方向，才能抢抓新 一轮科技革命和产业变革历史机遇，构建以先进制造业为骨干的现代化产业体系。 借智焕新，筑牢传统产业根基。传统产业是我国制造业发展的"基本盘"，其破局之道在于智改数转：积 极推动设备换芯、机器换人、生产换线，实现产业提质升级。破局之要在于绿色发展：通过推广节能技 术、开发绿色产品、打造绿色供应链，实现可持续发展。破局之策在于融合创新：促进先进制造业与现 代服务业、科技创新与产业创新的深度融合，鼓励企业向"产品+服务+解决方案"综合服务商转型，培 育竞争新优势。 完善生态，打造新兴产业高地。新兴产业是我国制造业发展的 ...

《意见》围绕五个方面提出24项改革措施，通过鼓励创新、优化注册备案管理、强化全链条风险防控、 提升智慧化监管水平、推动监管与国际接轨，进一步筑牢化妆品质量安全底线，培育新质生产力，助推 化妆品产业高质量发展。 在支持产业创新方面，《意见》提出，支持化妆品原料技术创新。化妆品原料是产品安全与功效的核心 基础，原料创新水平直接决定了产业发展的质量与高度。为激发原料创新活力，国家药监局于今年初出 台了《支持化妆品原料创新若干规定》，推出支持原料研发与注册备案的9条措施。 在此基础上，《意见》进一步提出优化方案：完善新原料分类管理与技术评价体系，探索建立符合国 情、对接国际的原料命名规则；加强标准引领，重点围绕使用频率高、安全风险突出以及中国特色植物 资源等类别原料推动标准制定；构建研发审评协同机制，对符合条件的新原料提供"早期介入、过程指 导、动态优化"的全流程服务，提升研发与申报质量。 考虑行业发展实际，《意见》提出，国家药监局将对新功效化妆品设置专门审评通道，实施即报即审， 并建立新功效化妆品注册申报前置咨询机制，在加强对企业服务指导的同时，优化审评审批程序，着力 适应社会消费新需求和行业发展新趋势。在此基础上 ...

宇树科技日前完成IPO辅导工作，为机器人赛道资本化按下加速键，释放出资本市场加码支持科技创新 的最新信号。 今年以来，科创板"1+6"改革、债券市场"科技板"、"并购六条"配套举措等标志性政策密集落地，显著 提升了资本市场制度的包容性与适应性。 证监会近日明确提出，着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力。市场人士预 期，资本市场有望构建覆盖科技企业全生命周期的服务体系，引导要素向创新领域集聚，为新质生产力 发展注入强劲动能。 资本活水精准"滴灌"硬科技 今年以来，资本活水持续向"新"倾斜，主要体现在科技创新发行主体持续扩容、资本市场服务科技创新 产品不断丰富等方面。 Wind数据显示，截至11月17日，今年以来共有92家企业完成A股IPO。从行业分布看，来自汽车与零配 件、电气设备、硬件设备等行业的企业居多；从上市板块看，有11家企业登陆科创板、29家登陆创业 板，20家登陆北交所，占比超六成。上述情况表明，资本活水在进一步向"硬科技"领域聚集。 德勤预计，在政策持续支持下，科技、新能源等行业的新发行上市企业将继续成为A股市场关注热点。 债券市场亦稳步推进业务创新和产品创新，加强对重大战略、 ...

● 本报记者 张佳琳 时代浪潮奔涌，金融使命如山。"十五五"规划建议明确，加快建设金融强国。业内人士表示，国内外经 济社会环境正经历深刻变革，对我国金融体系的适应性、竞争力和改革纵深均提出了更高的要求。 有效防范化解重点领域金融风险，全面加强金融监管，优化金融机构体系，统筹做好金融"五篇大文 章"……面对新格局，金融监管总局局长李云泽表示，要牢牢把握防风险、强监管、促高质量发展工作 主线。 金融监管总局披露的最新数据显示，截至三季度末，我国银行业金融机构本外币资产总额474.3万亿 元。作为我国金融体系的重要组成部分，银行业面临着跨界竞争与同业竞争交织在一起的多重竞争格 局。面向"十五五"，银行业肩负着双重使命：积极助力中国式现代化建设；推进自身的高质量发展与结 构性变革。 深度融入高质量发展大局 服务实体经济是金融立业之本。"十五五"规划建议提出，大力发展科技金融、绿色金融、普惠金融、养 老金融、数字金融。这为银行业的发展指明了方向。 "着力提升经济金融适配性，更好促进经济社会持续健康发展。"李云泽表示，将高效服务现代化产业体 系建设和新质生产力发展。聚焦智能化、绿色化、融合化方向，为传统产业优化提升、新兴 ...

洪勇认为，"东部创新-中西部制造"的协同模式不仅破解了东部成本高企、中西部附加值低的困局，更 通过关键技术突破，如智能缫丝、绿色印染等，为传统产业升级提供了新范式，有望重塑全球丝绸产业 竞争格局。 受访专家认为，中国是茧丝绸产业的大国，推动茧丝绸产业高质量发展不仅有助于农民增收，而且对满 足消费者高品质生活需求、促进外贸发展都具有重要意义。开展茧丝绸产业"东绸西固"工作是优化产业 布局、构建现代化产业体系的关键举措，可破解区域发展失衡问题，培育国际竞争新优势。 商务部消费促进司有关负责人介绍，自2006年商务部实施"东桑西移"工程以来，广西、四川等中西部省 份种桑养蚕规模不断扩大，占比已超过70%。同时，东部地区织绸、印染、服装加工等后道环节用工、 用地成本上升，产业转移需求动力增强。 北京工商大学商业经济研究所所长洪涛对上海证券报记者表示，我国茧丝绸产业虽规模居全球前列，但 仍存在原料供应不稳定、生产加工短板明显、市场与贸易风险高、产品协同与品牌薄弱等突出问题。 ◎记者 白丽斐 苏商银行特约研究员付一夫对上海证券报记者表示，中西部茧丝绸产业设备落后，智能缫丝等技术应用 不足，而东部创新与中西部产能衔接不畅， ...

◎记者 于祥明 11月14日召开的国务院常务会议，研究深入实施"两重"建设有关工作，要求把"两重"建设放在"十五 五"全局中谋划和推进，牢牢把握战略性、前瞻性、全局性要求，强化部门协同，注重软硬结合，推动 国家重大战略深入实施、重点领域安全能力稳步提升。要优化项目审核，更加注重创新要素投入、无形 资产投资，促进新质生产力发展。要健全项目协调推进机制，严格工程质量和安全管理，同步做好资产 管理、后续运维等工作。 专家分析表示，这意味着"两重"建设将在"十五五"时期持续推进，而且为其提供资金支持的超长期特别 国债发行规模有可能逐步扩大。可以预计，未来五年，"两重"建设将作为扩大有效投资、培育新质生产 力的重要抓手，同时也是积极财政政策的一个重要发力点。 专家预计，这一系列举措，将极大地促进民营经济参与到我国基础设施和公共设施的建设中来，参与到 战略性新兴产业和生产性服务业中来。 投资，对中国经济有重要意义。国家发展改革委数据显示，过去四年投资积累的资本形成对中国经济增 长的平均贡献率为30.2%。 上海证券报记者注意到，财政、金融等政策工具也在聚焦投资。截至10月29日，5000亿元新型政策性金 融工具资金已全部 ...

Core Viewpoint - The Anhui Provincial Drug Administration has introduced measures to enhance the regulation of pharmaceuticals and medical devices, aiming to promote high-quality development in the pharmaceutical industry [1][2]. Group 1: Reform Measures - The newly issued measures include 21 specific reform initiatives across five key areas, focusing on supporting drug and medical device research and innovation, as well as the development of traditional Chinese medicine [1]. - Anhui will strengthen tracking services for drug and medical device research, implementing a tailored approach for each company with comprehensive guidance throughout the process [1]. Group 2: Enhancing Approval Processes - The measures aim to improve the efficiency of drug and medical device review and approval processes by enhancing the capabilities of the review team and optimizing the approval workflow [2]. - A tracking service mechanism will be established for key parks, projects, and innovative products to facilitate faster market entry for urgently needed drugs and devices [2]. Group 3: Promoting Industry Compliance - The measures encourage the development of pharmaceutical industry clusters and support the establishment of high-standard specialty industrial parks in regions with existing advantages [2]. - There will be an emphasis on enhancing the regulatory quality of new pharmaceutical distribution models and fostering collaboration in innovative research and development [2].

Core Viewpoint - The current A-share market is characterized by a paradox where retail investors are experiencing significant losses while institutional investors are increasing their positions, indicating a potential market bottom and the possibility of a forthcoming bull market [1][3]. Market Behavior - In November 2025, the market fluctuated between 3300 and 3400 points, with trading volumes varying from over 1 trillion to below 800 billion [1]. - The current market resembles the pre-bull market phases of 2014 and early 2019, marked by sideways trading and widespread declines in individual stocks [1]. Institutional vs Retail Dynamics - As 90% of retail investors face losses, institutional funds are quietly accumulating shares, with data showing that institutional buying exceeded 300 million in certain stocks during declines, while retail holdings dropped by approximately 40% [3]. - The phenomenon of "panic selling" aligns with typical characteristics of a mid-bull market consolidation phase [3]. Broker Performance - Historically, broker stocks have been pivotal in initiating bull markets, but in November 2025, the broker sector is underperforming, which may indicate a buildup of energy before a potential breakout [4]. - The concentration of retail holdings in the broker sector has decreased to levels similar to those seen in 2020 [4]. Capital Flows - There is a significant shift in capital, with non-bank deposits increasing by 2.1 trillion in July 2025, indicating a trend of funds moving from savings to the stock market [6]. - Foreign capital is also returning, with sovereign funds from countries like Saudi Arabia increasing their A-share holdings by over 10 billion [6]. Timing and Market Signals - Historically, bull markets have often started in late November, with previous instances in 2014 and 2020 leading to substantial index gains [7]. - Current market conditions, including a supportive policy environment and technical indicators, suggest a potential rapid rise in the index if the securities and technology sectors conclude their consolidation [7]. Sectoral Disparities - The market is experiencing significant sectoral divergence, with certain sectors like AI and humanoid robots seeing gains over 200% since May 2025, while traditional sectors like banking and real estate remain sluggish [9]. - Institutional investors are strategically focusing on high-barrier technology sectors, such as solid-state batteries, rather than the entire industry chain [10].