上证报中国证券网讯（记者 胡嘉树）12月16日，2025上证多层次资本市场高质量发展大会暨上证鹰·金融资、金阳光、诚信托颁奖仪式在江苏南通举行。本 次大会以"壮大耐心资本 培育未来产业"为主题。在大会《掘金"十五五"投资与并购机遇》主题圆桌对话环节，源星资本创始人、董事长卓福民就"十五五"期 间的投资布局分享了其观点。他认为，生物医药与生物制造领域正迎来历史性机遇，是中国产业实现跨越式发展的关键赛道。 卓福民深耕投资行业二十余 年，曾主导早期对中芯国际的重大投资。他在对话中表示，深度研读国家战略规划是把握方向的重要前提。"'十五五'规划建议关于未来产业的论述非常清 晰，指向的都是国家全力推动的战略性核心产业。"他说。 谈及当前市场热点，卓福民坦言存在结构性差异。"人工智能等领域目前热度很高，但生物医药 这个赛道'不挤'，也'不太卷'，而且相对缺乏资金。"他认为，与一些备受追捧的领域相比，生物医药板块目前"没有泡沫"，正是进行战略性布局的窗口期。 卓福民表示，生物医药领域未来有可能诞生具有重大影响力的创新企业，"产生千亿级别的投资价值"。 在回应关于"耐心资本"的提问时，这位投资老兵分 享了他的实践心得。"我的 ...

Core Insights - The establishment of the Academic Committee of the China Capital Market Society marks a significant advancement in the theoretical research and intellectual support for the high-quality development of the capital market [1][3][11] Group 1: Formation and Structure - The Academic Committee consists of 29 authoritative experts from various fields related to capital market research, with a clear structure including one chairperson and four vice-chairpersons, serving a term of four years [2][4] - The committee is designed to enhance academic research, promote exchanges, encourage innovation, and uphold academic ethics, functioning as both a think tank and a policy advisory body [2][3] Group 2: Objectives and Focus Areas - The committee aims to develop a theoretical framework that aligns with market principles and China's realities, focusing on key issues such as market inclusivity, pricing efficiency, financial technology, and legal construction [3][8] - The committee's mission includes producing high-quality research outcomes that are closely integrated with practical applications in capital market reforms and developments [3][11] Group 3: Expert Composition and Diversity - The committee's composition reflects a blend of authority, professionalism, and diversity, featuring experts from government research institutions, universities, international investment banks, and market practitioners [4][5][6] - This diverse background allows the committee to examine capital market issues from multiple perspectives, ensuring a comprehensive approach to research [5][6] Group 4: Strategic Recommendations for Development - During the meeting, experts provided forward-looking suggestions for the "14th Five-Year Plan" of the capital market, emphasizing the need for improved inclusivity in listing and trading systems, and the attraction of high-quality enterprises from new productive sectors [7][8] - Recommendations also included enhancing the supply of patient, long-term, and strategic capital, and strengthening investor protection and education [7][8] Group 5: Future Directions and Publications - The establishment of the Academic Committee and the upcoming launch of the official journal "Capital Market Research" signify a move towards a more systematic and professional theoretical support system for China's capital market [9][11] - This journal aims to connect academia, regulatory bodies, and practitioners, facilitating cutting-edge research on significant theoretical and policy issues in the capital market [10][11]

监管指标和监测指标方面，《办法》结合新会计准则和偿付能力规则调整，设立资产负债监管指标，明确指标阈 值。新增部分监测指标，设置差异化的预警区间，适时进行风险提示。例如，净投资收益覆盖率被纳入人身险公 司监管指标中。根据《办法》附件《人身保险公司资产负债管理监管指标和监测指标》规定，净投资收益覆盖率 是衡量保险公司投资收益中较为稳定的部分是否能够满足公司给予客户的保证利益要求，反映公司相对刚性的成 本收益匹配情况。这一指标等于保险公司"过去三年净投资收益"除以"过去三年负债保证成本"。 12月19日，金融监管总局就《保险公司资产负债管理办法（征求意见稿）》（下称《办法》）公开征求意见，为 期一个月。作为保险业新"国十条"的配套文件之一，《办法》设立有效久期缺口、综合投资收益覆盖率、净投资 收益覆盖率、沉淀资金覆盖率、压力情景下流动性覆盖率作为监管指标，推动强化改进资产负债管理架构、政策 和程序。 2018年以来，监管部门发布了《保险资产负债管理监管暂行办法》和财产保险公司资产负债管理能力评估规则等5 项监管规则，初步构建起符合国内保险业特征的资产负债管理和监管体系。《办法》进一步明确了资产负债管理 目标和管理原 ...

（原标题：科技浪潮与资本远见交汇，2025资本市场香港论坛成功举办） 【导读】科技浪潮与资本远见交汇：资本市场香港论坛共探2026投资新图景 中国基金报记者 纪瑶 吴娟娟 12月19日，一场汇聚前沿智慧与资本远见的2025资本市场香港论坛在香港成功举办。论坛主题为"科技 与资管赋能高质量发展"，吸引了约150位来自资产管理、金融科技等领域的决策者与专家，共同探讨驱 动行业未来增长的新动能，共同剖析人工智能（AI）驱动的产业革命，把脉全球视野下的中国资产配 置新机遇。 AI赋能：从医药研发到资产管理全链条革新 论坛开场便讨论科技与产业融合的核心。西湖大学讲席教授、药物牧场创始人许田在主题演讲中深刻阐 述了"AI+医药"对产业与社会的深远影响。他指出，生成式AI作为底层技术引擎，正从药物靶点发现、 临床试验设计到精准医疗等环节全方位重塑医疗产业链。 AI的变革力量同样席卷资产管理行业。黄炜卓先生作为香港投资推广署创新及科技、生命与健康科学 总裁，主持了题为"人工智能赋能资产管理行业"的圆桌讨论，来自安永、慧博集团、前路有光及元聚变 的专家们展开了深度对话。他们认为，AI已渗透到资管业务的每个层面。在量化投资领域， ...

Core Viewpoint - The private equity fund industry in China has reached a record high of 22.09 trillion yuan by the end of November, driven by various factors including policy support and market recovery [1][2]. Group 1: Growth of Private Equity Funds - The overall scale of private equity funds has shown a growth trend, increasing from 19.91 trillion yuan at the beginning of the year to 22.09 trillion yuan by the end of November, marking an increase of over 2 trillion yuan within the year [2]. - As of the end of November, there were 138,100 active private equity funds, with a slight increase of 150 funds compared to the end of October [2]. - In November, 1,689 new private equity funds were registered, with a total new registration scale of 71.342 billion yuan [2]. Group 2: Factors Driving Growth - Multiple factors are driving the growth of private equity funds, including the effectiveness of policies favoring compliant and leading private equity institutions, the recovery of the A-share market boosting investor confidence, and various incremental policies supporting long-term capital [2][3]. - There is a growing demand from residents for equity asset allocation, alongside policy guidance encouraging long-term capital investment and increased interest from overseas funds in quality Chinese assets [3]. Group 3: Positive Signals in the Industry - The private equity and venture capital market has shown a notable recovery, with 4,871 new funds established from January to November, a year-on-year increase of 16.73% [4]. - The total fundraising scale for the same period reached 2.29 trillion yuan, reflecting an 8.09% year-on-year growth [4]. - The number of investment cases increased to 10,007, with an investment scale of 11,930.23 billion yuan, representing year-on-year increases of 30.33% and 31.54%, respectively [4]. Group 4: Future Outlook - The competition logic in the private equity fund industry is expected to fundamentally change, with compliance capability and technological application becoming key competitive advantages for institutions [4]. - The trend of residents shifting asset allocation towards equity assets is anticipated to continue, providing sustained growth momentum for the industry [4].

Group 1 - The market appears to be experiencing a broad rally, but underlying dynamics suggest a shift towards consumer sectors rather than technology, with commercial aerospace influencing consumer trends [1][5] - Despite the overall positive sentiment, trading volumes have not increased significantly, indicating that technology stocks may be underperforming, contributing to the stagnation of the Shanghai Composite Index [1][3] - The current market environment is characterized by a tight liquidity situation, particularly in late December, suggesting that most sectors may remain in a sideways trend with fluctuations between gains and losses [1][3] Group 2 - The main driving force behind market stability seems to be quantitative funds, which are maintaining a narrow trading range despite ongoing selling pressure [3][5] - Recent market movements indicate a potential shift in focus from technology to consumer sectors, with significant participation from new stocks rather than established leaders [5][7] - The number of stocks experiencing consecutive declines has decreased significantly, suggesting a potential market recovery and a shift towards a more favorable trading environment [7]

助力科技创新，拥抱新质生产力 党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以 下简称《建议》），为国家发展明确了方向，也对金融如何服务实体经济、资本市场如何助推发展提出 了更深的要求。 作为资本市场的专业机构投资者，中国公募基金行业管理规模已超过34万亿元。兴证全球基金董事长庄 园芳认为，公募的使命不仅是规模的壮大，更是要扎根金融强国战略，为实体经济注入活水，也为亿万 家庭守护好每一份财富。 编者按： 三十余载砥砺前行，中国资管行业从初步探索到如今跻身全球前列，与经济的蓬勃发展和制度的日趋完 善密不可分。在此期间，公募与私募协同发展的多元生态为资本市场的鼎新革故注入了核心动力，二者 的发展始终与国家改革同频共振，与经济发展浪潮同向而行，与产业升级齐头并进。 站在"十五五"开启的历史节点，二十届四中全会明确的"高质量发展取得显著成效、科技自立自强水平 大幅提高"等目标，为资本市场赋予了更重使命。中国证券投资基金业协会与证券时报·券商中国携手推 出本次联名报道，特别邀请多家国内头部公私募基金高管，从制度创新、市场演进、投资实践等多维度 建言献策。 做双向开放的"连接者" ...

编者按： 三十余载砥砺前行，中国资管行业从初步探索到如今跻身全球前列，与经济的蓬勃发展和制度的日趋完善 密不可分。在此期间，公募与私募协同发展的多元生态为资本市场的鼎新革故注入了核心动力，二者的发 展始终与国家改革同频共振，与经济发展浪潮同向而行，与产业升级齐头并进。 站在"十五五"开启的历史节点，二十届四中全会明确的"高质量发展取得显著成效、科技自立自强水平大幅 提高"等目标，为资本市场赋予了更重使命。中国证券投资基金业协会与证券时报·券商中国携手推出本次 联名报道，特别邀请多家国内头部公私募基金高管，从制度创新、市场演进、投资实践等多维度建言献 策。 助力科技创新，拥抱新质生产力 党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称 《建议》），为国家发展明确了方向，也对金融如何服务实体经济、资本市场如何助推发展提出了更深的要 求。 作为资本市场的专业机构投资者，中国公募基金行业管理规模已超过34万亿元。兴证全球基金董事长庄园芳认 为，公募的使命不仅是规模的壮大，更是要扎根金融强国战略，为实体经济注入活水，也为亿万家庭守护好每 一份财富。 庄园芳表示，《建议》将 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The financial indices for banks, securities, and insurance showed varied performance, with banks declining by 0.93%, securities increasing by 3.47%, and insurance rising by 15.61% as of December 18, 2025 [9] - The report highlights a trend of increasing social financing, with corporate bonds contributing significantly, while demand for loans from both residents and enterprises remains weak [43] - Regulatory changes in the insurance sector aim to encourage long-term investments and improve the competitive landscape for leading insurance companies [47] Summary by Sections Market Review - As of December 18, 2025, the banking index decreased by 0.93%, while the securities and insurance indices increased by 3.47% and 15.61%, respectively [9] - Xiamen Bank, Zhongyin Securities, and China Ping An were noted for their strong performance, with increases of 5.49%, 12.39%, and 16.99% [9] Valuation Situation - The banking sector's price-to-book (PB) ratio stands at 0.77, with state-owned banks at 0.83, joint-stock banks at 0.62, city commercial banks at 0.73, and rural commercial banks at 0.65 [20] - The securities sector's PB ratio is at 1.48, indicating potential for valuation recovery [22] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50%, respectively [27] - The average daily trading volume in A-shares was 17,440.20 billion, reflecting a decrease of 9.91% [33] Industry News - The Ministry of Industry and Information Technology and the People's Bank of China issued a notice to support green finance for green factory construction [38] - The China Securities Regulatory Commission emphasized differentiated development paths for securities firms, encouraging mergers and resource integration for leading firms [45] Company Announcements - China Life reported total premiums exceeding 700 billion as of November 30, 2025 [41] - New China Life announced a 16% year-on-year increase in original premium income as of November 30, 2025 [41] Weekly Insights - The banking sector is advised to focus on regional banks with strong performance and stable earnings, such as Ningbo Bank and Chengdu Bank [44] - The securities sector should consider firms with restructuring potential and strong operational capabilities, including Zheshang Securities and CITIC Securities [46] - The insurance sector is encouraged to invest in companies with strong growth in new business value, such as China Pacific Insurance and Ping An [47]

Core Viewpoint - The establishment of the Academic Committee of the China Capital Market Society marks a significant advancement in the theoretical research and intellectual support for the high-quality development of China's capital market, with 29 authoritative experts forming a "super think tank" [1][3][14]. Group 1: Establishment and Purpose - The Academic Committee was officially established on December 18, 2023, and is composed of 29 experts from various fields related to capital market research [3][15]. - The committee aims to enhance academic research, promote academic exchange, encourage innovation, and uphold academic ethics, serving as a think tank for theoretical research and a consultant for policy-making [3][15][18]. - The committee's formation is seen as a crucial step in transitioning capital market theory from fragmentation to a more systematic and professional approach [1][14]. Group 2: Leadership and Structure - Li Yang, a prominent figure in financial theory and policy research, has been appointed as the chair of the Academic Committee, with four vice chairs from academic institutions, highlighting the committee's academic independence [18][19]. - The committee's members come from diverse backgrounds, including government research institutions, universities, international investment banks, and market practitioners, ensuring a rich blend of theoretical and practical insights [19][20]. Group 3: Focus on the 14th and 15th Five-Year Plans - During the meeting, experts discussed the "14th Five-Year Plan" and provided constructive suggestions for the "15th Five-Year Plan," emphasizing the importance of enhancing the capital market's quality and functionality [21][22]. - Key recommendations included improving the inclusiveness and adaptability of listing and trading systems, expanding patient and long-term capital supply, and strengthening investor protection [21][22]. Group 4: Future Developments - The China Capital Market Society plans to launch an official academic journal titled "Capital Market Research," which will serve as a platform for cutting-edge research on significant theoretical and policy issues in the capital market [24]. - The establishment of the Academic Committee and the journal signifies a move towards a more systematic, professional, and international approach to capital market theory, enhancing China's influence in global financial governance [24].