Core Viewpoint - The meeting emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on promoting high-quality financial development and accelerating the construction of a strong financial nation [1] Group 1: Financial System Development - The financial system is tasked with making the study and implementation of the plenary session's spirit a major political task, initiating a learning wave across all levels [1] - There is a need to plan key financial work for the 14th Five-Year Plan period, accurately understanding the main goals and challenges faced during this period [1] - The focus remains on risk prevention, strong regulation, and promoting high-quality development, adhering to the path of Chinese-style financial development [1] Group 2: Economic Support and Risk Management - The emphasis is on solidifying financial work in the fourth quarter, closely monitoring risks, and preventing financial crises [1] - There is a commitment to support economic development and achieve the main goals of economic and social development for the year, aiding in the successful conclusion of the 14th Five-Year Plan [1] - The efforts aim to provide strong support for the smooth initiation of the 15th Five-Year Plan [1]

刚刚，重磅刷屏！信息量巨大 二十届四中全会公报 "十五五"，这么干 利 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 ...

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。 本文转载自"新华社"；智通财经编辑：黄晓冬。 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。 ...

文 |《瞭望》新闻周刊记者 张翊飞 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。 中国国际金融股份有限公司（以下简称"中金公司"）自诞生之日起，便肩负着探索中国资本市场发展路 径、服务国家改革开放的重要使命。 三十年来，中金公司既是中国改革开放的见证者与推动者，也是这一伟大进程的受益者。公司始终秉 持"以国为怀"的初心，将服务国家战略、促进资本市场健康发展作为根本任务，在融入国家改革发展大 局中不断成长壮大 三十年来，中金公司既是中国改革开放的见证者与推动者，也是这一伟大进程的受益者。公司始终秉 持"以国为怀"的初心，将服务国家战略、促进资本市场健康发展作为根本任务，在融入国家改革发展大 局中不断成长壮大。 三十而立，新程已启。立足新的历史节点，中金公司正以更加坚定的步伐，迈向更高质量的发展新阶 段，为金融强国建设注入强劲动能。 资本市场的"国家队" 中金公司的成立具有鲜明的时代烙印。20世纪90年代，中国正处于建立现代企业制度、深化国有企业改 革的关键时期。设立中金公司填补了我国专业投资银行的空白，其以投行业务为主导的发展模式，与当 时以经纪业务为主的券商形成鲜明对比，凸显其服务国家战略的独特定位 ...

Core Viewpoint - Shenwan Hongyuan is committed to serving the financial sector and contributing to the construction of a financial powerhouse, aligning with national policies and focusing on innovation and excellence [1]. Group 1: Service to Technology Finance - Shenwan Hongyuan launched the first technology innovation fund in Xinjiang, with an initial scale of 500 million yuan, aimed at supporting the growth of technology enterprises in the region [4]. - The company assisted TCL Technology Group in completing a major asset acquisition project with a total transaction value of 11.562 billion yuan, marking the largest equity purchase in the electronics sector since 2021 [5]. - In Q3, Shenwan Hongyuan helped various companies issue a total of 12.5 billion yuan in technology innovation bonds, including 6 billion yuan for the National Oil and Gas Pipeline Group [7]. - The company supported Tianyue Advanced Technology in successfully listing on the Hong Kong Stock Exchange, raising approximately 2.044 billion HKD [8]. Group 2: Service to Green Finance - Shenwan Hongyuan acted as the lead underwriter for Hebei Bank's successful issuance of 5 billion yuan in green financial bonds, with a 3-year term and a low coupon rate of 1.83% [10]. - The company facilitated the issuance of the first green technology innovation REITs in the market, with a scale of 1.406 billion yuan, marking a significant milestone in the steel industry [11]. Group 3: Service to Digital Finance - Shenwan Hongyuan assisted Health 160 in its successful listing on the Hong Kong Stock Exchange, raising 400 million HKD, focusing on digital healthcare services [13]. Group 4: Service to External Opening - Shenwan Hongyuan participated in the 25th China International Investment Trade Fair, showcasing its commitment to the financial powerhouse strategy and internationalization efforts [16]. Group 5: Service to Regional Finance - The company established a listing service station in Xuhui District to provide tailored services for technology enterprises seeking to go public [19]. - Shenwan Hongyuan collaborated with China Gezhouba Group to issue 3 billion yuan in technology innovation bonds to support the western development strategy [20]. - The company invested 492 million yuan in a city renewal project in Shunyi District, Beijing, aimed at transforming the area into a new commercial landmark [22].

Core Viewpoint - The "15th Five-Year Plan" is a crucial period for China's modernization towards 2035 and high-quality economic development, guiding the direction for the next five years [4][3]. Strategic Deployment - The "15th Five-Year Plan" serves as a key five-year period towards the 2035 modernization goal and is essential for high-quality economic development [4][3]. Industry Planning - Key industries to focus on during the "15th Five-Year Plan" include technology (new quality productivity), finance, agriculture, and energy [5]. - Long-term strategic goals include achieving a 70% urbanization rate by 2028, completing debt tasks from 2024 to 2028, reaching carbon peak by 2030, and achieving a 90% application rate for artificial intelligence [5]. Achievements from the 14th Five-Year Plan - During the "14th Five-Year Plan," China's GDP grew at an average rate of 5.5%, reaching 134 trillion RMB, with per capita GDP increasing from 10,632 USD in 2020 to 13,445 USD in 2024 [6]. "Two Major" Projects - The "15th Five-Year Plan" emphasizes the "Two Major" projects, which focus on implementing national strategic initiatives and enhancing security capabilities in key areas [8]. - Significant projects include the Sichuan-Tibet Railway, Western Land-Sea New Corridor, and the National Water Network, with a planned investment of 800 billion RMB for 1,459 projects by 2025 [9]. Technological Innovation - The "15th Five-Year Plan" will shift China's technological development model from factor-driven to innovation-driven and demand-driven [15]. - Key industries identified for technological focus include high-end intelligent manufacturing, critical technology sectors, new infrastructure in communications, artificial intelligence, and energy reform [15][16]. Financial Development - The "Financial Power" initiative aims to enhance China's financial competitiveness, focusing on six key areas: strong currency, strong central bank, strong financial institutions, strong international financial center, strong financial regulation, and strong financial talent [28][29]. - China's financial competitiveness ranking improved from 41.2 in 2020 to 45.3 in 2024, moving from 8th to 4th globally [36]. Consumer Spending and Economic Growth - The "15th Five-Year Plan" aims to stimulate consumer spending by increasing residents' income and reducing consumption burdens through optimized fiscal spending [50][53]. - Key sectors for potential consumer growth include the "silver economy," health services, and new consumption patterns driven by increased government investment in education, healthcare, and elderly care [62]. Social Welfare and Public Services - The "15th Five-Year Plan" addresses challenges in public service equality, income stability, and the aging population [61]. - Key investment themes include health and childcare services, human capital services, and emerging consumption sectors [63].

Group 1: Forum Overview - The "Tongzhou Global Development Forum (2025)" focused on the new patterns of global capital market development, addressing opportunities, challenges, and innovative paths [1] - The forum emphasized the importance of building a resilient, fair, and inclusive capital market for global economic recovery and sustainable growth [1] Group 2: Keynote Speeches - Wu Xiaoqiu highlighted the need for a strategic shift in China's capital market from traditional financing to mechanisms that encourage social innovation and wealth management [2] - He proposed reforms in the asset side, funding side, and regulatory side to enhance market transparency and increase the cost of violations [2] - Wu Weixing discussed the stagnation of global financial globalization post-2008 financial crisis, emphasizing the need for a balance between openness and security in China's financial strategy [3] - Liu Xiaolei noted the differentiated responses of international capital in the A-share market due to the US-China trade war, with American funds showing less aversion compared to non-American funds [4] - Zhang Xuejun pointed out the characteristics of high valuations and hard technology in the fourth technological revolution, advocating for a multi-tiered financial service system for hard tech companies [4] - Zhu Xiaoneng discussed the emergence of digital assets and their role in shaping a new ecosystem in capital markets, highlighting the differences between digital and online investments [4] - Summer emphasized the impact of global tariff wars on capital flows, suggesting that capital is moving from developed to emerging markets, and noted the potential for the renminbi to appreciate long-term [5]

Core Viewpoint - The article emphasizes the challenges and opportunities facing the Chinese economy in 2025, highlighting the need for sustainable development and the activation of the private economy as key areas of focus for the upcoming "Finance China 2025 Conference" [3][4]. Group 1: Economic Challenges and Opportunities - In 2025, the Chinese economy is experiencing significant challenges, including deep adjustments in the real estate sector, pressure on local finances, weak external demand, and slow recovery in domestic demand [3]. - The overall economic operation is stabilizing and improving, but structural contradictions remain prominent, with investment, consumption, and exports not synchronizing [3]. - The conference aims to explore paths for balancing stable growth with structural optimization amid increasing global uncertainties and deepening domestic transformations [3][4]. Group 2: Conference Focus and Themes - The "Finance China 2025 Conference" will focus on macro policy coordination, structural reforms, technological innovation, industrial upgrades, the development of the private economy, financial openness, and risk prevention [4]. - The event will gather experts and scholars from various fields to analyze the current economic situation and discuss substantial reforms to optimize systems and mechanisms [4]. Group 3: Finance China Awards - The 23rd Finance Cloud Awards will be held concurrently, adhering to principles of fairness, justice, and openness, evaluating corporate value, social responsibility, technological innovation, and brand marketing [5]. - The awards will cover various sectors, including listed companies, banks, insurance, securities, funds, and futures, aiming to promote high-quality development in the domestic financial market [5]. - The "Finance China Annual Conference" has become one of the most influential annual events in the Chinese financial sector, recognized as a barometer for the following year's financial dynamics [5].

10月15日，由中国证券报主办的"固本 砺新 行远——2025私募基金高质量发展大会暨国信证券杯·第十 六届私募金牛奖颁奖典礼"在深圳举行。上海量客私募基金管理有限公司荣获金牛私募管理公司（三年 期相对价值策略）奖。 金牛奖是由新华社旗下中国证券报主办的权威奖项，凭借着对评选规则的严格执行和对资管行业发展规 律的尊重，金牛奖评选赢得了资管行业和社会各界的普遍认可，是中国资本市场财富管理领域最具公信 力的奖项之一。 公司表示，今年既是"十四五"规划的收官之年，也是"十五五"规划谋篇布局的关键节点。量客投资亦希 望以此次再获殊荣为契机，深度融入金融行业"五篇大文章"的实践进程：依托自上而下的"宏观-量化-交 易"多策略体系，助力客户构建数字金融核心能力，夯实普惠金融与养老金融发展基础，积极参与科技 金融与绿色金融的全面升级。最终将专业资产管理能力，既落实到高质量金融发展的时代浪潮中，也转 化为实实在在的优质产品与服务，陪伴客户共同成长。 国内经济正处于从"数量规模"向"质量效益"转型的阶段。作为金融行业的重要细分领域，私募基金积极 响应"金融强国"战略号召，不仅为资本市场注入充足流动性与耐心资本，为资产管理行业提 ...

Core Viewpoint - The "14th Five-Year Plan" outlines a clear strategy for expanding China's bond market, which has achieved significant growth in scale, product innovation, risk control, and international connectivity, positioning it as a cornerstone for building a financial powerhouse and promoting high-quality economic development [1][2][4]. Group 1: Market Scale and Growth - As of August 2025, the total custody balance of China's bond market exceeded 192 trillion yuan, representing a growth of over 60% compared to the end of the "13th Five-Year Plan," with a single-year issuance scale of 79.62 trillion yuan in 2024 [2][3]. - The bond market has become the second largest in the world, with a robust framework supporting its expansion [1][2]. Group 2: Product Innovation - Continuous product innovation has led to the introduction of specialized financial tools targeting sectors like artificial intelligence and renewable energy, enhancing the market's ability to meet diverse financing needs [1][2][8]. - The launch of the "Technology Board" in May 2025 specifically caters to financing needs in semiconductor and biomedicine sectors, while public REITs have expanded to cover various asset types, unlocking over 100 billion yuan in existing assets [2][8]. Group 3: Risk Control - The bond market has maintained a low default rate of around 1%, supported by a market-oriented and legal framework for default resolution [3][4]. - By June 2025, over 60% of local government financing platforms had exited, effectively mitigating systemic financial risks [3][4]. Group 4: International Connectivity - By August 2025, 1,170 foreign institutions from 80 countries and regions had entered the market, holding approximately 4 trillion yuan in bonds, marking a nearly fourfold increase since the launch of the "Bond Connect" [3][4]. - China's bonds have been included in major international indices, enhancing their global appeal and positioning [3][4]. Group 5: Future Directions - The bond market is expected to focus on product innovation, risk control, and deepening international openness to support economic transformation and enhance financial competitiveness [8]. - There is a need to optimize the bond product structure, develop high-yield bond markets, and improve risk management tools to better serve diverse financing demands [8][9].