每经AI快讯，《公开募集证券投资基金销售费用管理规定》1月1日起正式施行、修改后的《证券期货 行政执法当事人承诺制度实施规定》2月1日起施行、上市公司董秘监管规则公开征求意见……2026年开 年，一系列资本市场关键制度持续升级，释放出深化改革的强烈信号。市场人士预期，2026年资本市场 改革将进一步全面深化，包括服务发展新质生产力、助力长钱长投、全链条织密投保"安全网"等在内的 一系列改革有望加快推进。 (中证报) ...

● 本报记者 昝秀丽 《公开募集证券投资基金销售费用管理规定》1月1日起正式施行、修改后的《证券期货行政执法当事人 承诺制度实施规定》2月1日起施行、上市公司董秘监管规则公开征求意见……2026年开年，一系列资本 市场关键制度持续升级，释放出深化改革的强烈信号。 市场人士预期，2026年资本市场改革将进一步全面深化，包括服务发展新质生产力、助力长钱长投、全 链条织密投保"安全网"等在内的一系列改革有望加快推进。 助力企业向"新"而行 赋能新质生产力，支撑科技强国战略，是2026年资本市场改革的着力点之一。 市场人士认为，下阶段，资本市场改革应聚焦提升对科技创新企业的包容性和支持力度，增强资本市场 基础功能与科技产业发展的适配性，完善投融资市场生态，以更好促进科技、产业与资本的良性循环。 提升资本市场制度的包容度与吸引力是关键一环。粤开证券首席经济学家、研究院院长罗志恒建议，完 善科创企业精准识别机制，丰富评价维度，为突破关键核心技术的"硬科技"企业开辟IPO绿色通道。特 别是，要发挥出科创板改革"试验田"的作用，优化"科创成长层"各项制度，把IPO"预先审阅机制"、存 量股"询价转让制度"等推广向更多板块，同 ...

Group 1 - The core viewpoint of the articles highlights the significant progress and resilience of China's capital market in 2025, marked by historical milestones such as the total market value of A-shares exceeding 100 trillion yuan and annual trading volume surpassing 400 trillion yuan [1] - The capital market has undergone profound changes, driven by dual forces of institutional reform and structural optimization, leading to a more solid market foundation [1][2] - The rise of "hard technology" companies has been a standout feature, with the proportion of technology companies among A-share listed companies increasing from 12% to 27% over the past decade [2] Group 2 - The central economic work conference emphasized the importance of continuing to deepen comprehensive reforms in capital market investment and financing, indicating a shift from "deepening" to "continuing to deepen" [3] - Specific measures include fostering high-quality listed companies, enhancing corporate governance, and promoting long-term capital investment mechanisms [3][4] - The expectation is that these reforms will further activate the market's internal dynamics, improve transparency and efficiency, and strengthen the role of institutional investors in leading long-term and value investments [4]

Core Viewpoint - The article highlights the ongoing reforms in China's capital market, particularly in Jiangsu province, aimed at enhancing support for technology innovation enterprises and facilitating their access to financing through various initiatives and policies [1][2][8]. Group 1: Financing Reforms and Initiatives - The China Securities Regulatory Commission (CSRC) has introduced multiple measures such as the "16 Articles on Science and Technology Innovation" and the "8 Articles on the Science and Technology Innovation Board" to improve financing channels for innovative companies [1]. - Jiangsu's capital market has seen a significant increase in the number of listed companies, with 29 new domestic listings expected by 2025, accounting for 25% of the national total [1]. - A record was set for the speed of financing for small and medium-sized technology innovation enterprises, with a company completing the entire process from application to approval in just 34 trading days [2]. Group 2: Industry Development and Market Integration - Jiangsu's listed companies now cover a comprehensive "1650" industrial system, indicating a deep integration between the capital market and local industry [3]. - The semiconductor industry in Jiangsu is set to welcome two new listed companies by 2025, with one already marking a milestone as the first new stock on the Science and Technology Innovation Board this year [3]. - The biopharmaceutical sector is actively engaging with the capital market, with several companies expressing intentions to return to A-shares for development [3]. Group 3: New Industry Opportunities - The focus on future industries, such as artificial intelligence and commercial aerospace, is emphasized as part of Jiangsu's strategic development, with reforms extending support to these sectors [4][5]. - Several companies are planning to apply for the fifth set of standards on the Science and Technology Innovation Board, which caters to hard-tech enterprises that may not yet be profitable but represent future technological directions [5]. Group 4: Internationalization and Market Expansion - Jiangsu has seen an increase in companies successfully obtaining listings in Hong Kong, with the total number of A+H listed companies reaching 9, indicating a growing international presence [6]. - A biopharmaceutical company raised approximately HKD 9.89 billion in its IPO on the Hong Kong Stock Exchange, marking the largest financing scale in the Hong Kong medical sector since 2020 [6]. Group 5: Quality and Governance in Listings - The Jiangsu Securities Regulatory Bureau emphasizes the importance of balancing development and safety, focusing on high-quality listings through proactive regulatory support [7]. - Over 20 specialized policy seminars and case analysis meetings have been conducted to guide companies in establishing a correct understanding of the listing process and governance [7]. - The regulatory body aims to enhance the quality of listed companies by ensuring that capital flows towards enterprises that represent technological and industrial innovation [7]. Group 6: Future Outlook - The Jiangsu Securities Regulatory Bureau plans to enhance the inclusivity and adaptability of capital market systems to support technological self-reliance and cultivate new productive forces [8]. - The bureau will implement measures to ensure that supportive policies effectively reach enterprises, translating reform policies into development momentum [8].

转自：新华财经 新华财经北京12月31日电（记者费杨生、刘玉龙）12月31日，A股2025年交易收官，上证指数报收3968.84点，全年涨超18%。在改革不断深化、政策连续发 力等综合因素推动下，我国资本市场韧性和抗风险能力明显增强，在提升市场内在稳定性、"长钱长投"制度刚性、支持创新的包容性等方面取得长足进展。 紧扣"持续深化资本市场投融资综合改革"的重点任务，2026年资本市场改革发展仍将在"稳""长""新"等方面寻求新突破，有效发挥市场功能，增强市场吸引 力和竞争力，更好助力"十五五"经济高质量发展开好局、起好步。 "稳"：筑牢制度根基，提升内在稳定性 资本市场稳定是市场功能更好发挥的基础，关乎亿万投资者切身利益，也关乎社会预期和信心。2025年，面对多重风险挑战交织叠加的严峻考验，资本市场 以制度筑基，进一步固本培元，推动市场稳定性显著提升。 "长"：培育耐心资本，优化投资生态 稳市场的体制机制进一步完善。在强化宏观政策取向一致性的指引下，跨部门协作机制更加顺畅，优化两项支持资本市场的货币政策工具、扩围金融资产投 资公司股权投资试点……政策"组合拳"效能得到更大发挥。 稳市场的投资机构合力显著增强。中 ...

HAPPY NEW YEAR 尊敬的会员单位： 值此辞旧迎新之际，中国上市公司协会向全体会员单位致以诚挚问候和美好祝愿！衷心感谢各会员单位 长期以来对协会工作的信任与支持！ 2025年，是"十四五"规划圆满收官与"十五五"规划谋篇布局的关键之年。我国经济运行稳中向好，高质 量发展纵深推进，中国式现代化迈出新的坚实步伐。党的二十届四中全会胜利召开，围绕加快高水平科 技自立自强、建设现代化产业体系、构建新发展格局等目标作出全面部署，为"十五五"时期经济社会发 展擘画了宏伟蓝图。会议提出要"紧紧围绕健全投资和融资相协调的资本市场功能，持续提高资本市场 制度包容性、适应性和吸引力、竞争力"，为资本市场高质量发展锚定了清晰航向。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国上市公司协会 新年贺信 2025年，中国资本市场坚持市场化、法治化、国际化发展路径，在深化改革中守正创新、稳步前行。 新"国九条"和资本市场"1+N"政策体系落地见效，市场生态持续净化；科创板"1+6"改革政策精准发 力，多层次资本市场体系更加完备；互联互通机制优化升级，高水平对外开放有序扩大。资本市场服务 实 ...

其次，近年来资本市场制度包容性明显提升。张剑认为：科创板的设立、注册制改革的分步骤推进，允许未盈利企业、特殊股权结构企业上市，打破了传统的 盈利门槛限制，为处于不同发展阶段、不同盈利状态的科创企业提供了差异化的上市路径；创业板、北交所等多层次资本市场体系的完善，进一步拓宽了科创企业 的融资渠道；再融资、并购重组等制度的持续优化，为科创企业做大做强提供了有力支持。 最后，集成性制度改革高度重视服务科技创新。"从国家战略规划到具体制度安排，从引导中长期资金入市到优化配套政策，监管部门正致力于构建从天使投 资、创业投资到公开市场融资的全链条金融服务生态，为科技创新注入源源不断的资本'活水'。"张剑说。 张剑表示，在估值定价、耐心资本等方面，我国资本市场仍面临挑战。 三是资本市场双向开放及吸引外资方面仍有提升空间。张剑认为，部分规则、监管范式、信用评级体系、信息披露标准与国际标准存在差异，在操作便利性上 也有待进一步提高。 在资本市场深化改革与科技创新加速演进的背景下，证券行业如何更好地服务实体经济、培育和发展新质生产力，成为行业核心命题。近日，申万宏源证券总 经理张剑接受上海证券报记者专访，深入分析我国资本市场服务 ...

申万宏源证券总经理张剑： 深化科创板创业板改革 为拓展投行服务开辟新空间 ◎记者 常佩琦 在资本市场深化改革与科技创新加速演进的背景下，证券行业如何更好地服务实体经济、培育和发展新 质生产力，成为行业核心命题。近日，申万宏源证券总经理张剑接受上海证券报记者专访，深入分析我 国资本市场服务科技创新的独特优势与待解挑战，判断政策改革带来的行业机遇，并提出若干政策建 议。 张剑认为，当前我国资本市场服务科技创新具备三方面显著优势。 首先，我国拥有全球领先的科技企业资源禀赋，在新一代信息技术、生物医药、高端装备制造等战略性 新兴产业领域，聚集了大量具备核心技术和市场竞争力的优质企业，这为资本市场提供了丰富的服务标 的。 其次，近年来资本市场制度包容性明显提升。张剑认为：科创板的设立、注册制改革的分步骤推进，允 许未盈利企业、特殊股权结构企业上市，打破了传统的盈利门槛限制，为处于不同发展阶段、不同盈利 状态的科创企业提供了差异化的上市路径；创业板、北交所等多层次资本市场体系的完善，进一步拓宽 了科创企业的融资渠道；再融资、并购重组等制度的持续优化，为科创企业做大做强提供了有力支持。 最后，集成性制度改革高度重视服务科技 ...

在资本市场深化改革与科技创新加速演进的背景下，证券行业如何更好地服务实体经济、培育和发展新 质生产力，成为行业核心命题。近日，申万宏源证券总经理张剑接受上海证券报记者专访，深入分析我 国资本市场服务科技创新的独特优势与待解挑战，判断政策改革带来的行业机遇，并提出若干政策建 议。 张剑认为，当前我国资本市场服务科技创新具备三方面显著优势。 首先，我国拥有全球领先的科技企业资源禀赋，在新一代信息技术、生物医药、高端装备制造等战略性 新兴产业领域，聚集了大量具备核心技术和市场竞争力的优质企业，这为资本市场提供了丰富的服务标 的。 其次，近年来资本市场制度包容性明显提升。张剑认为：科创板的设立、注册制改革的分步骤推进，允 许未盈利企业、特殊股权结构企业上市，打破了传统的盈利门槛限制，为处于不同发展阶段、不同盈利 状态的科创企业提供了差异化的上市路径；创业板、北交所等多层次资本市场体系的完善，进一步拓宽 了科创企业的融资渠道；再融资、并购重组等制度的持续优化，为科创企业做大做强提供了有力支持。 最后，集成性制度改革高度重视服务科技创新。"从国家战略规划到具体制度安排，从引导中长期资金 入市到优化配套政策，监管部门正致力 ...

Group 1 - The event aimed to help investors understand the Beijing Stock Exchange (BSE) market and guide them in objectively analyzing its investment value, with over a hundred participants from Jiangxi Modern Vocational Technology College [1] - The expert lecturer introduced the background of the BSE's establishment as a significant measure for deepening capital market reform and implementing innovation-driven strategies since its inception in 2021, focusing on serving small and medium-sized enterprises [3] - The lecturer detailed the "Deep Reform 19 Articles" top-level design, breaking down reform measures from investment, financing, and trading perspectives to provide a comprehensive understanding of the BSE's development [3] Group 2 - The current operational status of the BSE was discussed to help participants understand its market positioning and development potential, enriching their investment knowledge and aiding in the formulation of suitable investment strategies [5] - An interactive session was conducted to educate students about campus loans and related crimes, emphasizing the importance of safeguarding personal banking information [6] - The event was successfully conducted under the guidance of the BSE, enhancing investor understanding and confidence in the BSE's sustainable, steady, and high-quality development [8]