智通财经APP获悉，中信证券发布研究报告称，资本市场制度根基将持续完善，以更好服务"十五五"时 期推进金融强国建设的战略导向。近期金融监管总局调整保险股票投资风险因子、证监会明确券商行业 发展优化方向，正是政策协同发力的重要体现。围绕"十五五"金融强国战略，资本市场服务实体经济、 培育新质生产力的核心功能将持续强化。中长期资金入市、券商资本空间适度打开、差异化特色化发展 推进等系列举措将夯实市场制度根基，为金融强国建设注入强劲动力。 事件： 12月5日，金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》，保险公司投资相关 股票的风险因子获得适度调整。12月6日，证监会主席吴清在中国证券业协会大会上明确，券商行业 将"适度拓宽资本空间与杠杆上限"，并推动行业从"价格竞争"转向"价值竞争"，此外还强调头部机构整 合、中小券商特色化发展，分类监管将进一步优化。 资本市场制度根基将持续完善，以更好服务"十五五"时期推进金融强国建设的战略导向。近期金融监管 总局调整保险股票投资风险因子、证监会明确券商行业发展优化方向，正是政策协同发力的重要体现。 中信证券认为，"十五五"期间，证券行业格局有望深度重塑，10 ...

本文来自格隆汇专栏：中信证券研究 作者：杨帆 田良等 12月5日，金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》，保险公司投资相关 股票的风险因子获得适度调整。12月6日，证监会主席吴清在中国证券业协会大会上明确，券商行业 将"适度拓宽资本空间与杠杆上限"，并推动行业从"价格竞争"转向"价值竞争"，此外还强调头部机构整 合、中小券商特色化发展，分类监管将进一步优化。 ▍资本市场制度根基将持续完善，以更好服务"十五五"时期推进金融强国建设的战略导向。近期金融监 管总局调整保险股票投资风险因子、证监会明确券商行业发展优化方向，正是政策协同发力的重要体 现。 "十五五"时期是我国加快建设金融强国的关键阶段，资本市场作为金融体系的核心枢纽，其发展直接关 乎金融强国建设进程。结合吴清主席的发言内容，资本市场正锚定双重核心使命：一方面要深度对接实 体经济转型需求，聚焦新质生产力发展，通过优化资源配置为科技创新、产业升级注入金融活水；另一 方面要坚守以投资者为中心的导向，丰富金融产品供给，助力居民资产优化配置，让投资者共享经济发 展成果。而实现这一使命的关键抓手在于奋力打造一流投资银行和投资机构，既需要头部 ...

吴清表示,各证券公司要从价格竞争加快转向价值竞争。头部机构应增强资源整合能力,力争在"十五 五"时期形成若干家具有国际影响力的标杆机构；监管政策上,将鼓励强化分类监管。 吴清介绍,今年以来A股市场总体稳健活跃,总市值超过100万亿元。证券公司总资产14.5万亿元,净资产3.3 万亿元,四年多来增长分别超过60%和40%,助力近1200家科技创新企业上市。同时,外资机构境内业务加 快布局,已有11家外资独资或控股证券公司在华展业兴业。 吴清表示,"十五五"时期,证券行业将肩负四大使命,包括更好服务实体经济和新质生产力、助力居民资产 优化配置、支撑金融强国建设、推进高水平对外开放。 12月6日,在中国证券业协会第八次会员大会上,证监会主席吴清表示,证券行业将深化市场改革,聚焦高质 量发展主线,全面提升核心竞争力和市场引领力。 据央视 ...

（1）中国人民银行行长潘功胜在人民日报发表署名文章，文中提到，中央银行以维护币值稳定和金融稳定为双目标，货币政策 体系和宏观审慎管理体系是中央银行实施宏观管理的两项基础性工具，是实现双目标的双支柱。构建科学稳健的货币政策体系 和覆盖全面的宏观审慎管理体系，有利于把维护币值稳定和金融稳定更好结合起来，对于支撑金融强国建设具有重要的意义。 （2）国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通知。其中提出：保险公司持仓时间超过三年的沪深 300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确 定。 三、债市展望 债市的快速调整彰显出，配置型机构目前参与市场的力度较弱，超长债供需关系阶段性的失衡。同时万科事件、公募赎回新 规、临近年末等因素加大了交易性资金的波动，债市正处于易上难下的阶段，债市企稳仍需观察。虽然目前点位从利差角度 看，超长债有一定的博弈价值，但建议还是以快进快出为主，相比较下10年期以内参与交易的安全边际较高。未来可等待货币 宽松预期逐步升温，配置资金开始加大配置力度，再择机参与超长债期限的交易配置。 来源：市场投研资讯 ...

Core Viewpoint - The speech by Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), emphasizes the responsibility of the financial sector in national development and outlines a path for high-quality development in the securities industry, focusing on the concept of "functionality" as a key driver [3][4]. Group 1: Regulatory Policies - The CSRC will implement differentiated supervision, easing restrictions on capital and leverage for high-quality institutions while optimizing risk control indicators to enhance capital utilization efficiency [4]. - The approach includes supporting small and foreign brokerages through differentiated evaluation and business access, promoting specialized development [4][9]. Group 2: Industry Responsibilities - The securities industry is tasked with four major responsibilities during the 14th Five-Year Plan: serving the real economy, optimizing asset allocation for residents, contributing to the construction of a financial powerhouse, and promoting high-level institutional openness [5]. - Securities firms are encouraged to align their services with diverse investor needs, focusing on long-term and value investments [5]. Group 3: Market Fundamentals - Investor confidence and expectations have improved, with the A-share market showing resilience and risk management capabilities, achieving a total market value exceeding 100 trillion yuan [6]. - The total assets of 107 securities firms reached 14.5 trillion yuan, with net assets growing over 60% in four years [6]. Group 4: Mergers and Acquisitions - The industry has seen successful mergers, such as the merger of Guotai Junan and Haitong, which has begun to yield positive results [7]. - Leading firms are increasingly taking on a guiding role, while smaller firms are focusing on niche markets to differentiate themselves [7][8]. Group 5: Reputation Management - The industry must prioritize reputation management and cultural development, addressing past issues of misconduct among professionals [10]. - Firms are encouraged to integrate corporate culture and values into brand building and actively manage public perception through new media [10]. Group 6: Investor Protection - There is a strong emphasis on protecting investors' interests, with a focus on maintaining market order and promoting value investment principles [11]. - The industry is urged to develop a core evaluation system centered on investor returns and to transition from service-oriented to profit-sharing models [11]. Group 7: Internationalization and Cross-Border Finance - The industry should enhance its cross-border financial services and promote internationalization, particularly along the Belt and Road Initiative [12][13]. - Foreign firms are encouraged to leverage their parent company's strengths to integrate into the Chinese capital market [13]. Group 8: Compliance and Risk Management - The importance of compliance and risk management is highlighted, with a focus on preventing illegal arbitrage and maintaining trading order [14]. - Firms are urged to strengthen governance and risk management practices to mitigate potential risks in various business areas [14]. Group 9: Financial Technology Innovation - The industry is encouraged to embrace financial technology innovations while ensuring regulatory oversight to prevent risks from unregulated innovations [15]. - The CSRC will facilitate innovation pilot programs and enhance monitoring mechanisms for new financial activities [15]. Group 10: Risk Resilience - The industry is tasked with addressing risks in asset management and stock pledges, ensuring financial stability [16]. - Firms are encouraged to enhance their professional capabilities and improve their service offerings in IPOs and mergers [16].

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasizes the responsibility of the financial sector in national development, highlighting the importance of "functionality" as a key approach for the securities industry to fulfill its mission and support high-quality capital market development [3][4]. Group 1: Regulatory Policies - The CSRC will focus on differentiated regulation, providing appropriate "relaxation" for high-quality institutions, optimizing risk control indicators, and moderately opening up capital space and leverage limits to enhance capital utilization efficiency [5][11]. - The regulatory approach will vary for different types of institutions: high-quality institutions will receive support to expand their capabilities, while small and medium-sized firms will be guided to focus on niche markets to avoid homogenized competition [11][12]. Group 2: Industry Development - The A-share market has shown significant improvement in investor confidence and resilience, with a total market value exceeding 100 trillion yuan and a 26% increase in the number of investors to over 240 million [8]. - Mergers and acquisitions among leading securities firms have begun to yield positive results, with notable cases like the merger of Guotai Junan and Haitong Securities demonstrating the effectiveness of consolidation [9]. Group 3: Institutional Responsibilities - Securities firms are urged to enhance their core competencies and market leadership while focusing on risk management and compliance [7][10]. - Institutions must shift from price competition to value competition, leveraging their unique advantages to create a more efficient resource allocation within the industry [10]. Group 4: Investor Protection - There is a strong emphasis on binding the interests of securities firms with those of investors, promoting a core evaluation system centered on investor returns, and transitioning from "channel services" to "shared profits" in brokerage and advisory services [15][14]. Group 5: Internationalization and Compliance - The industry is encouraged to enhance its cross-border financial services capabilities and to adopt international best practices while ensuring compliance and risk management [16][17]. - Financial technology innovation is highlighted as a key area for development, with a focus on avoiding regulatory gaps that could lead to uncontrolled risks [18]. Group 6: Risk Management - The industry must prioritize risk management, particularly in high-risk areas such as asset management and stock pledges, to maintain financial stability [19]. - Institutions are called to strengthen their governance and compliance frameworks to prevent illegal arbitrage and maintain orderly trading [17]. Group 7: Role of Industry Associations - The role of the China Securities Association is emphasized, with a call for it to enhance its governance and member engagement to support the high-quality development of the securities industry [20].

在中国证券业协会第八次会员大会上，证监会主席吴清作了重磅发言，提到行业机构需立足自身资源禀赋，从价格竞争转向价值竞争。头部机构应增强资源 整合能力，力争形成若干家具有国际影响力的标杆机构；中小机构需聚焦细分领域、特色业务与重点区域，深耕细作打造 "小而美" 的精品服务商。 以下为证监会官网发布的吴清发言稿。 各位会员代表、各位来宾，同志们： 大家好！很高兴参加中国证券业协会第八次会员大会，我谨代表中国证监会，对大会的召开表示热烈祝贺，向与会的各位代表和全行业同仁致以诚挚的问 候！党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出了重要部署。证券机构是资本市场上连接投融资各方最重要 的桥梁纽带，对于市场功能发挥和生态完善至关重要。下面，我重点围绕推进证券行业高质量发展，同大家作个交流。 一、充分肯定近年来证券行业发展取得的成绩 第二，要在更好服务投资者、助力居民资产优化配置方面强化使命担当。当前我国居民资产中股票基金等资产合计占比约15%，大致相当于美国30年前水 平。伴随经济和人口结构转型，叠加利率中枢下移和国际金融格局变化，资产管理和财富管理服务的需求和潜力巨大。证券公司和行业 ...

一、充分肯定近年来证券行业发展取得的成绩 第七次会员大会召开的四年多来，恰逢"十四五"从开局到即将收官。这期间，面对世纪疫情严重冲击、地缘政治冲突延宕起 伏、国际经贸环境急剧变化等一系列突发性超预期风险挑战，在党中央、国务院坚强领导下，证监会深入贯彻落实习近平总书记 重要讲话和关于资本市场的重要指示批示精神，坚持稳中求进、以进促稳，会同市场参与各方，统筹推进资本市场防风险、强监 管、促高质量发展，系统重塑市场基础制度和监管逻辑；建设建强防波堤防浪堤，从政策、资金、预期对冲等方面打好稳市组合 拳，坚决维护市场平稳运行；着力推进科创板、创业板、北交所和新三板改革，不断完善多层次、广覆盖的股债期市场体系；推 动中长期资金入市实现重大突破，推动上市公司质量和投资价值提升，促进投融资协调发展；坚持监管"长牙带刺"、有棱有角， 扎牢织密投资者保护"安全网"，持续净化市场生态。在各方共同努力下，投资者信心和预期明显改善，市场韧性和抗风险能力明 显增强，今年以来A股市场总体稳健活跃，总市值超过100万亿元，实现了量的合理增长和质的有效提升。 各位会员代表、各位来宾，同志们： 大家好！很高兴参加中国证券业协会第八次会员大会，我 ...

三是在加快建设金融强国方面强化使命担当。强大的金融机构是金融强国的关键要素，对资本市场来 说，更需要有国际一流的投资银行。"证券行业每一家机构都要对标金融强国建设的目标，在核心竞争 力、市场引领力、投资能力等方面苦练内功。"吴清强调。 四是在促进高水平制度型开放方面强化使命担当。近年来，证券行业机构在帮助企业跨境融资、并购等 方面的作用日益显现，同时，中国资产已经成为也会长期构成全球化资产配置当中不可或缺的一部分。 吴清指出，无论是中国投资还是投资中国，都需要一批熟悉中国国情也精通国际规则、国际市场情况， 能够高效动员全球资源的专业服务机构。 （编辑：罗辑 审核：夏欣 校对：燕郁霞） 中经记者 孙汝祥 夏欣 北京报道 证监会主席吴清12月6日在中国证券业协会第八次会员大会上表示，证券行业作为直接融资的主要服务 商、资本市场的重要"看门人"、社会财富的专业管理者，发展空间广阔、大有可为，未来五年需要自觉 担负起四个方面的使命。 一是在服务实体经济和新质生产力发展方面强化使命担当。吴清指出，证券公司连接资本市场和实体企 业，拥有扎实完备的研究体系、专业化的价值评估和风险定价能力，具备得天独厚的优势，在发掘企业 的 ...

Core Viewpoint - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for securities institutions to enhance their cross-border financial services capabilities and steadily advance internationalization, particularly in the "Belt and Road" markets [1] Group 1 - Securities institutions are encouraged to strengthen domestic and international collaboration and introduce international best practices to facilitate cross-border resource matching [1] - A strong financial institution is identified as a core element of a financial power, requiring global capital allocation capabilities, asset pricing authority, top talent reserves, and leadership in international financial governance [1] - Industry institutions should benchmark against these goals to accelerate the enhancement of core competitiveness, thereby solidifying the industrial foundation for building a financial power [1]