该行相信，中国券商将受惠于A股市场支持政策，特别是具有高杠杆比率的券商，如中金公司 (03908,601995.SH)、中信证券(06030,600030.SH)、及东方证券(03958,600958.SH)，预计中国证券商的 ROE将进一步上升，并可能促使公司重新估值，行业首选东方证券H股。 该行提到，中国证监会就《基金管理公司绩效评估管理指引》向基金管理公司征求意见，为使公募基金 经理的利益与其基金的长期表现保持一致，另政策持续鼓励保险公司调整风险因素，将更多长期资金投 入A股市场，显示出内地对市场的支持。 智通财经APP获悉，花旗发布研报称，中国证监会主席吴清指，要通过并购或行业整合建立一流投资银 行的政策方向，并放宽对部分证券商的资本要求，鼓励他们提高杠杆。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着"十五五"规划蓝图绘就，中国资本市场高质量发展的路线图进一步清晰。证监会主席吴清日前指 出，未来五年是全面深化资本市场改革、加快打造一流投行和投资机构的战略机遇期。政策信号明确之 下，多家头部券商密集发布展望报告，拆解规划带来的投资新范式。 聚焦金融行业自身的改革与成长机遇 中信证券研究表示，"十五五"期间，证券行业格局有望深度重塑，推动行业实现错位发展，10家引领行 业发展的综合性机构将逐步成型。投行业务、衍生品业务、期货业务和资产证券化业务的监管周期有望 逐步回暖，证券公司有望通过内生增长和并购重组实现自身的长足发展，资产配置、综合服务和国际化 能力有望成为行业分化的决定因素。建议关注冲击国际一流投行的龙头证券公司以及具备跻身头部梯队 潜力的中大型证券公司。 国泰海通金融团队指出，保险业、券商业、银行业在 "十五五" 期间的发展目标与预期明确，将实现规 模与质量协同提升。1）保险业预计规模与质量双升，2030 年保费收入或达 8 万亿元、行业总资产有望 突破 60 万亿元，更加突出保险服务实体经济的 "减震器" 与保障民生的 " ...

证监会主席吴清近日明确提出对优质券商"适度松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制。这一表态被市场视为券商行业政策环境转向积极 的重要信号。 12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，各证券公司要立足自身资源禀赋，发挥好比较优势，从价格竞争加快转向价值竞 争。头部机构要保持时不我待、不进则退的紧迫感，在市场竞争力、客户和投资者服务、风险管理等方面树标杆做表率，要进一步增强资源整合的意识和能 力，用好并购重组机制和工具，实现优势互补、高效配置，力争在"十五五"时期形成若干家具有较大国际影响力的头部机构。 "需要强调的是，一流投行不是说就是头部机构的专属，中小机构也要把握优势、错位发展，在细分领域、特色客户群、重点区域等方面集中资源，深耕细作， 努力打造'小而美'的精品投行、特色投行和特色服务商。"吴清说。 吴清表示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控指标，适度打开资本空间和杠杆限制，提升资本利用效率；对中小 券商、外资券商在分类评价、业务准入等方面，探索实施差异化监管，促进特色化发展；对少数问题券商要依法从严监管，违法的要依法从严惩治。 ...

Group 1 - The core viewpoint of the article is that the transformation of brokerage asset management large collective products into public offerings is entering a critical phase, with a deadline set for the end of 2025 for completion [1][2][4] - The three main paths for product disposal include transferring to affiliated public funds, liquidation, or transitioning to private equity [2][3] - The trend of "cross-group migration" is emerging, where some brokerages are transferring products to third-party public fund managers without direct equity ties [3][4] Group 2 - The application for public fund licenses by brokerages has reached a standstill, indicating the end of the licensing rush that began in 2023, leading to a new phase of differentiated competition [4][5] - Some brokerages are leveraging their dual licenses (public and private) to accelerate business expansion, with examples like Caitong Asset Management showcasing a stable business structure [4][5] - The focus is shifting from merely obtaining public licenses to enhancing investment research capabilities and business collaboration as key competitive advantages [7][8] Group 3 - Investment research and collaborative capabilities are identified as critical factors for brokerages to compete effectively against banks and public funds [7][8] - Brokerages can utilize their integrated financial ecosystem to provide comprehensive services, enhancing their competitive edge in a saturated market [8] - The ability to quickly respond to market changes and adapt product offerings is highlighted as a significant strength of brokerage asset management [8]

监管层面将强化分类监管，对优质机构优化评价指标、适度拓宽资本空间与杠杆上限，提升资本利用效 率；对中小机构、外资机构探索差异化监管政策，促进特色化发展；对问题机构依法从严监管。 在中国证券业协会第八次会员大会上，证监会主席吴清发言时提到，行业机构需立足自身资源禀赋，从 价格竞争转向价值竞争。 头部机构应增强资源整合能力，力争形成若干家具有国际影响力的标杆机构；中小机构需聚焦细分领 域、特色业务与重点区域，深耕细作打造 "小而美" 的精品服务商。 港股中资券商板块： 华泰证券（601688）(06886)、广发证券（000776）(01776)、中国银河（601881）(06881)、国泰海通 (02611)、中金公司（601995）(03908)、中信证券（600030）（06030）、中信建投（601066）证券 (06066)、东方证券（600958）(03958)、光大证券（601788）(06178)、申万宏源（000166）(06806)、中 州证券(01375)、国联民生（601456）(01456)等。 国泰海通发布研报称，吴清主席致辞提出对优质机构适当"松绑"，进一步优化风控指标，适度打开资本 ...

看好证券保险岁末年初行情！20251207 摘要 监管鼓励券商整合，支持并购重组，旨在提升行业集中度和竞争力，头 部券商如国泰海通的并购案例显示出规模效应，预示行业整合加速。 监管提倡价值竞争，转变过去的价格竞争模式，通过提供高质量服务获 客，稳定费率，促进券商行业健康发展，公募基金费率改革已落地，券 商轻资产业务费率预期触底。 险资偿付能力新规调整风险因子，降低了沪深 300、科创板股票及出口 信用保险业务的风险权重，支持长期资金入市，缓解了中小保险公司的 资本补充压力。 截至 2025 年 9 月末，险资二级市场权益配置规模达 5.59 万亿元，较 2024 年末增加 1.49 万亿元，配置比例接近 15%，提升 2.6 个百分点， 险资入市进程超预期。 调降股票投资风险因子预计为 A 股上市险企带来 789 亿元的股票增配空 间，并优化最低资本 200 亿元，核心和综合偿付能力充足率平均提升 1.5 和 2.1 个百分点。 末已大幅消除。此外，中金办理发行股份收购信达中心等并购事件也推动了整 个板块的表现。 吴清主席强调监管逐步回暖，并充分肯定过去四年多来证券公 司的整体发展，包括总资产、净资产及服务实 ...

智通财经APP获悉，在中国证券业协会第八次会员大会上，证监会主席吴清发言时提到，行业机构需立 足自身资源禀赋，从价格竞争转向价值竞争。 华泰证券(06886)、广发证券(01776)、中国银河(06881)、国泰海通(02611)、中金公司(03908)、中信证券 （06030）、中信建投证券(06066)、东方证券(03958)、光大证券(06178)、申万宏源(06806)、中州证券 (01375)、国联民生(01456)等。 头部机构应增强资源整合能力，力争形成若干家具有国际影响力的标杆机构；中小机构需聚焦细分领 域、特色业务与重点区域，深耕细作打造 "小而美" 的精品服务商。 国泰海通发布研报称，吴清主席致辞提出对优质机构适当"松绑"，进一步优化风控指标，适度打开资本 空间和杠杆限制。优化资本杠杆的背后本质在于推动行业经营从规模导向转向风险定价，从牌照红利转 向专业经营，预计券商未来将更重以专业性实现盈利，这是对于优质头部券商的重要利好，也是板块估 值修复的重要催化。 港股中资券商板块： 监管层面将强化分类监管，对优质机构优化评价指标、适度拓宽资本空间与杠杆上限，提升资本利用效 率；对中小机构、外资机 ...

人民财讯12月8日电，中金公司（601995）研报指出，展望2026年，判断机械行业中科技创新板块仍具 备显著投资机会；其次，出口端虽面临不确定性，但随着国际化进程推进，叠加美联储降息落地等，中 金公司认为外需存结构性机遇；内需层面，下游短期难见大范围产能扩张，但随着产能出清和通用企业 向成长行业转型，股价有望反弹。 ...

Core Viewpoints - The article emphasizes the expectation of a robust economic start in 2026 driven by proactive macro policies and structural reforms as part of the "14th Five-Year Plan" [1][5] - The appreciation of the RMB is anticipated to improve, nearing the "7" mark against the USD [1][19] Focused Commentary - Wu Qing highlights the importance of enhancing the inclusivity and adaptability of capital market systems during the "14th Five-Year Plan" period, focusing on public fund reforms and aligning investor interests [3] - The article discusses the need for a binding mechanism for public funds to ensure investor profit and loss are core to assessments, promoting the development of equity funds and index investments [3] Equity Market - CITIC Securities predicts a more proactive policy direction in the upcoming Central Economic Work Conference, with a focus on consumption expansion, technological innovation, and real estate risk mitigation [5] - Huaxia Fund suggests that the "spring rally" may start earlier due to key meetings, improved macro liquidity, and easing of funding pressures, recommending a focus on AI, domestic demand recovery, and resource sectors [6] -招商证券 notes that December's market will be influenced by the Federal Reserve's meetings and domestic conferences, with a preference for large-cap stocks and blue-chip dividends [7] Industry Research - Galaxy Securities indicates that the power industry will see opportunities for capacity upgrades during the "14th Five-Year Plan," with a focus on stable profitability in thermal power and growth in nuclear power [12] - Harvest Fund expresses optimism for the energy storage sector, highlighting its transition to a growth phase driven by policy and technological advancements [13] - CITIC Construction Investment Securities sees significant growth potential in the low-altitude economy, predicting a market size exceeding one trillion by 2030 [14] Macro and Fixed Income - Huatai Securities anticipates a gradual appreciation of the RMB, with a forecast of 6.82 against the USD by the end of 2026, driven by strong export growth and seasonal currency settlement peaks [19] - Bosera Fund notes a cautious sentiment in the bond market, with a need for clearer signals of policy easing to boost demand [20] - Guotai Fund believes that the bond market may see a recovery opportunity following recent volatility, suggesting it could be a good time for long-term positioning [21] Asset Allocation - CICC recommends maintaining a "barbell" strategy in asset allocation, combining dividend stocks with technology investments, while adjusting weights based on market conditions [23]

Group 1 - The article discusses the potential impact of the Federal Reserve's interest rate cuts and the upcoming Central Economic Work Conference on the macroeconomic landscape [2][4] - It highlights the expected changes in dollar liquidity and the reasons behind the recent strength of the Renminbi [4][5] - The article emphasizes the anticipated shift in global liquidity favoring AH shares and the revaluation of Renminbi assets, alongside the potential for a bull-bear transition in the US stock market [7][8] Group 2 - The analysis includes projections for the agricultural product market, questioning whether a global upcycle is beginning and identifying trading opportunities in grains, oils, cotton, sugar, and live pigs [10] - It estimates that the reallocation of household assets could bring approximately 5.4 to 12.0 trillion yuan of incremental funds to the A-share market by 2030 [12] - The potential incremental funds from insurance capital entering the A-share market are projected to be around 6.0 to 9.6 trillion yuan by 2026 [13]