作为我国金融体系的主力军，银行业始终坚持服务实体经济的根本宗旨，深刻践行金融工作的政治 性、人民性，以金融"五篇大文章"为核心抓手，统筹推进金融与产业、消费等融合发展，积极构建"金 融支持产业升级—优化产品供给—稳定劳动就业—增加居民收入—激发消费潜能—消费促进产业"的良 性循环，为基本实现社会主义现代化提供坚实有力的金融支撑。 金融是国民经济的血脉，是国家核心竞争力的重要组成部分，要为经济社会发展提供高质量服务。 《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》）系统阐述 了"十五五"时期经济社会发展的总体要求、指导方针和主要目标，并对加快建设金融强国作出一系列重 要部署。这是"金融强国"首次写入五年规划建议。 展望"十五五"时期，结合《建议》要求，银行业应积极通过信贷结构优化、产品服务创新、体制机 制完善等方式，精准对接产业升级、科技创新、绿色低碳、乡村振兴、扩大内需等重点领域需求。 更加精准地对接重点领域信贷需求，需要银行业构建全链条产业金融服务体系，精准支持产业升 级。 《建议》将"建设现代化产业体系，巩固壮大实体经济根基"置于战略任务首位，提出"坚持智能 化、绿色化、融 ...

Core Viewpoint - The article emphasizes the importance of cultural construction in the securities industry as a key driver for high-quality development, aligning with the strategic goals set forth in the "14th Five-Year Plan" and the recent Fourth Plenary Session of the 20th Central Committee of the Communist Party of China [1][2]. Group 1: Cultural Construction in Securities Industry - The "Ten Elements of Securities Industry Cultural Construction" aims to create a standardized, transparent, open, and resilient capital market, enhancing the industry's soft power and core competitiveness [2]. - Guosen Securities recognizes the foundational role of cultural construction, integrating party leadership into its cultural framework and establishing a "1+3+6" work system to guide its cultural initiatives [3][4]. Group 2: Implementation of Cultural Values - Guosen Securities has developed a unique "six cultures" brand, focusing on responsibility, collaboration, professionalism, integrity, compliance, and innovation, to enhance its cultural soft power [4][6]. - The company has implemented a comprehensive cultural construction plan that includes embedding compliance and integrity into employee evaluations and promoting a culture of accountability [5][9]. Group 3: Social Responsibility and Economic Contribution - Guosen Securities has actively contributed to national strategies by providing comprehensive financial services to innovative enterprises, completing 86 IPO projects on the Growth Enterprise Market, and issuing 431 billion yuan in green bonds [7]. - The company has established a "7+1+1" public welfare model, covering various forms of assistance across 31 provinces, demonstrating its commitment to social responsibility [7]. Group 4: Business Development and Financial Performance - The company aims to build a world-class investment bank, achieving a total profit of 457.48 billion yuan and a net profit of 399.83 billion yuan by the third quarter of 2025, with total assets reaching 5,610.87 billion yuan [11][12]. - Guosen Securities has completed the acquisition of Wanhe Securities to enhance its market position and leverage cross-border financial services, aligning with the development of the Guangdong-Hong Kong-Macao Greater Bay Area [12].

Core Viewpoint - The "15th Five-Year Plan" marks a critical period for China to achieve socialist modernization and accelerate the construction of a financial powerhouse, with "financial powerhouse" being included in the five-year planning for the first time [2][3]. Group 1: Financial Development Goals - The proposal emphasizes the need for financial services to provide higher quality support for economic and social development, enhancing global competitiveness and influence in the financial sector [3]. - Key tasks and directions for building a financial powerhouse over the next five years include improving the central bank system, developing various types of finance (technology, green, inclusive, pension, digital), and optimizing the financial institution system [3]. Group 2: Current Financial Landscape - China has established itself as a major global financial player, with the largest banking system, the second-largest insurance, stock, and bond markets, and the world's largest foreign exchange reserves [2]. - Despite significant progress, challenges remain, such as an unbalanced financial structure, inadequate infrastructure, and an immature market mechanism, indicating that the financial system is still in a "large but not strong" phase [2][3]. Group 3: Future Financial Strategy - The planning suggests a clear roadmap for financial reform and development, focusing on risk prevention, strong regulation, and promoting high-quality development to support the construction of a modern socialist country [3].

Core Viewpoint - The construction of a financial system that adapts to the development of future industries is a complex system engineering task, requiring a balance between effective markets and proactive government intervention, while breaking path dependence and institutional barriers [1][22]. Group 1: Future Industry Characteristics - Future industries are characterized by the deep integration of technological and industrial innovation, representing a shift towards disruptive innovation driven by cutting-edge technologies [4]. - These industries face fundamental differences in financing needs compared to traditional industries, primarily due to their inherent uncertainty and the lack of established market applications [4][3]. - The rise of future industries necessitates a profound structural reform of the financial supply side to create a modern financial ecosystem that effectively accommodates their unique risk-return characteristics [3][4]. Group 2: Financial System Requirements - The financial system must develop mechanisms for prudent management of uncertainty, flexible operational mechanisms, inclusive development mechanisms, and transparent regulatory mechanisms to adapt to the uncertainties of future industries [4]. - There is a need for a financial infrastructure that can price and manage innovation-related uncertainties, utilizing financial technology for real-time risk monitoring and developing diversified investment tools [9][10]. Group 3: Capital Market Development - The capital market must evolve to support a modern industrial system, focusing on maintaining a reasonable proportion of manufacturing and enhancing the service capabilities of various market segments [5][7]. - A multi-layered capital market system should be established to enhance the service capabilities for specialized small and medium enterprises, particularly those with high intangible asset ratios [7][12]. Group 4: Investment and Financing Coordination - A seamless and complementary financing ecosystem is required to support the growth trajectory of future industries, necessitating a diverse "toolbox" of financing options tailored to different stages of enterprise development [12]. - The financial system should transition from a focus on collateral-based lending to a value discovery approach, emphasizing the importance of intangible assets and future growth potential [6][13]. Group 5: Innovation in Financial Products - Financial products must be innovated to align with the characteristics of future industries, including the development of green finance, digital finance, and inclusive finance to support various sectors of the economy [17][20]. - The establishment of a comprehensive financial service standard system is essential to support the growth of future industries and ensure that financial resources are effectively allocated [18][19]. Group 6: Regulatory Framework - A modern regulatory framework is necessary to ensure that financial resources are effectively directed towards innovation while managing risks, requiring a shift towards functional and penetrating regulation [21]. - The financial system must be equipped to handle systemic risks while promoting a culture of investment in innovative sectors, ensuring that financial resources are available for long-term projects [21].

21世纪经济报道记者张欣 "一项新技术从实验室走向市场，如同一场周期长、投入大、风险高的'长征路'，每个环节都离不开金融'活水'的精准滴灌。"陈 晨星称。她强调，党的二十届四中全会为经济金融工作指明方向，加快建设金融强国，关键就在于构建适配科技创新的金融服 务体系，让金融资源高效流向创新最前沿，这既是国家战略要求，也是金融业高质量发展的必然选择。 以下为发言全文—— 11月22日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21世纪金融年 会"在北京盛大召开。 "为高水平科技自立自强构建适配的体制机制，打造覆盖科技创新全生命周期、全产业链条的金融服务体系，让金融资源高效流 向创新最前沿。"在"主题论坛一：金融助力高水平科技自立自强"上，南方财经全媒体集团编委、21世纪经济报道执行总编辑陈 晨星如是表示。 在会上，她回顾了21世纪金融年会二十年发展历程，结合国家战略阐述了金融助力科技自立自强的重要意义，剖析当前科技金 融发展痛点，并介绍了南方财经全媒体集团的转型实践与成效，期待以此次论坛为契机，汇聚行业智慧，共同打造覆盖科技创 新全生命周期的金融服务体系，为科技自立 ...

"顺利实现'十五五'各项重点战略任务，金融要为经济社会发展提供更高质量的服务，金融业的全 球竞争力和话语权要进一步提升，必须锚定金融强国建设目标，扎实做好各项工作，推动金融由大到强 的跃升。"田轩说。 完善中央银行制度；大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融；提高资本市 场制度包容性、适应性；积极发展股权、债券等直接融资；优化金融机构体系；全面加强金融监管…… 规划建议明确了未来五年金融强国建设的重点任务和方向。 "一系列安排部署紧扣金融强国建设的关键核心要素，涉及中央银行制度、资金供给、融资结构、 金融基础设施、金融监管等主要方面，充分体现了当前和今后一段时期我国内外部形势变化的新要求， 金融领域改革发展路线图更加清晰。"工银国际首席经济学家程实表示，未来5年，金融业要紧紧围绕服 务中国式现代化建设，扎实做好防风险、强监管、促高质量发展各项工作，推动金融强国建设在"十五 五"时期取得新成就，为社会主义现代化强国建设提供有力支撑。 新华社北京11月22日电 （记者 李延霞）《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》提出，加快建设金融强国，并作出一系列重要部署。这是"金融强 ...

"顺利实现'十五五'各项重点战略任务，金融要为经济社会发展提供更高质量的服务，金融业的全球竞 争力和话语权要进一步提升，必须锚定金融强国建设目标，扎实做好各项工作，推动金融由大到强的跃 升。"田轩说。 完善中央银行制度；大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融；提高资本市场制 度包容性、适应性；积极发展股权、债券等直接融资；优化金融机构体系；全面加强金融监管……规划 建议明确了未来五年金融强国建设的重点任务和方向。 "一系列安排部署紧扣金融强国建设的关键核心要素，涉及中央银行制度、资金供给、融资结构、金融 基础设施、金融监管等主要方面，充分体现了当前和今后一段时期我国内外部形势变化的新要求，金融 领域改革发展路线图更加清晰。"工银国际首席经济学家程实表示，未来5年，金融业要紧紧围绕服务中 国式现代化建设，扎实做好防风险、强监管、促高质量发展各项工作，推动金融强国建设在"十五五"时 期取得新成就，为社会主义现代化强国建设提供有力支撑。 （文章来源：新华社） 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。全球最大的银行体系，第二大保险、股票 和债券市场，外汇储备规模稳居世界第一……党的十八 ...

Core Viewpoint - The proposal for the 15th Five-Year Plan emphasizes the acceleration of building a financial powerhouse, marking the first time "financial powerhouse" has been included in a five-year planning proposal [1] Group 1: Financial Development and Strength - Finance is described as the lifeblood of the national economy and a crucial component of national competitiveness [1] - China has made significant strides in financial reform and development since the 18th National Congress, enhancing the comprehensive strength and international influence of its financial sector [1] - Despite being a major global financial player, China's financial system still faces challenges such as imbalanced structure, inadequate infrastructure, and immature market mechanisms, indicating a stage of being "large but not strong" [1] Group 2: Key Tasks and Directions for Financial Powerhouse Construction - The 15th Five-Year Plan outlines key tasks and directions for building a financial powerhouse, including improving the central bank system, developing various types of finance (technology, green, inclusive, pension, digital), and enhancing the inclusiveness and adaptability of capital market systems [2] - The plan emphasizes the need for direct financing through equity and bonds, optimizing the financial institution system, and strengthening financial regulation [2] - The arrangements reflect the new requirements arising from both domestic and international changes, providing a clearer roadmap for financial reform and development [2]

银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点，回归基本面的核心指标跟踪，在估值 相对合理区间寻找切入点。具体来看，养殖板块持续强调攻守兼备，但区别于25年以守为主基调，26年 更强调对未来潜在弹性的把握；宠物板块经历估值回归，等待业绩增速恢复，投资机会将再次来临。 华西证券：持续看好锂电多环节涨价 机构观点 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 凤凰网财经讯 11月21日，A股三大指数集体低开，沪指跌0.87%，深成指跌1.76%，创业板指跌2.07%。 存储芯片、锂矿、水产等板块指数跌幅居前。 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：锚定"十五五"提高资本市场制度包容性、适 ...

市场昨日震荡调整，创业板指跌超1%，沪深两市成交额1.71万亿，较上一个交易日缩量177亿。板块方 面，海南、银行等板块涨幅居前，美容护理、光伏设备、食品加工等板块跌幅居前。截至昨日收盘，沪 指跌0.4%，深成指跌0.76%，创业板指跌1.12%。 在今天的券商晨会上，银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点;华西证券表 示，持续看好锂电多环节涨价;中信建投提出，证券行业有望迎来新一轮上行周期。 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：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 ...