12月10日至11日召开的中央经济工作会议总结2025年经济工作，分析当前经济形势，部署2026年经济工 作。国泰海通策略首席分析师方奕在接受证券时报记者采访时指出，继2024年中央经济工作会议首次提 出资本市场改革后，此次会议再度明确提及资本市场，提出"持续深化资本市场投融资综合改革"，资本 市场改革目标和方向没有变，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功 能是资本市场改革的重要方向。 方奕认为，后续政策核心将在于强化企业创新主体地位，推动科技创新和产业创新深度融合，完善科技 金融体系，推动财政、金融资源向科技创新项目集中，以及优化人才生态，制定一体推进教育科技人才 发展方案。 方奕认为，新一轮资本市场改革将主要聚焦围绕推动双创改革优化上市公司结构、深化并购重组改革、 加强投资者回报、营造"长钱长投"制度环境与提高中长期资金投资A股的规模和比重，扩大资本市场制 度型开放以及提升外资参与便利度等方面进一步展开。 在科技创新方面，"坚持创新驱动，加紧培育壮大新动能"这一理念体现了我国在新发展阶段对科技自立 自强和高质量发展的战略决心。方奕表示，当前科技创新正成为提升全要素生产率、优化供 ...

中央经济工作会议在北京举行。方正证券首席经济学家燕翔认为，本次会议为未来资本市场进一步改革 明确了方向，综合改革将继续在投资端融资端协同展开，全方位提高资本市场制度的包容性和适应性， 增强各参与方的专业能力与参与意愿。未来值得关注的改革措施包括：一是继续提高上市公司质量、增 强资本市场内在稳定性；二是持续完善资本市场定价机制和退出机制；三是进一步发展壮大耐心资本、 推动中长期资金持续入市；四是继续推进上市公司合理分红回购水平的提高，以提高投资者回报和获得 感；五是持续加强监管防范风险、构建全方位立体化市场监管体系；六是加强投资者保护和教育、建立 良好的投资生态。 ...

数据来源：Morningstar Direct； 截至日期：2025年11月30日 图表2：31个申万一级行业指数11月涨跌幅 图表1：11月A股市场主要股指涨跌幅 01 市场洞察 宏观经济偏弱修复，股债承压 11月，反映国内经济先行指标的制造业PMI录得49.2%，在10月份49.0%的基础上小幅回升了 0.2个百分点，主要受到生产指数、新订单指数、从业人员指数和供应商配送时间指数等多个 分项出现改善的提振。制造业PMI连续8个月位于收缩区间，但景气水平在11月呈现弱修复的 态势。10月份CPI同比上涨0.2%，PPI同比下降2.1%。相比于9月份CPI和PPI同比分别下降 0.3%和2.3%而言，服务价格的涨幅扩大带动CPI由降转升，而PPI同比降幅收窄主要是受到生 产资料价格降幅缩小的影响。 11月，A股走势整体先涨后跌。ETF注册流程改革措施的落地完善了资本市场指数化投资产品 体系；另外，十五五规划确立的科技自立自强等长期主线，以及优化外资投资相关制度、推动 中长期资金入市细化方案的发布等资本市场改革相关政策，提振了市场对股市长期发展的信 心。在诸多利好政策的带动下，A股在上半月走势上行，13日盘中最 ...

Group 1 - The construction of a multi-level capital market in Jiangxi has achieved both quantitative and qualitative improvements, with the number of A-share listed companies increasing from 55 to 91 since 2021, achieving full coverage of the Shanghai, Shenzhen, and Beijing stock exchanges [1] - The proportion of strategic emerging industry companies among listed companies has reached 53%, an increase of nearly 80% compared to the end of the 13th Five-Year Plan [1] Group 2 - The quality of listed companies has significantly improved, with major mergers and acquisitions totaling 7.894 billion yuan and cash dividends reaching 64.813 billion yuan, representing increases of 134.02% and 90.79% respectively compared to the 13th Five-Year Plan [2] - The total market value of listed companies in Jiangxi has surpassed 1 trillion yuan, a growth of 57.94% from the end of the 13th Five-Year Plan, with two companies exceeding 100 billion yuan in market value [2] Group 3 - The capital market in Jiangxi has facilitated nearly 900 billion yuan in financing over the past five years, with equity financing exceeding 60 billion yuan and bond financing approaching 830 billion yuan, marking increases of 1.7 times and 2.6 times respectively compared to the 13th Five-Year Plan [3] - The issuance of technology innovation bonds totaled 43.076 billion yuan and green bonds reached 4.893 billion yuan, supporting the development of technology and green low-carbon sectors [3] Group 4 - The regulatory environment has strengthened, with 22 cases of various violations handled during the 14th Five-Year Plan, including 5 financial fraud cases, and administrative penalties totaling 107 million yuan, reflecting increases of 54.55% and 480.12% respectively compared to the 13th Five-Year Plan [4] - A comprehensive prevention and control system for financial fraud has been established, with a focus on preventing risks in key areas such as bond defaults and private equity funds [4]

Group 1 - China's economy has three major advantages: the potential for catching up through service industry development and the transformation of traditional manufacturing and agriculture, a new technological revolution focused on digital and green technologies, and the advantage of a super-large market economy [1] - The upcoming "15th Five-Year Plan" emphasizes improving the inclusiveness and adaptability of the capital market system, which is a core proposition guiding capital market reform and development [1] - Recent performance in the capital markets, including the Shanghai Composite Index returning to 4000 points and the ChiNext Index rising over 40%, highlights the benefits of capital market reforms and the consensus among domestic and foreign capital [2] Group 2 - To support high-level technological self-reliance, a more inclusive venture capital market and a less aggressive secondary market are needed, which will better leverage technology and finance to support innovation [3] - The Shanghai Stock Exchange aims to continue serving national strategies and deepen reforms during the "15th Five-Year Plan" period, focusing on enhancing governance and promoting long-term investment [4] - The Shenzhen Stock Exchange plans to advance reforms in the ChiNext board to better serve the development of new industries and technologies [4] Group 3 - International capital is optimistic about the long-term investment value of Chinese assets, driven by a wave of innovation in hard technology that is reshaping the global industrial landscape [6] - The collaboration between global exchanges and innovative measures will significantly enhance the attractiveness of China's capital market to global investors [7] - Chinese enterprises are encouraged to adopt a new globalization strategy to leverage Hong Kong's advantages for international expansion [7]

本报（chinatimes.net.cn）记者张智 北京报道 12月8日，中共中央政治局召开会议，分析研究2026年经济工作。这是中央经济工作会议的前瞻会议， 为明年中国经济发展确定方向。 2025年是中国式现代化进程中具有重要意义的一年，过去5年，我们有效应对各种冲击挑战，我国经 济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，"十四五"即将圆满收官，第二个百年 奋斗目标新征程实现良好开局。 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币 政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效 能。 "从会议来看，宏观政策操作仍以宽松为基调，但体现出显著的政策'效能'大于政策'规模'的特征。"远 东资信研究院副院长张林告诉《华夏时报》记者。 申万宏源证券首席经济学家赵伟也在解读会议内容时对《华夏时报》记者表示，稳中求进的表述指向 2026年作为"十五五"开局之年，经济增速目标设置在5%左右的概率较大。 宏观政策微调 "十四五"时期，我国在复杂严峻的内外环境中迎难而上，为"十五五"时期的发展奠定了坚实的基础。 不过，中国人 ...

文/瑞财经 许淑敏 12月6日这一天，中国证券业协会第八次会员大会举行。 在规模实力方面，107家证券公司总资产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%。证券公司客户超过2.4亿，增长26%。 眼下，整个行业进入"十五五"的关键阶段，有了新的发展要求。吴清称，"十五五"也是我们乘势而上， 全面深化资本市场改革、加快打造一流投行和投资机构的战略机遇期。 作为协会会长，朱健重任在肩。 不过，从2016年12月开始，他进入国泰君安证券，担任副总裁，再到2020年10月调任上海银行行长。 2023年12月，他回归国泰君安证券任董事长。 今年3月，国泰君安与海通证券完成合并成为国泰海通，朱健担任董事长一职。此番朱健担任中证协会 长职务，属于兼职工作。 朱健兼职中证协会长，一些信号正在释出。 中国证监会主席吴清在大会上提到，过去四年多来，证券行业发生了深刻变化，呈现出良好发展态势。 此次大会，选举产生了协会新一届领导机构。颇令人意外的是，国泰海通董事长朱健当选为新一届会 长。 要知道，以往中证协会长多是直接来自监管部门。像是上一届会长赵山忠，曾任重庆证监局党委书记、 局长。 而现年54岁的 ...

上海证券交易所理事长邱勇表示，一系列创新制度率先在科创板落地，科创板改革效应不断放大。目 前，科创板已汇聚592家科技型企业，总市值超9万亿元，科创板已成为中国硬科技企业上市首选地。 总市值超过100万亿元，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，资 本市场总体稳健活跃，实现了量的合理增长和质的有效提升。 "十五五"规划建议明确了下一阶段资本市场改革发展的方向和目标："提高资本市场制度包容性、适应 性，健全投资和融资相协调的资本市场功能。"业内认为，增强对科技创新的制度包容性，提升上市公 司投资价值，优化"长钱长投"市场生态，更好地发挥资本市场作为资源优化配置平台的核心功能是重要 着力点。 积极发展直接融资 积极发展股权、债券等直接融资，是"十五五"规划建议提出的明确任务，也是提高资本市场制度包容 性、适应性的关键举措。 近年来，证监会以深化科创板、创业板改革为抓手，积极发展多元股权融资，推动完善多层次资本市场 体系，提升对实体企业尤其是优质科创企业的全链条、全生命周期服务能力。今年6月，科创板"1+6"改 革政策推出，在科创板设置科创成长层。7月，存量32家未盈利企业被纳入科创板科 ...

Group 1 - The overall market capitalization has exceeded 100 trillion yuan, indicating a significant improvement in investor confidence and expectations, with enhanced market resilience and risk resistance [2] - The "14th Five-Year Plan" outlines the direction and goals for the next phase of capital market reform, emphasizing the need to improve the inclusiveness and adaptability of the capital market system [2] - The focus is on enhancing institutional inclusiveness for technological innovation, optimizing the market ecology for long-term investments, and better utilizing the capital market as a platform for resource allocation [2] Group 2 - The development of direct financing through equity and bonds is a key task outlined in the "14th Five-Year Plan," aimed at improving the inclusiveness and adaptability of the capital market [2] - The China Securities Regulatory Commission (CSRC) has been actively promoting multi-tiered capital market systems and enhancing services for high-quality technology enterprises [2][4] - The introduction of the "1+6" reform policy for the Sci-Tech Innovation Board in June and the establishment of a growth tier for unprofitable companies in July are significant steps in this direction [2][3] Group 3 - The bond market plays a crucial role in serving the real economy and optimizing resource allocation, with a focus on developing technology and green bonds [4] - Since the launch of the "Technology Board" for bonds on May 7, 2023, a total of 11,672.67 billion yuan in technology innovation bonds have been issued by 530 institutions by the end of September [4][5] - The future of the bond market is expected to continue focusing on technology innovation, foreign openness, and green development, with a diverse range of issuers [5] Group 4 - The A-share merger and acquisition market has been heating up, with significant reforms in the M&A market aimed at supporting the transformation and upgrading of listed companies [6] - Since the implementation of the "M&A Six Guidelines," over 1,000 M&A transactions have been disclosed in the Shanghai market, with a notable increase in technology-related mergers [6] - The future role of M&A is expected to further enhance the integration of technology and industry, reflecting a shift from factor-driven to innovation-driven economic growth [6][7] Group 5 - The cultivation of high-quality listed companies is essential for the stable operation of the capital market, with ongoing reforms to improve the delisting mechanism [7] - The delisting mechanism is being optimized to ensure a more orderly market ecology, allowing for a more effective selection process [7] - The focus on enhancing the delisting standards and mechanisms aims to improve the overall health and resource allocation efficiency of the capital market [7] Group 6 - As of the end of August, medium- and long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, a 32% increase from the end of the "13th Five-Year Plan" period [8] - The acceleration of medium- and long-term funds entering the market is expected to stabilize market fluctuations and promote a shift towards value investment and long-term investment [8][9] - The establishment of a more attractive "long money, long investment" system environment is crucial for supporting innovation and capital formation [9][10] Group 7 - The "14th Five-Year Plan" period is expected to position the capital market as an aggregator of innovation, linking technology, industry, and policy [10] - The focus will be on providing long-term patient capital for technological innovation and supporting the transformation and upgrading of traditional industries [10]

（上接1版）在中信证券总经理邹迎光看来，资本市场的风险偏好与新质生产力行业更加兼容，能够提 供满足完整生命周期的全链条融资服务，并以激励机制有效促进创新活动与企业家精神的发挥。 "资本市场包容性、适应性有望不断提升。"南开大学金融发展研究院院长田利辉接受上证报记者采访时 表示：一方面，通过接纳科技型、创新型、专精特新等多元企业，更适配不同发展阶段的融资需求，借 助差异化制度设计，打破"盈利门槛"等传统限制，让优质资产与资金高效对接。另一方面，市场对外部 变化的动态响应能力不断提升，体现为面对科技创新的不确定性，为科技企业留足发展空间；依托并购 重组、再融资等政策工具箱灵活调节市场流动性与资源配置方向；通过互联互通扩容、跨境监管协作等 方式，平衡开放与风险防控，确保市场功能稳定发挥。 同时，险资等中长期资金入市政策持续"松绑"，有望为科技创新注入持续稳定的金融活水。今年4月发 布的《关于调整保险资金权益类资产监管比例有关事项的通知》，上调了险资权益资产配置比例上限， 最高可达50%；12月发布的《关于调整保险公司相关业务风险因子的通知》，下调了保险公司投资相关 股票的风险因子。 数据显示，截至今年三季度末，人身 ...