"总的来看，2024年以来，资本市场投融资两端改革的效应不断放大，支持科技创新的资金、考核、工 具和服务体系逐步健全。科技、产业、金融的良性循环正在加速形成。"赵山忠表示。 其次，充分发挥公募基金服务科技创新的"主力军"作用。赵山忠表示，作为我国规模最大的资管行业， 公募基金行业在服务实体经济、支持科技创新方面持续发挥着重要作用。今年5月7日，证监会印发《推 动公募基金高质量发展行动方案》，通过制度重构和机制创新，着力推动行业大力发展权益类基金，着 力引导公募基金行业从规模导向向投资者回报导向转型，着力强化对基金长期投资行为的引导，着力丰 富符合国家战略和发展导向的基金产品，引导公募基金行业进一步强化功能发挥，更好服务科技创新， 取得了阶段性的成效。截至今年8月底，公募基金管理规模、权益类基金规模、投资科创领域股票规模 较年初均大幅提升，为投资者盈利金额和分红金额较往年同期显著增加。资本市场平稳运行，居民财富 稳步增长，科技创新蓬勃发展的良性循环正在加速形成。 最后，更好发挥私募股权创投基金服务科技创新"孵化器""加速器"功能。赵山忠表示，私募股权创投基 金是科技创新的关键驱动力之一，通过提供关键资金，支持创 ...

截至2025年9月25日 13:05，中证全指证券公司指数上涨0.27%，成分股国金证券上涨3.07%，国盛金控 上涨2.07%，中国银河上涨1.48%，广发证券上涨1.31%，华泰证券上涨1.17%。证券ETF嘉实(562870)红 盘蓄势。 流动性方面，证券ETF嘉实盘中换手1.31%，成交663.50万元。拉长时间看，截至9月24日，证券ETF嘉 实近1年日均成交1711.67万元。 证券ETF嘉实紧密跟踪中证全指证券公司指数，为反映中证全指指数样本中不同行业公司证券的整体表 现，为投资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、 90余个三级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本编制指 数，形成中证全指行业指数。 数据显示，截至2025年8月29日，中证全指证券公司指数前十大权重股分别为东方财富、中信证券、国 泰海通、华泰证券、招商证券、广发证券、东方证券、申万宏源、兴业证券、中金公司，前十大权重股 合计占比60.56%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Viewpoints - The non-bank financial industry has shown significant improvement in market activity, with a notable increase in trading volume and a positive outlook for brokerages as capital market reforms continue to progress [3][10]. - The report highlights a substantial rise in securities transaction stamp duty, reaching 118.7 billion yuan for the first eight months of 2025, a year-on-year increase of 81.7% [10][28]. - The average daily trading volume in August 2025 exceeded 2 trillion yuan, indicating a robust market sentiment and active trading environment [10][28]. Summary by Relevant Sections Investment Suggestions - The report emphasizes the ongoing improvement in market trading activity, with a significant increase in securities transaction stamp duty and average daily trading volume, suggesting a stable recovery in the capital market [10]. - Brokerages are expected to benefit from the deepening of capital market reforms, with opportunities for both external and internal growth, particularly in overseas markets [10]. Market Review - The major indices displayed mixed performance, with the Shanghai Composite Index declining by 1.30% and the ChiNext Index increasing by 2.34% during the week [11]. - The total A-share trading amount reached 12.59 trillion yuan, with an average daily trading volume of 2.52 trillion yuan, reflecting an 8.23% increase week-on-week [11][16]. Industry Key Data Tracking 1) Market Performance and Scale: - The report notes a decline in the Shanghai Composite Index by 1.30% and a slight decrease in the CSI 300 by 0.44%, while the ChiNext Index rose by 2.34% [11]. - The total A-share trading amount for the week was 12.59 trillion yuan, with an average daily trading volume of 2.52 trillion yuan, marking an 8.23% week-on-week increase [11][16]. 2) Credit Business: - As of September 19, 2025, the market had 300.71 billion pledged shares, accounting for 3.68% of the total share capital, with a margin balance of 2.40 trillion yuan, reflecting a 1.98% increase [16][23]. 3) Fund Issuance: - In August 2025, new fund issuance reached 102.02 billion units, with 140 funds launched, representing a 6.62% increase from the previous month [16][24]. 4) Investment Banking Business: - The report indicates that the equity underwriting scale in August 2025 was 23.48 billion yuan, with IPO amounts at 4.09 billion yuan and refinancing amounts at 19.38 billion yuan [16]. 5) Bond Market: - The report notes a 1.96% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield at 1.88%, up 27.12 basis points year-to-date [16][18]. Regulatory Policies and Industry Dynamics - The report highlights that the number of active users of securities applications reached a record high in August 2025, with a total of 173 million users, reflecting a 4% month-on-month increase and a 27.26% year-on-year increase [28]. - The significant increase in securities transaction stamp duty in August 2025, reaching 25.1 billion yuan, indicates a strong market activity [28].

Macro News - Financial regulatory authorities announced a series of measures to support the stability of the capital market, which have shown effectiveness over the past year [1] - In August, the total market value of A-shares exceeded 100 trillion yuan, indicating the success of capital market reforms [1] - The capital market is expected to transition from being policy-driven to being driven by internal dynamics, better serving high-quality economic development [1] Industry News - The State Administration for Market Regulation has drafted a consultation document focusing on regulating platform fees and merchant entry in the food delivery sector, aiming to enhance service quality and reduce merchant burdens [4] - The draft prohibits platforms from forcing merchants to share promotional costs and mandates fair compensation for delivery personnel, including limits on working hours and fatigue alerts [4] - The National Energy Administration is addressing "involution" competition in the photovoltaic industry to promote quality upgrades and enhance the competitiveness of renewable energy sources [5] - The price of live pigs has reached a yearly low due to oversupply, with prices dropping to 12.59 yuan per kilogram, a 10.4% decrease from earlier in the month and a 24.4% drop from the year's peak [7][6] Sector Opportunities - A report from China International Capital Corporation indicates that the upgrade to 800V HVDC in AI power supply architecture may position SST as the optimal technology route, with certain companies already applying SST products in mixed microgrid projects [8] - CITIC Securities highlights that a significant reduction in breeding cows since 2024 has led to a shortage in supply, driving up live cattle prices, with expectations for continued price increases due to supply pressures anticipated by 2026 [8]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant achievements in China's financial industry, particularly in the development of a multi-layered and comprehensive capital market system, highlighted by the establishment of various market platforms and innovative financial products [1][2]. Group 1: Capital Market Developments - The capital market has become more complete with the advancement of the Sci-Tech Innovation Board, the Growth Enterprise Market reforms, and the establishment of the Beijing Stock Exchange [1][2]. - In August, the total market value of A-shares surpassed 100 trillion yuan, marking a significant milestone [1]. - The bond market has seen a diversification of products, including public REITs, Sci-Tech bonds, and asset securitization, contributing to the richness of financial instruments available [1]. Group 2: Challenges and Future Directions - Despite the expansion of the market, structural challenges remain, such as the need for improved market scale and liquidity in the Beijing Stock Exchange compared to the Shanghai and Shenzhen exchanges [2]. - There are shortcomings in innovative products like public REITs regarding asset revitalization and pricing mechanisms [2]. - Future efforts should focus on optimizing market-making mechanisms, enhancing derivative tools, and strengthening ongoing supervision to balance development and risk control [2].

Core Viewpoint - The Chinese capital market has undergone significant reforms since the introduction of a series of financial support measures on September 24, 2024, leading to improved market confidence and stability, with A-shares experiencing substantial inflows of medium to long-term funds [1][2][3]. Group 1: Market Stability - The introduction of structural monetary policy tools has provided ample liquidity, with over 1 trillion yuan in swap operations initiated by the central bank and more than 500 listed companies utilizing loans for stock repurchases, totaling over 120 billion yuan [2]. - The capital market has seen a notable increase in medium to long-term funds, with a total market value of approximately 21.4 trillion yuan held by various long-term investors as of August 2023 [3]. Group 2: Support for Technological Innovation - The capital market has actively supported technological innovation, with over 90% of newly listed companies being technology-oriented, and the technology sector now accounting for more than 25% of the A-share market capitalization [5]. - Regulatory bodies have implemented various reforms to enhance the adaptability and inclusiveness of the capital market, facilitating the growth of innovative enterprises through improved financing mechanisms [4][5]. Group 3: Regulatory Environment - The regulatory framework has been strengthened to combat financial fraud and market manipulation, with significant penalties imposed on violators, including fines totaling 4.1 billion yuan for major financial misconduct cases [6][7]. - A comprehensive accountability system has been established to enhance the effectiveness of regulatory enforcement, creating a market environment where fraudulent activities are deterred [7].

Group 1: Core Insights - Financial regulatory authorities announced a series of measures to stabilize the capital market, which have shown effectiveness over the past year [1] - A-shares market capitalization surpassed 100 trillion yuan for the first time in August, indicating the success of capital market reforms [1] - The capital market is transitioning from being "policy-driven" to "internally driven," enhancing its ability to support high-quality economic development [1] Group 2: Long-term Capital Inflow - Regulatory bodies have been promoting the entry of long-term capital into the market, with new guidelines and implementation plans issued to facilitate this process [2] - The scale of equity funds has exceeded 10 trillion yuan, and ETF products have become a preferred tool for asset allocation, with a scale surpassing 5 trillion yuan [2] - The total market value held by long-term funds in A-shares increased from 16.7 trillion yuan at the beginning of the year to 21.4 trillion yuan by the end of August, a growth of 28% [3] Group 3: Improving Company Quality and Investment Value - Regulatory measures are being implemented to enhance the quality and investment value of listed companies, including stricter enforcement against illegal activities [5] - The number of disclosed asset restructuring cases has increased significantly, with over 1,300 cases reported this year, a 1.4 times increase compared to the same period last year [5] - Companies are encouraged to adopt value management practices, with 1,568 companies having established value management systems by mid-year [6] Group 4: Capital Market Ecosystem Optimization - The capital market ecosystem is continuously improving, with increased trading activity and a financing scale exceeding 2.42 trillion yuan [8] - The influx of long-term capital has led to a positive shift in market sentiment, increasing investor participation [8] - Future reforms will focus on enhancing the multi-level bond market and improving the regulatory framework for futures [9]

21世纪经济报道记者 黎雨辰 9月22日，在国务院新闻办公室"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 清回顾了资本市场的五年"成绩单"。五年来，证监会认真落实"十四五"规划和二十届三中全会部署，推 出了一批牵引性强、含金量高的标志性改革开放举措。 其中围绕投资端改革，吴清提及了公募基金领域的诸多重大突破："坚持投资者利益优先，制定实施公 募基金高质量发展行动方案，建立完善投资收益为核心的考核评价体系，三阶段降费改革全面落地。" 此外，公募REITs等创新产品发展，养老第三支柱建设提速等诸多"关键词"也都与公募基金息息相关。 总体来看，"十四五"以来，我国公募市场呈现出规模扩张、产品生态持续完善、服务国家战略取得新质 效，行业治理不断完善的发展态势。 公募基金行业的高质量发展，是"十四五"时期我国金融业发展的重要成就之一。近年来，证监会先后发 布了《加快推进建设一流投资银行和投资机构的意见》《推动公募基金高质量发展行动方案》等文件。 "文件的发布通过制度重构和机制创新，着力引导行业机构端正经营理念，校正发展定位，实现功能性 和盈利性的有机统一。"有业内人士评价认为。 过去五年来，规模的 ...

文/梧桐小编 9月22日，中国证监会发布《中共中国证券监督管理委员会委员会关于二十届中央第三轮巡视整改进展情况的通报》。针对巡视反馈重点问题整改落实情 况，《通报》指出：坚持目标导向、问题导向，推动股票发行注册制走深走实。严把发行上市准入关。压实中介机构责任，配合制定关于规范中介机构为 公司公开发行股票提供服务的规定，修订保荐机构执业质量评价办法，对从事IPO业务的中介机构开展常态化滚动式现场检查。优化新股发行定价机制， 修订证券发行承销管理办法及配套细则。聚焦服务新质生产力发展，强化资本市场功能发挥。抓好"科技十六条""科创板八条"的落地实施，支持优质科技 型企业发行上市。多措并举活跃并购重组市场，发布"并购六条"，推动典型案例落地。 根据中央统一部署，2024年4月15日至7月20日，中央第八巡视组对中国证券监督管理委员会（以下简称中国证监会）党委开展了常规巡视。2024年10月19 日，中央巡视组向中国证监会党委反馈了巡视意见。按照巡视工作有关要求，现将巡视整改进展情况予以公布。 一、党委履行巡视整改主体责任情况 中国证监会党委坚持把中央巡视整改作为重大政治任务，深入学习贯彻习近平总书记在听取二十届中央 ...

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The central bank restarted the 14 - day reverse repurchase operation to regulate cross - quarter funds and maintain liquidity. The reform of the capital market is expected to support the A - share market. The lithium - ion battery export continues to grow, and the energy equipment industry is expected to expand. If the cobalt export ban in Congo (Kinshasa) is extended, the cobalt price may rise. Attention should be paid to the progress of Sino - US leaders' meeting. The domestic economic activity in August weakened comprehensively [2][3][4][5][7] - The real estate sales in September showed a short - term rebound but will face a high - base effect in the fourth quarter. The port activities were slightly active, while the auto sales were weak. The government may increase fiscal support and cut policy interest rates in the future [6][9] Summary by Related Catalogs Macro - economic News - The central bank carried out 300 billion yuan of 14 - day reverse repurchase operations and 240.5 billion yuan of 7 - day reverse repurchase operations on September 22, aiming to regulate cross - quarter funds and maintain liquidity [2] - The China Securities Regulatory Commission Chairman introduced the achievements of the capital market during the "14th Five - Year Plan" period, and the reform is expected to support the A - share market [2] - The Ministry of Foreign Affairs stated that the Sino - US leaders maintain close communication, and the progress of the meeting needs to be closely watched [3] - From January to August, the export volume of domestic lithium - ion batteries was 3.003 billion, with a year - on - year increase of 18.66%, and the export value was 48.296 billion US dollars, with a year - on - year increase of 25.79%. In August 2025, the export value was 7.153 billion US dollars, with a year - on - year increase of 23.51%, and the export volume was 436 million, with a year - on - year increase of 18.24%. Attention should be paid to relevant companies with a high proportion of lithium - ion battery business [4] - The National Energy Administration and other departments proposed that by 2030, China's energy key equipment industry chain and supply chain will achieve self - control. Attention should be paid to energy equipment manufacturing companies [4] - Congo (Kinshasa) will extend the cobalt export ban until October 15 and implement an annual export quota from October 16. The short - term cobalt price may rise [5] - In August, domestic economic activities weakened comprehensively. Fixed - asset investment, real estate, consumption, industry, services, and exports all declined to varying degrees [7] - Chinese banks are guided to issue loans to local government - related entities to repay their debts. Local governments are accelerating the issuance of "special new local government bonds" for debt replacement and repayment [8] - The government may increase fiscal support by about 0.5% of GDP and cut policy interest rates by 20 basis points in the next 2 - 3 quarters [9] Economic Data - The sales growth rate of 30 - city real estate rebounded from - 10% in August to 15% in early September. The port cargo throughput growth rate rebounded from 5% in August to 7% in early September, and the container throughput growth rate rebounded from 8% to 12%. The steel production decline rate narrowed slightly, and the auto sales and wholesale declined. The net issuance of national debt and new special local government bonds slowed down [6] Market Data - The 10 - year Treasury bond yield was 1.863, with a change of - 1.50BP; DR007 was 1.489, with a change of - 2.08BP; USDCNH was 7.1157, with a decline of 0.05%; the US dollar index was 97.31, with a decline of 0.35% [10][12] - The latest A - share market turnover was 2142.5 billion yuan, the turnover rate was 3.92%, and the margin trading balance was 2381.6 billion yuan (as of September 19, 2025) [20] - The top three rising industries were electronics, computer, and non - ferrous metals. The top three industries with net capital inflows on the day were electronics, computer, and machinery equipment. The top three industries with net capital inflows at the end of the session were electronics, computer, and non - banking finance [23][25] - From September 19 to 22, the proportion of TMT trading volume increased by 3.20%, while that of other sectors decreased to varying degrees [30]