来源：新华社 中国上市公司协会日前发布2025年A股上市公司市值表现报告。根据报告，截至2025年底，A股上市公 司共5469家，总市值123万亿元，其中2025年新增上市公司116家。2025年1月1日前上市的存量公司共 5353家，2025年存量上市公司总市值同比增长22.5%。 中国上市公司协会资料图 中上协数据显示，2025年市场整体估值稳步抬升，A股上市公司的平均市净率从3.3增长至4.4。此外， 公募基金中A股配置比重增长2.4个百分点，反映出投资者对中国上市公司高质量发展的认可。 2025年科技驱动型行业市值增幅较大，以制造业、科学研究和技术服务业为代表的高新技术企业市值变 化尤为突出，总市值较年初分别增长33.3%和32.1%，占A股市值的比重分别增加4.2个百分点和0.1个百 分点。 此外，2025年民营科创上市公司表现活跃，民营上市公司整体市值增长了37.0%，占A股市值的比重从 年初的33.6%增长至37.5%。国有上市公司占A股市值的比重接近50%。 ...

Core Insights - Brazil's trade surplus is projected to reach $68.3 billion in 2025, with exports totaling $348.7 billion and imports at $280.4 billion [1] Group 1: Trade Performance - Brazil's Vice President and Minister of Development, Industry, Trade, and Services, Alckmin, stated that both exports and imports have reached historical highs despite the impact of U.S. tariffs and geopolitical tensions [1] - The growth in export value is primarily driven by the manufacturing, mining, and agricultural sectors [1] - The largest increases in import value are seen in capital goods, intermediate goods, and consumer products [1] Group 2: Market Expansion - Over 40 markets have set new records for purchasing Brazilian products, with notable performances from Canada, India, Turkey, Paraguay, Uruguay, Switzerland, Pakistan, and Norway [1]

然而，现实并未如印度所愿。中国市场已非常成熟，产业链完整，价格体系透明。无论是制造业产品还是基础工业品，印度的商品在成本、质量、规模上均 处于劣势，即使进入中国市场，也很难维持稳定的销量。事实上，印度人自己清楚，过去印度市场并未完全被中国产品占领，主要得益于本土的保护政策。 如今，反过来期待印度商品能够填补美国市场留下的空缺，本身就透露出一种明显的政策焦虑。 尽管印度的出口并没有立即出现剧烈下降，部分月份甚至出现增长，印度的企业通过调整价格、改换销售路径和产品类别等手段来应对高关税。这让莫迪产 生了错觉，认为只需作出一些小的让步，就能缓解压力。最终，印度在能源领域做出了妥协，减少了从俄罗斯进口的石油量。据多个机构的数据显示，印度 接收俄罗斯原油的数量已显著下降，达到了近三年来的最低水平。彭博社也报道说，印度的炼油系统正在为减少俄罗斯原油采购做准备，并加速寻找替代供 应来源。 哥伦比亚的原油被引入印度的采购系统，表面上是一个商业选择，但实际上却是一个明确的政治信号，显示印度希望向美国表明自己在能源采购上可以作出 调整。然而，这一步骤并不保险。美国方面认为印度在减少从俄罗斯进口石油方面的力度仍然不够大，特朗普的真 ...

Group 1: Fiscal Policy and Budget - In 2025, the total general public budget revenue is projected to reach 192.05 billion, with a year-on-year growth of 4.6%, while expenditures are expected to be 674.218 billion, growing by 4.2% [1] - The region's fiscal departments are implementing a more proactive fiscal policy, achieving a continuous "double growth" in revenue and expenditure for 12 months, marking the first time in nearly six years [1] - Over 37.3 billion has been allocated to support major projects, including the Pinglu Canal and the Beibu Gulf International Gateway Port [1] Group 2: Economic Empowerment and Tax Policies - A series of tax reduction and fee reduction measures are expected to inject over 26 billion into the economy, with administrative fees decreasing by 13.9% year-on-year [2] - Financial support for enterprises includes over 115.1 billion in subsidized loans benefiting more than 44,000 businesses, reducing financing costs by over 1.2 billion [2] - The government investment guidance fund has facilitated investments in 147 enterprises, with a total of 23.114 billion in new capital contributions [2] Group 3: Social Welfare and Living Standards - In 2025, total spending on people's livelihoods is projected to be 539.235 billion, a year-on-year increase of 4.3%, accounting for 80% of general public budget expenditures [3] - Expenditures in key areas such as transportation, energy conservation, and social security have shown double-digit growth rates, indicating an improvement in the quality of life [3] - The scale of livelihood spending has reached a historical high, exceeding the previous peak by 22.3 billion [3]

Core Insights - Estonia's industrial output increased by 3.4% year-on-year in November 2025, according to the Estonian Statistics Office [1] Group 1: Industry Performance - The mining sector experienced a significant growth of 10% year-on-year [1] - The manufacturing sector saw a growth of 4.5% year-on-year [1] - The energy sector, however, faced a decline of 8.7% year-on-year [1] Group 2: Manufacturing Sub-sectors - The production of motor vehicles, trailers, and semi-trailers surged by 57.7% year-on-year [1] - The computer and electronic equipment manufacturing sector grew by 4.4% year-on-year [1] - The wood processing industry recorded a modest growth of 1% year-on-year [1] - Conversely, the furniture manufacturing sector declined by 4.3% year-on-year [1] - The food manufacturing sector also saw a decrease of 4.1% year-on-year [1] - The metal products manufacturing sector experienced a slight decline of 0.7% year-on-year [1] - The electrical equipment manufacturing sector had a minimal decrease of 0.1% year-on-year [1]

2025年，第一财经团队来到奉贤区海归小镇，关注这片热土正在发生的变化、发展的激情，奉贤区海归小镇深度调查研究观察之旅开启。这是我们关注中 小企业的再一次延续。我们交流的每一位走进海归小镇的创业者、海归小镇的初创设计者、海归小镇的运营者，都从容自信，饱含热情，为新一代海外归 来的学子们筑屋建巢，设计方案，全心为他们服务，期待他们能在这里安居乐业。我们不禁感叹：这是一个美好的时代，这个时代塑造并培育了追求美好 生活的我们。 回望1872年的上海，中国第一批外派留美幼童从这个城市出发，开始了他们计划长达15年的留学生活。那时的中国，以至于后来100多年间的中国，多少 留学生肩负着建设祖国的使命，他们做到了。如今，我们这一代人出发远行，再次归来，在实现家国梦的同时，我们个人理想的成分也更加凸显。正如上 海欧美同学会留美分会副会长兼秘书长、哥伦比亚大学校友会会长陆生对我们说的那样，"当年选择去美国留学，是因为我喜欢纽约这个城市；后来选择 回到上海，是因为我更爱中国"。 我们走访调研奉贤海归小镇，结合访谈奉贤海归小镇策划、建设、服务以及签约入驻企业等相关方，对海归小镇的建设和运营情况进行观察，从人才和企 业发展的微观故 ...

中新网1月7日电 据中国物流与采购联合会网站消息，中国物流与采购联合会发布，2025年12月份全球 制造业PMI为49.5%，较上月微幅下降0.1个百分点，连续10个月运行在49%-50%的区间内。2025年，全 球制造业PMI均值为49.6%，较2024年上升0.3个百分点。 表明2025年美国制造业复苏动能较2024年略有改善，但均值水平仍在49%以下，意味着美国制造业恢复 力度仍相对较弱。 展望2026年，美国银行全球研究预计，到2026年底，美国经济增速将维持在2%中段水平。值得警惕的 是，下行风险的累积仍需重点关注，美国政府停摆影响、就业市场的疲软以及关税政策推动商品价格持 续上涨等多重不利因素仍持续制约美国经济增长。近期美国消费者信心也进一步有所下降，2025年12月 消费者信心指数从11月修订后的92.9进一步下滑至89.1，连续第五个月走低，为今年4月以来的最低水 平，显示居民对经济前景的预期转弱。通胀方面，三季度核心美国PCE物价指数升至2.9%的高位，通胀 压力仍未完全消退，叠加劳动力市场的放缓，美联储未来决策复杂度增加，通胀反弹可能迫使降息进程 推迟或逆转，进而对整体经济复苏节奏产生连锁 ...

【环球网财经综合报道】日前，美国公布的2025年12月经济数据显示，ISM制造业指数从48.2小幅下降至47.9，已连 续10个月低于50，并创下自2024年10月以来新低；新订单已连续第四个月收缩，出口订单仍然疲弱。就业人数连续 第11个月下降。 半岛电视台近日发文称，2025年美国经济经历了贸易紧张局势、关税加征和政府停摆的冲击，但消费支出强劲与人 工智能相关投资高位支撑了经济，人工智能成为经济增长支柱，投资驱动GDP增长。就业市场保持低失业率，但也 面临岗位增长放缓。 2026年，预计美联储将维持宽松货币政策，逐步减弱刺激政策，通胀将趋于美联储目标。科技股可能面临回调风 险，金融和房地产等行业有望受益。然而，美国经济的脆弱性仍受贸易政策、总统权力范围及全球贸易环境等风险 因素影响。 前美联储主席耶伦则在近日警告称，一种名为"财政主导"的情景正在酝酿，即庞大的债务规模可能迫使央行将利率 维持在低位以降低偿债成本，而非专注于遏制通胀。据美国国会预算办公室预计，美国赤字今年将达1.9万亿美元， 债务占GDP比重将升至100%并持续攀升。 ...

第二个"5万亿元"工业大市，呼之欲出 苏州2026年规上工业总产值目标为突破5万亿元 每经记者｜杨弃非 每经编辑｜杨欢 深圳"过线"后，第二个"5万亿元"工业城市即将诞生。 1月4日，苏州举行"新年第一会"，对外宣布：2025年，苏州规上工业总产值预计达4.89万亿元，2026年 目标为突破5万亿元。这意味着，如果该目标达成，继2021年突破4万亿元后，苏州规上工业总产值将实 现5年再上一个万亿元台阶。 值得注意的是，这是苏州连续第三年"新年第一会"聚焦推进新型工业化，也是连续第二年在会上高规格 布局人工智能产业。 而更具仪式感的是，在辞旧迎新之际，苏州举行"OPC苏州之夜"跨年活动，向外正式宣介苏州人工智 能"十小虎"企业。 这很难不令人联想到2025年初名噪一时的杭州"六小龙"。当时，有人曾一度发出拷问：苏州拥有最完整 的人工智能产业链，为何未能诞生类似的先驱型创业企业？ 经过一年探索，苏州如何改变这一局面？对于即将步入下一个万亿元征程的苏州，又意味着什么？ "小虎"对阵"小龙" 经过一年的发酵，地方之间人工智能比拼似乎变得更加火热了。 引领这一波浪潮的浙江，先一步设下新擂台。上个月，浙江首次公布96家浙 ...

Core Insights - The 2025 Overseas Investment Development Conference highlighted the complex investment landscape for 2026, driven by converging monetary and fiscal policies, technological advancements, and geopolitical changes [1][2] Group 1: Macro Economic Drivers - The driving forces of global asset pricing are shifting from a singular focus on monetary policy to a new phase where both monetary and fiscal policies play significant roles, influenced by rapid technological advancements [2] - Key factors affecting the market in 2026 include the divergence in monetary policies among major economies, particularly the expected interest rate changes by the Federal Reserve and the Bank of Japan [2][3] - Long-term trends such as global order adjustments, the AI technology revolution, and a weak dollar cycle will continue to shape the macroeconomic landscape for asset allocation [2][3] Group 2: Investment Opportunities - Three main investment opportunities identified include: 1. Fixed income investments driven by expected interest rate cuts by the Federal Reserve, potentially lowering rates by 50 to 100 basis points [3] 2. Emerging markets as a source of excess returns, benefiting from global monetary easing and internal demand recovery due to supply chain shifts [3] 3. Certainty in growth within the technology sector, particularly as AI applications begin to materialize in 2026 [3] - The Chinese manufacturing sector is poised for growth, presenting both risks and opportunities as companies expand internationally [3] Group 3: Risks and Market Dynamics - Two major risk factors highlighted include: 1. Policy expectation risk, where deviations from anticipated Federal Reserve rate cuts could lead to asset price corrections [4] 2. Geopolitical risks that could disrupt global energy and trade chains, impacting corporate profitability [4] - Market pricing reflects a consensus that requires respect, with a focus on the sustainability of AI valuations and the gradual improvement in real estate and consumer sectors [4] Group 4: AI Investment Strategies - 2026 is anticipated to be a pivotal year for AI applications, necessitating a reevaluation of investment strategies [5] - Key investment areas in the AI sector include energy, computing power (chips and data centers), large models, and application/data layers, with specific companies like Nvidia and Google highlighted for their leadership [5] - The concept of a "year of application" emphasizes the shift from AI model training to real-world applications, suggesting a potential structural revaluation in the market [5]