"二十五载磨一剑，砺得锋芒照九州。" 扎根资本市场二十五载，中国银河证券步伐铿锵。刚刚过去的一年，公司总资产、净利润双双刷新历史 纪录，核心经营指标稳居行业第一梯队。 这份亮眼答卷，是央企券商服务国家战略的担当，更是深化改革、转型发展的必然。中国证券业协会监 事长，中国银河证券党委书记、董事长王晟日前在接受中国证券报记者专访时，展现出对行业使命与公 司发展的深入思考。 "加快建设金融强国的时代号角已吹响，打造一流投资银行是我们必须答好的时代课题。"在王晟看 来，"一流"二字，内涵丰富，标准严苛，它承载着在功能发挥、专业立身、国际视野、风险防控与文化 底蕴等方面的全面要求与系统性提升。中国银河证券正以此为战略导向与行动标尺，全面开启迈向高质 量发展的新征程，立志在中国式现代化大局中展现更大担当、实现更大作为。 ● 本报记者 徐昭 解码"一流" 五大要素筑牢发展根基 谈及一流投资银行的建设路径，王晟认为这是一项系统工程，不能简单用规模大小来衡量，必须坚持目 标导向和问题导向，深入把握五个核心要素。 功能发挥是核心导向。"国有金融企业的使命，始终与国家发展同频共振。"王晟表示，必须践行金融工 作的政治性和人民性，把 ...

编者按 党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出重要部署， 为证券行业在新征程上把握方向、勇担使命提供了根本遵循。中国证监会主席吴清在近期召开的中国证 券业协会第八次会员大会上表示，证券行业要牢牢把握"国家兴衰，金融有责"的历史定位，认真落实党 的二十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头， 争创一流。 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二篇。 "二十五载磨一剑，砺得锋芒照九州。" 扎根资本市场二十五载，中国银河（601881）证券步伐铿锵。刚刚过去的一年，公司总资产、 ...

新 京 报 业 贝壳财经 出海基地正在通过构建 八大核心服务'体系, 打造'政策创新、生态服 海外订单、合规监 翁、 管" 四大高地和外向型产 业集群助力企业活。 GG 全球贸易变局下，北京外贸以创新为破局密钥，践行"十五五"贸易强国部署。京东、抖音、值得买（300785）科 技等企业发力跨境电商，借助AI、内容生态优化出海全链路；北京数字经济出海创新服务基地搭建"1+3+N"生 态，提供一站式出海支持。同时，企业深化内外贸一体化，通过"出口转内销"等计划筑牢发展屏障。政策护航与 数字赋能叠加，北京外贸从传统代工向"自主研发+全球品牌"转型，成为双循环格局下高质量发展的重要支撑。 (中国互联网发展基金会中国正能量网络传播专项基金支持) 中国互联网友展基金会 hina Internet Development Foundation 上午三十八 元主要的阿隆 跨境电商 打卡北京小巨人 北京数字经济企业出海创新服务基地 副总经理李昱龙: ...

凭借独特的冷凉气候与纯净的冰川融水，青海正创造产业奇迹。这里不仅生长出直供粤港澳的冷凉蔬 菜，更养殖出远销十多个国家的高原三文鱼。"十四五"以来，青海累计输出绿色有机农畜产品价值 559.1亿元，以坚实的生态底色，书写了高质量发展的"热"篇章。 绿色有机农畜产品远销三十多个国家和地区 龙羊峡三文鱼"飞向"十多个国家和地区 在青海，尝过清爽甘甜的冷凉蔬菜，自然不能错过口感鲜美、油脂丰富的高原三文鱼。在海南藏族自治 州龙羊峡水库的龙洋知鲜（青海）股份有限公司网箱养殖基地内，工人们熟练处理完刚刚捕捞上来的三 文鱼后，将鱼放入装有冰袋的箱子。 龙羊峡水库年平均水温12摄氏度，常年不封冻，是养殖冷水鱼的理想环境。龙羊峡的三文鱼，经西宁机 场航空物流快速通道出省，在广州转关后，36个小时便能进入海外市场。 龙洋知鲜（青海）股份有限公司品牌总监沃日晗介绍，企业目前已开展"5G+智慧渔业"建设，实现了三 文鱼从鱼卵、投喂、生长到捕捞的全链条数字化溯源，品质可控。同时，三文鱼养殖工作走的还是生态 友好路线，推广循环水养殖模式，最大限度减少对黄河的影响。 目前，龙羊峡三文鱼已出口至日本、新加坡、西班牙等十多个国家和地区，在国产三 ...

Core Viewpoint - The establishment of a unified national market is a significant initiative for constructing a new development pattern and promoting high-quality development, with Zhengzhou playing a crucial role as a key hub in this process [1]. Group 1: Hard and Soft Connectivity - Zhengzhou Airport has become the first comprehensive cargo distribution center in China, achieving seamless connections between air, rail, subway, and road transport, with a cargo volume exceeding 820,000 tons in 2025, a 24% increase from the previous year [2]. - The logistics efficiency revolution includes the completion of new highways, increasing Zhengzhou's total highway mileage to 660 kilometers by the end of 2025, and the successful launch of four "iron-sea direct transport" routes, achieving a 20% increase in containerized rail-water transport [2]. - The integration of transportation and postal services has reduced logistics costs from 18% to below 12% of the total value of goods shipped from Zhengzhou to the Yangtze River Delta [3]. Group 2: Digital Empowerment - Zhengzhou has implemented a digital reform plan in the bidding and tendering sector to enhance market environment quality, aiming for a fair, efficient, and transparent process [7]. - The city has streamlined the enterprise migration process, reducing the time required from 21 days to under 6 days, resulting in an 80% efficiency improvement [8]. - The "Zhenghao Rong" platform has provided financial support to over 1.1 million enterprises, with a total credit scale of 99.47 billion yuan, and an average credit approval time of 2.17 days, which is 56.6% faster than traditional channels [9]. Group 3: Market-Oriented Reforms - Zhengzhou has been designated as one of the national pilot cities for comprehensive market-oriented resource allocation reforms, with a focus on breaking down barriers to free flow and efficient allocation of resources [11]. - The city has implemented a "standard land" transfer policy for industrial land, resulting in the supply of over 34,000 acres of land [12]. - Zhengzhou's data resource transaction volume reached 4.877 billion yuan in 2025, positioning it among the top cities in the country for data marketization [12]. Group 4: Open Economy and Trade - Zhengzhou has established a cross-border e-commerce base, facilitating rapid delivery of goods, such as salmon, to consumers within 24 hours [13]. - The city has achieved a foreign trade import and export volume of 508.58 billion yuan in the first ten months of 2025, an 18% increase year-on-year [14]. - The cultural and tourism sectors have seen significant growth, with over 820 micro-short film production companies established, employing more than 30,000 people [14]. Group 5: Strategic Positioning - Zhengzhou's strategic location and infrastructure, including a comprehensive high-speed rail network, position it as a key node in the domestic circulation of goods and services [15]. - The city aims to enhance its urban capabilities and drive quality, efficiency, and dynamic changes through its integration into the national unified market [15].

（更多报道见A5版～A7版） （原标题：南海千帆渡 开放向未来——海南自由贸易港封关启新程） 证券时报记者 吴少龙 12月18日，海南自由贸易港正式启动全岛封关运作。这是我国坚定不移扩大高水平对外开放、推动建设 开放型世界经济的标志性举措。作为承载国家战略的开放前沿，海南自贸港以"零关税、低税率、简税 制"为核心，在制度创新、外资集聚、国际合作、智慧监管等方面多点突破，书写着中国与世界共享发 展机遇的新篇章。 制度集成创新是自贸港建设的核心引擎。截至目前，海南已培育21批173项制度集成创新案例，82项获 国家认可、37项向全国推广。从全国首张跨境服务贸易负面清单到省级营商环境建设厅的首创，从"土 地超市"到全域"禁塑"制度，一系列突破性举措构建起系统完备的开放制度体系，为封关运作筑牢根 基。封关后，海南将持续推动政策贯通叠加，对标国际高水平经贸规则，在运行机制、监管模式等方面 深化创新，形成更多具有全国示范意义的制度成果。 开放红利的持续释放吸引全球资源加速集聚。2020年至2024年，海南实际使用外资达1667亿元，年均增 长15.8%，176个国家和地区在琼投资；与40个境外自贸区（港）建立伙伴关系，2 ...

12月18日，海南自由贸易港正式启动全岛封关运作。这是我国坚定不移扩大高水平对外开放、推动建设 开放型世界经济的标志性举措。作为承载国家战略的开放前沿，海南自贸港以"零关税、低税率、简税 制"为核心，在制度创新、外资集聚、国际合作、智慧监管等方面多点突破，书写着中国与世界共享发 展机遇的新篇章。 制度集成创新是自贸港建设的核心引擎。截至目前，海南已培育21批173项制度集成创新案例，82项获 国家认可、37项向全国推广。从全国首张跨境服务贸易负面清单到省级营商环境建设厅的首创，从"土 地超市"到全域"禁塑"制度，一系列突破性举措构建起系统完备的开放制度体系，为封关运作筑牢根 基。封关后，海南将持续推动政策贯通叠加，对标国际高水平经贸规则，在运行机制、监管模式等方面 深化创新，形成更多具有全国示范意义的制度成果。 开放红利的持续释放吸引全球资源加速集聚。2020年至2024年，海南实际使用外资达1667亿元，年均增 长15.8%，176个国家和地区在琼投资；与40个境外自贸区(港)建立伙伴关系，2024年贸易进出口总额较 2020年增长2倍。封关后，"零关税"商品税目占比从21%大幅提升至74%，6637个税目 ...

Core Viewpoint - The article discusses the implications of the recent economic work conference in China, highlighting the focus on domestic demand and structural reforms to stimulate economic growth, with an optimistic outlook for the economy in the coming years [3][5]. Economic Growth Predictions - The World Bank has adjusted its forecast for China's economic growth, predicting a rate of 4.9% in 2025 and 4.4% in 2026, both up by 0.4 percentage points from previous estimates [3]. - The emphasis on domestic demand as a driver of growth aligns with the signals from the economic work conference, which prioritizes building a strong domestic market [5]. Trade Performance - China achieved a record trade surplus of $1 trillion in the first 11 months of the year, despite a significant drop in exports to the U.S. by 18.3% [6][8]. - Exports to Europe, Southeast Asia, and Africa increased by 8.9%, 14.6%, and 27.2% respectively, indicating a successful shift in export structure [8]. - The systematic upgrade of China's manufacturing capabilities has been a key driver of this export growth, contributing nearly 45% to the increase in exports over the past five years [10]. Fiscal and Monetary Policy - The economic work conference emphasized a "loose monetary policy," focusing on lowering interest rates and easing credit conditions to stimulate economic recovery [12]. - A more proactive fiscal policy is expected, with a projected fiscal deficit rate of around 4% for 2026, maintaining the same level as in 2025 [15]. - The conference highlighted the importance of fiscal policy in supporting economic recovery, particularly in addressing local government financial challenges and funding infrastructure projects [15][17]. Economic Indicators and Consumer Impact - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, indicating a potential economic recovery and signaling a possible turning point for the economy [21]. - The anticipated easing of mortgage rates due to loose monetary policy may alleviate repayment pressures for homebuyers, while consumer spending could benefit from reduced restrictions and potential subsidies [21][23]. - Support for new infrastructure, renewable energy, and high-end manufacturing is expected to create numerous skilled job opportunities, enhancing stability for small and medium enterprises [23].

中国商报（记者 蔡佳文 文/图）财政部、商务部、文化和旅游部、海关总署、税务总局日前联合发布的《关于完善免税店政策支持提振消费的通知》（以下 简称通知）提出，自2025年11月1日起完善免税店政策，支持提振消费。如今，该政策已经"满月"。无独有偶，海南离岛免税升级政策也同步落地一月。近 日，天津首家市内免税店、我国西北地区首家西安市内免税店相继开业。这场促进免税商品零售业务健康有序发展的政策变革，正推动我国免税行业实现质 量提升的关键跨越，消费回流效应初步显现。 政策落地显成效 通知明确，自2025年11月1日起完善免税店政策，旨在进一步发挥免税店政策支持提振消费的作用，引导海外消费回流，吸引外籍人员入境消费，促进免税 商品零售业务健康有序发展。 通知从多个方面完善了免税店政策，包括优化国内商品退（免）税政策管理，积极支持口岸出境免税店和市内免税店销售国产品，鼓励免税店引入更多能够 体现中华优秀传统文化的特色优质产品，增加国产商品在免税店的销售。进一步扩大免税店经营品类，新增手机、微型无人机、运动用品等热销商品，丰富 旅客购物选择。同时，免税店审批权限放宽，便利化和监管措施也进一步完善。 在南开大学金融发展研 ...

Investment Rating - The report does not explicitly state an investment rating for the logistics industry, but emphasizes a strategic shift towards high-quality development and cost reduction during the "14th Five-Year Plan" period [4][12]. Core Insights - The logistics industry is positioned as a key link in the supply chain, with its strategic value elevated under the new development pattern of "dual circulation" [4][12]. - The focus during the "15th Five-Year Plan" will be on reducing costs, improving quality, and expanding market space through multi-dimensional empowerment and structural upgrades [5][12]. Summary by Sections Cost Reduction - The logistics industry faces significant challenges in cost efficiency, primarily due to structural shortcomings and a tendency towards "involutionary cost reduction" [5]. - The report highlights that the ratio of total social logistics costs to GDP is expected to decrease to 14.1% by 2024, down from 14.7% in 2020, indicating a cumulative decline of 0.6 percentage points [6]. - The "Action Plan" aims for this ratio to reach approximately 13.5% by 2027, providing a clear path for cost reduction [6][7]. Capability Enhancement - The logistics sector currently exhibits a lack of comprehensive service capabilities, with a significant number of companies focusing on traditional services rather than high-end solutions [8][9]. - The report identifies three key areas for capability enhancement: digitalization, green transformation, and resilience [9]. - By 2024, the penetration rate of new energy logistics vehicles is projected to exceed 1.5 million units, accounting for 35% of urban delivery vehicles [9][10]. Market Expansion - The report outlines multiple market opportunities for the logistics industry, emphasizing the expansion of rural logistics and the integration with manufacturing and modern agriculture [11]. - The international market is also highlighted, with a focus on enhancing cross-border logistics capabilities and supporting the construction of logistics hubs [11]. - New growth areas such as low-altitude logistics, cold chain logistics, and emergency logistics are emerging as significant opportunities for the industry [11].