（来源：青岛金融） 12月23日，山东省委经济工作会议在济南召开。会议提出"努力建设北方地区经济重要增长极"，"为全国大局多作贡献"。 值得注意的是，党的二十届四中全会通过的"十五五"规划建议提出，增强区域发展协调性，"促进东中西、南北方协调发展"，标志着我国区域协调发展进 入东西兼顾、南北并重的新阶段。 山东"努力建设北方地区经济重要增长极"，无疑是在顶层设计的大局中，找准了经济大省"走在前、挑大梁"的责任定位。在这一历史性布局中，山东作为 经济大省，工业体系完备、区位优势突出，经济总量即将突破十万亿元，决定了它必然要在"南北方协调发展"中勇挑大梁——山东省委十二届十次全会提 出的"十五五"时期山东经济社会发展的主要目标，就包含"北方地区经济重要增长极作用更加彰显"。 聚焦青岛这个山东高质量发展的"强龙头"，山东"十五五"规划建议提出"推动青岛加快迈上2万亿大台阶"，这已不仅是一个城市的经济冲刺，更是一份沉 甸甸的区域发展责任书。青岛随后将这个目标进一步细化：力争2028年全市生产总值迈上2万亿元台阶。 这也正是北方经济破题高质量发展的关键点。 当前，青岛市正以"10+1"创新型产业体系为重点，围绕"4+4 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool business for multinational companies, which aims to enhance the management and operation of funds amid increasing cross-border investment and trade activities [1]. Group 1: Benefits of Nationwide Implementation - The transition from "local pilot" to "full coverage" is expected to leverage the scale effect of centralized funds, improving the onshore collection of global funds and the security of fund settlements [2]. - The policy allows host companies to centrally manage both domestic and foreign currency funds of their member enterprises, enabling unified scheduling and utilization [2]. - Companies like CATL have reported that their new fund pool has facilitated cross-border fund transfers exceeding $3 billion within just over six months, significantly enhancing fund circulation efficiency [2]. Group 2: Cost Savings and Efficiency - The policy is set to substantially reduce financial costs and improve fund utilization efficiency by adjusting the external debt and overseas lending limits for multinational companies [2]. - Multinational companies can manage regular fund collections and net settlement through the host company based on operational needs [2]. - For instance, Wistron (Chongqing) has borrowed nearly $1.6 billion through overseas channels since participating in the fund pool pilot, allowing for the use of low-cost foreign funds to support domestic operations [2]. Group 3: Simplification of Procedures - The initiative aims to simplify business procedures by shifting more operations from pre-approval to post-management, thereby reducing institutional transaction costs for enterprises [2]. - Guangdong Haida Group reported that the time for cross-border fund transfers has been reduced from several days to real-time since establishing their integrated currency pool, greatly enhancing fund utilization efficiency [3]. - The transition from a "test field" to nationwide promotion reflects institutional innovation and is a testament to the country's commitment to institutional openness [3].

海南"封关" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文丨文斯 编辑丨张桔 12月18日海南自贸港封关运作，其核心模式为"一线放开、二线管住、岛内自由"，为海南跨越式发展注 入强劲动能。 封关将重塑当地消费旅游、高端服务业、高新技术产业格局，叠加旺季红利，免税板块迎来估值修复， 封关首日全岛离岛免税购物金额达1.61亿元，同比增长61%，旅游客流亦大幅提升。此前离岛免税已筑 底回暖，政策优化进一步拓宽消费场景。多家上市公司积极布局，本土企业深耕升级、外来企业抢滩入 驻，抢占政策红利先机。海南封关板块表现备受关注。 将重塑当地的产业与行业 12月18日海南自贸港封关，在封关前后，海南板块变得活跃起来，多家相关上市公司涨停。 "封关"，不是把海南岛封闭起来，恰恰相反是将海南全岛设立为一个海关监管特殊区域，实施一套全新 的管理制度。根据相关政策，封关运作的核心模式可以概括为"一线放开、二线管住、岛内自由"。 在"一线"，海关对进入海南的绝大多数货物，特别是列入"零关税"负面清单管理的货物，采取极简化的 通关模式；"二线"指的是海南与内地之间的边界。这里会对从海南进入内地的货物进行精 ...

Core Insights - The launch of the Hainan Free Trade Port on December 18, 2025, marks a new phase in China's opening-up strategy, showcasing the country's commitment to high-level openness and the immediate benefits of policy implementation [1] Group 1: Policy Implementation and Economic Impact - In the first week of the closure, the value of "zero-tariff" goods imported under the "first line" policy exceeded 400 million yuan, covering various sectors including high-end equipment and consumer goods [3] - The "zero-tariff" policy has been upgraded, increasing the proportion of taxable items from 21% to 74%, covering over 6,600 items, which significantly reduces operational costs for companies [3] - The first week saw over 20 million yuan in "value-added processing" goods under the "second line" policy, with expectations of over 10 billion yuan in local industry value added for the year [3] Group 2: Customs and Regulatory Efficiency - Hainan has implemented a "first line open, second line controlled" strategy, utilizing smart port technology for efficient customs clearance, achieving an average daily vehicle flow of 2,000 without congestion [4] - A risk warning and intelligent identification system has been established, detailing 23 categories and 89 regulatory risk scenarios, enhancing both safety and efficiency in customs operations [4] Group 3: Consumer Behavior and Market Growth - The first week of duty-free shopping in Hainan reached 1.1 billion yuan, a year-on-year increase of 54.9%, with 165,000 shoppers, reflecting a surge in consumer demand driven by policy benefits [4] - The expansion of the duty-free market is not only boosting consumption but also driving industrial upgrades, with new business models emerging in the duty-free sector [4] Group 4: Business Confidence and Foreign Trade - In the first week, 1,972 new foreign trade registered companies were established, a 2.3-fold increase year-on-year, indicating strong business confidence in the Hainan Free Trade Port [5] - The "processing value-added zero-tariff" policy has led to a reduction in production costs by over 15% for some companies, enhancing their competitive edge [5] Group 5: Broader Economic Developments - The duty-free policy has been expanded to include more product categories, increasing from 38 to 47, thus catering to diverse consumer needs [6] - Hainan is positioning itself as a strategic hub for trade and economic cooperation with ASEAN, leveraging both RCEP and free trade policies [6]

【邀请诺贝尔奖、图灵奖得主、两院院士、各行业专家，请联系五洲名家智库】 赵晋平，享受国务院特殊津贴，经济学博士，国务院发展研究中心对外经济研究部原部长（正司长级），现任国研智库首席经济学家、海南自由贸易港建设 专家咨询委员会委员、海南省开放型经济研究院名誉院长。2009年担任中央政治局集体学习"世界经济形势"主讲人，2014年参加李克强总理经济形势专家座 谈会。 研究方向：国际经济与制度型开放 聚焦宏观经济、对外经济政策、跨境投资、自贸试验区与海南自贸港制度集成创新。近年主攻RCEP规则对接、数字保税区、封关运作智慧监管及"双总部基 地"模式，提出"一线放开、二线安全高效管住"的系统方案。 政策贡献：从利用外资到封关方案 主持国家社科基金重大项目，出版《利用外资与中国经济增长》等专著30余部，获中国发展研究奖一等奖、安子介国际贸易研究奖。主笔多份国务院文件前 期研究，参与设计全国外资准入负面清单、海南"零关税"清单、跨一线资金自由划转EF账户制度，为封关运作提供"智慧监管+压力测试+税制配套"三大操 作模板。 适合出席的活动类型 国家发改委、商务部、海关总署及各地政府举办的自贸试验区、服务贸易、封关运作、RC ...

国内外专家学者热议海南自贸港全岛封关—— 传递中国坚定开放信号 为全球合作提供新契机 海南日报全媒体记者 黄婷 12月18日，海南自由贸易港正式启动全岛封关，中国对外开放迎来具有里程碑意义的标志性举措， 海南自由贸易港建设迈入改革开放发展的新起点、新阶段，引发了国内外专家学者的广泛关注与深入探 讨。专家学者普遍认为，此举不仅关乎海南自贸港的高质量发展，其探索与实践更将为中国深化改革开 放、构建新发展格局提供宝贵的"海南经验"。 探索制度型开放路径 引领中国新时代对外开放 专家学者指出，在单边主义和保护主义有所抬头的国际背景下，海南自贸港启动全岛封关，向世界 传递了中国持续扩大开放的鲜明信号。"这是中国践行'对外开放的大门只会越开越大'承诺的生动实 践。"华阳海洋研究中心理事长、中国南海研究院学术委员会主席吴士存说。 吴士存表示，"零关税"等政策红利固然重要，但海南自贸港建设的深层次意义在于对制度型开放的 全面探索。他认为，海南的探索实践不止于"零关税"，更重要的是推动贸易、投资、资金、人员、数据 等要素流动的规则与国际深度接轨。 域，如热带特色高效农业及精深加工、生物医药、高端旅游消费、现代金融、会展物流，以 ...

在推动高质量发展方面，将坚持惠民生和促消费紧密结合，继续巩固和扩大汽车、家电、餐饮等传 统重点消费，实施"新业态、新模式、新场景"试点工作，发展首发经济，释放绿色、智能消费潜力，促 进商旅文体展融合发展，推动构建"离岛免税+离境退税+岛内居民免税"多业态免税体系，加快服务消 费发展;创新引领外贸结构优化，推动"贸产互促"，依托"零关税"、加工增值免关税等政策，联动制造 业与农业，扩大医药、药械等特色产品进出口，聚力发展保税维修、保税再制造等业态，打造贸易集散 基地，发展绿色贸易，推进清洁能源、能源装备、动力电池等绿色产品出口，高标准建设全岛跨境电商 综试区;持续推进服务业扩大开放，推动"中国洋浦港"船籍港政策升级，扩大集装箱"国际中转"监管试 点范围，积极推进"一站式"飞机维修、航空物流等临空产业发展，推进旅游消费国际化，建设康养、文 体等国际旅行消费品牌，扩大离岸贸易、全球采购业务规模，做好跨境电商直播、卫星数据服务、游戏 动漫出海等大流量场景的招商;围绕绿色低碳、深海科技等重点领域，引进链主企业与标志性外资项 目，推动总部落地，参与实施"百万英才兴海南"行动，持续开展国际大招商，打造"投资自贸港"品牌， ...

Core Viewpoint - Yantai City is actively implementing comprehensive reforms during the "14th Five-Year Plan" period, aiming to enhance economic development and establish itself as a leading city in northern China with a GDP exceeding 1 trillion yuan [1][2]. Economic Development and Reform - Yantai's GDP has crossed three trillion yuan milestones, becoming the first prefecture-level city in northern China to exceed 1 trillion yuan in 2023 [2]. - The city has developed a modern industrial system, with 252 enterprises contributing nearly 70% of the industrial output value while representing less than 10% of the total number of industrial enterprises [2]. - Yantai has been recognized for its strategic emerging industries, with the establishment of several significant industrial clusters, including one valued at 300 billion yuan and another at 200 billion yuan [2]. Institutional and Market Reforms - The city has implemented significant reforms in state-owned enterprises, reducing the number from 19 to 12 and optimizing their operations [3]. - Yantai's state-owned enterprises are expected to see asset growth of 111%, revenue growth of 119%, and profit growth of 15% compared to the end of the "13th Five-Year Plan" [3]. Business Environment and Financial Reforms - Yantai has introduced over 600 innovative measures to improve the business environment, addressing more than 6,300 feedback requests from enterprises [4]. - The city has maintained its position as the top city in China for fiscal transparency for eight consecutive years [4]. Regional Development and Urban Planning - Yantai is advancing urban planning reforms, with significant projects underway to improve urban infrastructure and living conditions for nearly 500,000 households [5]. - The city has established 126 rural revitalization zones to support agricultural and rural development [6]. Green and Low-Carbon Development - Yantai has been recognized as a national pilot city for carbon peak initiatives and has made significant strides in clean energy development [7]. - The city has achieved air quality standards for eight consecutive years and has been awarded the International Garden City Gold Award [7]. Social Development and Public Services - Yantai has implemented reforms in education, healthcare, and social security, with a focus on improving employment support for key demographics [8]. - The city has achieved a 95% coverage rate for preschool education and has established a comprehensive elderly care service system [8]. Safety and Governance - Yantai has developed a robust social governance framework, receiving recognition as a model city for social governance modernization [9]. - The city has established a collaborative mechanism between government and judicial bodies to enhance legal and social stability [9]. Party Leadership and Reform Direction - Yantai emphasizes the integration of party leadership in all reform processes, ensuring alignment with national and provincial directives [11]. - The city is committed to continuous reform efforts, focusing on systemic integration and practical outcomes to support its development goals [12].

格隆汇12月26日｜据山西日报，12月25日，山西省委经济工作会议在太原举行。会议提出明年经济工作 的十个方面重点任务。其中包括：大力推动能源转型。扛牢保障国家能源安全政治责任，持续深化能源 革命，推进煤炭智能绿色安全开采和清洁高效利用，大力发展新能源和清洁能源，加快构建新型电力系 统，着力构建新型能源体系，建设国家重要能源原材料基地，加快能源生产方式、消费方式、发展动力 转型。进一步全面深化改革扩大开放。充分发挥经济体制改革牵引作用，持续深化国资国企、民营经 济、财政金融、要素市场化配置等重点领域改革，不断优化营商环境。稳步扩大制度型开放，提升开放 平台和通道建设水平，推进贸易投资一体化、内外贸一体化发展，着力提升开放型经济水平。 ...

本报记者 王僖 2025年中央经济工作会议为明年经济工作定向领航，其中关于"制定全国统一大市场建设条例"与"稳步推进制度型开放"的 部署，为资本市场改革发展注入了清晰而强劲的动力。中泰证券研究所所长戴志锋在接受《证券日报》记者专访时指出，这两 项战略部署紧密关联、内涵深刻，共同指向破解当前经济发展中的"内卷化"困境、提升资源配置效率这一核心命题。资本市场 不仅是这两大战略的受益者，更是关键的推动者和实践平台，将通过市场化机制与双向开放，助力中国经济突破藩篱、提升整 体竞争力。 戴志锋分析认为，建设全国统一大市场的核心在于破除地方保护与市场分割，促进商品和要素在全国范围内的自由流动与 高效配置。这对于长期受困于"内卷式竞争"的诸多产业而言，不啻为一剂良方。 戴志锋表示，这种双向开放格局，使得中国企业能够在更广阔的舞台上与全球一流企业同台竞技，从而跳出国内市场 的"内卷"，在全球化竞争中锻造真正的核心竞争力。 展望未来，戴志锋认为，随着中国资本市场规模不断扩大、制度不断完善、开放程度不断提高，中国资本市场在全球资产 配置体系中的地位将显著提升。 （编辑 乔川川） 资本市场在这一过程中将发挥不可替代的整合与筛选功能 ...