Group 1 - The central economic work conference held on December 10-11 in Beijing determined to deepen the comprehensive reform of capital market financing [1] - The China Securities Regulatory Commission (CSRC) plans to introduce a refinancing framework issuance system to enhance the flexibility of financing for listed companies and support mergers and acquisitions [1] - CSRC emphasizes the importance of improving corporate governance and increasing dividends and buybacks as prerequisites for refinancing, which will help stabilize the secondary market [1] Group 2 - The CSRC aims to enhance the role of long-term funds as stabilizers in the market and promote reforms in public funds, enterprise annuities, and insurance funds [2] - Suggestions include improving the regulatory environment for long-term investments and facilitating the entry of insurance funds into the market to foster a positive interaction between the pension system and capital markets [2] - The construction of a "financing and investment integrated" ecosystem in the capital market will be a focus, with reforms on both ends being mutually reinforcing [2]

据新华社12月11日消息，中央经济工作会议12月10日至11日在北京举行。 继续实施更加积极的财政政策、适度宽松的货币政策 对于财政政策和货币政策，中央经济工作会议指出，要继续实施更加积极的财政政策、适度宽松的货币 政策。 在财政政策方面，中央经济工作会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效， 发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。要继续实 施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政 支出结构，规范税收优惠、财政补贴政策。 在货币政策方面，中央经济工作会议指出，要继续实施适度宽松的货币政策。把促进经济稳定增长、物 价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕，畅通 货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。保持人民币 汇率在合理均衡水平上的基本稳定。 会议强调，做好明年经济工作，要实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续 扩大内需、优化供给，做优增量、盘活存量，因地制宜发展新质生产力，纵深推进全国统一大 ...

投融资发展更趋均衡 金融是实体经济的"血脉"，为实体经济服务是金融的天职。2025年以来，我国实施适度宽松的货币政 策，随着政策执行和传导效果的进一步强化，市场流动性保持充裕，金融总量合理增长，社会融资成本 处于历史低位，为提振市场信心、改善社会预期、应对外部冲击、推动经济回升向好发挥了积极作用。 在资本市场领域，投融资综合改革加快推进，一系列举措落地，制度包容性和适应性提升，资源持续向 新质生产力集中，资本市场枢纽功能愈发显现。中国银河证券首席经济学家、研究院院长章俊表示，资 本市场将逐步形成覆盖企业初创期、成长期、成熟期直至国际化阶段的全链条融资支持体系，降低科技 企业融资成本。同时，"长钱长投"的政策体系将更趋完善，市场稳定性和资源配置效率将进一步提升。 社会融资成本处于历史低位 从综合运用数量、价格、结构等多种货币政策工具，持续健全市场化利率调控框架，到强化利率政策执 行，有效发挥市场利率定价自律机制作用，带动存贷款利率下行，再到以金融供给侧结构性改革提升服 务实体经济质效……今年以来，我国金融改革蹄疾步稳，推动社会综合融资成本下降。 央行数据显示，10月份企业新发放贷款加权平均利率为3.1%，比上年 ...

□ 《基金管理公司绩效考核管理指引（征求意见稿）》提出：基金经理过去三年业绩差，投资者亏损较 大的，绩效薪酬至少降低30%；三年以上中长期指标占比不少于80%；建立与投资者利益绑定机制，提 高基金经理等人跟投比例；公司高管的基金投资收益指标权重不低于50% □ 有机构研报认为，长期来看新规将倒逼行业文化和经营模式的重塑，推动建立公募行业与客户之间的 信任根基，为公募行业构建以长期回报为导向的高质量发展路径 郭晨凯 制图 ◎记者 赵明超 近日出炉的《基金管理公司绩效考核管理指引（征求意见稿）》（下称"指引"）提出，基金公司要全面 建立以基金投资收益为核心的考核体系，同时建立与投资者利益绑定机制。在业内人士看来，通过薪 酬"指挥棒"作用，强化基金管理公司与持有人的利益绑定，有望破解"基金赚钱，基民不赚钱"的行业困 局，在长期考核指挥棒下，可以更好地实现长钱长投的行业发展生态。 确立标准 改革薪酬分配机制 指引为基金公司薪酬管理明确了标准。基金公司应当建立薪酬总额决定机制，加强薪酬总额管理。其 中，基本薪酬与绩效薪酬应当保持适当比例，避免因薪酬结构不合理引发风险隐患或业务激进行为。 针对过往基金公司内部薪酬分化过大 ...

今年以来，在政策持续引导与市场环境优化的推动下，保险资金、养老金、公募基金等中长期资金加速 进入A股市场，正在成为增强市场韧性、推动价值投资转型的重要力量。 "当前中长期资金入市提速，是资本市场结构优化与高质量发展的重要信号。"中国上市公司学术顾问委 员会委员程凤朝在接受上证报记者采访时表示，这类资金总体持仓稳健、偏向价值投资，能在市场情绪 波动时发挥"顺周期缓冲器"作用，提高市场的整体抗风险能力。这一趋势不仅体现在资金规模的显著增 长上，更反映在投资理念、考核机制与市场结构的深层变革中。 中国证券投资基金业协会数据显示，截至2025年10月底，我国境内公募基金管理机构共165家，管理的 公募基金资产净值合计36.96万亿元，与9月底相比，单月规模增长2182.74亿元，已经连续7个月创下历 史新高。 与公募基金同步增配A股的，还有规模庞大的保险资金。金融监管总局数据显示，截至今年三季度末， 人身险公司和财产险公司投资于股票和证券投资基金的余额合计达5.59万亿元，较年初大幅增长 36.2%，在保险公司资金运用余额中的占比提升至14.92%，创下近年新高。 除国内长期资金外，外资机构也展现出对中国资产的浓厚兴 ...

上海证券交易所理事长邱勇表示，一系列创新制度率先在科创板落地，科创板改革效应不断放大。目 前，科创板已汇聚592家科技型企业，总市值超9万亿元，科创板已成为中国硬科技企业上市首选地。 总市值超过100万亿元，投资者信心和预期明显改善，市场韧性和抗风险能力明显增强，今年以来，资 本市场总体稳健活跃，实现了量的合理增长和质的有效提升。 "十五五"规划建议明确了下一阶段资本市场改革发展的方向和目标："提高资本市场制度包容性、适应 性，健全投资和融资相协调的资本市场功能。"业内认为，增强对科技创新的制度包容性，提升上市公 司投资价值，优化"长钱长投"市场生态，更好地发挥资本市场作为资源优化配置平台的核心功能是重要 着力点。 积极发展直接融资 积极发展股权、债券等直接融资，是"十五五"规划建议提出的明确任务，也是提高资本市场制度包容 性、适应性的关键举措。 近年来，证监会以深化科创板、创业板改革为抓手，积极发展多元股权融资，推动完善多层次资本市场 体系，提升对实体企业尤其是优质科创企业的全链条、全生命周期服务能力。今年6月，科创板"1+6"改 革政策推出，在科创板设置科创成长层。7月，存量32家未盈利企业被纳入科创板科 ...

Group 1 - The overall market capitalization has exceeded 100 trillion yuan, indicating a significant improvement in investor confidence and expectations, with enhanced market resilience and risk resistance [2] - The "14th Five-Year Plan" outlines the direction and goals for the next phase of capital market reform, emphasizing the need to improve the inclusiveness and adaptability of the capital market system [2] - The focus is on enhancing institutional inclusiveness for technological innovation, optimizing the market ecology for long-term investments, and better utilizing the capital market as a platform for resource allocation [2] Group 2 - The development of direct financing through equity and bonds is a key task outlined in the "14th Five-Year Plan," aimed at improving the inclusiveness and adaptability of the capital market [2] - The China Securities Regulatory Commission (CSRC) has been actively promoting multi-tiered capital market systems and enhancing services for high-quality technology enterprises [2][4] - The introduction of the "1+6" reform policy for the Sci-Tech Innovation Board in June and the establishment of a growth tier for unprofitable companies in July are significant steps in this direction [2][3] Group 3 - The bond market plays a crucial role in serving the real economy and optimizing resource allocation, with a focus on developing technology and green bonds [4] - Since the launch of the "Technology Board" for bonds on May 7, 2023, a total of 11,672.67 billion yuan in technology innovation bonds have been issued by 530 institutions by the end of September [4][5] - The future of the bond market is expected to continue focusing on technology innovation, foreign openness, and green development, with a diverse range of issuers [5] Group 4 - The A-share merger and acquisition market has been heating up, with significant reforms in the M&A market aimed at supporting the transformation and upgrading of listed companies [6] - Since the implementation of the "M&A Six Guidelines," over 1,000 M&A transactions have been disclosed in the Shanghai market, with a notable increase in technology-related mergers [6] - The future role of M&A is expected to further enhance the integration of technology and industry, reflecting a shift from factor-driven to innovation-driven economic growth [6][7] Group 5 - The cultivation of high-quality listed companies is essential for the stable operation of the capital market, with ongoing reforms to improve the delisting mechanism [7] - The delisting mechanism is being optimized to ensure a more orderly market ecology, allowing for a more effective selection process [7] - The focus on enhancing the delisting standards and mechanisms aims to improve the overall health and resource allocation efficiency of the capital market [7] Group 6 - As of the end of August, medium- and long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, a 32% increase from the end of the "13th Five-Year Plan" period [8] - The acceleration of medium- and long-term funds entering the market is expected to stabilize market fluctuations and promote a shift towards value investment and long-term investment [8][9] - The establishment of a more attractive "long money, long investment" system environment is crucial for supporting innovation and capital formation [9][10] Group 7 - The "14th Five-Year Plan" period is expected to position the capital market as an aggregator of innovation, linking technology, industry, and policy [10] - The focus will be on providing long-term patient capital for technological innovation and supporting the transformation and upgrading of traditional industries [10]

宏观研究 宏观快评 2025 年 12 月 08 日 华创证券研究所 证 券 研 究 报 告 【宏观快评】 等待"两大会"召开——政策周观察第 58 期 近一周，政策出台不多，主要有以下内容。短期内，关注中央政治局会议和中 央经济工作会议"两大会"召开。 1、12 月 1 日，《求是》杂志发表习近平总书记重要文章《推进党的自我革命 要做到"五个进一步到位"》。文章中，习近平总书记指出"对党的自我革命认 识要进一步到位……我们党进行自我革命，刀刃向内、激浊扬清、刮骨疗毒， 非但不会影响党的形象和威信，反而能够提高党的形象和威信；非但不会挫伤 党员干部的积极性，反而能够更广泛更充分地调动党员干部的积极性；非但不 会影响经济社会发展，反而能够为高质量发展提供坚强政治保证"，"党员干部 增强党性要进一步到位"，"权力规范运行要进一步到位"，"从严监督执纪要进 一步到位"，"落实管党治党责任要进一步到位"。 2、资本市场：1）12 月 5 日，国家金融监管总局调整保险公司相关业务风险 因子，"针对保险公司投资的沪深 300 指数成分股、中证红利低波动 100 指数 成分股以及科创板股票的风险因子，根据持仓时间进行了差异 ...

东吴证券分析认为，提升ROE可以通过提高杠杆率、提高费类业务占比、提升资本使用效率、降费等方 式。此次监管引导通过强化分类监管，对优质机构适度拓宽资本空间与杠杆上限，提升资本利用效率， 将有助于提升券商ROE的中枢。 同时行业内的资源整合仍将成为券商快速提升规模与综合实力的又一重要方式，大型券商通过并购进一 步补齐短板，巩固优势，中小券商通过外延并购有望弯道超车，快速做大，实现规模效应和业务互补。 其次，12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，通知要求： 持仓超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至0.27；持仓 时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36。 据上海证券报报道，12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，鼓励头 部机构通过并购重组打造国际一流投行，告别价格战，中小机构旨在"小而美"。 据国泰海通测算，此次变动，预计合计释放最低资本210亿，若全部用于增配股票，则可带来约764亿增 量资金。 吴清表示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector currently has a low average valuation, presenting a safety margin and potential for growth [2] - The insurance industry is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales of savings-type products [7] - The securities industry is undergoing transformation, which may lead to new business growth opportunities [7] Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (December 1-5, 2025), only the insurance sector outperformed the CSI 300 index, with insurance up 5.13%, while the overall non-bank financial sector rose 2.33% [6][13] - Year-to-date, the insurance sector has increased by 20.28%, outperforming other sectors [14] Securities Sector - Trading volume has decreased month-on-month, with an average daily trading amount of 19,654 billion CNY in December, down 12.30% from the previous month but up 11.93% year-on-year [18] - The China Securities Regulatory Commission (CSRC) is considering measures to enhance the capital space for quality brokerages, aiming for high-quality development [23] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [24] Insurance Sector - The total assets of the insurance industry surpassed 40 trillion CNY, growing by 12.5% year-to-date [35] - Regulatory changes are aimed at optimizing long-term stock holding risk factors, encouraging insurance funds to adopt a long-term investment approach [27] - The insurance sector's valuation is currently at historical lows, with a P/EV ratio between 0.61 and 0.97 for 2025 [36] Multi-Financial Sector - The trust industry is experiencing a significant decline in profits, with total profits down by 45.5% year-on-year [39] - The futures market saw a year-on-year increase in trading volume and value, indicating a potential recovery in market activity [45] - The financial leasing sector is being guided to focus on its core business and enhance service capabilities [53] Industry Ranking and Recommendations - The recommended ranking for the industry is insurance > securities > other multi-financial sectors, with key companies including China Life, Ping An, and CITIC Securities highlighted for investment [54]