登录新浪财经APP 搜索【信披】查看更多考评等级 本报记者 田 鹏 11月17日，广东省人民政府办公厅印发的《广东省推动养老金融高质量发展的实施方案》提出，引导保 险资金通过股权、债券、基金、资产支持计划、保险资产管理产品等多种形式，为养老服务运营主体、 老年助餐服务机构提供资金支持。 记者通过梳理年内各地出台的相关政策发现，多元金融工具已成为激活养老金融市场的重要抓手之一， 一系列创新探索接连落地，正推动养老金融从政策引导向市场驱动转型。 接受《证券日报》记者采访的专家表示，未来5年至10年，养老金融产品将朝着多元创新且全链条协同 的方向发展。其中，养老产业并购基金、长寿风险证券化产品、嵌入式养老设施经营权证券化、跨境养 老REITs以及基于区块链的养老消费权益通证化等创新方向均值得重点关注。这些产品将共同搭建起覆 盖项目孵化、资产运营、风险分散的全链条资本解决方案，打破养老产业投资重、回报慢、风险高的传 统困境。 养老金融"工具箱"持续扩容 金融工具凭借长期属性、多元形态与风险分散等优势，成为破解养老产业"投资规模大、回收周期长、 收益回报稳"特性与金融资源配置适配难题的关键抓手。为此，今年以来，多地出台 ...

刘健指出，近年来，中央政治局会议多次强调要活跃资本市场，健全投资和融资相协调的资本市场功 能。随着我国直接融资规模持续扩容，直接融资占比已超过30%，我国股票市场市值规模突破100万亿 元，证券化率提升至近80%的水平，沪深交易所新增融资规模持续居于全球交易所前列。 "在大力发展直接融资导向下，未来资本市场有望进一步提质扩容。同时，资本市场基础制度的改革将 显著提升市场包容性、适应性。从上市公司市值结构看，近年来A股市场吸纳优质资产的能力明显提 升。"刘健进一步指出。（智通财经记者 田忠方） 11月18日，申万宏源党委书记、董事长刘健表示，2026年作为"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。其中，资本市场作为资源配置的重要市场，在金融体系中的地位和作用 将进一步提升。 刘健是在申万宏源2026资本市场投资年会上作出的上述表述。 ...

Group 1 - The core viewpoint emphasizes that the process of going public is a natural progression for companies that have established core competencies and stable profit models in their niche markets [1][3] - Companies that focus on their main business, innovate, and maintain sound governance are more likely to find suitable development paths in the capital market [3] - The current market environment sees investors being more rational and pragmatic, valuing both growth potential and sustainable development capabilities of companies [3] Group 2 - The article highlights that the true value of a company lies not just in the timing of its IPO but in its long-term value creation ability [3] - Continuous growth of companies is always worth anticipating, and market attention serves as motivation and encouragement for them [3] - Companies should maintain strategic focus and adhere to their business essence rather than chasing short-term trends, which is crucial for long-term recognition and support [3]

央广网上海11月18日消息（记者 樊瑞）11月18日，申万宏源2026资本市场投资年会在上海举行开幕式。申万宏源党委书记、董事长刘健以"以'三新'理念把 脉'十五五'投资新机遇"为主题进行致辞。 人工智能、生物医药、氢能和核聚变能、具身智能、第六代移动通信等未来产业领域实现突破发展。 刘健认为，"十五五"时期数据要素将成为驱动经济增长的新动力。2024年我国数字经济增加值已达59.6万亿元，占GDP比重超过43%，近五年提升约8个百分 点。我国算力总规模达到280E-FLOPS，居全球第二位，AI专利数占全球六成。数据、算力与算法一方面通过流量、平台枢纽极大的改变了居民消费渠道、 消费内容和消费习惯，以数字内容为载体的服务消费、情绪消费和融合消费正成为引领内需消费的新业态；另一方面通过数字化、智能化转型，数据要素已 成为推动工业、能源、交通、医疗等传统产业效率跃升的新引擎。2024年我国非化石能源发电量占比达到58.2%，新能源装机容量超过火电，绿色能源体系 与AI算力中心协同发展形成的"能源—算力"双轮结构将对未来制造业、数字产业与区域经济布局产生深远影响。 "可以预见，未来中国经济的增长不再是旧动能的延伸 ...

Core Viewpoint - The article highlights the steady growth of fiscal revenue in China, particularly tax revenue, which has shown a positive trend in recent months, indicating an improving economic environment [4][5]. Fiscal Revenue Overview - In the first ten months of the year, China's general public budget revenue reached approximately 18.65 trillion yuan, a year-on-year increase of 0.8%. Tax revenue accounted for about 15.34 trillion yuan, growing by 1.7% [4]. - Tax revenue has shifted from a decline to growth, with significant increases noted in July and August, and a year-on-year growth of 8.7% in September and 8.6% in October [4][6]. Factors Contributing to Tax Revenue Growth - The increase in tax revenue is attributed to several factors, including an improving economy, a narrowing decline in the Producer Price Index (PPI), and a low base from the previous year [6]. - The active capital market has also contributed to tax revenue growth, with the total market capitalization of A-share companies surpassing 100 trillion yuan in August and the Shanghai Composite Index reaching a ten-year high in September. Daily trading volumes in August and September averaged 2.3 trillion yuan and 2.4 trillion yuan, respectively [6]. - Notable increases in personal income tax and securities transaction stamp duty were observed, with the latter reaching 162.9 billion yuan, a year-on-year increase of 88.1%, and personal income tax at 1.3363 trillion yuan, up 11.5% [6]. Sector-Specific Tax Revenue Performance - Certain industries have shown strong tax revenue performance, including: - Computer and communication equipment manufacturing: 12.7% growth - Electrical machinery and equipment manufacturing: 7.9% growth - Scientific research and technical services: 14.8% growth - Cultural, sports, and entertainment industries: 5.7% growth [7]. Non-Tax Revenue and Government Fund Income - Non-tax revenue for the first ten months was approximately 3.31 trillion yuan, reflecting a year-on-year decline of 3.1% [8]. - Government fund revenue, primarily from land sales, also saw a decline, with total revenue of about 3.45 trillion yuan, down 2.8%. Specifically, income from land use rights fell to approximately 2.49 trillion yuan, a decrease of 7.4% [8]. Fiscal Expenditure Trends - Fiscal expenditure has been maintained at a certain intensity to stabilize the economy, with total general public budget expenditure reaching about 22.58 trillion yuan, a year-on-year increase of 2% [9]. - Expenditure related to social security and employment grew by 9.3%, amounting to approximately 3.77 trillion yuan [9]. - The government has allocated 500 billion yuan from local government debt limits to support local fiscal capacity and effective investment [9].

Core Insights - The article highlights the steady recovery in public budget revenue in China for the first ten months of 2025, with a notable increase in tax revenue and a slower growth rate in fiscal expenditure, while maintaining high growth in social welfare-related spending [1][2]. Revenue Performance - In the first ten months, the national general public budget revenue reached 18.65 trillion yuan, growing by 0.8%, which is an increase of 0.3 percentage points compared to the first nine months [1]. - Tax revenue accounted for 15.34 trillion yuan, with a growth rate of 1.7%, up by 1 percentage point from the previous nine months [1]. - Non-tax revenue decreased by 3.1% to 3.31 trillion yuan [1]. - Major tax categories showed growth: domestic VAT increased by 4%, domestic consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5%, with respective increases of 0.4, 0.2, 1.1, and 1.8 percentage points compared to the previous nine months [2]. Capital Market Influence - The recovery in the capital market has significantly boosted tax revenue, particularly in the securities transaction stamp duty, which reached 162.9 billion yuan, reflecting an 88.1% year-on-year increase [3]. - The active capital market has positively impacted personal income tax and corporate income tax, with corporate income tax showing positive growth for the first time in eight months, driven by improved industrial profits [3]. Sector Performance - Tax revenue from key industries performed well: computer and communication equipment manufacturing grew by 12.7%, electrical machinery and equipment manufacturing by 7.9%, scientific research and technical services by 14.8%, and cultural, sports, and entertainment sectors by 5.7% [4]. Fiscal Expenditure Trends - General public budget expenditure for the first ten months grew by 2%, a decrease of 1.1 percentage points from the previous nine months, but spending in key areas like social security, education, and health remained strong [5]. - Notably, infrastructure-related spending in agriculture, forestry, and water management saw a decline of 9%, although the rate of decline narrowed by 2.1 percentage points compared to the previous nine months [5]. - Government fund budget revenue was 3.45 trillion yuan, down by 2.8%, while expenditure increased by 15.4% to 8.09 trillion yuan, driven by accelerated use of bond funds [5]. Future Outlook - The introduction of new policy financial tools is expected to support infrastructure investment in the fourth quarter and early next year, with a focus on improving fiscal infrastructure spending [6].

Core Insights - The fiscal revenue in China for the first ten months of 2025 shows a steady recovery, with public budget revenue increasing by 0.8% year-on-year, while expenditure growth has slowed down [1] - Tax revenue has been a significant contributor to the overall revenue increase, with notable growth in various tax categories [3] - Infrastructure-related spending is expected to rebound due to new policy measures and increased project implementation [5][6] Revenue Performance - Total public budget revenue reached 18.65 trillion yuan, with tax revenue at 15.34 trillion yuan, reflecting a growth of 1.7% [1] - Non-tax revenue decreased by 3.1%, amounting to 3.31 trillion yuan [1] - Major tax categories showed growth: VAT increased by 4%, consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5% [3] Sectoral Tax Contributions - The equipment manufacturing and modern service sectors demonstrated strong tax revenue performance [4] - Specific sectors such as computer and communication equipment manufacturing saw a tax revenue increase of 12.7%, while scientific research and technical services grew by 14.8% [4] Expenditure Trends - Total public budget expenditure was 22.58 trillion yuan, with a year-on-year growth of 2% [1] - Key areas such as social security, education, and health saw significant expenditure increases, with social security and employment spending growing by 9.3% [5] - Infrastructure-related spending in agriculture, forestry, and water management decreased by 9%, although the decline rate has narrowed [5] Future Outlook - The introduction of new policy financial tools is expected to support infrastructure investment in the fourth quarter and early next year [6] - The central government has allocated additional funds for project construction, indicating a proactive adjustment in response to slowing infrastructure growth [6]

Core Insights - The article highlights a recovery in fiscal revenue, with a steady increase in public budget income and a slowdown in expenditure growth, while maintaining high growth in social welfare-related spending [2][4]. Fiscal Revenue Recovery - In the first ten months of 2025, the national general public budget revenue reached 18.65 trillion yuan, growing by 0.8%, an increase of 0.3 percentage points compared to the first nine months [2]. - Tax revenue amounted to 15.34 trillion yuan, with a growth rate of 1.7%, up by 1 percentage point from the previous nine months [2]. - Non-tax revenue decreased by 3.1% to 3.31 trillion yuan [2]. Tax Revenue Growth - Major tax categories showed significant growth: domestic VAT increased by 4%, domestic consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5%, with respective increases of 0.4, 0.2, 1.1, and 1.8 percentage points compared to the previous nine months [4]. - The securities transaction stamp duty saw a remarkable increase of 88.1%, totaling 162.9 billion yuan, driven by a recovery in market confidence and A-share trading volume [4]. Sector Performance - The equipment manufacturing and modern service industries demonstrated strong tax revenue performance, with notable increases in specific sectors: computer and communication equipment manufacturing by 12.7%, electrical machinery and equipment manufacturing by 7.9%, scientific research and technical services by 14.8%, and cultural, sports, and entertainment industries by 5.7% [5]. Fiscal Expenditure Trends - Total public budget expenditure for the first ten months was 22.58 trillion yuan, reflecting a year-on-year growth of 2%, although the growth rate decreased by 1.1 percentage points compared to the previous nine months [7]. - Key areas such as social security and employment, education, health, science and technology, energy conservation and environmental protection, and cultural tourism saw substantial increases in spending, with growth rates of 9.3%, 4.7%, 2.4%, 5.7%, 7%, and 2.5% respectively [7]. Infrastructure Spending Outlook - Infrastructure-related spending in agriculture, forestry, and water management declined by 9%, although the rate of decline narrowed by 2.1 percentage points compared to the previous nine months [8]. - Analysts expect a rebound in fiscal infrastructure spending, supported by new policy financial tools and additional allocations for project construction [8].

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The importance of the capital market is highlighted in the new stage of the high - quality development of inclusive finance. The implementation opinions emphasize enhancing the efficiency of the capital market in serving inclusive finance [3][26]. - For small and micro - enterprises, a gradient - based cultivation system of "Beijing Stock Exchange - New Third Board - Regional Equity Market" should be constructed, and innovative products should be used to revitalize inclusive finance assets [3]. - In terms of residents' wealth, the buyer - oriented investment advisory model should be deepened, and the market ecosystem of "long - term investment with long - term funds" should be improved [3]. - For rural revitalization, both investment and financing ends should work together, and derivatives should be used to prevent risks [3]. - A high - quality evaluation system for the capital market to serve inclusive finance should be established to improve the incentive and restraint mechanism [3]. 3. Summary According to Relevant Catalogs 3.1 Inclusive Finance Development and the Role of the Capital Market - The inclusive finance 1.0 stage focused on financial infrastructure services. After ten years of development, it has entered a new stage of high - quality development. The implementation opinions in 2023 pointed out the problems and challenges in inclusive finance development and defined the high - quality inclusive finance system, highlighting the importance of the capital market [3][6][26]. 3.2 Solving the Financing Problem of Small and Micro - Enterprises - **Beijing Stock Exchange**: It is a main position for cultivating innovative small and medium - sized enterprises. As of now, there are 282 listed companies, with a high proportion of private enterprises and a certain proportion of specialized and sophisticated "little giants". In the future, it is recommended to optimize listing standards, study the access mechanism for small and medium - sized enterprises in cutting - edge technology fields, and improve systems such as refinancing and mergers and acquisitions [3][32]. - **New Third Board**: As the "axis" of the multi - level capital market, the structure of listed enterprises has been optimized in recent years, with an increasing proportion of innovative - layer enterprises. In the future, it is necessary to enhance its market functions and service capabilities, such as optimizing the hierarchical management standard system and activating the use of financing tools [3]. - **Regional Equity Market**: As the "foundation" of the gradient - based cultivation system, the institutional connection mechanism between the third and fourth boards has been gradually improved. There are 26 "specialized and sophisticated" special boards in 35 regional equity markets, which can provide a source of high - quality enterprises for the capital market [3][41]. - **Innovative Products**: Stock exchanges such as the Shanghai Stock Exchange are actively exploring asset securitization to serve inclusive finance, such as intellectual property ABS, supply - chain ABS, etc. [3] 3.3 Solving the Investment Problem of Residents' Wealth - **Enhancing Investment Returns**: Listed companies should strengthen investment function construction by increasing performance returns and stabilizing dividend expectations. Since 2022, the annual dividend and repurchase total of A - shares has been significantly higher than the equity financing total. For public funds, the "Action Plan for Promoting the High - Quality Development of Public Funds" was issued in 2025, aiming to improve investment returns, reform the evaluation mechanism, and increase the scale of equity investment [70][71][72]. - **Diversifying Investment Products**: The correlation coefficient among existing investment products is high. It is recommended to increase the supply of diversified products such as cross - border ETFs, QDIIs, and derivatives, and also increase the supply of stable - income complex products such as REITs and quantitative strategies [75]. - **Strengthening Investment Advisers**: The buyer - oriented investment advisory model should be deepened. By linking business income with the scale of customers' existing assets, it can maintain consistency with customers' interests. Some securities companies have achieved good results in this regard [78]. 3.4 Solving the Rural Revitalization Problem - **Diversified Debt Financing Tools**: Since 2021, non - financial enterprises have been guided to issue rural revitalization notes in the inter - bank market, and in 2023, the exchange launched rural revitalization special bonds, with funds used for rural revitalization - related fields [80][82]. - **Innovative "Insurance + Futures" Model**: As of the end of 2024, 192 "insurance + futures" projects have been carried out nationwide, with a cumulative support fund of 253 million yuan, protecting a spot scale of 1.7287 million tons and covering about 9.6435 million mu of farmland [85]. - **Supporting Agricultural Technology Enterprises**: The capital market should support the listing of agricultural technology enterprises and enrich the secondary - market indexes reflecting agricultural - related enterprises, and increase the issuance of agricultural - themed public funds [91]. 3.5 Improving the Incentive and Restraint Mechanism - In September 2025, the Securities Association formulated and released the "Interim Measures for the Special Evaluation of Securities Companies in Implementing the Five Major Articles of Finance", with inclusive finance core indicators including bond financing for small and micro - enterprises and private enterprises. In April 2025, the People's Bank of China and other departments jointly issued the "Pilot Overall Statistical System for the Five Major Articles of Finance", with over 200 key statistical indicators [97][99].

在谈到资本市场在其中扮演的角色时，张晓晶表示，资本市场一方面应继续服务于科技自立自强战略。"资本市场具有更好的风险识别与收益共享机制，是 支持科技创新的主战场。"另一方面，他强调扩大消费同样是未来发展的战略基点，资本市场可在两个维度上发挥关键作用。 "第一个维度，是通过发展资本市场提升居民的财产性收入，从而增强消费能力。"张晓晶指出，"第二个维度，是从供给端推动消费提质扩容。当前我国服 务业高质量供给仍面临瓶颈，资本市场若能更好支持该类消费企业发展，将有效推动供给质量提升，从更深层次激发消费潜力。"张晓晶用"顶天立地"生动 概括了资本市场的双重功能："'顶天'是支撑科技高水平自立自强；'立地'则是服务普通百姓的消费需求与民生福祉。"这一表述形象地揭示了资本市场在连 接国家战略与民生需求中的枢纽作用。 21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 近日，国家金融与发展实验室主任张晓晶在接受21世纪经济报道专访时指出，未来中国经济增长的核心动力将来自"科技驱动"与"消费驱动"的双轮协同。 ...