中国证监会主席吴清在 2 0 2 5 年金融街论坛年会上提出多项创新改革路 径，聚焦多层次资本市场建设、上市公司质量提升、对外开放及投资者 保护，旨在推动资本市场高质量发展。中国资本市场学会 2 0 2 5 年 6 月 登记注册， 是由 中国证券监督管理委员会 主 管的全国性、学术性、非 营利性社会团体。 同年 1 0 月 2 9 日，资本市场学会创新发展专业委员 会落地清华大学五道口金融学院，聚焦资本市场创新领域。 1 原创首发 未在任何平台发表 在此背景下，《清华金融评论》 拟以 " 创 新 改 革 路 径 推 动 资 本 市 场 高 质量发展" 为 主 题 策 划 一 期 封 面 专 题 ， 深入探讨 资 本 市 场 支 持 新 质 生 产力发展、二级市场维稳机制、资本市场对外开放、债券市场创新等 问 题 ， 期待为 资本市场改革创新 找寻有效路径 。 《清华金融评论》 2026 年第3 期专题 创新改革路径 推动资本市场高质量发展 中国证监会主席吴清在 2025 年金融街论坛年会上提出多项创新改革路径，聚焦多层次资本市场建设、上市公司质 量提升、对外开放及投资者保护，旨在推动资本市场高质量发展。其核心 ...

三湘大地，金融"活水"涌动如潮。资本市场，债券融资精准滴灌沃土。 全国首单乡村振兴低碳转型挂钩公司债券破茧而出，农村"两水"业务绿色乡村振兴公司债券顺利落地， 湖南省首只科技创新公司债券"23衡高K1"成功发行…… 一笔笔债券融资，勾勒出时代的脉动，见证着财信证券服务实体经济的责任担当。 日前，财信证券股份有限公司党委书记、董事长刘宛晨在接受中国证券报记者专访时表示，"十五五"期 间，债券市场需以更大力度推进品种创新、筑牢风控防线，财信证券将坚守扎根三湘大地、面向全国的 国有券商使命，以债券业务创新实践为新质生产力发展注入金融动能。 "这五年，债券市场在复杂环境中砥砺前行。"刘宛晨分析道，从发行规模看，2021年至2025年我国各类 债券发行规模年均复合增长率达8.46%，截至2025年末，市场存量规模较2020年末增长70.61%，连续多 年稳居全球第二。 市场结构之变，尤为引人注目。 利率债作为资本市场"压舱石"，在政策协同中起到了关键作用。"积极的财政政策持续发力，国债、地 方政府债、政策性银行债精准对接国家战略需求。"刘宛晨表示，尤其在疫情冲击和经济下行压力加大 时，利率债发行节奏与财政支出、货币政策 ...

Core Viewpoint - The article emphasizes the need for innovative reform paths to promote high-quality development in China's capital markets, focusing on multi-level market construction, improving the quality of listed companies, enhancing openness, and protecting investors [3][4]. Group 1: Reform Directions - The core content revolves around four major reform directions: enhancing the inclusiveness of multi-level markets, solidifying the foundation for market stability, expanding high-level institutional openness, and strengthening investor protection [3][4]. Group 2: Establishment of the Capital Market Society - The China Capital Market Society was registered on June 16, 2025, under the Ministry of Civil Affairs, supervised by the China Securities Regulatory Commission, and aims to serve as a high-end think tank for theoretical research, academic exchange, and decision-making consultation in the capital market [3][4]. Group 3: Thematic Focus of Tsinghua Financial Review - The Tsinghua Financial Review plans to explore topics such as the support of capital markets for new productive forces, mechanisms for stabilizing the secondary market, openness of capital markets, and innovations in the bond market, seeking effective paths for capital market reform and innovation [4][5]. Group 4: Call for Contributions - The article outlines 13 specific topics for contributions, including enhancing the inherent stability of capital markets, the role of medium- and long-term funds, effective foreign capital market openness, and the development of the bond market [5].

Core Insights - In 2025, China's bond market is expected to progress steadily while serving national strategies and deepening reforms, characterized by the emergence of the "debt market technology board" and systematic governance of local debt [1] Group 1: Market Innovation and New Openings - The "technology board" in the bond market was officially launched, with an issuance volume of 1.87 trillion yuan in 2025, driven by supportive policies from the People's Bank of China and the China Securities Regulatory Commission [2] - The "green panda bond" mechanism was upgraded, enhancing international compatibility and attractiveness, which is crucial for aligning with global standards in the green finance sector [3] - Qualified foreign institutional investors were allowed to participate in domestic bond repurchase transactions, significantly improving liquidity management tools and enhancing the appeal of RMB assets [4] - The first private enterprise "Yulan bond" was issued, marking a new offshore financing channel for private enterprises through cross-border infrastructure [5] Group 2: Risk Mitigation and Regulatory Developments - Local debt risk management transitioned to a systematic governance phase, with measures such as issuing special refinancing bonds to effectively reduce hidden debt [6] - Regulatory enforcement intensified against market irregularities, with a focus on addressing issues like self-financing and concealed profit transfers, demonstrating a "zero tolerance" approach [7] - The Ministry of Finance reported on typical cases of hidden debt, reinforcing a lifelong accountability mechanism for borrowing [9] Group 3: Policy Coordination and Market Foundations - The People's Bank of China resumed operations for buying and selling government bonds, enhancing the coordination between monetary and fiscal policies [10] - The Central Economic Work Conference emphasized the implementation of a more proactive fiscal policy, ensuring the sustainable development of the government bond market [11] - The successful issuance of 4 billion euros in sovereign bonds in Luxembourg reflected strong international investor confidence in China's economic fundamentals [12] - The pilot program for commercial real estate REITs was launched, expanding the REITs market into the trillion-level commercial real estate sector [13] - The release of self-regulatory guidelines for bond valuation established a reliable pricing benchmark, crucial for maintaining market fairness and preventing systemic risks [14] Conclusion - The bond market in 2025 is characterized by a symphony of "innovation, governance, and openness," aiming for high-quality development, with significant transformations pointing towards a more mature and resilient modern bond market ecosystem [15]

Group 1 - The core viewpoint of the article emphasizes the successful launch of the "Shanghai Clearing House Ping An Bank Liquidity Core 50 Credit Bond Index," marking a significant step in China's bond market for price discovery, liquidity management, and investment tool innovation [2] - The index is developed through a collaboration between Ping An Bank and the Shanghai Clearing House, utilizing a proprietary model to provide a liquidity reference benchmark for the interbank bond market [4] - The index comprises 50 issuers with excellent credit quality and liquidity, with a total market value of 6.0 trillion yuan and an average yield of 1.8523% as of December 1, 2025 [4] Group 2 - The partnership between Ping An Bank and the Shanghai Clearing House represents a model for deepening financial supply-side reform, offering diverse bond pricing indicators and investment targets to market participants [6] - Ping An Bank plans to continuously optimize model algorithms and expand index application scenarios to provide smarter and more efficient trading strategies and risk management solutions for institutional clients [6] - The launch of this index is seen as a starting point for Ping An Bank to uphold its commitment to "finance for the people" and collaborate with market peers to shape the future of the bond market [6]

Core Insights - The 2025 Bond Market High-Quality Development Conference will be held in Zhengzhou from December 17 to 19, focusing on policy interpretation, business exchanges, resource connections, and field investigations, attracting representatives from regulatory bodies, financial sectors, enterprises, and academic institutions to explore innovative paths and new opportunities in the bond market [1] Macro Dynamics - The People's Bank of China conducted a 1,353 billion yuan 7-day reverse repurchase operation on December 16, with a net injection of 180 billion yuan, as 1,173 billion yuan of reverse repos matured on the same day [3] - As of the end of November, the total RMB loan balance in Henan Province was 92,452.3 billion yuan, with household loans at 35,284 billion yuan and corporate loans at 57,005.2 billion yuan [3] Local Debt Issuance Plans - The first local government bond issuance plan for Q1 2026 was announced by Sichuan Province, intending to issue 1,887 billion yuan in bonds, including 1,000 billion yuan in new bonds and 887 billion yuan in refinancing bonds [5] - Luoyang City emphasized the need to identify and mitigate risks in real estate, local government debt, and state-owned enterprise debt to prevent systemic risks [5] Special Bonds and Financing - Recent issuance of special bonds targeting government investment funds has reached nearly 850 billion yuan, with multiple regions participating in this trend [6] - Zhengzhou Economic Development Capital Group plans to issue 11 billion yuan in technology innovation bonds, which have been accepted by the Shanghai Stock Exchange [8] - Henan Muxing Industrial Investment Co., Ltd. is set to issue 10 billion yuan in low-carbon transition-linked corporate bonds, marking its first bond issuance [9] Credit Ratings and Regulatory Actions - The Zhengzhou Municipal Development Investment Co. has received approval for a 10 billion yuan medium-term note registration [10] - The Henan Aviation Port Investment Group plans to issue 10 billion yuan in medium-term notes to repay existing debt [11] - The Luoyang Transportation Investment Group has been rated AA+ for its creditworthiness, indicating a stable outlook [18] Market Perspectives - Zhongzheng Pengyuan indicates that future debt resolution may increasingly rely on financial and market-based restructuring methods, emphasizing a "zero tolerance" approach to new hidden debts [22] - Huayuan Fixed Income reports that the cost-effectiveness of medium to long-term urban investment bonds has improved, suggesting a strategy of selecting high-quality urban investment entities for better yield [23]

来源：中国银行 来源：中国银行 12月11日，中国银行协助中国五矿集团有限公司（以下简称"中国五矿"）于银行间市场首批落地50亿元 并购票据业务。 近期，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，旨在进一步提高债 券市场对经济结构调整和资源优化配置的支持力度，更好满足企业兼并、收购的资金需求。 中国银行第一时间落实并购票据工作机制安排，充分发挥一体化并购服务优势，凭借丰富的项目发行经 验，为中国五矿并购票据发行工作提供了高效优质的金融服务。本次募集资金全部用于支付中国五矿收 购重要项目的并购价款，将有力支持中国五矿加快实施矿产资源战略保障举措，提升金属矿产资源保障 能力。 今年以来，中国银行积极响应银行间市场产品创新，成功参与了科创债、并购票据等创新产品首发工 作，同时在多个重大项目中担任银团牵头角色或独家并购财务顾问，成功落地一批科技企业并购贷款试 点项目。中国银行将持续参与市场创新，助力企业拓宽融资渠道，为服务实体经济高质量发展贡献更大 力量。 责任编辑：曹睿潼 12月11日，中国银行协助中国五矿集团有限公司（以下简称"中国五矿"）于银行间市场首批落地50亿元 并购票据业务。 近 ...

Group 1 - The capital market in Jilin Province has shown remarkable performance this year, with a total financing of 30.349 billion yuan, marking a 40.57% increase, the highest in five years [1] - The issuance of specialty bond products, including technology innovation bonds, green bonds, rural revitalization bonds, and Northeast revitalization bonds, reached 6.49 billion yuan, accounting for 21.38% of total issuance [1] Group 2 - The provincial government has strategically focused on nurturing quality listed resources as a long-term task, implementing the "Jixiang" plan to build a comprehensive capital market service system [2] - The provincial financial office has enhanced communication and collaboration with relevant departments, organizing training sessions and addressing challenges faced by enterprises in accessing capital markets [2] Group 3 - The bond market in Jilin Province has seen rapid innovation, with several new products filling gaps in direct financing, including the first technology innovation subordinated bond issued by Northeast Securities and the first Northeast revitalization bond of 3 billion yuan [3] - The provincial financial office plans to expand direct financing scales and optimize financing structures, encouraging enterprises to leverage capital markets for high-quality economic development [3]

Group 1 - The launch of the centralized bond lending business by the Central Clearing Company and the Interbank Lending Center on October 10 marks an innovation in China's bond market, with 78 institutions participating, including 21 major brokerages [1] - The new business model is expected to enhance the competitiveness of leading brokerages like CITIC Securities and Guotai Junan in fixed income, optimize asset-liability management, and broaden revenue sources for the brokerage sector [1] - The mechanism aims to improve bond liquidity, reduce transaction costs, and support efficient asset allocation for investors, contributing positively to the stability of the financial market [1] Group 2 - Public funds are intensively focusing on the equity market in the fourth quarter, with 86 new fund products launched by October 11, of which equity products account for 76.7% [2] - The surge in stock fund issuance, particularly in the Sci-Tech Innovation Board and high-end manufacturing sectors, indicates a growing preference for growth assets among investors [2] - The increased allocation to the Hong Kong stock market is expected to boost sentiment in Chinese technology and financial sectors, reflecting a recovery in market risk appetite [2] Group 3 - In September, the number of private securities funds registered reached 1,028, showing a year-on-year increase of 171.24%, despite a slight month-on-month decline [3] - This significant growth in private fund registrations indicates a rising enthusiasm for private products and is likely to enhance the market position of leading private fund companies [3] - The influx of new capital is anticipated to improve market liquidity, particularly benefiting small-cap growth stocks and quantitative strategy-related assets [3] Group 4 - The auction of over 40 million shares of Huachuang Yunxin ended without any bids, despite attracting significant attention, highlighting a disparity in market valuation for the company [4] - The failed auction may put short-term pressure on the stock price and require time for investor confidence to recover [4] - Increased judicial disposals in the financial technology sector could raise concerns about the stability of company shares, potentially leading funds to concentrate on companies with solid fundamentals [5]

Core Viewpoint - The Central Securities Depository and the Interbank Lending Center have jointly launched a centralized bond lending business to enhance market liquidity and efficiency in the interbank bond market [1][6]. Group 1: Business Launch Details - The centralized bond lending business was launched on October 10, with 78 institutions participating in the initial phase, including major state-owned banks, joint-stock banks, city commercial banks, foreign banks, rural commercial banks, and securities companies [1][5]. - The first day of operation saw the bond pool scale exceed 1.3 trillion yuan, covering various types of bonds such as government bonds, local government bonds, policy bank bonds, and corporate bonds [5][6]. Group 2: Participant Institutions - The initial participants include five major state-owned banks, seven joint-stock banks, 27 city commercial banks, one foreign bank, 15 rural commercial banks, and 21 securities companies [1][2][3][4]. Group 3: Operational Mechanism - The centralized bond lending service allows lenders to set parameters and specify available bonds for lending, creating a bond pool. Borrowers can initiate lending requests through the interbank lending platform when they face shortfalls on settlement days [6][7]. - The lending period is set between one to three days, with rates based on historical transaction fees adjusted for extreme data [6][7]. Group 4: Market Impact - This innovation is expected to mitigate settlement risks, enhance market functionality, improve trading efficiency, and significantly reduce negotiation costs for bond lending [7][8].