● 本报记者 杨洁 近日记者从全国股转公司获悉，2025年，全国股转公司新增受理挂牌申请318家（含直联15家），出具 同意挂牌函333家（含直联11家），一批质地优良、结构多元的企业通过新三板实现规范发展，八成新 增同意挂牌企业属于制造业，新三板在精准对接国家战略、服务实体经济方面成效显著。同时，新三板 与北交所的协同联动不断深化，为中小企业构建起全周期资本市场服务体系，切实发挥多层次资本市场 塔基作用。 增量企业质效双优 全国股转公司介绍，2025年新三板挂牌审核工作始终坚持质量导向，形成"增量带动存量"的良性发展格 局。数据显示，2025年新增同意挂牌企业最近一年平均营业收入达8.50亿元，平均净利润6072.24万元， 平均研发投入2892.79万元，分别是存量挂牌公司2024年对应指标的2.74倍、4.68倍、2.26倍，盈利能力 与创新能力显著优于存量企业。 2025年，新三板精准对接国家战略，将服务实体经济、普惠金融与专精特新培育紧密结合，形成特色鲜 明的市场定位。2025年新增同意挂牌企业中，50.75%为国家级专精特新"小巨人"企业，33.03%为省级 专精特新企业，新三板通过与工信部专精特 ...

——上市公司质量和投资价值进一步提高。全省上市公司累计实施并购重组136家次、交易金额813亿 元，累计实施股份回购增持283家次、总金额298亿元，累计实施现金分红超2300亿元。全省科创板、创 业板和北交所上市公司数量占比提升至44%。 对于"十五五"时期，四川证监局表示，将继续按照证监会党委和省委、省政府部署，充分发挥资本市场 功能作用，助力地方经济社会高质量发展。主要从四方面发力：聚焦科技创新，更好助力四川新质生产 力发展；凝聚发展合力，推动上市公司做优做强；强化功能发挥，服务区域发展战略；提高监管精准有 效性，守牢风险底线。 拓面增质 辖区资本市场亮点多 过去五年，四川资本市场发展环境和生态体系持续优化，各类市场主体搭乘政策东风，加速发展。 资本市场亮蜀光 资本市场亮 光 星奔川骛，岁聿云暮。回看"十四五"时期，四川资本市场交出了一份"高分答卷"： ——直接融资效能进一步提升。全省新增46家A股上市公司、首发募集资金超360亿元，省内各类市场 主体通过资本市场实现直接融资超2.1万亿元，支持企业发行科创债、绿色债、乡村振兴债等创新品种 债券168只，募集资金超1000亿元。 上市公司总量稳增、赛道更 ...

Core Insights - The Sichuan capital market has shown significant growth during the "14th Five-Year Plan" period, with 46 new A-share listed companies and over 360 billion yuan raised in initial public offerings [1][2] - The quality and investment value of listed companies in Sichuan have improved, with 136 mergers and acquisitions totaling 81.3 billion yuan and cash dividends exceeding 230 billion yuan [1][2] - The Sichuan Securities Regulatory Bureau aims to enhance the capital market's role in supporting high-quality economic development during the "15th Five-Year Plan" by focusing on technology innovation, strengthening listed companies, and improving regulatory effectiveness [1][6] Direct Financing Efficiency - Sichuan has achieved over 21 trillion yuan in direct financing through various market entities, including innovative bond types such as tech bonds and green bonds [1] - The number of listed companies in Sichuan has increased to 179, ranking 8th nationally, with a 32% growth in overall scale since the end of 2020 [2] Industry Structure and Regional Development - Traditional industries remain stable, with four listed liquor companies contributing 10.9% of total revenue and over 40% of profits among A-share companies [2] - Emerging industries like industrial technology and materials are becoming significant drivers of market value growth in Sichuan [2] - Chengdu is the capital market hub, hosting 122 A-share companies with a total market value of 2.12 trillion yuan, accounting for 68.15% of the province's A-share companies [2] Collaborative Efforts and Policy Implementation - The Sichuan Securities Regulatory Bureau has collaborated with various government departments to enhance market participation and compliance among companies [3] - Initiatives to promote venture capital and support the development of private equity funds have led to 349 private fund managers with over 310 billion yuan in managed assets [3] Investor Protection and Market Satisfaction - The Sichuan Securities Regulatory Bureau has implemented measures to improve investor returns and optimize dividend mechanisms, resulting in over 2.3 billion yuan in dividends distributed since 2021 [4] - A new dispute resolution mechanism has been established to enhance investor protection, with successful mediation cases recovering losses for investors [5] Future Development Focus - The Sichuan Securities Regulatory Bureau plans to continue supporting technology innovation and the development of key industries during the "15th Five-Year Plan" [6] - Emphasis will be placed on enhancing the quality of listed companies, improving governance, and facilitating mergers and acquisitions [7] - The bureau aims to strengthen the regional financial center and improve direct financing levels through collaboration with local financial institutions [7]

Group 1 - The core viewpoint emphasizes the importance of maintaining market stability as a foundation for deeper reforms in the capital market, with the China Securities Regulatory Commission (CSRC) prioritizing this in its 2026 development plan [1][2] - The CSRC plans to implement targeted policies to strengthen market monitoring and timely counter-cyclical adjustments, including raising the minimum financing margin ratio from 80% to 100% to stabilize the market [1] - Analysts believe that reducing leverage will help mitigate irrational market speculation and guide investors towards value-driven strategies, enhancing market pricing efficiency [1][2] Group 2 - The CSRC aims to further ensure trading fairness by cracking down on excessive speculation and market manipulation, which is seen as a response to recent irrational price fluctuations in certain stocks [2][3] - There is a focus on addressing new types of illegal activities, such as online stock recommendations and information manipulation, by enhancing legal frameworks and improving enforcement collaboration among regulatory bodies [3] - The long-term strategy includes building a comprehensive regulatory system to maintain a fair trading environment and protect investors, particularly small investors [3][4] Group 3 - The initiative to cultivate a "long money, long investment" market ecosystem is highlighted as a key measure to sustain market stability, with plans to deepen public fund reforms and broaden channels for long-term capital [4] - The regulatory framework aims to facilitate the entry of various long-term funds into the market, ensuring they have suitable investment products and risk management tools [4] - Collaboration among different sectors is essential to enhance the scale of long-term capital entering the market, with recommendations to streamline regulations for pension funds, insurance, and other long-term investment vehicles [4]

Core Viewpoint - The Hainan Free Trade Port has successfully operated under a closed-off system for one month, showing a stable and orderly performance with initial positive outcomes in attracting foreign investment and enhancing trade activities [1][2]. Group 1: Investment and Economic Growth - The first day of the Hainan Free Trade Port's operation saw the establishment of a significant foreign investment project, Siemens Energy's gas turbine assembly base, marking the beginning of foreign capital accumulation in the region [1]. - From December 18, 2025, to January 5, 2026, Hainan added 207 foreign-funded enterprises, averaging 10.9 new enterprises per day, indicating strong confidence from foreign investors [2]. - During the same period, Hainan registered 14,900 new enterprises, averaging 786 new enterprises daily, reflecting a rapid expansion of business entities [2]. Group 2: Trade and Policy Impact - Hainan's foreign trade has experienced rapid growth, with total goods trade imports and exports reaching 21.42 billion yuan, a year-on-year increase of 19.6%, with imports and exports growing by 13.3% and 31.6%, respectively [2]. - The implementation of "zero tariff" policies has significantly reduced import costs for enterprises, enhancing operational efficiency within the industrial chain [3][4]. - The first month of operation saw customs handling "zero tariff" goods worth 750 million yuan, benefiting various sectors including local enterprises and healthcare [4]. Group 3: Transportation and Logistics - Hainan has opened 92 international passenger routes, enhancing its status as an international aviation hub, with the introduction of the first seventh freedom route on December 22, 2025 [3]. - The logistics sector has seen a notable increase in demand, with 74% of goods achieving "zero tariff" status, facilitating smoother cross-border trade [7]. - The operational changes have led to a steady demand for transportation and logistics services, aligning with the development direction of the Hainan Free Trade Port [8]. Group 4: Consumer Behavior and Market Trends - The duty-free shopping market in Hainan has shown vibrant activity, with 585,000 shoppers spending 3.89 billion yuan from December 18, 2025, to January 10, 2026, representing increases of 32.4% and 49.6% year-on-year, respectively [6]. - There is a growing interest among international tourists in domestic brands, indicating a shift in consumer preferences [6]. - The introduction of various promotional activities and enhanced shopping experiences has led to longer visitor stays and improved conversion rates in duty-free shopping [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for enhanced political loyalty and improved investigation quality in its enforcement actions to safeguard market fairness and support high-quality development of the capital market [1] Group 1: Enforcement and Regulatory Actions - The CSRC held a commendation meeting on January 16, recognizing 25 outstanding enforcement teams and 20 individuals for their contributions in major case investigations over the past two years [1] - The CSRC has maintained a high-pressure stance against various illegal activities in the capital market, including financial fraud, market manipulation, and insider trading, effectively maintaining market order and protecting investors' rights [1] Group 2: Strategic Focus and Development - The meeting aimed to implement the spirit of the 20th Central Committee's Fourth Plenary Session, the Central Economic Work Conference, and the National Financial System Work Conference, summarizing the achievements in enforcement work [1] - The CSRC is committed to deepening enforcement reforms, enhancing technological empowerment, and promoting the rule of law to build a robust enforcement team with strong political and professional capabilities [1]

● 本报记者 熊彦莎 1月16日召开的国务院常务会议提出，要加快培育服务消费新增长点。2026年开年以来，服务消费领域 政策支持力度持续加大。多个部门发布服务消费支持政策，涉及银发经济、绿色消费、文体消费等领 域，上海、江苏、北京等多地也推出地方性支持政策。 专家认为，居民消费升级和数智技术提升可以为服务消费拓展增长空间。未来应进一步优化消费环境， 优化金融支持举措，推动供需精准对接。 服务消费增长空间足 今年以来，推动服务消费发展信号频频释放。1月16日召开的国务院常务会议提出，要加快培育服务消 费新增长点，支持新业态新模式新场景竞相涌现，增加优质服务供给，解决好信用、标准、安全管理等 问题，促进服务消费提质惠民。 民政部等八部门发布的《关于培育养老服务经营主体 促进银发经济发展的若干措施》明确，大力支持 科技赋能养老服务。商务部等九部门发布的《关于实施绿色消费推进行动的通知》提出，提升绿色服务 消费，发展绿色餐饮、绿色住宿、绿色家政。 地方层面同样重视以数智技术促进服务消费提质扩容。《上海市促进服务业提质增效和消费提振扩容联 动发展的若干措施》提出，对具有自主IP的AI原生游戏等单项产品按照规定给予奖励， ...

Market Overview - The A-share market is experiencing high volatility with a potential for a stable transition into the second phase of the spring market, supported by favorable factors that have not changed [1][6] - The upcoming earnings announcements are expected to increase the importance of performance indicators, with high-quality companies showing solid fundamentals likely to yield excess returns [1][6] Investment Strategies - The investment focus remains on "anti-involution + technology," with sectors such as AI applications, chemicals, non-ferrous metals, and power equipment gaining attention for their investment value [1][10] - Citic Securities suggests constructing investment portfolios based on "resource + traditional manufacturing pricing re-evaluation," including sectors like chemicals, non-ferrous metals, and new energy [5] - Dongwu Securities emphasizes that the market is likely to stabilize, with a focus on companies with strong fundamentals and exceeding performance expectations [6] Regulatory Developments - The People's Bank of China and the National Financial Regulatory Administration have adjusted the minimum down payment ratio for commercial property loans to no less than 30%, allowing local authorities to set lower limits based on local conditions [2] - The China Securities Regulatory Commission is seeking public opinion on the draft regulations for derivative trading, aiming to manage risks and support the real economy while limiting excessive speculation [3] Sector Insights - Open-source Securities highlights three main investment lines: recovery within the technology sector, benefiting from "anti-involution" policies in non-ferrous metals and chemicals, and maintaining gold and high-dividend assets as long-term holdings [7] - Fortune Fund identifies four key investment themes for 2026: embracing technology trends, enhancing the influence of Chinese manufacturing overseas, capturing cyclical rebound opportunities, and benefiting from the appreciation of the RMB in the non-bank financial sector [8] - Huatai Bairui Fund anticipates increased attention on resource and energy sectors due to improving domestic and foreign policy environments, which may lead to enhanced corporate profitability [9]

Market Overview - The A-share market is experiencing high volatility with a potential for a stable transition into the second phase of the spring market, supported by favorable factors that have not changed [1][6] - The upcoming earnings announcements are expected to increase the importance of performance indicators, with high-quality companies showing solid fundamentals likely to yield excess returns [1][6] Investment Strategies - The investment focus remains on "anti-involution + technology," with sectors such as AI applications, chemicals, non-ferrous metals, and power equipment gaining attention for their investment value [1][10] - Citic Securities suggests constructing investment portfolios based on "resource + traditional manufacturing pricing re-evaluation," including sectors like chemicals, non-ferrous metals, and new energy [5] - Dongwu Securities emphasizes that the market will focus on performance indicators, with high-quality companies expected to outperform in the latter half of the spring market [6] Regulatory Developments - The People's Bank of China and the National Financial Regulatory Administration have adjusted the minimum down payment ratio for commercial property loans to no less than 30%, allowing local authorities to set lower limits based on local conditions [2] - The China Securities Regulatory Commission is seeking public opinion on the draft regulations for derivative trading, aiming to manage risks and support the development of derivatives for risk management [3] Sector Focus - Open-source Securities highlights three main investment lines: recovery within the technology sector, sectors benefiting from PPI improvements and "anti-involution" policies, and gold and high-dividend assets as long-term holdings [7] - Fortune Fund identifies four main lines for investment: technology sector trends, the impact of Chinese manufacturing going global, cyclical recovery opportunities, and non-bank financial sectors benefiting from RMB appreciation [8] - Huatai-PB Fund anticipates increased attention on resource and energy sectors due to positive domestic and international policy environments, with expectations for improved corporate profitability [9]

Group 1 - The core point of the article is that Guolian Minsheng (601456) expects a significant increase in net profit for the year 2025, projecting a net profit of 2.008 billion yuan, which represents an increase of 1.611 billion yuan or approximately 406% year-on-year [1][5] - The company attributes this expected growth to the acquisition of Minsheng Securities and the effective integration of its operations, which has been reflected in the financial statements [8] - The overall performance of the company is also supported by the active capital market, which has led to substantial growth in various business lines, including securities investment, brokerage, and wealth management [8][10] Group 2 - Other securities firms, such as CITIC Securities and Southwest Securities, have also reported strong performance for 2025, with CITIC Securities projecting a net profit of 30.051 billion yuan, a year-on-year increase of 38.46% [4][10] - The industry is experiencing a favorable environment, with analysts noting that the current valuation levels of brokerage firms are low, indicating a potential for both fundamental and valuation recovery [11] - The regulatory environment for the brokerage industry is entering a more positive cycle, which is expected to support profitability in 2026, with a focus on investment banking, public funds, and overseas business [11][12]