美股方面，三大股指小幅收跌，道琼斯工业平均指数跌0.36%，报48892.47点；标普500指数跌0.43%， 报6939.03点；纳斯达克指数跌0.94%，报23461.82点。 【财经要闻】 1、据新华社，2月1日出版的第3期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平 的重要文章《走好中国特色金融发展之路，建设金融强国》。文章指出，金融强国应当基于强大的经济 基础，具有领先世界的经济实力、科技实力和综合国力，同时具备一系列关键核心金融要素。一是拥有 强大的货币，在国际贸易投资和外汇市场广泛使用，具有全球储备货币地位。二是拥有强大的中央银 行，有能力做好货币政策调控和宏观审慎管理、及时有效防范化解系统性风险。三是拥有强大的金融机 构，运营效率高，抗风险能力强，门类齐全，具有全球布局能力和国际竞争力。四是拥有强大的国际金 融中心，能够吸引全球投资者，影响国际定价体系。五是拥有强大的金融监管，金融法治健全，在国际 金融规则制定中拥有强大话语权和影响力。六是拥有强大的金融人才队伍。 【市场数据】 1月30日收盘，上证综指跌0.96%，报4117.95点；科创50指数涨0.12%，报1509.4点 ...

2月1日出版的第3期《求是》杂志，发表了习近平总书记重要文章《走好中国特色金融发展之路，建设 金融强国》。这篇重要文章，是习近平总书记2024年1月16日在省部级主要领导干部推动金融高质量发 展专题研讨班上讲话的节录。 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。我国虽然已是金融大国，银行体量、外汇 储备等指标世界第一，债市、股市规模世界第二，保险规模也名列前茅，但总体上大而不强。加快建设 金融强国是全面建成社会主义现代化强国、推动高质量发展的必然要求。 习近平总书记对金融强国建设的部署深谋远虑、一以贯之。2023年10月召开的中央金融工作会议上，习 近平总书记首次明确提出加快建设金融强国的宏伟目标，将金融工作上升到更高的战略高度。 2024年1月，在省部级主要领导干部推动金融高质量发展专题研讨班开班式上，习近平总书记对金融强 国建设的科学内涵和目标任务作了系统深刻阐述，明确了实践路径与方向。 2025年10月，党的二十届四中全会对"十五五"时期加快建设金融强国作出战略部署，"金融强国"首次写 入五年规划建议。 从中国特色金融发展之路的"八个坚持"，到金融强国建设的"六个强大""六大体系"，再到中国 ...

2026 年 02 月 01 日 宏观研究团队 走好中国特色金融发展之路，建设金融强国 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  国内宏观政策：建设金融强国 | | 过去两周（1 月 18 日-1 月 31 日）国内宏观主要聚焦以下几个方面： 金融监管政策方面，政策聚焦大宗商品交易监管。近期商品价格波动明显，上期 所、广期所、上金所等交易所多次发布调整涨跌停板、下调交易限额、上调保证 金比例等多项举措。 贸易方面聚焦美方表示在 4 月之前，中美双方有机会开启新一轮经贸谈判，商务 部对此回应表示，中方愿与美方用好中美经贸磋商机制，管控分歧、推进合作。 海外宏观政策：特朗普提名凯文·沃什为下任美联储主席 经济增长方面，国家发改委有关负责人介绍，2026 年宏观政策要把发力点放在 做强国内大循环上，全方位扩大国内需求。将优化"两新"政策的支持范围和补 贴标准；研究制定出台扩大内需战略实施 ...

建设金融强国，习近平总书记这样部署 新华社记者吴雨 2月1日出版的第3期《求是》杂志，发表了习近平总书记重要文章《走好中国特色金融发展之路， 建设金融强国》。这篇重要文章，是习近平总书记2024年1月16日在省部级主要领导干部推动金融 高质量发展专题研讨班上讲话的节录。 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。我国虽然已是金融大国，银行体 量、外汇储备等指标世界第一，债市、股市规模世界第二，保险规模也名列前茅，但总体上大而 不强。加快建设金融强国是全面建成社会主义现代化强国、推动高质量发展的必然要求。 ——拥有强大的金融人才队伍。 习近平总书记对金融强国建设的部署深谋远虑、一以贯之。2023年10月召开的中央金融工作会议 上，习近平总书记首次明确提出加快建设金融强国的宏伟目标，将金融工作上升到更高的战略高 度。 2024年1月，在省部级主要领导干部推动金融高质量发展专题研讨班开班式上，习近平总书记对金 融强国建设的科学内涵和目标任务作了系统深刻阐述，明确了实践路径与方向。 2025年10月，党的二十届四中全会对"十五五"时期加快建设金融强国作出战略部署，"金融强 国"首次写入五年规划建议。 从中 ...

Macroeconomic Overview - The Shanghai Composite Index increased by 0.08% this week, while the CSI 300 Index futures rose by 0.11%[1] - The yield on ten-year government bonds decreased by 2 basis points to 1.81%[1] - The yield on wealth management products from joint-stock banks settled at 1.85%, while the annualized yield of Yu'ebao remained at 1.00%[1] Asset Performance - Futures for coking coal rose by 2.75%, and iron ore futures increased by 0.13% this week[1] - The commodity futures index increased by 5.71% this week, indicating strong performance in the commodity sector[6] - The U.S. dollar index fell by 0.40% to 97.12, while international oil prices surged by 7.65% to $65.74 per barrel[4] Investment Strategy - The recommended asset allocation order is: Stocks > Commodities > Bonds > Currency[4] - The outlook for stocks is positive, with an emphasis on the implementation of "incremental" policies[2] - Bonds are underweighted due to potential short-term impacts from the stock-bond "teeter-totter" effect[2] Economic Indicators - In December, profits of industrial enterprises above designated size grew by 5.3% year-on-year, reversing a decline from November[4] - The total fiscal revenue for 2025 was 21.6 trillion yuan, a decrease of 1.7% year-on-year, while fiscal expenditure increased by 1% to 28.74 trillion yuan[18] Risks and Considerations - Global inflation may rise again, and there is a risk of unexpected economic downturns in Europe and the U.S.[4] - The geopolitical landscape remains uncertain, which could impact market stability[2]

走好中国特色金融发展之路，建设金融强国※ 习近平 党的十八大以来，我们积极探索新时代金融发展规律，不断加深对中国特色社会主义金融本质的认识，不断推进金融实践创新、理论创新、制度创 新，积累了宝贵经验，逐步走出一条中国特色金融发展之路。 2023年10月30日至31日，中央金融工作会议在北京举行。中共中央总书记、国家主席、中央军委主席习近平出席会议并发表重要讲话。 第一，坚持党中央对金融工作的集中统一领导。党的领导是中国特色金融发展之路最本质的特征，是我国金融发展最大的政治优势、制度优势。我 国金融发展的重大成就，始终是在党的领导下取得的。而金融系统出现的许多问题，根源就在于金融领域不少单位贯彻党中央决策部署不力，落实 党的领导弱化虚化，党的政治建设薄弱，党风廉政建设抓得不紧。因此，必须坚持党中央对金融工作的集中统一领导，发挥党总揽全局、协调各方 的领导核心作用，确保金融工作始终沿着正确方向前进。 第二，坚持以人民为中心的价值取向。我们党领导的金融事业，归根到底要造福人民，与一些国家金融为资本服务、为少数有钱人服务的本质截然 不同。新时代新征程，金融工作要站稳人民立场，增强服务的多样性、普惠性、可及性，更好保护 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 这周有哪些大事要闻？ 发布了哪些重要政策、通知？ 5.上海市金融稳定发展研究中心联合杨浦区科经委举办"金融知识进村居"主题活动 一起来快速回顾一下吧！ 领导关心 1.习近平：走好中国特色金融发展之路，建设金融强国 近日，《求是》杂志发表习近平总书记重要文章《走好中国特色金融发展之路，建设金融强国》。这篇 文章是习近平总书记2024年1月16日在省部级主要领导干部推动金融高质量发展专题研讨班上讲话的节 录。 2.上海黄金交易所与香港财库局签署合作协议 1月26日，上海黄金交易所与香港特别行政区政府财经事务及库务局在亚洲金融论坛上签署合作协议。 香港特别行政区行政长官李家超、中国人民银行副行长邹澜、上海市委常委、常务副市长吴伟、上海市 委金融委员会办公室常务副主任周小全见证协议签署。 3.在沪首批外资独资保险资管机构开业 上海金融高水平对外开放稳步前行 1月28日，友邦保险资产管理有限公司、荷全保险资产管理有限公司等两家新设外资独资保险资管机构 在沪举行集体开业仪式。上海市委常委、常务副市长吴伟出席开业仪式并致辞。上海市政府副秘书长顾 军，市委金融办、市商务委、上 ...

Group 1: Market and Economic Indicators - The manufacturing PMI for January is reported at 49.3, a decrease of 0.8 percentage points from the previous month, indicating a decline in economic activity [4][58] - The Ministry of Finance announced that the securities transaction stamp duty is expected to reach 203.5 billion yuan in 2025, reflecting a growth of 57.8% [3][57] - The national general public budget revenue for 2025 is projected to be 21.6 trillion yuan, a decrease of 1.7% compared to 2024, with tax revenue expected to grow by 0.8% [8][61] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors and clarify minimum shareholding requirements, aiming to enhance the stability of capital markets [15][54] - The CSRC is also focusing on improving the regulatory framework to support high-quality development in the capital market [14] Group 3: Commodity Market Movements - Silver prices experienced a historic drop of 36%, while gold prices fell over 12%, marking the largest single-day declines in 40 years [23][54] - The Chicago Mercantile Exchange has raised margin requirements for precious metal futures in response to the volatility in the market [54] Group 4: Energy Sector Developments - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the pricing mechanism for power generation capacity, allowing for flexible pricing based on market supply and demand [5][59][10] - The notice encourages the signing of flexible pricing mechanisms in medium to long-term contracts to better reflect real-time supply and demand [11][59] Group 5: Corporate Earnings Forecasts - New Yi Sheng expects a net profit of 9.4 billion to 9.9 billion yuan for 2025, representing a year-on-year increase of 231.24% to 248.86% [27] - Zhongji Xuchuang forecasts a net profit of 9.8 billion to 11.8 billion yuan for 2025, with a growth rate of 89.50% to 128.17% [28] - Wan Ke A anticipates a net loss of approximately 82 billion yuan for 2025, primarily due to a significant decrease in project settlement scale [32][33]

Core Viewpoint - The construction of a financial power is essential for the rise of a nation, as emphasized by Xi Jinping in various meetings, marking it as a strategic goal for China's long-term development [1][2]. Financial System Development - Since the reform and opening up, China's financial industry has evolved from a centralized model to a modern financial system, providing strong support for economic development without major financial crises [2]. - China is recognized as a financial power, with significant indicators such as the largest banking assets and foreign exchange reserves globally, but it still lacks the competitiveness of a financial strong power [2]. Challenges in Financial Competitiveness - The financial sector's inefficiency is evident in three main areas: suboptimal financial function positioning, inadequate service to the real economy, and weak international influence [2][3]. - Historical and systemic reasons contribute to the current lack of competitiveness, including a banking-dominated structure and mismatched institutional supply with market needs [3]. Enhancing Financial-Economic Relationship - Understanding and improving the relationship between finance and the economy is crucial for enhancing competitiveness, as financial services must effectively support real economic development [5][6]. Promoting High-Quality Financial Development - Encouraging competition within the financial sector is essential, with a focus on allowing new entrants and reducing unreasonable restrictions to enhance efficiency [7][8]. - A unified and open financial market is necessary to optimize resource allocation and improve service quality [8]. Adapting Financial Structure - The financial structure must align with economic development strategies, transitioning from a bank-dominated system to a dual-peak model that balances banking and market financing [9][10]. - There is a need to break down barriers preventing long-term capital from entering the market, which can enhance capital market vitality [10]. Financial Sector Opening - High-level financial openness is a characteristic of a financial strong power, requiring alignment with international standards and regulations to enhance competitiveness [11][12]. - Current foreign investment in China's financial sector is low, indicating significant potential for growth and integration into the global market [11]. International Financial Governance - Enhancing international financial governance capabilities is vital for national financial sovereignty, especially in the context of shifting global economic power dynamics [13]. - China must actively participate in international financial governance and promote the internationalization of the Renminbi to strengthen its global financial influence [13].

Macro Economic Overview - The report indicates an increase in volatility in international capital markets, with a recommended asset allocation order of equities > commodities > bonds > currencies [1][4] - The Shanghai Composite Index rose by 0.08% this week, while the ten-year government bond yield decreased by 2 basis points to 1.81% [1][11] Asset Allocation Recommendations - The report suggests an overweight position in equities, emphasizing the importance of the implementation of "incremental" policies [2][3] - A cautious stance is recommended for bonds due to potential short-term impacts from the "stock-bond seesaw" effect, leading to an underweight allocation [2][3] - The report maintains a neutral position on commodities, highlighting the need to monitor fiscal spending in 2026 [2][3] Economic Data Insights - Industrial profits for December showed a year-on-year increase of 5.3%, reversing a previous decline [4][18] - The fiscal revenue for 2025 was reported at 21.6 trillion yuan, a decrease of 1.7% year-on-year, while fiscal expenditure increased by 1% [4][18] Market Performance - The report notes that the A-share market experienced mixed performance, with the Shanghai Composite Index leading gains while the ChiNext Index saw a decline of 3.78% [36] - In the commodities market, coal futures rose by 2.75%, and iron ore futures increased by 0.13% [1][11] Policy Developments - The report highlights the publication of a significant article by President Xi Jinping on the importance of building a strong financial nation, emphasizing the need for a robust economic foundation and effective financial institutions [4][19] - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, outlining 12 policy measures targeting key sectors [4][20]