2025.09. 22 本文字数：4245，阅读时长大约6分钟 市场的修复不仅体现在K线图上，更渗透到每个投资者的决策逻辑里，即使近来市场面临短期压力， 部分机构人士也不改长期看好态度。 金鹰基金首席经济学家杨刚对第一财经表示，短期调整压力丝毫未改变至少在中期层面对股市持续修 复前景的预期，无论是资产荒之下流动性向A股方向的传导（增量资金继续流入），还是政策端对股 市的友好态度，都将继续成为重要的正面催化和强驱动力。 数据里的业绩逆袭 9月22日，在国新办举办的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清 表示，今年8月，A股市场总市值首次突破100万亿元。在"十四五"期间，A股市场韧性和抗风险能力 明显增强，上证综指年化波动率15.9％，较"十三五"下降2.8个百分点。 回顾去年9月24日，国新办一场以"金融支持经济高质量发展"为主题的新闻发布会，成为A股市场的 重要转折点。央行、金融监管总局、证监会联合推出的一系列"政策组合拳"，迅速提振市场情绪。 当日，A股就迅速结束持续多日的"2700点保卫战"，强势突破2800点，成交量也显著放大。 作者 | 第一财经 曹璐 "去年这时候还在 ...

Core Viewpoint - The press conference highlighted the achievements of China's capital market during the "14th Five-Year Plan" period, emphasizing the expansion of its "circle of friends" and the significant progress made in various aspects of market development [1][6]. Group 1: Achievements in Capital Market - The total market value of China's capital market has surpassed 100 trillion yuan, with a more complete market system and a reasonable multi-tiered equity market structure [2][4]. - Over the past five years, the total financing amount from stock and bond markets reached 57.5 trillion yuan, with the proportion of direct financing increasing to 31.6% [2][5]. - The number of foreign-controlled securities, fund, and futures companies has increased, with 13 new approvals during the "14th Five-Year Plan" [8][9]. - The regulatory framework has been significantly improved, with the implementation of new laws and regulations, enhancing the legal foundation of the capital market [4][5]. Group 2: Market Function and Innovation - The capital market has seen accelerated innovation in products, including bonds, REITs, and futures options, with a total of 157 futures and options products available [5]. - The market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five years [5]. Group 3: Regulatory Measures and Investor Protection - The China Securities Regulatory Commission (CSRC) has imposed administrative penalties for financial fraud and insider trading, with a total penalty amounting to 41.4 billion yuan, marking a 58% increase in the number of cases compared to the previous five years [5][16]. - The CSRC has strengthened investor protection, with compensation amounts exceeding 3.8 billion yuan for investor protection cases [2][16]. Group 4: Future Roadmap - The future roadmap includes enhancing the adaptability of the multi-tiered market system, better utilizing long-term funds, improving the quality of listed companies, and refining regulatory precision and effectiveness [18][19][20].

Core Viewpoint - The Chinese capital market has achieved steady quantitative growth and effective qualitative improvement during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1]. Group 1: Market Development and Regulation - The China Securities Regulatory Commission (CSRC) has promoted risk prevention, strengthened regulation, and encouraged high-quality development, resulting in a sustained and solid market development trend [2]. - A comprehensive regulatory framework has been established, with the implementation of new laws such as the Securities Law and the Futures and Derivatives Law, enhancing the legal system of the capital market [2]. - The multi-tiered market system has been improved, with significant reforms in the Science and Technology Innovation Board and the establishment of the Beijing Stock Exchange, leading to a total A-share market capitalization exceeding 100 trillion yuan [3]. Group 2: Financing and Investment - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with the direct financing ratio increasing by 2.8 percentage points to 31.6% [3]. - The proportion of technology companies among newly listed firms has increased, with over 90% being tech-related, and the market capitalization of the technology sector now exceeds 25% of the total A-share market [3]. - Listed companies have significantly increased their return to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks, an increase of over 80% compared to the previous five years [4]. Group 3: Risk Management and Enforcement - The CSRC has enhanced market resilience and risk management, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [4]. - A total of 2,214 administrative penalties were issued for violations such as financial fraud and insider trading, with fines totaling 41.4 billion yuan, marking a 58% increase in cases and a 30% increase in fines compared to the previous five years [4]. - The CSRC has implemented measures to protect investors, including improvements in regulations related to share reductions and quantitative trading, and has established a comprehensive investor protection system [10]. Group 4: Future Directions - The CSRC aims to enhance the adaptability and inclusiveness of the capital market, focusing on reforms that support innovation and the growth of high-quality enterprises [12]. - The commission plans to improve the quality and investment value of listed companies, emphasizing corporate governance and information disclosure [13]. - Continuous efforts will be made to ensure effective regulation and risk prevention, promoting a stable and vibrant capital market environment [13].

他尤其提到"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值 3.4万亿元，269家企业境外上市。"可以说，中国资本市场的'朋友圈'越来越大。"吴清说。 9月22日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，证监会主席吴清介绍"十四五"时 期资本市场改革开放情况。中青报·中青网记者 朱彩云/摄 在资本市场高水平制度型开放稳步扩大方面，吴清介绍，"十四五"期间全面取消行业机构外资持股比例 限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金互认等互联互通机制，建立完善境外上 市备案制度，出台"惠港五条"，大力支持香港巩固提升国际金融中心地位。 中国青年报客户端北京9月22日电（中青报·中青网记者 朱彩云）"十四五"规划提出要全面深化改革，构 建高水平社会主义市场经济体制。在国新办今天举行的"高质量完成'十四五'规划"系列主题新闻发布会 上，证监会主席吴清表示，我国资本市场是改革开放的产物，改革是资本市场的天然基因，开放是资本 市场的鲜明标识。 对于5年来资本市场标志性的改革开放举措，吴清列举了四方面，即投资端改革实现重大突破、融资端 改革持续深化、促进上市公 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), and Shenzhen Stock Exchange (SZSE) have released updates on the progress of the third round of inspections by the 20th Central Committee, emphasizing the need for continuous reform and improvement in the capital market to enhance its stability and attractiveness [2][3][6]. Group 1: CSRC Initiatives - The CSRC aims to deepen reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, focusing on enhancing the issuance and listing systems to cultivate patient capital [3]. - The CSRC emphasizes the importance of strengthening the Party's leadership in capital markets, ensuring that policies and regulations align with the directives from the central government [3][4]. - The CSRC plans to improve risk resolution and regulatory enforcement capabilities, promoting the entry of long-term funds into the market and enhancing investor protection measures [4][5]. Group 2: SSE Strategies - The SSE is committed to increasing the inflow of medium- and long-term funds into the market, aiming to stabilize and activate the capital market while supporting new productive forces [6][7]. - The SSE will focus on comprehensive reforms in capital market financing, enhancing the quality and efficiency of investments, and promoting the development of innovative financial products [7][8]. - The SSE intends to strengthen its regulatory framework and maintain a zero-tolerance policy towards corruption, ensuring a clean and efficient governance structure [8]. Group 3: SZSE Focus Areas - The SZSE is dedicated to enhancing the leadership of the Party in its operations, ensuring that all activities align with the central government's policies and directives [9][10]. - The SZSE aims to promote the development of equity funds and facilitate the entry of long-term capital into the market, thereby improving the overall investment environment [10][11]. - The SZSE will work on integrating inspection results into its reform processes, ensuring that corrective actions are sustained and effective in driving high-quality development [11].

Core Viewpoint - The article highlights the significant achievements and reforms in China's capital market during the "14th Five-Year Plan" period, emphasizing the expansion of the market, regulatory improvements, and the focus on supporting technological innovation and long-term investments [1][4][10]. Summary by Sections Achievements in Capital Market - A total of 13 foreign-controlled securities and fund futures institutions have been approved to operate in China, with foreign ownership in A-shares reaching 3.4 trillion yuan [1][12]. - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2023 [5][6]. - Over the past five years, the stock and bond financing reached 57.5 trillion yuan, with direct financing accounting for 31.6% of the total [5][6]. Regulatory Improvements - The regulatory framework has been significantly enhanced, with 2,214 administrative penalties issued and a total of 41.4 billion yuan in fines imposed [2][8]. - The implementation of the registration system has been fully realized, and the scale of medium- and long-term funds held has increased by 32% compared to the end of the "13th Five-Year Plan" [2][10]. Market Structure and Functionality - The market structure has become more multi-layered and comprehensive, with the establishment of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [5][10]. - The proportion of technology companies in the A-share market has increased, with over 90% of newly listed companies being technology-related [6][10]. Future Directions - The China Securities Regulatory Commission (CSRC) has outlined four key future directions: enhancing the adaptability of the multi-layered market system, leveraging medium- and long-term funds, improving the quality and investment value of listed companies, and implementing precise and effective regulation [16][17].

Group 1 - The core viewpoint of the articles emphasizes the effectiveness of recent policies in enhancing the capital market's resilience and its ability to support technological innovation and emerging industries [1][2][3] - A series of significant policies have been implemented, including the reopening of the fifth set of standards for the Sci-Tech Innovation Board and the activation of the third listing standard for the Growth Enterprise Market, benefiting various innovative companies [1][2] - The capital market is increasingly attracting long-term funds, with social security funds, insurance funds, and public funds playing a crucial role in stabilizing the market and fostering new productive forces [3][4] Group 2 - The merger and acquisition (M&A) landscape is thriving, with notable transactions such as BGI's acquisition of Chip Semiconductor and Mindray Medical's control over Huatai Medical, indicating a trend towards industry consolidation and transformation [2] - The issuance of Sci-Tech bonds has exceeded 1 trillion yuan, primarily directed towards cutting-edge sectors like semiconductors and artificial intelligence, showcasing the capital market's support for technological advancements [2] - Public fund reforms are ongoing, with new models for floating management fees being introduced, allowing investors to benefit more directly from fund performance [5] Group 3 - The A-share market has shown strong resilience amid global uncertainties, with foreign investors increasing their holdings in domestic stocks and funds, reversing a two-year trend of net reductions [7] - The total market capitalization of A-shares surpassed 100 trillion yuan, with strategic emerging industries accounting for over 40% of the market value, reflecting a robust growth in key sectors [6][7] - The average daily trading volume in the A-share market has significantly increased, indicating heightened market activity and investor engagement [6]

中共上海证券交易所委员会发布关于二十届中央第三轮巡视整改进展情况的通报，下一步，上交所党委 将一体推进防风险、强监管、促高质量发展工作。做好金融"五篇大文章"，更大力度推动中长期资金入 市，持续稳定和活跃资本市场，更好服务新质生产力发展和广大投资者。持续推进抓基本、打基础、走 基层，"开门办审核、开门办监管、开门办服务"工作。坚持从严监管、科学监管，既抓早抓小抓苗头， 更打大打恶打重点，努力做到严而有度、严而有方、严而有效。以深化资本市场投融资综合改革为牵 引，以深入推进"提质增效重回报"行动、加强指数化投资生态建设为抓手，健全市场内在稳定性长效机 制。发挥好科创板改革"试验田"作用，落实好进一步全面深化科创板改革各项改革措施；进一步推 动"科创板八条""并购六条"创新性示范性案例落地。稳步拓展互联互通，丰富跨境投融资产品，推进高 水平对外开放。 全文 中共上海证券交易所委员会关于二十届中央第三轮巡视整改进展情况的通报 根据中央统一部署，2024年4月16日至7月20日，中央第八巡视组对上海证券交易所（以下简称上交所） 党委进行了巡视。2024年10月20日，中央巡视组向上交所党委反馈了巡视意见。按照巡视工作 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of continuous rectification and improvement in capital market governance, aligning with the directives from the 20th Central Committee and focusing on enhancing the overall leadership and regulatory capabilities in the capital market [1][2][3]. Group 1: Strengthening Party Leadership - The CSRC will reinforce the Party's comprehensive leadership over the capital market, ensuring the implementation of Xi Jinping's important directives and the Party's decision-making processes [1]. - There will be a focus on enhancing the political and organizational functions of Party organizations at all levels, integrating Party leadership into policy-making, regulatory enforcement, and internal governance [1]. Group 2: Deepening Capital Market Reforms - The CSRC aims to accelerate the implementation of comprehensive capital market reforms, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1]. - Efforts will be made to improve the issuance and listing mechanisms, cultivate patient capital, and develop a multi-tiered bond market [1]. Group 3: Enhancing Risk Management and Regulatory Capabilities - The CSRC will promote coordinated development of investment and financing, advance public fund reforms, and increase the proportion of long-term capital entering the market [2]. - There will be a focus on strengthening the regulatory framework, enhancing the discovery of illegal activities, and improving the comprehensive punishment mechanisms for market manipulation [2]. Group 4: Promoting Strict Party Governance - The CSRC will implement the spirit of the 20th Central Commission for Discipline Inspection, advancing anti-corruption measures and enhancing the supervision of public power [2]. - There will be an emphasis on leadership development and a clear selection process that encourages practical and responsible leadership [2]. Group 5: Establishing Long-term Rectification Mechanisms - The CSRC will create a long-term rectification plan that combines immediate actions with sustainable practices, ensuring continuous oversight and accountability in the rectification process [3]. - Regular assessments of completed rectification tasks will be conducted to prevent regression, with a focus on long-term issues being addressed in phases [3].

Market Recovery - The A-share market has shown significant recovery, with the Shanghai Composite Index rising from 2700 points to over 3800 points, and the total market capitalization surpassing 100 trillion yuan [1][3] - Over 1500 stocks have doubled in price since last year, indicating a broad-based recovery across various sectors [1][4] Investor Behavior - Investor sentiment has shifted from a cautious "cash out upon breakeven" mentality to a more optimistic approach, with many now considering new investment opportunities [10][12] - New A-share accounts opened in August increased by 165% year-on-year, reflecting growing investor interest [1][12] Fund Performance - The performance of public funds has improved significantly, with over 99% of funds showing positive cumulative returns since last September, and 697 funds achieving over 100% returns [4][6] - The number of funds with unit net values below 1 yuan has decreased from 3959 to 1224, indicating a recovery in fund values [6] Long-term Capital Inflow - Long-term capital, including insurance and pension funds, has been steadily entering the A-share market, with a total market value of approximately 21.4 trillion yuan, a 32% increase since the end of the 13th Five-Year Plan [7][8] - The ETF market has also seen substantial growth, reaching a total scale of 5.31 trillion yuan, up 42.31% from the end of last year [7] Policy Support - Regulatory policies aimed at encouraging long-term capital inflow have been implemented, which are expected to further enhance market stability and growth [8][9] - Recent reforms in public fund fee structures are projected to save investors over 500 billion yuan annually, promoting a more favorable investment environment [9]