"十四五"期间，深圳资本市场累计实现股权融资超4000亿元，科技类上市公司占比全国领先，企业整体 研发强度达到世界领先水平，累计分红规模位居全国大中城市第二。 编者按：2025年是"十四五"规划收官与"十五五"规划谋篇布局的交汇节点。本报即日起推出"决胜'十四 五' 擘画'十五五'·地方资本市场高质量发展"系列报道，展现"十四五"期间各地多层次资本市场建设成 果、对地方经济和产业的赋能作用，展望"十五五"规划，为经营主体凝聚信心，为高质量发展注入奋进 力量。敬请关注。 深圳作为粤港澳大湾区核心引擎城市和中国特色社会主义先行示范区，既是新业态培育、产业孵化的创 新高地，也是联通海内外的贸易枢纽，更是稳居中国资本市场"第一梯队"的核心重镇。 历经30余年改革发展，深圳资本市场功能日渐齐备、生态日趋优化，在服务实体经济、支持创新创业中 发挥了重要作用。"十四五"期间，深圳资本市场持续推进服务实体经济的覆盖广度和赋能深度，推动产 业从"单点突破"向"集群共进"升级，筑牢全球竞争力产业根基。 监管部门保持"零容忍"执法震慑，围绕"防风险、强监管、促高质量发展"核心，央地联动式监管在深圳 走深走实，严守不发生系统性风险底 ...

■ 安 宁 近日，在中国证监会举办的学习贯彻党的二十届四中全会精神宣讲报告会上，证监会主席吴清在谈及抓 紧研究谋划"十五五"时期资本市场战略任务与重大举措时，以十二个"更"概括了未来资本市场深化改革 的方向——"着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价 值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更 严、更实，为实现党中央确定的'十五五'目标任务积极贡献资本市场力量。" 笔者认为，这十二个"更"不仅是对资本市场高质量发展的高度概括，更是对深化改革的方向指引。十二 个"更"承载着对资本市场未来发展的深切期待，也全面勾勒出未来五年资本市场深化改革的清晰脉络。 "更具韧性、更加稳健"体现了对市场运行规律认识的深化。一个能够抵御内外冲击、保持基本稳定的市 场，不仅是投资者信心的基石，更是金融服务实体经济的保障。更具韧性、更加稳健的市场需要进一步 完善多层次市场体系，构筑更强的风险抵御能力。 "监管执法更加有效、更具震慑力"凸显了"建制度、不干预、零容忍"的监管理念。有效的监管不是抑制 市场活力，而是为市场健康发展保驾护航；具有震慑力的执 ...

近日，在中国证监会举办的学习贯彻党的二十届四中全会精神宣讲报告会上，证监会主席吴清在谈及抓 紧研究谋划"十五五"时期资本市场战略任务与重大举措时，以十二个"更"概括了未来资本市场深化改革 的方向——"着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价 值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更 严、更实，为实现党中央确定的'十五五'目标任务积极贡献资本市场力量。" 笔者认为，这十二个"更"不仅是对资本市场高质量发展的高度概括，更是对深化改革的方向指引。十二 个"更"承载着对资本市场未来发展的深切期待，也全面勾勒出未来五年资本市场深化改革的清晰脉络。 "更具韧性、更加稳健"体现了对市场运行规律认识的深化。一个能够抵御内外冲击、保持基本稳定的市 场，不仅是投资者信心的基石，更是金融服务实体经济的保障。更具韧性、更加稳健的市场需要进一步 完善多层次市场体系，构筑更强的风险抵御能力。 （文章来源：证券日报） "制度更加包容、更具吸引力"彰显了资本市场持续深化改革开放的智慧。中国资本市场正以更加开放的 姿态迎接各类市场主体，更具包容性的制度设计 ...

Core Viewpoint - Shanxi Securities aims to leverage capital market functions to support the upgrading of listed companies and the high-quality development of the real economy, while adhering to its role as a gatekeeper [1] Industry Summary - The development of China's capital market is guided by the new "National Nine Articles," focusing on strengthening fundamentals and strict supervision to create a new high-quality development ecosystem [1] - The emphasis is on technological breakthroughs, innovative resource allocation, and deep industrial transformation, with new productive forces becoming a focal point for capital market support [1] - The 20th Central Committee's Fourth Plenary Session highlighted the need to enhance the inclusiveness and adaptability of capital market systems, improving the coordination between investment and financing functions [1] Company Summary - Shanxi Securities has integrated investment banking, equity investment, and industry research teams to focus on the needs of the real economy, establishing a "banking + investment + research" model [1] - The company enhances its functional role and service quality through comprehensive follow-up and market engagement [1]

面从严治党更严、更实，为实现党中央确定的"十五五"目标任务积极贡献资本市场力量。 吴清要求，证监会系统要把学习宣传贯彻全会精神这项重大政治任务抓紧抓实，扎实开展多层次、全覆 盖学习培训，大兴调查研究，认真做好规划编制，精心做好宣传解读，以钉钉子精神抓好各项任务落 实，切实把全会精神的学习成效转化为推动资本市场防风险、强监管、促高质量发展的实绩实效。 ● 本报记者 昝秀丽 中国证监会11月14日消息，证监会近日举办学习贯彻党的二十届四中全会精神宣讲报告会，中央宣讲团 成员，证监会党委书记、主席吴清作宣讲报告。吴清表示，证监会系统要抓紧研究谋划"十五五"时期资 本市场战略任务和重大举措，着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公 司质量更高、价值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平。 吴清围绕习近平总书记在党的二十届四中全会上的重要讲话精神和《中共中央关于制定国民经济和社会 发展第十五个五年规划的建议》，从准确把握党的二十届四中全会的重大意义，深刻认识"十四五"时期 我国经济社会发展取得的新的重大成就，深刻领会"十五五"时期经济社会发展的指导思想、重要原则、 主要目 ...

吴清强调，习近平总书记在全会上的重要讲话高屋建瓴、定向领航，明确了推动未来5年乃至更长一段时期经济社会发展 的一系列方向性、根本性重大问题，进一步深化了我们党对经济社会发展的规律性认识，为推动高质量发展、推进中国式现代 化提供了科学指南和重要遵循。"十五五"时期具有承前启后的重要地位，是夯实基础、全面发力的关键时期。证监会系统要深 刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维护"，全面理解和把握全会关于加快建设金 融强国的新部署新要求，认真落实金融系统学习贯彻全会精神会议提出的工作要求，抓紧研究谋划"十五五"时期资本市场战略 任务和重大举措，着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价值更优，监管执法 更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更严、更实，为实现党中央确定的"十五 五"目标任务积极贡献资本市场力量。 吴清要求，证监会系统要把学习宣传贯彻全会精神这项重大政治任务抓紧抓实，扎实开展多层次、全覆盖学习培训，大兴 调查研究，认真做好规划编制，精心做好宣传解读，以钉钉子精神抓好各项任务落实，切实把全会精神 ...

Core Viewpoint - The article emphasizes the significance of the 20th Central Committee's Fourth Plenary Session and its implications for China's economic and social development, particularly focusing on the upcoming "15th Five-Year Plan" period [1][2]. Group 1: Major Achievements and Future Directions - The article highlights the major achievements during the "14th Five-Year Plan" period and the guiding principles for the "15th Five-Year Plan," which aims to solidify the foundation for high-quality development and modernization in China [1][2]. - It stresses the importance of the "15th Five-Year Plan" as a transitional phase that will lay the groundwork for future economic and social advancements [2]. Group 2: Regulatory and Strategic Initiatives - The China Securities Regulatory Commission (CSRC) is tasked with understanding and implementing the new requirements for building a financial powerhouse, focusing on enhancing market resilience, regulatory effectiveness, and the quality of listed companies [2][3]. - The article calls for comprehensive training and research within the CSRC to ensure effective implementation of the session's directives, aiming to translate the learning outcomes into tangible results for risk prevention and high-quality market development [3].

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session and its implications for China's economic and social development, particularly focusing on the upcoming "15th Five-Year Plan" period and the role of the China Securities Regulatory Commission (CSRC) in implementing these directives [1][2]. Group 1 - The CSRC is tasked with understanding and implementing the significant directives from the 20th Central Committee's Fourth Plenary Session, which outlines the strategic goals and tasks for the next five years [2]. - The "15th Five-Year Plan" period is described as a critical time for consolidating foundations and making comprehensive efforts towards high-quality development and modernization [2]. - The CSRC aims to enhance the resilience and stability of the capital market, improve the quality and value of listed companies, and ensure effective regulatory enforcement [2][3]. Group 2 - The CSRC is expected to conduct extensive training and research to ensure the effective implementation of the directives from the Fourth Plenary Session [3]. - There is a call for a comprehensive and rigorous approach to governance within the CSRC, emphasizing the need for strict adherence to party leadership and regulatory frameworks [2][3]. - The article highlights the importance of translating the learning outcomes from the Fourth Plenary Session into tangible results in risk prevention, regulatory strength, and promotion of high-quality market development [3].

Core Viewpoint - The article emphasizes that the high-quality development of the capital market will provide critical support for the "14th Five-Year Plan" period, enabling Chinese securities firms to embark on a journey towards becoming first-class investment banks [9][10]. Group 1: High-Quality Development of Capital Markets - The capital market is positioned as a crucial hub for modern economy and finance, facilitating precise resource allocation to strategic sectors, promoting technological innovation, and enhancing wealth accumulation for residents [3][4]. - The "14th Five-Year Plan" highlights the need for a financial powerhouse, advocating for the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [3][4]. - The focus during the "14th Five-Year Plan" will be on three main directions: the dual expansion of quality assets and funds, steady advancement of high-level institutional openness, and continuous optimization of market ecology under strong regulation [4][5]. Group 2: Asset and Fund Expansion - The article notes that the demand for quality investment and financing tools will continue to grow, with a focus on nurturing a group of quality listed companies and enhancing the direct financing of equity and bonds [5][6]. - Specific measures include deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, improving the identification and pricing mechanisms for technology innovation enterprises, and developing private equity and venture capital funds [5][6]. Group 3: High-Level Institutional Openness - The article discusses the ongoing emphasis on openness in China's capital market, with significant achievements during the "13th Five-Year Plan" period, such as the removal of foreign ownership limits and the optimization of the Qualified Foreign Institutional Investor system [6][7]. - The "14th Five-Year Plan" aims to further expand institutional openness, supporting the coordinated development of onshore and offshore markets and enhancing the international competitiveness of China's capital market [6][7]. Group 4: Regulatory Environment - The article highlights that a precise and efficient regulatory framework is essential for the stable operation of the capital market, with a focus on enhancing financial regulation and risk prevention mechanisms [7][8]. - The "14th Five-Year Plan" proposes a comprehensive strengthening of financial regulation, emphasizing the need for collaboration between central and local regulatory bodies [7][8]. Group 5: Opportunities for Securities Firms - The high-quality development of the capital market is expected to provide significant opportunities for Chinese securities firms, enabling them to transform their business models and expand their operational scope [9][10]. - The article suggests that the dual expansion of quality assets and funds will drive the transformation of securities firms, while high-level openness will help them break through local boundaries [9][10].

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of capital market reforms to promote high-quality development, focusing on enhancing the inclusiveness and adaptability of the capital market system, and improving the coordination between investment and financing functions [1][11][12]. Group 1: Key Tasks and Measures - The China Securities Regulatory Commission (CSRC) outlines key tasks for the "15th Five-Year Plan" period, including the active development of direct financing through equity and bonds, fostering high-quality listed companies, and creating a more attractive environment for long-term investments [1][11]. - The plan aims to enhance the scientific and effective regulation of the capital market, steadily expand high-level institutional openness, and create a standardized, inclusive, and vibrant capital market ecosystem [1][11][12]. Group 2: Market Outlook - The capital market is expected to show a "long-term" and "steady" trend during the "15th Five-Year Plan" period, driven by government emphasis on capital market development and the fundamental strengths of Chinese assets [1][20]. - The overall valuation of A-shares is considered reasonable and not overvalued, with the current P/E ratio of the CSI 300 at approximately 14.2x, compared to higher ratios in other major markets [22][24]. Group 3: Structural Opportunities - Key sectors to watch include digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology, which align with the policy directions of developing new productive forces and expanding domestic demand [1][24]. - The focus on technological innovation and self-reliance is expected to drive significant investment opportunities in these sectors, particularly in areas like AI, quantum technology, and advanced manufacturing [1][24]. Group 4: Financial Ecosystem and Investor Engagement - The plan emphasizes the need for a more attractive long-term investment environment, promoting the development of institutional investors and enhancing the role of long-term capital in stabilizing the market [15][19]. - Measures to improve investor protection and enhance market transparency are also highlighted, aiming to build a more robust legal framework and encourage a culture of innovation and risk tolerance [19][20].