（原标题：资本市场"十五五"改革前瞻：精耕细作提升制度包容性、适应性） 21世纪经济报道记者 杨坪 实习生 唐可欣 深圳报道 随着2025年走向尾声，行业即将迈向"十五五"发展的关键之年。 中国银河证券首席经济学家、研究院院长章俊认为，"十五五"规划建议为资本市场改革提供了明确的方 向性框架，即以提高资源配置效率为核心，以服务新质生产力为主线，以推动资本市场高质量发展为目 标。未来改革将沿着"投资端更长期、融资端更多元、开放更高水平"的路径全面深化。 2025年是"十四五"的收官之年，这一年，资本市场发生了一系列深刻的变化。 投融资端，伴随着一系列改革举措的落地，资本市场支持科技创新、培育增长新动能的功能显著增强， 上市公司质量和市场整体回报水平也都有了明显提升。 "首先，新'国九条'对资本市场的核心运行机制进行了系统化重塑。其次，科创板"1+6"改革进一步提升 了资本市场服务硬科技的精准度。此外，境外发行上市备案流程的简化，使科技企业在更大范围内配置 资源、链接全球资本成为可能。这些改革并非孤立推进，而是在为新质生产力的加速形成铺设金融基础 设施。资本市场在这一过程中不再只是融资平台，而是创新扩散、资源流动 ...

人民财讯12月22日电，中共广州市委关于制定广州市国民经济和社会发展第十五个五年规划的建议发 布。其中提到，深化国资国企改革，做强做优做大国有资本和国有企业，推进国有经济布局优化和结构 调整，健全国有企业推进原始创新制度安排，加快在重点领域形成体系化产业布局，优化国有企业市场 化经营机制，完善分类考核评价体系，打造一批数字化、平台化新型国企，不断增强核心功能、提升核 心竞争力。发展壮大民营经济，推进基础设施竞争性领域和重要应用场景向民营企业公平开放，健全防 范化解拖欠企业账款长效机制，推动大中小企业协同融通发展，高水平建设"中小企业能办大事"创新示 范区、广州民营科技园，打造中小企业创新发展之都。弘扬企业家精神，深入实施"新时代穗商"培养工 程，支持更多优质企业根植广州、辐射全国、走向世界。 ...

根据MIR预测，从2024年到2028年，丝杠市场品牌格局将继续向国产倾斜，内地品牌市占率将提升至近 50%左右。我国电主轴市场正处于迅速发展阶段，根据华经产业研究院的数据，2024年，我国电主轴行 业市场规模达到56.77亿元，同比增长7.4%。 金融街证券表示，数控机床作为高端制造的基础设备，具有高度敏感性，高档数控机床的技术瓶颈已经 成为中国制造提质增效的"卡脖子"问题。近年来中国金属切削机床的产量呈现稳中有升的态势，"十五 五"规划建议提出，采取超常规措施，全链条推动集成电路、工业母机、高端仪器等重点领域关键核心 技术攻关取得决定性突破。 12月22日上午，A股三大指数集体上涨，上证指数盘中上涨0.58%，贵金属、通信设备、电子元器件等 板块涨幅靠前，教育、工程机械跌幅居前。机床板块走强，截至10点38分，机床ETF（159663）上涨 2.41%，其成分股国机精工上涨9.99%，鼎泰高科上涨9.03%，中钨高新上涨6.41%，华工科技上涨 5.31%，浙海德曼上涨4.20%。 （文章来源：每日经济新闻） ...

省委宣讲团成员，省委常委、副省长张国智赴广东外语外贸大学，宣讲党的二十届四中全会精神，为师 生讲授专题思政课。 张国智指出，党的二十届四中全会是在即将进入基本实现社会主义现代化夯实基础、全面发力的关键时 期召开的一次十分重要的会议。习近平总书记在全会上的工作报告和重要讲话，为做好当前和今后一个 时期工作提供了根本遵循。 张国智强调，要认真谋划好"十五五"高等教育领域各项工作，加快推进教育强省建设，着力办好人民满 意的教育。要落实立德树人根本任务，坚持不懈用习近平新时代中国特色社会主义思想铸魂育人；要紧 密对接国家战略需求和广东经济社会发展，优化高等教育布局结构，提高人才自主培养质量；要提升高 校服务现代化产业体系效能，增强高校科技创新能力，强化校企产学研合作和科技成果转移转化；要加 强新时代高素质专业化教师队伍建设，营造尊师重教良好氛围；要坚定不移深化教育综合改革扩大对外 开放，加快建设粤港澳大湾区国际教育示范区。 学习贯彻党的二十届四中全会精神全省公安系统宣讲团报告会在省公安厅举行。省委宣讲团成员，副省 长，省公安厅厅长刘国周作宣讲报告。 报告会上，刘国周紧紧围绕习近平总书记在全会上的重要讲话和《中共中央关 ...

Core Insights - The "2025 China Insurance Summit Forum" was held on December 17, focusing on the theme "'14th Five-Year Plan' Launching and Shaping the Insurance Blueprint" [1][3] - The forum gathered nearly a hundred representatives from the "Top 108 in Chinese Insurance," along with experts and executives, to discuss high-quality development paths for the insurance industry during the "14th Five-Year Plan" period [1][3] Group 1: Industry Opportunities - The chairman of Hunan Wanyikang Group, Zhou Qiuhua, highlighted the vast potential of the elderly care industry, emphasizing the need to integrate elderly care products, services, and financial solutions into a cohesive ecosystem [1][3] - Zhou proposed that the government, insurance, medical care institutions, and the elderly population represent key opportunities within the "14th Five-Year Plan," suggesting that collaboration in the elderly care sector could revitalize the market [2][4] Group 2: Strategic Recommendations - Zhou suggested that establishing an "Elderly Care Insurance Fund" in partnership with platform companies could facilitate foundational investments in elderly care institutions and enterprises, thereby stimulating the elderly care market [2][4]

Core Viewpoint - Regional coordinated development is an inherent requirement of Chinese-style modernization, emphasizing the need for balanced growth across diverse regions with varying natural resources and economic capabilities [1]. Group 1: Regional Development Strategies - The "14th Five-Year Plan" suggests leveraging the strategic overlay of regional development, major strategic initiatives, and new urbanization to optimize productivity layout and enhance regional economic structures [1]. - The focus is on creating new growth engines in key areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta, which are expected to drive high-quality national development [1]. Group 2: Case Studies of Regional Success - Anhui province has emerged as a leader in the automotive manufacturing sector, with a production volume of 2.404 million vehicles and exports of 802,000 vehicles in the first three quarters of the year, both ranking first in the country [3]. - Qinghai province is developing a green, low-carbon circular economy centered around salt lake resources, with an expected revenue exceeding 100 million yuan this year from lithium extraction technologies [3]. Group 3: Collaborative Development Initiatives - The establishment of the Sichuan-Chongqing Gaotong New Area represents a pioneering effort in cross-provincial collaboration, with significant reforms in tax policies and administrative processes to enhance economic integration [7]. - The region has signed 10 major projects this year with a total investment of 2.94 billion yuan, showcasing the effectiveness of collaborative governance [7]. Group 4: Urbanization and Economic Growth - The urbanization rate in China is projected to exceed 70% during the "14th Five-Year Plan" period, indicating substantial potential for urban development and economic growth [11]. - The integration of rural and urban economies is highlighted as a key driver for new urbanization, with significant improvements in logistics and e-commerce in rural areas, such as the Hanfu industry in Shandong [10].

Core Viewpoint - The year 2025 is marked by significant economic resilience and vitality in China, showcasing a strong recovery and development trajectory amid global challenges [1]. Group 1: Economic Growth and Development - China's GDP is projected to reach approximately 140 trillion yuan in 2025, with an economic increment of over 35 trillion yuan during the "14th Five-Year Plan" period, equivalent to recreating the economic scale of the Yangtze River Delta [3]. - The average annual growth rate from 2021 to 2024 is expected to be 5.5%, significantly higher than the global average, contributing around 30% to global economic growth [3]. - The "14th Five-Year Plan" has seen a surge in innovation, with record R&D investments and advancements in sectors like renewable energy and electric vehicles [4]. Group 2: Fiscal and Monetary Policy - In 2025, China will implement a combination of "more proactive fiscal policy" and "moderately loose monetary policy," with the fiscal deficit rate rising to a historical high of 4% [6]. - The total new government debt is expected to increase by nearly 3 trillion yuan, reaching approximately 12 trillion yuan [6]. - Monetary policy will focus on supporting economic growth, with a reduction in reserve requirements and interest rates, leading to a significant increase in social financing and loan balances [6][7]. Group 3: Consumer Market and Consumption - Consumption is a key focus for expanding domestic demand, with retail sales expected to exceed 50 trillion yuan, contributing around 60% to economic growth [8]. - The government has increased funding for consumption incentives, doubling the budget for old-for-new consumption programs to 300 billion yuan [8]. - The service sector is experiencing rapid growth, with service retail sales outpacing goods retail sales in growth rates [8]. Group 4: Artificial Intelligence and Technology - 2025 is seen as a breakthrough year for AI applications in China, with the government emphasizing the "Artificial Intelligence+" strategy [10]. - China holds 60% of global AI patents, and the core AI industry is projected to exceed 1.2 trillion yuan by 2025 [10]. - The data industry in China is also expanding, with a current scale of over 5.8 trillion yuan and expected annual growth rates of over 15% from 2025 to 2030 [10]. Group 5: Private Economy and Investment - The private economy is positioned for significant growth, supported by new legislation that reinforces the legal status and development of private enterprises [13]. - Policies aimed at enhancing private investment have been implemented, focusing on expanding access and improving investment efficiency [13]. - Continuous communication between government and private enterprises is fostering a healthier environment for private sector growth [13]. Group 6: Capital Market Reforms - The "Two Innovation Boards" (Science and Technology Innovation Board and Growth Enterprise Market) are undergoing reforms to enhance market inclusivity and adaptability [16]. - Since the introduction of new policies, over 20 companies have applied for IPOs on the Science and Technology Innovation Board, with significant fundraising success [17]. - The capital market is becoming a crucial hub for nurturing new productive forces, with ongoing reforms releasing substantial capital for technological innovation [17]. Group 7: Foreign Trade and Investment - In 2025, China is focusing on stabilizing foreign trade and investment through institutional innovation and open practices, with a notable increase in foreign investment enterprises [20]. - Policies supporting foreign trade and investment are being implemented, including market access expansion and improved business environments for foreign enterprises [21]. - The Hainan Free Trade Port has implemented attractive policies to enhance trade, contributing to China's goal of becoming a trade powerhouse [21]. Group 8: Risk Management and Economic Stability - China is actively addressing risks in key sectors, including local government debt and financial institution stability, to ensure high-quality development [22]. - The government is replacing hidden debts with special bonds, significantly reducing interest costs for local governments [22]. - Measures to stabilize the housing market and support affordable housing projects are being prioritized to protect consumer rights [22].

赵增永表示，党的二十届四中全会对加快建设新型能源体系、发展新质生产力、构建现代化产业体系作 出的战略部署，与新能源的发展方向高度契合，要持续推动全会精神与企业发展的深度融合。 12月9日，学习贯彻党的二十届四中全会精神市委宣讲团在市商务局开展专题宣讲。市委宣讲团成员， 市商务局党组书记、局长李美作专题宣讲报告。 滨州日报/滨州网讯 连日来，学习贯彻党的二十届四中全会精神市委宣讲团到高新技术产业开发区、博 兴县、滨州大有新能源开发有限公司、市商务局、市公用事业集团宣讲，推动全会精神深入人心、落地 生根。 12月17日，学习贯彻党的二十届四中全会精神市委宣讲团报告会在高新技术产业开发区举行，学习贯彻 党的二十届四中全会精神市委宣讲团成员，市委副秘书长、市委政研室主任李雪海作宣讲报告。 报告会上，李雪海紧紧围绕宣讲主题，深刻阐述了党的二十届四中全会的重大意义，从准确把握"十五 五"时期在基本实现社会主义现代化进程中的重要地位，深刻领会"十五五"时期经济社会发展的指导方 针、主要目标、战略任务和重大举措等方面，对党的二十届四中全会精神进行了系统的阐述和深入的解 读。 12月9日，市委宣讲团成员，市司法局党组书记、局长 ...

Group 1: Economic Outlook and Policy Framework - In 2025, China’s economy is at a historical juncture, balancing short-term recovery and long-term transformation under the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1] - The central economic work conference has set the tone for 2026 as "seeking progress while maintaining stability, improving quality and efficiency" [1] - Key challenges include achieving sustainable consumption growth and coordinating the dual strategies of "internal circulation" and "high-level opening up" [1] Group 2: Monetary Policy Insights - There is still room for monetary policy adjustments, including potential interest rate cuts and reserve requirement ratio reductions to support economic recovery [3][4] - Structural tools will be expanded to focus on key national strategies and weak links, such as increasing support for technological innovation [4] - The need for a coordinated approach to counter-cyclical and cross-cyclical adjustments in monetary policy is emphasized to create a stable financial environment [4][5] Group 3: Currency and Exchange Rate Dynamics - The Chinese yuan has strengthened against a backdrop of complex external conditions, driven by domestic economic resilience and improved macro narratives [7] - The central economic work conference emphasizes maintaining the stability of the yuan, focusing on preventing excessive fluctuations [8] - The outlook for the yuan remains uncertain, with potential challenges from trade balance shifts and international economic conditions [9] Group 4: Gold Market Trends - Gold prices have reached new highs, driven by heightened global risk aversion and skepticism towards the US dollar credit system [11] - The forecast for gold prices suggests a potential rise to the range of $4,500 to $5,000 per ounce, influenced by ongoing geopolitical risks and central bank purchasing trends [12] Group 5: Aging Population and Insurance Sector - The aging population necessitates reforms in commercial insurance to address long-term care and wealth transfer needs [14] - The insurance sector is positioned to play a crucial role in providing comprehensive solutions for retirement security and risk management [15][16] Group 6: Internal and External Economic Circulation - The restructuring of global trade and external policy spillover effects are critical external variables for China's economic development [18] - The emphasis is on promoting the deep integration of internal and external circulation through policy guidance and market mechanisms [19] Group 7: Bond Market and Interest Rate Projections - The People's Bank of China is expected to implement a more proactive monetary policy, focusing on structural optimization rather than just total easing [22] - Long-term bond rates are anticipated to experience a phase of decline, influenced by fiscal expansion and ongoing economic recovery [23]

来源：经济学家圈 尹艳林："十五五"时期我国实现年均5%左右增长是完全有可能的 很高兴应邀参加腾讯财经愿景思享年会。今天的主题是"智变之时"。在世界百年变局和智能科技重塑经济的时代潮流中，中国经济发展面临巨 大机遇和新挑战。特别是"十五五"时期成为实现2035年远景目标乃至第二个百年奋斗目标的关键阶段。从中长期来看，中国经济的转型升级还 有哪些难点，哪些领域的改革亟待重点突破，如何推进下一阶段的改革发展，这个是大家很关心的问题。下面我想就这些问题跟大家做一些分 享。 但是我们必须看到，"十五五"时期我国发展环境面临深刻复杂变化，战略机遇和风险挑战并存，特别是国内发展不平衡不充分问题仍然突出， 有效需求不足，国内大循环存在卡点堵点，超大规模市场优势的发挥遇到障碍；新旧动能转换任务艰巨，制造业中传统产业仍占80%，先进制 造业和新兴产业占比还不高，原始创新能力不强，重点领域关键核心技术仍有待攻关突破，企业创新能力有待加强；农业农村现代化相对滞 本 后，城乡基本公共服务水平差距仍然较大，农业转移人口进城落户面临体制性障碍；就业和居民收入增长压力较大，居民财产性收入增长渠道 不畅，养老、医疗、教育、住房等民生保障存在 ...