以下文章来源于经济观察报 ，作者黄一帆 经济观察报 . 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和商机，以锐度、悦度、广度、深度的报道形成了权 威的媒体公信力和影响力。 这位中国资本市场发展史上的标志性人物，一生跌宕起伏。万国证券的创办、中国证券市场的初创规则、震惊中外的327国债事件、17年牢狱生涯和古稀之年再度创 业，管金生78年的人生与中国资本市场的激荡岁月紧密交织。 文 ｜ 黄一帆 来源｜ 经济观察报（ID：eeo-com-cn） 封面来源 ｜ 资料画面 10月9日深夜11点，上海九颂山河股权投资基金管理有限公司（以下简称"九颂基金"）发布公告称，近日收到实际控制人、执行董事管金生先生家属的通 知，管金生先生因突发疾病抢救无效，不幸于2025年10月7日与世长辞。公告称，管金生作为中国证券行业的先驱，毕生致力于金融事业的创新与发展。 这位中国资本市场发展史上的标志性人物，一生跌宕起伏。万国证券的创办、中国证券市场的初创规则、震惊中外的327国债事件、17年牢狱生涯和古稀 之年再度创业，管金生78年的人生与中国资本市场的激荡岁月紧密交织。 筹建上海首家 ...

这位中国资本市场发展史上的标志性人物，一生跌宕起伏。万 国证券的创办、中国证券市场的初创规则、震惊中外的327国 债事件、17年牢狱生涯和古稀之年再度创业，管金生78年的 人生与中国资本市场的激荡岁月紧密交织。 作者： 黄一帆 封图：图虫创意 筹建上海首家证券公司 券业传奇人物的崛起 管金生1947年5月19日出生于江西省清江县一个贫苦农民家庭。1965年，他考入上海外国语学院法语系，后获法国文学硕士学位。因找不到对口工作， 他改行进入上海国际信托投资公司工作。 1988年2月，管金生迎来人生转折点，受命筹建上海第一家证券公司——万国证券。 在管金生的带领下，万国证券迅速崛起。 他执掌的万国证券在辉煌时期一度占据国内70%的A股交易量以及几乎全部的B股交易量，是当时当之无愧的国内第一大券商。也因此，管金生与原君 安证券公司的张国庆、原申银证券的阚治东，被并称为"中国证券教父"。 1990年11月26日，上海证券交易所宣布成立，管金生参与设计了上海证券交易所的交易规则、设备到交易员培训的全体系建设，深沪两地的异地交易 首先由万国证券开通；无纸化交易也由万国证券率先推动。 10月9日深夜11点，上海九颂山河股权投 ...

证监会主席吴清9月22日在国新办新闻发布会上表示，外资持有的A股市值，目前是3.4万亿元，同时有 269家企业在境外上市。中国的资本市场朋友圈越来越大。 0:00 ...

MACD金叉信号形成，这些股涨势不错！ 9月22日，在介绍"十四五"时期金融业发展成就时，中国证监会主席吴清在国新办新闻发布会上表 示，"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿 元，269家企业境外上市，中国资本市场的"朋友圈"越来越大。 责任编辑：韦子蓉 ...

在凤凰湾区财经论坛2025前夕，人大重阳金融研究院高级研究员董少鹏表示，当前市场对外资配置A股 存在误解。即便外资大举买入，其在A股占比最高也仅达4.8%（2011年），目前仅为2.7%，比例始终较 低。因此，对其动向宜参考而不应作为主要标准，否则可能陷入误区。他指出，中国资本市场始终欢迎 外资投资A股市场。 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the "14th Five-Year Plan" (2021-2025) and its implications for China's economic development and various sectors, including technology, environment, and social welfare [1][3][11]. Core Insights and Arguments - **Economic Growth**: China's GDP is projected to reach 140 trillion yuan by 2025, with final consumption contributing significantly, averaging 56.2% to economic growth, an increase of 8.6 percentage points from the previous five-year period [1][5][11]. - **Income Levels**: Per capita national income is nearing the threshold for high-income countries, with a current per capita GDP of over $13,300, although it remains slightly below the world average of $13,700 [1][5]. - **Social Welfare**: The average disposable income has grown at an annual rate of 5.5%, with the middle-income group expanding to 400 million people, representing 30% of the population [6][7]. - **Environmental Progress**: The number of new energy vehicles has significantly increased, reaching 31.4 million by the end of 2024, marking a growth of over five times since the previous five-year period [8]. - **R&D Investment**: China ranks second globally in R&D spending, with an investment of 3.6 trillion yuan, accounting for 2.68% of GDP, and a 72.6% increase in integrated circuit production [9][10]. Challenges Identified - **Technological Barriers**: Key core technology issues remain unresolved, impacting innovation and competitiveness [4]. - **Consumer Mechanisms**: Long-term consumer spending mechanisms have yet to be established, affecting economic stability [4]. - **Environmental Concerns**: Pollution and carbon emissions remain high, necessitating further action to meet future targets [4]. Additional Important Content - **Capital Market Developments**: The Chinese capital market is seeing increased participation from long-term funds, with ETF assets reaching a historical high of over 4 trillion yuan and a notable rise in insurance capital entering the market [2][19][20]. - **State-Owned Enterprise Reforms**: Significant measures have been introduced to reform state-owned enterprises, focusing on optimizing structures and enhancing mixed ownership [16][17]. - **Unified Market Construction**: The construction of a unified national market is progressing, with an emphasis on improving the business environment and regulatory efficiency [15]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of China's economy, social welfare, environmental initiatives, and capital market developments.

Core Viewpoint - The controlling shareholder of Shengyang Co., Ltd. expresses strong confidence in the development prospects of the Chinese capital market and commits to supporting the listed company in optimizing its industrial layout and enhancing core competitiveness [1] Group 1 - The controlling shareholder, Shandong Development Group, is committed to fulfilling its responsibilities and supporting the listed company in its high-quality development [1] - The company aims to focus on its main responsibilities and core business [1] - The commitment is aimed at protecting the interests of a wide range of investors [1]

中国平安高管：中国资本市场当前的估值水平与全球其他市场比较起来，仍处于合理区间。 ...

【纠错】 【责任编辑:刘阳】 中央汇金公司4月7日公告称，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。 ...

Core Viewpoint - The recent trend of public fund self-purchases in China reflects confidence in the long-term stability and health of the capital market, with significant investments being made by various fund companies [1][3][4]. Group 1: Public Fund Self-Purchases - On August 10, Southern Fund announced a self-purchase of at least 230 million yuan using its own funds to invest in its equity funds, committing to hold these investments for over one year [1][3]. - Other public funds, including ICBC Credit Suisse Fund and Huashang Fund, have also engaged in similar self-purchase activities, indicating a resurgence of self-purchase trends in the industry [1][4]. - Since the beginning of the year, over 20 public funds have announced self-purchases, with amounts typically ranging from 1.55 million to 54 million yuan [4][6]. Group 2: Performance and Market Confidence - The three funds targeted by Southern Fund's self-purchase have shown positive returns this year, with yields of 3.78%, 6.78%, and 11.46% respectively [3]. - Industry experts suggest that such large-scale self-purchases, like that of Southern Fund, serve as a benchmark in the industry, enhancing investor trust through a binding interest mechanism [3][6]. - The overall net subscription amount for actively managed equity funds by public institutions has reached 1.579 billion yuan this year, reflecting a strong belief in the high-quality development of the Chinese capital market [6][9]. Group 3: Regulatory Environment and Future Trends - Recent regulatory guidance encourages fund companies to allocate a portion of their annual profits to self-purchase their equity funds, which is expected to promote a trend of continuous self-purchases [8][9]. - The "Action Plan for Promoting the High-Quality Development of Public Funds" emphasizes long-term assessments and increases the scoring for self-purchase metrics by 50% [8]. - Experts predict that the trend of public funds self-purchasing equity funds will continue, potentially leading to a more stable market structure [9].