智通财经记者 钟煜豪 2025年12月31日，广东茂名信宜市一天内两个新部门挂牌成立。 据微信公众号"信宜发布"消息，当天，信宜市民政和退役军人事务局揭牌仪式在原市民政局正门举行， 标志着该市贯彻落实大部门制改革、助力"百县千镇万村高质量发展工程"迈出关键一步，民政与退役军 人服务保障工作正式迈入资源整合、效能提升的全新发展阶段。 消息称，经中共四川省委机构编制委员会办公室批复同意，雅安市单独设置数据局，作为市政府工作部 门，将加快建设数字政府，构建高效协同、服务优质的数字政府体系；激活数字经济动能，建设融合赋 能、产业倍增的数字经济生态；创新数字治理和数字党建模式，打造党建引领、数字赋能的数字治理格 局。 消息称，将原来的市民政局、市退役军人事务局整合组建市民政和退役军人事务局，是市委、市政府着 眼全市发展大局，贯彻落实上级改革部署，优化职能配置、提升服务效能的一项关键决策。这不是简单 的职能叠加，而是要实现深层次的融合，构建起更高效，更协同，更有力的民生保障和退役军人服务体 系。 同日，信宜市投资促进局揭牌仪式在市迎宾大道南47号举行，标志着该市招商引资工作迈入机构提格、 职能深化、聚力发展的新阶段。 信 ...

Core Viewpoint - The introduction of interest-bearing digital renminbi marks a significant transformation in China's digital currency landscape, transitioning from a cash-like version to a deposit currency model, reflecting an irreversible trend towards the widespread adoption of digital currencies [1][8] Economic Perspective - The interest mechanism establishes a market foundation for the digital renminbi, addressing previous challenges in its promotion, as it now offers value storage attributes similar to traditional banking [3] - The policy allows digital renminbi balances in commercial banks to earn interest, incentivizing users to actively choose digital wallets, thus enhancing payment scenarios [3] - The integration of digital renminbi into the reserve system and macro-prudential assessment framework improves its adaptability for macroeconomic control, ensuring regulated monetary creation and enhancing the efficiency of monetary policy transmission [4] Social Perspective - The proliferation of digital renminbi is fundamentally reshaping the payment ecosystem and enhancing governance efficiency, with the interest policy accelerating its social penetration [5] - As of November 2025, digital renminbi has processed 3.48 billion transactions worth 16.7 trillion yuan, with significant user adoption across various sectors, indicating its comprehensive coverage [5] - The dual attributes of "security + value addition" will reduce resistance to digital payments among older demographics and underserved markets, promoting inclusive digital finance [5] Global Context - The shift to an interest-bearing digital renminbi aligns with global trends in central bank digital currencies (CBDCs), positioning China as a leader in this space with a significant share in cross-border applications [6] - Compared to other countries' CBDC initiatives, China's digital renminbi has evolved from a payment tool to a complete monetary function carrier, providing a model for global CBDC development [6] Strategic Implications - The transition to an interest-bearing digital renminbi is part of a broader strategy to enhance market vitality, optimize regulatory frameworks, and lead in global monetary reform [8] - Embracing digital technology and continuously improving the technical, institutional, and ecological systems will ensure that the digital renminbi becomes a core support for China's digital economy and a competitive player in the global financial landscape [8]

据国家数据局消息，12月29日至30日，全国数据工作会议在京召开。国家发展改革委党组书记、主任郑 栅洁出席会议并讲话。国家发展改革委党组成员、国家数据局局长刘烈宏作工作报告。郑栅洁指出， 2026年要准确把握数据工作新形势新要求，紧紧抓住发展机遇，锚定数字中国建设目标任务，扎实推动 数据事业高质量发展。必须充分挖掘数字经济潜能，促进数字科技和服务创新，优化数字消费软硬件环 境，培育壮大数据产业。必须坚持政策支持和改革创新并举，注重规划引领，健全完善数据领域法规制 度体系，加快培育开放共享安全的全国一体化数据市场。必须坚持投资于物和投资于人紧密结合，多措 并举激发投资活力，加快数字人才培养。必须做到既"放得活"又"管得好"，统筹数据领域高质量发展和 高水平安全。必须以苦练内功来应对外部挑战，塑造于我有利的数据发展外部环境。 ...

Core Viewpoint - The public fund industry in China achieved a remarkable performance in 2025, with equity funds recording an average net value growth rate of 28.73%, marking a significant recovery in the market, particularly in sectors like AI, innovative pharmaceuticals, chips, and non-ferrous metals [1][8][9]. Group 1: Market Performance - The A-share market experienced a bull market in 2025, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index rising by 18.41%, 29.87%, and 17.66% respectively [1][8]. - The STAR Market 50 Index saw an impressive increase of 60.86% in 2025, indicating strong performance in the technology sector [1]. - The overall performance of equity funds was significantly better than the Shanghai Composite Index, with active equity funds achieving an average net value growth rate of 31.91% [8][9]. Group 2: Sector Performance - The non-ferrous metals sector was the best-performing industry in 2025, with a growth rate of 94.73%, followed by the communication sector at 84.75% [5][6]. - Other sectors such as electronics, comprehensive, power equipment, and machinery also saw growth rates exceeding 40%, while coal and food & beverage sectors experienced declines of over 5% [5][6][7]. Group 3: Fund Performance - The top-performing fund, Yongying Technology Selected Fund, achieved a net value growth of 233.29%, setting a new historical record for public funds [3][12]. - A total of 75 funds were classified as "doubling funds," indicating a strong performance across various fund managers, with notable contributions from E Fund [11][15]. - The average growth rate for ordinary stock funds was 32.53%, with the top 50 funds achieving over 60% growth [17][19]. Group 4: Future Outlook - The market outlook for 2026 is optimistic, with expectations of an overall improvement in A-share company earnings, driven by growth stocks and cyclical assets [29][30]. - Investment opportunities are anticipated in manufacturing, AI applications, and consumer sectors, with a focus on companies that can demonstrate price elasticity and growth potential [30][31].

Core Viewpoint - The global economy is expected to experience a slowdown in growth in 2025, with ongoing pressures from trade, investment, and supply chains, amidst geopolitical tensions that create uncertainty for recovery [1][4]. Group 1: Economic Growth and Trends - The United Nations report indicates that global economic growth expectations for 2025 are significantly lower than previous years, with a notable decline from 2.9% in 2024, reflecting an overall slowdown in economic momentum [4]. - The international trade sector is under pressure due to uncertainties in trade policies and rising tariffs, leading companies to delay investment decisions, which in turn affects global supply chains [4]. - Emerging markets and developing economies are showing relative resilience due to internal demand and growth potential, while the digital economy and green technology investments are becoming key drivers for future growth [5]. Group 2: Geopolitical Dynamics - The relationship between the US and Europe is undergoing structural adjustments, revealing increasing complexities in areas such as industrial policy, trade rules, and energy transition, which puts additional pressure on the multilateral trade system [6]. - Germany's Chancellor has indicated that Europe must prepare for fundamental changes in its relationship with the US, reflecting a desire for greater strategic autonomy in the face of external uncertainties [6]. Group 3: Global Cooperation and Challenges - The UN Secretary-General emphasizes the need for enhanced global cooperation to coordinate trade policies, stabilize investment environments, and promote peace negotiations, which are essential for achieving sustainable development goals [7]. - Despite the resilience of the global economy, the slowdown in growth dynamics and ongoing geopolitical tensions continue to create uncertainty for development, necessitating dialogue and cooperation among nations to address these challenges [7].

Core Viewpoint - The State Council's recent meeting led by Premier Li Qiang on December 31 outlines a pragmatic policy framework aimed at promoting cross-border trade facilitation, setting the stage for high-level opening-up in the new year amidst complex global trade dynamics [1] Group 1: Cross-Border Trade Challenges and Opportunities - The global trade landscape is undergoing significant adjustments due to geopolitical conflicts and rising protectionism, presenting dual challenges for China's cross-border trade [1] - The integration of digital economy with the real economy and the emergence of green trade trends, along with benefits from agreements like RCEP, provide new growth avenues for cross-border trade [1] Group 2: Logistics and Transportation - The new policy emphasizes the importance of efficient logistics systems, addressing key pain points such as high costs and unstable timeliness in cross-border logistics [2] - Successful models like the China-Europe Railway Express and the Western Land-Sea New Corridor are highlighted, showcasing improved speed and reduced costs through multi-modal transport [2] Group 3: New Business Models and Regulatory Optimization - The meeting stresses the development of new business models such as green trade and cross-border e-commerce, which are crucial for trade growth [3] - In the first three quarters of 2025, China's cross-border e-commerce imports and exports reached approximately 2.06 trillion yuan, marking a 6.4% year-on-year increase [3] Group 4: Smart Regulation and Efficiency - Enhancements in smart regulatory services are identified as key to overcoming traditional regulatory challenges, with a focus on building smart customs and ports [4] - The "single window" for international trade has achieved deep integration with 30 departmental systems, significantly improving customs efficiency and reducing communication costs [4] Group 5: Systematic Policy Integration - The cross-border trade facilitation measures represent a systematic upgrade rather than isolated breakthroughs, aiming to transform localized pilot experiences into nationwide practices [5] - The facilitation of cross-border trade is directly linked to the stability and competitiveness of China's industrial and supply chains, as well as the efficiency of domestic and international market connectivity [5]

走在马来西亚槟城，可以看到整片两三层楼高的骑楼沿街铺展，罗马柱和铺设的地砖精致而典雅，这与 广州骑楼"避雨遮阳"的实用设计一脉相承。沿街而行，南海会馆、番禺会馆和五福书院等充满岭南特色 的建筑映入眼帘，岭南传统文化在南洋延续。 在深厚的历史渊源下，多年来，槟城与广东在经贸、文化交往等多领域始终保持着紧密的联系，而近年 来双方的投资合作更呈现双向奔赴的态势。比如，2025年10月，广东和槟城共8个单位在投资推介会上 签署了多项备忘录与合作协议，进一步促进两地在商贸与投资领域的交流与合作关系。 近日，马来西亚槟城州首席部长曹观友在接受21世纪经济报道记者专访时表示，槟城与广东的产业有非 常明显的互补性，广东创新能力强，在芯片设计、工业互联网、人工智能、新能源、生物医药及数字经 济等领域发展迅速，而槟城在半导体封测、工业自动化、精密工程、医疗器械制造和高端电子制造方面 积累深厚，"这种'设计强+制造强'的组合，为双方共同推动跨区域产业链布局提供强劲动力。" 近年来，马来西亚槟城也成了中企"出海"热潮的目的地。2025年10月底，中国企业联特科技（301205） 二期工厂在槟城开幕，成为中企扎根当地的典型案例。"从2 ...

Group 1: Core Insights - China's digital economy shows significant advantages, leading globally in mobile payments and smart cities, particularly in scenario innovation and application popularization [1][2] - The core industries of the digital economy experienced a 10% year-on-year sales revenue growth in the first 11 months of 2025, outpacing the overall growth of national enterprises [1] - The rapid development of China's digital economy is evident across various sectors, including manufacturing, agriculture, transportation, and digital healthcare, driving traditional industries towards high-end, intelligent, and green transformations [1] Group 2: Global Context - The digital economy has become a strategic focus for major economies, with the U.S. leveraging advanced AI and cloud computing, the EU advancing digital sovereignty, and South Korea excelling in smart manufacturing and 5G applications [2] - Compared to other countries, China's digital economy benefits from a vast market and diverse application scenarios, particularly in mobile payments and digital governance [2] Group 3: Challenges and Development Focus - Key challenges include reliance on foreign core technologies, data flow issues, and a lack of digital transformation capabilities among SMEs, which hinder the scaling of the digital economy [2] - Future development should focus on four areas: building a national integrated data market, enhancing digital infrastructure, increasing openness in the digital economy, and deepening the application of digital technologies in various industries [3][4] Group 4: Specific Initiatives - Establish a national integrated data market to facilitate efficient data flow and improve data availability for AI training and public governance [3] - Strengthen digital infrastructure by enhancing computing power, algorithms, and network systems, and promoting green data centers [3] - Improve the level of openness in the digital economy by developing cross-border data flow management systems and participating in digital trade rule-making [4] - Promote the integration of digital technology with the real economy across key sectors, supporting SMEs in their digital transformation efforts [4]

Core Insights - The 2026 "Bet on China" top ten core assets have been announced by Gelonghui, a well-known independent research institution in China, based on votes from millions of members across over 70 countries [1][3] - The selection process involved over half a month of voting, resulting in hundreds of thousands of valid votes, emphasizing the collective wisdom of global investors [3] Selection Criteria - The selected listed companies must meet four key principles, reflecting the uncertainties in the Chinese investment market for 2025, including fluctuating recovery expectations, real estate stability concerns, and the ambiguity in investment directions related to AI and new energy [2] Performance Metrics - Since the end of 2018, the "Bet on China" top ten core assets index has achieved a cumulative increase of 318.67%, significantly outperforming the CSI 300 index (+56.2%), Hang Seng index (-0.82%), and S&P 500 index (+175.3%) [3] - In 2025, the equal-weighted return of the top ten core assets reached 35.1%, again surpassing the CSI 300 index (+17.7%), Hang Seng index (+27.8%), and S&P 500 index (+17.3%) [3] Core Assets Overview 1. **Zhongji Xuchuang (300308)**: Expected to benefit from the acceleration of AI computing infrastructure in China, with a projected demand for optical modules reaching 18 billion yuan, and a 50% annual growth in domestic demand for 800G optical modules [5] 2. **Tencent Holdings (00700.HK)**: With a massive user base, Tencent is expected to see its advertising revenue exceed 40 billion yuan in 2026, driven by its social media platforms and AI efficiency improvements [6][7] 3. **Alibaba (09988.HK)**: Anticipated to achieve 170 billion yuan in revenue from cloud services, with a growth rate of 34%, while also focusing on domestic consumption upgrades [7][8] 4. **Gold ETF (518880)**: Positioned as a key hedging tool for domestic investors, with a forecasted gold price potentially reaching 5,000 USD per ounce, supported by liquidity and geopolitical factors [8] 5. **Luoyang Molybdenum (603993/03993.HK)**: Expected to produce 660,000 tons of copper and 120,000 tons of cobalt in 2026, benefiting from the growth of the domestic electric vehicle market [9] 6. **Ping An Insurance (601318/02318.HK)**: Projected to see a 20%-25% increase in market value, benefiting from the domestic interest rate cycle and a focus on quality equity assets [10] 7. **Dongfang Caifu (300059)**: Anticipated to see a 22%-28% growth in market value, driven by increased capital market activity and AI-driven wealth management services [11] 8. **Wanhua Chemical (600309)**: Expected to achieve a net profit of 15.5-16.2 billion yuan in 2026, supported by domestic demand for MDI and new materials [12] 9. **WuXi AppTec (02268.HK)**: Positioned as a leader in the ADC field, with over 60% of its pipeline serving domestic clients, reflecting the growth of China's biopharmaceutical industry [13] 10. **Trip.com Group (09961.HK)**: Projected to see a revenue growth of over 25%, benefiting from the recovery of domestic travel and tourism [14] Conclusion - The ten core assets are aligned with China's key sectors such as AI computing, new energy, consumption, finance, and biomedicine, reflecting the country's new productive forces and upgrading of livelihoods [14]

Core Insights - The Beijing High People's Court has established an execution property clue transfer center to enhance the efficiency of property enforcement in the digital economy era, successfully processing 12,989 clues and recovering over 680 million yuan in the first 11 months of 2025 [1][2] Group 1: Execution Property Clue Transfer Center - The center received 12,989 clues and successfully controlled 5,570 properties, with an execution amount of over 680 million yuan [1] - A typical case highlighted the center's ability to adapt to new asset types, such as live-streaming revenue, demonstrating effective enforcement strategies [1][2] Group 2: Adaptation to New Economic Models - The court is actively adapting to the rapid development of the digital economy and platform economy, which has created new asset types, including digital assets and live-streaming revenues [2] - The number of new employment forms in the digital economy has reached 84 million, leading to a significant increase in digital assets [2] Group 3: Enhanced Enforcement Capabilities - The court has improved its ability to identify, track, and manage new types of enforcement targets, addressing challenges such as dispersed property clues and low processing efficiency [2][3] - A case involving over 100 new energy vehicles demonstrated the court's capability to efficiently manage and execute property enforcement across different locations [3] Group 4: Community Involvement and Public Participation - The court is encouraging public participation in providing property clues, utilizing various platforms to gather information from applicants and the public [3] - Focus is placed on key livelihood areas, enhancing the verification of property clues related to labor remuneration and support obligations [3]