来源：新华社 新华社北京10月24日电 金融系统学习贯彻党的二十届四中全会精神会议10月24日在 京召开。中共中央政治局委员、中央金融委员会办公室主任何立峰出席会议并讲话。他强 调，金融系统要把学习宣传贯彻全会精神作为当前和今后一个时期的重大政治任务，迅速兴 起学习热潮，分层分级、分期分批组织开展全覆盖培训，推动全会精神在全系统入脑入心。 要抓紧研究谋划"十五五"时期金融重点工作，准确把握"十五五"时期金融工作的主要目标和 面临的形势任务，持续深入贯彻落实好中央金融工作会议精神特别是习近平总书记关于做好 金融工作的系列重要讲话精神，时刻谨记金融工作的政治性、人民性，始终牢牢把握防风 险、强监管、促高质量发展工作主线，坚定不移走中国特色金融发展之路，加快构建中国特 色现代金融体系，推动金融强国建设取得新的重大进展。 何立峰强调，要扎实做好四季度金融工作，紧盯风险、严防"爆雷"，巩固严监管氛围，加力 支持经济发展，全力推动实现全年经济社会发展主要目标任务，助力"十四五"圆满收官，为 顺利开启"十五五"提供有力支撑。 ...

（原标题：刚刚！金融圈，重磅！） 来源：新华社 何立峰在金融系统学习贯彻党的二十届四中全会精神会议上强调 深入学习贯彻党的二十届四中全会精 神 推动金融高质量发展 加快建设金融强国 新华社北京10月24日电金融系统学习贯彻党的二十届四中全会精神会议10月24日在京召开。中共中央政 治局委员、中央金融委员会办公室主任何立峰出席会议并讲话。他强调，金融系统要把学习宣传贯彻全 会精神作为当前和今后一个时期的重大政治任务，迅速兴起学习热潮，分层分级、分期分批组织开展全 覆盖培训，推动全会精神在全系统入脑入心。要抓紧研究谋划"十五五"时期金融重点工作，准确把 握"十五五"时期金融工作的主要目标和面临的形势任务，持续深入贯彻落实好中央金融工作会议精神特 别是习近平总书记关于做好金融工作的系列重要讲话精神，时刻谨记金融工作的政治性、人民性，始终 牢牢把握防风险、强监管、促高质量发展工作主线，坚定不移走中国特色金融发展之路，加快构建中国 特色现代金融体系，推动金融强国建设取得新的重大进展。 何立峰强调，要扎实做好四季度金融工作，紧盯风险、严防"爆雷"，巩固严监管氛围，加力支持经济发 展，全力推动实现全年经济社会发展主要目标任 ...

Core Viewpoint - The financial system is tasked with implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task, emphasizing the need for comprehensive training and understanding of the session's principles within the financial sector [1] Group 1: Financial System Initiatives - The financial system is to initiate a learning wave regarding the plenary session's spirit, organizing training in a layered, graded, and phased manner to ensure full coverage [1] - There is a focus on planning key financial work for the 14th Five-Year Plan period, accurately understanding the main goals and challenges faced during this period [1] Group 2: Regulatory and Development Focus - The emphasis is on maintaining a strong regulatory environment, preventing financial risks, and promoting high-quality development as the main line of work [1] - The financial system is encouraged to support economic development actively while ensuring the achievement of the main economic and social development goals for the year [1] Group 3: Future Financial Strategy - The goal is to accelerate the construction of a modern financial system with Chinese characteristics and to make significant progress in building a strong financial nation [1] - The importance of solidifying the regulatory atmosphere and preventing financial "explosions" in the fourth quarter is highlighted [1]

（文章来源：新华社） 金融系统学习贯彻党的二十届四中全会精神会议10月24日在京召开。中共中央政治局委员、中央金融委 员会办公室主任何立峰出席会议并讲话。他强调，金融系统要把学习宣传贯彻全会精神作为当前和今后 一个时期的重大政治任务，迅速兴起学习热潮，分层分级、分期分批组织开展全覆盖培训，推动全会精 神在全系统入脑入心。要抓紧研究谋划"十五五"时期金融重点工作，准确把握"十五五"时期金融工作的 主要目标和面临的形势任务，持续深入贯彻落实好中央金融工作会议精神特别是习近平总书记关于做好 金融工作的系列重要讲话精神，时刻谨记金融工作的政治性、人民性，始终牢牢把握防风险、强监管、 促高质量发展工作主线，坚定不移走中国特色金融发展之路，加快构建中国特色现代金融体系，推动金 融强国建设取得新的重大进展。 何立峰强调，要扎实做好四季度金融工作，紧盯风险、严防"爆雷"，巩固严监管氛围，加力支持经济发 展，全力推动实现全年经济社会发展主要目标任务，助力"十四五"圆满收官，为顺利开启"十五五"提供 有力支撑。 ...

责任编辑：杨赐 何立峰强调，要扎实做好四季度金融工作，紧盯风险、严防"爆雷"，巩固严监管氛围，加力支持经济发 展，全力推动实现全年经济社会发展主要目标任务，助力"十四五"圆满收官，为顺利开启"十五五"提供 有力支撑。 金融系统学习贯彻党的二十届四中全会精神会议10月24日在京召开。中共中央政治局委员、中央金融委 员会办公室主任何立峰出席会议并讲话。他强调，金融系统要把学习宣传贯彻全会精神作为当前和今后 一个时期的重大政治任务，迅速兴起学习热潮，分层分级、分期分批组织开展全覆盖培训，推动全会精 神在全系统入脑入心。要抓紧研究谋划"十五五"时期金融重点工作，准确把握"十五五"时期金融工作的 主要目标和面临的形势任务，持续深入贯彻落实好中央金融工作会议精神特别是习近平总书记关于做好 金融工作的系列重要讲话精神，时刻谨记金融工作的政治性、人民性，始终牢牢把握防风险、强监管、 促高质量发展工作主线，坚定不移走中国特色金融发展之路，加快构建中国特色现代金融体系，推动金 融强国建设取得新的重大进展。 ...

第八届立信金融论坛日前在上海召开。本届论坛由上海立信会计金融学院金融学院和中国社科院财经战 略研究院《财贸经济》编辑部共同主办，主题为"金融强国建设与金融高水平开放"。 上海立信会计金融学院党委副书记刘艳表示，建设金融强国与推动高水平开放，是走好中国特色金融发 展之路的重要路径。上海作为国际金融中心，肩负先行先试使命，应在制度型开放等方面走在前列，贡 献核心力量。 中国社科院财经战略研究院原院长、中国社会科学院大学商学院院长何德旭表示，构建中国特色、全面 覆盖、高效灵活的金融监管体系至关重要，尤其要聚焦金融科技、绿色金融等重点领域，推动其创新发 展；要加强中央与地方监管协同，倡导支持型、服务型监管理念，在确保金融安全与激发创新活力间寻 求最佳平衡。 上海财经大学党委常委、副校长、教育部长江学者特聘教授刘莉亚表示，强监管和促发展在微观机制上 是内在统一、并行不悖的。她建议，要通过监管智慧和银行能力的共同进化，推动监管引导银行从"被 动合规"转向提升自身竞争力的"主动治理"。 上海交通大学文科建设处处长、教育部长江学者特聘教授吴文锋表示，政府部门内和部门间的取向一致 性均是实体效应的重要来源，其中在经济类和执行类 ...

Core Viewpoint - The Shanghai Commercial Paper Exchange (票交所) has achieved significant milestones in the financial sector during the "14th Five-Year Plan" period, focusing on risk prevention, service to the real economy, and enhancing financial infrastructure to support China's modernization efforts [1][8]. Group 1: Leadership and Governance - The exchange emphasizes the importance of strong party leadership and integrates it with corporate governance to ensure high-quality development [2]. - It actively promotes the implementation of the Party's policies and guidelines, ensuring that the leadership is reflected in operational practices [2][8]. - The exchange has strengthened its political guidance and service capabilities, particularly for small and micro enterprises [2][3]. Group 2: Service to the Central Bank - The exchange plays a crucial role in supporting the People's Bank of China (PBOC) by enhancing monetary policy transmission and market regulation [3]. - It has optimized its re-discount business system, aiming for a re-discount balance of 575.8 billion yuan by the end of 2024 [3]. - The exchange actively participates in the development of regulatory frameworks and risk monitoring to support the PBOC's objectives [3][6]. Group 3: Support for the Real Economy - The exchange is committed to serving the real economy, with a total business volume of 244 trillion yuan in the bill market for 2024, reflecting an average annual growth of 13.1% over the past five years [4][5]. - It has introduced a supply chain bill platform to alleviate financing challenges for enterprises, particularly small and micro businesses [4][5]. - The average discount rate for bills has decreased significantly, saving enterprises substantial financial costs [5]. Group 4: Risk Management - The exchange prioritizes risk prevention, with a focus on maintaining a stable bill market and reducing overdue rates [6]. - It has established a robust risk monitoring system and enhanced credit information disclosure, covering over 100,000 enterprises [6][7]. - The exchange collaborates with regulatory bodies to create a favorable legal environment for the bill market [6]. Group 5: Technological Innovation and Security - The exchange is advancing its technological capabilities, having developed a new bill business system that integrates both paper and electronic bills [7]. - It emphasizes the importance of balancing innovation with security, ensuring the stability of its operational systems [7]. - The exchange is committed to enhancing its technological governance and management to meet the demands of the financial market [7][8].

Group 1: Financial Forum Overview - The 8th Lixin Financial Forum was held in Shanghai, focusing on "Building a Financial Power and High-Level Financial Openness" [1] - Keynote speeches were delivered by Liu Yan from Shanghai Lixin University of Accounting and Finance and He Dexu from the Chinese Academy of Social Sciences [1] Group 2: Keynote Insights - Liu Liya from Shanghai University emphasized the relationship between regulatory penalties and banking operations, noting that penalties drive banks to transform their operational paradigms, leading to lower loan rates and increased corporate revenues [1] - Wu Wenfeng from Shanghai Jiao Tong University reported that since 2016, the consistency of China's macro policy orientation has shown a rising trend, positively impacting corporate investment levels and efficiency [2] Group 3: Roundtable Discussions - Jin Lianming from Agricultural Bank of China discussed the importance of serving the broader community in building a strong financial nation, highlighting the need for financial services to support both domestic and international economic interactions [3] - Jia Zhanfeng from the Yangtze River Delta G60 Innovation Corridor introduced a comprehensive financial service system for tech enterprises, which includes over 20 specialized financial products and has seen 123 listed companies across nine cities, accounting for 21% of the national total [3] Group 4: Innovations in Financial Services - He Liehui from the China-Africa Friendship Association advocated for diversified guarantees and innovative cross-border financial services to support Chinese enterprises going abroad [4] - Zheng Tingqiang from Taikang Life Insurance introduced a new insurance model that integrates traditional insurance, stable asset growth, and healthcare services, emphasizing the long-term investment approach of insurance capital [4] Group 5: Educational Collaborations - Shanghai Lixin University has collaborated with Agricultural Bank of China since 2014 to develop a talent cultivation model that combines academic and practical training in finance [5] - The establishment of the Yangtze River Delta Collaborative Innovation Center for Financial Services in 2021 marks a significant achievement in supporting the financial needs of the G60 Innovation Corridor [5]

Group 1 - The forum focuses on the new pattern of global capital market development, emphasizing opportunities, challenges, and innovative paths [2][22] - The strategic positioning of China's capital market has been elevated, shifting its core function from traditional financing to incentivizing social innovation and wealth management [5] - The need for systematic restructuring of the capital market ecosystem is highlighted, including reforms in the asset side, funding side, and regulatory framework to enhance market transparency and compliance [5] Group 2 - The global financial market is facing challenges of integration and segmentation, particularly due to the impact of the 2008 financial crisis and ongoing geopolitical tensions [7] - The imbalance in financial globalization levels between developed and emerging markets poses significant external pressures on the latter [7] - The importance of balancing openness and security in China's financial strategy is emphasized, advocating for high-quality openness and alignment with international regulatory standards [7] Group 3 - The impact of the US-China trade war on international capital flows is discussed, noting that US funds have shown resilience while non-US funds have reduced exposure to affected companies [12] - The valuation trends of technology companies during the Fourth Industrial Revolution are characterized by high valuations and the need for optimized institutional support for hard technology enterprises [14] - The emergence of digital assets is reshaping the capital market ecosystem, with a focus on the role of stablecoins and their implications for traditional finance [16][17]

所长 早读 国泰君安期货 2025-10-20 期 请务必阅读正文之后的免责条款部分 期货研究 1 2025-10-20 党的二十届四中全会今日召开 观点分享： 中国共产党第二十届中央委员会第四次全体会议于 10 月 20 日至 23 日在北京召开。主 要议程包括：中共中央政治局向中央委员会报告工作，研究关于制定国民经济和社会发展第 十五个五年规划的建议；会议分析研究当前经济形势，部署下半年经济工作。基于《二〇三 五年远景目标》所提出的用"三个五年"基本实现社会主义现代化，"十五五"是承上启下 的关键五年。民生证券表示，即将传递出的重大信号包括，一是发挥集中力量办大事的制度 优势，在激烈国际竞争中赢得战略主动；二是强国建设系统推进，金融强国建设有望作为科 技和制造业强国的协同战略加快推进；三是把因地制宜发展生产力放在更加突出的战略位置； 四是扩大内需更加强调保障和改善民生，提升消费率迎来综合施策；五是纵深推进全国统一 大市场建设。 | 所 | 长 | 首 | 推 | | --- | --- | --- | --- | | 关注指数 | | | 板块 | | ★★★★ | | | 期指 | | 期指：短线或反弹 ...