Core Viewpoint - The current environment is characterized as a transformative "Great Asset Management Era," driven by changes in monetary policy and capital market reforms [1] Group 1: Economic Environment - The Federal Reserve's interest rate cut cycle is expected to lead to a weaker US dollar, enhancing the attractiveness of RMB assets and increasing global capital allocation to the Chinese market [1] - The domestic low interest rate environment will encourage residents to diversify their asset allocation from traditional savings to a broader range of financial assets [1] Group 2: Market Opportunities - Ongoing reforms in the capital markets are leading to an increase in the proportion of direct financing within the total social financing scale, creating significant opportunities for the wealth management industry and direct financing market [1] - The development of a multi-layered and diversified financing system is becoming increasingly refined, further supporting the growth of the wealth management sector [1]

海南海口海定河世纪大桥。 图虫创意/供图 证券时报记者 康殷 "十四五"时期，海南自由贸易港建设实现从"开局起步"到"成型起势"的关键跨越，并在2025年12月18日 迎来全岛封关运作的历史时刻。 在自贸港政策红利与资本市场改革深化的双重驱动下，海南资本市场交出了一份规模与质量双升的亮眼 答卷：五年来累计实现直接融资788.21亿元，上市公司总市值较"十三五"末增长85%，达4621.11亿元， 百亿级市值企业扩容至14家，并购重组规模突破800亿元，累计分红同比增长86%。这些实打实的数 据，不仅为旅游业、现代服务业、高新技术产业等注入强劲金融动能，更筑牢了自贸港高质量发展的资 本根基。 资本活水精准滴灌 产业升级蹄疾步稳 "十四五"时期，海南资本市场充分发挥资源配置核心功能，通过股权融资、债券发行、并购重组等多元 化工具，将金融活水精准导入实体经济重点领域，推动产业结构优化升级，为自贸港"三区一中心"战略 定位提供坚实支撑。 直接融资规模大幅增长，为企业发展注入"真金白银"。五年来，海南企业通过发行股票、公司债券、资 产支持证券等方式实现直接融资788.21亿元（含H股上市融资12亿元），其中股权融资26 ...

Core Viewpoint - The future reform of China's capital market aims to achieve three main goals: to become a driver of economic growth and industrial upgrading, to serve as an important platform for social wealth management, and to progress towards becoming a new international financial center and a hub for RMB-denominated asset allocation [2][4][5]. Group 1: Three Goals of Capital Market Reform - The foundational goal is to eliminate "danger zones" in the capital market, ensuring a zero-tolerance policy towards fraud and misconduct, supported by strict criminal penalties [4]. - The core goal is to accelerate the capital market's role as a driver of economic growth and a key platform for social wealth management, focusing on adjusting the structure of residents' asset allocation [4][5]. - The vision goal is to establish the capital market as a new international financial center, aiming to become the third-largest global financial hub after New York and London, with a target of increasing the proportion of foreign investors in the market to 10% by 2030 and 15% by 2035 [5]. Group 2: Key Areas for Reform - In the asset dimension, the focus is on improving the quality of listed companies, particularly by promoting high-growth tech and specialized enterprises to become the main body of listed firms [6]. - In the funding dimension, the emphasis is on enhancing market liquidity and attracting more long-term capital, with recent policies aimed at reducing investment risks for insurance funds in equity assets [6][7]. - In the institutional dimension, the goal is to increase market transparency and strengthen legal constraints, shifting from administrative penalties to a balanced approach of criminal and civil penalties, while enhancing investor protection [7].

2025南通投资大会暨上证多层次资本市场高质量发展大会现场。 会场图片均为 许泽宇 摄 ◎邱思雨 记者 仲茜 操子怡 12月16日上午，2025南通投资大会暨上证多层次资本市场高质量发展大会在江苏南通举行。本次大会由 南通市委、市政府和上海证券报社共同主办。 2006年，南通与江苏高投集团合作设立首只创投基金，开启资本联动的序章，如今南通已形成总规模超 1200亿元的基金集群。今年，南通投资大会已成功举办至第四届。此次大会旨在充分发挥政府投资基金 的引导和撬动作用，通过市场化方式吸引社会资本、产业资本和金融资本参与地方产业发展，推动资本 与产业深度融合。 江海潮涌 经济体量稳步攀升 南通滨江临海、紧靠上海，地处沿江沿海经济带的重要节点。今年前三季度，南通全市实现地区生产总 值9788.9亿元，按不变价格计算，同比增长5.4%。2025年，南通预计全市地区生产总值将达约1.3万亿 元。 南通市委书记吴新明在致辞中表示，南通始终把基金投资作为链接资本与产业、创新的重要纽带，以诚 意筑牢价值基石，以包容激发投资活力，以协同厚植资本沃土，不断完善金融支持政策，激发市场、企 业投资活力，加快构建载体、资源、产业联动的资 ...

Group 1 - The core viewpoint of the article emphasizes that capital market reform is a crucial element in China's economic transformation by 2025, impacting both investor wealth expectations and the financing efficiency of innovative enterprises [2] - The discussion highlights the need for fundamental institutional innovation to rebuild market confidence and address deep-seated contradictions within the capital market ecosystem [2] Group 2 - The issue of "one-share dominance" and the controversy surrounding major shareholder reductions are significant, with 4,000 out of 5,400 listed companies being privately controlled, and 126 private enterprises having original shareholders holding over 90% [3][4] - There is a notable concern regarding the potential market pressure from major shareholder reductions, with 1,979 companies disclosing reduction plans amounting to 400 billion, which could lead to a total potential sell-off of 21.5 trillion if 20% of the main board's market value is reduced [4] - The discussion also touches on the IPO system design, noting that high-tech companies in China often skip multiple financing rounds, leading to concentrated shareholding, unlike the gradual dilution seen in U.S. companies [4][6] Group 3 - The current financing structure shows a significant imbalance, with capital market financing at approximately 1 trillion compared to 20 trillion in bank loans, indicating a need for reform to enhance direct financing [8] - The expected total dividend payout in the Shanghai and Shenzhen markets is projected to exceed 2 trillion by 2025, signaling a gradual return of the market to its investment function [8] - Institutional reforms are proposed, including legal amendments to impose severe penalties for fraudulent activities, the development of institutional investors, and improvements in civil compensation mechanisms [8][9] Group 4 - The role of institutional investors is under scrutiny, with calls for aligning management fees with performance rather than fixed fees, which are seen as unreasonable [9] - The introduction of new policies to encourage insurance funds to enter the market is viewed as a critical step in improving the funding structure [9] - The overall restructuring of China's capital market ecosystem is deemed necessary to address issues from the asset side, funding side, and institutional side [9]

2025 年 12 月 17 日 行业研究/行业周报 非银行金融行业近一年市场表现 12 月 8 日至 12 月 14 日期间，主要指数表现分化，上证综指下 跌 0.34%，沪深 300 下跌 0.08%，创业板指数上涨 2.74%。期间 A 股日均成交额 1.95 万亿元，环比上涨 15.14%。截至 12 月 12 日， 两融余额 2.50 万亿元；中债-总全价(总值)指数较年初下跌 2.23%; 中债国债 10 年期到期收益率为 1.84%,较年初上行 23.19bp。 相关报告： 【山证非银行金融】基金薪酬改革加快， 券商杠杆空间拓宽-【山证非银】行业周 报（20251201-20251207）： 2025.12.11 【山证非银行金融】监管持续完善，商 业不动产 REITs 启动-【山证非银】行业 周报（20251124-20251130）： 2025.12.3 分析师： 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liul ...

Group 1 - The core concept of "stock market narrative" emphasizes the importance of creating a positive public opinion environment and effectively communicating policies to stabilize market expectations [1][2] - The operation logic of the capital market involves not only the flow of funds and trading of assets but also the transmission of information and the construction of investor confidence [1] - The Chinese economy faces both old problems and new challenges, but the long-term supportive conditions and fundamental trends for economic growth remain unchanged [1][2] Group 2 - The current capital market reform focuses on deepening investment and financing reforms, aiming to clarify key areas of reform to the market [2] - Initiatives include fostering high-quality listed companies, enhancing the attractiveness of long-term investment environments, and implementing stricter regulations against financial fraud and market manipulation [2] - Effective communication of accurate and objective "stock market narratives" can reduce the space for false information and improve market transparency [2] Group 3 - The "stock market narrative" requires collaboration among listed companies, industry organizations, and mainstream media to create a positive public opinion environment [3] - A collective effort is necessary to ensure that market expectations are stable and investor confidence is strong, which are essential for the high-quality development of the capital market [3]

预计未来改革主线将围绕持续增强市场内在稳定性、提高制度包容性和适应性、提升监管执法效能等方面发力。 近日，证监会在传达学习中央经济工作会议精神时，研究部署了资本市场的贯彻落实举措，勾勒出未来一段时间资本市场的改革路线图。可以看出，改革主线是防 风险、强监管、促高质量发展，主要任务是持续深化资本市场投融资综合改革，意在为经济高质量发展和"十五五"良好开局贡献力量。 中原证券首席经济学家邓淑斌认为，当前资本市场改革呈现出"融资更包容、投资更长期、监管更精准"的政策脉络，投融资综合改革具有长期性和重要性，预计未 来改革主线将围绕持续增强市场内在稳定性、提高制度包容性和适应性、提升监管执法效能等方面发力，不断提升资本市场吸引力与竞争力。 开源证券副总裁、研究所所长孙金钜指出，深化投融资综合改革、服务新质生产力发展是顺应时代之变的重要举措，体现了监管层对全球格局重塑和科技革命加速 的深刻洞察。一方面，国际资本在寻求稳健与均衡配置的过程中，对中国资产正进行持续的价值重估；另一方面，AI、生物医药等新质生产力领域具有"投入高、 风险大、回报周期长"特征，需要"更大规模的耐心资本"和更包容的融资环境。 对于下一步的改革任务， ...

Group 1 - The core viewpoint emphasizes the importance of "stock market narrative" in shaping a positive environment for the capital market, highlighting the regulatory body's commitment to effectively communicate the story of the Chinese stock market [1][2] - The operation logic of the capital market extends beyond mere capital flow and trading; it involves information transmission and investor confidence, which together form a value ecosystem [1] - To stabilize the market and expectations, accurate and objective information must be conveyed through stock market narratives, transforming policy signals into long-term investor confidence [1][2] Group 2 - Current reforms in the capital market focus on deepening investment and financing integration, aiming to clarify key areas of reform to enhance market stability and attract long-term investments [2] - Initiatives include fostering high-quality listed companies, implementing reforms in the ChiNext board, and strictly punishing financial fraud and market manipulation to ensure a transparent market environment [2] - The narrative surrounding the stock market should be innovative and emotionally engaging, as economic phenomena are significantly influenced by the stories that resonate with people [2][3] Group 3 - The responsibility of promoting the "stock market narrative" is not solely on regulatory bodies; it requires collaboration among listed companies, industry organizations, and mainstream media to create a supportive public opinion environment [3]

讲好"股市叙事"要创新表达。美国经济学家罗伯特·希勒认为，经济现象深受人们心中叙事和故事的影 响，这些故事触动情感，引导行动，激发关切和好奇心，进而深刻塑造着人们的经济决策和行为。这就 要求"股市叙事"要有温度、有说服力，要像春风化雨般，让"深深的道理"在不经意间抵达人心，让不同 文化、不同背景的市场参与者愿意听、听得懂、记得住，将回应市场关注关切落到实处。 资本市场的运转逻辑从来不止于资金的流动与标的的交易，其深层内涵是信息传递与投资者信心共同构 筑的价值生态。要稳市场、稳预期，就需要通过股市叙事准确客观地传递信息，监管部门通过叙事和市 场主体做好沟通，市场经营主体通过叙事和客户、投资者做好沟通，这是不同利益主体之间信息、利 益、价值达成共识的过程，将政策"稳"的信号转化为投资者的长期信心，将"预期"的共识转化为市场的 内生韧性。 讲好"股市叙事"并非单纯的舆论引导，更不是简单的话语包装，而是对经济形势判断与市场改革共识的 价值传递。短期来看，我国经济发展中老问题、新挑战不少，外部环境变化影响加深，国内供强需弱矛 盾突出，但中国经济长期向好的支撑条件和基本趋势没有改变。资本市场是经济的晴雨表，经济长期向 好 ...