成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。吴清指出，要 牢牢把握正确的政治方向和学术导向，坚持市场化、法治化、国际化。扎根中国资本市场实践，聚焦资 本市场包容性吸引力、定价效率、金融科技、法治建设等重点问题，不断健全完善理论框架和方法论， 为加快建设强大的资本市场提供坚实理论支撑。 会议还座谈听取了部分专家学者关于资本市场"十五五"规划编制和2026年资本市场工作的意见建议。座 谈中，大家一致认为，"十四五"时期资本市场健康稳定发展的态势持续形成并不断巩固，"十五五"时期 是资本市场提质增效、健全功能的关键阶段。会上，大家围绕如何做好资本市场"十五五"规划提出了前 瞻性、建设性的意见建议，主要包括进一步提高发行上市交易制度的包容性、适应性，吸引更多新质生 产力领域优质企业上市；扩大耐心资本、长期资本和战略资本供给；持续活跃并购重组市场，严格常态 化退市；推动完善人工智能在资本市场应用的治理和监管；从严打击财务造假，加强投资者保护和教育 等。 新京报贝壳财经讯 12月18日，中国证监会发布消息称，中国证监会主席、中国资本市场学会会长吴清 出席中国资本市场学会学术委员会成立会议 ...

Group 1 - The central economic work conference emphasizes the importance of high-quality development and the need for the futures industry to better serve national strategies, particularly in stabilizing enterprises and markets [2][5] - The futures industry is transitioning from "scale expansion" to "function deepening," focusing on core functions such as price discovery, risk management, and resource allocation [2][3] - 弘业期货 is committed to enhancing service quality and core competitiveness by aligning with national strategies and serving industry clients and small investors [2][4] Group 2 - 弘业期货 is optimizing its business structure by strengthening brokerage services, developing risk management subsidiary businesses, and enhancing research capabilities [3][4] - The company recognizes the need for improvement in service depth, product innovation, and technological empowerment, particularly in providing customized derivative solutions for small and medium enterprises [4] - 弘业期货 plans to deepen its focus on the Yangtze River Delta's characteristic industrial chains and implement tailored service plans for clients [4] Group 3 - The central economic work conference calls for the continuous deepening of capital market investment and financing reforms, with the futures market playing a crucial role in supporting these reforms [5][6] - 弘业期货 aims to enhance its research capabilities on key industrial chains and provide forward-looking price trend analysis to assist investment decisions [5][6] - The company promotes the concept of hedging to help enterprises stabilize profit fluctuations and improve credit quality, indirectly supporting their financing processes [6] Group 4 - 弘业期货 is actively exploring differentiated development paths, emphasizing compliance and risk management as essential to its growth [8][9] - The company aims to leverage its dual advantages of being state-owned and publicly listed to establish itself as a benchmark for industry integrity [8] - 弘业期货 is committed to serving the advanced manufacturing sector and expanding its international presence, particularly in cross-border trade [8][9]

Group 1 - The central economic work conference has identified key tasks for next year's economic work, emphasizing the continuous deepening of comprehensive reforms in capital market investment and financing, marking a clear direction for high-quality development in the capital market as the "14th Five-Year Plan" begins [1] - The focus on capital market reforms for two consecutive years highlights the central government's high regard for the capital market, with an emphasis on moving into deeper reforms that are more core and critical, and paying greater attention to overall stability and coordination [1] - Investment and financing are two sides of the same coin in the capital market, and promoting a dynamic balance between the two has been a significant focus of recent reforms [1] Group 2 - The current high proportion of indirect financing compared to direct financing has not seen substantial change, indicating that the role of "long money and long investment" is still insufficient to meet the needs of high-quality economic development [2] - The establishment of a growth tier on the Sci-Tech Innovation Board and the formal implementation of a third listing standard for the ChiNext have accelerated the capital market's service to technological innovation, allowing many hard-tech and innovative companies to successfully list on the A-share market [2] - The capital market serves not only as a financing platform for companies but also as a competitive arena for survival of the fittest, necessitating an open entry for valuable companies and a streamlined exit mechanism for underperforming firms [2] Group 3 - On the investment side, it is crucial to attract long-term capital while also building a supportive ecosystem, as a market dominated by short-term speculation cannot meet the expectations for wealth preservation and growth [3] - Institutional innovation is needed to optimize the assessment and investment constraints of long-term funds such as insurance and social security funds, thereby expanding the pool of long-term capital [3] - The central economic work conference emphasizes that the reforms on the investment and financing sides should not be isolated but should be coordinated and complementary, requiring a holistic approach in institutional design [3] Group 4 - As reforms in investment and financing deepen and stabilize, a long-term ecosystem will be gradually established, promoting a balance in quantity and continuous improvement in quality within the capital market, which will better support employment stability, enterprise stability, market stability, and expectation stability [3]

Group 1 - In 2025, China's capital market demonstrated significant resilience, with the total market value of A-shares surpassing 100 trillion yuan, achieving reasonable growth in quantity and effective improvement in quality [1] - The central economic work conference emphasized the continuous deepening of comprehensive reforms in capital market investment and financing, with important missions assigned for 2026, including supporting the construction of a modern industrial system [1][3] - The "1+N" policy system is central to the reforms, aiming to strengthen the foundation for healthy development and enhance the market's internal stability and openness [1][2] Group 2 - Investment-side reforms are prioritized to address the issues of insufficient long-term capital, with measures such as requiring large state-owned insurance companies to allocate 30% of new premiums to A-shares starting in 2025 [2] - By the end of October, the total net asset value of public funds in China reached 36.96 trillion yuan, marking a monthly increase of 218.74 billion yuan, setting a new record [2] - The stock holdings of property and life insurance companies reached 3.62 trillion yuan, with significant increases in both quarter-on-quarter and year-on-year comparisons [2] Group 3 - The financing side also saw innovations, with the establishment of a growth tier on the Sci-Tech Innovation Board and the reintroduction of listing standards for unprofitable companies [3] - Notable companies in the tech sector, such as domestic GPU leaders and robotics firms, are utilizing the capital market for growth [3] - The capital market is expected to play a crucial role in forming a virtuous cycle of investment and financing, enhancing both efficiency and functionality [3][4] Group 4 - The "14th Five-Year Plan" suggests building a modern industrial system and strengthening the foundation of the real economy, necessitating improvements in capital market functions [4] - The market needs to adapt to the characteristics of technological innovation and the growth of emerging enterprises, creating a more attractive environment for long-term investments [4] Group 5 - Since 2025, there has been a noticeable shift in market value towards new productive forces, with a focus on technology innovation and high-end manufacturing [5] - As of December 17, 2025, 104 companies have gone public in A-shares, with over 90% involved in strategic emerging industries [5][6] - The second-tier market has seen a clear direction in fund allocation, with significant investments in technology innovation and high-end manufacturing sectors [6] Group 6 - The trend of capital gathering towards "new" sectors is expected to continue into 2026, with a focus on supporting technological innovation through the capital market [7] - A comprehensive service system for investment and financing is needed to better integrate technological and industrial innovation [7] Group 7 - In 2025, market confidence saw a notable recovery, reflected in the increase in investor accounts and daily trading volumes [8] - Individual investors accounted for a significant portion of new accounts, with 24.75 million new individual accounts opened in the first 11 months of the year, a year-on-year increase of 8% [8] - The margin trading market also showed growth, with the scale rising from 1.37 trillion yuan in 2024 to 2.5 trillion yuan by December 2025 [8] Group 8 - Recommendations include solidifying shareholder return foundations in the A-share market, encouraging companies to provide long-term guidance on dividends and buybacks [9] - Strengthening investor protection and enhancing market confidence are essential for the ongoing reforms in the capital market [10]

● 本报记者 昝秀丽 2025年，中国资本市场在内外风险挑战交织中锚定航向，以"稳中求进、提质增效"为舵驶过波澜。这一 年，市场韧性显著增强，A股总市值稳步跨越百万亿元大关，实现了量的合理增长与质的有效提升。成 绩背后，资本市场正以改革谋"变"：制度以"1+N"政策体系为核心，筑牢健康发展根基；资金向"新"迁 徙，激活创新发展动力；信心持续回归，激发内生增长潜能。 中央经济工作会议提出，持续深化资本市场投融资综合改革。展望2026年，资本市场被赋予了助力建设 现代化产业体系、引领发展新质生产力等重要使命。中证金融研究院首席经济学家潘宏胜日前在接受中 国证券报记者采访时表示，资本市场投融资综合改革将不断深化。证监会近期提出的不断提高制度包容 性吸引力、持续增强市场内在稳定性、稳步扩大制度型开放等改革思路，将在2026年向纵深推进。（下 转A06版） （上接A01版） 制度筑基：投融资综合施策 工欲善其事，必先利其器。2025年，中国资本市场制度功能迎来重塑：在深化融资端改革的同时，健全 投资端功能，并打出投融资综合改革"组合拳"；不再是单一环节的修修补补，而是透过"1+N"政策体系 的持续深化，让资本市场的投融 ...

◎记者 张雪 资本市场作为现代金融体系的核心枢纽，其内在稳定性直接关系到资源配置效率与经济发展成色。近期 召开的中央经济工作会议明确提出，持续深化资本市场投融资综合改革。这是连续第二年将资本市场投 融资综合改革置于经济工作的重要位置。 南开大学金融发展研究院院长田利辉在接受上海证券报记者采访时表示，资本市场内在稳定性的构建， 正从单一的政策护航转向制度、资金与治理协同发力的深层变革。 如何推动深层次结构性优化？中国社会科学院上市公司研究中心副主任张鹏对上海证券报记者表示，要 从影响资本市场稳定的内在根源入手，通过协同推进制度根基夯实、高质量主体培育和市场生态完善， 构建一个相互支撑的良性闭环，为资本市场健康稳定发展提供支撑。 首先需要夯实制度根基。张鹏表示，这不仅包括持续优化发行、交易、退市等基础制度，提升市场的透 明度与法治化水平，更要求建立强有力的风险监测与应对机制，目标是构建一个足以抵御外部冲击的稳 健制度框架。 在这一框架下，信息披露制度被视作市场信任的基石，必须以投资者需求为中心进行优化，并对财务造 假等违法违规行为"零容忍"。同时，为杜绝政出多门导致的预期混乱，构建跨部门的监管协同机制与风 险联合 ...

12月17日午后，券商板块水下拉起，快速走强！龙头券商强势领涨，华泰证券一度涨超9%，东方财富、国泰海通涨超3%。 395亿顶流券商ETF（512000）直线冲高，涨幅一度逼近3%，盘中收复半年线，场内快速放量，成交近13亿元大幅超越上日全天！ | | | 多日 1分 5分 15分 30分 | | 609 = | | | F9 盘前盘后 参加 九转 画线 工具 | (0) (2) | 券商ETF 1 | | 512000 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.588 | | 512000[券商ETF] 14:16 价 | | | 0.586 涨跌 0.015(2.63%) 均价 0.576 | | 成交量 13.73万 | 9688 | | | | | | | | | | | | M | | 01 588 | | +0.015 +2.63% | | 0.582 | | | | | | | | .98% | SSE CNY 14:16:29 交易中 | | 酒 融 / 0 + | | | | ...

395亿顶流券商ETF（512000）直线冲高，涨幅一度逼近3%，盘中收复半年线，场内快速放量，成交近 13亿元大幅超越上日全天！ 12月17日午后，券商板块水下拉起，快速走强！龙头券商强势领涨，华泰证券一度涨超9%，东方财 富、国泰海通涨超3%。 | | | 分时 多日 1分 5分 15分 30分 60分 *. | | | | | F9 盘前盘后 壁加 九转 西线 工具 (》(2) | > | 辨商ETF (1) | | 512000 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 512000[男商ETF] 14:16 价 0.506 游跌 0.015(2.63%) 均价 0.576 威交量 13.73万 IO. | | | | | | | | 0.58 | | | | | | | M | | 0.586 | | +0.015 +2.63% | | 0.582 | | | | | | | | 1.989. | | SSE CNY 14:16:29 交易中 | 通 融 / 原 / ...

Report Summary 1. Industry Investment Rating - There is no information about the report's industry investment rating. 2. Core Viewpoints - On December 15, the capital market remained loose, the bond market continued to adjust with greater fluctuations in ultra - long bonds, the convertible bond market followed the decline, and most convertible bond issues fell; yields of US Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies generally decreased [1]. 3. Summary of Each Section 3.1 Bond Market News - **Domestic News** - The 24th issue of Qiushi magazine published General Secretary Xi Jinping's important article "Expanding Domestic Demand is a Strategic Move", emphasizing that expanding domestic demand is crucial for economic stability and security [3]. - The CSRC will continue to deepen the comprehensive reform of investment and financing in the capital market to contribute to economic development [3]. - In November, the year - on - year actual growth of the added value of industrial enterprises above designated size was 4.8%, and the cumulative year - on - year actual growth in the first 11 months was 6.0%. The year - on - year growth of total retail sales of consumer goods in November was 1.3%, and the cumulative year - on - year growth in the first 11 months was 4.0%. From January to November 2025, the cumulative year - on - year decline of national fixed - asset investment was 2.6% [4]. - Six departments supported eligible service outsourcing enterprises to use multi - level capital markets for financing and development [4]. - The DVP settlement function for open - market repurchase of bonds by the Central Bank's Accounting Data Centralized System was launched [5]. - **International News** - New York state's manufacturing activity unexpectedly contracted, but the outlook for the next six months improved significantly, and inflation pressure eased [6]. - **Commodities** - On December 15, WTI January crude oil futures fell 1.08% to $56.82 per barrel, Brent February crude oil futures fell 0.92% to $60.56 per barrel, COMEX gold futures rose 0.12% to $4333.30 per ounce, and NYMEX natural gas prices fell 1.58% to $4.036 per ounce [7]. 3.2 Capital Market - **Open - Market Operations** - On December 15, the central bank conducted 7 - day reverse repurchase operations of 130.9 billion yuan, with an operating interest rate of 1.40%. After offsetting the 122.3 billion yuan of reverse repurchases due on the same day, the net capital injection was 8.6 billion yuan [9]. - **Capital Interest Rates** - On December 15, the capital market remained loose. DR001 dropped 0.07bp to 1.274%, and DR007 dropped 2.51bp to 1.444% [10]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds** - **Yield Trends of Spot Bonds**: On December 15, the bond market continued to adjust, with greater fluctuations in ultra - long bonds. The yield of the 10 - year Treasury bond active issue 250016 rose 1.65bp to 1.8590%, and the yield of the 10 - year CDB bond active issue 250215 rose 2.25bp to 1.9390% [13]. - **Bond Tendering**: Information on the tendering of three agricultural development bonds, including the term, issuance scale, winning yield, and other indicators, was provided [15]. - **Credit Bonds** - **Secondary - Market Transaction Anomalies**: On December 15, the transaction prices of 4 industrial bonds deviated by more than 10%, including significant declines in "11 Willie MTN1", "21 Vanke 02", and "21 Vanke 04", and a significant increase in "H0 Zhongnan 02" [15]. - **Credit Bond Events**: Multiple companies, such as R&F Properties, Fantasia, and Times China Holdings, announced bond - related events, including resumption of trading, debt restructuring, and cancellation of bond issuance [16][18]. - **Convertible Bonds** - **Equity and Convertible Bond Indices**: On December 15, the three major A - share indices fell, and the main convertible bond indices also declined. The convertible bond market turnover was 59.394 billion yuan, a decrease of 7.972 billion yuan from the previous trading day. Most convertible bond issues fell [18][19]. - **Convertible Bond Tracking**: Information on convertible bond issuance approvals, potential price adjustments, and non - early redemptions was announced [24]. - **Overseas Bond Markets** - **US Bond Market**: On December 15, yields of US Treasury bonds across various maturities generally declined. The 2/10 - year yield spread remained unchanged at 67bp, and the 5/30 - year yield spread widened by 1bp to 111bp. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate dropped 1bp to 2.25% [22][24][26]. - **European Bond Market**: On December 15, the yield of Italy's 10 - year government bond remained unchanged, while yields of 10 - year government bonds in other major European economies generally declined [27]. - **Price Changes of Chinese - Issued US - Dollar Bonds**: The daily price changes of Chinese - issued US - dollar bonds as of the close on December 15 were presented, including the top 10 gainers and losers [29].

"券商还要当好社会财富的专业'管理者'。"在郁伟君看来，券商要坚持投资者为本，构建专业化、差异 化的产品服务体系，为不同风险偏好客户提供全谱系资产配置方案，引导短期投机资金转化为长期稳定 资本；强化投研能力建设，健全风险控制体系，引导投资者理性决策，促进社会财富结构优化。 近期召开的中央经济工作会议提出，持续深化资本市场投融资综合改革。对此，业内人士表示，这为券 商发展指明方向，券商要做好直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专 业"管理者"。在适度宽松流动性与改革深化驱动下，券商基本面有望继续改善，板块估值修复可期，建 议关注质地优良但估值错配的龙头券商等。 太平洋证券非银金融首席分析师夏芈卬表示，本次会议提出"持续深化资本市场投融资综合改革"和"创 新科技金融服务"，这标志着政策重心从短期维稳转向中长期制度完善，全面注册制、退市机制、长线 资金引入等改革有望提速，券商、保险等非银机构需加强投研能力和产品创新，重点服务新质生产力相 关产业。 基本面有望持续提升 券商作用凸显 证券公司是资本市场的重要参与主体和专业服务中介，在这场资本市场投融资综合改革中，将发挥重要 作用。 国泰海通业 ...