在分论坛上，中国人民银行征信中心副主任李连三表示，金融支持民营经济发展"最后一公里"，主要落 实在信贷资金能够精准地直达民营企业，满足民营企业的信贷需求，其中最为关键的是解决信息不对称 问题。人民银行组织金融机构共同建设了全国中小微企业资金流信用信息共享平台，作为企业资金流信 用信息跨行共享的重要金融基础设施，平台于2024年10月份建成上线运行。这一平台为我国5600多万中 小微企业建立了资金流信用信息档案，有效解决了企业信贷较少或者没有信贷记录、缺少有效信息准确 和可持续地识别企业经营状况和信用状况的难题，让沉睡的资金流信息共享起来，为企业增信，赋能企 业融资，助力信贷资金精准滴灌企业，真正实现信息变价值，帮助民营企业提升跨经济周期的韧性，实 现高质量发展。 北京市丰台区委书记王少峰在致辞中表示，丰台区深入贯彻落实中央金融工作会议精神，持续为首都金 融创新和高质量发展注入新动能。未来五年，丰台区将牢牢把握历史机遇，围绕市场主体的全生命周期 提供一揽子金融方案，加快建设丽泽金融商务区，做到金融政策聚力、金融资源聚集、金融服务聚合， 打造数字金融策源区、金融改革创新区、金融开放探索区、金融法治先行区，并与智库 ...

Core Insights - The China Galaxy Securities 2026 Strategy Conference focused on macroeconomic trends and industry transformation opportunities, emphasizing the importance of capital markets in the "14th Five-Year Plan" [1][2] Group 1: Economic Outlook - The global economy is expected to experience a "new pattern, new cycle," while China will see a "new blueprint, new starting point, new quality productivity" in 2026 [2] - China Galaxy Securities anticipates that macroeconomic policies will maintain continuity and stability, with a focus on domestic circulation, a deficit rate of 4%, and a moderately loose monetary policy [2] Group 2: Market Valuation and Investment Strategy - Current A-share valuations are considered relatively reasonable, with earnings expected to become the focal point for the market in 2026 [3] - The company suggests focusing on two main lines and two auxiliary lines for investment, particularly in new quality productivity and the recovery paths of manufacturing and resource sectors [3] Group 3: Consumer Market Insights - In 2026, consumer policies are expected to bolster domestic demand, with government subsidies likely to exceed market expectations [3] - The technology and new consumption sectors, along with competitive overseas business opportunities, are highlighted as key areas for investment [3]

Core Viewpoint - The article emphasizes the importance of advancing financial legal development on the legal track to achieve high-quality financial growth in China, aligning with the goals set forth in the 15th Five-Year Plan [2][3]. Group 1: Financial Legal System Construction - The construction of a scientific and complete financial legal system is essential, focusing on foundational financial laws, central bank legal systems, financial stability laws, and financial regulatory laws [2][12]. - Strengthening the legal framework for financial stability is crucial, with ongoing efforts to draft a financial stability law aimed at comprehensive risk prevention and management [13][14]. Group 2: Financial Governance and Regulation - The article highlights the need for modernizing the financial governance system and enhancing governance capabilities, ensuring that financial institutions operate in compliance with laws and regulations [6][10]. - It stresses the importance of strict financial regulation and enforcement, advocating for the revision of existing laws to adapt to the evolving financial landscape [14][15]. Group 3: International Financial Law - Enhancing international financial legal frameworks is necessary for promoting high-level openness and addressing external risks, including money laundering and financial sanctions [14][10]. - The article calls for active participation in international rule-making and cooperation in law enforcement to safeguard national interests [14][15]. Group 4: Financial Legal Talent Development - Building a competent financial legal workforce is vital, focusing on training professionals who are well-versed in both finance and law [15]. - The article emphasizes the need for leadership in financial institutions to adopt a strong legal mindset and enhance their legal capabilities [15].

Core Insights - The 2025 Entrepreneur Boao Forum series will take place from December 2 to 5 in Boao, Hainan, with a focus on digital financial security development [2] - The Digital Financial Security Development Conference will be held on the afternoon of December 4, featuring collaboration among financial institutions, technology companies, and academia [2] - The conference aims to align with the "Financial Power" strategy and new productivity development requirements, focusing on breakthroughs in financial technology, digital security, and high-quality financial development [2] Industry Developments - The conference will officially release the "2025 Digital Banking Survey Report," which will provide comprehensive evaluation results based on the report's data [2] - Key activities include the signing of significant strategic cooperation agreements and the launch of next-generation security technologies [2] - The event will gather leaders from regulatory agencies, industry associations, academic experts, and senior professionals from the banking and fintech sectors [2]

编者按 2025年11月19日，由中国人民大学主办的"2025深圳国际金融大会"在深圳前海隆重开幕。本次大会以"金融强国建设与大湾区高水平对外开放"为主题，汇 聚了政产学研各界的领军人物，旨在探讨全球经济变局下中国金融发展的战略路径。 中国社会科学院学部委员、国家发改委"十一五"至"十五五"国家规划顾问委员会委员余永定出席由中国人民大学国际货币研究所（IMI）协办的"全体大会 四：金融开放与世界经济展望"并发表主旨演讲。他指出，建设"金融强国"就必须实行"金融开放"，这也意味着未来中国要直面国际金融的两个核心风 险，即美国的财政不可持续性和外部失衡。尽管短期内美债危机爆发概率较低，但美国海外净债务已持续高企，一旦市场信心崩溃，极易引发美元、美债 与国际收支的多重危机。在此背景下，中国应将确保海外资产安全作为重要任务。一方面，要贯彻落实"双循环"方针并以扩张性宏观政策维持经济增长与 经常项目平衡，有序减持美元资产；另一方面，应稳步推进人民币国际化，将资本项目开放与产权保护、国债市场建设同步推进，积极参与全球经济治理 改革。 党中央"十五五"规划建议中再次提出建设"金融强国"的概念，"开放"一词共出现23次，是出 ...

Core Viewpoint - Agricultural Bank of China is inviting employees and the public to contribute ideas for its 15th Five-Year Plan, aligning with the national economic and social development strategy outlined by the Communist Party [1] Group 1: National Strategy Alignment - State-owned banks are prioritizing national strategies, focusing on supporting the real economy, expanding domestic demand, and facilitating foreign trade during the 15th Five-Year Plan [2] - Agricultural Bank will enhance rural financial services and support agricultural modernization while promoting domestic consumption and effective investment [2] - China Bank aims to improve its global competitiveness and service capabilities, supporting the internationalization of the Renminbi and the Belt and Road Initiative [2] - Construction Bank will support infrastructure development and modern industrial systems, focusing on new industrialization and productivity [2] Group 2: Strategic Planning and Implementation - Transportation Bank emphasizes a seamless transition between the 14th and 15th Five-Year Plans, refining strategic focus and priorities [3] - Postal Savings Bank is committed to implementing its unique financial strategies and responding to the evolving financial needs of the public [3] Group 3: Differentiated Transformation - Joint-stock and local banks are identifying their unique positions and competitive advantages to create a multi-tiered financial service structure during the 15th Five-Year Plan [4] - Industrial Bank, as a leader in green finance, will enhance its services to support carbon reduction goals and promote green operations [4] - Citic Bank is focusing on technology finance, providing comprehensive financial services to support industrial upgrades and innovation [4] Group 4: Future Development Planning - The 15th Five-Year Plan is guided by the goal of building a strong financial nation, with banks actively developing their strategic plans [6] - Construction Bank is engaging with grassroots feedback to address high-priority issues and enhance operational efficiency [6] - Transportation Bank is incorporating public and expert opinions into its planning process for the 15th Five-Year Plan [6] - Regional banks are also developing their plans, focusing on key performance indicators like ROE and adjusting their business structures to enhance revenue [7]

Group 1 - The core viewpoint emphasizes the importance of financial strength in national economic development, as highlighted in the 20th Central Committee's Fourth Plenary Session, which includes the goal of building a financial powerhouse in the 15th Five-Year Plan [1] - Policy banks are focusing on their main responsibilities and actively supporting national strategies to contribute to the construction of a financial powerhouse [1][2] - The National Development Bank is committed to serving the real economy and supporting the construction of a modern industrial system and infrastructure [2] Group 2 - The Export-Import Bank is also prioritizing the support of a modern industrial system as a key task during the 15th Five-Year Plan period [3] - Innovative financing models, such as "industrial park + debt-loan combination," are being utilized to address capital and financing issues for projects like the Sanya Yazhou Bay Science and Technology City [3] - The Export-Import Bank is actively aligning its capabilities with local needs to inject financial resources into regional economic development [4] Group 3 - The Agricultural Development Bank aims to direct policy financial resources towards major strategies and key areas, with a recent establishment of 500 billion yuan in new policy financial tools [5] - The Export-Import Bank's new policy financial tools have allocated 100 billion yuan to support over 360 projects, expected to drive total project investments exceeding 1.3 trillion yuan [5] - Various projects across different regions, including AI applications in Guangdong and semiconductor projects in Shanghai, are being supported to enhance competitiveness and infrastructure [5][6] Group 4 - The Agricultural Development Bank is focusing on key areas such as food security and rural development, emphasizing the importance of its unique financial contributions [7] - Since the 14th Five-Year Plan, the Agricultural Development Bank has issued over 1.6 trillion yuan in loans to poverty-stricken areas, significantly contributing to rural infrastructure improvements [8] - The bank's efforts in supporting local infrastructure projects have led to noticeable enhancements in ecological and living conditions in rural areas [8]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has set clear requirements and strategic deployments for accelerating the construction of a financial power during the "14th Five-Year Plan" period, providing fundamental guidelines for financial work [1] Group 1: Financial Development Strategies - The "14th Five-Year" plan emphasizes the development of technology finance, green finance, inclusive finance, pension finance, and digital finance as essential strategies for enhancing the financial sector's service capabilities to the real economy [2] - China Galaxy Securities has established a closed-loop mechanism for serving national strategies, achieving significant growth in technology finance and green finance, with increases of 637% and 323% respectively in direct financing methods by the end of September this year [2] Group 2: Service Enhancements and Innovations - The company aims to enhance its service capabilities in technology finance by integrating research, funds, investment banking, and direct investment to support enterprises in IPOs and refinancing [3] - A comprehensive green finance service system will be developed, focusing on green bonds, asset securitization, and ESG investment services to support carbon market construction and achieve dual carbon goals [3] - Inclusive finance will be promoted by strengthening financial supply to small and micro enterprises and enhancing investor protection [3] Group 3: Capital Market Development - The "14th Five-Year" plan highlights the need to improve the inclusiveness and adaptability of capital market systems, guiding securities companies in their business operations [4] - China Galaxy Securities has maintained rapid growth in key financial metrics over its 25 years, ranking among the top five in the industry, with a wealth management client base exceeding 18.8 million [4] Group 4: High-Quality Development Focus - The company is committed to high-quality development, aligning its strategies with the "14th Five-Year" plan's major strategies and key tasks, ensuring the political and organizational advantages of the party are fully reflected in its development [7] - The focus will be on high-quality party building, reform and innovation, and foundational strengthening to ensure sustainable growth and risk management [8] Group 5: International Business Expansion - China Galaxy Securities plans to leverage its Southeast Asia business layout and the "Belt and Road" initiative to enhance its international business, aiming to build a cross-border financial service platform [6]

Core Viewpoint - The article emphasizes the critical role of the financial sector in supporting the transformation of the real economy and achieving high-quality economic development in China, particularly in the context of the "14th Five-Year Plan" [1][12]. Group 1: Macroeconomic Foundation - The macroeconomic indicators show steady growth, with social financing scale, broad money (M2), and RMB loan balances increasing year-on-year, while financing costs remain at historical lows [2]. - The financial governance framework is evolving towards a modern governance model that emphasizes systemic stability, enhancing the resilience of the financial system against external shocks [2]. - Significant achievements have been made in preventing and mitigating major financial risks, indicating a solid and sustainable financial system [2]. Group 2: Innovation and Development - The shift from factor-driven to innovation-driven economic development is highlighted, with the "14th Five-Year Plan" prioritizing the construction of a modern industrial system and recognizing "new quality productivity" [3]. - Emerging industries such as quantum technology, biomanufacturing, and hydrogen energy are opening new avenues for capital market development [3]. - The relationship between finance and the real economy is evolving, requiring larger and more patient capital investments in emerging fields and future industries [3]. Group 3: Capital Market Reform - The capital market's historical mission is transitioning from merely providing financing to catalyzing innovation and supporting industrial evolution [4][5]. - The demand for differentiated financing services is increasing as innovative enterprises grow, necessitating a more tailored approach to capital market services [5]. - The ongoing reforms in the capital market are aimed at enhancing the efficiency of capital supply and aligning it with the innovation needs of the economy [6]. Group 4: Role of Securities Companies - Securities companies are positioned as key players in connecting various participants in the capital market, with a focus on serving the real economy and optimizing resource allocation [10][11]. - They are encouraged to adopt a differentiated development strategy, enhancing their core capabilities in investment banking, research, and investment [11]. - The emphasis is on fostering a long-term investment ecosystem and cultivating "patient capital" to support innovative enterprises and technologies [10][12].

Core Viewpoint - The article emphasizes the critical role of the financial sector in supporting the transformation of the real economy and achieving high-quality economic development in China, particularly in the context of the "14th Five-Year Plan" [1] Group 1: Macroeconomic Foundation and Capital Market Reform - The macroeconomic indicators show steady growth, with social financing scale, broad money (M2), and RMB loan balances increasing year-on-year, while financing costs remain at historical lows [2] - The financial governance framework is evolving towards a modern governance model that emphasizes systemic stability, enhancing the resilience of the financial system against external shocks [2] - Significant achievements have been made in preventing and mitigating major financial risks, indicating a solid and sustainable financial system [2] Group 2: Innovation and Development Opportunities - The shift from factor-driven to innovation-driven economic development is highlighted, with the "14th Five-Year Plan" prioritizing the construction of a modern industrial system and recognizing "new quality productivity" [3] - Emerging industries such as quantum technology, bio-manufacturing, and hydrogen energy are opening new avenues for capital market development [3] - The relationship between finance and the real economy is evolving, requiring larger-scale patient capital investments in emerging fields and future industries [3] Group 3: Capital Market Reform Logic - The historical mission of the capital market is transitioning from merely providing financing to catalyzing innovation and facilitating the evolution of industrial ecosystems [4] - The demand for differentiated financing services is increasing as innovative enterprises grow, necessitating a more tailored approach to capital market offerings [5] Group 4: Investment Supply Structure and Market Dynamics - The dual drivers of economic development and wealth accumulation are fueling the demand for wealth management, leading to significant growth in China's asset management market [6] - The shift in investor structure is promoting a multi-tiered market system and encouraging a cultural shift from short-term speculation to long-term value investment [6] Group 5: Capital Market's Role in Supporting New Quality Productivity - The capital market must adapt to support the entire chain of modern industrial systems, enhancing its ability to connect capital with innovation [8] - The transformation of the capital market into a hub for innovation cultivation is essential for providing institutional support for the development of new quality productivity [9] Group 6: Long-term Investment Ecosystem - The cultivation of "patient capital" is crucial for supporting the long cycles and high uncertainties associated with new quality productivity [10][11] - The capital market's core task is to foster long-term capital that can bear innovation risks and provide stable funding for strategic technological advancements [11] Group 7: Responsibilities of Securities Companies - Securities companies play a vital role in connecting various participants in the capital market and must align their operations with national strategies to support economic development [12] - Emphasizing differentiated development and enhancing core capabilities in investment banking, research, and investment are essential for securities companies to thrive [13] - The focus on innovation in financing tools and maintaining market stability is critical for the ongoing development of the capital market [13] Group 8: Conclusion - The capital market is tasked with supporting the development of new quality productivity and contributing to the construction of a financial powerhouse during the "14th Five-Year Plan" period [14]