Core Viewpoint - The "15th Five-Year Plan" aims for China to achieve a per capita GDP level of a moderately developed country by 2035, emphasizing the need for new economic growth drivers and financial reforms to realize the "financial power" strategy [2] Economic Development Characteristics - The "15th Five-Year" period will be characterized by a shift from a "shortage economy" to an "over-supply economy," necessitating a fundamental change in governance logic and economic policy [5][6] - The global technological revolution presents a historical opportunity for China, with a strong foundation in artificial intelligence, big data, and new energy [4] Consumption Dynamics - In an "over-supply economy," consumption is crucial for maintaining economic balance, shifting from being viewed as waste to a key driver of growth [6][7] - The expansion of consumption is constrained by income, wealth, and social security, requiring institutional restructuring in these areas [7][8] Wealth Creation and Employment - Optimizing the business environment and protecting the rights of various market entities, including state-owned and private enterprises, is essential for job creation and income growth [7] - Approximately 60% to 70% of household wealth is concentrated in real estate, which poses risks to consumption when property prices decline [8] Social Security and Savings - High savings rates among Chinese residents reflect cultural tendencies and a precautionary approach, which can suppress effective demand in an "over-supply economy" [9] - A robust social security system is necessary to alleviate residents' concerns and release locked purchasing power [9] Financial System Reform - The core task of financial reform during the "15th Five-Year" period is to adapt the financial system to the transition from a shortage to an over-supply economy [10] - There is a need for innovation in financial products to meet the diverse financing needs of enterprises at different life stages [11] Capital Market Development - The capital market's role is evolving from merely a financing tool to a platform for wealth management and risk-sharing [17][18] - Enhancing the quality of listed companies and encouraging high-growth firms to go public is vital for the capital market's long-term value [18] Liquidity and Market Activity - Maintaining adequate liquidity is essential for the capital market's price discovery function and investor satisfaction [19] - A daily trading volume of around 2 trillion yuan should be considered a normal state of market maturity [19] Legal and Regulatory Framework - Strengthening legal frameworks to ensure market transparency and protect investors is critical for rebuilding trust in the capital market [20] - Severe penalties for fraudulent activities are necessary to establish a market environment based on investor protection and contractual integrity [20]

我国有2亿多股票投资者和7亿多基金投资者，资本市场已成为人民群众分享实体经济发展成果的重要平台。实践中，利用 内幕信息从事证券交易或者泄露内幕信息等违法犯罪行为时有发生，严重破坏市场秩序，严重损害投资者合法权益。2012 年，"两高"制定了《关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释》，为资本市场稳定发展提供了 重要支撑。近年来，内幕交易违法犯罪愈发隐蔽，有的不法分子利用虚假合同、计划等规避法律制裁，有的在收购上市公司股 份过程中建"暗仓"进行内幕交易，获取巨额非法利益。2021年至2025年，全国法院共审结内幕交易、泄露内幕信息犯罪案件 204件243人，判处五年有期徒刑以上51人，重刑率21%，彰显了对资本市场违法犯罪从严从重和维护投资者尤其是广大中小投 资者合法权益的决心。与此同时，人民法院也在不断研究健全完善相关司法解释和规范性文件，进一步织密法网。 本报记者 吴晓璐 据最高人民法院12月13日消息，当日，最高人民法院审判委员会讨论修改内幕交易司法解释。 中央经济工作会议指出，做好新形势下的经济工作必须做到既"放得活"又"管得好"，人民法院如何结合司法审判工作促 进"管得好"？如 ...

最高法12月13日消息，12月13日上午，最高人民法院审判委员会召开会议，讨论修改内幕交易司法解 释。最高人民法院院长、首席大法官张军主持会议。 来源：政知见 我国有2亿多股票投资者和7亿多基金投资者，资本市场已成为人民群众分享实体经济发展成果的重要平 台。实践中，利用内幕信息从事证券交易或者泄露内幕信息等违法犯罪行为时有发生，严重破坏市场秩 序，严重损害投资者合法权益。 2012年，"两高"制定了《关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释》， 为资本市场稳定发展提供了重要支撑。 近年来，内幕交易违法犯罪愈发隐蔽，有的不法分子利用虚假合同、计划等规避法律制裁，有的在收购 上市公司股份过程中建"暗仓"进行内幕交易，获取巨额非法利益。 数据显示，2021年至2025年，全国法院共审结内幕交易、泄露内幕信息犯罪案件204件243人，判处五年 有期徒刑以上51人，重刑率21%，彰显了对资本市场违法犯罪从严从重和维护投资者尤其是广大中小投 资者合法权益的决心。 与此同时，人民法院也在不断研究健全完善相关司法解释和规范性文件，进一步织密法网。 "司法解释整体上要进一步突出依法从严惩处的鲜明态度，这 ...

五是对于资本市场而言，本次会议进一步提升了市场稳定向好的基础。首先，本次会议部署的逆周期调 节政策，进一步降低了市场对于短期经济增长的担忧，实施更加积极有为的宏观政策，有助于缓解经济 下行压力，稳定企业盈利预期，降低资本市场短期波动风险。其次，本次会议强调的跨周期政策，打开 了市场的长期空间，会议强调跨周期调节，注重政策的前瞻性和连续性，这为经济中长期健康发展奠定 了基础，有利于资本市场长期价值投资逻辑的构建。最后，会议对"苦练内功"、"更好统筹国内经济工 作和国际经贸斗争"的要求，将有助于增强我国经济抵御内外部冲击的能力，为资本市场提供更加稳健 的基本面支撑。 总体来看，本次中央经济工作会议为2026年经济工作指明了方向，政策组合更加注重逆周期与跨周期的 平衡、短期稳增长与中长期调结构的协调。对于资本市场而言，政策环境的改善和经济基本面的巩固， 为资本市场在未来一年中进一步稳定向好筑牢了基础。 今年以来中国资本市场走势不断向好，市场情绪也逐步升温。在此背景下，中央经济工作会议12月10日 至11日在北京举行，为2026年中国宏观经济发展指明了方向。从资本市场的视角来看，我们学习本次会 议精神有以下五点体会： ...

Core Insights - The 14th Annual Development Conference for Listed Companies and the Hainan Free Trade Port Opportunity Exchange Conference was held in Haikou, focusing on macroeconomic trends and the benefits of Hainan's free trade port [1][3] - Chengdu Media Group emphasizes the importance of a healthy, open, and vibrant capital market as a crucial support for high-quality economic development in China [1] Group 1: Event Overview - The conference gathered over 400 elites from government, industry, academia, and research to create a platform for idea exchange and resource connection [1] - The event aims to provide insights and pathways for listed companies to seize new opportunities in the evolving economic landscape [1] Group 2: Chengdu Media Group Initiatives - Chengdu Media Group has built a new media communication matrix with over 450 million users across various platforms, including Daily Economic News, which has over 168 million users globally [2] - The group invested 6 billion yuan in three major cultural and creative projects to promote the cultural industry and empower the real economy [2] - The group hosted 1,500 high-quality events throughout the year, facilitating broad cooperation opportunities for listed companies, resulting in 51 signed projects worth a total of 12.3 billion yuan [2] Group 3: Technological Advancements - The "Yuyanzhixuan" AI short video generation platform developed by Daily Economic News enables automatic text recognition and rapid video production, generating over 10,000 short videos monthly [3] - Chengdu Media Group's new media production system enhances communication capabilities and technological support [2][3]

Core Viewpoint - The integration of finance and consumption is crucial for economic growth, with a focus on quality improvement rather than mere scale expansion. This collaboration is essential for expanding domestic demand and stabilizing growth [1]. Group 1: Financial and Consumption Integration - The 2025 Beijing Commercial Brand Conference highlighted the evolution of financial empowerment in consumption, addressing industry pain points and future upgrade directions [1]. - Two significant reports were released: "Technology and Capital Twins" focusing on the efficient cycle of technology, industry, and capital, and "Inclusive Finance: Breaking Through and New Situations," which explores the deep integration of financial and social value [1]. Group 2: Economic Outlook and Consumer Trends - The emphasis on consumption upgrade and domestic demand is a strategic priority for China's economy, with consumption being the "ballast stone" for economic growth [3][4]. - Future economic transformations will include a shift from traditional factor-driven growth to innovation-driven growth, with a focus on high-quality development and the importance of technology and innovation in driving consumption [5][6]. Group 3: Investment Opportunities - Investment opportunities are identified in policies that stabilize and invigorate the market, with a focus on technology and new materials leading the market trends [4]. - The capital market is expected to show a structural bull market in 2025, with significant growth in sectors like precious metals, communication, and high-end manufacturing [4]. Group 4: Inclusive Finance Challenges and Innovations - The inclusive finance sector is transitioning from a blue ocean to a red ocean competition, facing challenges in reaching underserved markets, particularly small and micro enterprises [9][10]. - Financial institutions are developing collaborative solutions to address the challenges in inclusive finance, leveraging technology and innovative approaches to enhance service delivery [11]. Group 5: Consumer Financial Services - The demand for service consumption is expected to grow, with sectors like culture, sports, and health services being prioritized for policy support, which will drive employment and regional economic growth [6]. - Financial institutions are adapting their services to meet the evolving needs of younger consumers, focusing on personalized and scenario-based financial products [14][15]. Group 6: Technological Integration in Finance - The use of AI in financial services is transforming the landscape, enabling better risk management and customer understanding, which is crucial for enhancing consumer trust and service quality [16][17]. - Technology is broadening the reach of insurance services, making them more accessible and tailored to consumer needs, particularly in health and wellness sectors [19][20]. Group 7: Wealth Management Trends - There is a noticeable shift in wealth management, with funds moving from traditional assets like real estate to diversified financial products, reflecting changing consumer preferences [23][25]. - Financial institutions are focusing on providing a range of investment options to meet the diverse needs of consumers, emphasizing low-risk and stable returns [25][26].

广东股权交易中心后续将持续发挥自身优势，助力佛山企业提升资本运作能力，护航企业合规对接资本市场，推动产 业与资本深度融合，为佛山经济高质量发展注入动能。 12月9日，2025年佛山上市公司规范发展培训会顺利举办，本次会议由佛山市人民政府、广东证监局指导，市委金融 办主办，广东股权交易中心联合佛山市上市公司协会共同承办，全市55家A股上市公司、30余家重点拟上市企业及新 质生产力企业负责人参会，广东证监局副局长戴文慧到会指导。 会议明确，上市公司是支撑经济高质量发展的重要基础，在科技创新、产业升级等方面作用关键。数据显示，截至 2025年第三季度，佛山55家A股上市公司前三季度实现营业收入6074亿元、净利润573亿元，同比分别增长9.91%和 17.52%，增速优于广东（不含深圳）平均水平，彰显强劲发展韧性。当前佛山处于新旧动能转换关键期，不少本土企 业借助资本市场并购扩张，实现产业链延伸与新赛道布局，迈向高质量发展。 培训环节，广东证监局专家围绕上市公司治理准则、内控风险管理展开系统讲解，剖析典型违规案例，提示控股权变 更、重大资产重组等合规风险，为企业规范运营赋能。市委常委、副市长刘杰表示，佛山正推进"三 ...

三是会议明确了"稳中求进、提质增效"总基调。 在政策目标方面，会议将"稳就业、稳企业、稳市场、 稳预期"作为重要目标，体现了政策的多维平衡和系统性思维，旨在通过稳定微观主体来夯实宏观经济 基础。在应对经济的供需矛盾方面，会议强调"持续扩大内需、优化供给，做优增量、盘活存量"，这一 表述明确了解决供强需弱矛盾的双向路径，既注重需求侧管理，也强调供给侧改革，体现了政策的全面 性和协调性。在货币政策方面，会议明确提出"把促进经济稳定增长、物价合理回升作为货币政策的重 要考量"，这意味着货币政策将在稳增长的同时，更加关注物价水平的合理回升，为经济复苏提供适宜 的货币环境。在提升政策效能方面，会议要求"增强政策前瞻性针对性协同性"，并将各类经济政策和非 经济政策、存量政策和增量政策纳入宏观政策取向一致性评估，这有助于更好发挥政策的协同效应。 四是会议部署的2026年八项重点任务，特别强调逆周期和跨周期政策的有机结合。 这八项任务涵盖了 内需、创新、改革、开放、协调、绿色、民生、安全等多个维度。在内需政策方面，会议提出"深入实 施提振消费专项行动，制定实施城乡居民增收计划"，通过增加居民收入来提升消费能力，同时推动投 资 ...

中共中央政治局12月8日召开会议。会议提出，坚持创新驱动，加紧培育壮大新动能。 中国移动通信联合会教育与科学技术研究院执行院长陈晓华在接受《证券日报》记者采访时表示，培育 壮大新动能内涵丰富且多元，其中培育新质生产力与新兴支柱产业是重要着力点。以人工智能、商业航 天、生物制造等产业为例，这些产业正凭借其独特的技术优势和广阔的发展前景，逐渐成为具有国际竞 争力的新兴支柱产业。人工智能作为引领新一轮科技革命和产业变革的战略性技术，正深刻改变着人类 生产生活方式。从智能语音助手到自动驾驶汽车、从医疗影像诊断到金融风险预测，人工智能的应用场 景不断拓展，为各行业带来了前所未有的效率提升和创新机遇。 萨摩耶云科技集团首席经济学家郑磊补充表示，新动能还包括新能源、新材料、高端装备制造等产业。 新能源产业是实现能源转型和可持续发展的关键，随着太阳能、风能、水能等可再生能源技术的不断进 步和成本的不断降低，新能源产业将迎来更加广阔的发展空间。新材料产业是其他产业发展的基础和先 导，高性能合金、新型复合材料、纳米材料等新材料的应用，将推动航空航天、电子信息、汽车等产业 的升级换代。高端装备制造产业则是衡量一个国家制造业水平的重 ...

不过，中国人民大学副校长郑新业表示，"十五五"时期，我国依然面对全球经济复苏乏力，地缘政治冲 突持续，国际产业链、供应链重构等问题，从内部看，经济转型过程中的结构性矛盾尚未完全解决，科 技创新的"卡脖子"问题仍需突破，区域发展不平衡、城乡差距等问题仍需持续破解，高质量发展的内涵 式增长路径仍需进一步探索。 对此，会议强调，做好明年经济工作，要加快构建新发展格局，着力推动高质量发展，坚持稳中求进工 作总基调，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，实施更加积极有为的宏观政 策，增强政策前瞻性针对性协同性。 华夏时报记者 张智 北京报道 12月8日，中共中央政治局召开会议，分析研究2026年经济工作。这是中央经济工作会议的前瞻会议， 为明年中国经济发展确定方向。 2025年是中国式现代化进程中具有重要意义的一年，过去5年，我们有效应对各种冲击挑战，我国经 济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，"十四五"即将圆满收官，第二个百年 奋斗目标新征程实现良好开局。 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币 政策，发挥存量政策和增量政策集 ...