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。 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市场建 设，持续防范化解重点领域风险，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。 要点一：加大逆周期和跨周期调节力度 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。 申万宏源证券首席经济学家赵伟预计，后续政策更加注重财政与货币、总量与结构、存量盘活与增量优 化的协同发力，通过强化政策协同与存量增量联动，实现稳增长与提质增效的双重目标。 明年政策节奏值得关注。国金证券首席经济学家宋雪涛认为，如果外部环境相对平稳，则以用好存量政 策空间为主；如果外部环境发生变化，更大力度的增量政策可以相机而动。 要点二：保持必要的财政赤字、债务总规模和支出总量 会议指出，要继续实施更加积极的财政政策。保持必要的 ...

Core Viewpoint - The securities sector experienced a notable surge following the release of new regulations aimed at enhancing investor protection and promoting a more investor-friendly market environment [1] Group 1: Market Performance - As of 14:00 on November 10, the securities ETF fund (515010) rose by 1.05%, with Northeast Securities increasing by 7.87% and briefly hitting the daily limit [1] - Other securities stocks such as GF Securities, Xiangcai Securities, Dongxing Securities, and Changjiang Securities also showed strong upward movement [1] - The financial technology ETF Huaxia (516100) saw a modest increase of 0.29% [1] Group 2: Regulatory Changes - On October 27, the China Securities Regulatory Commission (CSRC) introduced new rules to strengthen the protection of small and medium investors, focusing on new stock pricing, allocation mechanisms, information disclosure, and shareholder returns [1] - The Financial Street Forum outlined future reform directions, including advancing sector reforms, launching refinancing shelf offerings, expanding merger and acquisition channels, and optimizing the access process for foreign investors [1] Group 3: Industry Outlook - Shanxi Securities noted that with the improvement of policies and the implementation of various investment and financing reforms, there is potential for some securities firms to achieve steady growth in performance through both external and internal development [1] - The focus will be on enhancing investor protection, improving the quality of listed companies, and creating a better environment for foreign investors, which could lead to high-quality development in the financial sector [1] - The recommendation is to pay attention to investment opportunities within the sector as these reforms take effect [1]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [3][4]. Core Insights - The report emphasizes the deepening of capital market financing reforms, highlighting the importance of protecting small and medium investors and enhancing the quality of listed companies. This is expected to contribute to the high-quality development of the financial industry [4][7]. - The fundamentals of brokerage firms are improving, with opportunities for growth through both external and internal development, particularly in exploring overseas business increments [4][7]. Market Performance - During the period from October 27 to October 31, major indices showed mixed performance: the Shanghai Composite Index rose by 0.11%, the CSI 300 fell by 0.43%, and the ChiNext Index increased by 0.50%. The average daily trading volume in A-shares was 2.32 trillion yuan, a 29.38% increase compared to the previous period [5][8][9]. - As of October 31, the margin trading balance was 2.49 trillion yuan, reflecting a 1.19% increase [14][16]. Industry Data Tracking 1) Market Performance and Scale: The report notes the mixed performance of major indices and a significant increase in A-share trading volume [9][10]. 2) Credit Business: As of October 31, the market had 2,972.57 million shares pledged, accounting for 3.63% of the total share capital [14][16]. 3) Fund Issuance: In September 2025, new fund issuance reached 115.88 billion shares, with a 13.58% increase in the number of funds issued [14][16]. 4) Investment Banking: In September 2025, the equity underwriting scale was 43.685 billion yuan, with IPO amounts at 11.69 billion yuan and refinancing amounts at 31.995 billion yuan [14][16]. 5) Bond Market: The total price index of bonds fell by 1.66% since the beginning of the year, with the 10-year government bond yield at 1.80%, up by 18.77 basis points [14][16]. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) is seeking public opinion on guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance investor protection and fund management standards [22][24]. - The CSRC, People's Bank of China, and State Administration of Foreign Exchange are working to streamline the qualification approval process for qualified foreign institutional investors, which is expected to reduce operational costs and improve investment convenience [24]. - The Financial Regulatory Bureau is proposing to strengthen the regulation of asset management trust businesses, focusing on risk management and investor protection [24].

Market Overview - The A-share market experienced a volatile upward trend, with the Shanghai Composite Index rising by 0.9%, the Shenzhen Component Index increasing by 2.05%, and the ChiNext Index gaining 2.74% [1] - The total market turnover was approximately 2.18 trillion yuan, an increase of 12 billion yuan compared to the previous trading day [1] Sector Performance - The financial sector, particularly securities and insurance, showed significant strength in the afternoon session, with several leading stocks hitting the daily limit [5] - The energy metals, securities, battery, and precious metals sectors led the gains, while education, black home appliances, and internet e-commerce sectors saw adjustments [4] Key Stocks - Leading stocks in the securities sector, such as Huatai Securities and Guosheng Financial Holdings, reached their daily limit [5] - In the non-ferrous metals sector, Shengda Resources, a leading silver stock, also hit the daily limit, while companies like Xingye Silver Tin and Zijin Mining reached historical highs [4] Financial Policy and Market Outlook - The People's Bank of China emphasized the role of large banks in supporting the real economy and enhancing the capital strength of small and medium-sized banks [7] - The ongoing reforms in the capital market are expected to enhance its attractiveness, with active trading levels remaining high, benefiting brokerage firms' performance [8] Precious Metals and Non-Ferrous Metals - International precious metal prices have been rising, with spot gold prices surpassing $3,800 per ounce and silver prices exceeding $47 per ounce, both reaching historical highs [12] - The Ministry of Industry and Information Technology announced a growth plan for the non-ferrous metals industry, targeting an average annual growth of around 5% in added value from 2025 to 2026 [12]

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is committed to implementing the corrective measures outlined by the China Securities Regulatory Commission (CSRC) and enhancing its operations to build a world-class exchange, contributing to China's modernization efforts [1] Group 1: Next Steps and Strategic Focus - The SZSE plans to strengthen the Party's comprehensive leadership over its operations [1] - It aims to deepen comprehensive reforms in capital market investment and financing [1] - The exchange will focus on fulfilling its responsibilities in line with the broader economic and social development [1] - There will be an emphasis on maintaining a strict atmosphere for Party governance [1] - The SZSE intends to cultivate a loyal, clean, and responsible cadre talent team [1] - The exchange will further utilize the results of the inspection and rectification process [1] Group 2: Market Development Initiatives - The SZSE will leverage the reform of the Growth Enterprise Market (GEM) to enhance the inclusiveness and adaptability of its systems [1] - It will promote the listing and development of high-quality technology innovation enterprises, supporting the application of the second and third sets of standards for GEM [1] - The exchange aims to facilitate the continuous growth of listed companies and efficiently support industry chain integration [1] - Ongoing initiatives will include extensive visits to listed companies to improve their quality and investment value [1] - The SZSE plans to optimize the investment structure and implement guidelines to encourage long-term capital market entry, focusing on the development of equity funds [1]

Group 1 - The core viewpoint of the articles emphasizes the effectiveness of recent policies in enhancing the capital market's resilience and its ability to support technological innovation and emerging industries [1][2][3] - A series of significant policies have been implemented, including the reopening of the fifth set of standards for the Sci-Tech Innovation Board and the activation of the third listing standard for the Growth Enterprise Market, benefiting various innovative companies [1][2] - The capital market is increasingly attracting long-term funds, with social security funds, insurance funds, and public funds playing a crucial role in stabilizing the market and fostering new productive forces [3][4] Group 2 - The merger and acquisition (M&A) landscape is thriving, with notable transactions such as BGI's acquisition of Chip Semiconductor and Mindray Medical's control over Huatai Medical, indicating a trend towards industry consolidation and transformation [2] - The issuance of Sci-Tech bonds has exceeded 1 trillion yuan, primarily directed towards cutting-edge sectors like semiconductors and artificial intelligence, showcasing the capital market's support for technological advancements [2] - Public fund reforms are ongoing, with new models for floating management fees being introduced, allowing investors to benefit more directly from fund performance [5] Group 3 - The A-share market has shown strong resilience amid global uncertainties, with foreign investors increasing their holdings in domestic stocks and funds, reversing a two-year trend of net reductions [7] - The total market capitalization of A-shares surpassed 100 trillion yuan, with strategic emerging industries accounting for over 40% of the market value, reflecting a robust growth in key sectors [6][7] - The average daily trading volume in the A-share market has significantly increased, indicating heightened market activity and investor engagement [6]

Core Viewpoint - The article emphasizes the importance of investment and financing in the capital market, highlighting the acceleration of comprehensive reforms since the introduction of the new "National Nine Articles" last year, aimed at resolving deep-seated issues and enhancing the market's functions [1] Group 1: Capital Market Reforms - The capital market is advancing comprehensive investment and financing reforms to address fundamental contradictions and issues that hinder market development [1] - A series of measures have been implemented to promote the coordinated functions of investment and financing, enhancing the capital market's role as a hub [1] Group 2: Economic Impact - Accelerating the new round of capital market reform and opening up is beneficial for consolidating the positive momentum of market stabilization [1] - Deepening investment and financing reforms can enhance market attractiveness and inclusiveness, improve resource allocation efficiency, and promote the development of the real economy [1] - These reforms are also expected to boost the international competitiveness of China's capital market, enabling it to better respond to changes in domestic and international economic conditions [1]

Group 1: Capital Market Reform and Development - The core viewpoint emphasizes the need to consolidate the positive momentum of the capital market and deepen comprehensive reforms in investment and financing to enhance market attractiveness and inclusivity [1][2] - The China Securities Regulatory Commission (CSRC) has been implementing a series of measures since the introduction of the "National Nine Articles" to address deep-seated issues in market development and improve the coordination of investment and financing functions [1][2] - The focus on supporting technological innovation through financing reforms has led to the establishment of a comprehensive institutional framework, including initiatives like the "16 Articles on Technology" and the "1+6" reform measures for the Sci-Tech Innovation Board [2][3] Group 2: Investment and Financing Support - The investment side of the capital market is crucial for its overall health, with reforms aimed at improving the quality of listed companies and encouraging long-term investments [4][5] - The CSRC is promoting the entry of long-term funds into the market by developing equity public funds and enhancing the regulatory environment for long-term investments [4][5] - Future reforms should focus on a dual approach to investment, emphasizing the establishment of long-cycle assessment mechanisms and improving the quality of listed companies [5][6] Group 3: Internationalization and Foreign Investment - High-level institutional openness is essential for the high-quality development of the capital market, with ongoing efforts to optimize mechanisms for foreign investment and enhance the attractiveness of Chinese stocks to foreign capital [6][7] - The number of qualified foreign institutional investors (QFII/RQFII) has increased, with new measures allowing them to participate in more trading products, reflecting a growing interest in Chinese financial assets [7][8] - Recommendations for further enhancing the QFII/RQFII system include simplifying the market entry process and improving the overall service capabilities for foreign investors [8][9]

Investment Rating - The report maintains a positive outlook on the non-bank sector, particularly in insurance and securities, suggesting a "Recommended" rating for key companies in these sectors [3][41]. Core Insights - The report highlights a reduction in the preset interest rates for life insurance products, with ordinary life insurance at 2.0%, participating insurance at 1.75%, and universal insurance at 1.0%. This adjustment is expected to optimize the liability structure of insurance companies and promote a shift towards non-guaranteed income products [1][3]. - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the capital market and enhancing market vitality through reforms, which is anticipated to boost investor confidence and market performance [2][3]. - The report emphasizes the positive impact of recent monetary policies, including interest rate cuts, which are expected to enhance market sentiment and support the valuation recovery of quality listed companies [3][41]. Summary by Sections Market Review - Major indices showed positive performance, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week [7]. - The non-bank financial sector saw a mixed performance, with the securities index rising by 4.82% [7][8]. Securities Sector - The report notes that the total trading volume in the A-share market reached 10.66 trillion yuan, with a daily average trading volume of 1.78 trillion yuan, reflecting a 14.20% increase week-on-week [16]. - The IPO underwriting scale for the year reached 560.64 billion yuan, while refinancing underwriting amounted to 8050.88 billion yuan [16][18]. Insurance Sector - The report indicates that the life insurance premium growth rate for major companies like China Life and Ping An Life has shown positive trends, with significant increases in premium income [24][25]. - The adjustment of preset interest rates is expected to lower the liability costs for insurance companies, enhancing their financial stability [1][3]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific Insurance, Sunshine Insurance, and Ping An Insurance, as well as leading securities firms like CITIC Securities and Huatai Securities [41][42]. - It also highlights potential benefits for non-bank institutions from the implementation of stablecoin regulations and cross-border payment innovations [3][41].

Report Industry Investment Rating No information provided. Core View of the Report - Due to the impact of risk - aversion sentiment, domestic stock indices continued to fluctuate weakly. It is recommended to make long - term allocations for IH2509 and IF2509, and move positions from IM2506 to IM2509 as the June contract of IM is approaching maturity and its annualized basis rate is relatively high [3]. Summary by Relevant Catalogs Market Performance - As of June 20, 2025, most domestic and foreign indices declined this week. The Nasdaq rose 0.22%, the S&P 500 fell 0.15%, and the Hang Seng Technology Index fell 2.08%. The Shanghai Composite Index fell 0.51%, the CSI 1000 Index fell 1.74%, the SSE 50 Index fell 0.10%, the ChiNext Index fell 1.66%, and the STAR 50 Index fell 1.55%. In terms of industries, most of the 31 Shenwan primary industry indices declined, with sectors such as beauty care, textile and apparel, and pharmaceutical biology falling more than 3%, while only a few sectors such as banking and communications rose [11][12]. Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The net MLF investment in May was 375 billion yuan, and the 10 - year government bond yield was around 1.65%. The growth rate of social financing remained relatively high, with government bond financing being an important support, but credit growth was still weak. The M2 growth rate declined slightly but remained stable overall, the M1 growth rate increased, and the M1 - M2 gap narrowed [22]. Trading Data and Sentiment - The escalation of the Israel - Iran conflict led to the weakening of stock indices this week. The trading volume of the two markets shrank to around one trillion yuan. The number of new A - share accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million [34]. Index Valuation - Index valuations are in the median range. As of June 20, 2025, the latest PB of the Shanghai Composite Index was 14.64 with a quantile of 64.72, and the latest PE of the Wande All - A Index was 19.18 with a quantile of 01.82. In terms of major stock indices, the valuation quantiles are in the order of CSI 1000 > CSI 500 > SSE 300 > SSE 50 [51]. Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banking, food and beverage, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the SSE 300 are relatively dispersed, with the top three weighted industries being banking, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, pharmaceutical biology, and power equipment, but the electronics industry in the CSI 1000 has a higher weight [52].