文/中国建设银行研究院市场研究团队负责人 许璐微 ， 中国建设银行博士后科 研工作站博士后 徐蕾 在"统一的资本市场"战略背景下，本文分析券商业整合内在逻辑，研究券 商业整合的国际经验与中国实践，并在此基础上提出推动券商业高质量整 合的建议，认为可以从监管层面和金融机构层面着手。 国家发展改革委于2025年1月7日印发《全国统一大市场建设指引（试行）》，明确提出要加快发展统一 的资本市场。从发达市场经验看，美欧在统一的资本市场发展过程中，采取了推动龙头机构培育、统一 金融基础设施、整合交易平台与清算体系、促进产品与服务标准化、加强跨区域监管协同等措施。其 中，航母级券商的培育是"统一的资本市场"形成发展的必要条件。作为资本市场的中介机构，券商在推 动资本要素跨区域流动、打破信息不对称与定价扭曲、推动制度统一与市场整合、加强市场风险识别与 缓释等方面扮演着核心角色。 纵观美欧等成熟市场发展史，统一的资本市场在发展进程中始终伴随着金融行业格局的演变，推动机构 业态向效率化、集中化、国际化方向演进。美欧券商巨头依靠不断并购重组培育一流投行和资管机构， 通过多元化并购，券商机构能够有效补齐业务短板、扩大业务规模、提高 ...

Group 1 - The forum titled "Gathering Ecological Power, Empowering Capital New Journey" was successfully held in Hangzhou, Zhejiang, focusing on the ongoing reforms in the capital market and IPO-related systems [1][3] - The event aimed to create an efficient dialogue platform for various parties involved in IPOs, facilitating quality enterprises in the Yangtze River Delta and nationwide to connect with the capital market [3][19] - The introduction of the new "National Nine Articles" in 2024 is expected to fundamentally reshape the IPO ecosystem, impacting compliance requirements, listing standards, and industry positioning [5][19] Group 2 - The current audit process emphasizes "strict scrutiny and quality first," with a focus on financial authenticity, legal compliance of issuing entities, and project design for fundraising [7][9] - Tax compliance has become a core prerequisite for IPO reviews, necessitating strategic design for tax burden optimization and risk prevention [11] - The forum gathered experts from various sectors, including exchanges, securities firms, accounting firms, law firms, and evaluation agencies, to discuss multi-level capital market construction and digital transformation [19]

Core Viewpoint - The article emphasizes the importance of capital markets in supporting technological innovation and highlights the existing gaps between capital supply and innovation demand, which need to be addressed for a thriving innovation ecosystem [1] Group 1: Current State of Technological Innovation - Global technological innovation is currently in a period of intense activity, with China advancing its innovation-driven development strategy and modern industrial system [1] - Technological innovation is transitioning from isolated breakthroughs to systematic integration, and from technological breakthroughs to market applications [1] Group 2: Role of Capital Markets - Capital markets are crucial for providing the necessary long-term capital to support technological innovation, which is essential for the growth of the innovation ecosystem [1] - There are existing issues such as mismatches in capital supply and innovation demand, as well as service gaps that hinder the effectiveness of capital markets in supporting innovation [1] Group 3: Challenges in Capital Formation - The current capital formation mechanisms are not fully aligned with the needs of innovation, leading to short-term funding and low risk tolerance in financial supply [1] - The article suggests that capital markets should leverage their unique risk-sharing mechanisms to support the entire chain from venture capital to public financing, thereby facilitating the transition of technological achievements from laboratories to production lines [1]

Group 1: Forum Overview - The 2025 Lujiazui Forum was held in Shanghai from June 18 to 19, focusing on "Financial Openness and Cooperation in the Global Economic Landscape" [1] - The forum featured 8 plenary sessions and 3 special events, with over 70 domestic and international guests from more than 10 countries and regions [1] Group 2: Policy Announcements - During the forum, multiple high-level foreign opening measures and policies were announced, demonstrating a commitment to deepening reforms and serving the real economy [2] - The People's Bank of China will implement eight policy measures in Shanghai, including establishing a trading report database and a digital RMB international operation center [2] Group 3: Capital Market Reforms - The China Securities Regulatory Commission will continue to leverage the Sci-Tech Innovation Board as a "testing ground" for further capital market reforms [3] - The CSRC plans to introduce a "1+6" policy framework to enhance support for high-quality technology enterprises, including the reintroduction of listing standards for unprofitable companies [3] Group 4: Foreign Trade and Investment - New measures were announced to support foreign trade enterprises and facilitate cross-border investment and financing [4] - As of May 31, the Qualified Domestic Institutional Investor (QDII) program had approved a total quota of $167.79 billion, with 189 institutions receiving approval [4] Group 5: Open Cooperation - Open cooperation was a key topic, with the signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" to enhance mutual development [5] - The total investment by Oak Tree Capital in Greater China has exceeded 47 billion RMB, highlighting the role of foreign investment in China's economic openness [5] Group 6: Foreign Financial Institutions - Foreign banks and insurance companies in China have total assets exceeding 7 trillion RMB, with foreign insurance market share increasing from 4% in 2013 to 9% currently [6] - The Financial Supervisory Authority aims to steadily expand institutional financial openness and improve the business environment for foreign entities [6] Group 7: International Financial Governance - The forum emphasized the importance of participating in international financial rule-making and enhancing cross-border regulatory cooperation [7] - The focus is on maintaining global financial stability through coordinated regulatory efforts [7] Group 8: Currency and Payment System Reform - The forum highlighted the push for international currency and payment system reforms, with the RMB becoming the second-largest trade financing currency globally [8] - The cross-border payment system is evolving towards diversification, with an increasing number of countries using local currencies for settlements [8]

在2025陆家嘴论坛上，中国证监会主席吴清表示，充分发挥多层次资本市场枢纽功能，推动科技创新和 产业创新融合发展。这释放出一个鲜明信号：进一步深化资本市场改革，以更好支持科技创新和新质生 产力发展为核心，突出发挥资本市场枢纽功能，助力科技创新和产业创新深度融合。 资本市场通过对关键要素和资产的合理定价，能够激发企业家精神和人才创新创造活力，进而带动人 才、技术、数据等生产要素有机融合与协同集聚，更好服务传统产业升级、新兴产业壮大和未来产业培 育。从国内外实践经验看，无论是大而强的科技巨头，还是小而美的科创新秀，都离不开资本市场的有 力支持。创新始于科技、兴于产业、成于资本的特点越来越明显。 当前，全球科技创新进入密集活跃期。我国在深入实施创新驱动发展战略、加快构建现代化产业体系的 引领下，科技创新正在从点状突破向系统集成加快推进，技术突破向市场应用加快转化，恰似一株株幼 苗向森林生长。而资本市场能否成为适配的灌溉水源，直接关系创新生态的繁茂程度。 客观来看，目前资本供给与科创需求间仍存在周期错配、服务断层等堵点。科技创新需要长期资本"助 跑"，但当前适应创新规律的资本形成机制还不完善，金融供给存在资金短期化、 ...

香港交易及结算所有限公司20日于香港金融大会堂举办25周年庆祝活动。香港特区行政长官李家超在视 频致辞中对香港交易所成立25周年表示祝贺。他说，香港交易所作为香港金融行业的心脏，在过去的四 分之一个世纪里推动了香港的发展繁荣。同时，港交所也强化了香港的"超级联系人"和"超级增值人"角 色，多措并举不断加深内地与香港资本市场的互联互通。他表示，面对当前全球形势带来的挑战，特区 政府将与香港交易所及监管机构通力合作，全力提升市场流动性。(新华社) ...

Group 1 - The China Securities Regulatory Commission (CSRC) is seeking public opinions on the revised draft of the "Securities Company Classification Evaluation Regulations" to optimize the classification evaluation system for securities companies [2] - The Ministry of Commerce reported that from January to May 2025, the number of newly established foreign-invested enterprises reached 24,018, a year-on-year increase of 10.4%, while the actual use of foreign capital amounted to 358.19 billion yuan, a year-on-year decrease of 13.2% [7] - The People's Bank of China and the Hong Kong Monetary Authority launched the "Cross-Border Payment Link," which will enhance cross-border payment efficiency and service levels between the mainland and Hong Kong, set to go live on June 22, 2025 [4] Group 2 - The Ministry of Finance reported that from January to May 2025, the national fiscal revenue totaled 966.23 billion yuan, a decrease of 0.3%, with tax revenue at 791.56 billion yuan, down 1.6% [6] - The National Medical Products Administration approved measures to support the innovation and development of high-end medical devices, including optimizing special approval procedures and enhancing post-market supervision [10] - The CSRC announced that starting from October 9, qualified foreign institutional investors will be allowed to trade a total of 100 futures and options products, including all 9 ETF options listed on the Shanghai and Shenzhen stock exchanges [5]

Group 1 - The core objective of the training program is to enhance the ability of officials and entrepreneurs in Tibet to utilize capital markets, supporting the implementation of the "Galsang Flower Action" initiative [1][2] - The training covered 12 themes, including the new "National Nine Articles," IPO preparation, legal and financial audits for listings, and investment from insurance and funds [1] - Over 90 participants attended the training, including financial officials from various cities in Tibet, responsible personnel from state-owned enterprises, and representatives from intermediary organizations [1] Group 2 - The development of a high-quality capital market is seen as a strategic support for the economic and social development of Tibet, with a focus on creating a competitive multi-tiered capital market known as the "Tibet Board" [2] - The "Galsang Flower Action" is positioned as a key initiative to drive high-quality development, aiming to cultivate strong, sustainable, and resilient listed companies and leading enterprises [2] - The emphasis is on attracting and nurturing a "key few" enterprises to enhance the flow of capital into the region, thereby boosting local industries and fostering economic growth [2] Group 3 - The process of a company going public is likened to a transformative journey, providing benefits such as broader financing channels, reduced costs, and access to stable capital [3] - Participants expressed that the training provided valuable theoretical knowledge, practical experience, and insights into the methods and strategies for listing, along with case studies of successful financing [3] - The training aimed to empower participants to convert their learning into confidence and motivation for advancing their companies' listing and financing efforts [3]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 杀鱼者 来源：雪球 资产定价系统分国内和海外 ， 国内以人民币定价 ， 海外以美元定价 ， 所有国家国债是该国金 融债券中信用等级最高的 ， 国债信用是背书该国国家信用的担保。 同一时期 ， 发行的债券 ， 利率差异很大 ， 国债 ， 央企债 ， 地方政府债 ， 民企债......等 ， 利率也是从国债最低→央企债→民企债→拉级债最高的趋势 ， 利率差异的原因是信用溢价 ， 国 债利率最低是包含国家信用溢价 ， 全球都是这样的。 中国经济四十年的高速发展令世人惊叹不已 ！ 全球高科技公司和美国对比只有中国 ， 经济的上 层是政治 ， 西方一面赞叹中国的发展速度 ， 一面又一直否认中国的政治体制 ， 在二级市场 ， 金融精英们用极度的双重标准去定价资本市场 ， 上市民企估值对标美国同类公司 ， 绝大多数国 内上市民企估值高于美国同类公司 ， 对上市的国企 ， 央企用极度悲观估值去定价 ， 认为国企 经营活动是非市场化。 中国经济四十年高速发展是在中国特色体制下实现 ， 包括民营经济 ， 原刚上定价估值体系是一 样的 ， ...

Core Insights - The ongoing weakening of real estate investment attributes is leading to significant changes in residents' wealth allocation [1] - By the end of 2024, China's personal investable asset scale is expected to exceed 300 trillion yuan, with an accelerated increase in the proportion allocated to capital market products [1] - From 2018 to 2024, the annual growth rate of capital market product allocation is 18%, significantly higher than the overall growth rate of personal investable assets at 9% [1] - The long-term preservation and appreciation of residents' wealth rely on the high-quality development of the public offering industry [1]