"经济是肌体，金融是血脉"，这一深刻论断在"十四五"时期的黑龙江资本市场发展实践中得到生动印证。黑龙江资本市场深度融入区域经济发展大局，精准对接国 家战略需求，紧密贴合地方特色产业脉络，在推动产业转型升级的进程中，成为不可或缺的重要驱动力。 为激活产业发展动能，黑龙江资本市场通过拓宽直接融资渠道、优化上市公司结构、并购重组等一系列"组合拳"，解决了企业发展的资金难题，优化了产业发展的 生态格局，实现资本市场与区域产业发展同频共振。 展望"十五五"，黑龙江资本市场锚定更高发展目标，并将持续发力。未来，黑龙江资本市场将结合区域发展的独特优势与金融政策导向，推动"1+N"政策体系落地 见效，进一步提升资本市场服务国家战略的能力。 "十四五"时期，黑龙江资本市场不仅实现规模与数量突破，更在经营质量与科技含量的"内功"修炼上成果显著。 多维发力 推动产业优化 "十四五"时期，黑龙江资本市场通过股权融资扩容、上市公司结构优化和并购重组赋能，为区域经济高质量发展注入强劲动力。数据显示，"十四五"时期，黑龙江 上市公司累计实现股权融资357.23亿元，实现债权融资323.7亿元，直接融资已成为促进经济增长的重要引擎。 黑龙江 ...

Core Viewpoint - Shanxi's financial system is committed to serving the real economy and promoting high-quality development, as evidenced by significant growth in social financing and loans [2][3][4]. Financial Performance - As of the end of September, Shanxi's social financing stock reached 7 trillion yuan, a year-on-year increase of 8.1% - The balance of various loans from financial institutions in the province was 4.9 trillion yuan, up 6.7% year-on-year - Inclusive micro-loan balance stood at 534.06 billion yuan, reflecting a robust year-on-year growth of 21.5% [2][4]. Financial Innovation and Support - Shanxi's financial management system has been deepening supply-side structural reforms and promoting financial innovation during the 14th Five-Year Plan period - The province has focused on directing financial resources towards key areas such as technological innovation, green transformation, and inclusive micro-finance [3][4]. Loan Structure Optimization - By the end of September, the balance of green loans in Shanxi was 567.05 billion yuan, an increase of 63.98 billion yuan since the beginning of the year - The balance of loans to technology-based enterprises reached 277.27 billion yuan, with a year-on-year growth of 10.3% [4][5]. Support for Manufacturing Sector - The medium and long-term loan balance for the manufacturing sector was 259.91 billion yuan, reflecting a year-on-year increase of 12.7% - This financial support is crucial for the revitalization and upgrading of Shanxi's manufacturing industry [5]. Capital Market Development - Shanxi is systematically promoting the efficient connection between technology enterprises and the capital market through various initiatives - The province has confirmed 31 key listed backup enterprises and 200 enterprises in the resource pool, with over 60% being high-tech enterprises [5][6]. Listing Support Mechanisms - Shanxi has established a resource pool for nurturing listed companies, with over 1,160 enterprises currently in the pool - The province is focusing on guiding specialized and innovative enterprises to enter the resource pool for cultivation [6][7]. Future Development Pathways - Shanxi's financial office has outlined a clear roadmap for capital market development, emphasizing the service of the real economy and increasing the proportion of direct financing - The province aims to enhance the comprehensive service capabilities of regional equity markets and strengthen the construction of a modern capital market system [7].

板块结构 让赏本 "十四五"时期 黑龙江创业板、科创板上市公司数量 50% 较"十三五"时期增加了 市值前10名公司中 超过半数为科技企业或科技含量较高的企业 经营业绩 35.67 亿元 77% 1843.44 僧长了 亿元 1680.06 亿元 广市公司 市公司 18.71 = 1 / 1/7 / 净利润 亿元 2020年 2020年 2024年 2024年 海外收入 134.69 亿元 64.11 亿元 2020年 2024年 上市公司 上市公司 研发投入 超52% 2.81% 2.03% 51.83亿元 上市公司研发强度 (研发投入占营收比例) 2020年 2024年 2024年 2020年 上市公司 上市公司 研发投入总额 研发投入总额 税收贡献 579.42 500.69 15.72% 亿元 亿元 "十三五"时期 "十四五"时期(截至目前) 上古公司要计纳税 "经济是肌体，金融是血脉"，这一深刻论断在"十四五"时期的黑龙江资本市场发展实践中得到生动印证。黑龙江 资本市场深度融入区域经济发展大局，精准对接国家战略需求，紧密贴合地方特色产业脉络，在推动产业转型升 级的进程中，成为不可或缺的重要驱动力。 ...

这一政策为民营企业开展国际贸易和加工制造提供了较大灵活度。2020年，《海南自由贸易港建设 总体方案》发布，同年，奥克控股集团就来到海南投资。"我们的很多原料源自海外，产品出口东盟市 场。海南的区位优势方便我们进得来、出得去，税收优惠使生产成本显著降低，产品在国际市场的竞争 力大幅提升。"该集团董事局主席朱建民认为，海南自贸港正成为企业链接国内国际两个市场、两种资 源的高地。奥克控股集团计划利用政策红利进一步扩大进出口业务，加速国际市场布局。 除了"一线"的"零关税"外，《总体方案》明确，对属于鼓励类产业企业生产的含进口料件在海南自 贸港加工增值达到或超过30%的货物，经"二线"进入内地时同样免征进口关税。这一政策不仅有利于降 低企业经营成本，还将吸引更多高端制造、高附加值加工产业落地海南，也直接鼓励高新技术产业延链 补链强链。 12月18日，海南自由贸易港全岛封关运作将正式启动，为企业提供对接全球市场、集聚优质资源、 实现创新突破的广阔舞台。不少民营企业在这一黄金窗口期纷纷登岛、抢先布局。 封关，即将海南岛建成一个海关监管特殊区域，实施以"'一线'放开、'二线'管住、岛内自由"为基 本特征的自由化便利化政策 ...

而在本次将生效的调整中，拟调出的股票主要集中于通信服务、可选消费、信息技术行业，拟调入的股 票则主要来自工业、原材料、公用事业和医药卫生领域，单边涉及20只样本股，调整后新兴行业样本权 重上升至51.2%。 中证A500指数2025年12月被调整成份股行业分布情况 2025/12/9 l 收益表现优化：经过数据验证的"优胜劣汰" 成份股调整对指数收益表现的优化效果在历史数据中得到了验证，主要体现在绝对收益提升与风险收益 特征改善这两个方面。 近日，中证指数有限公司宣布中证A500指数样本定期调整将于12月12日收市后正式生效。作为反映A股 不同行业龙头公司整体表现的核心指数，中证A500指数的定期调整并非简单的成份股"换血"，而是一 套紧跟经济趋势、优化行业结构的动态升级机制，既筑牢了指数的代表性，也为收益表现注入了新动 能。 l 定期调整：指数"保鲜"的核心密码 中证A500指数坚持行业均衡选样逻辑，每半年一次的样本调整，核心围绕"择优汰劣"和"与时俱进"两大 原则，既依据市值、流动性、财务状况等量化标准，剔除不再符合要求的成份股；又主动纳入契合宏观 经济趋势、代表产业升级方向的优质企业，确保指数始终精准映 ...

Core Insights - The strategic cooperation agreement between Lao Feng Xiang and Maybach Luxury Goods Asia Pacific marks a significant attempt by a Chinese gold brand to enter the high-end luxury market, while also serving as an effective strategy for the German luxury brand to expand in the Asia Pacific region [1][3][8] Group 1: Strategic Cooperation - The partnership is described as a deep resonance of Eastern and Western craftsmanship, aiming for resource complementarity and mutual learning [2] - Lao Feng Xiang will leverage its extensive network of nearly 6,000 outlets and local operational expertise to help Maybach quickly establish its presence in the Asia Pacific market [2] - The collaboration employs a "equity + brand agency" model, allowing Lao Feng Xiang to share in Maybach's future growth and enhance market expectations for its own high-end development [2][8] Group 2: Cultural Integration and Product Development - The cooperation aims to blend different cultural elements to create products that meet international aesthetics while retaining cultural characteristics, which is seen as a core issue for the luxury goods industry [2][6] - Both companies will explore lifestyle areas through the fusion of Eastern intangible cultural heritage techniques and Western luxury design, leading to the launch of a series of co-branded artistic products [6][8] - The partnership is expected to enhance brand promotion, expand the Asia Pacific market, and improve global layout, establishing a new benchmark for high-end luxury collaboration [6][8] Group 3: Market Impact and Future Vision - The collaboration is viewed as a milestone for extending Maybach's brand influence and represents a successful foundation for Lao Feng Xiang [8] - The companies aim to create a new luxury experience that integrates Eastern wisdom with international luxury genes, setting a new standard for cross-border brand cooperation [8] - The partnership is anticipated to provide excellent case studies for brand collaboration in the high-end consumer market, opening a new chapter in the integration of Eastern and Western commerce and culture [8]

12月18日，海南自由贸易港全岛封关运作将正式启动，为企业提供对接全球市场、集聚优质资源、实现 创新突破的广阔舞台。不少民营企业在这一黄金窗口期纷纷登岛、抢先布局。 海南自贸港实施的企业和个人所得税税率"双15%"优惠政策也受到企业好评。"海南是民营企业创新发 展的'人才磁场'。"陈志列认为，相关政策降低了企业吸引高端人才的成本和难度，助力海南成为科技 创新的沃土。 此外，还有一批企业大力拓展跨境资产业务。《总体方案》提出，有序推进海南自贸港与境外资金自由 便利流动，包括构建多功能自由贸易账户体系、便利跨境贸易投资资金流动等举措，不仅方便企业"走 出去"开展国际化运营，也吸引了"走进来"的境外资本。 永道集团董事长钟立钊看中了海南资金流动自由便利与税负优势的叠加价值，计划在这里建设永道海南 总部和国际结算中心，借此实现企业的国际化升级。"我们每年都有大量的贸易出口和海外资金结算， 海南自贸港的金融政策非常符合我们的运转需求。把结算中心搬来海南，企业的进出口贸易、人才引 进、资金调度等工作将更加高效。" 如今，超过80个国家的人员可免签入境海南，直接繁荣了酒店、餐饮等海南传统优势产业，更为医疗健 康、文化会展等 ...

Core Insights - The active equity funds in the public offering sector have shown remarkable performance in 2025, with nearly 60 funds achieving "doubling" returns and the first fund since 2008 reaching over 200% returns [1][15] - If the leading fund maintains a cumulative return exceeding 7.84% in the remaining trading days of 2025, it will set a record for the highest annual return in public fund history [1][18] - The resurgence of active management capabilities is attributed to both market structural changes and advancements in research capabilities within public funds [1][9] Performance Highlights - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [4][18] - The number of funds with returns exceeding 100% reached 57, with 19 of those exceeding 120% [8][21] - Historical comparisons show that the highest number of "doubling" funds occurred in 2007, with 129 funds, while the current year has seen a resurgence in high-performing funds [21] Market Trends - The performance of active equity funds has been particularly strong in 2025, with a notable concentration in technology, high-end manufacturing, and innovative pharmaceutical sectors [9][22] - The market has shifted towards structural trends, with significant returns linked to concentrated holdings in popular stocks [9][24] - The current market environment is characterized by a longer duration and larger scale of structural trends compared to previous years [25] Industry Dynamics - The active management capabilities of public funds are being reaffirmed, with a shift away from short-term behaviors towards a focus on investor interests and research-driven strategies [13][26] - The talent pool within public funds has improved, ensuring stable output and continuity in research capabilities [11][25] - The industry is experiencing a cultural shift towards prioritizing long-term investment strategies over short-term gains, which has alleviated some pressures on fund managers [13][26]

Core Insights - The article emphasizes the identification of key investment opportunities for the next five to ten years, driven by recent economic meetings and forecasts from top institutions for 2026 [1] Group 1: Key Investment Areas - The first major opportunity is in "Artificial Intelligence and Computing Power," with 2026 expected to be a year of application validation and commercial closure, focusing on profitability rather than investment amounts [3] - The second opportunity lies in the "New Energy and Power System" upgrade, addressing the potential for power shortages due to the explosive growth of AI data centers, which will necessitate a stronger and smarter power system [4] - The third area of focus is "High-end Manufacturing and Cyclical Leaders," where domestic industries are advancing in semiconductor and industrial machinery, creating significant opportunities for domestic replacements [4] Group 2: Emerging Technologies and Demographics - The fourth opportunity involves "Humanoid Robots" and "Commercial Space and Low-altitude Economy," with 2026 marking a critical point for the commercialization of humanoid robots, particularly in logistics and precision manufacturing [5] - The fifth area, often overlooked, is the "Silver Economy," targeting the growing demographic of seniors over 60 years old, with a shift in demand towards quality of life services rather than basic needs [5] Group 3: Strategic Investment Approach - The recommended investment strategy includes focusing on "AI+" and "High-end Manufacturing" as core long-term holdings, while also being aware of cyclical opportunities in energy and metals due to global power tensions [6] - Investors are advised to remain calm amidst market noise, as 2026 will prioritize tangible profits over speculative narratives, necessitating caution with high-valuation themes [6]

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].