（原标题：29位顶级专家集结！资本市场"最强大脑"阵容全揭秘） 21世纪经济报道 记者 崔文静 实习生 张长荣 资本市场迎来真正的"最强大脑"！中国资本市场学会学术委员会正式成立，29位顶尖专家组成豪华阵 容，横空出世。 这支"最强大脑"由李扬领衔——中国社会科学院学部委员、国家金融与发展实验室理事长担任主任委 员。四位副主任委员全部来自高校，彰显学术专业性，每届任期4年。 阵容构成堪称"三结合"： ① 理论派：清华、北大、人大、中山、上交、南开、南大、对外经贸、长江商学院等顶尖高校学者云 集； ② 政策派：财政科学研究院院长杨志勇、工信部研究院院长张立、中国社科院世界经济与政治研究所 副所长张明、国务院发展研究中心金融所副所长陈道富等政策专家； ③ 实战派：京东集团首席经济学家沈建光、中美绿色基金董事长徐林等市场一线专家。 更亮眼的是国际视野加持：摩根士丹利中国首席经济学家邢自强、野村证券中国首席经济学家陆挺等国 际投行专家加入。 29人组合既囊括李扬这样的理论大家，又有沈建光等市场实践者，还有邢自强等国际视野专家，真正实 现"理论+政策+市场+国际"四位一体。 这不是普通的专家团，而是资本市场高质量发展的 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to advancing the "14th Five-Year Plan" for the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [1][2]. Group 1: Capital Market Development - The establishment of the Academic Committee is a significant step for the China Capital Market Society to enhance theoretical research and serve as a think tank [2]. - Strengthening theoretical research in the capital market is essential for understanding the development laws of the market and promoting high-quality growth [2]. - The "14th Five-Year" period has seen a stable and healthy development of the capital market, which is expected to continue into the "15th Five-Year" period [3]. Group 2: Expert Opinions and Suggestions - Experts suggest improving the inclusiveness and adaptability of issuance and listing systems to attract high-quality enterprises from new productive sectors [3]. - There is a call to expand patient, long-term, and strategic capital supply while actively engaging in mergers and acquisitions [3]. - Recommendations include enhancing the governance and regulation of artificial intelligence applications in the capital market and strengthening investor protection and education [3].

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase, with a historic milestone of full island closure operations set for December 18, 2025, driven by policy benefits and capital market reforms [1][8]. Group 1: Capital Market Growth - Hainan's capital market has achieved a remarkable direct financing total of 788.21 billion yuan over five years, with a total market capitalization of listed companies increasing by 85% to 462.11 billion yuan [1][2]. - The number of companies with a market value exceeding 100 billion yuan has expanded to 14, and the scale of mergers and acquisitions has surpassed 80 billion yuan [1][2]. Group 2: Financial Tools and Services - The capital market has effectively supported the optimization and upgrading of industrial structures through diverse financial instruments, including equity financing and bond issuance [2]. - Hainan has established service bases for major stock exchanges, enhancing the efficiency of capital market services [2]. Group 3: Industry Integration and Innovation - A total of 106 mergers and acquisitions have been completed by Hainan's listed companies, involving a scale of 80.5 billion yuan, with over 70% of companies focusing on technology innovation and green development [3]. - From 2021 to the third quarter of 2025, listed companies achieved a cumulative operating revenue of 811.52 billion yuan, reflecting a 30% increase compared to the previous five-year period [3]. Group 4: Shareholder Returns and Investor Protection - Listed companies have distributed a total of 5.789 billion yuan in dividends over five years, marking an 86% increase from the previous period, with active share buybacks and stakeholder increases enhancing investment value [4]. - Investor protection mechanisms have been strengthened, with over 5,000 educational activities conducted, reaching more than 10 million investors [4]. Group 5: Financial Innovation and Cross-Border Investment - Hainan has seen the establishment of new public fund management companies and a significant number of private fund managers, with a total fund management scale of 418.16 billion yuan [5]. - Innovative financial products, including green bonds and carbon-neutral asset-backed securities, have been launched to support sustainable development [5][6]. Group 6: Regulatory Environment and Risk Management - The Hainan Securities Regulatory Bureau has implemented strict regulatory measures, resulting in administrative penalties and a focus on risk prevention to ensure market stability [7]. - Risk monitoring and assessment mechanisms have been enhanced, with proactive measures taken to address potential risks in key sectors [7]. Group 7: Future Outlook - With the full island closure operation, Hainan's capital market aims to align with high-standard construction goals, focusing on improving the quality of listed companies and expanding cross-border asset management pilot businesses [8].

讲好"股市叙事"是近期资本市场的高频词。从营造积极舆论环境，到强化政策解读和预期引导，及时回 应市场关注关切，证监会多次点题"股市叙事"，体现了监管部门对于持续讲好中国股市故事的高度重 视。讲好"股市叙事"不是监管部门的"独角戏"，需要上市公司、行业机构、主流媒体的"合唱"，只有聚 合力放大声量，才能营造积极的舆论环境，让预期稳、信心足成为资本市场高质量发展的坚实支撑。 (证券时报) ...

Core Viewpoint - The Chinese stock market is experiencing a strong upward trend, driven by a series of reforms and support measures aimed at high-quality development, despite recent fluctuations due to external factors such as U.S. Federal Reserve interest rate expectations and AI bubble concerns. Group 1: Improvement in Listed Companies - The quality of listed companies has significantly improved, with A-share companies' net profit growing by 6.42% year-on-year in the first three quarters of 2025, and sectors like the Sci-Tech Innovation Board and Growth Enterprise Market showing rapid growth with net profit increases exceeding 60% and 30% respectively [1][2] - Governance structures of listed companies have been enhanced, with the governance index reaching a record high of 64.94 in 2025, indicating ongoing improvements in governance standards [2] - The quality of information disclosure has improved, with compliance rates rising to 85.24% and ESG report disclosure rates reaching 45.68%, marking a historical high [2] Group 2: Strengthening of Intermediary Institutions - Intermediary institutions have enhanced their professional service capabilities, focusing on core responsibilities and improving service quality, which has led to a more robust professional ecosystem [3] - Intermediary institutions have improved their ability to serve national strategies, assisting approximately 1,200 technology companies in going public and facilitating over 51 trillion yuan in equity and debt financing [3] - The role of intermediary institutions in enhancing the quality of listed companies has grown, particularly in areas such as information disclosure, compliance, and financial services [3] Group 3: Increasing Investor Willingness - The structure of investors in the A-share market is shifting from retail-dominated to institutionally-led, with long-term funds, household savings, and international capital showing increased investment willingness [4] - Long-term funds have accelerated their entry into the market, with various reforms leading to a 32% increase in the market value held by long-term funds to approximately 21.4 trillion yuan by the end of August 2025 [5] - There has been a notable increase in the number of new investor accounts, with an average of 2.9 million new accounts opened monthly from October 2024 to September 2025, representing a 48% increase from 2023 [5] Group 4: Market Operation and Risk Management - The market's operational safeguards have improved, with comprehensive reforms enhancing regulatory effectiveness and investor protection systems [7] - Transaction costs have been reduced, with measures expected to save investors over 50 billion yuan annually, thereby increasing market vitality and efficiency [7] - A multi-layered market stability mechanism has been established, enhancing the A-share market's ability to respond to external shocks and complex situations [9]

"经济是肌体，金融是血脉"，这一深刻论断在"十四五"时期的黑龙江资本市场发展实践中得到生动印证。黑龙江资本市场深度融入区域经济发展大局，精准对接国 家战略需求，紧密贴合地方特色产业脉络，在推动产业转型升级的进程中，成为不可或缺的重要驱动力。 为激活产业发展动能，黑龙江资本市场通过拓宽直接融资渠道、优化上市公司结构、并购重组等一系列"组合拳"，解决了企业发展的资金难题，优化了产业发展的 生态格局，实现资本市场与区域产业发展同频共振。 展望"十五五"，黑龙江资本市场锚定更高发展目标，并将持续发力。未来，黑龙江资本市场将结合区域发展的独特优势与金融政策导向，推动"1+N"政策体系落地 见效，进一步提升资本市场服务国家战略的能力。 "十四五"时期，黑龙江资本市场不仅实现规模与数量突破，更在经营质量与科技含量的"内功"修炼上成果显著。 多维发力 推动产业优化 "十四五"时期，黑龙江资本市场通过股权融资扩容、上市公司结构优化和并购重组赋能，为区域经济高质量发展注入强劲动力。数据显示，"十四五"时期，黑龙江 上市公司累计实现股权融资357.23亿元，实现债权融资323.7亿元，直接融资已成为促进经济增长的重要引擎。 黑龙江 ...

"经济是肌体，金融是血脉"，这一深刻论断在"十四五"时期的黑龙江资本市场发展实践中得到生动印 证。黑龙江资本市场深度融入区域经济发展大局，精准对接国家战略需求，紧密贴合地方特色产业脉 络，在推动产业转型升级的进程中，成为不可或缺的重要驱动力。 为激活产业发展动能，黑龙江资本市场通过拓宽直接融资渠道、优化上市公司结构、并购重组等一系 列"组合拳"，解决了企业发展的资金难题，优化了产业发展的生态格局，实现资本市场与区域产业发展 同频共振。 黑龙江资本市场板块结构持续优化。"含科量"的不断跃升，成为黑龙江资本市场提质增效的重要标志。 创业板、科创板上市公司数量较"十三五"时期增加了50%，市值前10名公司中，超半数为科技企业或科 技含量比较高的企业。 黑龙江资本市场融资结构呈现"再融资为主、IPO为辅"的鲜明特征，彰显了资本市场对黑龙江企业的持 续赋能。其中，首发募集资金（IPO）89.09亿元，为企业新的发展按下"启动键"；再融资金额达279.64 亿元（含可转债），约为IPO规模的三倍，通过增发、可转债等工具为已上市优质企业"持续输血"，支 持其规模扩张与技术改造。这一结构契合黑龙江省产业实际，既助力新兴企业落 ...

Domestic Macro - The People's Bank of China and the Monetary Authority of Macao upgraded the currency swap arrangement to 50 billion RMB to support financial stability and economic development [6][16] - The Central Political Bureau emphasized the need for steady progress and quality improvement in the economic work for 2026, proposing "eight persistences" [6][16] - The Central Economic Work Conference highlighted the flexible use of various policy tools, including interest rate cuts, to stabilize investment and address excessive competition [6][16] Industry Policy - The State Council held a meeting focusing on energy conservation and carbon reduction, and the Financial Regulatory Authority announced a reduction in risk factors for insurance companies' stock investments [7][17] - The National Medical Insurance Administration released a new drug list, adding 114 new drugs, including 50 innovative drugs, expanding medication coverage [7][18] - The Shanghai Futures Exchange raised the price fluctuation limit for silver futures contracts to 15% to mitigate potential market risks [7][17] Local Policy - Shenzhen introduced new housing fund policies to ease withdrawal conditions and support simultaneous loans and withdrawals [8][19] - Sichuan Province launched a three-year plan to promote more companies to go public and facilitate mergers and acquisitions [8][19] - Ningxia issued twelve new policies to promote stable and healthy development in the real estate market, focusing on housing consumption and financial support [8][19] Overseas Dynamics - The Reserve Bank of India cut interest rates by 25 basis points to 5.25%, marking the fourth rate cut of the year [9][20] - The United States released a new National Security Strategy, adjusting military deployments in the Western Hemisphere to address immigration and drug trafficking issues [9][20] - The European Union reached a preliminary agreement to strengthen scrutiny of foreign direct investments, granting more review and intervention powers [9][22]

今天分享的是：2025年A股上市公司股东大会投票趋势观察：对机构股东参与治理的启示白皮书 报告共计：55页 A股治理新生态：机构股东如何用"投票权"重塑上市公司未来 当前，A股市场正经历一场从"规模扩张"向"高质量发展"的深刻转型。在这一进程中，上市公司治理水平的系统性优化已成为核 心议题。长期以来，"一股独大"、内部监督乏力等问题制约着市场的健康发展。如今，伴随政策顶层设计的完善与市场结构的 变迁，以公募基金、保险资金等为代表的机构投资者，正从过去的"被动资本"转变为积极参与公司治理的"关键变量"，通过手 中的投票权，悄然重塑着A股的治理生态。 数据透视：机构入场激活股东投票，治理效能初显 近期一份基于2023年至2025年股东大会数据的观察显示，机构投资者的积极参与正在切实改变股东会的"气象"。数据显示，全 部A股上市公司的平均股东参会率保持在50%左右，但结构变化显著。在机构持股比例更高的公司，如沪深300、基金重仓股样 本中，股东大会的表决权出席率显著高于市场平均，中小股东的参与也更为活跃。一个更具说服力的发现是，在机构投资者持 股集中的公司，中小股东对议案的异议率反而更低。这或许意味着，专业机构的深 ...

Core Viewpoint - The event highlighted the achievements of CITIC Securities over the past 30 years and outlined its strategic directions for the upcoming "15th Five-Year Plan" period, emphasizing its role in supporting the real economy and enhancing wealth management for residents [1][6]. Group 1: Achievements During the "14th Five-Year Plan" - CITIC Securities has grown from a small office with a preparation fund of 2.4 million to the first domestic securities company with assets exceeding 2 trillion yuan, establishing a comprehensive financial service system [2]. - Over 30 years, the company has achieved total operating income of 800 billion yuan and net profit of 270 billion yuan, maintaining industry leadership for 20 consecutive years [2]. - The company has served 100,000 corporate and institutional clients, facilitating 772 companies to go public and completing equity financing of 8.4 trillion yuan and debt financing of 83.3 trillion yuan [2]. - CITIC Securities has expanded its international presence to 13 countries and regions, donated 300 million yuan, and paid 210 billion yuan in taxes, showcasing its social responsibility [2]. Group 2: Breakthroughs in the "14th Five-Year Plan" - The company completed equity financing of 3.1 trillion yuan and debt financing of 56.9 trillion yuan, with a focus on strategic emerging industries such as AI and biomedicine [3]. - As of September 2025, the asset management scale reached 4.7 trillion yuan, a 56% increase from the end of the "13th Five-Year Plan," with client asset custody exceeding 15 trillion yuan, up 73% [3]. - CITIC Securities' total assets surpassed 2 trillion yuan, with stable annual net profits around 20 billion yuan, achieving a record net profit of 23.2 billion yuan in the first three quarters of 2025 [3]. Group 3: Strategic Directions for the "15th Five-Year Plan" - The company aims to enhance its role as a major service provider for direct financing, a key gatekeeper of the capital market, and a professional manager of social wealth [5]. - CITIC Securities plans to optimize its business structure to better serve the real economy and support new productive forces, focusing on direct financing and innovative financial tools [5]. - The company will continue to advance its internationalization strategy, balancing domestic and international business development while building a product service system that aligns with top global investment banks [5].