编者按 党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出重要部署， 为证券行业在新征程上把握方向、勇担使命提供了根本遵循。中国证监会主席吴清在近期召开的中国证 券业协会第八次会员大会上表示，证券行业要牢牢把握"国家兴衰，金融有责"的历史定位，认真落实党 的二十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头， 争创一流。 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二篇。 "二十五载磨一剑，砺得锋芒照九州。" 扎根资本市场二十五载，中国银河（601881）证券步伐铿锵。刚刚过去的一年，公司总资产、 ...

Group 1 - The Ministry of Commerce has outlined eight key areas of focus for the national business system in 2026, with a primary emphasis on implementing consumption promotion initiatives and building a unified national market [1][1][1] - The National Healthcare Security Administration is piloting the "Personal Medical Insurance Cloud" project to create a comprehensive smart healthcare management model by aggregating and utilizing personal health data [1][1][1] - The China Securities Regulatory Commission aims to enhance the institutional environment for long-term investments and improve services for technology innovation enterprises, focusing on risk prevention and high-quality development during the 14th Five-Year Plan period [1][1][1] Group 2 - The "Tianma-1000" unmanned transport aircraft has successfully completed its first flight test, designed for logistics, emergency rescue, and material delivery, capable of autonomously loading and unloading tons of goods within five minutes [1][1][1] - The Baotou Rare Earth Products Exchange has launched a rare earth price index, which will serve as a price "barometer" and "guideline" for the rare earth market, utilizing transaction data and a rigorous index model [1][1][1]

新华财经北京1月11日电（记者刘玉龙、王小璐）10日—11日，以"中国资本市场：历史与未来"为主题的第三十届（2026年度）中国资本市场论坛在北京举 行。参会人士表示，当前推动资本市场高质量发展，关键在于融资端、投资端和制度端的协同改革，构建更具韧性、更富活力的资本市场生态链。 更好推动资本市场实现质的有效提升和量的合理增长 中国证监会党委委员、副主席陈华平表示，近年来证监会认真落实党中央、国务院重大决策部署，会同各方推动新"国九条"和资本市场"1+N"政策体系落地 见效，推动中长期资金入市实现突破性进展，加大对新质生产力的支持服务力度，推动上市公司提升投资价值，坚决维护市场"三公"原则。"十五五"时期， 证监会将紧扣"防风险、强监管、促高质量发展"这一工作主线，持续完善长钱长投的制度环境，不断增强对科技创新企业服务的精准性、有效性，继续推动 上市公司提升价值创造能力，加快培育一流投资银行与投资机构，并进一步提升监管执法有效性，更好推动资本市场高质量发展。 武汉大学高级研究中心主任龚六堂、上海交通大学上海高级金融学院原执行院长张春、北京工商大学证券期货研究所所长胡俞越等专家建议，通过规范资本 市场发展促进居民 ...

期货交易咨询业务资格：证监许可【2011】1285号 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 华联期货股指周报 散户资金或助推大盘加速上涨 20260111 段福林 0769-22116880 从业资格号：F3048935 交易咨询号：Z0015600 审核：萧勇辉，从业资格号：F03091536,交易咨询号：Z0019917 1 周度观点及策略 2 指数行业走势回顾 3 主力合约和基差走势 4 政策经济 5 各指数营收和净利润 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 6 估值 8 资金面 9 技术面 7 美联储利率 u 回顾：上周大盘强势放量上涨，突破4100点；四大指数全线上涨，中小盘指数大幅上涨。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 u 风格指数方面，上周风格指数全线上涨，但表现分化，其中成长和周期风格指数大幅上涨超过5%；而稳定和金融风 格指数 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focused on enhancing the institutional environment for long-term investments and increasing the scale of medium to long-term capital entering the market, while ensuring high-quality development and effective regulation [1][3]. Group 1: Policy Implementation - The CSRC is actively implementing the new "National Nine Articles" and the "1+N" policy framework to facilitate the entry of long-term capital into the market, achieving significant progress [1]. - As of the end of last year, various medium to long-term funds held approximately 23 trillion yuan in A-share market capitalization, representing a 36% increase from the beginning of the year [3]. Group 2: Regulatory Focus - The CSRC emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development during the 14th Five-Year Plan period, aiming to enhance the effectiveness of regulatory enforcement [5]. - The commission plans to strictly punish various malicious illegal activities, focusing on significant cases to enhance investor trust and confidence [5]. Group 3: Investment Environment - The CSRC aims to optimize the arrangements for qualified foreign institutional investors to attract and retain diverse capital, ensuring a conducive environment for development [3]. - The scale of equity funds has increased from approximately 8.4 trillion yuan at the beginning of the year to around 11 trillion yuan [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market during the 14th Five-Year Plan period [1] Group 1: Regulatory Focus - The CSRC aims to enhance the institutional environment for long-term investment and financing, focusing on improving the precision and effectiveness of services for technology innovation enterprises [1] - There is a commitment to continue promoting the value creation capabilities of listed companies and to accelerate the cultivation of top-tier investment banks and institutions [1] Group 2: Policy Implementation - The CSRC, in collaboration with various parties, has made significant progress in implementing the new "National Nine Articles" and the "1+N" policy system for the capital market [1] - Efforts are being made to increase the entry of medium- and long-term funds into the market and to strengthen support services for new productive forces [1] Group 3: Market Principles - The CSRC is dedicated to upholding the principles of fairness, openness, and transparency in the market [1]

Core Viewpoint - The article emphasizes the strategic importance of the securities industry in China's modernization and financial strength, highlighting the need for firms to focus on core functions, governance, and differentiated development to seize opportunities in the evolving capital market [1]. Group 1: Company Performance and Strategy - Guotai Junan Securities has achieved a total asset milestone of over 2 trillion yuan, marking it as the largest "A+H" dual-listing merger in China's securities history [2]. - For the first three quarters of 2025, Guotai Junan reported a cumulative operating income of 45.892 billion yuan and a net profit attributable to shareholders of 22.074 billion yuan, maintaining a leading position in the industry [2]. - The company aims to leverage the new round of capital market reforms to enhance its development quality and efficiency, aspiring to become a first-class investment bank with international competitiveness [2][3]. Group 2: Functional Focus and Innovation - The company prioritizes functionality over mere scale, emphasizing the importance of high-quality development and focusing on hard technology investments [3]. - Guotai Junan has facilitated over 100 hard technology companies to list on the Sci-Tech Innovation Board, showcasing its commitment to supporting innovation [3]. - The firm is advancing its wealth management transformation, aiming to enhance its asset allocation capabilities and introduce innovative digital operating models [4]. Group 3: Market Position and Internationalization - Guotai Junan has played a significant role in bridging domestic and international capital flows, completing 39 equity financing deals in Hong Kong and ranking high in bond issuance [6]. - The company is focused on enhancing its global service network, covering 17 countries and regions, to better serve both domestic and international clients [9]. - The firm aims to strengthen its international business capabilities and enhance its influence in global capital allocation and asset pricing [6][9]. Group 4: Organizational Development and Cultural Integration - The merger of Guotai Junan and Haitong Securities is seen as a critical step towards building a first-class investment bank, with a focus on integrating resources and enhancing operational efficiency [7][8]. - The company emphasizes a strong corporate culture that aligns with its strategic goals, promoting values such as compliance, integrity, and long-term partnership [11]. - Guotai Junan is committed to high-quality talent management, ensuring that its workforce is well-equipped to meet the challenges of the evolving financial landscape [12].

非银行金融 行业周报（20251229-20260104） 领先大市-A(维持)) 不动产 REITs 规则明确，关注板块投资价值 2026 年 1 月 8 日 行业研究/行业周报 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 刘丽 非银行金融行业近一年市场表现 投资要点 资料来源：常闻 相关报告： 【山证非银行金融】健全"长钱长投" 政策环境，关注板块投资价值-【山证非 银】行业周报（20251222-20251228）： 2025.12.30 【山证非银行金融】中央经济工作会议 定调资本市场，关注板块投资价值-【山 证非银】行业周报（20251208-20251214）： 2025.12.17 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 证监会发布不动产 REITs 管理规则。2025 年 12 月 31 日，证监 会发布《关于推动不动产投资信托基金（REITs）市场高质量发展 有关工作的通知》，完 ...

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。其核心内容围绕四大改革方向展开，一是增强多 层次市场包容性，二是夯实市场稳定基础，三是扩大高水平制度型开放，四是筑牢投资者保护防线。 中国资本市场学会是 2025 年 6 月 16 日在 中华人民共和国民政部 登记注册，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 6 月 18 日在上海正式成立。学会定位为资本市场理论研究、学术交流与 决策咨询高端智库平台。 同年 10 月 29 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。 在此背景下，《清华金融评论》 2026 年第 3 期拟以 "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》以"顶天、立地、学术、政策"为原则，以"分析研究经济金融形势、解读评 ...

Group 1 - The market indices experienced a significant upward movement, completing a shift in trend, influenced by a strong statement from regulatory authorities and a collective rise in European and American stock markets [1] - Regulatory authorities have intensified efforts to combat financial fraud, with 159 cases investigated and over 8.1 billion yuan in penalties imposed since July 2024, which is expected to enhance market governance and support long-term healthy development [1] - The international oil prices have risen nearly 2%, and precious metals like silver and gold have seen increases of over 3% and nearly 2% respectively, driven by escalating geopolitical tensions, which may catalyze related sectors [1] Group 2 - The core judgment for today's market trend indicates a higher probability of an upward movement, supported by strong performance in overseas markets, which boosts global risk appetite and indirectly improves sentiment in the A-share market [2] - The rise in commodity prices, particularly in precious metals, is expected to drive the performance of the non-ferrous sector, which is a significant weight in the market index, while rising oil prices may activate related sectors [2] - The market has entered an acceleration phase since December 17, indicating a potential for significant returns, but also suggesting that the current rebound is in its later stages, with a risk of a notable correction if upward momentum weakens [3]