12月26日，全市场ETF总规模历史性突破6万亿元大关。事实上，自2024年起，ETF市场就开始了爆发 式扩容，2024年全年规模增长1.68万亿元，2025年8月份总规模突破5万亿元，而从5万亿元到6万亿元的 跨越仅用时约4个月。 在政策引导下，保险、企业年金等长线资金加速通过公募ETF布局指数产品。利用ETF这一高效工具， 机构能够覆盖权益、固收、商品等多类资产的配置需求，资金入市效率进一步提升。 笔者认为，中国ETF市场的迅速发展，标志着一个更理性、更高效、更富韧性的投资时代的开启，可以 从三个角度来观察。 第一，ETF"量质齐升"，产品结构优化。 截至12月26日，中国ETF市场产品数量达到1391只，总规模达到6.03万亿元，双双创下历史新高。但比 数字更值得关注的是产品结构的优化。 ETF市场正在经历从"股票独大"到"多元均衡"的转型。债券型ETF和商品型ETF成为新的增长极。债券 型ETF总规模从2024年底的1739.13亿元增至当前的8045.64亿元，增幅高达362.62%；商品型ETF总规模 增幅达239.72%。股票型ETF的市场份额则略有下降。 由此可见，投资者更注重资产配置的稳健性 ...

Core Viewpoint - The article highlights the significant role of Everbright Bank's Shanghai branch in supporting national strategies through high-quality financial services, contributing to major project construction and regional economic development. Group 1: Support for Key Industries - Everbright Bank's Shanghai branch provides customized, full-cycle financial support focused on key sectors such as aviation and shipping, aligning with national strategic goals [1][2] - The bank issued 120 million yuan in working capital loans to an aviation company for daily operations and route expansion, demonstrating its commitment to supporting the aviation industry's recovery [1] Group 2: Regional Development and Urban Enhancement - The bank invested 730 million yuan in non-publicly issued corporate bonds of a state-owned enterprise in Xuhui District, contributing to regional high-quality development [3] - Everbright Bank has engaged with 20 regional urban investment enterprises this year, emphasizing its role in urban development and infrastructure enhancement [3] Group 3: Integration into Regional Strategies - The bank actively supports the "Yangtze River Economic Belt" initiative by investing 100 million yuan in a specialized asset-backed plan, facilitating financial and industrial financing along the Yangtze River [4] Group 4: Support for National Brands - Everbright Bank has established deep partnerships with local enterprises, including a century-old jewelry brand, providing 800 million yuan in working capital loans to promote the development of national brands [5] Group 5: Expansion of Cross-Border Financial Services - The bank is enhancing its cross-border financial services to support enterprises' internationalization, focusing on key sectors such as infrastructure and digital economy [6] - As a pilot bank for a new offshore international trade business verification platform, the bank successfully completed its first transaction on the launch day, reinforcing its commitment to facilitating cross-border financial services [6] Conclusion - The various initiatives undertaken by Everbright Bank's Shanghai branch exemplify its dedication to serving national strategies and contributing to the development of Shanghai as an international financial center [7]

基金设立层面，北京、江苏、广东等地均有基金宣布设立或落地，基金主要聚焦人工智能、商业航天、 集成电路、新能源、生物医药 等赛道 。北京 20亿商业航天社会化专项基金主攻航天赛道。广东30亿人工智能与机器人产业基金子基金瞄准AI领域。此外， 慕华联合智元设立基金 布局AI产业 链。 值得关注的是， 本周内江苏、湖北多地百亿社保科创基金集中亮相 。 此外， 首期5亿元的弘晖重庆新质生产力基金完成备案； 同时，两广等多地 基金管理人遴选工作正在推进。 千亿航母级国家创业投资引导基金成立 导读 本周上海、成都等地均有母基金宣布落地或出资，母基金重点布局生物医药、人工智能、交通设施、能源资源等领域。 值得关注的是，本周千亿航母级国家创业投资引导基金正式启航， 旗下三只区域子基金分别在北京、上海、深圳三地同日完成工商登记。 2025年12月22日，国家创业投资引导基金（以下简称"国家创投引导基金"）旗下的三只区域子基金，分别在北京、上海、深圳三地同日完成工商登 记。据介绍，首批三只区域基金已与49只子基金和27个直投项目签订投资意向，预计近期可完成一批重点子基金和直投项目投资。未来，引导基金 将推动在三个区域设立超过60 ...

● 本报记者 林倩 12月19日，由中国证券报主办的"财富向善 智理未来"2025财富配置与资产管理大会在深圳举行。上海 证券党委书记、董事长李海超在发表主旨演讲时表示，服务居民财富管理是证券公司的重要使命，必须 精准对接国家战略，将行业发展融入国家大局。目前，上海证券正着力打造具有专业特色的财富管理型 券商，通过在专业能力、科技融合、生态建设等领域的持续探索，走出一条差异化发展道路，并与行业 同仁携手共建良性生态，切实履行金融报国、服务民生的责任担当。 财富管理必须精准对接国家战略 在行业深刻变革的当下，李海超表示，财富管理已不只是一项市场化的金融服务，更成为服务国家战 略、推动高质量发展的重要支撑。 日前召开的中央经济工作会议提出，"持续深化资本市场投融资综合改革"。李海超认为，这为行业赋予 了前所未有的时代使命。财富管理必须精准对接国家战略，既要围绕共同富裕、扩大内需，通过服务下 沉惠及更广泛人群，也要紧扣创新驱动与绿色转型，引导资金投向科创与低碳领域；同时还需服务高水 平对外开放，助力居民拓展全球资产配置。 "财富管理的价值正在发生三重根本性升级，从金融机构的市场行为，升维为国家战略的有机组成；从 服 ...

特色农产品期货助力乡村振兴 葵花籽油在我国油脂消费中位列第五，然而，因其可替代性强、国产供应有限，且进口受诸多因素掣 肘，消费量波动显著。国内葵花籽以食用为主，油用占比较小，葵花籽油有九成依赖进口。未来，葵花 籽油期货上市后，既能助力实体企业对冲风险，又能提升我国在全球葵花籽油贸易中的议价能力，推动 产业蓬勃发展。 马铃薯是全球重要的粮食作物，我国马铃薯播种面积在7000万亩左右，年产量接近9000万吨，占世界的 四分之一左右，产量多年稳居世界第一。服务国家马铃薯主粮化战略，马铃薯期货未来推出后，将为淀 粉加工企业和仓储物流企业提供远期价格信号，减少"薯贱伤农"现象，促进产业可持续发展。 鸡肉是世界第一大肉类生产和消费产品，是我国第二大肉类消费品。我国约45%来自白羽肉鸡。白羽肉 鸡是我国所有畜禽品种中料肉比最低、规模化养殖程度最高的品种。鸡肉产业受疫情冲击大，价格波动 频繁。郑州商品交易所正在推动鸡肉期货研发，扩大期货工具服务农业的覆盖范围。 日前，中国证监会召开党委(扩大)会议，传达学习中央经济工作会议精神，结合全国金融系统工作会议 要求，研究部署证监会系统贯彻落实举措。会议提出，"研究推出新的重点期货品 ...

中经记者 张漫游 北京报道 中国社会科学院工业经济研究所所长、党委副书记陈彦斌 （编辑：张漫游 审核：朱紫云 校对：翟军） 2025年是"十四五"规划收官与"十五五"蓝图谋划的承启之年，2026年是"十五五"的开局之年。陈彦斌表 示，当前，世界之变、时代之变、历史之变正以前所未有的方式展开，我国经济发展环境的复杂性、严 峻性、不确定性依然存在。在此背景下，党的二十届四中全会不仅明确了"以推动高质量发展为主题"， 更系统部署了实现高质量发展的路径，这为企业在复杂环境中找准定位、突破增长瓶颈提供了根本遵 循。 "党的二十届四中全会提出了中国具有四大优势，即中国特色社会主义制度优势、超大规模市场优势、 完整产业体系优势、丰富人才资源优势。"陈彦斌分析道，中国将以这四大优势的确定性来对冲所面临 的复杂性、严峻性与不确定性，企业应当深刻体会和把握这一国家战略，善于利用这些确定性优势来化 解外部不确定性带来的挑战。 基于对宏观形势与国家战略的深刻解读，陈彦斌认为，新时代的中国企业竞争力，本质上是与国家战略 同频共振、在高质量发展轨道上实现价值创造的能力，也是在深刻变革中准确识变、科学应变、主动求 变的能力，更是融合了科技 ...

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to adjust risk factors for insurance companies, aiming to enhance their ability to support the real economy and promote long-term capital investment [1][2]. Group 1: Adjustments to Risk Factors - The risk factor for stocks in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index held for over three years has been reduced from 0.3 to 0.27 [1]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [1]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been decreased from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [1]. Group 2: Impact on the Insurance Industry - The adjustments in risk factors are designed to cultivate patient capital and support technological innovation, thereby enhancing the insurance industry's service to the real economy [2]. - The notice encourages insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [2]. Group 3: Internal Control and Management - Insurance companies are required to improve internal controls and accurately measure the holding period of stock investments, thereby enhancing their long-term capital investment management capabilities [3]. - The National Financial Regulatory Administration will guide insurance companies to implement the notice's requirements and improve their solvency management [3].

Core Viewpoint - Wuhan is positioned as a key strategic hub in China's development, with a focus on high-quality growth and innovation, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [2][4][10]. Group 1: Strategic Importance - Wuhan is entrusted with significant responsibilities in the national development framework, emphasizing its role in implementing major national strategies [4][6]. - The city aims to integrate its development with national needs, showcasing its capabilities in technology and innovation [7][10]. Group 2: Technological Innovation - Wuhan's Nine Peaks Mountain Laboratory is a key facility focusing on compound semiconductor research, operating 24/7 to meet national demands [4][5]. - The number of high-tech enterprises in Wuhan is projected to exceed 15,000 by 2024, with technology contract transaction volume surpassing 300 billion yuan [5][6]. Group 3: Regional Development - The Wuhan metropolitan area is expected to achieve an economic total of 3.6 trillion yuan in 2024, accounting for 29% of the Yangtze River Middle Reaches urban cluster [6][8]. - Collaborative development with surrounding cities is emphasized, with a focus on enhancing regional industrial layouts [5][6]. Group 4: Urban Governance and Quality of Life - Wuhan is exploring modern governance models, utilizing digital infrastructure to improve community services and emergency response systems [6][8]. - The city is implementing urban renewal projects that balance historical preservation with modern functionality, enhancing overall urban quality [11][12]. Group 5: Logistics and Connectivity - Wuhan has become a crucial logistics hub, with the establishment of the "China-Europe Railway Express" and improved transportation links reducing logistics costs by approximately 15% [9][10]. - The city is enhancing its role in domestic and international logistics, aiming to strengthen its position in the new development landscape [9][10].

Core Insights - China's digital transformation has made significant progress, with cash circulation becoming nearly invisible in daily life and physical bank cards fading from view [3][4] - The technological revolution is attributed to a carefully designed long-term national strategy aimed at ensuring a smooth transition, covering the entire process from R&D to manufacturing and procurement [3] - The strategy includes systematic energy planning, exemplified by the construction of large solar power stations in the Tibetan Plateau, which efficiently store and transmit clean energy over long distances [3] - This strategic focus also promotes factory automation to reduce manufacturing costs for electric vehicles, which are increasingly being exported globally [3] - Over the past decade, the number of car users in China has significantly increased, particularly among the expanding middle-income group that has largely skipped the gasoline vehicle phase to adopt electric vehicles directly [3] Industry Implications - The advancements in digitalization enhance convenience in daily life, service access, and personal development opportunities, showcasing significant advantages [3] - China's leadership in clean energy and AI training centers positions it at the forefront of global technological advancements [3] - The quiet streets in China, attributed to the widespread adoption of electric vehicles, surprise many European visitors, highlighting a cultural shift in transportation [3][4] - The ongoing transformations in China are expected to reshape the world and impact everyone's lives in the future [4]

Core Insights - The eighth China International Import Expo (CIIE) has significantly boosted global trade, with a record participation of 380 Hong Kong enterprises, 43 small and medium-sized enterprises from Macau, and 23 Taiwanese enterprises, showcasing both scale and quality [1] Group 1: Transformation of Hong Kong, Macau, and Taiwan Enterprises - Hong Kong, Macau, and Taiwan enterprises are evolving from merely selling products to creating ecosystems, reflecting their precise understanding of the mainland market's needs [2] - Companies like Shaiqu Technology have developed innovative products such as a translation assistant that generates 27 foreign languages in real-time, indicating a shift towards more sophisticated offerings [2] - The health consumption upgrade has opened vast opportunities for related industries, with companies like Little Master Holdings reporting over 100% sales growth compared to the previous year [2][3] Group 2: Regional Cooperation and Global Linkage - Macau's Flower Wine Factory has established a partnership with a Chongqing company, leveraging local production capabilities and brand advantages to expand into overseas markets [4] - As a key platform for Sino-Portuguese trade, Macau plays an irreplaceable role in facilitating economic exchanges between mainland China and Portuguese-speaking countries [4] - Companies like Gao Bo International Trade are transitioning from mere agents to hubs for resource integration and market expansion, supported by initiatives like the China-Portugal Fund [4] Group 3: Policy Support and Financial Services - The "Hong Kong: The Preferred Platform for Mainland Enterprises Going Global" promotion highlighted Hong Kong's strategic role in facilitating high-level foreign trade and investment cooperation [5] - Hong Kong's unique advantages in currency exchange and legal frameworks position it as a critical hub for offshore RMB business, providing financial and legal support for mainland enterprises [5][6] - Financial institutions like HSBC and Standard Chartered are focusing on solutions for small and medium-sized enterprises facing challenges in cross-border transactions and financing [7]