政策基调筑牢发展根基，公募看好经济长期向好前景 2025年中央经济工作会议圆满落幕，释放出一系列推动经济高质量发展的积极政策信号，为下一阶段经 济工作锚定方向。公募机构普遍认为，本次会议不仅为2026年经济发展明确了路径，更为未来五年经济 高质量发展奠定了坚实政策基调，政策的连续性与前瞻性将有效稳定市场预期，为经济行稳致远注入强 劲动力。 兴证全球基金指出，中央经济工作会议为下一阶段国家经济发展指明了更加清晰的前行路径。汇添富基 金也强调，站在全面推进中国式现代化的关键节点上，中央经济工作会议系统部署了2026年经济工作， 为未来五年经济发展奠定政策基调，为我国经济高质量发展锚定了目标、指明了方向。 嘉实基金分析称，2026年政策重点在"提质增效"，政策上强化跨周期的结构性改革和政策储备，同时保 持适度的逆周期政策稳增长，以消费和投资为抓手持续扩大内需，推动科技创新和产业融合发展，坚持 挖掘潜能以国内经济发展的确定性应对外部的不确定性，促进经济增长稳中求进。 广发基金认为，从总量政策来看，政策基调没有变，即更加积极的财政政策、适度宽松的货币政策，显 示出较强的政策连续性、稳定性，有助于稳定社会预期和市场信心。 ...

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Service Outsourcing" aims to enhance the international competitiveness of service outsourcing enterprises and improve the digital, intelligent, green, and integrated development levels of the industry by 2030 [1]. Group 1: Action Plan Overview - The Action Plan was jointly released by six government departments, emphasizing the importance of service outsourcing in service trade and digital trade [1]. - It outlines 13 specific measures across six areas: platform enhancement, innovation leadership, enterprise cultivation, market expansion, industry standard development, and talent training [1]. Group 2: Innovation Leadership - The Action Plan supports the establishment of internationally recognized data security and privacy protection mechanisms in certain regions, promoting the deep integration of the digital economy with the real economy [2]. - It encourages the development of cloud computing, supercomputing, intelligent computing, and artificial intelligence services in resource-based cities, facilitating the transfer of domestic and foreign IT outsourcing and digital services [2]. Group 3: Enterprise Cultivation - The Action Plan proposes increased investment and financing support for service outsourcing, simplifying application processes for enterprises while ensuring fund security [2]. - It highlights the role of the Service Trade Innovation Development Guidance Fund in attracting more social capital into the service outsourcing sector through market-oriented methods like equity investment [2]. - Financial institutions are encouraged to innovate financial products and services tailored to the characteristics of service outsourcing, expanding coverage for financing based on intellectual property and order pledges [2].

今天我们来聊一下人民币的崛起。美国2026年债务将飙升至38万亿美元以上，疫情期间22个月就印出了80%的流通美元，从4万亿猛增至20万亿，这样无节 制的印钞，让美元购买力持续缩水。 可华盛顿政客还在嘴硬"美元永远主导"，却没发现，中国和金砖国家早已悄悄布局2026货币计划，用更狠的方式瓦解美元霸权。美元霸权还能撑多久？金砖 国家的2026布局到底藏着什么门道？ 美元霸权之所以能横行几十年，靠的是"石油美元"绑定和全球金融体系主导，但现在这两大支柱都在被自己的债务和印钞行为侵蚀，2026年38万亿美元的债 务峰值，就是压垮骆驼的最后一根稻草。 先看一组触目惊心的数据：疫情期间，美国在2020年1月到2021年10月这短短22个月里，印出了流通中80%的美元，总量从4万亿美元暴涨到20万亿美元。 这种"开闸放水"式的印钞，直接导致美元购买力大幅下降，过去五十年，美元的实际价值早就打了折扣。而到2026年，美国政府债务将突破38万亿美元，就 算特朗普承诺"减少国债"，也只是空头支票。 因为美国的经济逻辑根本改不了：只要需要刺激经济，就开动印钞机，靠发行国债转嫁危机。可问题是，没有任何一种货币能靠"无限印钞"维持霸 ...

■本报记者 余连斌 "180万元优惠贷款真是'及时雨'，让我们顺利补栏增养，稳住了生猪供应。"广安市臻福祥种植养殖专 业合作社负责人吴志红告诉记者，受流动资金短缺影响，合作社一度面临养殖规模收缩的困境，农行广 安分行的信贷支持让企业重拾发展信心。 "从最初的几百万元到如今累计超3200万元支持，没有农行的信用贷款，我的葡萄园扩建计划根本落不 了地。"在四川广安华蓥市阳和镇的千亩葡萄种植基地里，基地负责人汪珣指着挂满枝头的果实，向 《农村金融时报》记者算起了"信用账"。今年年初，凭借"信用村农户"身份，她顺利获得农行广安分行 570万元贷款，破解了扩大种植规模的资金难题。 汪珣的融资故事，是农行广安分行深耕农村信用体系建设、赋能地方经济发展的生动缩影。近年来，该 分行紧扣"征信为民"理念，以服务信贷、服务实体、服务群众为核心，将金融资源精准滴灌到乡村振兴 和实体经济的关键领域，用金融力量绘就广安高质量发展新图景。 信用筑基 织密乡村金融服务网 "以前贷款要跑好几趟，还要找担保人，现在在村里就能办，手机上点一点钱就到账了。"广安区龙安乡 群策村村民张大爷的感慨，道出了农村金融服务的变迁。这份便利，源于农行广安分行 ...

Group 1: Economic Development and Strategy - The Central Economic Work Conference held from December 10 to 11 in Beijing summarized the economic work for 2025, analyzed the current economic situation, and deployed work for 2026, aiming for a good start to the "14th Five-Year Plan" [1] - The focus remains on the real economy, promoting deep integration of technological and industrial innovation, and building a modern industrial system to lay a solid foundation for high-quality development in the future [1] Group 2: Automotive Industry Innovations - The Jianghuai Automobile Group, in collaboration with Huawei, has established the Zun Jie Super Factory in Hefei, which features automated welding production lines that can install all four doors in just 102 seconds [3] - The Hefei New Energy Vehicle industry has nearly 200 companies, including three vehicle manufacturers, with an expected annual output value exceeding 200 billion yuan once fully operational [5] - The Shandong Ruihang Technology Co., Ltd. has developed an automated and digitalized automotive parts manufacturing system, with an annual output value of 100 million yuan for the Foton Daimler A6 project [10] Group 3: Technological Advancements - The integration of digital and real economies is a prominent feature of China's modern industrial system, with significant advancements in smart manufacturing and digital transformation [12][20] - The number of 5G base stations has reached 4.598 million, and over 1 billion devices are connected to key industrial internet platforms, indicating a shift from pilot projects to large-scale promotion of digital transformation in manufacturing [12] - The technology contract registration reached nearly 410,000 with a transaction value exceeding 3 trillion yuan, reflecting a 14.2% year-on-year growth [19] Group 4: Industry Resilience and Future Outlook - China's manufacturing system is the largest and most complete globally, with continuous improvements in the resilience and safety of industrial supply chains [8] - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system and the consolidation of the real economy as a strategic priority [20] - Future initiatives will focus on advanced manufacturing, industrial technology upgrades, and the promotion of new growth drivers to ensure stable and healthy industrial development [20]

2025.12.15 本文字数：1158，阅读时长大约2分钟 作者 |第一财经 安卓 深圳证券交易所及深圳证券信息有限公司此前曾发布公告称，根据指数编制规则，将对深证成指、创业 板指、深证100、创业板50等深市指数实施样本定期调整。 深证100更换7只样本股，天山股份（000877.SZ）、山西焦煤（000983.SZ）等被调出；调入了主板公司 4家，创业板公司3家，如藏格矿业（000408.SZ）、胜宏科技（300476.SZ）、安克创新（300866.SZ） 等； 创业板50更换了5只样本股，调出了特锐德（300001.SZ）、芒果超媒（300413.SZ）等；调入长芯博创 （300548.SZ）、协创数据（300857.SZ）等。 整体来看，本次调整体现了推动新质生产力发展、筑牢实体经济基本盘以及引领长期价值投资的核心理 念。 在推动新质生产力发展方面，本次调整后，创业板指战略性新兴产业权重占比93%，新一期样本公司前 三季度研发费用同比增速为13%，研发费用占营业收入比重为5%，其中30家公司研发强度超10%。深证 100新质蓝筹属性更加突出，战略性新兴产业权重提升至81%，先进制造、数字经济、绿色 ...

本次调整于2025年12月15日正式实施。 深圳证券交易所及深圳证券信息有限公司此前曾发布公告称，根据指数编制规则，将对深证成指、创业 板指、深证100、创业板50等深市指数实施样本定期调整。 本次调整，于今日起正式实施。 具体来看，深证成指更换了17只样本股，调出了10家主板公司和7家创业板公司，如国药一致 （000028.SZ）、中国天楹（000035.SZ）、海德股份（000567.SZ）、西藏矿业（000762.SZ）等；调入 主板公司7家，创业板公司10家，如深深房Ａ（000029.SZ）、德明利（001309.SZ）、四方精创 （300468.SZ）、长芯博创（300548.SZ）等。 创业板指更换8只样本股，调出了碧水源（300070.SZ）、易华录（300212.SZ）等；调入大族数控 （301200.SZ）、常山药业（300255.SZ）等。 深证100更换7只样本股，天山股份（000877.SZ）、山西焦煤（000983.SZ）等被调出；调入了主板公司 4家，创业板公司3家，如藏格矿业（000408.SZ）、胜宏科技（300476.SZ）、安克创新（300866.SZ） 等； 创业板50更 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 金融数据：看淡、看全、看明白 2024 年 12 月召开的中央经济工作会议提出"使社会融资规模、货币供应量增长同经济增长、价格总水平预 期目标相匹配"。2025 年国内生产总值和居民消费价格的预期目标分别为"增长 5%左右"和"涨幅 2%左 右"。 2025年11月末社融同比增长8.5%、M2 同比增长 8%，既高于前文中的 5%和2%，也略高于两者之和 （注：即 7%），还高于 2025年前三季度名义 GDP 增速，这说明金融有力有效地支持了实体经济发展。 此外，2025年11月末社融和M2的增速分别较去年同期提高了 0.7 个和 0.9 个百分点，这充分体现出今年货 币政策的适度宽松取向。 在过去的若干年中，每年中央经济工作会议皆有与"使社会融资规模、 ...

Core Viewpoint - China Agricultural Bank's Jieyang Branch has been deeply integrated with local development for over 30 years, providing precise and efficient financial services to empower the real economy, rural revitalization, and livelihood security, thus becoming a financial backbone for regional high-quality development [1][2] Group 1: Empowering the Real Economy - The bank has established a comprehensive financing service system for major projects, offering tailored solutions for specific industries, which supports the "one industry, one plan" approach for industrial clusters [1] - Credit support has been directed towards traditional manufacturing sectors such as stainless steel, textiles, and footwear, with a special service plan for technology-oriented small and micro enterprises [1] - The loan coverage for specialized and innovative enterprises has increased to 43.3% [1] Group 2: Rural Revitalization - A four-tier service system has been developed, covering branches, sub-branches, townships, and villages, with an average daily balance of agricultural loans reaching 12.3 billion yuan, ranking among the industry leaders [1] - Unique products like "Agricultural Leading Loans" and "Grain Planting Loans" have been launched, with a net increase of 530 million yuan in rural industry loans by the end of November 2025 [1] - The bank has implemented a "Party Building + Finance + Technology" model, establishing 192 "Credit Villages" and completing records for 40,000 farming households [1] Group 3: Expanding Inclusive Financial Services - The bank has maintained its commitment to inclusive finance by organizing various public welfare activities and collaborating with local departments to create a micro-financing platform [2] - The balance of inclusive loans has surpassed 7 billion yuan, with a total credit of 9.17 billion yuan granted to 3,568 small and micro enterprises, leading the industry in key metrics [2] - The financing cost for inclusive small and micro enterprises has decreased by 43 basis points compared to 2024 [2]

专题：第十九届华夏机构投资者年会暨华夏金融（保险）科技论坛 12月12日金融一线消息，"第十九届华夏机构投资者年会暨华夏金融（保险）科技论坛"今日召开。中国 银行业协会党委委员、副秘书长杨江英出席并致辞。 杨江英强调，"金融活，经济活；金融稳，经济稳"。银行业需深入贯彻落实党的二十届四中全会精神， 紧扣"十五五"时期目标任务，增强发展韧性，提升发展活力，赋能经济高质量发展。 杨江英表示，银行业保持韧性和活力的最终目的是服务人民群众、服务实体经济，要深度融入经济高质 量发展大局，提升经济金融适配性，构建投资于物与投资于人并重、融资期限与产业发展匹配、国内市 场与国际市场联动的金融服务新模式，赋能经济社会发展，赋能千行百业。 一是做好"五篇大文章"。聚焦难点堵点提升科技金融质效，聚焦"双碳"目标健全绿色金融体系，聚焦薄 弱环节加强普惠金融服务，聚焦现实需求加快发展养老金融，聚焦效能和安全促进数字金融发展。 二是高效服务现代化产业体系发展。因地制宜服务新质生产力发展，分业施策，优化金融供给，建立多 样化、专业性、特色化金融产品服务体系，推动传统产业升级，支持培育壮大新兴产业、前瞻布局未来 产业。 杨江英介绍，中国银 ...