【导读】国联民生证券总裁葛小波：当好"财富医生"，开好"资产药方" 【编者按 】 中央金融工作会议首次提出"金融强国"目标，明确要"培育一流投资银行和投资机构"。新"国九条"的出台绘制了更为清晰的 路线图——到2035年，"一流投资银行和投资机构建设取得明显进展"。 站在"十五五"新征程的起点，金融机构如何践行金融工作政治性、人民性，做实做透金融"五篇大文章"，服务实体经济高质量发展，为居 民财富保驾护航，成为市场关注焦点。为此，中国基金报 特 推出对话金融高管专栏，深度对话金融领域"话事人"，为行业发展建言献策。 中国基金报记者 闫晶滢 中国金融行业逐渐步入财富管理与资产管理深度融合的新时代。"证券业高质量发展28条"提出，引导券商规范开展资产管理业务，提升主 动管理能力，更好发挥财富管理与资产管理协同转型的合力，为券商践行金融人民性、做好社会财富"管理者"提供了新思路。 近期，中国基金报记者独家专访了国联民生证券党委副书记、执行董事、总裁葛小波，深入探讨券商财富管理转型与资产管理协同发展所 面临的机遇和挑战。 "财富管理面对的是人而不是策略，培养充分的信任感是很难的一件事。"在葛小波看来，这正是财富管理远 ...

Core Viewpoint - The China Securities Association's eighth member congress highlighted the need for the securities industry to enhance its overall strength and fulfill its four major missions to achieve high-quality development in the face of challenges [2]. Group 1: Industry Achievements and Challenges - Since the seventh member congress in 2021, the securities industry has made significant progress, with total assets of 107 securities firms reaching 14.5 trillion yuan and net assets at 3.3 trillion yuan, representing growth of over 60% and 40% respectively over four years [2]. - The number of clients in the securities sector has surpassed 240 million, marking a 26% increase [2]. - Despite these achievements, the industry still faces shortcomings, including the need for improved overall strength, professional skills, innovation capabilities, compliance, and cultural development [2]. Group 2: Future Development Directions - The securities industry must focus on serving the real economy and enhancing the precision and adaptability of its product services, while also protecting investors' rights and promoting market stability [3]. - There is a need to enhance professional service capabilities, including value discovery, wealth management, and cross-border financial services, while exploring new technologies like AI, big data, and blockchain [4]. - The industry should aim for differentiated and specialized development, leveraging the strengths of leading firms and promoting value competition over price competition [5]. - Strengthening compliance management and risk prevention is essential, with a focus on improving corporate governance and protecting the rights of small investors [6]. - The construction of industry culture should be prioritized, promoting a financial culture with Chinese characteristics and attracting talented professionals [7]. Group 3: Leadership and Governance - The new leadership of the China Securities Association was elected, with Zhu Jian from Guotai Junan Securities as president and Wang Sheng from Galaxy Securities as chairman [8]. - The new leadership is expected to enhance member recognition, cohesion, and participation in the association's work [8]. - The congress also approved several reports, including the work report of the seventh council and the financial work report [9].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive shift in regulatory attitudes, encouraging financial innovation and mergers, which is expected to catalyze market performance [5][7] - Three main development lines for the industry are identified: serving technological innovation, wealth management, and international business [6][7] - The report emphasizes the potential for significant growth in wealth management services, as current asset allocation in China is low compared to historical levels in the U.S. [6] - The valuation of the sector remains low, presenting strategic investment opportunities, particularly in firms with strong overseas and institutional business advantages [8] Summary by Sections Regulatory Environment - The regulatory framework is becoming more favorable, with a focus on differentiated supervision for quality institutions and encouragement for financial innovation and mergers [5][7] Industry Development Lines - The industry is focusing on three key areas: 1. Supporting technological innovation through capital market functions [6] 2. Expanding wealth management services to meet growing demand [6] 3. Enhancing international investment banking capabilities to support cross-border financing [6] Market Outlook - The report suggests that the improved regulatory stance may act as a catalyst for the sector's performance, with expectations for enhanced return on equity (ROE) for brokerage firms [7] - Specific firms are recommended for investment based on their strengths in overseas and institutional business, as well as wealth management [8]

各位会员代表、各位来宾，同志们： 大家好！很高兴参加中国证券业协会第八次会员大会，我谨代表中国证监会，对大会的召开表示热烈祝贺，向与会的各位代表和全行业同仁致以诚挚的问 候！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了重要部署。证券机构是资本市场上连接投融资各方最重要 的桥梁纽带，对于市场功能发挥和生态完善至关重要。下面，我重点围绕推进证券行业高质量发展，同大家作个交流。 一、充分肯定近年来证券行业发展取得的成绩 新华财经北京12月6日电 12月6日，中国证券业协会第八次会员大会在北京举行，中国证监会主席吴清在会上发表讲话。以下为吴清讲话全文。 第四，要在促进高水平制度型开放方面强化使命担当。近年来，我国产业链供应链国际合作有序推进，境内企业海外布局不断拓展深化，行业机构在帮助企 业跨境融资、并购等方面的作用日益显现。同时，在全球资产再平衡背景下，中国资产已经成为也会长期构成全球化资产配置中不可或缺的部分。无论 是"中国投资"还是"投资中国"，都需要一批熟悉中国国情市情、精通国际市场规则、能够高效动员全球资源的专业服务机构，这方面，我们的行业机构责无 旁贷。 第七次会员大 ...

中经记者 孙汝祥 夏欣 北京报道 "'十五五'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。"证 监会主席吴清12月6日在中国证券业协会第八次会员大会上致辞时指出，证券行业要把握机遇，勇立潮 头，争创一流。 吴清指出，"十五五"是推进中国式现代化、加快建设金融强国的关键时期。新征程上，证券行业作为直 接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，发展空间广阔、大有可 为，必须主动呼应时代召唤，自觉担负使命责任。 受访专家对《中国经营报》记者表示，吴清致辞中有不少新提法或重点强化的要求，值得行业关注，并 深入落实。 奋力打造一流投资银行和投资机构 对于证券行业奋力打造一流投资银行和投资机构，吴清提出了五点希望。 一是行业功能发挥要迈上新台阶。 吴清指出，要坚决摒弃简单拼规模、比增速、争排名，切实把重心聚焦到高质量发展上来。要牢牢把握 服务实体经济这个根本，突出服务新质生产力发展这个重点，自觉承担保护投资者合法权益和促进稳市 兴市的社会责任。要带头践行价值投资理念，强化跨周期逆周期布局，提升投资稳健性和价值判断力。 要发挥好首席经济学家和行业机构分析研 ...

中证协发布 中国证券业协会第八次会员大会12月6日在北京举行。中国证监会党委书记、主席吴清出席会议，并作 了题为《加快打造一流投资银行和投资机构 更好助推资本市场高质量发展》的讲话。中国证监会党委 委员、副主席李明出席会议。 吴清指出，近年来，面对一系列突发性超预期风险挑战，在党中央、国务院坚强领导下，证监会坚持稳 中求进、以进促稳，会同市场参与各方统筹推进资本市场防风险、强监管、促高质量发展，市场韧性和 抗风险能力明显增强，资本市场实现了量的合理增长和质的有效提升，有力支持了经济社会发展大局。 在这一过程中，证券行业主动服务国家重大战略，深入落实以客户为中心的发展理念，规模实力稳步壮 大，服务质效持续提升，行业结构不断优化，抗风险能力明显增强，呈现出良好发展态势。 中央金融工委、民政部相关司局，中国证监会相关部门、派出机构及系统单位负责人应邀出席会议。来 自全国的证券公司、证券投资咨询公司、证券资信评级机构等会员单位代表共计480余人出席大会。16 家媒体单位应邀参会。 会员大会后，召开第八届常务理事会第一次扩大会议，协会党委书记、执行副会长吴运浩主持会议。会 议认真学习党的二十届四中全会精神，贯彻落实吴清 ...

在中国证券业协会第八次会员大会上，证监会主席吴清作了重磅发言，总结并充分肯定近年来证券行业 发展取得的成绩，同时提出深刻把握"十五五"时期证券行业的使命责任。 展望未来，吴清提出："'十五五'是推进中国式现代化、加快建设金融强国的关键时期。""新征程上，证 券行业作为直接融资的主要'服务商'、资本市场的重要'看门人'、社会财富的专业'管理者'，发展空间广 阔、大有可为，必须主动呼应时代召唤，自觉担负使命责任。"对此，吴清提出了四点，一是"要在服务 实体经济和新质生产力发展方面强化使命担当"；二是"要在更好服务投资者、助力居民资产优化配置方 面强化使命担当"；三是"要在加快建设金融强国方面强化使命担当"；四是"要在促进高水平制度型开放 方面强化使命担当"。吴清还表示，"十五五"期间要"奋力打造一流投资银行和投资机构"，认真落实四 中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头，争创一流。 回望过去，吴清表示："在各方共同努力下，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A股市场总体稳健活跃，总市值超过100万亿元，实现了量的合理增长和质的有效提 升。"" ...

Core Viewpoint - The speech by Wu Qing at the China Securities Association's eighth member conference emphasizes the mission and responsibilities of the securities industry during the "14th Five-Year Plan" period, highlighting its role in supporting China's modernization and financial strength [1] Group 1: Mission Responsibilities - The securities industry must enhance its role in serving the real economy and the development of new productive forces, particularly in the context of technological revolutions and industrial transformations, where it plays a crucial role in connecting capital markets with enterprises [2] - There is a need for the industry to better serve investors and assist in optimizing the allocation of residents' assets, as the current proportion of stocks and funds in residents' assets is about 15%, similar to the level in the U.S. 30 years ago, indicating significant potential for growth in asset management services [3] - The industry is tasked with accelerating the construction of a strong financial nation, which requires not only large commercial banks but also world-class investment banks that excel in professionalism and service quality, thereby gaining influence in global capital flows and asset pricing [3] - The industry must promote high-level institutional openness, as China's international cooperation in supply chains and overseas expansion of domestic enterprises necessitate professional service institutions that understand both domestic and international market rules [4]

Core Viewpoint - The speech emphasizes the importance of accelerating the development of a first-class investment banking and investment institution to better support the high-quality development of the capital market [3][4][10]. Group 1: Achievements in the Securities Industry - The securities industry has shown significant growth, with total assets of 107 securities firms reaching 14.5 trillion yuan and net assets at 3.3 trillion yuan, representing growth of over 60% and 40% respectively over the past four years [5]. - The number of clients served by securities companies has exceeded 240 million, marking a 26% increase [5]. - The industry has facilitated the listing of nearly 1,200 technology innovation enterprises and supported domestic financing exceeding 51 trillion yuan [5]. Group 2: Responsibilities in the 14th Five-Year Plan - The securities industry is tasked with enhancing its role in serving the real economy and supporting new productive forces, particularly in sectors like AI, biomedicine, and green energy [7]. - There is a need to better serve investors and optimize asset allocation for residents, as the proportion of stocks and funds in household assets is only about 15%, compared to 30% in the U.S. 30 years ago [8]. - The industry must contribute to building a strong financial nation by developing international-level investment banks that can influence global capital flows and asset pricing [9]. Group 3: Building First-Class Investment Banks - The industry is encouraged to focus on high-quality development rather than merely expanding scale and profits, emphasizing the importance of serving the real economy [10]. - There is a call for improved professional service capabilities, including better IPO and M&A services, and enhanced wealth management services [11]. - Differentiated and specialized development is essential, with both large and small firms encouraged to leverage their unique advantages [13]. Group 4: Compliance and Risk Management - Compliance and risk management are highlighted as critical for the survival of industry institutions, with a focus on enhancing governance effectiveness and preventing conflicts of interest [14]. - The industry must strengthen transaction management and ensure fair trading services for different types of investors [14]. Group 5: Cultural Development in the Industry - The importance of cultivating a strong industry culture is emphasized, with a focus on long-termism and reputation management [15]. - There is a need to attract and develop a talented workforce that adheres to professional ethics and possesses strong capabilities [15]. Group 6: Association's Role in Industry Development - The securities industry association is urged to strengthen self-regulation and enhance governance mechanisms to support high-quality industry development [16]. - The association should focus on fostering a vibrant industry ecosystem and actively contribute to the development goals outlined in the 14th Five-Year Plan [16].

Core Viewpoint - The performance of the capital market in 2026 will largely depend on investors' expectations regarding medium- to long-term fundamentals, with a focus on China's role in providing global public goods and building a modern industrial system domestically [3]. Group 1: Characteristics of a Financial Power - A strong and confident approach to opening up is essential for China's capital market to evolve into a financial power, supported by the country's rising global position and initiatives like the Belt and Road [5]. - The stock market's equity risk premium in China is significantly higher than in the U.S., indicating a need for improved market confidence and a potential for valuation adjustments [5][6]. - The historical valuation comparisons may become less relevant as the market evolves, suggesting that simplistic analyses may not capture the future dynamics [6]. Group 2: Market Resilience and Shareholder Returns - The capital market must maintain resilience and reduce volatility to attract global investors, with mechanisms in place to stabilize market sentiment during uncertainties [7][8]. - High dividend payouts from state-owned enterprises are seen as a positive shift in corporate governance, enhancing shareholder returns and attracting long-term capital [8]. - The current dividend yield of the CSI 300 index remains attractive compared to the ten-year government bond yield, indicating a solid foundation for patient capital [8]. Group 3: Future Pricing and Market Dynamics - The decline in equity risk premium will depend on China's ability to convert its national and cultural influence into sustainable pricing power within global supply chains [9]. - The manufacturing sector's contribution to global value added is projected to be significant, with a potential increase in competitive advantages in key areas [9]. - The focus should be on creating a sustainable profit ecosystem rather than relying on excessive competition, which could enhance overall market dynamics [10]. Group 4: Capital Market Pricing and Future Industries - The capital market needs to develop a pricing mechanism for future industries, moving beyond traditional valuation methods that do not align with the potential of innovative companies [11]. - The ability to price future industries effectively will contribute to a reduction in equity risk premiums, reflecting a more mature market [11]. Group 5: Economic Indicators and Market Outlook - The core driver of asset prices in 2026 is expected to be the Producer Price Index (PPI), which, along with housing prices, will influence market dynamics [13]. - A potential rebound in profits for A-share companies is anticipated, with projections indicating a significant increase in net profits for non-financial sectors [14]. - The convergence of improving corporate fundamentals, emerging industry trends, and increased global influence is expected to support a bullish market outlook for A-shares [14].