Core Viewpoint - The article emphasizes China's achievements and future goals as it enters the new year, highlighting economic growth, innovation, cultural development, and international cooperation [1][2][3][4]. Economic Growth - China's GDP is projected to reach 140 trillion yuan in 2025, marking a significant increase in economic strength and overall national power [1]. - The country has successfully navigated challenges over the past five years, completing its goals and making steady progress in its modernization journey [1]. Innovation and Technology - China is recognized as one of the fastest-growing economies in terms of innovation, with advancements in artificial intelligence, chip development, and space exploration [2]. - The integration of technology and industry has led to new production capabilities and enhanced quality of life [2]. Cultural Development - There is a growing interest in cultural heritage and traditional arts, with significant engagement in cultural tourism and events [2]. - The popularity of Chinese cultural elements, such as traditional aesthetics, has surged among younger generations [2]. Social Welfare and Quality of Life - The government has implemented measures to protect the rights of new employment groups and provide financial support to families, enhancing overall living standards [2]. - Initiatives aimed at improving the lives of the elderly and families with children have been introduced, reflecting a commitment to social welfare [2]. International Cooperation - China continues to engage with the global community through initiatives like the Shanghai Cooperation Organization and the Hainan Free Trade Port [3]. - The country advocates for a fair global governance system and aims to promote peace and development worldwide [3]. Governance and Party Strength - The article highlights the importance of party governance and the ongoing efforts to maintain integrity and accountability within the party [4]. - There is a focus on achieving high-quality development and deepening reforms to ensure shared prosperity for all citizens [4].

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 ...

新华社北京12月31日电 在全国政协新年茶话会上的讲话 （ 2025年12月31日 ） 习近平 同志们，朋友们： 大家好！很高兴与大家欢聚一堂，畅叙友情、共商国是，共同迎接新的一年。 同志们、朋友们！ 一年来，人民政协认真贯彻落实中共中央决策部署，着力巩固团结奋斗的共同思想政治基础，紧紧 围绕进一步全面深化改革、推动高质量发展等议政建言，为党和国家事业发展作出了新贡献。 同志们、朋友们！ 2026年是"十五五"开局之年，中共中央已经对全年经济社会发展和其他各项工作作出部署。我们要 完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展，坚持稳中求进工作总基 调，实施更加积极有为的宏观政策，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定， 努力实现"十五五"良好开局。 人民政协要紧扣党和国家中心任务，聚焦"十五五"规划制定和实施深入协商议政、积极建言献策、 开展民主监督，为推进中国式现代化广泛凝聚人心、凝聚共识、凝聚智慧、凝聚力量。 同志们、朋友们！ 蓝图已经绘就，奋进正当其时。全党全国各族人民要更加紧密地团结起来，万众一心、奋发进取， 以实干成就伟业，以创新赢得未来，不断开创中国式现代化 ...

学习好贯彻好党的二十届四中全会精神※ 习近平 这次全会，听取了中央政治局工作报告，分析了当前形势和任务，审议通过了《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》，圆满完成各项议程。 全会通过的《建议》，立足于夯实基础、全面发力，对"十五五"时期事关中国式现代化全局的战略任务作出部署，是指导"十五五"时期经济社 会发展的纲领性文件。学习好贯彻好全会精神，是当前和今后一个时期全党全国的一项重大政治任务。 下面，我代表中央政治局，就贯彻落实全会精神讲几点意见。 要迅速掀起学习贯彻全会精神的热潮，通过各种方式组织好全会精神的学习、宣讲、宣传，使全党全社会领会好全会精神。 第一，深刻领会"十五五"时期经济社会发展的重大意义。按照经济社会发展规律确定奋斗目标，一以贯之锚定目标团结奋进，是我们党的一 个鲜明特点和独特优势。实现社会主义现代化是一个阶梯式递进、不断发展进步的历史过程，需要不懈努力、接续奋斗。在基本实现社会主 义现代化进程中，"十五五"时期具有承前启后的重要地位。全党要认识到，抓好"十五五"时期经济社会发展，对于实现党的二十大描绘的宏伟 蓝图、分阶段有步骤推进中国式现代化，有效应对复杂严峻的外部 ...

央视网消息：即将过去的2025年是很不平凡的一年，面对错综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，全党全国各族人民迎 难而上、奋力拼搏，以历史主动精神克难关、战风险、迎挑战，高质量发展取得新成效，中国式现代化迈出新的坚实步伐。 这一年，我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出新步伐，重点领域风险化解取得积极进展，民 生保障更加有力。 新 间 CB 中国抗日战争 暨世界反法西斯战争胜利80周年 起2025. ©CTM > Com IB 0 | 省加 202025 CCTV/13 CCTV/ ccTV/13 CCTV COR 回家次 新 神舟二十号航天员乘组安全返回地面 2025 CCTV 13 新的间 *爱想得"自身比赛 2025. 40手小01 CCTV/TB CCTV 20m 新闻 ( K 8·亦庄 半程马拉松 2025 CCTV/13 CCTM 20m 新闻 IDT TTLE FALLE US 13 -1.6 UR . 0 . ti 11.6 THE HTTITY 202025 这一年，我们决战决胜"十四五"，第二个百年奋斗目标新征程实现良好开局。 CCTV/13) ...

Core Viewpoint - The article emphasizes the importance of studying and implementing the spirit of the Fourth Plenary Session of the 20th Central Committee, which is a significant political task for the entire party and society in the current and future periods [2][3]. Group 1: Understanding the Spirit of the Fourth Plenary Session - The "14th Five-Year Plan" period is crucial for achieving socialist modernization, serving as a bridge between past and future developments [3]. - The Central Committee's analysis indicates that the country faces a complex environment with both strategic opportunities and risks, necessitating a unified approach to the Central Committee's decisions [3]. - The guiding principles and major tasks outlined in the "14th Five-Year Plan" are based on a scientific summary of experiences since the reform and opening up, providing essential guidelines for economic and social development [3]. - The article stresses the importance of the Party's leadership as a fundamental guarantee for economic and social development, especially in complex and challenging situations [3]. Group 2: Implementation of the Fourth Plenary Session's Spirit - The focus should be on promoting high-quality development, emphasizing the importance of the real economy and deepening reforms [4]. - Accelerating the construction of a new development pattern is essential, with a focus on expanding domestic demand and enhancing the interaction between consumption and investment [4]. - Advancing common prosperity for all people is a priority, with efforts to improve living standards and promote regional coordinated development [4]. - A comprehensive approach to development and security is necessary, ensuring that safety is integrated into the development process [4]. - Coordination across various fields is crucial, requiring a systematic perspective and consistent macro policy orientation [4]. Group 3: Party Governance and Economic Development - Effective party governance strengthens the foundation for economic and social development, necessitating a persistent commitment to strict party governance [5]. - The article highlights the need for the Party's self-revolution to be closely linked with economic and social development, ensuring that the Party's construction principles are fully implemented [5]. - Continuous efforts in improving party conduct and combating corruption are essential for maintaining focus on grassroots implementation and ensuring the Party's mission is upheld [5].

Core Viewpoint - The article emphasizes the importance of implementing the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, focusing on the strategic tasks and guiding principles for the 14th Five-Year Plan period, which is crucial for achieving Chinese-style modernization and high-quality development [2][5][6]. Group 1: Understanding the Spirit of the Plenary Session - The session highlighted the need for a nationwide effort to learn and implement its spirit, ensuring that all members of the Party and society grasp its significance [3]. - The significance of the 14th Five-Year Plan period is underscored, as it serves as a transitional phase for achieving socialist modernization, requiring continuous effort and commitment [5][6]. - The article stresses the importance of accurately assessing the domestic and international situation, recognizing the coexistence of opportunities and challenges, and aligning actions with the Party's strategic decisions [6][7]. Group 2: Strategic Tasks and Principles - The guiding principles for the 14th Five-Year Plan include upholding the Party's leadership, prioritizing people-centered development, promoting high-quality growth, and deepening reforms [7][10]. - Key strategic tasks outlined include building a modern industrial system, enhancing technological self-reliance, expanding the domestic market, and promoting rural modernization [9][10]. - The article emphasizes the necessity of strengthening the Party's leadership as a fundamental guarantee for advancing modernization, particularly in complex and challenging circumstances [10]. Group 3: Implementation of the Plenary Session's Spirit - The article calls for unwavering commitment to high-quality development, focusing on optimizing economic structures and fostering new growth drivers [11]. - It advocates for the establishment of a new development pattern that emphasizes domestic circulation while maintaining high-level openness to the outside world [12]. - The need for promoting common prosperity is highlighted, ensuring that development benefits all citizens and addressing regional disparities [14]. Group 4: Security and Development Coordination - The article stresses the importance of integrating development with security, advocating for a comprehensive national security framework that supports sustainable development [15]. - It calls for coordinated efforts across various sectors to achieve comprehensive modernization, ensuring that economic, political, cultural, social, and ecological developments are aligned [15][16]. Group 5: Party Governance and Anti-Corruption - The article emphasizes the necessity of strict Party governance as a means to ensure effective economic and social development, highlighting the connection between Party self-reform and societal progress [17]. - It advocates for ongoing efforts in improving Party conduct and combating corruption, recognizing these as critical to maintaining public trust and ensuring effective governance [19].

Core Insights - The Chinese government is focusing on addressing deep-seated issues in the economy, particularly in real estate and local government debt, as part of its 2026 economic strategy [1][2] - The central economic work meeting emphasizes the need to stabilize the real estate market and manage local government debt risks in a coordinated manner [2][3] Group 1: Economic Strategy and Risk Management - The 2025 Central Economic Work Conference outlined eight key tasks, with a strong emphasis on risk management in critical areas [1] - The shift in policy focus from "stabilizing growth" to "stabilizing expectations and preventing systemic risks" reflects a strategic commitment to market-oriented and legal approaches to risk resolution [3][4] - The interconnectedness of real estate and local debt issues necessitates simultaneous solutions to prevent worsening conditions [2][3] Group 2: Policy Changes and Local Government Initiatives - The approach to real estate regulation is shifting from demand-side stimulation to supply-side management, focusing on controlling new supply, reducing inventory, and optimizing supply [4][5] - The central government is encouraging local governments to take proactive measures in managing their debts, marking a significant policy shift [4][5] - The need for local governments to improve investment effectiveness is highlighted, as past blind investments have led to unsustainable debt accumulation [4][5] Group 3: Financial Institutions and Market Dynamics - Financial institutions are expected to adopt a layered and categorized management approach to effectively address risks associated with real estate and local debts [7][8] - The challenges faced by financial institutions include mismatched risk-return profiles, limited resources in weaker regions, and profit pressures due to interest rate reductions [8][9] - Innovations in financial tools, such as debt-to-equity swaps and asset securitization, are anticipated to enhance the management of local government debts and stabilize the real estate market [10][11] Group 4: Long-term Implications for Financial Stability - Addressing the risks in real estate and local government debt is crucial for achieving financial stability and is seen as a foundational step towards becoming a "financial power" [11] - The resolution of these risks is expected to enhance the transparency and resilience of the Chinese financial system, making it more immune to external shocks [11][12] - The transition from a scale-driven to an efficiency-driven economic model is essential for achieving sustainable modernization in China [11][12]

新华社北京12月31日电 2026年1月1日出版的第1期《求是》杂志将发表中共中央总书记、国家主席、 中央军委主席习近平的重要文章《学习好贯彻好党的二十届四中全会精神》。 文章指出，全会通过的《建议》，立足于夯实基础、全面发力，对"十五五"时期事关中国式现代化全局 的战略任务作出部署，是指导"十五五"时期经济社会发展的纲领性文件。学习好贯彻好全会精神，是当 前和今后一个时期全党全国的一项重大政治任务。 文章指出，要深入学习领会全会精神。通过各种方式组织好全会精神的学习、宣讲、宣传，使全党全社 会领会好全会精神。第一，深刻领会"十五五"时期经济社会发展的重大意义。在基本实现社会主义现代 化进程中，"十五五"时期具有承前启后的重要地位。抓好"十五五"时期经济社会发展，对于实现党的二 十大描绘的宏伟蓝图、分阶段有步骤推进中国式现代化，为基本实现社会主义现代化奠定更加坚实的基 础，具有重大而深远的意义。第二，深刻领会党中央关于国内外形势的基本判断。《建议》深刻分 析"十五五"时期我国发展面临的复杂环境，得出我国发展处于战略机遇和风险挑战并存、不确定难预料 因素增多的时期的基本判断，强调集中力量办好自己的事，据此提出目 ...

Core Insights - The Chinese government is focusing on addressing deep-seated issues in the economy, particularly in real estate and local government debt, as part of its 2026 economic strategy [1][2] - The central economic work meeting emphasizes the need to stabilize the real estate market and manage local government debt risks in a coordinated manner [1][2] Group 1: Economic Strategy - The 2025 Central Economic Work Conference outlined eight key tasks, with a strong emphasis on risk management in critical areas [1] - The shift in policy focus from "stabilizing growth" to "stabilizing expectations and preventing systemic risks" reflects a strategic change in addressing economic challenges [3] Group 2: Real Estate and Local Debt Risks - The interconnection between real estate prices and local government debt is highlighted, indicating that declining property values exacerbate debt issues [2] - Local government debt is primarily linked to infrastructure projects that often lack adequate returns, leading to increased risk of defaults as property values fall [2] Group 3: Policy Changes - The approach to real estate management is shifting from demand-side stimulation to supply-side management, focusing on controlling new supply and reducing inventory [4] - The central government is encouraging local governments to take proactive measures in managing their debts, marking a significant policy shift [4] Group 4: Financial Institutions' Role - Financial institutions are expected to adopt a more nuanced approach to risk management, focusing on categorization and management of risks associated with real estate and local debts [7] - The need for financial institutions to transition from reliance on collateral to assessing cash flow is emphasized, particularly in urban renewal projects [7] Group 5: Long-term Implications - Addressing real estate and local government debt risks is seen as crucial for achieving a "financially strong nation" and realizing "Chinese-style modernization" [11] - The resolution of these risks is expected to enhance the transparency and resilience of the financial system, making it more robust against external shocks [11]