宏观 资本市场改革持续深化 2025 年 10 月 28 日 宏观研究/事件点评 分析师： 郭瑞 执业登记编码：S0760514050002 电话：0351-8686977 邮箱：guorui@sxzq.com 事件：2025 年 10 月 27 日，中国证监会主席吴清在 2025 金融街论坛年 会上发表主题为《发挥投融资综合改革牵引作用 推动"十五五"资本市场 高质量发展》的演讲，围绕防风险、强监管、促高质量发展工作主线进一步 部署资本市场改革。 "三个更加聚焦"为资本市场进一步深化改革指明了方向。"三个更加 聚焦"，即更加聚焦服务新质生产力发展，更加聚焦统筹发展与安全，更加 聚焦强本强基。"十五五"时期的经济发展目标对经济实力、科技自立自强、 产业竞争力等关键领域实现质的跃升提出了更高的要求。一方面，合理的经 济增速是实现 2035 远景目标的关键支撑，经济建设依然是"十五五"时期 的头等大事。另一方面，也要继续坚持科技创新对新质生产力的引领。在这 一背景下，"三个更加聚焦"进一步释放了资本市场深化改革，聚焦高质量 发展的有利信号。未来，资本市场将进一步通过优化资源配置、支持科技创 新、完善市场体系等助力 ...

Core Points - The first batch of newly registered companies has been listed on the Sci-Tech Innovation Board's growth tier, marking a significant step in the capital market's support for technological innovation and new productive forces [1] - Since the establishment of the Sci-Tech Innovation Board in November 2018, the China Securities Regulatory Commission (CSRC) has worked with market participants to develop the board, which has shown stable and positive market operations and increasingly effective reforms [1] - The CSRC has introduced major policy measures such as the "Eight Articles for the Sci-Tech Innovation Board" and "Six Articles for Mergers and Acquisitions" to enhance the board's functionality and support high-tech enterprises in fields like integrated circuits and biomedicine [1] Industry Insights - The CSRC encourages Sci-Tech Innovation Board companies to effectively utilize reform policies, improve corporate governance, and enhance development quality and investor returns [2] - The CSRC is committed to implementing the major deployments from the 20th National Congress, focusing on risk prevention, strong regulation, and promoting high-quality development in the capital market [2] - The ongoing reforms aim to enhance the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market, aligning with the goals of the 14th Five-Year Plan and the construction of a financial power [2]

Market Overview - A-shares experienced a slight rise followed by a pullback, with the Shanghai Composite Index briefly surpassing the 4000-point mark, reaching a ten-year high before closing at 3988.22 points, down 0.22% [1] - The Shenzhen Component Index closed at 13430.10 points, down 0.44%, while the ChiNext Index ended at 3229.58 points, down 0.15% [1] - Total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan from the previous trading day [1] Sector Performance - The Fujian, military industry, and port shipping sectors saw significant gains, while the non-ferrous metals, wind power equipment, and oil and gas sectors experienced declines [1][3] - The Fujian sector had a surge in stocks hitting the daily limit, with over ten stocks reaching the limit, including Pingtan Development [3] Institutional Insights - Market trends are perceived to be upward, with the third-quarter report season beginning and a valuation recovery underway [4] - Investment focus is recommended on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [4] - The China Securities Regulatory Commission (CSRC) chairman's positive remarks are expected to support the capital market's high-quality development [4] Economic Outlook - The economic structure is undergoing adjustments, with consumer spending becoming increasingly important amid external uncertainties [5] - The current valuation of consumer stocks is at historical lows, indicating significant potential for valuation recovery [6] Regulatory Developments - The CSRC is advancing a new round of capital market reforms to enhance the coordination of investment and financing functions [7] - The Shanghai Stock Exchange emphasizes support for "hard technology" companies, aiming to facilitate their listing and participation in global competition [8] Specific Company News - The wholesale price of Feitian Moutai has dropped below 1700 yuan per bottle for the first time, marking a new low since its launch, with a cumulative decline of over 31% from its initial price [9]

国金证券首席经济学家宋雪涛表示，中国证监会主席吴清在金融街论坛上的讲话清晰地勾勒出资本市场 服务"十五五"高质量发展的路线图。通过一系列系统性的深化改革和开放政策，资本市场正致力于与科 技创新、产业升级、居民财富增长和对外开放形成多重正向反馈。宋雪涛认为，短期看，政策合力将加 速A股的长期估值修复进程；中长期看，在全球资金再配置的大背景下，一个更具包容性、适应性和吸 引力的资本市场，将有力支持实体经济，并在此过程中实现自身的健康发展。一个服务于科技创新、让 投资者有获得感、与国际规则接轨的资本市场，其长期投资逻辑也日益坚实。 ...

Group 1 - The 2025 Financial Street Forum annual meeting opened in Beijing, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" [1] - The Chairman of the China Securities Regulatory Commission, Wu Qing, delivered a speech emphasizing the role of comprehensive reform in promoting high-quality development of the capital market during the 14th Five-Year Plan [1] - Xu Fei, head of the research institute at Wanlian Securities, noted that the speech signals further deepening of capital market reforms and enhancement of the inclusiveness and coverage of the multi-level capital market system to better serve China's high-level technological self-reliance [1][2] Group 2 - The speech highlighted that high-quality listed companies are the cornerstone of stable capital market operations, with measures to broaden merger and acquisition channels and improve the market ecology for long-term investments [1] - These initiatives are expected to solidify the foundation for market stability, continuously enhance the quality of listed companies, and increase the attractiveness and competitiveness of China's capital market [1] - As the quality of listed companies and the proportion of medium- to long-term investment funds increase, market stability and attractiveness are anticipated to significantly improve [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to advancing the "14th Five-Year" capital market plan, focusing on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance the inclusiveness and adaptability of the capital market [1] Group 1 - The CSRC aims to comprehensively implement a new round of capital market reforms [1] - The reforms will focus on improving the coordination between investment and financing functions within the capital market [1] - The emphasis will be on enhancing the institutional framework to support the growth of innovative enterprises [1]

Core Viewpoint - The listing of three companies on the Sci-Tech Innovation Board marks a significant step in the implementation of major reforms aimed at enhancing the capital market's support for high-growth technology enterprises [1][2]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced significant policies such as the "Eight Articles for Sci-Tech Innovation Board" and "Six Articles for Mergers and Acquisitions" to facilitate the growth of the capital market [1]. - The CSRC's Vice Chairman Li Chao emphasized the smooth progress of the "1+6" reform implemented in June, which includes the establishment of the Sci-Tech Innovation Board's growth tier [1]. Group 2: Local Government Initiatives - Shanghai's government is actively supporting the Sci-Tech Innovation Board by enhancing collaboration with the CSRC and implementing initiatives like the upgraded "Pujiang Light" action plan to connect "hard technology" enterprises with capital markets [2]. - The Shanghai Municipal Government aims to fulfill its responsibility in serving national strategic goals while promoting the development of high-growth technology companies [2]. Group 3: Exchange's Role - The Shanghai Stock Exchange (SSE) is committed to maintaining a "hard technology" focus and will enhance its role as a testing ground for reforms, ensuring the identification of quality tech enterprises [2]. - The SSE plans to deepen reforms in areas such as issuance, underwriting, refinancing, and mergers and acquisitions to attract resources to the Sci-Tech sector [2][3]. Group 4: Investor Protection and Market Ecology - There is a strong emphasis on investor protection, with initiatives aimed at fostering a market environment where capital is attracted, companies retain their presence, and investors receive returns [3]. - The focus is on cultivating patient and long-term capital, promoting index-based investments, and improving the quality and investment value of listed companies [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to advancing the "14th Five-Year" capital market plan, focusing on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance the inclusiveness and adaptability of the capital market [1] Group 1 - The CSRC aims to comprehensively implement a new round of capital market reforms [1] - The reforms will focus on improving the coordination between investment and financing functions within the capital market [1] - The emphasis will be on enhancing the institutional framework to support the growth of innovative enterprises [1]

文/陈康亮 28日，上证指数低开高走，成功站上4000点，再创十年新高。 截至记者发稿，上证指数报4000点，涨幅为0.08%；深证成指报13516点，涨幅为0.2%；创业板指报 3256点，涨0.69%。 巨丰投顾高级投资顾问于晓明表示，近日，央行、证监会等监管部门集体发声，释放积极信号，在多重 利好共振下，A股配置价值凸显，市场行情可期。 一是纵深推进板块改革。28日科创板科创成长层将迎来首批新注册企业上市；将启动实施深化创业板改 革，设置更加契合新兴领域和未来产业创新创业企业特征的上市标准。 二是夯实市场稳定内在基础。将择机推出再融资储架发行制度；督促上市公司完善治理、加大分红回购 增持力度；推动企业年金、保险资金等全面落实长周期考核，丰富适配长期投资的产品和风险管理工 具。 三是稳步扩大高水平制度型对外开放。《合格境外投资者制度优化工作方案》正式推出，包括优化准入 管理、提高投资运作效率、扩大投资范围等，努力为各类境外投资者提供更加透明、便利、高效的制度 环境。 四是大力提升投资者权益保护质效。健全长效化稳市机制，防范市场大幅波动；发布加强资本市场中小 投资者保护的若干意见，推出23项务实举措。 南开 ...

Group 1 - The core viewpoint is that the launch of the first batch of newly registered companies on the Sci-Tech Innovation Board marks a significant step in the capital market's support for technological innovation and the development of new productive forces [1] - Since the establishment of the Sci-Tech Innovation Board in November 2018, the China Securities Regulatory Commission (CSRC) has worked with market participants to develop the board from inception to a stable and growing market, enhancing its functions and brand effects [1] - The CSRC has introduced major policy measures such as the "Eight Articles for the Sci-Tech Innovation Board" and "Six Articles for Mergers and Acquisitions" to support high-tech enterprises in fields like integrated circuits and biomedicine [1] Group 2 - The CSRC aims to implement the major deployments from the 20th National Congress of the Communist Party, focusing on risk prevention, strong regulation, and promoting high-quality development in the capital market [2] - The strategy for the 14th Five-Year Plan period will emphasize deepening comprehensive reforms in capital market investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market [2]