◎记者 时娜 2025年12月5日，深港通迎来开通9周年。自开通以来，深港通交易运行平稳有序，交易规模持续增长， 为构建开放包容的资本市场生态、深化粤港澳大湾区协同融合、助力新质生产力发展做出重要贡献。 截至12月4日，深港通累计成交金额131万亿元，其中深股通累计成交金额103万亿元，港股通累计成交 金额28万亿元。"深港通已成为我国资本市场对外开放的重要窗口和全球投资者共享中国经济发展成果 的桥梁纽带之一。"深交所有关负责人表示，接下来，深交所将在中国证监会的统筹指导下，发挥深港 区位优势，积极推动提升大湾区资本市场吸引力、竞争力，助推资本市场高质量发展开启新篇章。 2016年12月5日，深港通正式开通，成为内地与香港资本市场互联互通机制中的重要组成部分。9年来， 伴随着扩大每日额度、拓展标的范围、优化交易日历等一系列优化举措渐次落地，深港通可交易标的越 来越多，可交易时间越来越长，跨境交易便利度越来越高。 截至12月4日，深股通标的已经由最初的881只增至1636只，港股通标的由417只增至581只。2025年以 来，深股通日均成交金额1111亿元，港股通日均成交金额467亿港元。 9年来，深港通发挥桥 ...

Group 1 - The core viewpoint is that the A-share IPO financing amount has returned to the trillion yuan scale in 2025, reaching 100.36 billion yuan, indicating a recovery in the capital market's support for the real economy [1][2] - The A-share IPO financing amount in 2025 is significantly lower compared to the historical high of over 500 billion yuan in 2021 and 2022, showing that this year's performance is not particularly outstanding [2] - The main board contributed over half of the IPO financing amount, totaling 52.38 billion yuan, driven primarily by the IPO of Huadian New Energy, which raised 18.17 billion yuan [2] Group 2 - The IPO financing growth has positively impacted investment banks' earnings, with five investment banks surpassing 10 billion yuan in IPO sponsorship amounts [2] - The value of IPOs extends beyond capital supply, as they play a crucial role in supporting enterprise growth, industrial upgrading, and economic structure optimization [2] - The future outlook suggests that the improvement of a multi-level capital market system will provide stronger capital support for the development of new productive forces and industrial upgrades [3]

Core Insights - The conference held in Luoyang emphasized the importance of collaboration between state-owned enterprises (SOEs) and private enterprises in Henan to seize new opportunities and gain competitive advantages [3][6] - The theme "Mutual Cooperation, Strengthening the Province" reflects the interdependent relationship between SOEs and private enterprises, aiming to break ownership barriers and promote high-quality industrial development [3][6] Group 1: Company Performance - Henan Capital Group's total assets have grown from 24.7 billion to nearly 100 billion since its establishment in June 2022, achieving a domestic AAA credit rating and an international A- credit rating from S&P and Fitch [3][4] - The group has established a professional state-owned capital operation system encompassing 184 wholly-owned and holding enterprises [3] Group 2: Strategic Initiatives - The group has focused on key areas such as digital economy and resource optimization, with a trading scale exceeding 36 billion from January to September 2025 through the establishment of a provincial property rights trading network [4][5] - Significant investments have been made in various sectors, including digital technology, intelligent manufacturing, and green low-carbon industries, with a projected completion of major information technology projects by the end of the year [5][6] Group 3: Future Directions - Henan Capital Group aims to act as a "connector" for industrial collaboration, facilitating deep integration between SOEs and private enterprises through joint ventures, special funds, and collaborative R&D platforms [6][7] - The group plans to be a "catalyst" for innovation by investing in technology-driven private enterprises and collaborating with research institutions to tackle critical technological challenges [6][7] - The commitment to mutual growth and a fair development environment is emphasized, aiming for long-term and stable cooperation with private enterprises [7]

Group 1 - The 2025 Xiamen Industrial Development Conference and the 2025 Securities Industry High-Quality Development Conference were held in Xiamen, with awards announced for listed companies and the securities industry [1] - Key figures from the government and media attended the event, including former officials from the State Council Development Research Center and Xinhua News Agency [1] - The conference featured keynote speeches and roundtable discussions focusing on how enterprises can leverage the Hong Kong stock platform to attract international capital and how the capital market can support the development of new productivity [1] Group 2 - Jianfa Group, as a state-owned capital investment company, emphasizes serving the real economy and social welfare, aligning with national and regional development strategies [2] - The company focuses on supply chain operations, urban construction and operation, tourism and exhibitions, healthcare, and investment in emerging industries, while steadily increasing the asset securitization ratio of its core businesses [2] - Looking towards the "14th Five-Year Plan," Jianfa Group aims to deepen the "industry + capital" collaborative model and enhance the construction of technological and financial foundations to contribute to Xiamen's development as a financial hub and a financial technology city [2]

Core Viewpoint - The Beijing Municipal Science and Technology Commission and the Management Committee of Zhongguancun Science Park have initiated the application process for the second batch of projects to support the construction of first-class university science parks in 2025 [1][3]. Group 1: Project Objectives and Support - The notification aims to enhance the connection between university science parks and their respective universities and districts, improve management and operational mechanisms, and build high-level operational teams [4]. - The initiative focuses on promoting the transformation of university scientific achievements, accelerating the cultivation of innovative entrepreneurial talents and enterprises, and developing new productive forces [4]. Group 2: Application Details - The applicants are investment construction or operation units of university science parks located within Beijing [5]. - The support will be provided in the form of pre-allocated subsidies, with a maximum funding of 50% of the total project investment, capped at 50 million yuan [6]. - The funding structure includes up to 20 million yuan in the first year and up to 15 million yuan in the second and third years, contingent on performance assessments [6]. Group 3: Application Timeline - The application system will open for online submissions on November 1, 2025, at 14:00, and will close on November 6, 2025, at 10:00 [7].

Group 1 - The core viewpoint emphasizes the ongoing reforms in China's capital market, particularly focusing on the A-share market's evolution and the introduction of new policies aimed at enhancing investor protection and optimizing the entry of qualified foreign investors [1][2][4] - The A-share market has grown significantly, surpassing a total market capitalization of 100 trillion yuan, reflecting a stable growth trajectory driven by reforms [1] - The introduction of the registration-based IPO system has accelerated the reform effects, leading to more precise sector positioning and broader pathways for companies to go public [1][2] Group 2 - The focus on serving new productive forces is highlighted as a key aspect of capital market reform, with policies like the "Sixteen Articles on Technology" and "Eight Articles on the Sci-Tech Innovation Board" supporting high-quality tech companies [2] - The market is moving away from a strict "profit-only" evaluation, with a new emphasis on the technological content of companies as a key assessment criterion [2] - The daily trading volume in the A-share market has stabilized at around 2 trillion yuan, indicating a robust influx of long-term capital [2] Group 3 - Recent measures have been introduced to strengthen the protection of small and medium investors throughout the entire process from issuance to daily trading and delisting [3] - There is a growing awareness among listed companies to give back to investors through stable and frequent dividends, as well as share buybacks, enhancing investor satisfaction [3] - The regulatory environment has become more stringent, with a focus on improving the quality of listed companies and combating various forms of market misconduct [3]

Core Viewpoint - The 2025 Financial Street Forum emphasizes the achievements of China's economic and financial development during the 14th Five-Year Plan period, highlighting the commitment to high-quality financial development and risk prevention under the leadership of the central government [1][2]. Group 1: Economic and Financial Development - The focus is on enhancing the adaptability of the financial sector to better support sustainable economic and social development. This includes promoting a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industrial development [1]. - The aim is to effectively support the construction of a modern industrial system and new productive forces, contributing to a new development pattern and ensuring that financial services are equitable and beneficial to the public [1]. Group 2: Reform and Opening Up - There is a strong commitment to deepening reforms and expanding openness in the financial sector to enhance its dynamism and vitality. This involves addressing issues through supply-side structural reforms and improving the layout of financial institutions [2]. - The goal is to achieve new progress in the construction of a modern financial institution system and elevate the quality and resilience of the financial industry, while also expanding the level of openness [2]. Group 3: Financial Development and Security - The strategy includes better coordination between financial development and security, ensuring that risk prevention remains a top priority. This involves actively adapting to changes and maintaining a solid foundation to prevent systemic financial risks [2]. - There is an emphasis on enhancing regulatory effectiveness and collaborating to strengthen the global financial safety net [2].

Core Viewpoint - The Financial Regulatory Administration emphasizes the importance of high-quality financial development and risk prevention during the "14th Five-Year Plan" period, aiming to contribute significantly to the modernization of socialism in the "15th Five-Year Plan" period [1] Group 1: Financial Development Goals - The Financial Regulatory Administration aims to enhance economic and financial adaptability to promote sustainable and healthy economic development [1] - There is a commitment to deepen reforms and expand openness in the financial sector to boost development momentum and vitality [2] - The focus will be on coordinating financial development and security to ensure a new development pattern is supported by a new security framework [2] Group 2: New Financial Service Models - The administration plans to create a new financial service model that balances direct and indirect financing, investment in goods and people, and aligns financing terms with industrial development [2] - Emphasis will be placed on supporting major strategies, key areas, and weak links to achieve qualitative and reasonable quantitative economic growth [2] - The focus will be on modernizing the industrial system and fostering new productive forces through financial resources, particularly in intelligent, green, and integrated sectors [2] Group 3: Risk Prevention Responsibilities - The Financial Regulatory Administration will prioritize risk prevention and maintain a firm stance against systemic financial risks [3] - Efforts will be made to consolidate risk disposal achievements and facilitate the restructuring of small and medium financial institutions [3] - There will be an acceleration in establishing financing systems that align with new real estate development models to help mitigate local government debt risks [3]

Core Viewpoint - The 2025 Financial Street Forum emphasizes the achievements of China's economic and financial development during the 14th Five-Year Plan period, highlighting the commitment to high-quality financial development and risk prevention efforts [1][2]. Group 1: Economic and Financial Development - The financial sector aims to enhance economic and financial adaptability to promote sustainable and healthy economic development [1]. - A new financial service model will be established, focusing on the synergy between direct and indirect financing, balancing investments in goods and people, aligning financing terms with industrial development, and linking domestic and international markets [1]. - The goal is to support major strategies, key areas, and weak links, contributing to qualitative improvements and reasonable quantitative growth in the economy [1]. Group 2: Reform and Opening Up - There is a commitment to deepen reforms and expand openness in the financial sector to enhance development momentum and vitality [2]. - The focus will be on problem-oriented approaches to further promote structural reforms in financial supply, improving institutional layout, and enhancing development quality and resilience [2]. - The aim is to achieve new progress in the construction of a modern financial institution system and elevate the international influence of the financial industry [2]. Group 3: Financial Development and Security - The financial sector will prioritize risk prevention to ensure a new development pattern, maintaining a firm stance against systemic financial risks [2]. - Efforts will be made to enhance financial regulatory effectiveness and build a robust risk prevention framework [2]. - Collaboration will be sought to strengthen the global financial security network [2].

Core Viewpoint - The focus is on enhancing financial resources for traditional industries, nurturing emerging industries, and fostering future industries to support sustainable economic development [1][2] Group 1: Financial Service Model - The new financial service model aims to create synergy between direct and indirect financing, balancing investments in goods and people, aligning financing terms with industry development, and linking domestic and international markets [1] - Emphasis on supporting major strategies, key areas, and weak links to achieve qualitative and quantitative economic growth [1] Group 2: Modern Financial Institutions - Progress in building a modern financial institution system is highlighted, encouraging institutions of various types and sizes to find their positioning and focus on their core businesses [2] - The goal is to achieve differentiated development and a diverse, orderly, and sustainable financial ecosystem [2] - There is a push for high-quality industry development and the establishment of a modern financial enterprise system with Chinese characteristics [2]