21世纪经济报道记者崔文静北京报道 "我们将研究提高锁定比例更高、锁定期更长的网下投资者的配售比例，推动网下投资者合理报价。"在2025金融街论坛"金融街发 布"成果专场活动上，中国证监会法治司一级巡视员范中超如此表示。 他在解读《关于资本市场中小投资者保护的若干意见》(以下简称《若干意见》)时，详细阐述了这一涵盖23项举措的综合性政策文 件。范中超介绍，该文件是证监会为贯彻党的二十届三中、四中全会精神，落实中央政治局会议要求而制定的投资者保护综合性政 策文件，旨在切实保护好中小投资者合法权益。 在发言中，范中超首先强调了在发行上市环节的保护措施。他提到，新规将优化新股发行定价机制，通过提高长期锁定投资者的配 售比例，促进报价合理性。 在信息披露方面，范中超表示将"指导发行人及中介机构形成招股说明书示范文本，提升招股说明书信息披露质量"。 同时，为增强投资者回报，他明确"倡导上市公司采用'注销式回购'等方式回报投资者，引导上市公司实施一年多次分红"，这一举 措将显著提升投资者回报的可预期性和稳定性。 在谈及交易环境建设时，范中超强调要"进一步加强融资融券业务监管，完善融资融券规则，提高融资融券业务透明度和公平 ...

Core Viewpoint - The "15th Five-Year Plan" outlines a strategic direction for China's economic and social development, emphasizing long-term stability and growth in the capital market, with a focus on digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology [1][25]. Macro Environment - The "15th Five-Year Plan" is positioned as a crucial phase in achieving socialist modernization by 2035, with a target of doubling GDP per capita compared to 2020 levels, necessitating an average annual GDP growth rate of approximately 4.4% from 2026 to 2035 [2][3]. Key Changes in Development Environment - Significant changes from the "14th Five-Year Plan" include advancements in technological innovation, adjustments in financial cycles, and increased geopolitical tensions, leading to a greater emphasis on domestic demand and a more confident approach to opening up [3][4]. Industrial and Technological Focus - The plan prioritizes the construction of a modern industrial system, enhancing efficiency and security in supply chains, and emphasizes the importance of traditional industries while fostering emerging sectors such as renewable energy and quantum technology [4][5][20]. Consumer and Demand-Side Policies - The plan aims to boost consumer spending through supply-side and demand-side measures, including improving the quality of consumer goods and services, enhancing employment and income distribution, and removing unreasonable consumption restrictions [7][9][10]. Open Economy Strategy - The "15th Five-Year Plan" emphasizes proactive and autonomous opening up, with a focus on expanding market access, promoting balanced trade development, and enhancing financial openness to improve China's position in the global financial system [11][12][13]. Green Transition and Carbon Goals - The plan identifies the "15th Five-Year Plan" period as critical for achieving carbon peak goals, with a focus on controlling coal and oil consumption, implementing dual control of carbon emissions, and promoting green consumption [15][16][20]. Fiscal and Tax Reforms - Fiscal reforms during the "15th Five-Year Plan" will focus on enhancing sustainability and the effectiveness of active fiscal policies, with an emphasis on improving the tax system and increasing public service spending to support consumption [17][18][22]. Capital Market Outlook - The capital market is expected to exhibit a "long-term" and "steady" trend during the "15th Five-Year Plan," supported by government emphasis on market development and favorable economic conditions [25][26]. Investment Opportunities - Key sectors for investment during the "15th Five-Year Plan" include digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology, with specific focus areas such as AI, 6G, and innovative healthcare solutions [26].

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 robust market, enhancing its operational stability and functionality [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," with the "1+6" reform implemented in June progressing smoothly [1] Group 2 - The CSRC aims to implement the major deployments from the 20th Central Committee's Fourth Plenary Session, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The strategy includes deepening comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness, thereby better serving the goals of the 14th Five-Year Plan and the construction of a strong financial nation [2]

Group 1 - The "15th Five-Year Plan" emphasizes the cultivation of emerging industries and strategic clusters in sectors like new energy and aerospace [1] - The plan aims to enhance the capital market by improving its inclusiveness and functionality, promoting direct financing through stocks and bonds [1] - The real estate sector is encouraged to develop high-quality housing and optimize supply for affordable housing [1] Group 2 - The People's Bank of China aims to consolidate the positive momentum in the capital market and improve mechanisms to stabilize the market [2] - Financial support for market-oriented transformation of financing platforms and coordination in real estate financing is emphasized [2] Group 3 - The Chinese Foreign Ministry stresses the importance of free trade and opposes restrictive measures regarding rare earth exports [3] - The ministry calls for dialogue to resolve trade differences and maintain a fair business environment [3] Group 4 - The revised Cybersecurity Law supports the development of artificial intelligence (AI) and emphasizes the need for ethical standards and risk monitoring [4] - The law aims to promote AI applications while ensuring safety and development [4] Group 5 - The 11th batch of national drug procurement includes 55 commonly used medicines, reflecting a shift from merely pursuing the lowest bid to optimizing procurement rules [5] - The improvement in procurement rules is seen as a move to enhance the domestic market [5] Group 6 - The price of tungsten hexafluoride (WF6) is set to increase by 70%-90% starting next year, impacting major semiconductor manufacturers [6] Group 7 - Gold prices have seen a significant drop after reaching a historical high, with a maximum pullback of over 10% [7] - Despite the recent decline, many institutions remain optimistic about gold's long-term prospects due to factors like geopolitical risks and potential Fed rate cuts [7] Group 8 - The South Korean stock market has outperformed the S&P 500 by 49 percentage points this year, attributed to AI investments, corporate governance reforms, and strong export growth [10] Group 9 - Lithium hexafluorophosphate prices have nearly doubled in a short period, driven by changes in supply and demand dynamics [12] - The market is expected to face a supply shortage by Q4 2026 if demand continues to grow [12] Group 10 - The silver economy is being promoted through initiatives to enhance consumption among the elderly [13] - The Bank of Korea is considering increasing its gold reserves for the first time in years [14] Group 11 - Positive announcements include significant profit growth for companies like Sunshine Power and Yutong Bus [19] - Negative announcements involve planned share reductions and losses reported by companies like Xinzhi Group and Dongfang Carbon [19]

中国央行行长潘功胜金融工作情况报告：巩固资本市场向好势头，健全稳市机制。下一步落实落细适度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。管好用好现有各项结构性货币政策工具。稳慎有序推进人民币国际化，全面提升人民币计价、支付、投融资、储备等国际货币功能。继续加强金融法治建设，统筹推动金融法、中国人民银行法等金融重点领域立法修法。 ...

Group 1: Market Observations - The resumption of government bond trading is linked to a reasonable short-term yield level, with the current 10-year bond yield at approximately 1.8423%, up from a low of 1.5958% earlier this year[11] - The central bank's actions in the bond market may indicate a shift in liquidity management, particularly if the scale of re-lending decreases during bond purchases[12] - A significant increase in bank holdings of government bonds during the central bank's bond purchases could positively impact total liquidity, including M1 and non-bank deposits[13] Group 2: Monetary Policy Insights - The necessity for a reserve requirement ratio (RRR) cut is low, as current policies are aimed at managing production credit rather than increasing bank lending capacity[23] - The probability of lowering policy interest rates in the short term is also low, as this could accelerate the outflow of household deposits into financial markets, potentially increasing systemic risk[26] - There is a possibility of a reduction in the 5-year Loan Prime Rate (LPR), which could help lower household debt costs and stabilize housing prices[26] Group 3: Capital Market Implications - The strength of the equity market this year is attributed to reduced volatility and drawdown, with liquidity support from the central bank creating a floor for equity prices[27] - The resumption of government bond trading sets a framework for short-term interest rates, but the bond market may still face pressure if economic conditions improve[27] - Historical trends suggest that a dual bull market in stocks and bonds requires sustained liquidity support from the central bank, with current deposit shifts likely to influence asset prices rapidly[28]

Economic Developments - China and the U.S. held economic consultations in Kuala Lumpur, focusing on key trade issues including maritime logistics and agricultural trade[3] - The People's Bank of China (PBOC) conducted a 900 billion CNY Medium-term Lending Facility (MLF) operation, marking the eighth consecutive month of increased MLF operations[4] Financial Market Trends - The overall liquidity in the financial market remained balanced, but the bond market weakened due to strong stock market performance[1] - As of October 24, the yield on the 10-year government bond rose by 1.20 basis points to 1.8450%[15] Credit Market Insights - By the end of Q3, the total outstanding loans in RMB reached 270.39 trillion CNY, with a year-on-year growth of 6.6%, down from 7.1% at the end of Q2[7] - The growth rate of loans to small and micro enterprises increased by 12.2%, while loans to technology-based SMEs surged by 22.3%[7] Inflation and Interest Rates - In the U.S., the September Core Consumer Price Index (CPI) rose by 3% year-on-year, with a month-on-month increase of 0.3%, indicating a slower inflation rate than expected[8] - The PBOC's net liquidity injection for October is projected to reach 600 billion CNY, maintaining a high level of monetary policy support[4] Bond Market Activity - On October 24, the bond market saw a general decline, with the 10-year government bond yield increasing by 1.20 basis points[15] - The issuance of government bonds included a 20 billion CNY bond with a bid yield of 1.8049% and a coverage ratio of 3.36[17] Commodity Prices - As of October 24, WTI crude oil futures fell by 0.47% to $61.50 per barrel, while Brent crude oil futures decreased by 0.08% to $65.94 per barrel[10]

"十五五"时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期。我国"十五五"时期经济 社会发展目标，摆在首要位置的是"实现高质量发展取得显著成效，科技自立自强水平大幅提高"。资本 市场是连接产业与资本的纽带，是培育创新资本、加快科技创新的重要推动力量。在十五五期间，我国 资本市场将迎来哪些机遇和挑战？对此，经济日报记者采访了财信证券首席经济学家袁闯。 袁闯表示，"十五五"期间，我国建设现代化产业体系具备坚实的基础。我国产业体系健全、供应链全球 竞争实力强，在当前以人工智能为代表的全球新一轮科技革命加速突破的阶段，我国在政策环境、人才 队伍、关键技术特别是应用场景方面具备明显的优势，我国已经成为新一轮科技革命的引领者，这对于 优化提升传统产业、培育壮大新兴产业和未来产业能够形成有力的支撑。我国金融体系内部也在发生深 刻的结构性变迁，一方面金融资源正在加速从传统的重资本产业流向新质生产力领域；另一方面有利于 推动创新驱动发展模式的直接融资体系将发挥越来越重要的作用，高质量的资本市场将为我国"十五 五"期间建设现代化产业体系、实现高水平科技自立自强提供更加有力的支撑。"十五五"期间，在建设 现代化产业体系 ...

A02·财经要闻 ...

Core Viewpoint - The article discusses the recent IPO of Marco Polo, a leading ceramic tile manufacturer in China, highlighting its significant stock price surge and the challenges faced during its journey to listing [1][3]. Company Overview - Marco Polo was founded in 1996 in Dongguan, Guangdong, starting as a small factory with a debt ratio of 200% [3]. - The company has transformed into the largest building ceramics giant in China, with a market capitalization reaching 375 billion yuan and a stock price increase of 140% upon its IPO [1][3]. Financial Performance - The company reported total assets of 1,423.33 million yuan for the year ending December 31, 2024, an increase from 1,333.97 million yuan in 2023 and 1,280.17 million yuan in 2022 [4]. - The net profit for 2024 is projected at 132.69 million yuan, slightly down from 135.29 million yuan in 2023 and 151.43 million yuan in 2022 [4]. - Revenue figures show a decline from 89 billion yuan in 2023 to 73 billion yuan in 2024, raising concerns among investors [5]. Market Dynamics - The ceramic tile industry has shifted from a quality-driven market to one dominated by capital operations and aggressive marketing strategies, leading to increased pressure on manufacturers [6][11]. - The competitive landscape is intense, with market share for Marco Polo increasing from 2.62% to 3.27% over three years, despite the overall revenue decline [5]. Consumer Sentiment - Consumers express frustration over rising tile prices, likening the market dynamics to stock market volatility, where profits are made at the expense of ordinary buyers [7][8]. - There is a growing awareness among consumers to be cautious and informed when purchasing tiles, as the industry is perceived to be heavily influenced by capital interests [11]. Regulatory Environment - Upcoming regulatory changes, such as the Price Law Amendment Draft, aim to control excessive pricing and market monopolies, indicating a potential shift in the operational landscape for companies like Marco Polo [9].