以下文章来源于科创板日报 ，作者卞纯 该行还指出，上市公司海外营收增长预计将推动MSCI中国指数成分股的盈利到2030年每年增加约1.5%，中国AI科技生态系统的估值已重 新评估，但考虑到中国在资本支出方面的潜在增长空间以及对人工智能商业化的重视程度，与美国相比仍然显得便宜。 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 受益于投资者重估中国科技行业价值，以及家庭储蓄流入股市等利好，今年中国股票强劲反弹。高盛最新预测， 中国股票在2026年料将延 续涨势 。 "我们预计（中国股票）牛市将持续，但上涨节奏会有所放缓。"以高盛首席中国股票策略师刘劲津为首的分析师团队在周一发布的报 告中表示。 高盛分析师认为，中国股市周期正从'预期驱动'转向'盈利驱动'，在这一阶段，盈利兑现与估值温和扩张将成为推动回报的核心动力。报告 指出， 中国企业盈利明年可能增长14%，2027年或继续增长12% ； 而估值扩张程度或在10%左右。 高盛分析师重申， 中国股票市场到2027年底可能再上涨38% 。 刘劲津上个月曾表示，AI引领的中国股票上涨远非泡沫，因为中国科技公司仍有空间通过专注于AI应用来提 ...

Core Viewpoint - The U.S. private credit market, once touted as a "safe haven" for individual investors, is facing a dual shock of deteriorating fundamentals and collapsing confidence, leading to a reassessment of asset values [2] Group 1: Market Dynamics - Blue Owl Capital's withdrawal from financing Oracle's $10 billion AI data center project has triggered market fears of a breakdown in large-scale infrastructure financing [5] - This incident highlights a fundamental shift in the credit market's attitude towards aggressive capital expenditures by tech giants, resulting in pressure on Oracle's stock price and its partners [3][4] - The private credit industry, valued at over $2 trillion, is under significant stress as default rates rise and borrowers face pressure in a high-interest environment [4] Group 2: Impact on Business Development Companies (BDCs) - BDCs, which primarily serve individual investors, are experiencing significant stock price declines despite the S&P 500's approximate 16% increase this year [9] - The assets managed by BDCs have more than doubled since 2020 to around $450 billion, but the current market conditions are punishing investors who exit at the wrong time [10] - FS KKR Capital's stock has dropped about 33% this year, with a rising bad loan rate from 3.5% in January to approximately 5% by September [11][12] Group 3: Credit Quality and Defaults - The credit quality of BDCs is deteriorating, with significant investments facing default risks, such as KKR's $350 million investment in Kellermeyer Bergensons Services [11] - BlackRock's BDC reported a 7% default rate on loans, highlighting the systemic issues within the sector [13] - The situation is exacerbated by scandals involving companies like First Brands, which have led to substantial unrealized losses for firms holding their debt [14] Group 4: Liquidity and Valuation Issues - The liquidity crisis and valuation disputes are accelerating the market's decline, as seen in Blue Owl's failed attempt to merge its private BDC with publicly traded counterparts [15] - The disconnect between private asset pricing and public market valuations is causing panic-driven redemptions from investors [15] - Individual investors attracted by high dividends are now facing significant uncertainty regarding both returns and principal safety [16]

Group 1: US Macro Strategy - The US employment data and CPI showed a weak trend, with the unemployment rate rising sharply to 4.6% in November, while new jobs added were 64,000, slightly above expectations [2] - The November CPI recorded 2.7%, significantly below the expected 3.0%, indicating a softening inflation trend despite potential statistical distortions [3] - The Federal Reserve's next chair confirmation may lead to further pricing in of rate cuts, with short-term bonds benefiting from this trend [3] Group 2: US Stock Market - The S&P 500 index rose by 0.10% and the Nasdaq by 0.48%, with market fluctuations driven by concerns over AI infrastructure spending and subsequent CPI data easing inflation worries [4] - The stock market remains at high valuations, with ongoing concerns about AI bubbles and monetization pressures, suggesting a potential 10%-20% market correction could lead to more reasonable valuations [4] Group 3: Currency and Gold - The US dollar is expected to enter a downward phase due to weak employment data and the upcoming confirmation of the new Fed chair, although a sustained decline is not anticipated [5] - The Chinese yuan is likely to appreciate due to the continuation of the Fed's rate cut cycle and increased demand for currency exchange [5] - Gold prices are expected to remain bullish, supported by ongoing Fed rate cuts and geopolitical uncertainties [5] Group 4: China Macro Strategy - Domestic economic data showed weak internal demand, with retail sales of passenger cars declining significantly in December [7] - The fiscal revenue growth slowed in November, with a notable drop in land sales revenue, while fiscal spending remains weak [8] - The bond market experienced fluctuations, with the 10-year government bond yield remaining stable at 1.83% [8] Group 5: A-shares and Hong Kong Market - The A-share market showed slight fluctuations, with the Shanghai Composite Index up by 0.03%, while growth stocks underperformed due to external pressures [9] - The Hong Kong market faced challenges with the Hang Seng Index down by 1.10%, but medium-term outlook remains positive due to the Fed's rate cut cycle [10] - High-dividend and financial sectors showed relative strength, indicating a preference for stable investments amid economic pressures [10]

中共武汉市委十四届十二次全体会议认真学习贯彻党的二十届四中全会精神，深入贯彻落实习近平 总书记考察湖北重要讲话精神，按照中共湖北省委十二届十一次全体会议部署，全面分析国际国内形势 和事关武汉发展的重大问题，就制定全市国民经济和社会发展"十五五"规划提出以下建议。 一、"十五五"时期是全力打造"五个中心"、全面建设现代化大武汉的关键时期 1."十四五"时期我市发展取得重大成就。"十四五"时期是武汉发展史上极不寻常、极不平凡的五 年。五年来，习近平总书记两次亲临湖北武汉，为武汉改革发展擘画蓝图、指路领航。面对错综复杂的 国际形势、艰巨繁重的改革发展稳定任务和百舸争流的城市竞争态势，市委牢记嘱托、感恩奋进，深入 学习贯彻习近平总书记考察湖北重要讲话精神，认真落实省委部署要求，团结带领全市人民迎难而上、 砥砺前行，经受住世纪疫情严重冲击，有效应对一系列风险挑战，奋力推进疫后重振和高质量发展，英 雄城市浴火重生，经济社会发展生机勃勃。经济实力整体跃升。经济发展从疫情导致的断崖式下滑到稳 住基本盘、跑出加速度、重回主赛道，经济总量跨越2万亿元台阶，主要经济指标增速保持同类城市前 列，在区域发展中的辐射带动作用不断增强。创 ...

人民财讯12月22日电，企查查APP显示，近日，海南霁元科技有限责任公司成立，法定代表人为俞涛， 注册资本为2亿元，经营范围包含：以自有资金从事投资活动；新兴能源技术研发；资源再生利用技术 研发；节能管理服务；供应链管理服务等。企查查股权穿透显示，该公司由众合科技（000925）持股的 浙江元应科技集团有限公司全资持股。 ...

Core Insights - The U.S. private credit market, once seen as a safe haven for individual investors, is facing a dual shock of deteriorating fundamentals and collapsing confidence, leading to asset revaluation and the bursting of a bubble in the industry [1][2] - Blue Owl Capital's withdrawal from financing Oracle's $10 billion AI data center project highlights a fundamental shift in the credit market's attitude towards aggressive capital expenditures by tech giants, resulting in pressure on Oracle's stock and the broader tech sector [1][3] Group 1: Market Dynamics - The private credit industry, valued at over $2 trillion, is under significant stress as rising default rates and high-interest environments put pressure on borrowers, leading to stock price declines and increased bad debts for major asset management firms like KKR and BlackRock [1][4] - The Business Development Companies (BDCs) that cater to individual investors are experiencing severe stock price drops, with some down by double digits despite the S&P 500 rising approximately 16% this year [4][6] Group 2: Financial Health of BDCs - FS KKR Capital's stock has fallen about 33% this year, with its non-performing loan rate increasing from 3.5% in January to approximately 5% by September, indicating deteriorating credit quality [6] - BlackRock's BDC reported that 7% of its loans were in default, highlighting the growing concerns over credit quality within the sector [6] Group 3: Liquidity and Valuation Issues - Blue Owl's attempt to merge its private BDC with publicly traded BDCs failed due to significant valuation discrepancies, with public BDCs trading below their net asset value (NAV) [7] - The lack of liquidity in private assets during market downturns complicates pricing, leading to panic-driven redemptions from investors attracted by high dividends, thus increasing uncertainty regarding principal safety [7]

（来源：中华工商时报） 本次会议坚持问题导向和需求导向，邀请吉林省通用机械（集团）股份有限公司、长春旭阳工业（集 团）股份有限公司、吉林省长春皓月清真肉业股份有限公司、长光卫星技术股份有限公司、吉林省铭医 投资有限公司、吉林省统泰实业有限公司、长春市万易科技有限公司7家省内重点民营企业主要负责 人、相关负责人，以及中国工商银行吉林省分行、中国建设银行吉林省分行、上海浦东发展银行长春分 行、吉林银行、吉林农村商业银行、东北证券6家金融机构主要负责人、相关负责人参会。 会上，民营企业清晰阐述融资堵点与资金需求，金融机构紧扣企业经营实际与行业发展特点，结合问诊 成果现场量身定制融资方案、提供专业指导建议，实现企业需求与金融服务精准匹配、诉求问题即时响 应。交流环节中，民营企业与金融机构展开深度洽谈，就融资产品适配、合作流程推进等具体事宜进行 磋商。会议明确要求，金融机构需按规定时限反馈工作进展及对接成果，确保形成高效工作闭环。 下一步，吉林省委统战部、省委金融办、省工商联将持续优化银企对接机制，通过实施"面对面会 商""总与总联动""实打实推进"的具体举措，推动政银企合作从"精准对接"走向"高效落地"。建立政银企 ...

截至12月17日，海南州2025年新增高新技术企业2家，分别为青海莫热农业科技开发有限公司、青海省 海南天和路桥工程有限公司，指标完成率达200%，同步培育认定青海宗拉生态农业开发有限公司、青 海青海湖智农网络科技发展有限公司等科技型企业5家，全州已有高新技术企业9家、科技型企业37家， 形成"初创培育—成长加速—示范引领"的阶梯式培育体系。此外，自2022年海南州获国家批复同意建设 国家可持续发展议程创新示范区以来，科技成果转化成效十分显著，2025年全州技术合同登记额达 1045.46万元，同比增长68%，超年度指标58%，较示范区创建前增长19倍，四年累计完成技术合同交易 额2204.77万元，科技成果转化与市场应用的衔接效能充分释放。 海南州立足"生态立州、清洁能源强州、畜牧业稳州"战略定位，以"清洁能源+绿色算力"产业融合模式 为特色，构建"政产学研用"协同创新机制。通过与青海大学共建可持续发展研究院、汇聚院士专家智力 资源等举措，推动科技创新与特色产业发展深度融合，为示范区建设筑牢技术根基。科技创新与生态保 护、清洁能源、有机畜牧业等特色产业协同发展，形成独具海南特色的创新生态。 本报讯 （记者 ...

近日召开的中央经济工作会议提出，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领 域。这为金融助力科创企业发展指明了方向。 中国人民银行最新数据显示，2025年三季度末，获得贷款支持的科技型中小企业27.54万家，获贷率为 50.3%，比去年同期高2.8个百分点。科技型中小企业贷款支持覆盖面和规模均呈现显著提升的态势，金 融支持科技创新的力度和精准性进一步增强。 关键时刻，海宁农商银行主动上门对接，借助数据资产交易服务系统，对公司数据资产进行价值评估， 最终创新性地以数据资产质押为核心担保方式，为企业量身定制综合服务方案，成功发放870万元贷 款，有效解决了企业融资难题。 此次贷款不仅突破了传统抵押物限制，还为轻资产的数据型企业开辟了新的融资渠道，也为数字金融服 务提供了新思路新模式。"通过将'沉睡'的数据资产激活为'流动'的信贷资金，银行有效破解了轻资产科 技企业的融资瓶颈，也为区域数字经济发展提供了坚实的金融支持。"海宁农商银行公司金融部副总经 理郭璐佳向《农村金融时报》记者介绍。 赋能科创企业全生命周期 "多亏了济南农商银行的'泉质贷'，在我们业务快速发展阶段，帮我们顺利推进业务扩张与转型。" ...

"科技之花"绽放，离不开金融活水精心浇灌。如何进一步提升金融服务质效、破解科技企业融资难 题？ 记者近期在安徽、江苏、广东等地调研时发现，在相关政策支持下，越来越多金融机构探索新路 径，源源不断的金融"活水"正涌向创新高地。 着力改善科技企业融资环境 用声纹技术为工业设备量身打造"听诊器"，这是安徽中科昊音智能科技有限公司一直探索的方向。 近年来，公司业务拓展至新能源、钢铁等行业，随着服务场景和研发投入增加，企业研发资金保障愈发 重要。 "今年我们加大与产业链企业合作，把声纹监测融入工业设备研发设计前端，这需要更多研发资金 投入。"公司联合创始人徐泉告诉记者，关键时刻，兴业银行合肥分行通过"共同成长计划"，给企业提 供了2000万元信用贷款，保障了研发资金。 "此次突破离不开中国银行700万元'专利转化贷'的支持。"公司负责人刘旭铭表示，银行并未要求 传统厂房抵押，而是聚焦企业即将产业化的专利技术价值，通过专业评估给予高分评价，最终帮助企业 获得纯信用贷款。 越来越多科创企业的技术"软实力"正变成融资"硬通货"，这背后是银行不断优化放贷流程，以科技 力量推动融资服务实现从被动响应到主动触达的跨越。 "我们为4 ...