《长江商学院投资者情绪问卷调查(CKISS)》报告由长江商学院会计与金融学教授、投资研究中心主任 刘劲教授以及研究员陈宏亚推出，是对中国资本市场投资人情绪和预期的调查。数据源于2025年4月投 资者情绪问卷调查以及A股上市公司2025年第一季度财报以及其他最新的国内外资本市场及宏观数据。 此外，投资者对民营经济的关注度继续上升。过去二十年，民营经济以其灵活的机制和创新精神，在国 际市场上展现出了强大的竞争力，未来在扩大内需方面也将发挥重大作用。调查中受访者对民营经济的 关注持续上升，本期，约44.5%的受访者认为民营经济的地位对未来投资决策很重要，在对如何提振民 营企业家信心的问题中，约74%的受访者认为应该加强在宏观政策上的连续性和稳定性。 本报讯(记者苏诗钰)5月15日，长江商学院在北京校区发布2025年第一季度《投资者情绪调查报告》， 这也是长江商学院第17次发布投资者情绪调查。调查结果显示，投资者对A股的情绪在2024年7月后回 暖回升。投资者对我国在重要科技领域的领先地位有信心，认为会有更大增长。约54.4%的受访者认为 我国在人工智能方面世界领先，比2024年11月提高了14.7%个百分点；约55 ...

5月15日，长江商学院在北京校区发布了2025年第一季度《投资者情绪调查报告》(以下简称"报告")， 这是该学院第17次发布此类调查。报告基于2025年4月的问卷调查数据，结合A股上市公司2025年第一 季度财报及其他国内外资本市场和宏观数据，深入分析了中国资本市场投资者的情绪和预期。 调查结果显示，投资者对A股的情绪在2024年7月后回暖回升。投资者对房地产的预期于2023年9月后有 所回暖，目前整体仍然处于较为消极的情绪，但这一情绪在减弱。本次调查适逢美国加大对我国贸易战 力度期间，投资者认为贸易纠纷短期内会给我国带来较大压力，但长期而言，影响偏正面。投资者对我 国在重要科技领域的领先地位有信心，认为会有更大增长。约54.4%的受访者认为我国在人工智能方面 世界领先，比2024年11月提高了14.7%个百分点；约55%的受访者认为我国在新能源领域处于世界领先 地位，比2021年4月提高了19.2个百分点。 A股情绪回暖，但仍面临短期波动 自2021年年末以来，A股市场经历了持续下跌。从2021年12月至2024年8月，上证综指和深证综指分别 累计下跌21.9%和39%。在2024年7月的调查中，受访者中认 ...

民营经济是推进中国式现代化的生力军，在经济社会中发挥着"56789"的重要作用（贡献了中国经济 50%以上的税收、60%以上的GDP、70%以上的技术创新成果、80%以上的城镇劳动就业，90%以上的 企业数量）。市场监管总局数据显示，截至2025年3月底，我国登记在册民营企业超过5700万户，占企 业总量的92.3%；全国登记在册个体工商户超过1.25亿户。 2025年5月20日起，备受关注的民营经济促进法将正式施行。作为中国第一部专门关于民营经济发展的 基础性法律，这部法律在公平参与市场竞争、平等使用生产要素、同等受到法律保护等方面作出针对性 制度安排，对于保障民营企业及企业家权益、促进民营经济长期健康发展具有深远意义。 相关配套规定促进民营企业高质量发展。不仅要有公平的竞争环境，民营经济的活跃发展也离不开相关 措施的激励引导。民营经济促进法就支持民营经济组织科技创新、引导民营经济组织规范经营、优化民 营经济组织服务保障作出专门规定，从多方面赋能民营经济高质量发展。这些规定一方面注重鼓励支 持，例如，设置"投资融资促进""科技创新"等专章，支持民营企业参与国家重大战略和重大工程，鼓励 其在战略性新兴产业、未 ...

Core Viewpoint - The conference held in Chengdu's Xinjin District focused on promoting high-quality development of the private economy, unveiling innovative initiatives, and fostering collaboration between enterprises and educational institutions [1][2][3]. Group 1: Economic Development Initiatives - The conference announced the first batch of scenario innovation lists for 2025, covering six major areas including artificial intelligence and green food [5]. - A new initiative called "School-Enterprise Marriage" was launched to enhance collaboration between educational institutions and businesses [5]. - The establishment of the Xinjin District Private Economic Development Promotion Center aims to create a fair and open competitive environment [4]. Group 2: Economic Contributions and Growth - In 2024, the private economy's added value is projected to account for 66.3% of the GDP in Xinjin, ranking first in Chengdu, with a contribution of 94.4% to GDP and 75.6% to tax revenue [2]. - The conference highlighted the rapid growth of private enterprises, with 36 new national high-tech enterprises and 15 provincial-level specialized enterprises expected to be added in 2024 [2]. Group 3: Entrepreneurial Spirit and Leadership - The "Five Jin" spirit of Xinjin entrepreneurs emphasizes courage, innovation, perseverance, contribution, and co-existence, as illustrated by successful local business leaders [1][3]. - Liu Yonghao, Chairman of New Hope Group, shared insights on agricultural modernization and the company's strategic focus on a diversified industrial layout [3]. Group 4: Project Signings and Investments - The conference facilitated a concentrated signing of projects with a total investment exceeding 10 billion yuan, involving 16 companies including China Resources Beverage and Zhiqi Food [5][6]. - An investment of 4GWh in a smart low-carbon energy storage factory by Anzhifu Company was announced, highlighting the efficient administrative services in Xinjin [6].

河南日报客户端记者 李鹏 "刚出台的《河南省促进民营经济高质量发展行动计划》（以下简称《行动计划》），从多个方面为全 省民营企业和民营企业家排忧解难，让我们能够放开手脚，轻装上阵，专心致志搞发展！"5月14日，河 南天章卫星科技有限公司（以下简称"天章卫星"）董事长李炜说。 近年来，我省大力发展商业航天产业，推动建设全链条卫星产业集群，做强卫星制造配套产业，鼓励各 地差异化发展卫星应用产业。2022年，李炜到鹤壁市考察后，感到卫星制造大有可为，便当机立断落地 企业，推动鹤壁实现从"用卫星"向"造卫星"转变。 据介绍，天章卫星已成功获批建设年产100颗卫星的生产资质，并且首批4颗"鹤壁造"卫星将于近期下 线。目前，天章卫星智造基地一期已经建成，今年计划制造22颗卫星。二期生产线正在同步进行智能化 提升，以支撑大批量组网卫星生产需求。 "聚焦重点产业链群，支持链主企业、关键节点企业进行平台化设计、智能化制造、网络化协同、数字 化管理等模式创新。"《行动计划》在骨干企业培育专项行动方面提出的这些具体举措，让天章卫星研 发团队倍感振奋，也更加坚定了他们创新突破的信心和决心。 "良好的营商环境，是企业发展的助推器。公司 ...

黄卫挺（中国宏观经济研究院决策咨询部副主任） 立足新时代民营经济承担的使命任务，并针对现阶段民营经济健康发展遇到的突出问题，2023年7月中 共中央、国务院对外发布了《关于促进民营经济发展壮大的意见》，2025年4月十四届全国人大常委会 第十五次会议表决通过了《中华人民共和国民营经济促进法》，自2025年5月20日起施行，在顶层设计 上形成了支持民营经济发展壮大的"中央指导意见+人大立法"双支柱框架，进一步优化了民营经济发展 环境，为充分发挥民营经济在国民经济和社会发展中的重要作用提供了重要制度保障。 从有关部门对外公布开展民营经济立法工作以来，社会各界对于该法的立法进程和具体内容都给予了很 高关注。而作为我国第一部专门关于民营经济发展的基础性法律，其涵盖公平竞争、投融资、科技创 新、规范经营、服务保障、权益保护等关键问题的立法范围，获得了社会肯定。可以说，民营经济促进 法的颁布实施，不仅极大加速了民营经济治理法治化进程，对推动民营经济在法治轨道上运行具有重要 的里程碑意义，以法治之力护航民营经济高质量发展、健康发展，在整个改革开放进程中也具有重要的 里程碑意义。这既是对改革开放伟大历史成就的制度化总结和升华 ...

Group 1 - The core viewpoint of the article is that a comprehensive financial policy package released by Chinese financial authorities aims to stabilize the market and boost investor confidence, leading to a positive performance in the stock market, with the Shanghai Composite Index and the ChiNext Index rising by 1.92% and 3.27% respectively [2][3][9] Group 2 - The financial policy package includes measures such as lowering the reserve requirement ratio, reducing policy interest rates and personal housing fund loan rates, expanding the scope for long-term investment by insurance funds, and supporting the central Huijin Investment Company to act as a stabilizing fund [3][9] - Experts believe that the policy will help counter external negative shocks, particularly from increased economic uncertainties due to U.S. tariff policies and geopolitical conflicts, thereby stabilizing market expectations [3][4] Group 3 - The China Securities Regulatory Commission (CSRC) also released an action plan to promote the high-quality development of public funds, which is expected to enhance market stability and attract long-term capital, optimizing the market ecosystem and investor structure [4][10] - The influx of long-term capital is anticipated to improve market liquidity and reduce short-term volatility, encouraging a shift towards long-term value investment rather than short-term speculation [4][10] Group 4 - The financial policy package emphasizes support for new productive forces, including the introduction of reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, and the promotion of technology innovation bonds [6][11] - The CSRC aims to guide public funds towards strategic industries such as semiconductors, new energy, and the digital economy, aligning with national economic restructuring needs [6][11] Group 5 - The policy measures are expected to accelerate the transition of the A-share market from a scale-driven model to a quality-driven model, potentially leading to a healthier and more resilient capital market ecosystem [7][12]

Group 1: A-share Market and Private Enterprises - As of May 13, 38 new companies have been listed in the A-share market this year, with 33 being private enterprises, accounting for 86.84% [1] - Private enterprises issued 312 bonds in the exchange bond market, with a total issuance amount of 104.336 billion yuan, representing a year-on-year growth of 23.46% [1] - Over 300 listed companies have publicly disclosed repurchase and increase plans since April, with a total upper limit exceeding 100 billion yuan [1] Group 2: Institutional Research and Market Performance - More than 1,000 listed companies have received institutional research in May, with over 90% of these companies achieving positive returns [2] - The most concentrated sectors for institutional research include machinery, electronics, and pharmaceutical biology, highlighting structural investment opportunities [2] Group 3: Regulatory Support and Economic Outlook - The China Securities Regulatory Commission is optimizing regulatory arrangements to help affected companies cope with the impact of U.S. tariffs [3] - Support for mergers and acquisitions is expected to enhance companies' innovation and risk resistance capabilities, attracting long-term capital into the market [3] - Foreign institutions have shown increased confidence in Chinese assets, with Morgan Stanley raising its forecast for China's economic growth in 2025 [3] Group 4: Brain-Computer Interface Industry - Policies from the National Medical Insurance Administration and various local governments are accelerating the industrialization of brain-computer interfaces [4] - McKinsey estimates that the potential market size for brain-computer interfaces in the medical field could grow from 40 billion USD to 145 billion USD between 2030 and 2040 [4] Group 5: Pet Economy - The pet economy market size is expected to exceed 300 billion yuan, driven by demand from younger generations and the elderly [6] - The pet industry-related listed companies have shown strong stock performance, with the pet economy index rising over 20% since early 2025 [6] Group 6: New Industrialization and Gold Prices - Over 140,000 specialized and innovative small and medium-sized enterprises have emerged in China, contributing significantly to the manufacturing sector [7] - Gold prices have seen a significant drop of over 7.2% since reaching a historical high on April 22, attributed to positive outcomes from U.S.-China trade talks [8] Group 7: Low-altitude Economy - Financial institutions are increasingly participating in the low-altitude economy, moving from simple credit support to equity investment and strategic partnerships [8] - This involvement is expected to create new growth points for financial institutions and promote the development of the low-altitude economy industry chain [8]

5.5亿元的设备采购清单放在案头，福建中科芯源光电科技有限公司董事长张修强犯了愁："前几年研发 投入很大，现在想更新生产设备，资金成了问题。" 出人意料的是，资金主动找上了门。"福州的'四通四到'机制，帮到了我们。"张修强说。 为进一步促进民营经济发展，福建福州市着力用好服务企业"四通四到"机制——畅通联系渠道不叫不 到、沟通解决问题随叫随到、疏通政策传导说到做到、打通部门壁垒服务周到。 去年，福州市充分利用超长期特别国债资金，由市发展改革委联合相关部门组建工业领域国债要素保障 专班，为光电、新能源汽车等重点产业链提供助力。去年11月，专班在中科芯源开了一场面向高新区企 业的政策宣讲会。 "能申请的尽量申请，专班说到做到。"福州市发展改革委副主任郑礼招的话，给了张修强信心。没等会 开完，张修强就安排员工填好了申请表。他没想到，两天之内4400万元的国债资金额度就获批了。 打通壁垒，专班组成部门协同发力，实现全市企业申报工业领域超长期特别国债24小时收件、24小时办 结。福州市共有21个项目获批工业领域超长期国债资金超6亿元，带动通用设备制造、光电等行业投资 大幅增长。去年，全市规上工业增加值增长9%，工业固定 ...

Core Insights - The average lifespan of global enterprises is around three years, with only a few surviving beyond that, highlighting the significance of Far East Holding Group's 40-year journey in the wire and cable industry [1] - Far East Holding Group, founded in the 1980s, has grown from a small factory with 28 employees and 1.8 million yuan in initial capital to a well-known private enterprise with over 60 billion yuan in revenue and nearly 10,000 employees [1][2] - The company has undergone five major restructurings, reflecting the evolution of China's private economy and its own transformation from a traditional manufacturing entity to an industrial internet benchmark [3][4] Company Development - Far East Holding Group's journey began with the establishment of a cable sales department in 1988, transitioning to cable production in 1990, and evolving into a mixed-ownership enterprise through partnerships with state-owned enterprises in 1997 [2][3] - The company has successfully navigated various market challenges and has focused on core business areas, particularly in smart cable networks, smart batteries, and smart airports, as part of its strategic repositioning [4][5] Financial Performance - In 2024, the smart cable network segment achieved revenue of 22.703 billion yuan, a year-on-year increase of 0.47%, with significant orders totaling 19.506 billion yuan [5] - The smart battery segment, despite previous losses, reported revenue of 1.654 billion yuan, a remarkable year-on-year growth of 180.47%, and secured contracts worth 2.507 billion yuan, up 411.41% [5] Strategic Vision - The company aims to become globally irreplaceable in the smart cable network sector, establish smart batteries as a second growth curve, and set new industry standards in smart airport construction by integrating AI and drone technology [5] - The leadership emphasizes the importance of adapting to global changes and maintaining a sense of crisis as a core value for future growth [6]