构建适应未来产业发展的金融体制是一项复杂的系统工程，要求我们以党的二十届四中全会精神为统 领，坚持有效市场和有为政府相结合，勇于打破路径依赖和制度壁垒，推动金融发展、金融创新与金融 监管在更高水平上实现动态平衡。 "十五五"时期是我国在全面建成小康社会基础上，乘势而上开启全面建设社会主义现代化国家新征程的 关键五年。党的二十届四中全会公报（以下简称《公报》）指出，要建设现代化产业体系，巩固壮大实 体经济根基，特别是要优化提升传统产业，培育壮大新兴产业和未来产业。以此审视并前瞻性地规划未 来产业发展，并构建与之相匹配的现代化金融体制，具有至关重要的战略意义。未来产业代表新科技革 命和产业变革的方向，是塑造国家竞争新优势、培育新质生产力的核心场域。它以其颠覆性创新、高风 险长周期、知识资本密集等特征，对传统以银行信贷为主导、偏好抵押担保和稳定现金流的金融体系提 出了挑战。因此，必须以《公报》和"十五五"规划建议为指引，深刻把握金融与实体经济，特别是与未 来产业之间的辩证关系，破除体制机制障碍，构建一个能够创新引领、有效支撑、精准灌溉、审慎监管 未来产业发展的现代化金融体制。这不仅是金融自身实现高质量发展的内在要求 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant step towards the creation of a "super broker" in the Chinese securities industry, driven by the ongoing trend of consolidation among major financial institutions [1][3][10] Group 1: Merger Details - CICC, Dongxing Securities, and Xinda Securities have announced a major asset restructuring plan involving a share swap to absorb Dongxing and Xinda into CICC, leading to a temporary suspension of trading for all three companies [1][3] - The total assets of the newly formed entity are projected to reach approximately 1,009.58 billion yuan, with all three firms currently under the "Huijin System" [2][4] Group 2: Company Profiles - CICC, established in 1995, is a leading investment bank in China with a market capitalization of 134.9 billion yuan and over 200 subsidiaries globally [3][4] - Dongxing Securities, founded in 2008, has a market capitalization exceeding 100 billion yuan and operates 92 branches across China, focusing on a comprehensive financial service system [3][4] - Xinda Securities, established in 2007, has over 100 branches and is recognized for its strengths in special asset investment banking and wealth management [4] Group 3: Financial Performance - As of Q3 2025, CICC reported total assets of 764.94 billion yuan, Dongxing Securities 116.39 billion yuan, and Xinda Securities 128.25 billion yuan, with respective net profits of 6.57 billion yuan, 1.6 billion yuan, and 1.35 billion yuan [4][5] - The combined revenue of the three firms positions them as the third-largest in the industry, following CITIC Securities and Guotai Junan Securities [4][5] Group 4: Strategic Advantages - The merger is expected to create synergies by combining CICC's investment banking expertise with Dongxing and Xinda's strong retail brokerage and asset management capabilities, enhancing overall service offerings [6][10] - The integration will also strengthen the capital base and improve competitive positioning in the securities industry, leveraging the regional strengths of Dongxing and Xinda [6][10] Group 5: Regulatory and Market Context - The merger aligns with national policies aimed at promoting high-quality development in the financial sector and fostering leading investment banks through consolidation [8][9] - Recent trends in the industry show a wave of mergers, with several other significant consolidations already completed or in progress, indicating a broader movement towards industry consolidation [9]

2023年中央金融工作会议精神及2024年新"国九条"，明确提出要培育一流投资银行和投资机构。新"国 九条"及证监会《关于加强证券公司和公募基金监管加快推进建设一流投资银行和投资机构的意见（试 行）》指出，将支持头部机构通过并购重组、组织创新等方式提升核心竞争力，到2035年形成2至3家具 备国际竞争力与市场引领力的投资银行和投资机构，核心能力居国际前列。2025年4月，国家金融监管 总局印发《关于促进金融资产管理公司高质量发展 提升监管质效的指导意见》，引导金融资产管理公 司聚焦主责主业，深化改革转型发展，不断提升服务化解金融和实体经济风险的质效。在此背景下，三 家同属中央汇金实际控制的券商，通过换股吸收方式进行系统内整合，被业内普遍视为"以功能优先、 规模随之而来"的战略性安排。 从最新披露的业绩看，三家券商各具特色。2025年前三季度，中金公司实现营业收入207.6亿元，同比 增长约54%；归母净利润65.7亿元，同比增长130%，增长势头强劲。截至2025年9月末，归母净资产为 1155亿元。中金公司在中资企业境外业务已具备了一定的国际竞争能力，境外业务收入占比稳定在20% 以上，保持行业领先。 东兴 ...

Core Viewpoint - The article emphasizes the importance of the "15th Five-Year Plan" as a critical year for consolidating economic recovery and achieving high-quality development, highlighting the need for a balance between short-term growth and long-term sustainable development [4][5]. Group 1: Economic Context - 2026 marks the beginning of the "15th Five-Year Plan," which aims to ensure significant progress in achieving socialist modernization [4]. - The current economic environment is characterized by strong resilience, potential, and vitality, despite facing complex external challenges and domestic issues such as insufficient effective demand and weak social expectations [4]. Group 2: Policy Focus - The article calls for a focus on macro policy frameworks that promote long-term and short-term coordination, effective financial services for the real economy, and strategies to drive growth through expanded domestic demand [5]. - It outlines the necessity of addressing key questions regarding the dynamic balance between short-term stability and long-term high-quality development during the initial phase of the "15th Five-Year Plan" [4]. Group 3: Call for Contributions - The editorial team of "Tsinghua Financial Review" is inviting submissions on various topics related to the "15th Five-Year Plan," aiming to gather insights from regulatory authorities, financial institutions, and industry experts [5]. - The submission topics include mechanisms for macro policy coordination, the effectiveness of moderately loose monetary policy, and the financial support system for new productive forces [9].

优化信贷结构不仅是宏观调控思路转变的需要，也是银行实现自身经营目标的客观要求。近年来，一些 银行通过改进内部资金转移定价、优化绩效考核标准等方式，持续完善内部治理，有效传导央行政策激 励，实现了信贷"量"的合理增长与"质"的不断提升。（本文来源：经济日报 作者：姚 进） 经济转型升级需要合适的工具来撬动。中国人民银行近日发布的2025年第三季度中国货币政策执行报告 显示，9月末，支持做好金融"五篇大文章"的结构性货币政策工具余额已接近4万亿元。央行的结构性工 具，主要是激励引导金融机构支持国家重大战略、经济社会发展的重点领域和薄弱环节。在这些领域， 初期社会资金进入的意愿比较低，需要中央银行的资金先期进入、发挥引导作用。 高质量发展阶段不需要片面追求垒高信贷规模。如果还像过去那样，只盯着贷款增速，既不符合经济规 律，也可能带来僵尸企业难以出清、资金空转等问题。中央金融工作会议提出，"随着经济从高速增长 转向高质量发展，货币信贷要从外延式扩张转向内涵式发展"，这是对新形势下做好金融宏观调控的深 刻阐述，未来重点是盘活存量金融资源，提升信贷资产质效。 深化金融供给侧结构性改革，优化信贷资源的投向，也有助于金融更好 ...

Core Viewpoint - The "China Railway Nord Holding Real Estate Asset-Backed Special Plan" marks the first such project launched by China Railway, aimed at promoting financial supply-side structural reform and enhancing the synergy between industry and finance [1] Group 1: Project Overview - The special plan is the first asset-backed securities (ABS) project of its kind for China Railway, highlighting the company's commitment to revitalizing its existing assets [1] - The initiative is part of a broader strategy to create a closed-loop system encompassing investment, financing, management, and exit [1]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 13, with a fixed rate and a total amount of 190 billion yuan, at an interest rate of 1.40% [1] - On the same day, 92.8 billion yuan of reverse repos matured, resulting in a net injection of 97.2 billion yuan [1] Group 2: Liquidity Conditions - Following several days of net injections by the central bank, the interbank market's liquidity improved, with overnight repurchase rates for deposit-taking institutions dropping by approximately 10 basis points to around 1.32% [3] - The overnight quotes in the anonymous click (X-repo) system returned to 1.3%, while non-bank institutions' pledging of credit bonds for overnight funding also decreased to 1.40%-1.45% [3] - Traders noted that the rapid decline in funding prices indicates the central bank's flexible injections are stabilizing liquidity, with limited impact expected from the upcoming tax period in November [3] Group 3: Financial Indicators - As of the end of October, M2 balance was 335.13 trillion yuan, growing by 8.2% year-on-year, while M1 balance was 112 trillion yuan, increasing by 6.2% [14] - The M0 balance reached 13.55 trillion yuan, reflecting a year-on-year growth of 10.6% [14] - The net cash injection in the first ten months was 728.4 billion yuan, with the total social financing scale increasing by 3.83 trillion yuan compared to the same period last year [14] Group 4: Regulatory Developments - The Financial Regulatory Bureau plans to release a revised "Commercial Bank Merger Loan Management Measures" to support mergers and restructuring for various enterprises, including technology innovation companies [15] - The Hong Kong Securities and Futures Commission announced new optimization measures for the cross-border wealth management pilot program to enhance communication between licensed institutions and their clients [15] Group 5: Global Economic Context - The latest overnight financing rate in the U.S. was reported at 3.95% [5] - The U.S. government shutdown has officially ended following President Trump's signing of a bill [18] - Japan's Finance Minister indicated that domestic investors primarily hold Japanese government bonds, making debt default unlikely, while also hinting at potential tax cuts as a future fiscal policy option [18]

Core Viewpoint - The People's Bank of China Shanghai Headquarters is implementing a comprehensive strategy to promote the development of technology finance, green finance, inclusive finance, pension finance, and digital finance, effectively guiding financial resources to key areas of Shanghai's economic and social development [1][2][3] Group 1: Policy Framework and Implementation - The Shanghai Financial "Five Major Articles" loan balance increased by 13.7% year-on-year as of the end of August, outpacing the overall loan growth rate by 6.6 percentage points, accounting for 37.5% of total loan balances [1] - A "1+N" policy system has been established to provide clear guidance for the implementation of the financial "Five Major Articles," with 30 specific measures outlined in the action plan [1][2] - A working group involving 16 departments has been formed to ensure efficient policy implementation, with a focus on task fulfillment, policy coordination, and information sharing [2] Group 2: Financial Tools and Resource Allocation - Various structural monetary policy tools are being utilized to guide financial resources towards key areas, including national tools for technology innovation and carbon reduction, as well as local innovative tools like "Hu Ke Special Loan" [3] - As of the end of September, loans for technology innovation and technical transformation in Shanghai have nearly tripled compared to the end of last year, with carbon reduction loans exceeding 37 billion yuan [3] - The Shanghai headquarters has provided a directory of over 10,000 technology-based SMEs without loans and other key projects to financial institutions to enhance supply-demand matching [3] Group 3: Future Directions - The People's Bank of China Shanghai Headquarters plans to deepen financial supply-side structural reforms in line with the strategic needs of Shanghai's high-quality economic and social development [4]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters is enhancing the development of technology finance, green finance, inclusive finance, pension finance, and digital finance through systematic measures [1][2] - As of the end of August, the loan balance for Shanghai's "five major financial initiatives" grew by 13.7% year-on-year, surpassing the overall loan growth rate by 6.6 percentage points, accounting for 37.5% of total loan balances [1] Group 1 - The PBOC Shanghai Headquarters is utilizing various structural monetary policy tools to guide financial resources towards key areas [1] - The balance of loans for technological innovation and technological transformation in Shanghai has nearly tripled compared to the end of last year, while carbon reduction loans exceeded 37 billion yuan [2] - The PBOC Shanghai Headquarters has issued a list of over 10,000 key enterprises and projects to local financial institutions to facilitate precise matching of funds and demand [2] Group 2 - The PBOC Shanghai Headquarters plans to deepen financial supply-side structural reforms in alignment with Shanghai's high-quality economic and social development needs [2]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters is promoting precise matching of funds and demand by providing a directory of key enterprises and projects to financial institutions in Shanghai [1] Group 1: Financial Institutions and Support - The PBOC has shared a list that includes over 10,000 technology-based small and medium-sized enterprises without loans, more than 460 technology transformation and equipment upgrade projects, over 5,000 family farms and farmers' cooperatives, and around 3,000 key enterprises focused on job stability and expansion [1] - Financial institutions are encouraged to enhance their financial products and services, improve supply-demand matching, and optimize loan approval processes to meet the financing needs of key sectors, projects, and enterprises [1] Group 2: Strategic Development - In the next phase, the PBOC Shanghai Headquarters will collaborate with relevant departments to align with the strategic needs, phase characteristics, and structural features of Shanghai's high-quality economic and social development [1] - The initiative aims to deepen financial supply-side structural reforms and promote the development of Shanghai's financial "five major articles," aligning with the construction of Shanghai's "five centers" for coordinated growth and efforts [1]