12月18日，中国资本市场迎来大事件——中国资本市场学会学术委员会正式成立，29位权威专家组 成"超级智囊团"，为资本市场高质量发展提供智力支撑。 从月7月26日中国资本市场学会成立大会暨第一届第一次会员代表大会在上海召开，到12月18日学术委 员会的成立，短短五个月间，资本市场"国家队"智库建设完成关键跃升。 此次会议规格空前，中国证监会副主席、中国资本市场学会执行副会长李超，学术委员会主任委员李 扬，以及境内外学术委员会委员、专业委员会负责人、重点研究基地负责人等悉数出席。 学术委员会致力于加强学术研究、促进学术交流、鼓励学术创新、崇尚学术道德，深入开展学术评议、 咨询、宣传、交流活动，充分发挥学术引领、认知引导、咨政建言作用。随着29位来自政府部门研究机 构、高校、国际投行和市场一线的权威专家集结，资本市场理论研究正从零散化、碎片化走向系统化、 专业化，一场由"最强大脑"引领的资本市场理论创新浪潮已然开启。 29人"最强大脑"横空出世，资本市场迎来顶级学术引擎 12月18日，中国资本市场学会学术委员会成立会议暨第一届第一次全体委员会议在北京隆重举行。 作为中国资本市场学会的最高学术机构，学术委员会由29 ...

学术委员会的组建兼具权威性、专业性与多元性，中国社会科学院学部委员，国家金融与发展实验室理 事长李扬担任学术委员会主任委员；副主任委员有王擎、王利明、姜纬、钱军四人；委员包括马骏、彭 文生、陈道富、田轩、田利辉等24人。学术委员会涵盖政府部门研究机构、高校专家学者、海外专家学 者、市场机构专家等多个领域，兼顾理论研究与实践经验。 北京商报讯（记者 马换换 王蔓蕾）从今年7月26日中国资本市场学会在上海召开首届会员代表大会，到 12月18日学术委员会组建完成，五个月内，资本市场"国家队"智库建设完成关键进阶。 当日，会议还座谈听取了部分专家学者关于资本市场"十五五"规划编制和2026年资本市场工作的意见建 议。座谈中，大家一致认为，"十四五"时期资本市场健康稳定发展的态势持续形成并不断巩固，"十五 五"时期是资本市场提质增效、健全功能的关键阶段。 12月18日，中国证监会主席、中国资本市场学会会长吴清出席中国资本市场学会学术委员会成立会议暨 第一届第一次全体委员会议，并主持召开资本市场"十五五"规划专家座谈会。 吴清介绍，成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。 中国资本市 ...

【智通财经12月19日早间新闻精选】 1、证监会主席吴清12月18日出席中国资本市场学会学术委员会成 立会议并召开资本市场"十五五"规划专家座谈会，吴清表示，证监会将扎实推进资本市场"十五五"规划 编制和实施，持续深化资本市场投融资综合改革，稳步扩大制度型高水平对外开放。 2、国办印发《关 于全链条打击涉烟违法活动的意见》，全方位加强电子烟监管，严厉查处非法生产、批发、运输、销售 电子烟和电子烟出口回流等违法活动。 3、市场监管总局召开会议要求，要综合整治"内卷式"竞争，推 动形成优质优价、良性竞争的市场秩序。 4、商务部新闻发言人何亚东表示，已批准部分稀土出口通用 许可申请。 5、外交部长王毅18日分别同柬埔寨副首相兼外交大臣布拉索昆、泰国外长西哈萨通电话， 柬泰双方都向王毅通报柬泰边境冲突最新进展，表达了降温停火的意愿。 6、TikTokCEO周受资发出内 部信称字节跳动、TikTok已与三家投资者签署协议，并将成立新的TikTok美国合资公司。新合资公司将 负责美国的数据保护、算法安全、内容审核和软件保障，由字节跳动全资控股的、TikTok在美国的其他 实体，将继续负责电商、广告、市场运营等商业活动。 ...

吴清出席中国资本市场学会学术委员会成立会议并召开资本市场"十五五"规划专家座谈会 来源：证监会发布 市场应用的治理和监管；从严打击财务造假，加强投资者保护和教育等等。吴清表示，证监 会将深入学习贯彻党的二十届四中全会和中央经济工作会议精神，扎实推进资本市场"十五 五"规划编制和实施，紧扣防风险、强监管、促高质量发展的工作主线，持续深化资本市场投 融资综合改革，稳步扩大制度型高水平对外开放，持续提高资本市场制度包容性吸引力，更 好服务经济高质量发展和中国式现代化大局。 2025年12月18日，中国证监会主席、中国资本市场学会会长吴清出席中国资本市场学会学术 委员会成立会议暨第一届第一次全体委员会议，并主持召开资本市场"十五五"规划专家座谈 会。中国证监会副主席、中国资本市场学会执行副会长李超，中国资本市场学会学术委员会 主任委员李扬参加会议。境内外学术委员会委员、专业委员会负责人、重点研究基地负责人 及新闻媒体代表参加会议。 成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。吴 清指出，加强资本市场理论研究，是深入学习贯彻习近平总书记关于金融工作重要论述、深 化对资本市场发展规律认识 ...

吴清出席中国资本市场学会学术委员会成立会议并召开资本市场"十五五"规划专家座谈会 来源：中国证监会网站 责编：汪云鹏 校对：杨立林 百万用户都在看 2025年12月18日，中国证监会主席、中国资本市场学会会长吴清出席中国资本市场学会学术委员会成 立会议暨第一届第一次全体委员会议，并主持召开资本市场"十五五"规划专家座谈会。中国证监会副 主席、中国资本市场学会执行副会长李超，中国资本市场学会学术委员会主任委员李扬参加会议。境 内外学术委员会委员、专业委员会负责人、重点研究基地负责人及新闻媒体代表参加会议。 成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。吴清指出， 加强资本市场理论研究，是深入学习贯彻习近平总书记关于金融工作重要论述、深化对资本市场发展 规律认识的迫切需要，对于加快形成既遵循市场一般规律又契合中国实际的理论体系，推动资本市场 高质量发展，积极参与全球金融治理合作具有重要意义。要牢牢把握正确的政治方向和学术导向，坚 持市场化、法治化、国际化。扎根中国资本市场实践，聚焦资本市场包容性吸引力、定价效率、金融 科技、法治建设等重点问题，不断健全完善理论框架和方法论，为加快建 ...

2025年12月18日，中国证监会主席、中国资本市场学会会长吴清出席中国资本市场学会学术 委员会成立会议暨第一届第一次全体委员会议，并主持召开资本市场"十五五"规划专家座谈 会。中国证监会副主席、中国资本市场学会执行副会长李超，中国资本市场学会学术委员会主 任委员李扬参加会议。境内外学术委员会委员、专业委员会负责人、重点研究基地负责人及新 闻媒体代表参加会议。 图/证监会发布 成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。 吴清指出，加强资本市场理论研究，是深入学习贯彻习近平总书记关于金融工作重要论述、深 化对资本市场发展规律认识的迫切需要，对于加快形成既遵循市场一般规律又契合中国实际的 理论体系，推动资本市场高质量发展，积极参与全球金融治理合作具有重要意义。要牢牢把握 正确的政治方向和学术导向，坚持市场化、法治化、国际化。扎根中国资本市场实践，聚焦资 本市场包容性吸引力、定价效率、金融科技、法治建设等重点问题，不断健全完善理论框架和 方法论，为加快建设强大的资本市场提供坚实理论支撑。 吴清强调，学会要深入践行理论研究的初心和使命，团结和凝聚各方面资本市场研究力量和专 家队伍， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on a comprehensive five-year plan for the capital market, emphasizing governance, long-term funding, and regulatory reforms to enhance market stability and investor confidence [1]. Group 1: Key Points from the Meeting - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [1]. - The implementation of a long-term assessment mechanism for medium and long-term funds will be promoted, with a strong push for the development of equity public funds [1]. - Measures for counter-cyclical and cross-cyclical adjustments will be strengthened to establish a long-term market stabilization mechanism [1]. - The responsibility for reputation management will be reinforced for industry institutions and listed companies, with an emphasis on effective communication regarding the stock market narrative [1]. - The reform of the ChiNext board will be initiated, and the "1+6" reform measures for the Sci-Tech Innovation Board will be expedited [1]. - The pilot program for commercial real estate REITs will be launched promptly, along with research on new key futures products [1]. - A focus on supporting high-quality entities while limiting underperformers will be maintained to accelerate the development of top-tier investment banks and institutions [1]. - Institutional openness will be gradually expanded, optimizing the qualified foreign institutional investor system and improving the quality and efficiency of overseas listing filings [1]. - Technological empowerment in regulation will be enhanced, with strict actions against financial fraud, insider trading, market manipulation, and misappropriation of private equity fund assets [1]. - New regulations for listed companies will be promoted, alongside active cooperation in revising laws and regulations in key areas such as securities companies and investment funds [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The driving factors for stock index futures are relatively empty, and the market will continue to fluctuate [1] 3. Summary by Relevant Catalogs 【期指期现数据跟踪】 - On December 15, all the current-month contracts of the four major stock index futures declined. IF fell 0.64%, IH fell 0.08%, IC fell 0.88%, and IM fell 0.82% [1] - On the trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 3,944 lots, IH increased by 5,638 lots, IC decreased by 20,021 lots, and IM decreased by 25,231 lots. In terms of positions, the total positions of IF decreased by 8,509 lots, IH decreased by 693 lots, IC decreased by 9,710 lots; and IM decreased by 11,978 lots [1][2] - The report also provides detailed data on closing prices, price changes, basis, trading volume, and positions for various contracts of IF, IH, IC, and IM [1] 【趋势强度】 - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from -2 to 2, indicating the degree of bullish or bearish sentiment [6] 【重要驱动】 - China's economic data for November was released. The added value of industrial enterprises above the designated size increased by 4.8% year-on-year and 0.44% month-on-month. The service industry production index increased by 4.2% year-on-year. The total retail sales of consumer goods increased by 1.3% year-on-year but decreased by 0.42% month-on-month. From January to November, fixed asset investment (excluding rural households) decreased by 2.6% year-on-year; excluding real estate development investment, it increased by 0.8%. Real estate development investment decreased by 15.9%, and the sales area of new commercial housing decreased by 7.8%. In November, fixed asset investment (excluding rural households) decreased by 1.03% month-on-month, and the national urban survey unemployment rate was 5.1%, unchanged from the previous month [7] - In November, 8 out of 70 large and medium-sized cities saw month-on-month increases in new commercial housing prices, up from 6 in October. Xiangyang and Hefei led the increase with 0.3%. Beijing, Shanghai, Guangzhou, and Shenzhen saw changes of -0.5%, +0.1%, -0.5%, and -0.9% respectively. The sales prices of new commercial housing in first-tier cities decreased by 0.4% month-on-month, with the decline expanding by 0.1 percentage points. The sales prices of new commercial housing in second- and third-tier cities decreased by 0.3% and 0.4% respectively, with the decline narrowing by 0.1 percentage points. The sales prices of second-hand housing in first-tier cities decreased by 1.1% month-on-month, with the decline expanding by 0.2 percentage points. The sales prices of second-hand housing in second-tier cities decreased by 0.6% month-on-month, the same as the previous month [8] - The Party Committee of the China Securities Regulatory Commission conveyed and implemented the spirit of the Central Economic Work Conference. It emphasized formulating a "15th Five-Year Plan" system for the capital market, cultivating high-quality listed companies, promoting long-term assessment of long-term funds, developing equity public funds, and strengthening risk monitoring and control. It also plans to deepen the reform of the Growth Enterprise Market, implement the "1+6" reform measures for the Science and Technology Innovation Board, and promote the high-quality development of the private equity fund industry [8] A-share Market Performance - The three major A-share indexes declined with shrinking trading volume. The computing power hardware industry chain generally fell, while the big consumption and insurance industries strengthened. The Shanghai Composite Index closed down 0.55% at 3,867.92 points, the Shenzhen Component Index fell 1.1%, the ChiNext Index fell 1.77%, the Beijing Stock Exchange 50 fell 1.09%, the Science and Technology Innovation 50 fell 2.22%, the Wind All A fell 0.63%, the Wind A500 fell 0.59%, and the CSI A500 fell 0.73%. The full-day trading volume of A-shares was 1.79 trillion yuan, compared with 2.12 trillion yuan the previous day. The CPO concept, shipbuilding, lidar, film and television theater, and computing power hardware concepts declined. Dairy stocks rose significantly, liquor stocks rebounded, insurance stocks strengthened, and the retail concept was active [9]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined five key areas of focus to enhance the capital market's framework for long-term development, aiming to support high-quality economic growth and stabilize market operations [1][2]. Group 1: Quality Improvement and Efficiency - The meeting emphasized the need for a stable yet progressive approach, focusing on risk prevention, strong regulation, and promoting high-quality development, which will guide the comprehensive reform of capital market financing [2][3]. - Experts believe that the capital market's "14th Five-Year Plan" will be aligned with national strategies, aiming to enhance market inclusivity and competitiveness while ensuring investor rights are protected [3][4]. Group 2: Strengthening Market Stability - The meeting highlighted the importance of enhancing the internal stability of the capital market, which relies on sound regulations and effective execution, including improving trading mechanisms and risk prevention systems [4][5]. - The approach of "solidifying the foundation" aims to strengthen key market components, thereby increasing resilience against external shocks and creating favorable conditions for subsequent reforms [4][5]. Group 3: Reform Initiatives - The meeting called for the implementation of reforms to increase the capital market's inclusivity and attractiveness, particularly through the deepening of the ChiNext and STAR Market reforms [6][7]. - The introduction of commercial real estate REITs is expected to enhance liquidity in the real estate sector and provide ordinary investors with new investment opportunities, potentially reshaping the financial ecosystem of real estate [7].

Domestic Market Overview - The domestic market experienced a fluctuating rise, with the Shanghai Composite Index closing at 3857.93 points, up 0.37%, and the Shenzhen Component Index closing at 12696.15 points, up 0.99%. The ChiNext Index rose by 2.23%, while the STAR Market 50 Index fell by 1.71%. The total trading volume of the A-shares was 28302 billion, showing a decrease from the previous day [1][6][11]. - Among the 30 sectors tracked, 17 sectors saw gains, with notable increases in power equipment and new energy, non-ferrous metals, and food and beverage sectors. Conversely, transportation, home appliances, and computers experienced significant declines. Concepts such as lithium battery anodes, rare earths, and power batteries showed active performance [1][6][11]. Economic Indicators - The economic sentiment in China continues to show expansion, with the official manufacturing PMI at 49.4%, non-manufacturing PMI at 50.3%, and composite PMI at 50.5%, reflecting month-on-month increases of 0.1, 0.2, and 0.3 percentage points respectively. Industries such as general equipment and railway, shipbuilding, and aerospace equipment are operating in a high sentiment range above 58% [12]. - On the trading day, 1997 stocks rose, 3309 fell, and 108 remained unchanged. Notably, 276 stocks increased by over 5%, while 152 decreased by over 5%, with 80 stocks hitting the daily limit up and 15 hitting the limit down. The continued rise in PMI for August is expected to boost market enthusiasm [12]. News Highlights - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of comprehensive reforms for market-oriented allocation of factors in certain regions and to promote the revitalization of ordinary high schools in counties [14][15]. - The China Securities Regulatory Commission (CSRC) held a seminar to plan the key tasks for the capital market during the 14th Five-Year Plan period, emphasizing the need for a multi-level capital market system and enhancing market functions [16][17][18]. - The Ministry of Commerce's representative, Li Chenggang, engaged in discussions with U.S. officials regarding the implementation of consensus from the leaders of both countries, focusing on the healthy and stable development of Sino-U.S. economic relations [19]. - The National Development and Reform Commission announced plans to improve mechanisms for private enterprises' participation in major national projects, particularly in sectors like railways and nuclear power [20]. - Russian President Putin stated that economic relations between Russia and China have reached unprecedented levels, with trade volume increasing by approximately 100 billion USD since 2021, emphasizing the shift towards local currency settlements [21].