Core Viewpoint - The China Securities Regulatory Commission emphasizes the importance of capital markets in supporting five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with Shenyuan Hongyuan playing a crucial role in these initiatives [1] Group 1: Company Strategy and Governance - Shenyuan Hongyuan has established a comprehensive network to serve the real economy, aligning its operations with national strategies and contributing to high-quality economic development [1][2] - The company focuses on governance, talent, and culture as foundational elements for sustainable development, integrating social responsibility into its core values [2] - During the 14th Five-Year Plan, Shenyuan Hongyuan has emphasized compliance and risk management, enhancing its governance framework to ensure robust operational standards [2] Group 2: Talent and Cultural Development - The company prioritizes talent development as a key resource for high-quality growth, implementing flexible mechanisms for talent promotion and fostering an innovative workforce [3] - Shenyuan Hongyuan is launching a cultural renewal initiative in 2025 to celebrate its 40th anniversary, aiming to strengthen its corporate culture and align it with national strategies [3] Group 3: Innovation and Service to New Quality Productivity - The company is committed to supporting innovative enterprises, particularly those classified as "specialized, refined, distinctive, and innovative," by enhancing its financial services across their lifecycle [4] - Shenyuan Hongyuan has successfully facilitated the listing of several high-tech companies and has significantly increased its bond underwriting scale [5] Group 4: Professional Capabilities and Market Position - The company has developed a value management system to enhance the performance of listed companies, utilizing a unique evaluation model to drive value creation [5] - Shenyuan Hongyuan is expanding its institutional service capabilities, integrating various financial products and services to better serve its clients [6] Group 5: International Business and Cross-Border Services - The company is enhancing its international business operations, focusing on cross-border financing and investment needs, and has achieved significant growth in its cross-border derivatives business [6] - Shenyuan Hongyuan ranks among the top domestic securities firms in terms of IPO underwriting and bond distribution, reflecting its strong market position [6] Group 6: Commitment to National Strategy - The company is dedicated to advancing the financial sector's high-quality development and supporting the national strategy through professional services and value creation [7]

Core Viewpoint - The article emphasizes the growth potential of various ETFs in response to government policies and market trends, particularly in the financial technology, military, and robotics sectors, highlighting the expected improvements in their fundamentals and investment opportunities [3][5][8]. Financial Technology ETF (159851.SZ) - The "14th Five-Year Plan" stresses the importance of building a strong financial nation and advancing technology in finance, leading to a clear demand for digital transformation in financial institutions [3]. - In the first three quarters of 2025, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, with a net profit growth exceeding 60% [3]. Military Industry ETF (512710.SH) - The "14th Five-Year Plan" aims for high-quality advancement in national defense and military modernization, with a defense budget of 1.81 trillion yuan for 2025, marking a 7.2% increase and a historical high [5]. - The defense budget as a percentage of GDP remains below 1.3%, significantly lower than the U.S. and Russia, indicating potential for future increases in military spending [5]. - This ETF tracks the China Securities Military Industry Leaders Index, focusing on leading companies in aerospace, missiles, and drones, which are expected to benefit from a new round of military procurement cycles [6]. Robotics ETF (159530.SZ) - The 2025 government work report emphasizes the development of intelligent robots and new-generation smart manufacturing equipment, supported by policies promoting the artificial intelligence industry [8]. - As of July 2025, investment events in the field of embodied intelligence and robotics exceeded 200, with total financing surpassing 24 billion yuan, indicating a significant increase compared to the previous year [8].

会议要求，上海清算所全体党员干部职工要以高度的政治责任感抓好全会精神的学习贯彻，做到熟读、 细悟、深思、力行，将学习全会精神与学习《习近平谈治国理政》第五卷贯通起来，与学习习近平总书 记关于金融工作的重要论述、习近平总书记重要讲话和重要指示批示精神结合起来，认真落实中国人民 银行党委书记、行长潘功胜在全会精神宣讲报告会上提出的工作要求。上海清算所全体党员干部职工要 在深化理论武装上持续用力，通过党委会、党支部"三会一课"等多元形式推动学习入脑入心；在服务国 家战略上担当作为，助力"十四五"顺利收官与"十五五"良好开局；在全面从严治党上纵深推进，打造过 硬干部队伍，以高质量发展成效为建设金融强国、服务中国式现代化贡献力量。 会议认为，党的二十届四中全会是我国即将完成"十四五"主要目标任务、进入基本实现社会主义现代化 关键时期召开的重要会议，全会审议通过的规划建议为"十五五"时期发展作出顶层设计和战略擘画，是 推进中国式现代化的总动员、总部署。深入学习贯彻习近平总书记在全会上的重要讲话和全会精神，是 当前和今后一个时期的重大政治任务。上海清算所全体党员干部职工要深刻认识党的二十届四中全会的 重大政治意义、理论意义 ...

Core Viewpoint - The article emphasizes the need for the banking industry in China to adapt to profound changes in the economic and social environment, focusing on risk prevention, regulatory strength, and high-quality development in line with the "14th Five-Year Plan" [1][5]. Group 1: Financial Industry Development - The total assets of China's banking financial institutions reached 474.3 trillion yuan by the end of Q3 [1]. - The banking sector is tasked with supporting China's modernization while pursuing its own high-quality development and structural transformation [1]. - The "14th Five-Year Plan" suggests a strong focus on developing technology finance, green finance, inclusive finance, elderly finance, and digital finance [1]. Group 2: Financial Services and Innovation - Financial institutions are encouraged to enhance their service capabilities to support the construction of a modern industrial system and new productive forces [2]. - The Industrial and Commercial Bank of China plans to refine its strategic planning and strengthen its risk management system [2]. - China Bank reported a technology loan balance of 4.7 trillion yuan, with over 83 billion yuan provided in comprehensive services [2]. Group 3: Competition and Regulatory Environment - The banking sector faces intensified competition from internet technology companies and internal industry rivalry [3]. - The "14th Five-Year Plan" calls for optimizing the financial institution system and promoting differentiated development to avoid homogenized competition [3]. - Regulatory authorities will guide banks to adopt differentiated development paths based on their resources and market positioning [3]. Group 4: Strategic Adjustments for Small and Medium Banks - Small and medium-sized banks are advised to adjust their strategic direction to embrace new economies and serve new driving forces [4]. - These banks should focus on strategic emerging industries and enhance their risk management capabilities [4]. Group 5: Strengthening Financial Regulation - The "14th Five-Year Plan" emphasizes comprehensive financial regulation and the establishment of a risk prevention and resolution system [5]. - Regulatory efforts will focus on proactive warning, comprehensive coverage, and precise measures to maintain financial stability [5]. - The rise of artificial intelligence is expected to enhance early identification and management of financial risks [5]. Group 6: Legal and Regulatory Framework - Financial legal construction is deemed essential for the development of the banking industry [6]. - Regulatory frameworks need to adapt to the rapid development of financial technology and the complexities of financial products [6].

吴大器：在连续担任2009年至2020年《上海国际金融中心建设蓝皮书》（上海人民出版社）主编，完成2020年上海国际金 融中心基本建成的丛书，结束长达12年的"长跑任务"后，我一直在市参事室相关智库从事相应决咨研究。一位领导关切地对我 说，"这四年你们的思考成果不少，还是要展示给行业和社会。"于是，我们对2020年至2024年的决策咨询过程作了回顾，围 绕"十四五"的发展主线，面向"十五五"编纂了这本书，我和团队在记载、探索、建言和思考四个篇章上形成了基本结构。 这本书的生命源泉是"不断学习，深化认知，强化调研和优化建言"的渐进型头脑风暴，我感悟到研究成果能服务现实需 要，必须与时俱进，从学习中认准党和国家指引的方向达到纲举目的。这四年，我们把进一步系统学习中国式现代化的理论作 为头等任务；把进一步学习金融强国，特别是优化上海国际金融中心的责任自觉，突出金融多为国际化大都市群的服务本色建 真言、献良策的实践效应；把进一步给出决策建言要细化调查研究、强化研究导向、聚焦破解对策为工作指导方针的定位；把 进一步认清金融为新质生产力、科技创新服务，认准金融与经济的逻辑关系作为提升为其赋能水平作为衡量标准。 上海国际金 ...

新华财经上海11月17日电（记者王淑娟）16日，第十四届"沪上金融家"颁奖仪式举办。上海新金融研究 院理事长、上海交通大学上海高级金融学院创院理事长屠光绍在主旨演讲中表示，强大的金融人才队伍 是建设金融强国的核心要素，也是国际金融中心建设的关键资源。上海金融人才队伍建设已经取得重要 成果，体现出总量大、分布广、基础强的特点。同时，存在科技金融、绿色金融、普惠金融、数字金 融、养老金融五大金融领域人才整体短缺的情况，金融人才队伍发展需形成良好生态体系。 屠光绍指出，上海国际金融中心经过三十多年的建设，经过金融人才一代接一代的持续努力，取得了显 著的成果。伴随着上海国际金融中心建设进程，上海金融人才队伍也在不断发展壮大，可以概括为"总 量大""分布广""基础强"。 屠光绍提出了上海国际金融中心"四新"概念，即上海国际金融中心的"新生""新兴""新型""新质"。其 中，"新生"是上海国际金融中心改革开放孕育的金融新力量，"新兴"是上海国际金融中心代表新兴经济 体的全球金融新角色，"新型"是上海国际金融中心在借鉴发达国家国际金融中心经验基础上，形成了具 有鲜明中国特色的发展路径，"新质"是上海国际金融中心在促进新质生 ...

证监会11月14日消息，近日，中国证监会举办学习贯彻党的二十届四中全会精神宣讲报告会，中央宣讲 团成员，证监会党委书记、主席吴清作宣讲报告。 证监会11月14日消息，近日，中国证监会举办学习贯彻党的二十届四中全会精神宣讲报告会，中央 宣讲团成员，证监会党委书记、主席吴清作宣讲报告。 要 点 概 览 抓紧研究谋划"十五五"时期资本市场战略任务和重大举措 吴清围绕习近平总书记在党的二十届四中全会上的重要讲话精神和《中共中央关于制定国民经济和 社会发展第十五个五年规划的建议》，从准确把握党的二十届四中全会的重大意义，深刻认识"十 四五"时期我国经济社会发展取得的新的重大成就，深刻领会"十五五"时期经济社会发展的指导思 想、重要原则、主要目标、战略任务和重大举措，以及坚持和加强党的全面领导，凝聚起推进中国 式现代化的磅礴力量等方面，结合资本市场工作实际，作了深入宣讲和系统阐释。 吴清表示，习近平总书记在全会上的重要讲话高屋建瓴、定向领航，明确了推动未来5年乃至更长 一段时期经济社会发展的一系列方向性、根本性重大问题，进一步深化了我们党对经济社会发展的 规律性认识，为推动高质量发展、推进中国式现代化提供了科学指南和重要 ...

Core Viewpoint - The article emphasizes the significance of the 20th Central Committee's Fourth Plenary Session and its implications for China's economic and social development, particularly focusing on the upcoming "15th Five-Year Plan" period and the role of the China Securities Regulatory Commission (CSRC) in implementing these directives [3][4]. Group 1: Major Achievements and Future Directions - The article highlights the major achievements during the "14th Five-Year Plan" period, underscoring the importance of understanding the guiding principles and strategic tasks for the "15th Five-Year Plan" [3][4]. - It stresses the need for the CSRC to enhance its understanding of the "two establishments" and to strengthen its commitment to the Party's leadership, which is crucial for advancing China's modernization [4][5]. Group 2: Strategic Tasks and Regulatory Focus - The CSRC is tasked with developing a resilient and robust capital market, improving the quality of listed companies, and ensuring effective regulatory enforcement [4][5]. - The article calls for a comprehensive and rigorous approach to party governance within the CSRC, aiming to contribute positively to the goals set by the central government for the "15th Five-Year Plan" [5]. Group 3: Implementation and Training - The article outlines the necessity for the CSRC to prioritize the learning and implementation of the Plenary Session's spirit through extensive training and research initiatives [5]. - It emphasizes the importance of translating the learning outcomes into practical actions that enhance risk management, regulatory strength, and high-quality development in the capital market [5].

● 本报记者王雪青 "十五五"规划建议提出，加快高水平科技自立自强，引领发展新质生产力；培育壮大新兴产业和未来产 业；发展创业投资，建立未来产业投入增长和风险分担机制；加快建设金融强国；积极发展股权、债券 等直接融资。 让资本成为创新的底座，让耐心成为中国创新的底气。展望"十五五"，创投行业将迎来从"逐利资 本"到"战略资本"、从"项目投资"到"产业组织"的深刻转型，PE/VC将真正成为创新的"倍增器"和科技自 立自强的"底座"。 PE/VC作为链接资本与创新的关键节点，"十五五"规划建议对行业提出了更高层次的要求。PE/VC不仅 要继续发挥价值发现、支持创新的市场功能，更要成为推动科技自立自强、促进产业升级的战略性力 量。 使命升级：培育者、推动者、建设者 "十五五"规划承上启下，面对复杂国际环境与科技竞争新态势，PE/VC被赋予更高层次的战略使命。如 何理解"十五五"规划建议对PE/VC的战略要求？在推动科技自立自强、发展新质生产力等方面，PE/VC 将承担怎样的新使命？ 首先，PE/VC要成为新质生产力的培育者。国寿股权公司有关负责人表示，在新征程中，PE/VC要成为 硬科技攻坚的先行者与陪跑者，勇于投 ...

Core Viewpoint - The article emphasizes the significance of the 20th Central Committee's fourth plenary session and its implications for China's economic and social development, particularly focusing on the upcoming "15th Five-Year Plan" period [2][3]. Group 1: Major Achievements and Future Directions - The article highlights the major achievements during the "14th Five-Year Plan" period, underscoring the importance of understanding the guiding principles and strategic tasks for the "15th Five-Year Plan" [2][3]. - It stresses the need for the China Securities Regulatory Commission (CSRC) to enhance its understanding of the "two establishments" and to strengthen its commitment to the party's leadership in financial matters [3]. Group 2: Strategic Tasks and Measures - The CSRC is tasked with developing strategies and significant measures for the capital market during the "15th Five-Year Plan" period, focusing on resilience, stability, and the quality of listed companies [3][4]. - The article calls for a comprehensive and rigorous approach to implementing the spirit of the plenary session, including extensive training and research to ensure effective execution of tasks [4].