重庆作为长江上游重要生态屏障和三峡库区腹地，其生态区位特殊而重要。在此背景下，党中央、国务院先后赋予重庆建设全国深化集体 林权制度改革先行区和绿色金融改革创新试验区的双重国家使命。这一战略部署，既是对重庆筑牢生态屏障工作的肯定，更是着眼于破解 全国林业改革共性难题，要求重庆在生态产品价值实现路径上先行先试、探索经验。近年来，重庆市林业部门及金融部门有诸多举措和成 果推动"金融+林改"工作走深走实。 在此背景下，《清华金融评论》"金融+科技"支持林业可持续发展专栏从重庆起步，就是将这些宝贵的"重庆实践"提炼升华，深入剖析重庆 在政策落实中的创新做法，例如，如何利用科技手段解决林权评估与抵押难题，如何设计绿色金融产品支持林业碳汇开发，如何构建生态 产品价值实现机制等，以期形成一批"可复制、可推广"的经验范本，提升全国范围内金融和科技领域对林业可持续发展的关注和支持。 《清华金融评论》"金融+科技"支持林业可持续发展专栏将以文章为载体，邀请金融及林业领域专家围绕"金融+科技"支持林业发展的热点 议题解读相关政策要点、分享相关实践经验、交流相关问题对策。专栏旨在汇聚金融行业、科技领域与林业产业的智慧与力量，共同探索 ...

20年来，"两山"理念不断丰富和发展，先后写入党的十九大、二十大报告和党章，成为习近平生态文明思想的重要组成部分，上升为治国理 政的基本方略和重要国策，引领我国迈入建设人与自然和谐共生现代化的新征程。《通知》是三部门全面贯彻落实习近平生态文明思想， 深入贯彻党的二十大和二十届三中全会精神、中央农村工作会议及中央金融工作会议精神，推动深化集体林改，践行绿水青山就是金山银 山理念的具体举措。从金融服务、金融保障、金融投入、金融支持、配套体系等五个方面提出15条措施，打通了金融、集体林权制度改 革、森林全周期经营三者融合的政策壁垒，为金融支持林业高质量发展提供了可行路径保障。 在风格上 既可以是分析研判式的文稿,也可以是解读评论型的文稿, 既可以建言献策经济金融理论与实践,也可以归纳总结新经 济金融模式与案例。 2025年是"绿水青山就是金山银山"理念提出20周年，也是"十四五"收官之年。在生态文明建设即将开启新征程的关键节点，《清华金融评 论》于近日在重庆正式发布"金融+科技"支持林业可持续发展专栏。专栏的设立也是对今年8月中国人民银行、金融监管总局、国家林草局 联合印发的《关于金融支持林业高质量发展的通知》（以 ...

新华财经北京12月30日电（王菁）累计上市规模历史性突破一万亿澳门元，财政部与地方政府在澳常态 化发行人民币国债和地方债，支持科技创新的债券板块正式启航并完成首单认证发行，连接中国与欧洲 市场的"一站式"上市通道持续拓宽…… 回望2025年，澳门债券市场在一系列标志性成果与关键数据的见证下，实现了从规模积累到能级跃升、 从服务区域到深度融入国家金融开放战略的深刻转型。在全球经济格局演变与国家金融改革深化的宏大 背景下，这个年轻的市场正以清晰的节奏迈入高质量发展新阶段。 多元结构支撑能级跃升市场跨境服务场景持续扩容 2025年，澳门债券市场交出了一份总量与结构俱佳的年度答卷。新华财经从中华（澳门）金融资产交易 股份有限公司（MOX澳交所）获悉，截至12月中旬，市场累计上市债券已逾千单，总规模突破一万 亿，达10549亿澳门元；年内新增上市债券319单，融资规模达2523.75亿澳门元，较去年同期增长 11.1%，显示出强劲而稳健的增长动能。 市场的蓬勃发展，源于市场内部结构的持续优化与多元板块的协同并进。从细分领域观察，绿色金融成 为亮眼增长极，澳门债券市场全年共有36笔绿色债券完成上市，募集资金达369.20 ...

深圳市委大院门前的"孺子牛"雕塑，在特区成立之初落成，四十多年间见证了这片土地从一片滩涂发展 成为如今的现代化城市。"俯首甘为孺子牛"的精神，也在一代代建设者的埋头苦干中得以传承与彰显。 深圳经济特区历经45年的发展和沉淀，这头"孺子牛"在奋斗者的行动诠释中，被赋予了新的注解。一群 扎根深圳多年的"平安"人，在综合金融体系敢想敢闯，让守护跨越千里；在"科技+金融"的赛道上开拓 创新，埋头探路；在万千种生活中持续俯首，秉持"孺子牛"基因，将专业实干写在鹏城大地上。 转自：新华财经 在深圳的奋斗者心中，有一座雕塑承载着特别的感情。 正在央视热播的短剧《奇迹》，用两集《牛牛》单元，讲述了当下深圳奋斗者与一头牛相关的故事。 敢想敢闯的"牛牛"：实现跨越千里的守护 故事发生在西藏，取材于中国平安产险西藏分公司那曲支公司的真实案例。 为了守护这头牛，巴登求扎默默爬过许多山，搭乘各种交通工具，淋过大雨、经过暴晒。一个夏天要给 十几万头牦牛打完耳标，这给了他巨大压力，"不太敢相信自己一定能完成——因为过了这个夏天，牦 牛就要转场了。"他坦言。 在一次次和牧民的交谈中，他逐渐熟悉了牦牛的生活习性和不同季节的饮食规律。在巴登求扎 ...

广元清河小学师生古柏寻迹活动 在广东新会，406岁的小鸟天堂古榕同样承载着深厚的历史记忆。自民国起，它便是文人笔下的"自 然奇迹"，巴金先生的到访更让"鸟的天堂"成为中国人心中的诗意图腾。为让这份诗意永不落幕，2024 年9月，平安产险为古榕树捐赠三年养护费用，用持续的守护，让民国诗意在当代续写新篇。 当秦汉驿路的马蹄声远去，唐代寺庙的钟声消散，巴金诗集的笔墨泛黄，中国乡村的古树名木，正 以跨越千年的身姿挺立在新时代的守护中，不断焕发新生。金融与科技的力量，正为这些"活着的史 书"保驾护航，继续以年轮记录文明，以绿荫守护乡土。 历史人文：呵护续写时光篇章 在四川翠云廊古柏群中，一棵约2300年树龄的剑阁柏巍然屹立。它是全球唯一的剑阁柏树种，被誉 为"国之珍宝"。翠云廊古柏既是"世界柏树天然基因库"的重要组成，更承载着"张飞植柏护蜀道"的历史 记忆。 "绿水青山就是金山银山"，守护古柏，便是为历史续篇。2024年，平安产险为7803株古柏捐赠30万 元复壮资金，同时提供价值5980万元的风险保障。不仅如此，还带领广元清河小学师生开展寻迹活动， 让孩子们走进古柏群，聆听千年故事，让历史记忆在新一代心中扎根。 陕西 ...

最近几天，浙江天远生物科技有限公司负责人黄必胜正忙着采购用于临床科研的设备。在企业展厅，每 隔一段时间就会有新的免疫药品展出陈列。"多亏了甬城农商银行为我们量身定制的融资方案，不仅办 理方便，利率还有优惠，产品才能顺利研发、尽早投产。"黄必胜说，接下来，他打算引进专业研发人 才，为企业进一步发展壮大提供坚实保障。 研发周期长、技术投入高，缺乏流动资金成为制约生物科技企业发展的瓶颈之一。天远生物科技是一家 集人体免疫评估、基因检测等于一体的国家高新技术企业，在发展过程中同样遇到了资金困境。 在此基础上，江北区发挥政策性担保赋能作用，让各类科技型企业吃下"定心丸"。比如，针对初创期科 技企业"轻资产、缺抵押"的融资困境，江北在宁波市首创"专利估值+政府增信"质押反担保模式，将专 利技术"明码标价"转化为融资资本，为轻资产初创期科技企业开辟"技术换资金"绿色通道。 为精准服务高速成长型企业的技术成果转化需求，江北区推出"股权投资+担保增信+信贷支持"模式。 截至今年8月，作为辖区政府性担保机构，宁波市正德中小企业融资担保公司累计为全区47户科创企业 提供88笔担保，担保发生额1.35亿元。 金融赋能破解从"实验室" ...

Core Insights - The true value of large models lies in deep specialization within vertical fields, which enhances the overall intelligence density of the ecosystem [1] - Ping An's AI strategy, termed "AI in All," aims to redefine service margins and transition from a labor-intensive model to one led by a few skilled professionals managing a group of robots [1][2] AI as a Value Creation Center - AI technology is the core engine driving Ping An's "Finance + Technology" and "Finance + Ecosystem" strategies, evolving through three stages: small models, strong thinking models, and now scaling capabilities [2] - The AI-driven insurance system has achieved a 4000-fold increase in damage assessment speed, processing over 40,000 claims daily, and is the only automated damage assessment platform in large-scale production [2][3] Applications in Various Sectors - In smart city initiatives, Ping An has developed a multi-layered financial risk warning and economic decision-making system, achieving over 90% recall rate for defaulting companies and 85% accuracy in macroeconomic predictions [3] - The "Yibotong" model in healthcare has improved consultation and diagnosis accuracy to 99% and 94%, respectively, utilizing 200 billion medical tokens [3] Balancing Privacy and Data Value - Ping An focuses on vertical specialization in AI, establishing a robust research and organizational structure to support rapid model development and deployment [4][5] - The company employs a dual-track framework of "technology + system" to balance data value extraction with user privacy protection [5] Competitive Advantages and Future Directions - Ping An's "Five Wisdom" strategy emphasizes intelligent marketing, services, operations, management, and business, leveraging open-source models for vertical innovation [6][7] - The transition from "perceptual" to "operational" AI applications has led to the creation of over 57,000 intelligent agents, significantly enhancing operational efficiency [7][8] Systemic Impact of AI - The deep application of AI models is creating a chain reaction, leading to the emergence of "AI-native applications" and systemic intelligent agents that share capabilities through a unified model base [8][9] - The focus on model safety and interpretability is critical for compliance and ethical standards, especially in finance and healthcare sectors [9]

Investment Rating - The report maintains a "Recommendation" rating for Xiangcai Co., Ltd. (600095) with a target price of 16.46 CNY [2][9]. Core Insights - Xiangcai Co., Ltd. reported a significant increase in net profit for Q3 2025, driven by strong performance in its securities business and investment income. The company achieved a total revenue of 1.8 billion CNY for the first nine months of 2025, representing a year-over-year increase of 16.1%, and a net profit of 440 million CNY, up 203.4% year-over-year [2][4]. - The company's subsidiary, Xiangcai Securities, contributed significantly to the overall performance, with a net profit of 490 million CNY for the first nine months of 2025, reflecting a year-over-year growth of 66.7% [4]. Financial Performance Summary - **Revenue and Profitability**: - Total revenue for 2025 is projected at 2.537 billion CNY, with a year-over-year growth of 16% [5]. - Net profit for 2025 is estimated at 605 million CNY, showing a substantial increase of 454% compared to the previous year [5]. - Earnings per share (EPS) for 2025 is forecasted to be 0.21 CNY [5]. - **Market Activity**: - The report highlights a robust market environment, with the average daily trading volume in the A-share market reaching 1.6496 trillion CNY, a year-over-year increase of 107% [9]. - The company's commission income from brokerage services for the first nine months of 2025 was 920 million CNY, up 82.4% year-over-year [9]. - **Investment Income**: - Investment income saw a remarkable increase, with net investment income reaching 490 million CNY for the first nine months of 2025, a year-over-year growth of 346.7% [9]. - The report notes that the improvement in the performance of the associated company, Dazhihui, significantly contributed to this growth [9]. Future Outlook - The report emphasizes that the potential merger with Dazhihui could serve as a key catalyst for future growth, enhancing the company's capabilities in the "finance + technology" model [9]. - The expected integration aims to create a comprehensive financial platform that combines licenses, products, traffic, data, and technological capabilities, which could significantly boost Xiangcai's competitiveness in the brokerage sector [9].

Core Insights - The 2025 Guotai Junan Financial Technology Cultural Festival concluded with a forum aimed at promoting the integration of finance and technology, enhancing financial services for the real economy, and building a collaborative "finance + technology" ecosystem [1][2] Group 1: Event Overview - The forum attracted over 150 participants, including government officials, technology experts, and representatives from financial institutions, emphasizing the importance of collaboration in the financial technology sector [1] - A strategic cooperation agreement was signed between Guotai Junan and the Jing'an District government to deepen collaboration in financial technology and industry innovation [2] Group 2: Technological Advancements - Guotai Junan launched a global lighthouse model for digital transformation in collaboration with Huawei, showcasing innovations in core trading upgrades, AI applications, and data platforms [2][3] - The company introduced a resilient network and information security protection system, which focuses on rapid threat detection and automated response, setting a new standard for security in the brokerage industry [3] Group 3: Strategic Collaborations - During the forum, Guotai Junan established comprehensive strategic partnerships with ten technology companies to foster joint innovation and deepen collaboration in the financial technology space [3][4] - The festival included various activities over four months, culminating in the forum that highlighted the company's commitment to empowering the industry through technology and serving the real economy [4] Group 4: Expert Insights - Notable speakers shared insights on AI in data management, financial security, and the transformative impact of high-quality data sets on the securities industry, emphasizing the role of AI in enhancing financial services [5]

Core Insights - The "1+4" white paper on wealth management in Shenzhen was released during the "2025 Xiangmi Lake Wealth Management Week," aiming to establish Shenzhen as an international wealth management center [2] Group 1: Wealth Management Development - The event attracted over 900 representatives from various financial institutions, including banks, insurance asset management, and venture capital [2] - The total entrusted asset management scale in China has exceeded 100 trillion yuan, with a year-to-date increase of nearly 6% and a year-on-year increase of over 15% [3] - The banking wealth management and insurance asset management sectors have seen steady growth, with bank wealth management reaching 30.67 trillion yuan and insurance funds at 36.23 trillion yuan by Q2 2025 [4] Group 2: Shenzhen's Financial Landscape - Shenzhen's asset management scale has surpassed 31 trillion yuan, accounting for about 20% of the national total, nearing the levels of Hong Kong and Singapore [5] - The Futian District, as Shenzhen's financial center, manages over 18 trillion yuan, representing approximately 60% of the city's total asset management [6] - The establishment of the first AIC (Asset Investment Company) mother fund in Shenzhen, with a scale of 70 billion yuan, marks a significant milestone in local industry investment [8] Group 3: Future Outlook - The wealth management industry in Shenzhen and the Greater Bay Area is expected to continue enhancing its role as a capital market hub, integrating technology, industry, and finance [7] - The newly established AIC mother fund aims to support strategic sectors such as artificial intelligence, semiconductors, and new energy, creating a multi-layered fund ecosystem [8][9] - The fund's establishment aligns with national policies to promote high-quality development in venture capital and entrepreneurship [9][10]