近日，中国新修订的《对外贸易法》修订进展引发广泛关注。这部于2025年12月27日经全国人大常委会表决通过，明确自2026年3月1日起正式施行。尽管发 布时未铺陈过多声势，但在全球经济局势不确定性加剧、贸易摩擦频繁的当下，这一立法举措传递出极为重要的战略信号。或许在不久的将来，这趟"改革 列车"将成为中国在全球经济舞台上重新定义规则、推进贸易强国建设的关键一步。 当前的中美贸易摩擦，绝非简单的关税争端，而是一场围绕规则、标准与未来发展权的深层博弈。自特朗普政府以来，美国对华政策历经从关税战、科技封 锁到制度性施压的多维度升级，将经贸问题政治化、工具化，导致两国经贸关系持续紧张。与之相对，中国的应对策略已完成从被动防守到主动出击的转 型，核心方向正是推进制度建设与规则完善，而《对外贸易法》的此次修订，正是这一转型思路的集中体现。 当然，法律并非消除外部不确定性的"万能钥匙"。当前，美国的技术禁令、市场限制仍对中国企业构成现实威胁，全球贸易保护主义抬头也加剧了环境的复 杂性。但中国的选择并非退缩，而是通过制度建设抢占规则主导权，这种从容自信的态度，恰恰印证了中国在复杂国际环境中日渐增强的经济韧性 经过数十年发展， ...

（原标题：阿联酋2025年多项全球竞争力指标跻身世界前列） 此外，阿联酋在人类发展指数中跃升至全球第15位，是唯一进入前20名的阿拉伯国家；在世界人才 排名、数字政府、人工智能准备度及政府技术成熟度等方面亦表现突出。安全与营商环境方面，阿联酋 被评为全球最安全国家之一，并连续第四年在全球创业监测报告中排名第一。联合国贸发会议数据显 示，2024年阿联酋吸引外国直接投资1676亿迪拉姆，位居全球第十，进一步巩固其国际投资和商业中心 地位。 Zawya新闻网12月25日报道，2025年，阿联酋在多项国际竞争力与发展指数中位居全球前列，彰显 其制度建设和经济转型成效。在IMD世界竞争力排名中，阿联酋位列全球前五，连续第九年保持地区第 一；全球软实力指数排名第十，国家品牌价值升至1.223万亿美元。 ...

Core Viewpoint - The recent asset inspection by Lianyungang Municipal Statistics Bureau aims to enhance the management of state-owned assets, ensuring accountability and governance through systematic self-reform practices [1][2][3] Group 1: Asset Management and Governance - The asset inspection achieved the foundational goal of aligning asset records with actual holdings and identified management shortcomings and historical issues in state-owned asset management [1] - The Municipal Commission for Discipline Inspection and Supervision utilized the asset inspection as a political supervision tool, prompting the bureau to shift from passive responses to proactive governance [1] - The bureau's leadership emphasized that asset inspection is not only about identifying issues but also about establishing a framework for the proper exercise of power and promoting a clean government [1][2] Group 2: Systematic Improvements - The bureau is focusing on both immediate corrections and long-term institutional reforms, developing a comprehensive management approach that covers the entire lifecycle of asset management [2] - The initiative has transitioned from a singular focus on asset counting to a virtuous cycle of supervision promoting governance and vice versa, enhancing the collaboration between responsibility and oversight [3] - The bureau has extended its asset management practices to other key areas such as personnel and finance, implementing multiple regulations to strengthen the supervisory framework [3] Group 3: Future Directions - The bureau plans to consolidate the results of the asset inspection and improve the long-term mechanisms for internal governance, aiming for high-quality development in the statistical sector of Lianyungang [3]

规则明则秩序顺，秩序顺则市场兴。以刚性制度打通规则壁垒，才可以激活超大规模市场潜力，让各类经营主体 公平竞争、蓬勃生长，为经济高质量发展注入持久动力。（图文 杨淼 许子杰） 【责任编辑：唐红】 破解堵点需锚定"五统一、一开放"的基本要求，以制度建设破题。要加快制定统一大市场建设条例，清理废除妨 碍公平竞争的规定做法，让市场基础制度更协同。统一监管执法尺度与要素市场规则，消除 "一地一策" 的隐性壁垒， 降低企业制度性交易成本。深化财税、统计体制改革，优化政绩考核导向，从根源上遏制地方保护冲动。 建设全国统一大市场，本质上是一场制度建设"攻坚战"，筑牢制度规则的"统一底座"，才能让市场活力充分涌 流，实现"规则清而树自茂"的发展成效。 当前，统一大市场"四梁八柱"已基本建立，市场准入负面清单持续压减，公平竞争审查不断深化。但隐性壁垒仍 未根除，地方"政策洼地"、标准不统一、监管尺度不一等问题，将全国市场切割成碎片化区域。这不仅导致资源配置 效率低下，更催生了产业低水平重复建设等乱象，成为制约经济高质量发展的"绊脚石"。这些问题的根源，在于制度 规则的衔接不畅与执行偏差，仅靠市场自发调节难以破解。 ...

Core Viewpoint - The construction of a unified national market in China requires substantial institutional reforms and cannot rely solely on spontaneous order to achieve a truly unified market [1][2]. Group 1: Institutional Challenges - The current market in China has not yet formed a genuine "national unified market," which is essential for maximizing the potential of the country's vast market [2]. - The complexity of economic and social relationships necessitates a robust legal framework to regulate various interests, as seen in international examples like the EU and Japan [3]. - Since the issuance of the "Opinions on Accelerating the Construction of a National Unified Market" in 2022, significant progress has been made, including the introduction of various regulations aimed at promoting fair competition and addressing long-standing issues [4]. Group 2: Market Fragmentation and Local Protectionism - Despite progress, local protectionism and market fragmentation remain significant challenges, driven by local government performance evaluation systems that prioritize local economic metrics [6][7]. - The existing fiscal and statistical systems do not fully align with the requirements of a unified national market, leading to resource retention within local jurisdictions [7]. - Regulatory gaps in emerging sectors, such as the low-altitude economy, hinder market vitality and increase operational costs for businesses [8]. Group 3: Standardization Issues - The coexistence of national, industry, and local standards creates barriers to market entry and complicates compliance for businesses [9]. - Efforts to unify standards are ongoing, but discrepancies between international and domestic standards continue to impose additional costs on businesses [9]. Group 4: Policy Implementation and Effectiveness - The challenge lies in balancing effective market operations with government oversight, requiring a clear legal framework to regulate local government actions [10]. - There is a need for a systematic approach to reform local government performance evaluation systems to align with the goals of a unified national market [11]. - Ensuring the effective implementation of policies and regulations is crucial, with a focus on avoiding superficial compliance and ensuring that local interpretations of laws are consistent [12].

仅靠"看不见的手"，通过自发秩序进行调节，能形成全国统一大市场吗？ 答案是否定的。 当前一个较为明确的判断是，全国统一大市场建设越往深里走，越要动真碰硬，下决心解决具有实质 性、根本性、牵引性的问题。这必然要求我们从关注现象转向探究根源，补齐法规制度短板，以制度之 力推动全国统一大市场建设。 本质上是一场制度建设"攻坚战" 市场是最稀缺的资源，超大规模市场是我国的优势所在，目前其潜力远未发挥出来。究其关键，在于这 个市场尚未形成真正意义上的"全国统一大市场"。 研机析理。"全国"，显示整体性，强调国内大循环的主体地位；"统一"，显示规范性，强调统一市场基 础制度、统一市场基础设施、统一政府行为尺度、统一市场监管执法、统一要素资源市场；"大"，显示 规模性，强调这是一个整体深度融合、对内对外开放的市场。 进一步分析，就广度而言，这个市场覆盖的消费人口和地域要有足够大的规模；就深度而言，各类要素 资源市场需联动协同，软硬件基础设施需完备统一。这样才能有效发挥潜力和优势，为要素高效配置、 技术快速迭代、产业转型升级提供超大规模的市场容量、丰富的应用场景、充分的竞争机会。 市场运行涉及经济社会各环节，各类主体的利益链 ...

中证报中证网讯（记者 林倩）2025年12月10日至11日，中央经济工作会议在北京举行。东吴证券首席 经济学家芦哲表示，在宏观要求中不再出现"稳住股市"的字眼，而是转变为"着力稳就业、稳企业、稳 市场、稳预期"，这并不意味着不重视股市，而是标志着政策关注点从维持稳定转向了维持市场机制正 常运行（稳市场）和信心建设（稳预期）。"明年市场的重点不再是单纯的资金入市，而是更深层次的 制度建设，特别是要在'投'与'融'两端寻找新的平衡，而不仅仅是为企业融资服务。" 芦哲认为，在国内经济方面，2024年中央经济工作会议强调了"需求不足"的一面，今年则提出"供强需 弱矛盾突出"，更注重供需平衡关系。尽管存在上述问题，但会议指出"这些大多是发展中、转型中的问 题，经过努力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变"。整体更主动应对外 部冲击，统筹内外工作，从稳定资产价格到稳定微观主体；质量重于数量，增强居民和企业的获得感。 针对扩内需政策，芦哲表示，消费仍然是放在扩内需的第一位，但会议对"两新"（设备更新和以旧换 新）政策表述发生了重大变化，从去年的"加力扩围"改为了今年的"优化"，政策从单纯的"资金加码" ...

想来想去，还是有必要对上个周末的两大利好进行解读，免得大家出现误解，从而对行情的判断出现偏差。 先做个简单的背景分析，因为上周五早上的时候市场成交萎缩的很明显，如果下午不是券商保险这些发力，全天的成交金额存在破1.5万亿的可能性，因为 成交的萎缩事关重大，会对市场信心带来不利的引导，并且很容易形成空头信号，这种情形下，出现周末的两大利好，大家心知肚明，存在维护市场稳定的 意图。 周一开盘怎么走？ 我感觉周末出的利好似乎已经在周五的盘面上体现了，所以今天会适当的高开，但是要想出现比较突出的表现比较难，目前依然还是震荡市，大家不要因为 上个周末的利好而迷失了方向，短期内反弹的多了，就要注意可能回落的节奏。 免责声明：文中内容仅供参考，不构成任何操作建议或提示，股市有风险，投资请谨慎！ 其二，对优质机构适当的优化风控指标，打开资本空间和杠杆限制，也是属于制度建设层面，现在这是这么一个说法，具体的细则还没有出来，所以影响有 多大现在难以评估，对券商行业来说，为什么股价跑不赢银行和保险，主要还是回报率的问题，银行的股息率有优势，保险的业绩是没问题，券商最大的问 题是行业内卷明显，竞争格局对预期形成了干扰，最关键的一点券 ...

Core Viewpoint - The A-share market in 2025 is experiencing an intensified regulatory storm, with multiple companies facing investigations and warnings, highlighting governance issues and a market environment where "bad money drives out good" [1] Regulatory Developments - In the third week of November, the China Securities Regulatory Commission (CSRC) issued multiple investigation notices to listed companies, including Haosai and Jushi Chemical, due to information disclosure violations, leading to significant stock price declines [3] - A total of 100 listed companies or executives have been investigated in 2025, with over 90% of cases involving financial fraud and information disclosure violations [5] - 15 companies have received formal penalties, with ST Yundong facing the highest fine of 6 million yuan for false financial reporting [7] Company-Specific Risks - ST Changyao is at high risk of delisting due to negative net assets and numerous lawsuits, while ST Lifang faces potential delisting if financial fraud is confirmed [3][5] - ST Yuancheng has become the first case of "market value delisting" in 2025, with its market value falling below 500 million yuan for 20 consecutive trading days [7] Systemic Regulatory Changes - The regulatory environment is tightening, with a focus on improving the structure of listed companies and protecting investors, as emphasized by CSRC Vice Chairman Li Chao [9] - Recent policies aim to strengthen risk prevention and regulation, extending enforcement to intermediary institutions, with 13 brokerages penalized for various violations [9] Market Trends - There is a notable trend of long-term capital entering the market, with social security, insurance, and pension funds net buying over 200 billion yuan of A-shares in 2025 [9] - Regulatory encouragement for dividends and buybacks has led to significant capital returns to shareholders, with 4.2 trillion yuan in dividends and 230 billion yuan in buybacks from 2024 to July 2025 [9]

这场危机带有一点公共物品的悲剧的味道。战争需要武器、资金和国际背书，但这些资源享受的是全体人民，而代价往往由特定群体承担：纳税 人、前线士兵、普通家庭。当负责分配和监管的人员也被怀疑和调查时，援助国的选民开始提出另一个问题：我们的资金是不是被当作提款机了？ 如果无法说服选民，支持自然难以持续。新闻中提到的国家列表并非巧合，而是政治现实的回响。如果将目光聚焦回乌克兰国内，公众的愤怒不仅 仅针对一张发票或几个账户，更深层次的是对被背叛的感觉。政府想要调动民众为战争做长期牺牲，首要的前提是信任积累，而一旦这份信任被腐 败掏空，恢复起来的代价将比任何武器都要高得多。那些在国外为乌克兰摇旗呐喊的声音，也因为国内的丑闻而显得苍白无力——支持的热情会因 难以监督的账目和看不到的结果而逐渐冷却。在国际政治中，舆论和现实往往是两条不同的轨道。有些人会将俄罗斯情报机构的说法视为信息战的 一部分，但如果回到事实本身：腐败案的发生，部长们的辞职，欧洲国家重新评估援助——这些事实并不依赖于谁在放大它们；它们的影响是实实 在在的。援助方有权质疑受援国的治理，而受援国则必须承受被审视的后果。如果将两者对立成要么支持，要么背叛的极端二选一， ...