1月30日，珠海科技产业集团与中国农业银行广东省分行在广州签署全面战略合作协议暨独立授信合 作。农行广东省分行党委书记、行长刘明尧，珠海科技产业集团党委书记、董事长由杨共同见证签约。 农行广东省分行副行长胡艳、李美佳，珠海科技产业集团党委副书记、总经理郭瑾出席仪式。 此次签约前，农行已为珠海科技产业集团众多成员企业提供融资支持，并积极参与集团科创中期票据承 销等业务合作。此次与集团开展全面战略合作及独立授信合作，是双方深化合作的重要里程碑，也标志 着金融"国家队"与珠海科技产业"主力军"携手服务国家战略、赋能粤港澳大湾区新质生产力发展的全面 启航。 胡艳指出，党的二十届四中全会就发展新质生产力、加快科技自立自强作出系统部署，为金融精准服务 科技创新提供根本遵循。珠海科技产业集团整合了珠海国资优质产业资源，致力于打造立足湾区、面向 全国的科技产业核心平台。双方将围绕信贷合作、并购重组、基金设立、债券承销、投贷联动等重点领 域协同发力，全力打造可复制、可推广的科技金融合作范式。 郭瑾表示，农业银行作为服务实体经济的主力军，在科技金融领域有着深厚积淀与专业优势，与集团当 前发展阶段和战略需求高度契合。期待以此次战略 ...

"十四五"收官之年，朝阳区以"压舱石、国际范、烟火气"三大鲜明特色，在经济、科创、民生等领域交 出亮眼答卷。 "十五五"开局之年，作为国际消费中心城市主承载区，朝阳区在科技创新与未来产业培育上将有哪些新 动作？ 1月27日，朝阳区委常委、常务副区长赵海东做客北青报直播间，围绕朝阳区科创与未来产业布局、消 费升级优化路径、民生保障提质举措等核心议题，深入解读发展思路与具体规划。 以3个"关键词"收官"十四五" 回望2025年的发展，赵海东给出了"压舱石、国际范、烟火气"三个关键词。 第一个是"压舱石"。作为首都经济大区，朝阳区GDP总量已接近万亿规模，始终是全市经济发展的"中 坚力量"。2025年，全区GDP预计增长5.2%，地方级、区级一般公共预算收入分别完成1137.1亿元、569 亿元，均保持全市前列且稳定增长；固定资产投资完成1300亿元，连续多年稳居千亿元以上；社会消费 品零售总额2600.3亿元，占全市五分之一份额。"值得一提的是，我们坚持商务科技的双轮驱动，2025 年金融业增加值同比增长14.3%、高于全市5.6个百分点，占比18.8%，增长贡献率达50.6%。"赵海东介 绍。 第二个是"国际范 ...

在服务实体经济方面，全省融资担保在保余额突破万亿达1.16万亿元。依托省级企业征信平台做强做优 省综合金融服务平台，精准助力银企对接，平台注册用户超200万户，"十四五"期间累计撮合融资超5.5 万亿元。建设105家民营企业金融服务点，开展近300场"金融服务实体经济专场活动"。 做好金融"五篇大文章"，支持产业向"新"向"绿"发展。"十四五"期间制造业贷款、科技贷款、绿色贷款 均保持较快增长，2021年以来新增境内上市公司中制造业企业占比超8成，2025年新增科技创新专项担 保计划占全国比重超20%，居各省首位。 1 月 21 日，江苏省政府新闻办召开"十四五"江苏金融发展成就新闻发布会，江苏省委金融办、人民银 行江苏省分行、江苏金融监管局、江苏证监局晒出"成绩单"。记者从会上获悉，截至2025年末，江苏省 连续4年新增贷款全国第一，科创板和北交所上市公司数量均为全国第一。"十四五"期间，江苏省共新 增境内首发上市公司259家、居全国第一，首发融资合计2295亿元。 境内上市公司总数达722家 江苏省委金融办常务副主任、省地方金融管理局局长巩海滨在发布会上介绍，截至2025年末，江苏省连 续4年新增贷款全国 ...

习近平总书记指出："探索文化和科技融合的有效机制，加快发展新型文化业态，形成更多新的文化产 业增长点。""把激发创新创造活力作为深化文化体制机制改革的中心环节，加快完善文化管理体制和生 产经营机制。"推进文化和科技融合，不仅要用互联网思维和信息技术改进文化创作生产流程，推动"硬 件"和"软件"全面升级，而且要改革生产关系和上层建筑中与生产力不相适应的部分，构建科学完备、 运行有效的体制机制，让技术、资本、人才、数据等创新要素在文化生产中自由流动和高效配置，激发 文化创新创造活力，加快发展新型文化业态。 新型文化业态是指以技术赋能、跨界融合、体验导向等为主要特征的文化产业形态。它重构了文化生 产、传播和消费全链条，满足用户多元化、个性化的消费需求。新型文化业态以科技创新和文化创新双 轮驱动为支撑，具有高科技、高效能、高质量特征。其劳动主体是懂技术运用和文化创意的复合型人 才，例如AI（人工智能）绘画师、元宇宙建筑师、数据分析师等；工具多为3D建模、数字孪生平台等 高科技产物；对象可以是数据化的文化资源，例如通过数字化技术将文物、非遗等转化而成的可计算、 可重塑的数据资源。 聚焦社会文化需求，推动文化与科技相生相 ...

Group 1 - The current "spring rally" in the A-share market is ongoing, with a focus on the collaboration of fiscal policy, monetary policy, and industrial capital providing a solid foundation for market growth [2][4] - Recent adjustments in financing margin ratios are expected to impact market structure, leading to intensified capital competition in thematic sectors, while the reliance on narrative-driven single-sided rallies may diminish [3][5] - The upcoming earnings forecast period is anticipated to shift market focus back to performance metrics, with high-growth sectors expected to yield excess returns for companies with solid fundamentals [4][5] Group 2 - Institutions suggest that the market's main focus may shift from thematic concepts lacking fundamental support to sectors with sustainable growth potential [4][5] - Investment strategies are recommended to include a combination of resources and traditional manufacturing, with attention to sectors such as chemicals, non-ferrous metals, power equipment, and new energy [5][6] - There is a suggestion to monitor the expansion of technology industries, particularly in AI computing, AI applications, and robotics [6]

Economic Outlook - China's economy is currently facing a critical period of adjustment, with old problems and new challenges intertwining, necessitating more proactive fiscal policies and moderately loose monetary policies to stabilize and promote economic growth [1][7][8] - Economists predict that GDP growth for Q4 2025 will likely be between 4.7% and 4.9%, with a consensus for 2026 growth around 4.8% to 5.0% [2][7] Real Estate Market - The real estate market shows signs of stabilization but remains in a deep adjustment phase, with 79% of economists believing that the market will slow its decline in 2026 but has not yet bottomed out [2][17] - Economists suggest that the focus should not be on a trend reversal but rather on whether the rate of decline can be reduced [17] Investment Trends - Investment is seen as a key support for economic recovery, with 47% of economists forecasting a decline in fixed asset investment growth for Q4 2025, while 31% expect a modest increase in 2026 [17] - The primary sectors attracting investment include technology (42%), large infrastructure (33%), and energy (16%) [17] Debt and Financial Risks - Local government debt remains a significant concern, exacerbated by declining land revenues due to the ongoing downturn in the real estate market [8][10] - Economists emphasize the need for macroeconomic management to address the debt risks faced by real estate companies, which are currently in a "non-normal" state due to cash flow issues and declining sales [10][11] Consumer Demand and Employment - There is a pressing need to stimulate consumer demand, with suggestions including increasing residents' income and improving the social security system [26][27] - Employment remains a critical issue, particularly for recent graduates, with the urban unemployment rate averaging 5.2% in 2025, indicating a stable but concerning job market [28] Policy Recommendations - Economists recommend a combination of fiscal and monetary policies to stimulate demand and reduce costs for businesses and residents [30] - Long-term strategies should focus on stabilizing the macro tax burden and reforming the fiscal system to ensure sustainable economic growth [11][30]

Group 1: Emerging Market Outlook - Goldman Sachs reports that emerging market assets are expected to achieve strong returns in 2025, with a projected 14% return in USD terms and a 17% total return for the MSCI Emerging Markets Index in 2026, supported by a favorable global macro environment and strong AI demand [1] - The report highlights that markets sensitive to the technology sector, such as China, South Korea, and Taiwan, are particularly promising due to friendly market policies and AI-driven growth [1] - Investors are advised to allocate some funds to domestic consumption-driven markets like South Africa, India, and Brazil, with South Africa benefiting from economic recovery and interest rate cuts, India from consumer recovery, and Brazil from declining policy rates despite potential election uncertainties in Q4 2026 [1] Group 2: Currency Market Insights - The global outlook for 2026 presents a favorable environment for emerging market currencies, particularly those sensitive to economic cycles, such as the South African Rand, Chilean Peso, and Korean Won [2] - In Asia, technology-related currencies like the Korean Won, New Taiwan Dollar, and Malaysian Ringgit are expected to outperform, while high-yield currencies may lag [2] - Frontier market currencies, such as the Egyptian Pound, are considered attractive due to low correlation with other assets and improving fundamentals, including accumulated foreign exchange reserves [2] Group 3: Fixed Income Performance - 2025 is anticipated to be another resilient year for emerging market sovereign debt, leading to a narrowing of credit spreads compared to early last year, making risk-return asymmetry less attractive entering 2026 [3] - Goldman Sachs recommends a defensive strategy to capture yield while mitigating risks from potential U.S. equity and interest rate fluctuations, favoring investment-grade bonds in Hungary and Peru, and high-yield bonds in Egypt, Kenya, Pakistan, and South Africa [3] - The strategy should be combined with hedging, particularly in Brazil and Colombia, to protect against U.S. market and interest rate shocks, as well as in Angola, Bahrain, and Oman to hedge against predicted oil price declines [3]

Core Viewpoint - The market profitability is expected to continue recovering in 2026, with liquidity remaining loose, shifting the core market driver from valuation to profitability [1] Group 1: Market Dynamics - Traditional growth momentum and emerging industries are expected to work in tandem, leading to improved competition in traditional sectors and a rise in domestic inflation [1] - Fiscal policies are anticipated to create new demand in the domestic market, while the resonance of domestic and international technology industries will accelerate capital inflow into emerging sectors [1] Group 2: Industry Structure - The technology sector is projected to maintain absolute returns driven by profit growth, although the gap with consumer, cyclical, and manufacturing sectors will gradually narrow [1] - Despite high profit growth in the technology sector due to expanding capital expenditure in artificial intelligence, the current valuation levels of the tech industry and the overall market show a significant disparity, making further valuation increases challenging [1] - Traditional sectors such as consumer, cyclical, and manufacturing are expected to see a gradual rebound in profit growth, with certain supply-demand balanced industries showing substantial profit elasticity [1] Group 3: Investment Opportunities - There is increasing market and policy focus on new productive forces, with expectations that more emerging industries will be influenced by domestic policies in 2026, creating additional investment opportunities [1]

Core Viewpoint - The market profitability is expected to continue recovering by 2026, with liquidity remaining loose, shifting the core market driver from valuation to profitability [1] Group 1: Market Dynamics - Traditional growth momentum and emerging industries are expected to work in tandem, leading to improved competition in traditional sectors and a rebound in domestic inflation levels [1] - Fiscal policies are anticipated to create new demand in the domestic market, while the resonance of domestic and international technology industries will accelerate capital inflow into emerging sectors [1] Group 2: Industry Structure - The technology sector is projected to maintain high profit growth due to expanding capital expenditures in artificial intelligence, although the valuation gap between the tech industry and the overall market has widened, making further valuation increases challenging [1] - Traditional sectors such as consumption, cyclical, and manufacturing industries are expected to see gradual profit growth recovery, with certain supply-demand balanced industries showing significant profit elasticity [1] Group 3: Investment Opportunities - There is increasing market and policy focus on new productive forces, with expectations that more emerging industries will be influenced by domestic policies in 2026, creating additional investment opportunities [1]

Core Viewpoint - Shenzhen has officially proposed the establishment of an "Industrial Financial Center" as an independent strategic goal in its 15th Five-Year Plan, marking a significant shift in its financial development logic and aiming to enhance the synergy between finance and industry [1][2][3]. Financial Center Development - The proposal signifies a fundamental change from traditional financial centers focused on capital allocation and liquidity to a model where financial success is measured by its ability to catalyze specific industrial clusters like advanced manufacturing and hard technology [2][3]. - Shenzhen aims to differentiate itself from other financial hubs like Shanghai and Beijing by creating a model that directly supports industry through finance, leveraging its strong industrial base [2][3]. Focus on Patient Capital - The plan emphasizes the cultivation of "patient capital" to address the inherent conflicts between the long-term nature of hard technology ventures and the short-term returns typically sought by traditional finance [4][5]. - Patient capital is defined as capital that is willing to endure longer investment horizons and support early-stage technology companies, thus becoming a partner in their development [4][5]. Systemic Innovations - The proposal outlines a comprehensive financing system that includes angel investment, venture capital, equity investment, and credit financing, aiming to reconstruct risk-sharing mechanisms [5][10]. - Innovations in the conversion of assets, particularly through intellectual property and data resources, are highlighted as critical to improving capital accessibility for technology firms [5][10]. Collaboration with Hong Kong - The plan emphasizes the importance of collaboration with Hong Kong's international financial center, aiming to create a synergistic effect that combines Shenzhen's industrial strengths with Hong Kong's capital market capabilities [9][10]. - Specific initiatives include enhancing cross-border financial services and developing a complete innovation financial chain that integrates financing, research, and market application [9][10]. Risk Management and Regulatory Framework - The proposal stresses the need for a robust risk prevention system tailored to the unique risks of industrial finance, including the establishment of a comprehensive debt monitoring system [10][11]. - Regulatory innovations, such as the "regulatory sandbox" for cross-border asset verification, are essential for addressing financing challenges faced by light-asset companies [10][11]. National Implications - Experts believe that Shenzhen's approach to building an industrial financial center could serve as a replicable model for other regions in China, promoting deeper integration of finance and industry [11][12]. - The strategic focus on patient capital, market-driven mechanisms, and intellectual property capitalization is seen as a pathway for enhancing the overall financial ecosystem in China [11][12].