从2025年政府工作报告首次将"稳住股市"写入政府工作报告总要求，到2026年证监会主席吴清提出"完善中 国特色稳市机制建设"，政策提法跃迁背后，是中国资本市场顶层设计思路的变化。 近日，多位券商首席、学者接受券商中国记者采访，一致认为我国稳市手段正在从应对短期波动的临时性举 措，转向构建长期稳定的制度体系，也体现了监管层持续优化资本市场生态的坚定决心。 围绕如何在已有实践基础上更加完善稳市机制，为资本市场高质量发展奠定制度基础，受访人士也向券商中国 记者分享了他们的观察与建议。 稳市机制已成A股定海神针 中国特色稳市机制，早已崭露峥嵘。 2024年9月24日以来，监管层推出了一揽子稳市工具，包括中央汇金增持指数基金、央行设立证券、基金及保 险公司互换便利和股票回购增持再贷款工具以及上市公司回购等，一举扭转了A股市场的颓势。 "这些工具长短结合、协同发力，既注重短期托底，也兼顾激发市场主体内生稳市动力，标志着稳市手段正朝 着市场化、组合化、机制化的方向迈进。"黄付生说。 从应急工具到常态机制 中国特色稳市机制有望进一步体系化、常态化。 不久前，在十四届全国人大四次会议经济主题记者会上，证监会主席吴清表示，要" ...

4月7日临近收盘，中央汇金公司发布公告表示，中央汇金公司坚定看好中国资本市场发展前景，充分认可当前A股配置价值，已再次增持了交易 型开放式指数基金 （ ETF ） ，未来将继续增持，坚决维护资本市场平稳运行。 这不是中央汇金首次出手， 但 其首次作为类平准基金亮相，这一身份在次日的发布会上被首次确认。通过逆周期操作直接抛压，在 A股暴跌时 注入流动性，中央汇金增持ETF推动尾盘反弹，单日稳定市场资金规模超千亿元。 由于中央汇金出手释放维稳信号，市场情绪快速修复。 4月8日起A股连续反弹，4月9日沪指涨1.31%，创业板涨0.98%，确认"坑底"，抄底资 金获利，4月7日也因此被称为"黄金坑"。 回到 2026年春季，美伊冲突升级一改市场原本的叙事逻辑，而当HALO遇到TACO，资金在AI轻资产和避险重资产之间难于用脚投票，市场更 需要某种来自机制建设的稳定性。 中国证监会主席吴清在十四届全国人大四次会议于 2026年3月6日下午举行经济主题记者会上就资本市场相关问题回答中外记者提问时，首 提"完善中国特色稳市机制建设"。 资本市场运行状况是经济发展的重要指标，既影响着金融体系的长期健康稳定，也关系到投资者的权 ...

【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4669.1 | ↓0.39 | | 5803.1 | | | | | | IF2603 | 4658 | ↓0.08 | -11.14 | 819.6 | 58457 | ↑1286 | 98275 | ↓3459 | | IF2604 | 4643.2 | ↓0.01 | -25.94 | 89.5 | 6411 | ↑188 | 15739 | ↑1120 | | IF2606 | 4583.6 | ↓0.22 | -85.54 | 410.6 | 29731 | ↑3813 | 108047 | ↑2288 | | IF2609 | 4508.4 | ↓0.28 | -160.7 | 147 | 10821 | ↑2042 | 49519 | ↑2486 | | 上证50 | 2956.9 | ↓0.50 | | 1342.4 | | | ...

投资咨询业务资格:证监许可【2012】31号 | | C | | C | | | C | | | | C 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | 2026/3/10 | | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | | DRO01 | 1.32 | 0.36 | DR007 | 1.45 | 3.26 | | CL 1-62 | GC001 | 1.55 | 16.50 | GC007 | 1.56 | 4.50 | | | SHBOR 3M | 1.55 | -0.33 | LPR 5年 | 3.50 | 0.00 | | al | 1年期国债 | 1.49 | 1.50 | 5年期国债 | 1.74 | 2.00 | | 2 | 10年期国债 | 1.98 | 2.20 | 10年期美债 | 4.15 | 2.00 | | 1 | Acres R ...

Market Review - The A-share market demonstrated strong resilience amid global market volatility caused by geopolitical tensions, particularly the US-Iran conflict, which led to a surge in oil prices to around $120 per barrel [2][3] - Major indices in the A-share market generally declined, with the exception of the dividend index, while the "HALO" strategy (heavy assets and low elimination rates) gained traction among investors [1][2] - Sectors benefiting from rising international commodity prices, such as oil and gas, coal, and power equipment, led the market [1][2] Market Outlook - The resilience and relative certainty of the A-share market are expected to stand out amid global pressures, with key factors including China's diversified oil import sources, which mitigate supply shocks compared to Japan and South Korea [2][3] - The stability of the RMB exchange rate index in early March supports market risk appetite, while regulatory measures aim to enhance the stability of the A-share market [2][3][4] - The ongoing geopolitical tensions and their impact on oil supply will be critical variables to monitor, particularly the duration of the closure of the Strait of Hormuz [2][3] Industry Configuration - Investment recommendations include focusing on cyclical commodities related to price increases, such as oil transportation, non-ferrous metals, and chemicals [4] - Attention is also advised on sectors supported by industrial policies, including military industry, storage, AI applications, and commercial aerospace [4] - High-end manufacturing industries related to overseas expansion, such as power equipment and engineering machinery, are highlighted as potential investment opportunities [4]

2026/3/9 | | 品种 | 收盘价 | 较前值变动 | 品种 | 收盘价 | 较前值变动 | | --- | --- | --- | --- | --- | --- | --- | | | | | (bp) | | | (bp) | | | DR001 | 1.32 | 4.94 | DR007 | 1.41 | -0.58 | | ह | GC001 | 1.39 | 22.00 | GC007 | 1.51 | 3.00 | | ਜ | SHBOR 3M | 1.55 | -0.32 | LPR 5年 | 3.50 | 0.00 | | 市 | 1年期国债 | 1.29 | -0.37 | 5年期国债 | 1.53 | -0.48 | | 场 | 10年期国债 | 1.78 | -0.28 | 10年期美债 | 4.15 | 2.00 | | 与 流 | 回顾: 上周央行公开市场开展了1616亿元逆回购操作,因当周有15250亿 元逆回购到期,当周实现净回笼13634亿元。此外,上周有10000亿元91 | | | | | | | | 天期买断式逆回购到期,央行开展了8000亿元91天期买断式逆回 ...

2026.03. 08 本文字数：2626，阅读时长大约5分钟 作者 | 第一财 经 杜卿卿 当前A股总市值迈入110万亿新阶段，5400多家上市公司年营收额超过了GDP的一半。交易所股债融 资达到64万亿，直接融资比重提高到31.97%。其中IPO和再融资总共仅有5.9万亿。 直接融资尤其是股权融资规模仍有较大提升空间。今年政府工作报告提出，持续深化资本市场投融资 综合改革，进一步健全中长期资金入市机制，完善投资者保护制度，拓展私募股权和创投基金退出渠 道，并再次强调"提高直接融资、股权融资比重"。 "直接融资占比提升，反映出资本市场融资功能持续增强、融资结构不断优化。这一变化不仅体现为 规模扩张，更体现为融资质量和资源配置效率同步提升。"西南证券董事长姜栋林对第一财经表示， 其中5.9万亿元股票融资持续投向实体经济重点领域，为科技创新、产业升级和中小企业发展提供了 有力支持。 在他看来，证监会主席吴清在两会记者会上首次提出"完善中国特色稳市机制"，表明资本市场稳定工 作正由阶段性应对转向常态化、制度化建设，这将筑牢资本市场稳定防线，有利于资本市场持续推进 深化改革，朝着更包容、更具韧性、更加开放的方向持续 ...

Domestic Policy Insights - The economic press conference on March 6 provided key insights into capital markets, industrial policies, and domestic demand expansion [3][8]. - In capital markets, the focus is on the construction of a "Chinese-style market stabilization mechanism," reforms in the ChiNext board, and strict regulatory measures [3][9]. - The stabilization mechanism includes measures such as the central bank's support for the Central Huijin Investment Ltd. and state-owned enterprises' buybacks to maintain market stability [10][11]. - The ChiNext board reform aims to enhance listing standards, replicate successful experiences from the Sci-Tech Innovation Board, and improve the quality of listed companies [11][12]. - Regulatory measures emphasize investor protection, tackling financial fraud, and enhancing the supervision of new business models [15][16]. Industrial Policy Developments - The National Development and Reform Commission highlighted six emerging pillar industries and six future industries, with significant support for major projects in integrated circuits, satellite internet, and large aircraft [17][18]. - Funding support includes the establishment of a national-level merger fund to address challenges in venture capital exits and promote mergers and acquisitions [18] - The government plans to launch around ten comprehensive open scenarios this year to facilitate industrial development [18]. Domestic Demand Expansion - The government announced a 100 billion yuan fiscal and financial collaboration to boost domestic demand, focusing on supporting private investment and consumer spending [19][20]. - Specific measures include loan interest subsidies for consumer loans and expanding the guarantee limits for private investment [20][21]. - The initiative aims to leverage fiscal and financial policies to stimulate broader social resources towards key areas of domestic demand [20][21]. Overseas Policy Insights - The report reviews market performance amid the US-Iran conflict, noting a significant rise in resource prices, particularly oil, due to geopolitical tensions [21][22]. - The conflict has led to structural differentiation in asset performance, with oil prices surging by 28% due to supply chain disruptions [21][29]. - Gold prices initially rose but later fell as market dynamics shifted from a risk-off sentiment to liquidity concerns, highlighting the complex interplay of various asset classes during geopolitical crises [33].

Group 1 - The total market value of A-shares exceeds 110 trillion yuan, highlighting the importance of the stock market as a barometer for economic health [2] - The "14th Five-Year Plan" aims to enhance the scale of the service industry to over 100 trillion yuan and the artificial intelligence industry to exceed 10 trillion yuan by the end of the plan [4] - The central government plans to establish a national-level merger and acquisition fund to support restructuring and alleviate "involution" competition [4] Group 2 - The central bank will flexibly utilize various monetary policy tools, including interest rate cuts, to maintain an appropriately loose monetary policy [3] - By the end of 2025, foreign institutions and individuals are expected to hold over 10 trillion yuan in domestic RMB financial assets [3] - The Ministry of Finance will continue a more proactive fiscal policy in 2026, with a focus on stimulating domestic demand through innovative financial tools [3][4] Group 3 - The consumption market in China is projected to become the largest in the world by purchasing power parity during the "14th Five-Year Plan" [4] - Offline retail consumption growth has outpaced online for the first time during the recent Spring Festival holiday [4] - The cross-border e-commerce import and export scale reached 2.75 trillion yuan, marking a significant growth area for foreign trade [5]

C 则联计 一图看 经济主题记录 五位"掌门人"这样说 | 国家发改委主任 郑栅洁 中央本级"三公"经费压减7%以上。 . 今年教育、卫生健康等财政支出将超12.4万亿元。 ● | 商务部部长 王文涛 坚持惠民生和促消费相结合,坚持政策和活动双 ● 轮驱动,深入实施提振消费专项行动,全力促消 费扩内需。 推动增值电信、生物技术、外商独资医院等领域 ● 开放试点。 我国网剧在全球市场营收占比达90%。 ● 高端智能、绿色低碳,包括机器人等等,已经成为 ● 我国外贸的一个新标签。 统筹进口和出口. 推动贸易平衡发展。 ● 谈外贸: 西方不亮东方亮, 没了北方有南方, 千磨 ● 万击还坚劲, 任尔东西南北风。 预计今年GDP增量超过6万亿元。 ● "十五五"末人工智能相关产业规模将增长到10万 ● 亿元以上。 坚设立国家级并购其全 . 儿白小ヨステー | 财政部部长 藍佛安 "十五五"规划纲要草案中民生福祉类指标占比最 ● 高。 集成电路、航空航天、生物医药等六大新兴支柱 ● 产业相关产值到2030年有望扩大到十万亿元以 上。 在集成电路、卫星互联网、国产大飞机、全国一 ● 体化算力网等领域,建设一批长链条、大体量 ...