Core Viewpoint - The meeting emphasized the need for the All-China Federation of Industry and Commerce to guide its work by Xi Jinping's thoughts and to implement the important speeches and decisions of the Party Central Committee, aiming to promote the "two healthy" work to a new level [1] Group 1 - The meeting highlighted the importance of strengthening ideological foundations and using the Party's innovative theories to unify and inspire private economic individuals for the new journey ahead [1] - It called for improved services to address challenges, encouraging the establishment of a modern enterprise system with Chinese characteristics among member enterprises [1] - The meeting stressed the need to enhance capabilities by reinforcing political organization and cadre team building, advancing the reform and development of the federation to improve its effectiveness in promoting the "two healthy" initiatives [1]

来源：中国金融 党的二十届四中全会提出"六个坚持"重大原则，体现了我们党对经济社会发展规律性认识的深化提升。 当前，上海银行也正在研究制定"十五五"规划，将结合自身实际，在实践中切实做到"六个坚持"。 第一，坚持党的全面领导。更加持续地用习近平新时代中国特色社会主义思想来统一思想、统一意志、 统一行动，切实把加强党的领导贯穿到全行架构改革、战略实施、转型攻坚等的全过程、各方面，进一 步增强各级党组织的政治功能和组织功能。 党的二十届四中全会是在新时代新征程上，围绕研究制定"十五五"规划、加快推进中国式现代化而召开 的一次十分重要的会议。全会通过的《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》（以下简称《建议》），对加快金融强国建设作出了战略部署、提出了明确要求。作为扎根上海、 面向全国的市属金融国有企业，上海银行党委坚持把学习宣传贯彻党的二十届四中全会精神作为一项重 大政治任务，深刻把握"十五五"时期经济社会发展的重大意义、指导思想、重大原则等，特别是加快建 设金融强国的核心要义和实践路径，进一步凝聚发展共识、找准发力方向，更好服务国家和各地"十五 五"发展。 毫不动摇遵循"十五五"时期经济社 ...

台盟中央参事、台盟中央内部监督委员会委员、台盟中央各专门委员会主任，中央统战部、审计署有关 同志，台盟中央机关局级干部、台海出版社负责人列席会议。(完) 苏辉在报告中指出，一年来，台盟紧扣"三抓两促一提升"全盟总体工作思路，聚焦"参政履职聚力年"工 作主题，守正创新深化思想政治共识，在聚力服务大局上同心善为；固本强基优化自身建设举措，在聚 力从严治盟上务实作为；提质增效强化参政履职实践，在聚力助推发展上精进有为，团结广大盟员和所 联系台湾同胞砥砺担当、昂扬进取，推动新时代台盟事业发展步履铿锵、坚定向前。 苏辉强调，2026年是"十五五"规划开局起步之年，全盟要以"高质量发展提升年"为全年工作主题，引领 全盟围绕"十五五"规划制定实施、民主党派新一轮专项民主监督开局起步等工作，提升服务大局、促进 经济社会高质量发展实效；围绕发挥台盟特色优势，坚定反"独"促统，提升助力新时代统战工作高质量 发展实效；围绕坚持全面从严治盟，加强自身建设，提升台盟各项事业高质量发展实效，扎实履行参政 议政、民主监督，参加中国共产党领导的政治协商职能，持续提高政治把握能力、参政议政能力、组织 领导能力、合作共事能力、解决自身问题能力， ...

@ 技能 你的技能在" 電筒价值 统筹教育强国、科技强国、人才强国建设 培养造就更多战略科学家、科技领军人才、 卓越工程师、大国工匠、高技能人才等各 类人才 健全终身职业技能培训制度 强化择业和用人观念引导 加强劳动者权益保障 完善就业影响评估和监测预警,综合应对 外部环境变化和新技术发展对就业的影响 健全各类要素由市场评价贡献、按贡献决 定报酬的初次分配机制,促进多劳者多得、 技高者多得、创新者多得 完善劳动者工资决定、合理增长、支付保 障机制 推行工资集体协商制度 健全最低工资标准调整机制 加强企业工资分配宏观指导 "十五五"规划建议 推进职普融通、产教融合,持续深化 "新双高"改革,实施高技能人才集群 培养计划,优化职业教育服务区域发展、 支撑产业发展的建设布局。 怀讲鹏 教育部党组书记、部长 记者：张晓洁 海报制作：栾若卉 新华社国内部出品 ...

1. Report Industry Investment Rating - The report suggests a bullish but volatile outlook for the hot-rolled coil plate market, with a recommended focus on risk control [2] 2. Core Viewpoint of the Report - On Tuesday, the HC2605 contract saw a rally followed by a pullback. Despite a decline in the terminal demand for plates, the strong performance of furnace materials provides cost support. Additionally, positive macro - policy expectations keep the hot - rolled coil futures price in an upward trend [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,281 yuan/ton, up 4 yuan; the position volume is 1,198,397 lots, up 9,846 lots; the net position of the top 20 in the HC contract is 24,516 lots, up 718 lots; the HC1 - 5 contract spread is - 1 yuan/ton, down 6 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 131,893 tons, unchanged; the HC2605 - RB2605 contract spread is 153 yuan/ton, up 2 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coil plates in Hangzhou is 3,320 yuan/ton, up 20 yuan; in Guangzhou it's 3,260 yuan/ton, unchanged; in Wuhan it's 3,330 yuan/ton, unchanged; in Tianjin it's 3,180 yuan/ton, unchanged. The basis of the HC main contract is 39 yuan/ton, up 16 yuan; the Hangzhou hot - rolled coil - rebar spread is - 10 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 792 yuan/wet ton, down 5 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,590 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel is 2,160 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,950 yuan/ton, unchanged. The 45 - port iron ore inventory is 155.0814 million tons, up 802,800 tons; the sample coking plant coke inventory is 517,800 tons, up 18,200 tons; the sample steel mill coke inventory is 6.3358 million tons, down 16,400 tons; the Hebei billet inventory is 1.1313 million tons, up 14,800 tons [2] 3.4 Industry Situation - The 247 - steel - mill blast furnace operating rate is 78.45%, down 0.16 percentage points; the blast furnace capacity utilization rate is 84.91%, down 0.99 percentage points. The sample steel mill hot - rolled coil output is 2.9191 million tons, down 168,000 tons; the sample steel mill hot - rolled coil capacity utilization rate is 74.57%, down 4.29 percentage points. The sample steel mill hot - rolled coil inventory is 834,200 tons, down 6,100 tons; the 33 - city hot - rolled coil social inventory is 3.073 million tons, down 57,600 tons. The domestic crude steel output is 6.987 million tons, down 213,000 tons; the steel net export volume is 948,000 tons, up 20,000 tons [2] 3.5 Downstream Situation - The monthly automobile production is 3.5316 million units, up 172,900 units; the monthly automobile sales are 3.429 million units, up 106,900 units. The monthly air - conditioner output is 15.026 million units, up 822,000 units; the monthly household refrigerator output is 9.442 million units, up 654,000 units; the monthly household washing - machine output is 12.013 million units, up 978,000 units [2] 3.6 Industry News - The central bank has announced a one - time credit repair policy for small - amount personal overdue information (single - amount below 10,000 yuan) within a specific period, applicable to credit cards, mortgages, and consumer loans. In November 2025, most categories of Chinese steel exports rebounded month - on - month, with a rotation in the export structure. The export of coated plates, which had led for months, declined 13.7% month - on - month to 1.753 million tons, while hot - rolled exports rebounded to the first place in monthly export volume [2]

Core Viewpoint - The Shanghai Municipal Committee has approved the development plan for the 14th Five-Year Plan, aiming to establish Shanghai as a world-class socialist modern international metropolis by 2035, marking the 14th Five-Year period as a critical phase for transformation and upgrading [1] Group 1: Economic Development - Shanghai will focus on the "Five Centers" to enhance urban capabilities, with an economic total surpassing 5 trillion yuan and maintaining the world's leading position in container throughput for 16 consecutive years [2] - The city has proposed a "2+3+6+6" modern industrial system, leading with three pioneering industries: artificial intelligence, integrated circuits, and biomedicine, supported by six key industries and six future industries [2] Group 2: Reform and Opening Up - Shanghai aims to deepen high-level reform and opening up, breaking bottlenecks and barriers, with initiatives like the Lingang New Area's negative list for cross-border data flow and the Hongqiao International Central Business District's innovative service model [3] - The city is fostering a new economic ecosystem through the concept of "super individual economy" (OPC) and reforming ownership of scientific achievements to encourage innovation [3] Group 3: Spatial Optimization - The meeting emphasized improving the spatial development pattern of the city, promoting higher quality integration in the Yangtze River Delta, with a clear spatial layout of "center radiation, dual wings flying, new city efforts, and north-south transformation" [4] - Shanghai's global innovation hub, the "Revitalization Island," will create new spaces for technological innovation, while five new cities will focus on their respective industrial niches [4] Group 4: Social Development - Shanghai is committed to enhancing the quality of life for its citizens, having completed historical urban renewal tasks and improving public health services, aiming for a "Healthy Shanghai" with increased life expectancy [5] - The city aspires to become a world-class tourism and sports city, with significant cultural landmarks like the World Expo Cultural Park and the Shanghai Grand Opera House under development [6]

Core Viewpoint - The report from the China Index Academy indicates that 27 provinces have outlined key directions and implementation paths for real estate development in their 14th Five-Year Plans, emphasizing high-quality development in the sector [1]. Group 1: Key Directions for Real Estate Development - Accelerating the establishment of a new model for real estate development, with many provinces continuing to refine basic systems for commodity housing development, financing, and sales [1]. - Optimizing the supply of affordable housing, with provinces like Hebei and Hunan adopting a demand-driven approach to ensure a stable market [1]. - Constructing safe, comfortable, green, and smart housing, with an emphasis on improving housing quality and living standards [1]. - Establishing a safety management system for the entire lifecycle of housing, which includes safety inspections and quality insurance for existing homes [1]. Group 2: Regional Specific Initiatives - Various regions are proposing specific measures based on their development stages and market characteristics, focusing on controlling new supply and revitalizing existing stock [2]. - Provinces like Shandong and Jiangsu are establishing a mechanism for the coordinated management of land, housing, and financial resources to better match current market demands [2]. - Cities such as Beijing are prioritizing land supply near transit stations to enhance urban development and community services [2]. - Regions like Chongqing and Jiangsu are emphasizing the revitalization of existing housing stock through initiatives like housing exchanges and the repurposing of existing properties [2]. Group 3: Tailored Housing Products - Provinces such as Qinghai and Guizhou are developing housing products that cater to regional characteristics, such as "summer resort houses" and tourism real estate [3]. - Areas like Guangdong and Fujian are promoting the self-renovation and reconstruction of old housing, expanding the scope of these initiatives [3].

Group 1: Overall Market Conditions - Overseas, Fed official Milan said there's no short - term recession, but rising unemployment may prompt the Fed to turn dovish and cut rates. The market risk appetite is good, with tech stocks driving the US stocks up, the US Treasury yield rising to 4.16%, and the US dollar index dropping to 98.2. Japanese officials signaled possible foreign exchange intervention, strengthening the yen. Geopolitical issues pushed up oil prices. Risk assets are supported by sentiment and liquidity in the short - term, but caution is needed due to approaching holidays [2] - In China, the LPR has remained unchanged for seven consecutive months. The 5 - year LPR in December is 3.5%, and the 1 - year is 3%. The probability of a rate cut or reserve requirement ratio cut this year is low, with the next possible rate cut expected early next year. A - shares rose on Monday, with the ChiNext and STAR Market rebounding over 2%. Over 2900 stocks closed up, and the trading volume expanded to 1.88 trillion. The market may maintain a wide - range weak - oscillating pattern in the short - term. The bond market readjusted, lacking a clear direction [3] Group 2: Precious Metals - International precious metal futures continued to rise strongly on Monday. COMEX gold futures rose 2.13% to $4480.60 per ounce, and COMEX silver futures rose 2.37% to $69.09 per ounce. Domestic platinum and palladium futures hit the daily limit, and the overseas platinum price reached a new high. The rise is due to the resonance of macro, fundamental, and capital factors. The weakening of the US dollar credit supports gold in the long - term. Silver's strategic position in green energy and high - end manufacturing attracts funds, and platinum and palladium face supply shortages and strong industrial demand [4][5] Group 3: Copper - The Shanghai copper main contract continued to rise on Monday, and LME copper approached $12000. The spot market trading was poor, with domestic trade copper at a discount of 195 yuan/ton. The LME inventory decreased to 15.7 million tons, and the COMEX inventory increased to 46.7 million tons. Fed official Milan maintained a dovish stance, and Trump will announce a new Fed chair in early January, likely to be more dovish. The global mine supply is tight, and the long - term TC benchmark price is 0 dollars/ton. The copper price is expected to remain strong in the short - term [6][7] Group 4: Aluminum - The Shanghai aluminum main contract closed at 2220 yuan/ton on Monday, up 0.82%. The LME closed at $2941 per ton, down 0.49%. The electrolytic aluminum ingot inventory increased by 2.2 million tons to 60 million tons on December 22. The Fed's expected rate cut next year is fermenting, and the LME aluminum reached a new high this year. The domestic aluminum price is expected to oscillate at a high level in the short - term due to the fluctuating inventory [8] Group 5: Alumina - The alumina futures main contract closed at 2508 yuan/ton on Monday, down 1.18%. The spot alumina national average price was 2751 yuan/ton, down 7 yuan/ton. The supply is expected to remain sufficient in the short - term, and the alumina price will continue to be under pressure [9] Group 6: Cast Aluminum - The cast aluminum alloy futures main contract closed at 21290 yuan/ton on Monday, up 0.66%. The raw material scrap aluminum supply is tight, and the cost support is strong. The supply decreased slightly due to environmental protection and cost - profit factors. The consumption is stable, and the cast aluminum price is expected to oscillate at a high level [10] Group 7: Zinc - The Shanghai zinc main contract oscillated narrowly on Monday. The social inventory increased to 12.45 million tons. The 11 - month zinc concentrate imports increased by 13.84% year - on - year and 52.27% month - on - month. The overall zinc price is expected to oscillate due to mixed Fed officials' views, changes in imports and exports, and consumption and supply factors [11][12] Group 8: Lead - The Shanghai lead main contract oscillated weakly on Monday. The social inventory decreased to 2.02 million tons. Near the end of the year, the supply and demand of the lead industry are both weak. The lead price is expected to maintain a weak and stable oscillation [13][14] Group 9: Tin - The Shanghai tin main contract oscillated narrowly on Monday. The 11 - month tin concentrate imports increased significantly, especially from Myanmar. The supply is expected to improve, and the tin price has a high - level adjustment risk [15][16] Group 10: Industrial Silicon - The industrial silicon oscillated on Monday. The supply in Xinjiang is at a relatively high level, while that in the southwest is weak. The demand is mainly for historical orders. The industrial silicon price is expected to oscillate narrowly [17][18] Group 11: Steel Products - Steel futures oscillated and rebounded on Monday. The five major steel products' production and apparent demand adjusted slightly, and the inventory continued to decline. The steel price is expected to oscillate mainly, and attention should be paid to the acceptance of the price rebound [19] Group 12: Iron Ore - Iron ore futures oscillated and adjusted on Monday. The overseas shipment and arrival volume decreased this week, and the port inventory continued to accumulate. The demand is weak due to steel mills' production cuts and the off - season. The iron ore price is expected to oscillate under pressure [20] Group 13: Coking Coal and Coke - Coking coal and coke futures oscillated on Monday. The third round of coke price cuts was implemented, reducing coking profits and weakening the procurement of raw coal. The coking coal supply is generally stable. The prices are expected to oscillate in the short - term [21] Group 14: Soybean and Rapeseed Meal - On Monday, the soybean meal 05 contract rose 0.18%, and the rapeseed meal 05 contract rose 0.56%. The US soybean export sales are still slow, and the domestic soybean and soybean meal inventories are high. The domestic rapeseed meal is expected to oscillate weakly in the short - term [22][23] Group 15: Palm Oil - The palm oil 05 contract rose 0.94% on Monday. The Malaysian palm oil production decreased, and the export demand improved. The domestic palm oil inventory increased slightly. The palm oil price is expected to stop falling and enter an oscillating state in the short - term [24][25]

Core Viewpoint - Goldman Sachs believes that after two consecutive years of gains, the Chinese stock market is poised for a "slow bull" market driven by profit growth taking over from valuation recovery [1][2][4]. Group 1: Market Trends - The report identifies ten core trends for the Chinese stock market in 2025, highlighting that the market is transitioning from a "hope" phase to a "growth" phase, primarily driven by valuation rather than profit growth [2][4]. - A-shares and H-shares recorded annual returns of 16% and 29% respectively in 2025, significantly surpassing earlier predictions [2]. - The MSCI China Index's forward P/E ratio increased from 9.9x at the beginning of 2025 to 12.5x currently, while forward earnings per share (fEPS) declined by 4% [4]. Group 2: AI and Technology - The release of DeepSeek-R1 has fundamentally changed the investment narrative for Chinese tech stocks, contributing to a market capitalization increase of over $2 trillion across related sectors [2][11]. - The widespread adoption of AI is expected to drive annual profit growth of 3% for companies over the next decade through cost savings and productivity improvements [12]. Group 3: Trade Performance - China's trade performance has exceeded expectations, with exports growing by 5.4% year-on-year and the RMB appreciating by 4% against the USD [9]. - The resilience of Chinese exports indicates a shift from low-cost manufacturing to selling high-value products in emerging markets [13]. Group 4: Consumption Trends - Despite a sluggish real estate market and slow household income growth, there is significant differentiation within the consumption sector, with service consumption outperforming goods consumption [15]. - New consumption sectors, such as entertainment and specialty retail, have shown strong performance, with an average net profit growth of 28% in the first half of 2025 [16]. Group 5: Policy and Economic Outlook - The "anti-involution" policy is expected to enhance corporate profits in certain sectors by 50% by 2027, as supply-side reductions and industry consolidation take effect [18]. - The "14th Five-Year Plan" is highlighted as a critical investment blueprint, with a constructed portfolio yielding a 68% return over the past year, outperforming the MSCI China Index [20]. Group 6: Capital Flows - Domestic capital is increasingly interested in equity assets, with southbound capital inflows reaching $180 billion, a record high [21]. - Global hedge funds have increased their net exposure to China from 6.8% at the beginning of the year to 7.8% by the end of November [21]. Group 7: Market Valuation - The Chinese market is seen as increasingly attractive for diversification, with a 35% discount compared to developed markets and a 9% discount compared to other emerging markets [22]. - The report suggests that structural migration of capital towards equity assets in China may have already begun, as equity assets start to outperform other asset classes [23].

岁暮天寒，思想炽热。当2026年的钟声即将敲响，全球经济格局仍在动荡中重塑，中国亦站在"十五五"规划扬帆起航的历史起点。时代之问，亟待智慧回 应；征程之艰，尤需合力破局。在此承前启后的关键节点，一场汇聚政策智慧、行业远见与学术深度的思想盛宴——"启航·2025金融年会"，将于2025年12 月26日在北京昆泰嘉晟酒店隆重启幕。 本次年会以"新开局、新动能、新征程"为核心主题，由金融界主办、梅赛德斯-奔驰（中国）战略支持，衡水老白干、戴尔特约支持，旨在搭建一个"上接天 线、下接地气"的高端对话平台。届时，监管智囊、金融领袖、实体先锋、科技闯将及学界泰斗将齐聚一堂，共话变局下的中国经济发展路径，共探金融强 国建设的实践脉络。 时代叩问：在变革中寻找确定性 2025年，是贯彻落实四中全会精神的关键之年，亦是"十五五"规划实施的开局之年。全球经济增速放缓、地缘政治波澜起伏、国内经济结构深度调整……挑 战之中，亦蕴藏重构增长逻辑、培育新质动能的重大机遇。如何理解宏观政策导向？如何激发市场内生动力？如何推动科技与产业深度融合？如何构建具有 国际竞争力的现代金融体系？——这些事关国运与行业命运的命题，亟需在碰撞与交融中凝结 ...