Group 1 - The core viewpoint of the articles is to showcase the comprehensive research and professional influence of the company in various frontier fields, including financial strategies, mergers and acquisitions in technology firms, and consumption stimulation during economic transformation [1] - The series of articles reflects the company's commitment to serving the real economy and national strategies while promoting the construction of a financial culture with Chinese characteristics [1] Group 2 - The article titled "Based on Functional Positioning, Highlighting Professional Characteristics, Deepening and Solidifying the Financial 'Five Major Articles'" provides a clear action framework for small and medium-sized securities firms to leverage policy and technology opportunities for differentiated development [2] - The research on the special institutional needs of technology firms in mergers and acquisitions offers professional support for the deepening of technology finance [3] - The analysis of the structural characteristics and challenges of the current consumption market demonstrates the company's ongoing focus on significant issues such as inclusive finance and livelihood security [3] Group 3 - The continuous publication of these four significant articles highlights the company's culture of "research-driven, professional foundation, serving the real economy, and adhering to innovation" [4] - The company aims to deepen research and practice in various fields, including technology finance, green finance, inclusive finance, pension finance, and digital finance, while transitioning from "red ocean competition" to "blue ocean cultivation" [4] - The goal is to become an important professional force in the capital market that serves the real economy and to write a new chapter on the path of high-quality development [4]

麦高证券有限责任公司董事长兼总经理 宋成 一、金融"五篇大文章"的战略意义与时代背景 （一）金融"五篇大文章"的提出与推进具有深刻的战略内涵与时代特征。 中央金融工作会议首次提出做好金融"五篇大文章"，党的二十届三中全会进一步强调要积极发展这五大 领域，强化对重大战略、重点领域与薄弱环节的优质金融服务。2025年，国务院办公厅印发《关于做好 金融"五篇大文章"的指导意见》，从国家层面明确部署；同年2月，中国证监会发布《关于资本市场做 好金融"五篇大文章"的实施意见》，聚焦资本市场，要求证券期货经营机构端正理念、加强组织管理与 资源投入，因地制宜推进工作；8月，证监会修订《证券公司分类监管规定》，授权协会对证券公司功 能发挥情况开展专项评价。密集的顶层政策与会议部署，不仅明确了金融工作的重点方向，更通过优化 金融资源配置提升服务实体经济质效，推动金融与科技深度融合。未来，相关实践路径与政策体系将进 一步具象化、可量化、标准化，助力资本市场更好发挥功能，持续增强服务实体经济的能力。 （二）人工智能技术的迭代突破为"五篇大文章"深化提供了坚实支撑。 近年来，人工智能技术加速迭代为各行各业带来深刻变革，在金融领域的影 ...

Core Viewpoint - The financial regulatory bodies in China are focusing on risk prevention and enhancing financial services to support the real economy, as outlined in the spirit of the 20th National Congress of the Communist Party of China [1][2][4]. Financial Regulatory Focus - The central bank and financial regulatory authorities emphasize the importance of risk prevention and the establishment of a comprehensive financial risk management system [2][4]. - The next phase of work will prioritize enhancing financial services for the real economy, particularly in areas such as technology innovation, consumption stimulation, and support for small and micro enterprises [1][2][4]. Key Work Areas - The People's Bank of China (PBOC) has identified five key areas for future work: maintaining centralized leadership in financial work, developing a robust monetary policy framework, enhancing macro-prudential management, deepening supply-side structural reforms, and promoting high-level financial openness [2][3][4]. - Financial institutions are encouraged to align their strategies with national goals, focusing on the "Five Major Articles" to improve financial service quality and adaptability [4][5]. Progress in Financial Services - As of Q3 2025, the balance of inclusive small and micro loans reached 36.09 trillion yuan, with a year-on-year growth of 12.2%, outpacing overall loan growth by 5.6 percentage points [8]. - Green loans also saw significant growth, with a balance of 43.51 trillion yuan, reflecting a 17.5% increase since the beginning of the year [8][9]. Institutional Responses - Major state-owned banks and policy banks are actively implementing strategies to support national priorities, including food security, rural development, and ecological sustainability [5][6][7]. - Insurance companies are also aligning their strategies with the national agenda, focusing on enhancing support for technology innovation and green development [6][7]. Digital Transformation and Innovation - Banks are increasingly adopting digital transformation and AI applications to improve service efficiency across various functions, including credit assessment and customer service [10]. - The banking sector is also focusing on developing pension financial products to cater to the aging population, with initiatives aimed at enhancing the pension service system [10].

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 四十八，敬请垂注。 从DeepSeek等大模型的本地化部署到10亿元科创债成功发行，东莞证券以扎实行动诠释了服务初心与创 新力量。公司通过构建"投融保研"一体化服务体系和推进深度数字化转型，持续为区域科技创新与产业升 级注入金融活水。 顶层设计：系统布局与研究先行 东莞证券认识到，做好金融"五篇大文章"必须从战略高度进行整体谋划和体系化推进。 2025年，该公司成立了由党委书记、董事长陈照星担任组长的"五篇大文章"工作领导小组，下设科技金 融、绿色金融、普惠金融、养老金融和数字金融五个专项工作小组，由公司相关业务条线负责人牵头，确 保各领域政策研究、业务协同与创新实践落到实处。 该公司着力打通从基础研究到业务落地的转化通道，积极组 ...

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 展望未来，中信证券将持续以金融 "五篇大文章" 为核心抓手，在科技金融领域深化 "投早、投小、投 硬科技" 布局，为科技企业全生命周期发展保驾护航；在绿色金融领域探索更多创新产品与服务，助力 "双碳" 目标加速落地；在普惠金融领域进一步扩大服务覆盖面，让金融红利惠及更多群体；在养老金 融领域强化投研能力，守护居民养老资产稳健增值；在数字金融领域加快技术迭代与场景拓展，以数智 化转型引领行业变革。同时，中信证券也将积极依托 2025 可持续全球领导者大会等高端平台，与全球 各界力量深化合作，共同探索证券行业可持续发展新路径，为中国经济高质量发展与全球可持续治理贡 献更多 "中信力量"。 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。中信证券总经理、华夏基 金董事长邹迎光出席并发表主题演讲。 邹迎光表示，当前我国经济处于高质量发展关键阶段，证券行业作为连接实体经济与资本市场的纽带责 任重大。中信证券将做好金融 "五篇大文章" 纳入长期战略，制定实施方案并推出 21 条落地措施，在科 技、绿色、普惠、养老、数字五大金 ...

Group 1: Conference Overview - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on sustainable development and innovative solutions [6] - The conference aims to gather global wisdom to explore new paths for sustainable development, emphasizing China's role in global governance [6] Group 2: Company Initiatives - CITIC Securities is committed to integrating the financial "Five Major Articles" into its long-term strategy, with 21 actionable measures across five key financial sectors: technology, green finance, inclusive finance, pension finance, and digital finance [3] - In the technology finance sector, CITIC Securities has achieved a total underwriting scale of 112.3 billion yuan for the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, ranking first in the market [3] - The company has also completed green bond underwriting amounting to 181 billion yuan in 2023, leading the industry [4] - As of June 2025, CITIC Securities' total asset management scale in inclusive finance exceeds 4.4 trillion yuan, fulfilling personalized client needs [4] - In the pension finance sector, the company manages over 930 billion yuan in investments related to the three pillars of pension [4] - CITIC Securities has developed 18 digital employees and implemented 118 AI application scenarios as part of its digital transformation efforts [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and industry self-regulatory organizations are implementing a new evaluation framework for securities companies, focusing on the "Five Major Financial Articles" to enhance the quality of service to the real economy [1][2]. Group 1: Evaluation Framework - The newly released "Evaluation Measures" by the China Securities Association (CSA) includes 14 representative evaluation indicators to comprehensively assess the effectiveness of securities companies in implementing the "Five Major Financial Articles" [1][4]. - The evaluation framework aims to guide securities companies to allocate resources to national strategic priorities while strengthening risk prevention and promoting high-quality industry development [1][2]. Group 2: Principles of Evaluation - The drafting of the "Evaluation Measures" follows three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair evaluation [3]. - The evaluation will primarily use quantitative indicators, supplemented by qualitative ones, covering various fields of the "Five Major Financial Articles" [3][4]. Group 3: Focus on Technology Finance - Technology finance indicators are assigned the highest score of 50 points, reflecting regulatory emphasis on the technology sector [4]. - Specific indicators include the amount and number of technology innovation bond underwriting, equity financing for technology enterprises, and direct investments in non-listed technology companies [4]. Group 4: Recent Developments in Securities Companies - In the first half of this year, several listed securities firms have actively engaged in technology finance, such as issuing technology innovation bonds and managing technology-themed public funds [5]. Group 5: Qualitative Evaluation Indicators - Qualitative indicators focus on mechanism construction, including whether the "Five Major Financial Articles" are integrated into the business development strategy and the establishment of specialized organizational structures [6]. - Other qualitative indicators assess the firms' digital capabilities and their involvement in green finance, inclusive finance, and pension finance [6].

Core Viewpoint - The Chinese Securities Association has introduced a new evaluation method to enhance the performance of securities firms in contributing to the financial "Five Major Articles," aiming for high-quality industry development [1][2]. Group 1: Evaluation Framework - The evaluation method consists of 14 representative indicators to create a multi-dimensional assessment system for securities firms [1][4]. - The evaluation focuses on key areas, ensuring scientific and operational feasibility, and aims to reduce the reporting burden on companies [3][4]. - The evaluation will be based primarily on quantitative indicators (90 points), with qualitative indicators (10 points) and additional items (5 points) [4][5]. Group 2: Key Areas of Focus - The evaluation emphasizes technology finance, which holds the highest weight of 50 points, while green finance, inclusive finance, pension finance, and digital finance each hold 10 points [4][5]. - Specific indicators for technology finance include amounts and numbers related to technology innovation bond underwriting, equity financing for tech companies, and direct investments in non-listed tech firms [5][6]. Group 3: Scoring Methodology - The scoring system is designed to highlight key areas, with a focus on resource investment in technology finance, allowing for a broader range of additional points [6]. - The scoring also considers both monetary amounts and quantities, ensuring a balanced evaluation that encourages diverse development among firms [6].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles," focusing on both quantitative and qualitative indicators to promote high-quality development in the securities industry [1][5]. Group 1: Evaluation Methodology - The evaluation method includes both quantitative and qualitative indicators, reflecting the contribution and capabilities of companies in key areas of the financial "Five Major Articles" [2][3]. - Quantitative indicators cover various sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, with specific metrics such as bond underwriting amounts and equity financing for technology enterprises [2][3]. - Qualitative indicators assess the establishment of mechanisms and continuous investment in business resources, including whether companies incorporate the financial "Five Major Articles" into their strategic development [3][5]. Group 2: Scoring and Incentives - The scoring system assigns higher points to technology finance, with a total of 50 points available, while other sectors like green finance and digital finance are assigned 10 points each [4]. - The evaluation encourages participation from various types of companies by providing a broad range of scoring and minimizing score differences among the top 50 ranked companies [4]. - A baseline score is established to prevent significant score disparities, promoting differentiated development and specialized operations among industry players [4]. Group 3: Implementation Principles - The evaluation method adheres to three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair assessments [5]. - It aims to streamline the evaluation process by integrating with existing assessments related to social responsibility, bond practice quality, and digital capability, thereby reducing the reporting burden on companies [5].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles" and promote high-quality development in the securities industry [1][5]. Group 1: Evaluation Methodology - The evaluation method combines quantitative and qualitative indicators, focusing on the contributions and capabilities of companies in key areas of the financial "Five Major Articles" [2][6]. - Quantitative indicators include metrics related to technology finance, green finance, inclusive finance, pension finance, and digital finance, with a significant emphasis on technology finance [2][4]. - Qualitative indicators assess the establishment of mechanisms and the continuous investment of business resources by securities companies [3][6]. Group 2: Scoring and Incentives - The scoring system allocates a higher weight to technology finance, with a total of 50 points available in this category, while other categories like green finance and digital finance are assigned 10 points each [4]. - The evaluation encourages participation from various types of companies by providing a broad range of additional scoring opportunities and minimizing score differences among top-ranking companies [4]. - A foundational score is established to account for the high business concentration in the industry, promoting differentiated development and specialized operations among companies [4][5]. Group 3: Implementation and Principles - The evaluation will be conducted annually in the first half of the year, covering the previous calendar year's performance [5]. - The method emphasizes focusing on core business areas, optimizing dynamically, and ensuring fair and objective assessments through 14 representative evaluation indicators [5][6].