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！ 本报记者 吴晓璐 毛艺融 1月10日至11日，在由中国人民大学国家金融研究院、中国人民大学财政金融学院等主办的第三十届 （2026年度）中国资本市场论坛上，多位参会专家围绕资本市场投融资改革进行了探讨。 与会专家认为，推动资本市场投融资协调发展，需要从三大领域发力：首先，不断提高上市公司质量， 优化上市公司结构；其次，持续推动"长钱"入市，扩大中长期资金入市规模和比例；最后，持续加大对 财务造假、信披违法、操纵市场等违法违规行为的处罚力度，提高市场透明度。 强基础：提高上市公司质量 党的二十届三中、四中全会对资本市场提出明确要求，要健全投资和融资相协调的资本市场功能。去年 12月份召开的中央经济工作会议提出，持续深化资本市场投融资综合改革。 上海新金融研究院理事长屠光绍认为，健全投资和融资相协调的资本市场功能，对于资本市场服务高质 量发展、服务金融强国建设具有重要意义，既可以支持科技创新和新质生产力发展，建设现代产业体 系，也可以满足居民财富管理需求，提升居民财产性收入，支持扩内需，还有助于完善金融体系。 中国人民大学国家金融研究院院长 ...

（上接1版） 他介绍了五方面具体工作： ——推动中长期资金入市实现突破性进展。截至2025年末，各类中长期资金合计持有A股流通市值约为 23万亿元，较年初增长36%；权益类基金规模由2025年初的8.4万亿元增长到11万亿元左右。 ——加大对新质生产力的支持服务力度。2025年，电子行业总市值已超过银行板块，成为A股第一大行 业。A股市值前50的公司中，科技企业从5年前的18家增加到了目前的24家。 ——推动上市公司提升投资价值。2025年，A股上市公司现金分红2.55万亿元，再创历史新高，是同期 IPO和融资规模的两倍，越来越多的公司是一年多次分红。2025年，全市场推动重大资产重组超过200 单，活跃度明显提升。 ——坚决维护市场"三公"原则。2024年以来，累计查办财务造假案件159起，有43起案件涉及的大股东 和实控人被严肃追责，金通灵、美尚生态、锦州港等特别代表人诉讼案件近期都取得了重大进展，有力 支持了投资者依法维权。 五方面持续深化投融资综合改革 陈华平表示，"十五五"是推进中国式现代化、加快建设金融强国的关键时期，证监会将和有关方面一 道，持续深化投融资综合改革，不断提高制度包容性、适应性，更 ...

Group 1: Core Insights - The forum emphasized the need for coordinated development of capital market investment and financing, focusing on improving the quality of listed companies, increasing long-term capital market participation, and enhancing market transparency through stricter penalties for violations [1][2][6]. Group 2: Improving Listed Company Quality - Experts highlighted the importance of optimizing mechanisms for mergers, acquisitions, and refinancing to strengthen listed companies, while also advocating for a higher proportion of technology companies in the market [3][4]. - The goal is to enhance corporate governance and shareholder return awareness, encouraging companies to increase dividends and share buybacks [3][4]. Group 3: Expanding Long-term Capital - Long-term capital is viewed as a stabilizing force in the capital market, with calls to remove barriers to its entry and increase its scale and proportion [4][5]. - Strategies include promoting insurance industry development and increasing the investment ratio of insurance funds in equity products [4][5]. Group 4: Enhancing Market Transparency - A transparent market environment is deemed essential for stable operations and resource allocation, necessitating stricter penalties for financial fraud and insider trading [6][7]. - The focus is on ensuring accurate information disclosure by issuers and holding intermediaries accountable for their roles in maintaining market integrity [6][7]. Group 5: Coordinated Development of Investment and Financing - The need for synchronized efforts in both investment and financing is emphasized, with a focus on improving the quality and structure of financing entities to support technological innovation and industrial optimization [5]. - A comprehensive approach is required to enhance the adaptability of investment behaviors, financial tools, and risk-return matching [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 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：证券日报之声 2．资本市场科技含量不断提升，2025年电子行业总市值已经超过银行板块，成为A股第一大行业。 3．截至2025年末，各类中长期资金合计持有A股流通市值约为23万亿元，较年初增长36%。 4.2025年A股上市公司现金分红2.55万亿元，再创历史新高，是同期IPO和再融资规模的两倍。 5．持续完善"长钱长投"制度环境，合力推动各类中长期资金进一步提高入市规模和比例。 6．纵深推进科创板、创业板改革，深化再融资改革，加快健全多层次资本市场体系。 本报记者 吴晓璐 1月11日，中国证监会副主席陈华平在第三十届（2026年度）中国资本市场论坛上围绕深化资本市场投 融资改革进行发言。 速览要点： 1.A股投资者已经超过2.5亿，95%以上的都是中小投资者。 五是进一步提升监管执法有效性，持续健全投资者教育服务和保护体系，坚持依法从严监管，突出打 大、打恶、打重点，从严惩治各类恶性违法行为，推动更多特别代表人诉讼、先行赔付等案例落地，增 强投资者的信任和信心。 7．推动上市公司提 ...

Core Viewpoint - The focus of the capital market reform in the "14th Five-Year Plan" period is on high-quality development, emphasizing the need for comprehensive reforms in investment and financing mechanisms to enhance the capital market's functionality and stability [1][2]. Group 1: Long-term Investment and Financing - The "14th Five-Year Plan" aims to improve the inclusiveness and adaptability of the capital market, placing equal importance on both investment and financing reforms, particularly in developing a "long money, long investment" policy framework [2][3]. - As of August 2025, various long-term funds held approximately 21.4 trillion yuan in A-share market value, reflecting a 32% increase compared to the end of the "13th Five-Year Plan" [2]. - Challenges such as short-term funding, low risk tolerance, and insufficient leadership from long-term funds remain prevalent, necessitating urgent reforms in the investment sector [2]. Group 2: Regulatory Enhancements and Investor Protection - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the role of long-term funds as stabilizers and the need for comprehensive reforms in public funds and long-term investment products [3]. - The CSRC's recent initiatives include enhancing the protection of small and medium investors, which aims to improve their sense of security and trust in the market [3]. - The focus on increasing dividend ratios and encouraging share buybacks is becoming a significant direction for capital market reform [3]. Group 3: Improving Investment Value - The CSRC is committed to fostering a high-quality group of listed companies and enhancing corporate governance through new initiatives [4]. - As of the third quarter of 2025, the total refinancing amount for A-share listed companies exceeded 800 billion yuan, marking a 258% year-on-year increase [5]. - Optimizing the merger and acquisition (M&A) system is crucial for enhancing the investment value of listed companies, with support mechanisms being put in place to facilitate this process [5]. Group 4: Market System and Inclusiveness - The capital market reform aims to enhance the system's inclusiveness and adaptability, with a focus on developing a multi-tiered market system that caters to various types of enterprises [7][8]. - The CSRC plans to further relax listing requirements for technology innovation companies, promoting the entry of firms with key technologies into the capital market [8]. - Strengthening the bond market's connection with equity markets is essential for supporting technological innovation and the real economy [8]. Group 5: Risk Management and Regulatory Framework - The comprehensive reform of the capital market requires a robust risk management and regulatory framework to ensure market stability [9]. - The CSRC aims to enhance the scientific and effective nature of market regulation, adapting to rapid market changes and improving monitoring mechanisms for financial innovations [9].

开栏语 当时间的刻度指向2026，一个崭新的五年征程即将启幕。 此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济 再次走过了"很不平凡"的一年，并展现出强大韧性和活力，成就奠定坚实基础。 刚刚闭幕的中央经济工作会议深刻指出，做好明年经济工作，要"坚持稳中求进工作总基调"，在政策取 向上，"要坚持稳中求进、提质增效"，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效 提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形 势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇聚监管部 门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。2026，我们携手出发。 "目前资本市场投融资改革已取得阶段性成效，资本市场的基础制度不断完善，市场包容性与活力有所 提升，多层次资本市场体系逐步健全，市场生态逐步净化。"日前，清华大学国家金融研究院院长、清 华大学五道口金融学院副院长田轩在接受贝壳财经记者采访时指出。 "十五五"规划 ...

智通财经获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 日前，长江证券、东吴证券先后公告，宣布上调两融业务规模上限。其中，长江证券将信用业务总规模 上限提升至净资本的300%，东吴证券则将两融授信总规模上限调整至不超过净资本的600%。 华泰证券(06886)、广发证券(01776)、中国银河(06881)、国泰海通(02611)、中金公司(03908)、中信证券 （06030）、中信建投证券(06066)、东方证券(03958)、光大证券(06178)、申万宏源(06806)、中州证券 (01375)、国联民生(01456)等。 股票频道更多独家策划、专家专栏，免费查阅>> 市场统计，今年以来超过八成的上市券商分红次数达两次或两次以上，其中，部分中小上市券商在分红 总额上表现突出。对此，业内人士表示，随着政策引导与券商业绩提升，未来上市券商有望持续优化分 红方案，为股东提供稳定、可预期的回报。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推 ...

智通财经APP获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025年证券行业 进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不 佳。当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市场充分定 价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中长期业绩 弹性与韧性提供坚实支撑，无需担忧增长断层。 日前 ...

Group 1 - The Ministry of Finance reported that the stamp duty on securities trading for January to November 2025 reached 185.5 billion yuan, representing a year-on-year increase of 70.7% [1] - Yangtze Securities and Dongwu Securities announced increases in their margin financing business limits, with Yangtze raising its total credit business limit to 300% of net capital and Dongwu adjusting its margin financing credit limit to no more than 600% of net capital [1] - At least nine securities firms have publicly adjusted their margin financing businesses in 2025, including increasing business limits and modifying credit management methods [1] Group 2 - Galaxy Securities believes that the government's policies aimed at "stabilizing growth and the stock market" will continue to shape the future direction of the securities sector, with a moderately loose liquidity environment and improved capital market conditions driving the sector's upward trend [2] - The current market environment is characterized by accelerated entry of medium- to long-term funds, maintaining high market activity, and a "healthy bull" market, with wealth management transformation, international business expansion, and financial technology empowerment expected to drive industry ROE [2] - CITIC Securities anticipates that the securities sector will enter a new growth cycle in 2025, with policy benefits driving sustained performance growth, although broker stocks have underperformed due to a lack of independent catalysts and lingering pessimism from previous years [2] Group 3 - Chinese securities firms listed in Hong Kong include Huatai Securities, GF Securities, China Galaxy, Guotai Junan, CICC, CITIC Securities, CITIC Construction Investment Securities, Dongfang Securities, Everbright Securities, Shenwan Hongyuan, Zhongzhou Securities, and Guolian Minsheng [3]

投资端改革的核心，在于吸引并培育更多长期、稳定、专业的机构投资者，改善投资者结构，强化市场 内在稳定机制，推动资本市场从"规模扩张"向"质量提升"转变。 当前，以社保基金、保险资金、国家级产业基金等为代表的"长钱""稳钱"正成为市场中坚力量。数据显 示，在私募创投市场中，国资背景的资本占比已近八成，充分发挥着市场"压舱石"的作用，这些资金存 续期长、秉持长期价值投资理念，其持续入场显著改善了市场流动性和稳定性。同时，银行系金融资产 投资公司（AIC）等新生力量加快布局，其百亿级注册资本及对硬科技、人工智能等战略性新兴产业的 聚焦，进一步壮大了服务国家战略的耐心资本阵营。 日前召开的中央经济工作会议在擘画"十五五"开局之年经济工作蓝图时强调，必须坚持政策支持和改革 创新并举，坚持创新驱动，加紧培育壮大新动能，并明确指出要"持续深化资本市场投融资综合改革"。 站在"十四五"圆满收官与"十五五"谋划开篇的历史节点，这一部署深刻揭示了在挖掘经济潜能、推动高 质量发展的关键阶段，资本市场肩负的历史使命与改革方向。投资与融资作为资本市场基本功能的一体 两面，必须协同推进，方能优化资源配置，促进创新资本形成，为经济持续回升 ...