弘扬和培育专业文化，是证券公司在新征程上肩负的重要职责。面对"十五五"资本市场改革机遇，证券 公司要将专业精神融入战略、植入管理、化入行动，通过文化引领、能力筑基与价值赋能，努力实现以 文化"软实力"驱动核心竞争力提升，为推动金融高质量发展贡献专业力量。 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，党的二十届四中全会提出要 加快构建高水平社会主义市场经济体制，增强高质量发展动力。在新征程上，发挥好资本市场"牵一发 动全身"的枢纽作用，对于加快完善要素市场化配置体制机制、助力建设金融强国具有重要意义。作为 资本市场"看门人"和直接融资"服务商"，券商的专业能力直接关系到市场定价效率与资源配置质量。立 足新的历史节点，证券行业必须深入践行"五要五不"中国特色金融文化，牢固树立"合规、诚信、专 业、稳健"的行业文化理念，在提升专业能力、专业精神上狠下功夫，切实把"软实力"转化为高质量发 展的"硬支撑"，在服务中国式现代化进程中展现专业价值与责任担当。 弘扬和培育专业文化是服务金融强国建设的题中之义 专业素养是专业知识、专业能力、专业作风、专业精神的统一，而涵养专业文化不仅是培育专业作风和 专 ...

Core Insights - The securities ETF (159841) experienced a turnover of 6.07% with a transaction volume of 632 million yuan, while the tracked index, the CSI All Share Securities Companies Index (399975), fell by 3.44% [1] - The securities ETF saw a significant inflow of 253 million units, reaching a new high of 9.842 billion units since its inception [2] - The brokerage industry is undergoing consolidation, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities, potentially creating a new major player in the market [6] Group 1: Securities ETF Performance - The securities ETF (159841) had a net inflow of 206 million yuan, with a total of 379 million yuan accumulated over the last five trading days [2] - Major constituent stocks such as Huachuang Yuxin (600155) and Northeast Securities (000686) saw declines of 7.14% and 6.36%, respectively [1] - The ETF's performance is closely tied to the capital market, often acting as a "bull market flag bearer" [3] Group 2: Industry Trends - The brokerage sector reported a significant increase in revenue and profit, with 42 listed brokerages achieving a total revenue of 418.95 billion yuan, a year-on-year increase of 16.96%, and a net profit of 171.04 billion yuan, up 62.06% [6] - The industry is expected to benefit from policy-driven opportunities, including the enhancement of capital market inclusivity and the promotion of long-term investment channels [7] - The consolidation of brokerages is anticipated to strengthen the capital base and international competitiveness of leading firms [7]

11月21日，A股三大指数早盘集体下跌。 热门ETF中，证券ETF（159841）截至发稿跌2.45%，成交额超2.58亿元。成分股中，国盛证券、首创 证券涨幅居前。 资金流向来看，Wind数据显示，证券ETF（159841）近10个交易日中有8日获资金净流入，累计"吸 金"超4.3亿元。 此外，值得注意的是，截至发稿，该ETF盘中获净申购超7980万份。 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 中信建投指出，证券行业有望迎来新一轮上行周期，助力金融强国建设。核心驱动来自于三大政策性机 遇：一是政策引导资本市场服务新质生产力。科创板、创业板深化改革推动投行升级价值创造力，匹配 高科技实体企业全生命周期融资需求，打开投行业务中长期增长空间二是政策完善长钱长投生态。社 保、保险等中长期资金入市渠道持续畅通，借权益产品扩容激活券商资管与机构业务增量，推动行业向 配置驱动转型三是政策推动一流投行培育与国际化相辅相成，中资券商可依 ...

(本文来自第一财经) 中信建投研报表示，锚定十五五"提高资本市场制度包容性、适应性"的核心导向，证券行业有望迎来新 一轮上行周期，助力金融强国建设。核心驱动来自于三大政策性机遇：一是政策引导资本市场服务新质 生产力。科创板、创业板深化改革推动投行升级价值创造力，匹配高科技实体企业全生命周期融资需 求，打开投行业务中长期增长空间。二是政策完善长钱长投生态。社保、保险等中长期资金入市渠道持 续畅通，借权益产品扩容激活券商资管与机构业务增量，推动行业向配置驱动转型。三是政策推动一流 投行培育与国际化相辅相成，中资券商可依托中国香港市场及互联互通政策加速国际业务突破，并购整 合将助推行业资源向头部集中，提升头部券商资本实力与国际竞争力。 ...

当前，我国公募基金行业正处在转型提质关键期。在证监会出台的《推动公募基金高质量发展行动方 案》引领下，深圳聚合多方力量，纵深推进全链条改革，推动公募基金行业发展迈上新台阶。中国证券 报联合深圳证监局今起推出"固根基·创价值·利长远——深圳公募基金高质量发展在行动"系列报道，通 过署名文章、专访等形式，展现深圳公募行业转型探索与实践，为推动全行业高质量发展贡献智慧与力 量。 ● 本报记者 黄灵灵 南海之滨，风劲潮涌。当前，我国公募基金行业正处在改革深化、提质增效关键期。深圳公募基金市场 活力足，创新实力强，机构数量与管理规模均居全国前列，在改革中迈上发展新台阶。 【编者按】 自证监会印发《推动公募基金高质量发展行动方案》以来，深圳证监局制定覆盖事前理念引导、事中机 制建设、事后成效评估的系统性工作方案，统筹推进行业全链条改革，引导行业紧扣"服务实体经济、 守护投资者利益"核心，探索符合区域特色和行业规律的高质量发展路径，积极为金融强国建设贡献"圳 能量"。 全链条发力 筑牢投资者利益共同体 公募基金高质量发展的关键，在于重塑行业生态，筑牢投资者、基金管理人、销售机构、评价机构等各 方深度绑定的投资者利益共同体。 ...

Core Points - The 2025 Shenzhen International Financial Conference opened on October 19, focusing on "Building a Financial Power and High-Level Opening Up in the Greater Bay Area" [1] - The conference aims to explore the future direction of financial development and new chapters in Bay Area cooperation [1] Group 1: Financial Development and Reform - Zhang Donggang emphasized the importance of financial construction in the 14th Five-Year Plan, highlighting the strategic deployment for building a financial power during this critical development period [2] - The Greater Bay Area is positioned as a pioneering area for financial innovation and openness, aiming to construct a robust financial knowledge system and promote a virtuous cycle of "technology-industry-finance" [2][3] - The conference serves as a platform to deepen global financial exchanges and cooperation, contributing to the Greater Bay Area's role as a significant growth engine for the global economy [2][3] Group 2: Talent Development and Education - The "International Financial Excellence Talent Practice Base" was established to meet the development needs of the Greater Bay Area, focusing on cultivating high-quality financial professionals [4] - The base aims to integrate classroom learning with practical experience and research, fostering a new model of collaborative education [4] Group 3: Insurance and Risk Management - Zhou Yanli discussed the role of insurance in risk management, emphasizing its importance in supporting the real economy and maintaining financial security [4] - The insurance sector is expected to enhance public safety capabilities and act as a stabilizer for economic and social development [4] Group 4: Technological Innovation and Market Transformation - Wang Zhongmin highlighted the rapid transformation in financial assets due to AI technology, advocating for a shift from heavy assets to light assets supported by capital [5] - The Greater Bay Area is identified as a core area for this transformation, promoting collaborative innovation and industry chain synergy [5] Group 5: Banking Sector Transformation - Wang Liang noted that the Chinese banking industry is entering a new phase of transformation and value creation, requiring alignment with national needs and customer demands [6] - The banking sector must enhance its capabilities in specialized, comprehensive, and international financial services to seize new opportunities in the Greater Bay Area [6]

Core Insights - The 2025 Shenzhen International Financial Conference focuses on "Building a Financial Power and High-Level Opening Up in the Greater Bay Area" [1] - The conference aims to discuss financial development strategies and enhance cooperation in the Greater Bay Area [1][2] Group 1: Financial Innovation and Development - The Greater Bay Area is positioned as a leading area for financial innovation and openness, with strategic directives from the 14th Five-Year Plan emphasizing financial construction [2] - The conference seeks to build a robust financial knowledge system and promote a virtuous cycle of "technology-industry-finance" to stimulate new development dynamics [2][4] - The establishment of the "International Financial Talent Practice Base in the Greater Bay Area" aims to cultivate high-quality financial professionals to support the construction of a financial power [4][5] Group 2: Global Financial Stability and Sustainable Development - Former South Korean Prime Minister Han Seung-soo highlighted the importance of China as a stabilizing force in global finance and its commitment to high-level openness [3] - The conference emphasizes the need for financial innovation that supports green and inclusive development, ensuring that benefits reach all societal groups [3] Group 3: Keynote Speeches and Insights - Keynote speakers discussed various topics, including the role of insurance in economic stability and the transition from light assets to heavy capital in financial strategies [6][7] - The importance of artificial intelligence in driving China's economic transformation and the need for a market-oriented approach to capital market reform were emphasized [7][8] - The banking sector is urged to adapt to new trends and enhance its service capabilities to meet the demands of the Greater Bay Area's development [8] Group 4: Conference Agenda and Research Outputs - The conference includes discussions on core topics such as financial openness, industrial-financial integration, and policy innovation [9] - Several research reports and service plans will be released to support high-quality financial development during the event [9][10] - The conference aims to create a high-end international dialogue platform to contribute to the financial reform and collaborative development in the Greater Bay Area [10]

Core Viewpoint - The 2025 Shenzhen International Financial Conference emphasizes the construction of a financial powerhouse and high-level opening up of the Greater Bay Area, aiming to foster financial innovation and cooperation among global participants [1][4]. Group 1: Conference Highlights - The conference is themed "Building a Financial Powerhouse and High-Level Opening of the Greater Bay Area," and is co-hosted by various academic and business institutions [1]. - Keynote speeches from prominent figures highlight the importance of financial innovation, risk management, and the role of technology in transforming the financial landscape [9][10][12]. Group 2: Strategic Goals - The conference aims to construct a Chinese financial knowledge system and promote a virtuous cycle between technology, industry, and finance [4]. - It seeks to enhance connectivity between domestic and international markets, deepening global financial cooperation to support the development of the Greater Bay Area [4][5]. Group 3: Talent Development - The establishment of the "International Financial Excellence Talent Practice Base" aims to cultivate high-quality financial professionals who understand global financial operations [7]. - The initiative focuses on integrating education with industry needs, creating a comprehensive training system that includes classroom learning, practical experience, and research [7]. Group 4: Keynote Insights - Former officials and experts discussed the significant achievements of the financial insurance sector in the Greater Bay Area and the need for insurance to support economic stability and public safety [9]. - The transition from light asset to heavy capital models in finance is highlighted as a trend, with the Greater Bay Area positioned as a core area for this transformation [9][10]. - The role of artificial intelligence in driving China's economic transition towards innovation is emphasized, with calls for reforms to enhance the capital market ecosystem [10][12]. Group 5: Future Initiatives - The conference will feature parallel sessions on various topics, including financial culture, artificial intelligence, and cross-border cooperation, aimed at fostering innovation and supporting the real economy [13]. - Research reports and guidelines will be released to provide insights and support for high-quality financial development [12][13].

Core Points - The "2025 Shenzhen International Financial Conference" opened in Qianhai, Shenzhen, focusing on "Building a Financial Power and High-Level Opening Up of the Greater Bay Area" [2] - The conference is part of the 19th Shenzhen International Financial Expo, hosted by Renmin University of China [2] Group 1: Key Participants and Speakers - Notable attendees included former Vice Chairman of the China Insurance Regulatory Commission Zhou Yanli, former Vice Chairman of the National Social Security Fund Wang Zhongmin, and other prominent figures from academia and finance [4] - Former South Korean Prime Minister Han Seung-soo delivered a video address, emphasizing Shenzhen's role as a global financial hub [5] Group 2: Objectives and Themes - The conference aims to construct a Chinese financial knowledge system, promote a "technology-industry-finance" cycle, and explore financial system innovation and cooperation [5][6] - The establishment of the "International Financial Talent Practice Base of Renmin University" was announced, focusing on cultivating high-quality financial professionals [6][8] Group 3: Conference Activities - The conference will feature three plenary sessions and nine parallel meetings covering topics such as financial culture, artificial intelligence, and cross-border cooperation [9] - Research reports will be released, including analyses of the financial situation and guidelines for financial industry applications [9] Group 4: Strategic Importance - The conference is positioned as a platform for high-level international dialogue, aiming to contribute to the financial reform and regional cooperation in the Greater Bay Area [9] - Renmin University is committed to aligning with national strategies and supporting the development of the Greater Bay Area through collaboration with local financial institutions [9]

Core Viewpoint - The "2025 Shenzhen International Financial Conference" emphasizes the role of the insurance industry in building a strong financial nation and supporting the high-level opening of the Greater Bay Area, highlighting the need for the industry to evolve from traditional risk compensation to comprehensive risk management [2][4]. Group 1: Insurance Industry's Role - The insurance industry is crucial in balancing safety and development, serving the real economy, and strengthening social security [2]. - The industry must align closely with national strategies and integrate deeply into the financial innovation of the Greater Bay Area [4]. Group 2: Financial Policy and Innovation - A preliminary financial policy matrix for the Greater Bay Area has been established, with significant reforms and pilot programs set to enhance cross-border financial services [4][5]. - Innovations in cross-border financial connectivity, such as currency bridge settlement and cross-border vehicle insurance, have made significant progress [5]. Group 3: Supporting the Real Economy - The insurance sector needs to accurately meet the demands of the modern industrial system, particularly in critical areas like high-end chips and industrial software [5]. - Customized insurance solutions are being developed to help technology companies mitigate risks associated with rapid technological changes [5]. Group 4: Green Transformation - The insurance industry is focusing on supporting green projects through long-term capital tools and integrating extreme weather risks into coverage [6]. - Insurance funds in Guangdong have reached 37 trillion yuan, with potential for greater impact in green infrastructure [6]. Group 5: Social Security and Risk Management - The industry must address challenges posed by an aging population and new employment models, leveraging digital tools to reduce operational costs [6]. - A proactive regulatory framework is needed to enhance risk identification capabilities, utilizing technology to build disaster databases and improve risk models [6][7]. Group 6: Strategic Opportunities - The insurance sector is encouraged to seize opportunities presented by the "15th Five-Year Plan," positioning itself as a protector of safe development across various sectors [7].