HAPPY NEW YEAR 尊敬的会员单位： 值此辞旧迎新之际，中国上市公司协会向全体会员单位致以诚挚问候和美好祝愿！衷心感谢各会员单位 长期以来对协会工作的信任与支持！ 2025年，是"十四五"规划圆满收官与"十五五"规划谋篇布局的关键之年。我国经济运行稳中向好，高质 量发展纵深推进，中国式现代化迈出新的坚实步伐。党的二十届四中全会胜利召开，围绕加快高水平科 技自立自强、建设现代化产业体系、构建新发展格局等目标作出全面部署，为"十五五"时期经济社会发 展擘画了宏伟蓝图。会议提出要"紧紧围绕健全投资和融资相协调的资本市场功能，持续提高资本市场 制度包容性、适应性和吸引力、竞争力"，为资本市场高质量发展锚定了清晰航向。 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！ 来源：中国上市公司协会 新年贺信 2025年，中国资本市场坚持市场化、法治化、国际化发展路径，在深化改革中守正创新、稳步前行。 新"国九条"和资本市场"1+N"政策体系落地见效，市场生态持续净化；科创板"1+6"改革政策精准发 力，多层次资本市场体系更加完备；互联互通机制优化升级，高水平对外开放有序扩大。资本市场服务 实 ...

回望2025年，在以习近平同志为核心的党中央坚强领导下，亿万人民迎难而上、奋力拼搏，我国经济顶 压前行、向新向优发展，"十四五"即将圆满收官。展望新的一年，"十五五"大幕开启，中国式现代化展 现出更加光明的前景。 山一程，水一程，逐梦向前行。我们已经走过千山万水，还需要不断跋山涉水，为了心中梦想笃行不 怠，向着美好未来接续奋斗—— 向前，2026！向上，中国！ 钟华论：山一程，水一程，逐梦向前行——2026年新年献词 当新年的曙光照耀大地，我们又迎来新的出发。 （一） 2025年是很不平凡的一年。时光的卷轴上，镌刻哪些难忘记忆？奋斗的征程里，留下哪些深刻启示？ "韧"字当选"汉语盘点2025"年度国内字，成为新时代中国砥砺奋进的生动写照。"千磨万击还坚劲，任 尔东西南北风。"面对复杂严峻的国内外形势，在以习近平同志为核心的党中央坚强领导下，中国人民 坚定必胜信心、保持战略定力，坚定不移办好自己的事，推动中国号巨轮乘风破浪、行稳致远。 这一年，我们以历史为鉴，汲取前行的磅礴力量。在纪念中国人民抗日战争暨世界反法西斯战争胜利80 周年大会的盛大阅兵仪式中，长安街上铁甲列阵、重器生辉，战鹰呼啸划破长空。国之盛典，举 ...

Core Viewpoint - China Life Insurance Company has achieved a significant milestone with total premium income exceeding 700 billion yuan as of November 30, reflecting its strong comprehensive strength and steady operational performance [1] Group 1: Financial Performance - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of 167.8 billion yuan, a substantial increase of 60.5% year-on-year [2] - Total premium income reached 669.6 billion yuan, marking a year-on-year growth of 10.1%, with renewal premiums at 451.6 billion yuan and new business premiums at 218.0 billion yuan, growing by 10.0% and 10.4% respectively [2] - The new business value saw a robust increase of 41.8% compared to the same period in 2024, indicating improved quality and sustainability of business development [2] Group 2: Financial Strength and Risk Management - As of September 30, 2025, the company's core solvency ratio was 137.50% and the comprehensive solvency ratio was 183.94%, ensuring solid support for business operations [2] - The company has maintained an A-class rating in risk management for 29 consecutive quarters, highlighting its excellent risk control and operational quality [2] Group 3: Asset and Investment Performance - By the end of the third quarter, total assets reached 74,179.81 billion yuan, with investment assets at 72,829.82 billion yuan, reflecting growth of 9.6% and 10.2% respectively since the end of 2024 [3] - Net assets increased significantly by 22.5% to 6,386.82 billion yuan, indicating steady enhancement of the company's intrinsic value [3] - Total investment income for the first three quarters was 368.55 billion yuan, a year-on-year increase of 41.0%, with an investment return rate of 6.42%, up by 104 basis points [3] Group 4: Product Development and Social Responsibility - The company focuses on developing a multi-layered product system for health and pension insurance, introducing innovative products such as long-term disability income loss insurance and maternal disease insurance [4] - In the field of inclusive finance, the company has developed specialized insurance products for key groups, providing risk coverage of approximately 27 trillion yuan for small and micro enterprises and individual businesses [5] - China Life has actively participated in building a multi-level social security system, handling over 200 major illness insurance projects and 70 long-term care insurance projects [5] Group 5: Claims Service and Digital Transformation - In the first three quarters of 2025, the company processed 44.09 million claims, with a total payout of 73.3 billion yuan, maintaining industry leadership in service coverage [7] - The company has integrated digital platforms to enhance claims processing efficiency, achieving an average service time of 0.28 days for its electronic claims service [8] - China Life has established a comprehensive digital claims service system, with over 160 million registered users on its insurance app, significantly improving customer experience and service quality [9]

Core Viewpoint - The article emphasizes the commitment of the company to sustainable long-term value creation for investors, aligning with the recently released "Action Plan for Promoting High-Quality Development of Public Funds" which aims to reshape the industry ecosystem and prioritize investor interests [1] Group 1: Risk Management Framework - The company has established a comprehensive risk management system that balances daily management and crisis management, ensuring timely resolution of various investment risks [2] - A "three lines of defense" risk control system has been implemented, where investment personnel are responsible for the first line of defense, risk control and compliance personnel for the second, and audit personnel for the third, enhancing risk awareness and prevention [2] - The company has adopted a "3+3" management model focusing on market risk, credit risk, and liquidity risk, along with three risk assurance measures including new investment product evaluation and performance attribution [4] Group 2: Professional Capability - The company adheres to the philosophy that "risk management creates value," enhancing its professional risk management capabilities and improving the foresight of risk management processes [3] - The company has developed a robust investment risk management system that covers the entire investment risk lifecycle, from pre-investment to post-investment [3] Group 3: Technological Advancement - The company has been advancing towards a systematic, quantitative, and intelligent risk management approach since 2016, significantly improving risk management efficiency [5][6] - An intelligent risk control system has been developed, integrating applications, models, and data, and enhancing the company's risk management capabilities [6] Group 4: Collaborative Synergy - The company strengthens risk collaboration with its parent bank, China Construction Bank, leveraging shared resources and enhancing risk prediction capabilities [7] - Strategic cooperation with its second-largest shareholder, a major U.S. financial services firm, has been deepened to enhance professional capabilities in investment risk management [7] Group 5: Commitment to High-Quality Development - The company actively responds to the call for high-quality development in the industry, focusing on reforming its investment research system and optimizing product innovation [8][9] - Efforts are being made to enhance compliance culture and risk management capabilities, ensuring a robust risk management framework that protects investor assets [9][10]

全会强调，要深入推进全面从严治党，坚持和加强党的全面领导，坚持以自我革命引领社会革命，以更 高标准、更实举措推进全面从严治党，推动全省各级党组织和广大党员干部更好担起历史责任、时代重 任。要坚持旗帜鲜明讲政治，认真抓好中央巡视反馈意见整改落实，坚定拥护"两个确立"、坚决做 到"两个维护"；坚持抓基层强基础，织密上下贯通、执行有力的组织体系；坚持新时代好干部标准，着 力锻造高素质干部队伍；坚持严的基调不动摇，持之以恒正风肃纪反腐，以高质量党建引领保障高质量 发展。 全会认为，2025年是很不平凡的一年，也是广东改革发展历程中具有重大意义的一年。在习近平总书 记、党中央坚强领导下，全省上下全面贯彻落实党的二十届四中全会精神，深入学习贯彻习近平总书记 视察广东和出席第十五届全国运动会开幕式重要讲话重要指示精神，深入落实省委"1310"具体部署，坚 定不移挑好大梁、全面推进强省建设，严肃认真接受中央巡视，全力打好"十四五"收官战，推动中国式 现代化的广东实践迈出新的坚实步伐。粤港澳大湾区建设走深走实，经济发展向新向优，改革开放活力 动力持续释放，城乡区域发展平衡性稳步提高，民生保障有温度有力度，法治广东平安广东建设扎 ...

作为习近平新时代中国特色社会主义思想的重要组成部分，习近平经济思想是运用马克思主义政治 经济学基本原理指导新时代经济发展实践形成的重大理论成果，是新时代我国经济工作的科学行动指 南。"十四五"时期我国发展历程极不寻常、极不平凡。在习近平经济思想指引下，我国经受住世纪疫情 冲击，有效应对一系列重大风险挑战，高质量发展扎实推进，中国式现代化迈出新的坚实步伐。"事非 经过不知难，成如容易却艰辛。"这些发展成就的取得，来自系统全面的战略谋划、坚决果断的政策实 施、科学有效的工作方法，充分彰显了习近平经济思想的科学真理性和实践引领力，更加坚定了我们开 拓进取、攻坚克难、推动经济行稳致远的决心和信心。 指引深化经济发展规律性认识，确保中国经济航船沿着正确方向破浪前行 习近平总书记指出："要加强党对经济工作的领导，深化对社会主义经济建设规律的认识"。"十四 五"时期，面对错综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，习近平总书记始终以马克思 主义政治家、思想家、战略家的历史主动精神、非凡理论勇气、卓越政治智慧、强烈使命担当推进理论 创新，在顺应时代之变、回答时代之问中，在引领时代先声、破解时代难题中，提出一系列新理念 ...

Group 1: Economic Development and Openness - China's economy is showing steady progress with high-quality development and increasing confidence and momentum in economic and social development [3] - The central economic work conference emphasizes "maintaining openness and promoting win-win cooperation in multiple fields" as a key task for 2026, signaling a commitment to high-quality development and modernization through expanded openness [6] - The annual container throughput has surpassed 40 million standard containers for the first time, and the "East Corridor" of the China-Europe Railway Express has exceeded 5,000 trips this year, transporting over 530,000 standard containers [6] Group 2: Winter Consumption Dynamics - The winter tourism industry is evolving beyond simple sightseeing, integrating sports, events, entertainment, and cultural experiences, thus transforming cold resources into vibrant consumption [10] - In Yunnan, the tourism season has become lively with an influx of visitors seeking warmth, leading to increased occupancy rates in local accommodations [11] - The winter tourism activities across northern and southern China are injecting vitality into the consumer market, with various regions innovating to meet diverse consumer demands [11] Group 3: Industrial Development and Technological Innovation - A significant independent energy storage project in Gansu Province, with an investment of 1.519 billion yuan, is set to enhance the region's energy capabilities [15] - Recent technological advancements include the conditional approval of two L3 autonomous driving models and the successful first flight of China's first 800 kg electric vertical takeoff and landing aircraft [15] - Various regions are accelerating their technological innovation efforts, such as testing drone delivery systems in Guangdong and launching a quantum computing lab in Sichuan [16] Group 4: Ensuring Warmth and Energy Supply - In response to cold weather, various regions are taking proactive measures to ensure energy supply and warmth for residents, including the allocation of 4.44 billion yuan for emergency assistance [19] - Energy companies are activating emergency supply mechanisms to ensure adequate heating and electricity during winter [19] - Local governments are preparing snow removal equipment and monitoring heating systems to address potential supply issues promptly [19]

Group 1 - The core viewpoint emphasizes the importance of balancing development and security, with a focus on enhancing urban governance and building a resilient city in Shanghai [1][2] - The 14th Five-Year Plan highlights the need for a new security framework to support a new development pattern, advocating for efficient governance and risk management [2] - The necessity of high-quality development as a foundation for security is underscored, with a call for Shanghai to leverage its "five centers" and promote technological innovation [3] Group 2 - The article stresses the importance of digitalization and precision in urban management to enhance governance efficiency in large cities like Shanghai [2] - It discusses the need for a modern industrial system centered on the real economy, avoiding excessive financialization and promoting the integration of the digital economy [3] - The focus on maintaining a stable and predictable environment for development is crucial, with an emphasis on risk prevention and the establishment of a high-standard business environment [3]

Core Points - The 20th Central Committee's Fourth Plenary Session outlines the strategic goals and practical paths for the "14th Five-Year Plan" period, emphasizing the importance of modernizing the socialist state [1][6] - The Zhengzhou Municipal Committee has established a dedicated team to promote the spirit of the plenary session, conducting over a hundred specialized lectures that have reached hundreds of thousands of party members and citizens [1][10] Group 1: Learning and Promotion - The Municipal Committee prioritizes the learning and promotion of the plenary session's spirit as a significant political task, organizing a structured and efficient lecture system [2][4] - A diverse and professional team has been formed, consisting of leaders, experts, and grassroots workers, to ensure effective communication of the plenary session's core messages [2][3] Group 2: Training and Quality Assurance - To ensure high-quality lectures, the Municipal Committee has organized training sessions for the lecture team, focusing on the core essence and practical requirements of the plenary session [3][6] - The team has conducted in-depth research on various sectors, aligning the plenary session's spirit with Zhengzhou's development realities [3][6] Group 3: Targeted Outreach - The outreach strategy includes tailored plans for different sectors and demographics, ensuring comprehensive coverage across government, enterprises, schools, and communities [4][8] - Lectures are designed to address specific concerns in various settings, such as governance in government units, innovation in enterprises, and community welfare in residential areas [4][12] Group 4: Practical Application - The lectures emphasize the practical implications of the plenary session's spirit, linking it to Zhengzhou's modernization efforts, including technological innovation and urban governance [6][10] - The Municipal Committee encourages local entities to integrate the plenary session's spirit into their operational frameworks, enhancing governance and service delivery [11][12] Group 5: Community Engagement - The engagement with community members focuses on addressing pressing issues such as healthcare, education, and employment, making the plenary session's spirit relatable to everyday life [8][12] - Youth engagement initiatives aim to inspire the younger generation to align their aspirations with national development goals, fostering a sense of responsibility and commitment [13][14] Group 6: Future Directions - The series of lectures aims to solidify the understanding of the plenary session's spirit, driving collective efforts towards high-quality development and effective governance in Zhengzhou [10][14] - The Municipal Committee plans to continue deepening the learning and application of the plenary session's spirit, ensuring it translates into tangible outcomes for the city's growth and modernization [14]

作为习近平新时代中国特色社会主义思想的重要组成部分，习近平经济思想是运用马克思主义政治经济 学基本原理指导新时代经济发展实践形成的重大理论成果，是新时代我国经济工作的科学行动指 南。"十四五"时期我国发展历程极不寻常、极不平凡。在习近平经济思想指引下，我国经受住世纪疫情 冲击，有效应对一系列重大风险挑战，高质量发展扎实推进，中国式现代化迈出新的坚实步伐。"事非 经过不知难，成如容易却艰辛。"这些发展成就的取得，来自系统全面的战略谋划、坚决果断的政策实 施、科学有效的工作方法，充分彰显了习近平经济思想的科学真理性和实践引领力，更加坚定了我们开 拓进取、攻坚克难、推动经济行稳致远的决心和信心。 指引深化经济发展规律性认识，确保中国经济航船沿着正确方向破浪前行 习近平总书记指出："要加强党对经济工作的领导，深化对社会主义经济建设规律的认识"。"十四五"时 期，面对错综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，习近平总书记始终以马克思主义政 治家、思想家、战略家的历史主动精神、非凡理论勇气、卓越政治智慧、强烈使命担当推进理论创新， 在顺应时代之变、回答时代之问中，在引领时代先声、破解时代难题中，提出一系列新理念 ...