张勇 首创证券（601136），投资银行事业部资本市场部 随着我国经济增速换挡，经济结构转型升级，依靠要素驱动和资源消耗支撑的发展方式逐步改变，科创 与战略性新兴产业正成为经济社会发展的重点领域。科技已经从经济增长模型的一个次要因素演变为核 心要素，从经济增长模型的外生变量演变为内生变量，在提高资源利用率、提升资本产出率、推动经济 发展中起着越来越重要的核心作用（王艳照，2023）。 2025年12月的中央经济工作会议指出，要坚持创新驱动，加紧培育壮大新动能；围绕发展新质生产力， 推动科技创新和产业创新深度融合；引导金融机构加力支持科技创新、中小微企业等重点领域；深化拓 展"人工智能+"，完善人工智能治理，创新科技金融服务；建设北京（京津冀）、上海（长三角）、粤 港澳大湾区国际科技创新中心，强化企业创新主体地位，实施新一轮重点产业链高质量发展行动等。 中央经济工作会议精神实质上体现了金融体系要从单纯规模扩张向功能深化转型的内在要求，这一转型 旨在提升金融体系服务实体经济的质效，推动经济高质量发展。结合近年国内证券公司"科技型投行"建 设成果比较突出的代表性券商（如首创证券）的举措来看，中央经济工作会议精神为" ...

Core Insights - China Pacific Insurance (Group) Co., Ltd. reported strong financial performance for the first nine months of 2025, with operating revenue of 344.9 billion yuan, a compound annual growth rate of 10.8% compared to the same period in 2022, and a net profit of 45.7 billion yuan, with a compound annual growth rate of 14.3% [4][23]. - The company has focused on deepening reforms and enhancing core competitiveness since 2023, aligning with national strategies and improving its service capabilities to support the real economy [4][23]. Financial Performance - The total asset scale exceeded 3.1 trillion yuan, an increase of 1 trillion yuan compared to the end of 2022 [4][23]. - The life and property insurance sectors remain among the top three in the industry, demonstrating sustained comprehensive strength [4][23]. Strategic Initiatives - China Pacific Insurance launched a 50 billion yuan merger and acquisition fund and a private equity investment fund to support the "Financial Strong Country" strategy and the construction of Shanghai's "Five Centers" [24]. - The merger and acquisition fund has a target size of 30 billion yuan, with the first phase of 10 billion yuan already in operation, focusing on key industries such as integrated circuits, artificial intelligence, and biomedicine [24]. Technological and Service Innovations - The company has provided risk protection totaling 227.6 trillion yuan to technology enterprises over the past three years, introducing various insurance products tailored for high-tech industries [25]. - China Pacific Insurance established the first technology insurance service workstation in the Lingang New Area, enhancing service accessibility for technology companies [25]. International Expansion - The company is actively building an overseas service network and has established strategic partnerships with multiple multinational insurance groups, covering nearly 100 countries and regions [32][33]. - As of the third quarter of 2025, China Pacific Insurance has provided risk protection exceeding 3 trillion yuan for projects related to the Belt and Road Initiative [33]. ESG and Sustainability - The company achieved an upgrade in its MSCI ESG rating from "AA" to "AAA," becoming the first insurance institution in mainland China to receive this highest rating [27]. - China Pacific Insurance is committed to integrating sustainable finance into its operations, focusing on long-term capital and stable financial support for the real economy [27]. Social Responsibility - The company has expanded its health insurance offerings, covering nearly 5 billion people across 250 cities, and has been a leader in providing policy-based health insurance [28]. - China Pacific Insurance has implemented a grid-based claims processing model to enhance efficiency in handling occupational injury claims, processing over 3,000 claims in 2025 [28]. Community Development - The company has launched multiple community projects, including the "Taibao Home" initiative, which has established 15 community centers across 13 cities [20][31]. - It has also developed specialized rehabilitation hospitals to improve the quality of life for the elderly [31].

一、顶层设计：政策引领+监管重构 不只是过去5年，即便是在整个中国金融历史进程中，2023年都是至关重要的一年。这一年，银保监会 成为历史，国家金融监督管理总局正式成立，确立了"一行一局一会"金融监管新格局。 这场改革绝非简单的机构撤并与职能划转，而是中国金融监管理念、监管模式的根本性重塑。它彻底打 破了过去以机构属性为边界的监管分割，实现了从"机构监管"向"功能监管"的深刻转型，监管视角穿透 业务表象直抵风险本源，监管力度从"表面合规"向"实质风险管控"全面升级。 这一变革不仅理顺了跨领域、跨市场金融业务的监管权责，更以专业化、权威化的监管架构，清除了行 业发展中的体制性堵点，为保险业乃至整个金融业的规范健康发展筑牢了制度根基。 曾国军｜文 2021-2025年，注定是中国保险业发展史上具有重要意义的五年。 这五年，中国保险业站在"金融强国"战略的历史节点上，完成了从规模扩张到价值重塑的关键跨越。当 前，中国已是全球第二大保险市场，行业面临的不再是"做大"的焦虑，而是"做强"的拷问：如何在利率 下行周期中守住利差损风险底线？如何将保险功能从经济补偿升维至社会稳定器？又如何在科技革命浪 潮中重塑核心竞争力？ ...

● 本报记者 王宇露 银河基金坚持在科技创新领域深耕细作，持续加强研究深度与投资布局。组建科技行业投研团队，紧跟 政策导向，深入开展理论学习，加强实地调研。聚焦科技前沿产业开展前瞻性、系统化、全景式研究， 形成低空经济、人工智能产业等新质生产力系列专题报告。基于多年在科技赛道的研究积淀，银河基金 立足全产业链，在半导体、AI、机器人、信创、新能源等领域前瞻布局，形成了较为全面的投资体 系，积极陪伴有潜力的科技企业成长。同时，以银河高端装备混合发起式、银河新材料股票发起式、银 河中证机器人指数等科技细分赛道基金产品为依托，充分发挥公募基金对科技领域的价值发现作用，持 续服务新质生产力发展，推动"科技-产业-金融"深入一体融合，深化"科技银河"特色品牌。 牢记金融为民 在履行社会责任中展现形象 "十五五"规划建议把"坚持人民至上"作为经济社会发展必须遵循的重要原则。《推动公募基金高质量发 展行动方案》强调要坚持以投资者为本，牢固树立以投资者最佳利益为核心的经营理念。银河基金表 示，公募基金要牢记金融为民的初心，积极践行中国特色金融文化，将履行社会责任和企业经营发展深 度融合，不断增强人民群众获得感、幸福感。 银河 ...

□泰康基金管理有限公司总经理 金志刚 "十五五"规划建议提出"加快建设金融强国"。作为连接超8亿投资者与实体经济的重要枢纽，截至2025 年11月末，公募基金行业规模已近37万亿元，正从"规模扩张"向"质量跃升"的深层次转型迈进。 在这一时代浪潮中，泰康基金依托保险资金长期管理经验与泰康保险集团"保险、资管、医养"生态优 势，将长期主义理念融入战略布局，在服务金融强国建设与中国式现代化的征程中，探索专业资本服务 国家战略的实现路径。 锚定"五篇大文章"： 以专业资本赋能实体经济转型 "十五五"规划建议提出"大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融"。对于基金行 业而言，这一要求的核心落点在于推动资本转向长期赋能，成为实体经济转型升级的核心助推器。从行 业实践看，越来越多机构将资金精准导入科技创新、绿色低碳、养老保障等国家战略领域，形成"资本 与产业同频、收益与价值共生"的良性循环。 在科技创新领域，硬科技企业的核心价值与公募基金依托专业投研、聚焦长期收益、服务国家战略的投 资定位高度契合。当前多家机构通过强化产业深度研究、设立主题投资产品，以资本陪伴助力企业突 破"卡脖子"技术瓶颈。 在绿色金 ...

截至2025年12月25日收盘，长城证券(002939)报收于10.23元，上涨0.69%，换手率0.77%，成交量27.73 万手，成交额2.84亿元。 董秘最新回复 投资者： 贵公司什么时候发2025年业绩年报预告？ 董秘： 您好，如公司预计2025年经营业绩和财务状况出现《深圳证券交易所上市公司自律监管指南第1 号——业务办理：4.1定期报告披露相关事宜》所规定的应当披露业绩预告的情形，公司将严格按照监 管规定履行业绩预告信息披露义务。感谢您的关注。 投资者： 公司业绩今年达到上市以来新高，可股价迟迟突破不了新高，公司有没有具体维护公司市值 做大做强的措施？ 董秘： 您好，公司将继续坚持"聚焦主责主业发展产业券商"和"建设专业能力打造一流综合型投资银 行"的"产业券商+一流投行"战略发展总体思路，凭借央企控股券商的天然优势，持续打造产业金融专业 能力，充分发挥产业金融的重要作用，全力构建产业金融新生态、催发服务实体新效能，助推产业链供 应链优化升级，赋能科技成果转化，助力新兴产业与未来产业培育。感谢您的关注。 投资者： 打造金融强国 ，证监会鼓励券商之间吸收合并，打造世界级投资机构，公司目前在行业内实 ...

加快建设金融强国是实现中国式现代化重要保障 NBD："十五五"规划建议提出加快建设金融强国，这也是五年规划历来首次。请问如何看待加快建设金 融强国的战略意义？ 岁序更替之际，启赋新章之时。 2026年是"十五五"规划开局之年。"十五五"规划建议提出加快建设金融强国，立足新的五年规划实施起 点，展望未来，加快建设金融强国应当如何推进？ 近日，《每日经济新闻》记者（以下简称NBD）对全国人大代表、清华大学国家金融研究院院长、清 华大学五道口金融学院副院长田轩进行了专访，听取他关于金融强国的深度思考。 田轩表示，加快建设金融强国需以制度创新为核心，深化金融供给侧结构性改革，优化金融结构布局。 他强调，加快建设金融强国，还需持续推进利率市场化改革，完善市场化利率形成和传导机制，提高金 融资源配置效率。 田轩：建设金融强国是提升国家综合竞争力的关键举措，有助于增强我国在全球经济治理中的话语权。 通过完善金融市场体系、强化金融机构竞争力、推动金融科技创新，能够更高效配置资源，服务实体经 济高质量发展。 在"十五五"期间，金融强国建设将更加注重质量提升与结构优化，推动多层次资本市场发展，增强金融 服务普惠性。通过加强金融科 ...

Core Insights - The construction of a financial powerhouse relies on financial institutions deeply rooted in the real economy and providing precise empowerment, requiring banks to shift from traditional lending to offering systematic and accompanying financial services [1] Group 1: Financial Empowerment of Foreign Trade - In the first half of the year, Shandong Province's goods trade import and export reached 1.73 trillion yuan, ranking fifth nationwide, with Qingdao accounting for 442.7 billion yuan, or 25.6% of the province's total [2] - Qingdao Bank has tailored a comprehensive financial solution for a local company, A Group, involved in seaweed bio-products, which includes cross-border trade financing, cross-border settlement, and USD demand deposit services, successfully enhancing the company's supply chain competitiveness [2] - A Group has secured over 300 million yuan in loans from Qingdao Bank, enabling it to sign supply agreements with multiple core suppliers in Chile, thereby locking in prices for seaweed [2] Group 2: Customized Financial Solutions for Advanced Manufacturing - Qingdao ranks sixth nationally in advanced manufacturing, with significant clusters in the region, but high-end manufacturing equipment procurement and upgrades require substantial investment [3] - A microelectronics company in Qingdao received a tailored technical transformation loan of 10 million yuan from Qingdao Bank to purchase essential testing equipment for its newly approved integrated circuit reliability verification project [3][4] - The bank expedited the loan approval process through a "green channel," completing the disbursement in just three working days after receiving complete documentation [4] Group 3: Resource Linking for Green Development - Financial institutions play a crucial role in linking enterprises with policies, resources, and channels, especially for technology-driven companies [5][6] - Qingdao Bank has developed a product system for technology enterprises and established a communication mechanism with local government departments to better understand and meet enterprise needs [6] - The bank successfully approved a project loan of 95 million yuan for Qingdao Blue New Energy Co., Ltd., along with assisting in obtaining low-cost re-lending funds to reduce financing costs significantly [6][7]

Core Viewpoint - The "2025 Qingdao Wealth Forum" aims to create a platform for dialogue on wealth management, focusing on its role in supporting China's modernization efforts and financial strategies [1][3]. Group 1: Forum Overview - The forum will take place on December 26 in Qingdao's Jinjialing Financial District, featuring a main forum and three parallel sub-forums [1][3]. - The main forum will discuss new paradigms in wealth management and national financial development directions, particularly in the context of the "14th Five-Year Plan" [3][5]. Group 2: Sub-Forums Focus - The first sub-forum will explore how financial technology is reshaping wealth management, with discussions on digital currency, data assetization, and smart investment advisory [4]. - The second sub-forum will focus on green finance and sustainable investment, discussing innovations in green financial products and ESG evaluation systems [4]. - The third sub-forum will showcase digital financial innovations and recognize outstanding financial technology projects, promoting the application of digital finance in wealth management [4]. Group 3: Strategic Importance - The "14th Five-Year Plan" period is critical for achieving socialist modernization and advancing high-quality financial development, with wealth management serving as a vital link between finance and the real economy [5]. - The forum aims to connect local, national, and global perspectives on wealth management, exploring integration with technology, green initiatives, and industry [5].

Group 1 - The core message emphasizes the importance of the 14th Five-Year Plan in accelerating the construction of a financial powerhouse, with South Fund committing to implement the spirit of the conference as a major political task [1][2] - South Fund aims to enhance high-quality development through political leadership, focusing on serving the modernization of China, the real economy, and the capital market [2] - The company is dedicated to fostering a high-quality financial talent pool and promoting a unique financial culture to support its development [2] Group 2 - The 14th Five-Year Plan highlights the need for a more inclusive and adaptable capital market, with South Fund taking on the mission of promoting market stability and health [3] - South Fund plans to focus on developing equity funds to enhance market vitality and efficiency, aligning with national strategic directions [3][4] - The company aims to create a "long money, long investment" ecosystem to stabilize the capital market and support long-term financing for enterprises [4] Group 3 - South Fund is committed to enhancing its international competitiveness and contributing to a more open and inclusive capital market, aligning with the 14th Five-Year Plan's emphasis on high-level openness [5] - The company has launched various international investment products and established a presence in Hong Kong to facilitate overseas investment in Chinese assets [5] Group 4 - South Fund is focused on developing five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, as outlined in the 14th Five-Year Plan [6][7] - The company aims to enhance its capabilities in serving the real economy and national strategies through systematic investment research and product design [7][8] Group 5 - South Fund is dedicated to improving its services in wealth management and pension business, with a focus on enhancing customer experience and expanding its client base [8] - The company is actively involved in educational initiatives to promote financial literacy and encourage participation in pension systems [8] Group 6 - The company is advancing its digital transformation and AI applications to enhance operational efficiency and service quality, aligning with the strategic goals of the 14th Five-Year Plan [9] - South Fund is developing a comprehensive digital platform to integrate investment research and improve data utilization [9]