Core Insights - The 2025 Shenzhen International Financial Conference emphasized the importance of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as a leading zone for financial innovation and cooperation, aiming to enhance global financial stability and development [1][2]. Group 1: Financial Innovation and Development - The GBA is positioned as a core area for technological innovation, providing rich application scenarios for financial innovation and necessitating a departure from traditional frameworks [1]. - Experts highlighted the need for deeper interconnectivity between markets and enhanced global financial collaboration to transform the GBA into a significant growth engine for the global economy [1][2]. Group 2: Role of Insurance and Banking - The insurance sector is expected to act as a stabilizer for the economy, contributing to financial security and development during the "14th Five-Year Plan" period [2]. - The banking industry is entering a new phase of transformation, focusing on aligning national needs, industry directions, customer desires, and institutional capabilities [3]. Group 3: Capital Market and AI Integration - The "14th Five-Year Plan" suggests improving the inclusivity and adaptability of capital market systems to better coordinate investment and financing functions [3]. - AI is identified as a key driver for China's economic transition from factor-driven to innovation-driven growth, with a call for the financial sector to enhance resource allocation and innovation incentives [3]. Group 4: Asset Transformation Trends - The rapid evolution of AI technology is leading to significant transformations in financial assets, with a trend towards converting heavy assets into light assets through financing leasing and industrial chain division [3]. - The GBA is recognized as a core area for the "light asset, heavy capital" transformation, promoting collaborative innovation and supporting the construction of a financial powerhouse [3].

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

Core Insights - The Zhejiang Securities 2026 Capital Market Summit was held in Shanghai, focusing on investment strategies and market outlook as China embarks on its 14th Five-Year Plan [1] - Keynote speeches highlighted the structural shifts in China's capital market, emphasizing high-quality development and innovation as fundamental drivers [2][3] Group 1: Trends and Opportunities - Three major trends were identified: 1. "Confidence Opportunity" due to the global rebalancing and reassessment of Chinese asset values 2. "Innovation Opportunity" driven by technological revolutions in AI, biotechnology, and renewable energy 3. "Reform Opportunity" through institutional optimization improving market ecology [2] - The capital market is experiencing a structural turning point, with a focus on high-quality development and reform innovation [2] Group 2: Economic Outlook - The chief economist of Zhejiang Securities forecasts a "good start" for China's economy in 2026, with expectations of a structural market characterized by low volatility dividends and technological growth [3] - The A-share market is entering a "systematic slow bull" phase, with an anticipated "N" shaped trend for the Shanghai Composite Index, balancing cyclical and technological growth styles [3] Group 3: Industry Development - The public fund industry is poised for high-quality development, emphasizing the need to expand equity asset management, deepen registration system reforms, and optimize fund governance [3] - The summit served as a platform for over 500 listed companies to engage in closed-door discussions, promoting deep dialogue and collaboration among global investors, industry representatives, and experts [4]

Core Viewpoint - The 19th Shenzhen International Financial Expo showcases innovative financial products and services aimed at supporting the real economy, with a focus on technology finance and inclusive finance, highlighting the role of financial institutions in driving high-quality development in Shenzhen [1][12]. Technology Finance - Shenzhen is recognized as a national high-tech innovation hub, with over 12.5 national high-tech enterprises per square kilometer and leading the country in PCT international patent applications for 21 consecutive years [5]. - Shenzhen Industrial and Commercial Bank (ICBC) provides comprehensive financial support to technology companies like Kenqing Technology, facilitating technology transformation, production scale expansion, and market promotion [3][5]. - The bank has developed a full-cycle "technology innovation product group" to activate the value of intellectual property and equity assets, including the first copyright pledge financing in Shenzhen [6]. - A unique "three-in-one" evaluation mechanism has been established to assess technology companies based on talent structure, R&D capabilities, and intellectual property value, rather than traditional financial metrics [6][7]. - A digital platform has been created to enhance efficiency and accurately match the needs of technology enterprises, resulting in the approval of over 240 cutting-edge technology companies since its launch [6][7]. Inclusive Finance - Shenzhen ICBC has achieved a historic milestone with its inclusive loan balance surpassing 200 billion yuan, with an annual growth rate of 43% [11]. - The bank has introduced three major products—"Operating Quick Loan," "Online Loan," and "Digital Supply Chain"—to meet the diverse financing needs of small and micro enterprises [8][10]. - The "Park e-loan" product converts soft power indicators into quantifiable assessment metrics, enhancing service quality through data interaction with park operators [10]. - The bank's support has enabled companies like Shenzhen Tengxin Bainai Technology to secure funding for raw material procurement and R&D investments, contributing to their growth as specialized "little giant" enterprises [10]. Fifteenth National Games Finance - The bank has launched a series of financial products related to the Fifteenth National Games, including themed debit and credit cards, integrating sports, finance, and culture [12][15]. - The digital RMB hard wallet allows for seamless payment experiences, enhancing convenience for both local residents and international visitors attending the games [14][15]. - The bank's initiatives aim to transform spectator enthusiasm into tangible benefits for residents, showcasing its commitment to community engagement and support for major events [15].

（原标题：事关"十五五"金融布局 周延礼、王忠民大咖齐聚深圳发声） 林尚立表示，中国人民大学愿与各方一道，立足全球视野、国家战略、湾区优势和人大所长，持续深化金融高质量发展的科学研究、智库服务、 人才培养、交流合作，为加快建设金融强国、推进粤港澳大湾区高水平对外开放提供智力支持。 "十五五"规划建议提出，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。 国家一级教授、中国人民大学原副校长吴晓求表示，人工智能已成为中国经济由要素驱动向创新驱动转型的关键引擎。要实现高质量发展，必须 充分发挥金融在资源配置和创新激励中的作用，把资本市场建设成为激励创新、引导社会向上发展的关键力量。 南方财经记者 庞成 深圳报道 11月19日，2025深圳国际金融大会在深圳前海开幕。 本次活动是第十九届深圳国际金融博览会的重要组成部分，由中国人民大学主办，中国人民大学深圳研究院、中国人民大学财政金融学院、深圳 国际商会联合承办，中外嘉宾共商"十五五"我国金融发展大计，共话湾区合作新篇。 中国人民大学党委书记张东刚在致辞时表示，粤港澳大湾区是金融创新和开放的先行前沿阵地，在金融强国建设中承载着开放与创新的双重使 命 ...

2025年2月，证监会发布的《关于资本市场做好金融"五篇大文章"的实施意见》提出，积极发挥资本市 场功能，着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。申万宏源 （000166）党委书记、董事长刘健在接受中国证券报记者专访时表示，近年来，证券行业切实履行直接 融资"服务商"、资本市场"看门人"、社会财富"管理者"的职责，积极响应党中央重大决策部署，通过业 务转型与综合金融服务升级，逐步构建起服务实体经济的立体化网络，成为做好金融"五篇大文章"的重 要力量。 ● 本报记者 徐昭 林倩 刘健表示，2026年是"十五五"开局之年，中国经济和资本市场都将进入高质量发展的新阶段。申万宏源 作为国有金融企业，积极响应政策号召，将服务国家战略与自身发展相结合，继续在推动金融"五篇大 文章"落地、助力实体经济高质量发展中主动担当、积极作为，助力金融强国建设。 夯实发展基石 为高质量发展注入内生动力 一直以来，申万宏源始终夯实"治理、人才、文化"三大发展基石，将社会责任融入公司核心价值框架， 为高质量发展注入内生动力。 据刘健介绍，多年来申万宏源在甘肃省、新疆维吾尔自治区、内蒙古自治区、贵州省等地开展 ...

Core Viewpoint - The China Securities Regulatory Commission emphasizes the importance of capital markets in supporting five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with Shenyuan Hongyuan playing a crucial role in these initiatives [1] Group 1: Company Strategy and Governance - Shenyuan Hongyuan has established a comprehensive network to serve the real economy, aligning its operations with national strategies and contributing to high-quality economic development [1][2] - The company focuses on governance, talent, and culture as foundational elements for sustainable development, integrating social responsibility into its core values [2] - During the 14th Five-Year Plan, Shenyuan Hongyuan has emphasized compliance and risk management, enhancing its governance framework to ensure robust operational standards [2] Group 2: Talent and Cultural Development - The company prioritizes talent development as a key resource for high-quality growth, implementing flexible mechanisms for talent promotion and fostering an innovative workforce [3] - Shenyuan Hongyuan is launching a cultural renewal initiative in 2025 to celebrate its 40th anniversary, aiming to strengthen its corporate culture and align it with national strategies [3] Group 3: Innovation and Service to New Quality Productivity - The company is committed to supporting innovative enterprises, particularly those classified as "specialized, refined, distinctive, and innovative," by enhancing its financial services across their lifecycle [4] - Shenyuan Hongyuan has successfully facilitated the listing of several high-tech companies and has significantly increased its bond underwriting scale [5] Group 4: Professional Capabilities and Market Position - The company has developed a value management system to enhance the performance of listed companies, utilizing a unique evaluation model to drive value creation [5] - Shenyuan Hongyuan is expanding its institutional service capabilities, integrating various financial products and services to better serve its clients [6] Group 5: International Business and Cross-Border Services - The company is enhancing its international business operations, focusing on cross-border financing and investment needs, and has achieved significant growth in its cross-border derivatives business [6] - Shenyuan Hongyuan ranks among the top domestic securities firms in terms of IPO underwriting and bond distribution, reflecting its strong market position [6] Group 6: Commitment to National Strategy - The company is dedicated to advancing the financial sector's high-quality development and supporting the national strategy through professional services and value creation [7]

Core Viewpoint - The article emphasizes the growth potential of various ETFs in response to government policies and market trends, particularly in the financial technology, military, and robotics sectors, highlighting the expected improvements in their fundamentals and investment opportunities [3][5][8]. Financial Technology ETF (159851.SZ) - The "14th Five-Year Plan" stresses the importance of building a strong financial nation and advancing technology in finance, leading to a clear demand for digital transformation in financial institutions [3]. - In the first three quarters of 2025, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, with a net profit growth exceeding 60% [3]. Military Industry ETF (512710.SH) - The "14th Five-Year Plan" aims for high-quality advancement in national defense and military modernization, with a defense budget of 1.81 trillion yuan for 2025, marking a 7.2% increase and a historical high [5]. - The defense budget as a percentage of GDP remains below 1.3%, significantly lower than the U.S. and Russia, indicating potential for future increases in military spending [5]. - This ETF tracks the China Securities Military Industry Leaders Index, focusing on leading companies in aerospace, missiles, and drones, which are expected to benefit from a new round of military procurement cycles [6]. Robotics ETF (159530.SZ) - The 2025 government work report emphasizes the development of intelligent robots and new-generation smart manufacturing equipment, supported by policies promoting the artificial intelligence industry [8]. - As of July 2025, investment events in the field of embodied intelligence and robotics exceeded 200, with total financing surpassing 24 billion yuan, indicating a significant increase compared to the previous year [8].

会议要求，上海清算所全体党员干部职工要以高度的政治责任感抓好全会精神的学习贯彻，做到熟读、 细悟、深思、力行，将学习全会精神与学习《习近平谈治国理政》第五卷贯通起来，与学习习近平总书 记关于金融工作的重要论述、习近平总书记重要讲话和重要指示批示精神结合起来，认真落实中国人民 银行党委书记、行长潘功胜在全会精神宣讲报告会上提出的工作要求。上海清算所全体党员干部职工要 在深化理论武装上持续用力，通过党委会、党支部"三会一课"等多元形式推动学习入脑入心；在服务国 家战略上担当作为，助力"十四五"顺利收官与"十五五"良好开局；在全面从严治党上纵深推进，打造过 硬干部队伍，以高质量发展成效为建设金融强国、服务中国式现代化贡献力量。 会议认为，党的二十届四中全会是我国即将完成"十四五"主要目标任务、进入基本实现社会主义现代化 关键时期召开的重要会议，全会审议通过的规划建议为"十五五"时期发展作出顶层设计和战略擘画，是 推进中国式现代化的总动员、总部署。深入学习贯彻习近平总书记在全会上的重要讲话和全会精神，是 当前和今后一个时期的重大政治任务。上海清算所全体党员干部职工要深刻认识党的二十届四中全会的 重大政治意义、理论意义 ...

Core Viewpoint - The article emphasizes the need for the banking industry in China to adapt to profound changes in the economic and social environment, focusing on risk prevention, regulatory strength, and high-quality development in line with the "14th Five-Year Plan" [1][5]. Group 1: Financial Industry Development - The total assets of China's banking financial institutions reached 474.3 trillion yuan by the end of Q3 [1]. - The banking sector is tasked with supporting China's modernization while pursuing its own high-quality development and structural transformation [1]. - The "14th Five-Year Plan" suggests a strong focus on developing technology finance, green finance, inclusive finance, elderly finance, and digital finance [1]. Group 2: Financial Services and Innovation - Financial institutions are encouraged to enhance their service capabilities to support the construction of a modern industrial system and new productive forces [2]. - The Industrial and Commercial Bank of China plans to refine its strategic planning and strengthen its risk management system [2]. - China Bank reported a technology loan balance of 4.7 trillion yuan, with over 83 billion yuan provided in comprehensive services [2]. Group 3: Competition and Regulatory Environment - The banking sector faces intensified competition from internet technology companies and internal industry rivalry [3]. - The "14th Five-Year Plan" calls for optimizing the financial institution system and promoting differentiated development to avoid homogenized competition [3]. - Regulatory authorities will guide banks to adopt differentiated development paths based on their resources and market positioning [3]. Group 4: Strategic Adjustments for Small and Medium Banks - Small and medium-sized banks are advised to adjust their strategic direction to embrace new economies and serve new driving forces [4]. - These banks should focus on strategic emerging industries and enhance their risk management capabilities [4]. Group 5: Strengthening Financial Regulation - The "14th Five-Year Plan" emphasizes comprehensive financial regulation and the establishment of a risk prevention and resolution system [5]. - Regulatory efforts will focus on proactive warning, comprehensive coverage, and precise measures to maintain financial stability [5]. - The rise of artificial intelligence is expected to enhance early identification and management of financial risks [5]. Group 6: Legal and Regulatory Framework - Financial legal construction is deemed essential for the development of the banking industry [6]. - Regulatory frameworks need to adapt to the rapid development of financial technology and the complexities of financial products [6].