中央经济工作会议明确了明年经济工作的总体要求和政策取向，部署了八项重点任务。其中的一项重点任务：坚持创新驱动，加紧培育壮大新动能。会议指 出：强化企业创新主体地位，完善新兴领域知识产权保护制度。这也为2026年工业领域发展指明方向，为工业经济高质量发展划定清晰路径。 建设三大国际科技创新中心：差异与互补？ 中央经济工作会议围绕明年经济工作部署多项重点任务，其中提到，部署建设三大国际科技创新中心，分别为北京（京津冀）、上海（长三角）、粤港澳大 湾区国际科技创新中心。部署建设三大国际科技创新中心，差异在哪？如何互补？ 0:00 北京师范大学教授 经济学专家 万喆：三大区域在创新定位上存在着差异分工，避免同质化竞争，并且也注重梯次化，跟大的区域战略结合起来，形成协同 创新的合力。 北京（京津冀）的定位主要还是原始创新的策源地，聚焦国家战略科技力量，强化基础研究原始创新和关键核心技术攻关，聚焦像是人工智能、量子信息、 区块链等等，依托高校院所密集的优势，依托核心平台等创新型产业集群的示范区，主攻卡脖子环节，承担从0到1的突破功能。 上海（长三角）主要是应用创新引领区，突出高端制造与开放创新，侧重应用技术转化和产业链协 ...

Core Viewpoint - The article discusses the recent sample adjustments to various Shenzhen stock indices, highlighting the focus on promoting new productive forces, strengthening the real economy, and guiding long-term value investment [3][5]. Group 1: Index Adjustments - The Shenzhen Component Index has replaced 17 sample stocks, removing 10 from the main board and 7 from the ChiNext board, including companies like China National Pharmaceutical (000028.SZ) and Tibet Mining (000762.SZ) [4]. - The ChiNext Index has replaced 8 sample stocks, with companies like BeWater (300070.SZ) and Yihua Record (300212.SZ) being removed, while new additions include Dazhu CNC (301200.SZ) and Changshan Pharmaceutical (300255.SZ) [4]. - The Shenzhen 100 Index has replaced 7 sample stocks, with Tianshan Shares (000877.SZ) and Shanxi Coking Coal (000983.SZ) being removed, and new companies added from both the main board and ChiNext [4]. - The ChiNext 50 Index has replaced 5 sample stocks, removing companies like Teradyne (300001.SZ) and Mango Super Media (300413.SZ), while adding Longxin Bochuang (300548.SZ) and Xiechuang Data (300857.SZ) [5]. Group 2: Strategic Focus - The adjustments reflect a commitment to developing new productive forces, with the ChiNext Index's strategic emerging industry weight reaching 93%, and R&D expenses for the new sample companies growing by 13% year-on-year [5]. - The Shenzhen 100 Index has enhanced its new quality blue-chip attributes, with strategic emerging industries now accounting for 81% of its weight, and key sectors like advanced manufacturing and digital economy making up 79% [5]. - The ChiNext 50 Index has a strategic emerging industry weight of 98%, with new generation information technology industries, including AI and chips, comprising 45% [5]. Group 3: Economic Fundamentals - The Shenzhen Component Index now has a manufacturing company weight of 76%, the highest among Chinese capital market indices, with over 30% being single champion enterprises in manufacturing [6]. - The ChiNext Index shows strong growth, with new sample companies reporting a 16% increase in revenue and a 24% increase in net profit year-on-year, particularly in high-end equipment manufacturing and new energy sectors [6]. - Over 80% of the Shenzhen 100 sample companies have expanded their business internationally, with overseas revenue showing a compound annual growth rate of 17% over the past three years [6]. Group 4: Investor Returns - Nearly 60% of the new sample companies in the Shenzhen Component Index have implemented "quality return dual enhancement" action plans, with over 30% engaging in stock repurchase programs [6]. - In the ChiNext Index, 64 companies have an ESG rating of A or above, representing 79% of the index [6]. - The Shenzhen 100 sample companies have distributed a total of 302.2 billion yuan in dividends this year, accounting for 55% of the total dividends in the Shenzhen market, with a rolling net asset return rate of 12% over the past year [6].

Core Insights - Hainan will officially "close its borders" on December 18, 2025, transforming into a "super economic zone" with significant implications for wealth generation and investment opportunities. Group 1: Economic Transformation - Hainan will become the first domestic region with a "first-line open, second-line controlled" policy, allowing foreign goods to enter with essentially "zero tariffs" while treating goods entering the mainland from Hainan as imports [3][4]. - This transformation is not just an upgrade to a shopping paradise but also a "systemic highland" for the free flow of capital, trade, and personnel [3][4]. Group 2: Investment Opportunities - The retail sector will see a significant upgrade, with zero tariffs making luxury goods, electronics, and imported cars more accessible, leading to explosive growth in high-end tourism and retail [4]. - Hainan is set to become a new logistics and warehousing hub in the Asia-Pacific region, creating abundant opportunities in cross-border e-commerce, international warehousing, and supply chain finance [4]. - The region will serve as a testing ground for financial openness, facilitating cross-border capital flows, offshore trade, and new international settlement methods, positioning it as a battleground for financial elites [4]. - Hainan will attract high-end industries with a preferential corporate tax rate of 15% for encouraged enterprises, significantly lower than the mainland's 25%, drawing interest from sectors like biomedicine, new energy vehicles, and the digital economy [4].

Group 1 - Indonesia is rich in mineral resources, while China has strong technological capabilities, indicating a high potential for economic cooperation between the two countries [1] - The former Indonesian ambassador to China emphasized the need to upgrade the partnership from a traditional supply chain relationship to a more equal innovation partnership focused on high-end product production in Indonesia [1] - The 75th anniversary of diplomatic relations between China and Indonesia was marked by a forum discussing the achievements and future of bilateral relations, highlighting the importance of the "One China" principle as a political foundation [1] Group 2 - The ambassador expressed satisfaction with the experience of using a Chinese-made electric vehicle, suggesting that such positive experiences should symbolize the shared benefits of cooperation between the two nations [1] - Indonesia and China are encouraged to strengthen coordination and cooperation in trade, climate change, technology transfer, and global development agendas, with significant prospects in electric vehicles, green energy, digital economy, and critical mineral development [1] - China has officially taken over the role of host for the 2026 APEC, which is expected to deepen regional cooperation and promote peace and development in the Asia-Pacific region [2]

Core Viewpoint - The article highlights the increasing trend of local governments and enterprises in China establishing substantial investment funds to drive economic development and innovation in various sectors, particularly in technology and infrastructure. Group 1: Local Investment Initiatives - Lishui City in Zhejiang Province has established a private equity investment partnership with a capital contribution of 6 billion RMB, focusing on integrated circuits and intelligent manufacturing, indicating a strong commitment to developing strategic industries [6][7][8]. - The Hubei Water Development Fund has been launched with a total scale of 10 billion RMB, aimed at supporting water infrastructure and ecological projects, showcasing the government's role in guiding market operations [18][19]. - The establishment of the "Guangxi Wuwei Investment Fund" and "Guangxi Gongchuang No. 1 Fund" with a total scale of 700 million RMB reflects a diversified investment strategy targeting local industries and cross-border supply chains [29]. Group 2: Fundraising Activities - Jia Yu Capital has successfully raised over 4 billion RMB for multiple new funds, attracting a mix of institutional investors, which underscores the confidence in its past performance and team capabilities [10]. - Jing Shui Lake Venture Capital has completed the first closing of a 500 million RMB blind pool fund, with a 70% re-investment rate from existing investors, indicating strong market validation [11]. - Zhongke Chuangxing's fund has reached a final closing of 4.08 billion RMB, focusing on hard technology investments, demonstrating a commitment to early-stage funding in high-tech sectors [12][13]. Group 3: New Fund Establishments - The establishment of the "Fudan Science and Technology Investment Fund" with a total scale of 1 billion RMB aims to support the commercialization of scientific research and technology transfer from Fudan University [21]. - The "Henan Artificial Intelligence Industry Fund" has been set up with a scale of 1 billion RMB, focusing on AI applications and technology, reflecting the province's ambition to become a hub for AI innovation [27][28]. - The "AIC Fund" in Fujian, with a target scale of 2 billion RMB, aims to invest in key sectors such as new materials and AI, highlighting the province's strategic focus on emerging industries [35][36]. Group 4: Strategic Partnerships and Collaborations - The establishment of the "Qinhuangdao Talent Entrepreneurship Fund" with a scale of 100 million RMB aims to leverage academic resources from Tsinghua University to drive local industry development [39]. - The partnership between Tianqi Lithium and local investment entities in Anhui, with a capital contribution of 500 million RMB, aims to enhance the province's capabilities in the lithium battery supply chain [40]. - The collaboration between China Galaxy and local firms in Wuhan to establish a 405 million RMB fund emphasizes the integration of local resources with national financial capabilities [31][32].

经济日报记者 刘成 青岛数字经济产业园里，松立控股集团智慧停车指挥中心屏幕上实时显示着停车泊位状态；航运贸 易金融总部大厦内，工作人员盯着屏幕实时跟踪集装箱物流信息；在浮山湾商圈，年轻人手举奶茶打卡 首店；在中山路历史文化街区，老里院现代喜剧演出座无虚席……近年来，青岛市市南区深挖现代服务 业发展机遇、破解发展瓶颈，推动现代服务业质效双升。 数据显示，2025年1月至11月，市南区服务业增加值占地区生产总值比重达91.4%。"我们聚焦回答 好现代服务业'服务于谁、谁来服务'，构建起总部经济集群，数字经济、现代金融、高端商务、时尚消 费、航运贸易、文化旅游和新兴产业、未来产业的'1+6+1'主导+创新产业体系，加快建设现代服务业强 区。"市南区委书记王锋说。 数智赋能 风速、气温、降水、海浪……走进青岛埃克曼科技有限公司，其围绕海洋气象环境精准预报自主研 发的服务系统——智慧海洋管理平台iocean正在对海洋预报数据进行实时跟踪、动态分析。"平台能够 为核电、风电及港口提供数据监测分析以及决策建议等。"青岛埃克曼科技有限公司总经理李德明说。 埃克曼以数字化赋能实体经济高质量发展，是市南区在生产性服务业领域创新探 ...

Core Viewpoint - The Nanjing Municipal Committee of the Communist Party of China held a meeting to gather opinions from various democratic parties and non-party representatives regarding the formulation of the 15th Five-Year Plan for economic and social development, emphasizing the importance of collective effort and collaboration in achieving the plan's goals [1][2]. Group 1: Meeting Outcomes - The meeting was chaired by Secretary Zhou Hongbo, who highlighted the significance of democratic participation and collective wisdom in addressing major issues and formulating important documents [2]. - Representatives from various democratic parties and the Federation of Industry and Commerce expressed high praise for the achievements during the 14th Five-Year period and supported the suggestions for the 15th Five-Year Plan [1]. Group 2: Suggestions and Focus Areas - Specific suggestions were made regarding the development of a new power system, acceleration of the biopharmaceutical industry, promotion of digital economy to enhance consumer upgrades, and strengthening the development of the private economy [1]. - Additional focus areas included urban innovation, enhancing financial support, optimizing the business environment for Taiwanese enterprises, exploring modern agricultural development, and tapping into the consumption potential of cultural and tourism industries [1].

Core Insights - The 2025 GDP forecast for major Chinese cities highlights significant economic growth, with Shanghai leading at 56,880 billion yuan, followed by Beijing at 52,630 billion yuan, and Shenzhen at 38,910 billion yuan [1][2] Group 1: Major Cities and Economic Growth - Shanghai is projected to maintain its position as the top city with a GDP of 56,880 billion yuan, showing a nominal growth rate of 5.48% [2] - Beijing is expected to reach a GDP of 52,630 billion yuan, with a nominal growth rate of 5.59% [2] - Shenzhen's GDP is forecasted to be 38,910 billion yuan, with a nominal growth rate of 5.73%, driven by its status as a global tech innovation hub [2][3] Group 2: Emerging Cities - New first-tier cities like Chengdu and Hangzhou are showing impressive growth rates, contributing to a more balanced economic development across China [1] - Wenzhou is notable for being the first city to surpass a GDP of 1 trillion yuan, reaching 10,307 billion yuan, marking a significant milestone in regional economic development [1][6] Group 3: Shenzhen's Economic Model - Shenzhen's economy is characterized by a strong innovation ecosystem, with an expected annual patent authorization exceeding 100,000, accounting for 15% of the national total [3] - The city is projected to attract over 100 billion USD in foreign investment, with strategic emerging industries expected to grow by 12% [2][3] Group 4: Fuzhou's Economic Development - Fuzhou is forecasted to achieve a GDP of 15,120 billion yuan, with a growth rate of 6.21%, benefiting from free trade zone policies and a focus on digital economy [5] - The city aims to enhance its marine economy, with expected output surpassing 500 billion yuan and a 10% increase in port throughput [5] Group 5: Wenzhou's Economic Transformation - Wenzhou's GDP is projected to reach 10,307 billion yuan, with a growth rate of 6.05%, driven by its vibrant private economy [6][8] - The city is focusing on innovation, with an expected 5,000 new patents annually and a significant increase in cross-border e-commerce activities [6][8]

Core Viewpoint - The article discusses the innovative research led by Professor Xu Xin from Tsinghua University, focusing on measuring the social value created by free digital products and services in the context of the digital economy [2][5]. Group 1: Research Background and Motivation - Professor Xu Xin emphasizes the need to scientifically measure the social value of free digital products, such as AR glasses that help hearing-impaired individuals, which significantly enhance their learning and workplace integration [5][6]. - The research aims to redefine the essence of value in the digital economy, especially as traditional price signals become less relevant [5][6]. Group 2: Methodology and Framework - The research introduces the "GDP-B" (Gross Domestic Product-Benefit) measurement method, which combines empirical research and experimental design to create a scientific measurement system for digital welfare [7][9]. - This method aims to balance objective price data and subjective survey data, making the intangible digital welfare measurable and comparable [9][10]. Group 3: Findings and Insights - A large-scale pre-survey involving 13,000 respondents across 11 cities revealed that Chinese consumers have a significantly higher perception of value from digital services compared to international counterparts [10][11]. - The research also indicates that digital welfare is dynamic, changing with usage scenarios and service states, suggesting a need for a more nuanced understanding of digital value [11][12]. Group 4: Future Research Directions - The research team plans to conduct quarterly nationwide surveys to establish a dynamic database on digital welfare in China, aiming to uncover underlying patterns and relationships with economic development [14][15]. - The study seeks to provide a scientific basis for policy-making in the digital economy, collaborating with organizations like Tencent to create a long-term observation system for digital welfare [15][17]. Group 5: Broader Implications - The research not only contributes to academic theory but also aims to enhance the understanding of social value in the digital economy, highlighting the importance of measuring digital welfare for high-quality development [15][17]. - The initiative is expected to foster a research ecosystem that supports data openness and the development of intelligent economic models, addressing deeper questions about value creation in the digital age [17].

近年来，人工智能与数字经济已成为推动产业升级、培育新质生产力的关键引擎。在这一进程中，稳定 可靠的算力基础设施不仅是技术创新的"加速器"，更是区域经济高质量发展的"数字底座"。山东省投资 有限公司(以下简称"山东投资")通过直管企业山东省鲁信商业保理有限公司(以下简称"鲁信保理")， 以"应收账款池保理"这一创新金融模式，为济宁某生命科学园区提供5000万元长期资金支持，专项用于 AI服务器的购置与部署，有效破解高新技术企业在算力建设中的融资难题，为区域生命科学研发与数 字产业集群协同发展注入持续金融活水。 创新"池保理"模式，破解高新技术企业融资瓶颈 高新技术企业在发展过程中，常面临研发投入大、设备采购急、应收账款分散等多重资金压力。尤其是 以数据处理、软件开发、算力服务为主的企业，其业务回款往往呈现"小额、高频、周期不一"的特点， 与传统信贷产品难以匹配，导致融资难、融资贵问题凸显。 未来，山东投资将继续深化对人工智能、智能制造、数字经济等新兴领域的金融支持，持续优化"池保 理"等场景化、定制化金融工具，引导更多长期资本投向培育新质生产力的前沿阵地，为山东省构建现 代化产业体系、推动经济高质量发展贡献更强 ...