回望2025年，中国经济在错综复杂的内外部环境中顶压前行。A股市场的表现极具韧性，上证指数在四 季度一度突破4000点，创下近十年新高，年内最大涨幅超过30%。横向对比来看，2025年A股的表现在 全球市场中亦是名列前茅。展望2026年，尽管节奏存在不确定性，但随着高质量发展的不断推进，A股 仍有望在震荡中继续上扬，并在政策红利释放与内外部环境改善的共同推动下延续结构性强势行情。 首先，随着美联储降息周期的再度开启，全球流动性环境出现边际改善。美元指数在年内明显走弱，资 金从高利率环境向更高性价比的市场回流成为趋势。人民币在这一阶段呈现阶段性走强趋势，美元对人 民币汇率年末一度突破7.0关口。这不仅反映了外汇市场对中国经济韧性的认可，也提升了国内资产在 全球投资组合中的相对吸引力。在此背景下，A股这一深具结构性机会且估值处于相对低位的市场，更 容易受到海外增量资金的青睐。而在经历过去数年的波动后，A股估值体系逐步从高波动向高质量转 型，其中具备技术优势和长期发展前景的科技公司更能吸引全球资金的关注。综合来看，美联储降息推 动美元走弱，叠加人民币阶段性走强，增强了中国资产的相对吸引力。由此带来的资金回流与财富效 ...

"十五五"规划建议点击 "以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内 大循环内生动力和可靠性" ●只有促进供给和需求良性互动，实现供需动态平衡，才能为构建新发展格局、推动高质量发展 提供扎实基础 促进供需良性互动具有必要性 ●通过新需求引领新供给和新供给创造新需求的动态循环，实现供需更高水平的平衡 ●构建供需良性互动实践路径：坚持投资于物和投资于人紧密结合，筑牢供需良性互动根基；提 振消费，激活内需增长潜力；打通循环堵点，完善供需对接保障机制；强化城乡区域协调发展， 拓展供需良性互动空间维度 习近平总书记强调："供给和需求是市场经济内在关系的两个基本方面，是既对立又统一的辩证关 系。"只有促进供给和需求良性互动，实现供需动态平衡，才能为构建新发展格局、推动高质量发 展提供扎实基础。 □吴文 当前，中国经济的发展重点是从"有没有"转向"好不好"，旧供给难以匹配新需求，我们必须以需 求牵引供给变革。与此同时，外部环境更趋复杂严峻，单边主义、保护主义抬头，霸权主义和强 权政治威胁上升，国际经济贸易秩序遇到严峻挑战，过度依赖外部循环必然存在更大的风险，我 们必须强化内循环，通 ...

会议强调，要强化"管与服"协同发力，健全重大项目全生命周期管理机制，完善项目前期、开工、建 设、投产"四个项目库"动态管理制度。健全重大项目专班工作机制，聚焦关键环节定期开展专项督导， 确保项目工作滚动衔接、落地增效。 戴惠明、赵南方、梁崑、张彦、陈江、郭颖、赵文等参加。 本报讯 首席记者杜托报道 1月4日，市委副书记、市长杨承新主持召开全省高质量发展工作推进会暨项 目工作会昆明市专题研讨会。会议强调，要认真贯彻落实省委、省政府工作要求，全力打好项目攻坚 战，扎实推进"九大攻坚行动"，为昆明高质量发展注入更加强劲的动力。 会议指出，抓项目就是抓发展，谋项目就是谋未来。全市上下要深刻领会抓项目工作的极端重要性与现 实紧迫性，清醒认识项目工作的现实基础与突出短板，始终保持"等不起"的紧迫感、"慢不得"的危机 感、"坐不住"的责任感，全力以赴谋项目、争项目、推项目，以项目建设实效检验发展成效。 会议要求，要坚持规划先行谋项目，聚焦重点领域做好项目前期工作，强化系统谋划与前瞻布局，做大 盘子、做实支撑。坚持统筹资金谋项目，最大限度凝聚资金合力，实现项目综合效益最大化。坚持市场 化谋项目，引导社会资本参与重大基建，以市 ...

Core Viewpoint - The recent mobilization meeting of Taixing Rural Commercial Bank aims to kickstart high-quality development for 2026, emphasizing a unified approach to achieve the "opening red" goal in the first quarter [1][2]. Group 1: Strategic Goals and Plans - The bank's plan for the "opening red" labor competition focuses on high-quality development, with clear objectives, precise measures, and strong incentives, providing a roadmap for future operations [1]. - The bank aims to enhance confidence and organization, ensuring accountability and a balance between closing previous goals and starting new ones, with a focus on performance assessment [2]. - The bank's leadership emphasizes the need to recognize the development landscape and concentrate on core business areas, including stabilizing deposit customers and optimizing loan structures [3]. Group 2: Operational Focus Areas - Key operational focuses include improving credit issuance, optimizing deposits, expanding customer bases, and ensuring risk control and compliance [2]. - The bank plans to adopt differentiated strategies for "opening red," targeting specific customer segments such as the manufacturing sector and existing clients while maintaining strict risk management practices [3]. - There is a strong emphasis on compliance and risk management, with zero tolerance for ethical risks and a commitment to enhancing operational risk controls [3]. Group 3: Team Engagement and Motivation - The mobilization meeting successfully unified thoughts, clarified objectives, and boosted morale among staff, setting the stage for a concerted effort towards achieving the bank's goals [3]. - Branch leaders shared practical strategies for achieving the "opening red" objectives, showcasing the determination and execution capabilities of grassroots teams [1].

◎记者 黄坤 吴智晖还表示："2026年，让我们在产城人文融合发展的沃土上共耕希望，在共同富裕的征途上共赴荣 光，一同书写'领跑竞跑，再瑞再丰'的崭新篇章，携手奔赴属于自己的美好未来！" 吴智晖 瑞丰银行董事长吴智晖在发表2026年新年寄语时表示，锐始者必图其终，成功者先计于始。站在2026年 的新起点，宏观经济的春风拂面，新质生产力的机遇在前，"回归人、回到人"的命题直指人心，"守正 创新，崇尚奋斗"的价值观依然滚烫。七十余载发展历程给予深刻启示：唯有扎根本土、与人同心，方 能行稳致远；唯有勇担使命、创新奋进，方能不负时代。 吴智晖表示："新的一年，我们将锚定高质量发展航向，深耕质效量协同，让创新之笔继续勾勒产业升 级的蓝图，让融合之桥持续贯通产城共荣的脉络，让共富之光温暖更多寻常巷陌，让责任之心筑牢区域 安全防线。我们深知，每一份信赖都值得珍视，每一次同行都充满力量。" ...

Core Viewpoint - The provincial government emphasizes the importance of high-quality project work to support high-quality development, designating this year as a "Project Attack Year" to implement central government decisions and stabilize the economy [2]. Group 1: Project Focus - The meeting highlights the need to establish a correct view of achievements, focusing efforts on project attacks and tightening responsibility chains for project construction [2]. - Nine major actions are outlined to enhance project work, including improving investment efficiency, accelerating project construction, and optimizing the business environment [2]. Group 2: Economic Indicators - The first quarter is identified as a "wind vane" for the entire year's economy, with a call to anchor target tasks and effectively promote key industry development [3]. - Emphasis is placed on expanding the real estate market and boosting consumer confidence through targeted actions [3].

Core Viewpoint - Chengdu is leveraging high-level openness to drive high-quality development, enhancing its international connectivity through the expansion of air and rail routes, and fostering a robust open economy [1][3][5]. Group 1: International Connectivity - Chengdu has launched over 10 new international passenger and cargo routes, connecting to major global hubs, with a total of 83 international and regional routes, ranking fourth nationally and first in the Midwest [1]. - The city has established a comprehensive intercontinental route network, allowing travelers to reach major hubs within 10 hours and facilitating efficient cargo flow, with high-end manufacturing products delivered globally within 72 hours [1]. - Chengdu's international rail freight network has been developed, with over 36,000 international trains operating, linking to more than 130 cities abroad, thus stabilizing global supply chains [2]. Group 2: Economic Development and Foreign Investment - Chengdu has attracted over 5,000 foreign enterprises, enhancing its open economy and stimulating industrial growth, with a notable increase in cross-border e-commerce logistics solutions [3][4]. - The Chengdu High-tech Comprehensive Bonded Zone has been recognized as the top performer among 154 national zones, with an import-export value exceeding 500 billion yuan, marking a year-on-year growth of over 20% [4]. - The city has established trade relations with 235 countries and regions, hosting 315 Fortune 500 companies, and maintaining a steady growth in foreign trade, achieving an import-export value of 775 billion yuan in the first 11 months of the year, a 2.6% increase year-on-year [4]. Group 3: Cultural and Economic Integration - Chengdu is fostering cultural exchange and international relations, expanding its global "friend circle" and enhancing its engagement with diverse markets along the Belt and Road Initiative [5].

我们将以更严标准维护市场平稳运行，坚持监管"严"与"序"。坚守监管的政治性、人民性，强化全方 位、穿透式监管。加强重点品种风险监测预判，依法从严打击各类违法违规行为，规范程序化交易。压 实交割仓库责任，保障交割安全顺畅。强化科技赋能，提升"数智监管"能力，牢牢守住不发生系统性风 险的底线。 我们将以更优生态培育健康市场，践行投保"心"与"情"。持续办好"郑商所杯"等品牌投教活动，推动期 货知识进校园、进社区、走到群众身边、走进人民心里。完善投资者保护机制，畅通诉求反映渠道，用 心用情用力解决市场关心的问题。加强市场沟通与预期引导，讲好期货服务实体经济故事，营造理性投 资、价值投资的市场理念。 风正时济，自当破浪前行；任重道远，更需策马扬鞭。新征程上，郑商所将始终与市场各方同心同向、 携手并进，以建设世界一流交易所为目标，紧扣高质量发展主线，为健全资本市场功能、服务中国式现 代化建设贡献更多期货力量！ 星霜荏苒，居诸不息；初心如磐，征程再启。值此2026年到来之际，郑州商品交易所向长期以来关心支 持中国期货市场及郑商所发展的各级领导、各界朋友和广大市场参与者，致以诚挚的感谢和美好的新年 祝福！ 2025年是中国 ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) expresses gratitude to supporters and emphasizes its commitment to high-quality development in the context of China's modernization efforts, particularly in 2026, which marks the beginning of the "14th Five-Year Plan" [1] Group 1: Governance and Leadership - The company aims to strengthen party leadership throughout its governance and market regulation processes, ensuring a robust political foundation for its development [2] - There is a commitment to deepening the results of inspection and rectification, enhancing educational outcomes, and improving work styles to build a dedicated regulatory team [2] Group 2: Service to National Strategy - The ZCE plans to enhance its service to the real economy and national strategies, focusing on the "14th Five-Year Plan" to improve market operation quality and efficiency [2] - Initiatives include the steady advancement of new product development, deepening models like "insurance + futures," and expanding pilot programs for green initiatives [2] Group 3: Market Regulation - The company emphasizes strict standards for maintaining market stability, reinforcing comprehensive and penetrating regulation [2] - There will be a focus on risk monitoring for key products, strict legal enforcement against violations, and ensuring smooth delivery processes [2] Group 4: Market Education and Investor Protection - The ZCE is committed to enhancing market health through educational initiatives, such as the "ZCE Cup," and improving investor protection mechanisms [3] - Efforts will be made to facilitate communication with the market and guide expectations, promoting rational and value-based investment principles [3] Group 5: Future Aspirations - The ZCE aims to align with market participants to build a world-class exchange, focusing on high-quality development and contributing to the modernization of China's capital markets [3]

我们将以更高站位强化党建引领，筑牢发展"根"与"魂"。把党的领导贯穿于交易所治理和市场监管各环 节，纵深推进全面从严治党，深化巡视整改成果运用，持续巩固拓展学习教育成果，驰而不息加强作风 建设，锻造忠诚干净担当的监管铁军，为事业发展提供坚强政治保障。 我们将以更实举措服务国家大局，彰显期货"力"与"为"。以服务实体经济、服务国家战略为出发点和落 脚点，紧密围绕"十五五"规划蓝图，持续提升市场运行质量和效率。稳步推进新品种研发，丰富产品体 系；深化"保险+期货""商储无忧"等模式，助力乡村全面振兴和保供稳价；拓展"绿色助企"试点，服务 绿色低碳转型；推动聚酯板块对外开放，研究探索更多品种引入境外投资者，提升重要大宗商品价格影 响力。 我们将以更严标准维护市场平稳运行，坚持监管"严"与"序"。坚守监管的政治性、人民性，强化全方 位、穿透式监管。加强重点品种风险监测预判，依法从严打击各类违法违规行为，规范程序化交易。压 实交割仓库责任，保障交割安全顺畅。强化科技赋能，提升"数智监管"能力，牢牢守住不发生系统性风 险的底线。 星霜荏苒，居诸不息；初心如磐，征程再启。值此2026年到来之际，郑州商品交易所向长期以来关心 ...