Core Insights - The forum emphasized the need for Chinese companies to focus on long-term growth and social value rather than short-term financial performance, aligning with the theme of "reconstructing value coordinates for a new quality future" [1] - The A-share market has surpassed 5,400 listed companies with a total market capitalization exceeding one trillion yuan, playing a stabilizing role in employment and market expectations [2] - The importance of corporate governance, innovation, and social responsibility was highlighted as essential components of corporate value [2] Group 1 - The forum gathered over 500 guests from various sectors to discuss the fundamental value of companies and the direction of new quality development [1] - The current capital market reforms are fostering a multi-tiered system that supports specialized and innovative enterprises, contributing to high-quality economic development [2] - The city of Yibin aims to create a financial ecosystem that aligns with the development of new quality productivity, leveraging its reputation as a hub for various industries [3] Group 2 - Wuliangye, as a leading state-owned enterprise, is committed to enhancing its value through quality and cultural integration, technological advancement, and responsible governance [3] - The shift from "single-point breakthroughs" to "cluster development" in regional industry necessitates comprehensive financial services that are deeply integrated with local industries [4] - Discussions during the roundtable highlighted that new quality productivity involves not only technology but also efficiency, quality, and a comprehensive transformation in management and concepts [4]

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission, Wu Qing, at the 8th Member Conference of the China Securities Association has positively impacted market sentiment, leading to a rebound in the capital market and enhancing investor confidence, which is crucial for the market's development in 2026 [1][7]. Group 1: Market Dynamics - The current bull market is characterized by a significant increase in trading activity, with daily transaction volumes exceeding 2 trillion yuan, indicating strong investor participation [2][8]. - The Shanghai Composite Index has surpassed the 4000-point mark, reflecting a preliminary formation of a slow bull market, which is expected to solidify investor confidence [2][8]. Group 2: Policy Implications - Wu Qing emphasized the need to moderately relax capital constraints for high-quality securities companies and optimize regulatory mechanisms, which is vital for the high-quality development of the securities industry [1][7]. - The integration and collaboration among securities firms through mergers and acquisitions are seen as essential steps towards creating "carrier-level" brokerages, which will alleviate competitive pressures and enhance industry quality [1][7]. Group 3: Investment Trends - There is a noticeable trend of household savings shifting towards the capital market, with nearly 25 million new stock accounts opened by the end of November 2025, and monthly account openings exceeding 2 million in some months [3][9]. - The issuance of equity funds has surpassed that of fixed-income funds, with new fund subscriptions reaching 1.06 trillion units in the first 11 months, indicating a shift in asset allocation among residents [3][9]. Group 4: Economic Impact - The current bull market is expected to drive three key missions: promoting consumer spending, improving household balance sheets through wealth effects, and providing efficient financing platforms for innovative enterprises [4][10]. - The healthy development of the capital market is crucial for supporting the real economy and technological innovation, with recent successful IPOs of prominent companies laying a foundation for future growth [4][10]. Group 5: Future Outlook - The trend of capital inflow from both domestic and foreign investors is anticipated to accelerate as the market transitions from a structural bull market to a comprehensive bull market by 2026 [5][11]. - The performance of brokerage stocks, typically a market barometer, is expected to improve in 2026 as macroeconomic policies take effect and investor confidence strengthens [6][12].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [42]. Core Insights - The recent speeches and writings by Chairman Wu Qing have clarified the direction for high-quality development in the capital market and the securities industry during the 14th Five-Year Plan period. The focus is on enhancing the inclusiveness and adaptability of the capital market system [3]. - The current valuation of the brokerage sector is at a historically low level, suggesting potential for upward adjustment in valuations as industry conditions improve. It is recommended to focus on leading comprehensive brokerages and differentiated smaller brokerages [5][2]. Summary by Sections Industry Investment Rating - The report rates the non-bank financial industry as "Outperform the Market" [42]. Industry News - Chairman Wu Qing's recent statements emphasize the need for high-quality development in the securities industry, with a shift from homogeneous competition to differentiated competition. This includes supporting leading brokerages to strengthen their market position and encouraging smaller firms to focus on niche markets [3][5]. Weekly Data - From December 1 to December 5, the CSI All Share Index rose by 0.77%, with the brokerage sector increasing by 1.14%. The insurance sector saw a significant rise of 5.08% [12][16]. Investment Recommendations - The report suggests that the current regulatory environment is positive, with the brokerage sector's valuation having room for upward adjustment. The sector's price-to-book ratio is currently at 1.36 times, which is in the 34th percentile over the past decade, indicating potential for improvement as industry conditions become more favorable [5][2].

资本搭桥"蜀道"变"通途"，四川充分发挥资本市场功能作用，让曾经的"蜀道难"跃迁为资本融通、产业升级的"蜀 道通"。 四川证监局相关负责人表示，"十四五"时期，该局坚决贯彻落实证监会和省委、省政府决策部署，助力四川经济 社会高质量发展。 截至2025年第三季度末，四川省境内上市公司总数达179家，较2020年底增长32%，总市值达3.4万亿元，形成规 模可观、结构多元的上市公司群体，成为区域经济发展的支柱性力量。 "十四五"时期，四川全省各类市场主体通过资本市场直接融资超2.1万亿元，有效满足实体经济多元化融资需求。 全省新增46家境内上市公司，首发募集资金超360亿元，资金主要投向先进制造、医药健康、绿色能源等实体领 域。 通过五年深耕，四川资本市场实现规模与质量双飞跃，形成多层次、广覆盖、差异化的资本服务体系，成为西部 资本市场发展的"标杆样本"。 站在"十五五"规划的新起点，四川资本市场正锚定科技创新与产业融合核心方向，向着打造西部金融中心、赋能 新质生产力发展的目标奋勇前行。 政策驱动铺就"通途"基石 "十四五"时期，四川将资本市场发展纳入全省经济社会发展大局，以政策创新破除制度障碍，以机制协同破解服 ...

Core Viewpoint - Sichuan is leveraging its capital market to transform the historically challenging "Shudao" into a smooth "Tongtu," facilitating capital flow and industrial upgrades [1]. Group 1: Capital Market Development - During the 14th Five-Year Plan, Sichuan has integrated capital market development into its broader economic and social development strategy, using policy innovation to eliminate institutional barriers and enhance capital flow efficiency [5]. - By the end of Q3 2025, Sichuan is expected to have 179 listed companies, a 32% increase from the end of 2020, with a total market capitalization of 3.4 trillion yuan [5]. - Sichuan's capital market has achieved significant growth, with direct financing exceeding 2.1 trillion yuan during the 14th Five-Year Plan, supporting various sectors such as advanced manufacturing and green energy [8]. Group 2: Quality and Structure of Listed Companies - Sichuan's listed companies have not only increased in number but also improved in quality and structural diversity, with total revenue reaching 823.1 billion yuan and net profit of 82.15 billion yuan in the first three quarters of 2025 [12]. - The industry structure of listed companies shows a clear trend of traditional industries stabilizing while emerging industries lead growth, with the market capitalization of industrial and information technology sectors rising from 26.69% to 51.76% [12]. Group 3: Mergers and Acquisitions - Sichuan's capital market has utilized mergers and acquisitions to optimize resource allocation, with 136 M&A transactions totaling 81.3 billion yuan during the 14th Five-Year Plan [13]. - The cash dividend mechanism has been enhanced, with listed companies distributing over 230 billion yuan in cash dividends, reflecting a commitment to shareholder returns [14]. Group 4: Innovation and Financing Tools - Sichuan is focusing on innovation-driven development, with 79 companies listed on the Sci-Tech Innovation Board, accounting for 44% of the total listed companies [16]. - The province has issued 168 innovative bonds, including Sci-Tech bonds and green bonds, raising over 100 billion yuan to support various projects [17]. Group 5: Risk Management and Investor Protection - Sichuan has established a comprehensive investor protection and risk prevention system, with significant achievements in risk monitoring and management during the 14th Five-Year Plan [19][21]. - The regulatory framework has been strengthened to combat financial fraud and ensure accountability among listed companies [22]. Group 6: Future Outlook - Looking ahead to the 15th Five-Year Plan, Sichuan aims to deepen the integration of its capital market with local economic development, focusing on nurturing core technology enterprises and enhancing the competitiveness of listed companies [24]. - The province plans to accelerate the construction of a Western financial center, enhancing the capital market's role in regional development [25].

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.418 | 102.430 | 105.755 | 105.765 | 107.870 | 107.885 | 112.51 | 112.67 | | | 前日收盘价 | 102.368 | 102.388 | 105.595 | 105.610 | 107.670 | 107.695 | 112.45 | 112.61 | | | 涨跌 | 0.050 | 0.042 | 0.160 | 0.155 | 0.200 | 0.190 | 0.060 | 0.060 | | | 涨跌幅 | 0.05% | 0. ...

| 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251130 | 2025/11 | 制造业 PMI | % | 49.20 | 49.00 | 50.30 | | 20251130 | 2025/11 | 非制造业 PMI:商务活 动 | % | 49.50 | 50.10 | 50.00 | | 20251114 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 20251113 | 2025/10 | M1(货币):同比 | % | 6.20 | 7.20 | -2.30 | | 20251 ...

Core Viewpoint - The financial market is experiencing fluctuations with a slight tightening of liquidity, a rebound in the bond market, and a collective rise in convertible bond indices, while U.S. Treasury yields are generally on the rise. Group 1: Domestic News - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss the implementation of agreements from recent high-level meetings, emphasizing the importance of continued cooperation in economic and trade relations [2] - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlighted the need to develop first-class investment banks and institutions to support high-quality capital market development, advocating for a shift from price competition to value competition and better service to the real economy [3] - The CSRC is soliciting public opinions on the draft of the "Regulations on the Supervision of Listed Companies," which aims to strengthen comprehensive regulation throughout the lifecycle of listed companies [4] Group 2: Monetary Policy and Market Operations - The People's Bank of China conducted a 139.8 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net withdrawal of 161.5 billion yuan due to maturing reverse repos [9] - The overall liquidity in the market remains loose, with the DR001 and DR007 rates slightly increasing to 1.300% and 1.438%, respectively [10] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.15 basis points to 1.8285% as market sentiment improved following rumors of policy easing [12] - The secondary market for credit bonds saw significant price deviations, with "22 Vanke 02" dropping over 11% and "21 Vanke 02" falling over 10% [14] - Several companies, including Zhengyuan Real Estate and Fusheng Group, received public reprimands from the Shanghai Stock Exchange for disclosure violations [15] Group 4: Convertible Bonds - The convertible bond market experienced a collective rise, with major indices increasing by approximately 0.94% to 0.98%, and a total trading volume of 601.53 billion yuan, reflecting a significant increase from the previous day [17] - Several convertible bonds are set to trigger price adjustment clauses, while others announced early redemption [19] Group 5: International Market Insights - U.S. Treasury yields rose across various maturities, with the 2-year yield increasing by 4 basis points to 3.56% and the 10-year yield rising by 3 basis points to 4.14% [20] - Major European economies also saw an increase in 10-year government bond yields, with Germany's yield rising by 3 basis points to 2.80% [22]

证券时报记者唐强 "十四五"时期，四川证监局锚定服务实体经济核心目标，统筹落实证监会与地方政府决策部署，推动辖 区资本市场实现规模与质量双跃升，从昔日"蜀道难"蜕变为资本融通、产业升级的"蜀道通"，成为西部 资本市场高质量发展的标杆样本。 政策赋能是四川资本市场崛起的基石。"十四五"时期，四川将资本市场纳入全省发展大局，构建起多层 次政策体系：出台新一轮"1+3"财金互动政策、印发《关于推动资本市场高质量发展的实施方案》，建 立"上市后备企业资源库"和"一企一专班"服务机制，形成"培育—辅导—上市—再融资"全链条服务。截 至2025年三季度末，四川境内上市公司达179家，总市值达3.4万亿元；"十四五"时期全省各类市场主体 直接融资超2.1万亿元，46家新增境内上市公司首发募资超360亿元，资金精准投向先进制造、绿色能源 等实体领域。 上市公司群体实现量质齐升，产业结构持续优化。四川上市公司已覆盖沪深北交易所各板块，2025年前 三季度实现营收8231亿元、归母净利润821.5亿元。行业格局呈现"传统筑基、新兴突围"特征。 并购重组与分红机制激活资本引擎。"十四五"时期，四川上市公司累计完成136家次并购重组 ...

与这一理念相呼应的是，《条例》的出台填补了长期以来上市公司监管在行政法规层面的空白。这标志着上市公司监管将 进入更加法治化、系统化、透明化的新阶段。《条例》从公司治理、信息披露、分红回购、并购重组、退市机制等全方位进行 规范与强化，其核心目标正是通过构建科学的监管框架，促进上市公司整体质量的提升，夯实资本市场健康发展的基石。 笔者认为，这形成了清晰的"理念阐述+制度落地"组合拳，不仅是落实党的二十届四中全会精神的具体行动，更是面向"十 五五"时期资本市场高质量发展目标的关键一步，释放了监管部门锐意改革、夯实市场根基的强烈信号。 文章将"推动培育更多体现高质量发展要求的上市公司"作为"十五五"时期提高资本市场制度包容性、适应性的重点任务举 措之一。这一表述具有深刻的现实针对性。目前，中国经济正处于转型升级的关键阶段，新质生产力培育、科技创新突破、绿 色低碳转型等领域迫切需要更加灵活、包容的资本市场支撑。提高包容性，意味着资本市场制度将更注重企业的未来成长潜 力、创新能力和产业价值，为不同类型、不同发展阶段的优质企业提供更加顺畅的上市融资通道，成为助推经济结构优化 的"催化剂"。 ■安宁 值得注意的是，高质量上市 ...