展望2026年，德勤预计，随着"十五五"规划实施，叠加保险资金等长期资金入市提升流动性，A股新股 发行有望持续稳定增长。AI及"十五五"重点产业将更受青睐，监管将更注重上市企业素质、技术先进性 及与国家战略契合度。 德勤中国资本市场服务部华南区上市业务合伙人陈婉琳表示，2025年A股新股市场表现优于去年，监管 趋严下优质企业供应充足、市场稳健；持续的改革为2026年A股新股发行的升温奠定基础，AI、新能源 等企业上市融资将有更大优势。 报告显示，香港IPO市场2025年强劲反弹，受内地龙头企业赴港上市鼓励、上市流程简化及国际资金回 归等推动，全年预计完成114只新股上市，融资约2863亿港元，较2024年全年的数量增长63%、金额跃 升两倍多。 本报讯(记者刘晓一) 12月18日，德勤中国资本市场服务部发布《中国内地及香港IPO市场2025年回顾与2026年前景展望》报 告。 报告显示，2025年香港交易所凭借8只超大型新股(含4只全球十大新股)登顶全球新股融资总额榜首，上 海证券交易所、深圳证券交易所均跻身前十。 2025年，A股市场延续2024年势头，新股数量与融资金额同比双增长。这主要得益于新"国九条" ...

Group 1: Forum Overview - The 2025 China Insurance Summit Forum was successfully held on December 17, 2025, focusing on the theme "'14th Five-Year Plan' Launching and Mapping the Insurance Blueprint" [1][21] - The forum gathered nearly a hundred representatives from the "China Insurance Pinnacle 108" and experts from financial regulation, academia, and corporate executives to discuss key industry transformation issues [1][21] Group 2: Macro Trends and Opportunities - The year 2025 is a significant strategic intersection, marking the completion of the "14th Five-Year Plan" and the planning for the "15th Five-Year Plan," emphasizing the acceleration of building a financial powerhouse [2][22] - The rise of artificial intelligence (AI) is driving the insurance industry to shift from scale expansion to value creation, presenting new opportunities amid multiple variables [2][22] Group 3: AI and Digital Transformation - Former Vice Chairman of the China Banking and Insurance Regulatory Commission, Chen Wenhui, highlighted the revolutionary impact of digitalization on various industries, including insurance, where AI is increasingly empowering business operations [4][24] - Chen suggested that insurance companies should implement a comprehensive digital transformation strategy, enhance data value, invest in AI talent, and be aware of potential risks associated with AI applications [4][24] Group 4: Talent Development and Education - Xie Yuantao, Dean of the School of Insurance at the University of International Business and Economics, emphasized the importance of cultivating interdisciplinary talents and integrating AI technology into insurance education to support high-quality development [6][26] - He proposed breaking traditional boundaries in insurance studies and creating a new academic framework that includes various interdisciplinary fields [6][26] Group 5: Industry Transformation Paths - The insurance industry is accelerating its transformation in 2025, with life insurance focusing on dividend insurance and personal marketing reforms, while property insurance is implementing "reporting and operation in one" for non-auto insurance [10][29] - Beijing Life's General Manager Wang Xiuwen discussed the high-quality transformation paths for life insurance companies, emphasizing the importance of innovation and adapting to policies like "Healthy China" and "Silver Economy" [12][31][32] Group 6: Differentiated Development Strategies - Zhang Zongtao, President of Modern Property Insurance, shared insights on focusing on new energy vehicle insurance as a strategic choice to avoid homogeneous competition and leverage structural opportunities [15][34] - The insurance industry is increasingly integrating with healthcare and elderly care sectors to create a comprehensive health and wellness ecosystem, driven by the "Healthy China" strategy [16][35] Group 7: Collaborative Initiatives - The forum featured a roundtable discussion on building a new health and wellness ecosystem, inviting leaders from various sectors to explore deep integration and collaboration [18][37] - A strategic partnership was initiated between Zhongbao Xinzhi and Guangdong Guosheng Medical National Key Laboratory to enhance research in health management and insurance integration [20][39]

Core Insights - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and the integration of technological and industrial innovation [1] - Various provinces are unveiling local versions of the "14th Five-Year Plan," focusing on cultivating new productive forces and detailed industrial innovation [1] Group 1: Strategic Focus Areas - Multiple regions are prioritizing cutting-edge fields such as artificial intelligence, quantum technology, and biomanufacturing, with significant projects being planned [1] - Beijing aims to cultivate a leading global AI industry ecosystem, focusing on high-end chips and foundational software [1] - Zhejiang is working to develop emerging pillar industries, accelerating clusters in AI, aerospace, and biomedicine [1] - Guangdong plans to create a high-tech, high-growth, large-scale industrial cluster around "AI + Robotics," with Shenzhen's "Robot Valley" already established as a complete ecosystem [1][4] Group 2: Policy and Industry Support - The Greater Bay Area has developed differentiated policy matrices, with Shenzhen focusing on "complete machines + chips" and Guangzhou on "robots + application scenarios," supported by provincial demonstration industry funds [6] - The integration of these policies is expected to comprehensively support industrial development [6] Group 3: Resource Allocation and Competitive Advantage - Regions are targeting national strategic needs to form differentiated competitive advantages, such as Inner Mongolia's goal to become the largest rare earth materials base and Guizhou's focus on computing power industries [8] - Hainan is enhancing its innovation capabilities in sectors like seed industry, deep-sea, and aerospace [8] Group 4: Comprehensive Development Framework - There is a consensus on building a full-chain development system from basic research to technology breakthroughs and industrial clustering to foster new productive forces and promote high-quality industrial chain development [11] - Shandong is implementing a ten-year action plan to increase investment in basic research, while Jiangsu is pushing for breakthroughs in key technologies in integrated circuits and biomanufacturing [11] Group 5: Economic Transition and Future Roadmap - The "14th Five-Year Plan" period is seen as a critical five years for achieving socialist modernization, with the development of emerging industries being the foundation for high-quality economic growth and the transformation of old and new driving forces [13] - Future development roadmaps are becoming clearer, indicating a significant trend towards the transformation of industrial structures to be more "new" and "intelligent" [13]

Group 1 - The meeting emphasized the need to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, aiming for a strong finish to the year and the 14th Five-Year Plan [1] - The focus for 2026 includes enhancing domestic demand, promoting consumption, expanding effective investment, and stabilizing foreign trade and investment [2] - There is a commitment to fostering new growth drivers through innovation, upgrading industries, and implementing high-level reforms to boost development momentum [2] Group 2 - The meeting highlighted the importance of improving people's livelihoods and urban renewal projects, ensuring that initiatives are tangible and beneficial to the public [2] - The city leadership is tasked with carefully planning the 15th Five-Year Plan and executing year-end tasks effectively [2] - Various district leaders presented their strategies for the year-end push and shared their thoughts on the 2026 work plan [1]

中银证券指出，从"十五五"规划建议到中央经济工作会议对地产的表态都是要稳住房地产市场，推进制 度完善。尽管当前防范地产及相关风险仍是首位，但房价的惯性下滑及不断蔓延的看跌预期可能会倒逼 政策尽快出台。预计明年一季度将会有适当的政策调整。地产从标的来看，一方面，流动性安全、重仓 高能级城市、产品力突出的房企或更具备α属性；另一方面，在新消费时代下，提前布局新业态、新模 式、新场景的商业地产公司，有望率先走出重围。 地产板块19日盘中发力走高，截至发稿，德必集团20%涨停，三湘印象、华联控股、中天服务等均涨 停，深深房A涨超5%。 ...

塞方表示，中国是最重要的经贸合作伙伴。得益于中国投资，近年来塞经济持续增长，民生不断改善。 塞始终积极推动高质量共建"一带一路"，支持中国—中东欧国家合作，致力于为中国企业在塞经营创造 良好营商环境。塞方愿与中方落实好两国元首经贸重要共识，深化贸易、投资、基础设施建设等领域合 作，欢迎中国企业加大对塞汽车、新能源、加工制造等领域投资。 双方积极评价上届经贸混委会以来取得的合作成果，商定将进一步释放两国自贸协定红利，尽快召开投 资工作组首次会议，加强绿色经济、新能源汽车等领域投资合作，推动贸易投资一体化，加强匈塞铁路 后续运营和塞尔维亚2027年专业类世博会等方面合作。会后，双方共同签署会议纪要。 12月18日，中国—塞尔维亚政府间经贸混委会第12次会议在京举行。商务部部长王文涛会见来华参会的 塞副总理兼经济部部长梅萨罗维奇、内外贸易部部长拉扎雷维奇，商务部副部长兼国际贸易谈判副代表 凌激与塞方主持会议。 王文涛表示，近年来，在两国元首战略引领下，中塞经贸关系蓬勃发展，自贸协定带动双边贸易快速增 长，中国企业对塞投资成果丰硕，大项目合作顺利推进。匈塞铁路塞尔维亚段实现顺利通车，这是两国 共建"一带一路"重大成果 ...

Core Insights - The 12th meeting of the China-Serbia Intergovernmental Economic and Trade Mixed Committee was held in Beijing, highlighting the growing economic ties between the two nations [2] - Chinese Minister of Commerce Wang Wentao emphasized the rapid growth of bilateral trade driven by the free trade agreement and successful large project collaborations, including the operational success of the Hungary-Serbia railway [3] - Serbia's officials acknowledged China as a key economic partner, attributing the country's economic growth and improved living standards to Chinese investments [3] Group 1 - The meeting focused on enhancing cooperation in trade, investment, and infrastructure, with a commitment to implement the economic consensus reached by the leaders of both countries [3] - Both parties agreed to further leverage the benefits of the free trade agreement and to convene the first meeting of the investment working group to strengthen collaboration in green economy and new energy vehicles [5] - The cooperation will also include the follow-up operations of the Hungary-Serbia railway and preparations for Serbia's participation in the 2027 specialized expo [5]

刘殿栋表示，《建议》提出"十五五"时期在基本实现社会主义现代化进程中具有承前启后的重要地位。 规划院自成立以来，先后为国家编制了"五五"至"十四五"石化化工行业发展规划及产业政策。全程参与 了国家石化产业调整和振兴规划、各时期的产业结构调整指导目录和石化产业规划布局方案编制工作， 始终秉承"客观、科学、公正、诚信"的发展理念，坚定不移地践行"政府决策的思想库、行业前行的引 领者、园区建设的顾问队、企业发展的智囊团"的发展定位。在新的时期，规划院全体党员干部要认真 贯彻落实全会精神，围绕国家石化化工产业规划布局、重大石化项目建设、产业升级和绿色低碳转型的 评估工作以及部委、地方政府、化工园区和大中型企业开展的相关规划编制服务全面发力，为顺利推 进"十五五"石化化工行业的高质量发展贡献力量。 中化新网讯 12月6日，石油和化学工业规划院党委召开学习扩大会议，组织处级以上党员干部深入学习 贯彻党的二十届四中全会精神，要求党员干部深刻领会习近平总书记在党的二十届四中全会上的重要讲 话精神，深入体会"十四五"时期的重大成就，准确把握"十五五"时期的重要地位，全面理解"十五五"时 期经济社会发展的指导思想、重大原则、主要 ...

Core Insights - The article discusses the transformation of China's economy as it transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan," highlighting a shift from quantitative growth to qualitative changes driven by deep technology and societal needs [1][30]. Group 1: Artificial Intelligence - Artificial intelligence is shifting focus from "computational power competition" to "embodied intelligence and vertical penetration," with humanoid robots poised for large-scale deployment [2][4]. - The demand for "vertical domain + AI" talent is increasing, as industries require professionals who understand both AI technology and specific industry knowledge [6]. Group 2: Energy Transition - The energy revolution is entering a "second half," focusing on energy storage and grid stability rather than just power generation [6][7]. - By 2030, China's non-fossil energy consumption is expected to reach 25%, with a total installed capacity of wind and solar power exceeding 1.2-2.4 billion kilowatts [7]. Group 3: Low-altitude Economy - The low-altitude economy is recognized as a new pillar industry, facing challenges in manufacturing technology, market maturity, and infrastructure development [11][12]. - The space information industry is expected to grow significantly, driven by satellite networking and data empowerment, creating demand for various new professional roles [13]. Group 4: 6G Communication - 6G is anticipated to be a central driver of the digital economy, with a projected global market size exceeding 24.4 trillion yuan by 2040, and China expected to be a major market [17]. - The integration of communication, sensing, and computing capabilities in 6G will revolutionize sectors like autonomous driving and industrial internet [19]. Group 5: Quantum Computing - Quantum computing is moving towards practical applications, with a projected market size of $17.689 trillion by 2029, growing at a compound annual growth rate of 32% [20][23]. - There is a significant talent gap in the quantum computing field, particularly for interdisciplinary professionals who can bridge quantum physics and computer science [23]. Group 6: Biomanufacturing and Silver Economy - The aging population is creating a "silver economy" market projected to reach 25 trillion yuan by 2030, with biomanufacturing playing a key role in addressing health needs [24][28]. - Professions related to biomanufacturing and personalized healthcare are expected to expand significantly during the "15th Five-Year Plan" [28]. Group 7: Productive Services Industry - The productive services industry is becoming a core support for manufacturing, with its GDP share expected to rise from 28% to 35% by the end of the "15th Five-Year Plan" [29]. - Key growth areas include high-end technology services, industrial digitalization, and green consulting services, driven by the need for innovation and sustainability [29]. Conclusion and Insights - The article emphasizes the importance of understanding long-term technological and societal trends for investment and career opportunities during the "15th Five-Year Plan" [30][31].

新京报贝壳财经讯（记者胡萌）12月18 日，德勤中国资本市场服务部发布《中国内地及香港IPO市场 2025年回顾与2026年前景展望》。 报告预计，2025年全球十大新股融资总额将较2024年略有改善。其中，受惠于8只超大型新股上市，当 中4只位列全球十大新股之列，香港交易所新股融资总额将位居榜首。与此同时，2025年A股市场将有 114家公司上市，融资1296亿元，新股数量和融资总额分别上升14%、94%。 展望2026年，资本市场服务部预计，随着"十五五"规划的实施，预计A股新股发行或在提升市场流动性 的推动下持续稳定增长。 "持续推进的改革为A股新股发行在2026年继续升温，奠定了稳健的基础，预计其表现将比2025年更加 出色。"德勤中国资本市场服务部华北区上市业务合伙人陈文龙认为，随着多项措施如有助于提升市场 流动性的措施、与国家战略相契合的上市审核重点，以及创业板和上海科创板或将进行的改革落实，来 自AI、新能源、高端制造、商业航天、量子技术和生物制造等领域的企业，在A股市场上市和融资时将 获得更大的优势。 德勤中国资本市场服务部上市业务华北及华西区主管合伙人任绍文则指出，香港在2025年取得辉煌的 ...