Group 1 - The core viewpoint is that listed securities firms are expected to see significant performance improvements by 2025, with a notable recovery in growth rates compared to previous years, driven by a rebound in the equity market and increased capital market activity [1] - Major securities firms are showing stable performance, benefiting from a "slow bull" market environment and supportive policies for mergers and acquisitions, which are expected to continue the trend of performance recovery [1] - The securities industry is projected to maintain steady growth in 2026, building on a high base in 2025, as firms are encouraged to enhance their capabilities through mergers and acquisitions, leading to stronger fundamentals and comparative advantages in cross-border business [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in brokerage, investment banking, and asset management from the A-share market to reflect the overall performance and market trends of the securities industry [1]

"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 使命，因时代而生；担当，因责任而重。 2010年8月，国家开发银行完成对航空证券的全资收购，国开证券正式挂牌成立，一段崭新的征程由此 开启。 十六载春华秋实，国开证券始终与国家战略同频共振。债券全牌照资质获批、铁道债"八连冠"、多个市 场"首单"项目落地……这家根植于开发性金融沃土的证券公司，逐步书写出特色鲜明的高质量发展新篇 章。 "努力走好中国特色金融发展道路，助力开创资本市场高质量发展新局面，是国开证券所肩负的职责使 命。"国开证券党委书记、董事长刘晖近日在接受中国证券报记者采访时表示，金融是现代经济的血 脉，关系中国式现代化建设全局。"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"，吹响了加快建设中国特色现代金融体系和金融强国的号角，也为证 券行业走好高质量发展的"赶考路"出了一道"必答题"。 把握枢纽功能 助力金融强国建设 时代大潮奔涌向前，金融使命重若千钧。经过30多年的发展，我国资本市场从无到有、从小到大，当前 正处在向高质量发展快速转变的关键阶段。 在刘晖看来，金融强国建设是一项关乎国家金融治 ...

使命，因时代而生；担当，因责任而重。 2010年8月，国家开发银行完成对航空证券的全资收购，国开证券正式挂牌成立，一段崭新的征程由此 开启。 十六载春华秋实，国开证券始终与国家战略同频共振。债券全牌照资质获批、铁道债"八连冠"、多个市 场"首单"项目落地……这家根植于开发性金融沃土的证券公司，逐步书写出特色鲜明的高质量发展新篇 章。 在刘晖看来，金融强国建设是一项关乎国家金融治理现代化的系统工程，而中国特色现代金融体系的构 建是其关键所在。作为包含金融机构、市场、规则等在内高度关联的复杂有机系统，现代金融体系具有 整体性、结构性、层次性和开放性的特征，这就要求在推进中国特色现代金融体系建设过程中，必须坚 持系统思维、协同推进。 资本市场是现代经济金融的重要枢纽。纵观全球，强大的资本市场始终是大国崛起的重要支撑。刘晖表 示，二战后美国诞生了英特尔、微软、苹果、谷歌等一批高科技企业，其背后正是科技产业与资本市场 协同联动机制的有效支撑。 他山之石，可以攻玉。刘晖表示，在多层次资本市场助力下，近年来我国科技创新和产业创新加快融合 发展，资本市场逐渐成为赋能科技创新的主阵地。2024年，A股上市公司研发投入达到1.8 ...

使命，因时代而生；担当，因责任而重。 "努力走好中国特色金融发展道路，助力开创资本市场高质量发展新局面，是国开证券所肩负的职责使 命。"国开证券党委书记、董事长刘晖近日在接受中国证券报记者采访时表示，金融是现代经济的血 脉，关系中国式现代化建设全局。"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"，吹响了加快建设中国特色现代金融体系和金融强国的号角，也为证 券行业走好高质量发展的"赶考路"出了一道"必答题"。 ● 本报记者 徐昭 葛瑶 把握枢纽功能 助力金融强国建设 时代大潮奔涌向前，金融使命重若千钧。经过30多年的发展，我国资本市场从无到有、从小到大，当前 正处在向高质量发展快速转变的关键阶段。 在刘晖看来，金融强国建设是一项关乎国家金融治理现代化的系统工程，而中国特色现代金融体系的构 建是其关键所在。作为包含金融机构、市场、规则等在内高度关联的复杂有机系统，现代金融体系具有 整体性、结构性、层次性和开放性的特征，这就要求在推进中国特色现代金融体系建设过程中，必须坚 持系统思维、协同推进。 资本市场是现代经济金融的重要枢纽。纵观全球，强大的资本市场始终是大国崛起 ...

培训旨在加强会员单位从业人员全面准确深入学习领会党的二十届四中全会战略部署，进一步提升政治 站位，增强对国情国策和发展大势的把握能力，切实强化从业人员作为直接融资"服务商"、资本市 场"看门人"、社会财富"管理者" 的责任担当，助力金融强国建设和资本市场高质量发展。 本次培训特邀长江资管固定收益研究部宏观策略分析师杨秀昶担任主讲嘉宾。他聚焦"十五五规划的宏 观视角"，结合大量权威数据与前沿政策，深入剖析了"十五五"规划的核心要义，系统阐释了我国经济 展现出的韧性、深化改革的方向以及资本市场的长期价值。培训高屋建瓴、见解独到、为学员打开新思 路。 期货日报网讯（记者 杨美）为帮助会员学习领会二十届四中全会精神和准确把握"十五五"转型升级机 遇期，谨记金融工作的政治性和人民性，奋力谱写中国式现代化河北金融篇章，2026年1月27日下午， 河北省证券期货业协会举办"资本赋能 冀往开来"系列培训第2期——"二十届四中全会精神及十五五规 划解读 "专题培训。各会员单位近300人通过线上方式参加本次视频培训。 ...

新规目的明确：让"耐心资本"真正参与公司治理，提升上市公司质量，终结"假战略、真套利"乱象。让战略投资者"名副其实"，推动资本市场高质量发展。 21世纪经济报道 记者 崔文静 资本市场迎来重大变革！1月30日，证监会就《关于修改〈证券期货法律适用意见第18号〉的决定（征求意见稿）》向社会公开征求意见。 此次修订多个调整值得关注： ① 将社保基金、养老保险、企业年金、职业年金、商业保险、公募基金、银行理财等中长期资金定义为"资本投资者"，与传统"产业投资者"并列，共同构 成战略投资者。 ② 战略投资者认购上市公司股份原则上不低于 5%。 5%不是随意设定！它往往直接关联到提名董事、参与公司治理的实质性权力，迫使投资者从"财务旁观者"转向"治理参与者"。 ③ 堵死所有套利漏洞：禁止代持、融券、衍生品交易等变相减持手段，确保"真战略、真长期"。 ④ 上市公司必须在年报中持续披露战略合作落实情况与实际效果，接受市场长期检验。 ⑤ 中介机构责任进一步压实，保荐机构和发行人律师必须对是否存在利益输送发表独立意见。 ...

Core Viewpoint - The article emphasizes the efforts of Hebei Securities Regulatory Bureau in enhancing the quality and efficiency of listed companies through comprehensive and targeted visits, aiming for high-quality development in the capital market [2]. Group 1: Regulatory and Service Integration - Hebei Securities Regulatory Bureau has prioritized the visitations to listed companies, establishing a comprehensive visiting mechanism that covers all listed companies in the region, ensuring effective understanding of their operational status and addressing their issues [4][9]. - A collaborative mechanism has been formed with various departments and financial institutions to enhance the support for listed companies, creating a multi-faceted service ecosystem involving regulators, government, exchanges, financial institutions, and media [6][10]. Group 2: Problem-Solving and Empowerment - The bureau focuses on addressing the urgent and challenging issues faced by companies, conducting targeted visits to key industries such as electronics and biomedicine, and facilitating solutions to enhance strategic emerging industries [8][12]. - In 2025, 64 listed companies in the region implemented cash dividends totaling 24.652 billion, a 14.70% increase year-on-year, indicating a rising level of shareholder returns [9]. Group 3: Innovative Approaches and Efficiency - The bureau has introduced an integrated approach combining visits and inspections to enhance efficiency, allowing for immediate guidance on minor compliance issues and reducing disruptions to normal business operations [11]. - Training programs have been conducted to improve governance and operational standards among listed companies, with nearly 3,000 participants from 993 companies involved [11]. Group 4: Future Outlook - The bureau plans to continue its regular visitation mechanism, focusing on tracking the progress of issues raised by companies and enhancing collaboration with local governments to ensure effective resolution of various demands [12][28].

Core Viewpoint - The article emphasizes the need for innovative reform paths to promote high-quality development in China's capital markets, focusing on multi-level market construction, improving the quality of listed companies, opening up to foreign investment, and protecting investors [3][4]. Group 1: Reform Directions - The core content revolves around four major reform directions: enhancing the inclusiveness of multi-level markets, solidifying the foundation for market stability, expanding high-level institutional openness, and strengthening investor protection [3][4]. Group 2: Establishment of the Capital Market Society - The China Capital Market Society was registered on June 16, 2025, under the Ministry of Civil Affairs, supervised by the China Securities Regulatory Commission, and aims to serve as a high-end think tank for theoretical research, academic exchange, and decision-making consultation in the capital market [3][4]. Group 3: Thematic Focus of Tsinghua Financial Review - The Tsinghua Financial Review plans to explore topics such as the support of capital markets for new productive forces, mechanisms for stabilizing the secondary market, capital market openness, and innovations in the bond market, seeking effective paths for reform and innovation [4][5]. Group 4: Call for Contributions - The article outlines 13 specific topics for discussion, including enhancing the inherent stability of capital markets, the role of long-term funds, effective foreign market opening, and innovations in the bond market, inviting experts and scholars to contribute original works [5].

Core Viewpoint - The company emphasizes the importance of aligning its development with national strategies and enhancing the wealth retail business to serve the public and improve residents' asset allocation [1][2]. Group 1: Four Mission Responsibilities - The company aims to translate the "Four Mission Responsibilities" into actionable strategies, focusing on serving the real economy and enhancing residents' financial well-being [2][3]. - The wealth retail business is positioned as a "translator" and "connector" to make complex economic trends understandable for clients, guiding them towards quality assets [3][4]. - A comprehensive service system is being developed to better serve investors, ensuring clear communication of product risks and strategies [3][6]. Group 2: Digital Transformation and Talent Development - The company is committed to enhancing service capabilities through digital transformation and talent development, utilizing AI and big data to better understand client needs [4][7]. - A dual approach of digital tools and talent cultivation is being implemented to improve service efficiency and client engagement [7][8]. Group 3: Open Market and Global Asset Allocation - The wealth retail business is focusing on enhancing service transparency and cross-market capabilities, facilitating clients' participation in global asset allocation [4][8]. - The company is actively researching investment channels like Hong Kong Stock Connect and QDII to educate clients on market differences and risks [8][10]. Group 4: Commitment to Investor-Centric Services - The company is dedicated to building trust with investors through transparent information disclosure and consistent risk management practices [10][11]. - The goal is to enhance investors' sense of security and satisfaction while contributing to the stability of the capital market [11].

● 本报记者 徐昭 赵中昊 把握"四个使命担当"核心内涵 ■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 国新证券党委书记、董事长张海文： 财富零售业务应为民而行 践行"四个使命担当" 舟行万里，操之在舵；金融为民，固本在实。作为脱胎于老牌证券公司、融入中国国新央企生态的券 商，国新证券深谙"国之大者"，其发展脉搏始终与国家战略同频共振。在金融强国建设的新航程上，如 何将宏观使命转化为微观实践，让资本市场发展成果惠及万千投资者，成为其思考的核心。近日，国新 证券党委书记、董事长张海文接受了中国证券报记者专访，阐述了公司以财富零售业务为支点，践 行"四个使命担当"的思考与路径。 张海文表示，党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作 出重大部署，同时强调要多渠道增加城乡居民财产性收入。证监会主席吴清在中国证券业协会第八次会 员大会上，更明确要求行业强化"四个使命担当"——服务实体经济和新质生产力发展、更好服务投资者 并助力居民优化资产配置、加快建设金融强国、促进高水平制度型开放。 "资本市场必须发挥好投资和融资相协调的功能作用，将发展成果更多更公平惠及广大投资者。 ...