Core Insights - The latest financial statistics from the central bank indicate a moderately loose monetary policy environment, supporting high-quality economic development [2][3] Monetary Supply - As of November 2025, the broad money supply (M2) reached 336.99 trillion yuan, growing by 8.0% year-on-year, which is 0.9 percentage points higher than the previous year [1] - The narrow money supply (M1) stood at 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] - The currency in circulation (M0) amounted to 13.74 trillion yuan, reflecting a growth of 10.6% year-on-year [1] Social Financing - The total social financing stock was 440.07 trillion yuan, marking an 8.5% year-on-year increase, which is 0.7 percentage points higher than the previous year [1] - From January to November, the incremental social financing was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [1] Government Debt and Fiscal Policy - The total new government debt this year reached 11.86 trillion yuan, an increase of 2.9 trillion yuan compared to last year, with significant contributions from various types of government bonds [3] - The issuance of government bonds has been accelerated, with 1.3 trillion yuan of ultra-long-term special bonds fully issued, and 2 trillion yuan allocated for refinancing existing hidden debts [3] - Government bond financing is expected to exceed 12 trillion yuan this year, accounting for 40% of the incremental social financing [3] Credit Growth and Quality - By the end of November, the RMB loan balance was 271 trillion yuan, with a year-on-year growth of 6.4% [7] - The average interest rate for newly issued corporate loans was approximately 3.1%, down about 30 basis points from the previous year [7] - Inclusive small and micro loans reached 35.88 trillion yuan, growing by 11.4%, while medium to long-term loans for the manufacturing sector increased by 7.7% [7] Structural Changes in Financing - The shift in credit structure reflects the transition of economic growth drivers from traditional sectors to emerging fields such as technology innovation and green development [7][8] - The central bank has been enhancing its monetary policy tools to better align financial products and services with the needs of economic transformation [8] - Banks are optimizing their internal governance to effectively transmit central bank policy incentives, leading to a reasonable growth in credit volume and continuous improvement in quality [8]

延庆园作为京西北科技创新特色发展区，以现代园艺、冰雪体育、新能源和能 源互联网及无人机产业为主导产业，规上工业总产值占延庆区体量较大，对延庆区 经济增长起到了重要的支撑作用，园区发展潜力较大。延庆园投资公司作为延庆区 重要的园区投融资建设和资产经营主体，承担了延庆园经营性资产的管理运营、园 区土地开发及配套设施建设、产业性投融资平台建设等职能，主体地位重要。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 申万宏源助力实体经济发展 近日，由申万宏源证券担任主承销商的 北京中关村延庆园投资发展有限公司 2025 年面向专业投资者非公开发行公司债券（第一期） 在 上海证券交易所 成功 发行 ，本期债券简称为 " 25 延园 01 "，发行规模 4 亿元，期限 3+2 年，主体 评级 AA + ， 债券评级 AA+ ， 票面利率 2.30 % 。 本期债券募集资金将用于偿 还有息债务 ...

Group 1 - Since the beginning of the 14th Five-Year Plan, Gansu enterprises have achieved direct financing of 58.72 billion yuan through capital markets, with listed companies' operating income increasing from 177.42 billion yuan to 233.16 billion yuan, a growth of 31.42% [1] - The total market value of Gansu's listed companies reached 354.45 billion yuan, an increase of 41.72% [1] - As of Q3 2025, Gansu has 34 A-share listed companies and 23 companies listed on the New Third Board, with over 4 million securities and futures accounts and nearly 300 billion yuan in managed assets [1] Group 2 - Gansu's listed companies account for only 1.01% of the total number of regulated enterprises but contribute over 20% of the total profit [1] - Cumulative R&D investment by Gansu's listed companies reached 20.145 billion yuan, a growth of 50.49% compared to the previous five years, achieving breakthroughs in key core technologies [1] - Cumulative cash dividends from listed companies in Gansu amounted to 18.414 billion yuan, an increase of 36.75% [1] Group 3 - In 2022, Lanzhou Bank became the first A-share listed bank in Gansu, raising 2 billion yuan to supplement core capital, with total assets exceeding 500 billion yuan [2] - Jinwei Co. was listed on the Shanghai Stock Exchange in the same year, raising 1 billion yuan for green mine upgrades, with its subsidiary mine recognized as a national ecological restoration model [2] - In 2023, Fangda Carbon issued Global Depositary Receipts (GDR) and was listed on the Swiss Exchange, raising 190 million USD, becoming the first "A+G" listed company in the western region [2] Group 4 - Over the past five years, Gansu enterprises issued bonds totaling 34.369 billion yuan, with a notable increase in the issuance of technology innovation bonds, totaling 5.6 billion yuan from three companies [2] - The weighted average interest rate for bonds in 2025 dropped to 2.20%, saving enterprises over 100 million yuan in financing costs [2]

第二，更加注重质量提升和结构优化。保持投资合理增长、提高投资效益，就是既要投得准、投得够， 也要投得好、投得值。长期以来，我国在基础设施、制造业、房地产等领域投资，为经济高速增长提供 了重要支撑，但也存在一些基础设施投资"过度超前""重建轻用"、部分地区房地产投资脱离市场需求、 一些领域制造业投资低水平重复和同质化竞争等问题，投资回报率出现下降趋势，传统投资方式难以持 续，亟待转变。要着力做好"四个优化"。一是投资方向和结构要优化，主要是聚焦促进产业转型、消费 升级、人力资本提升、社会民生改善、安全能力提升等领域，积极扩大有效投资。二是主体结构要优 化，进一步明确中央和地方政府投资方向和重点，聚焦战略性强、外部性强、民间资本不愿投的领域开 展公共投资。更加清晰划定政府投资与民间投资边界，释放民间投资空间、激发民间投资活力、提高民 间投资比重，增强市场主导的有效投资增长动力。三是期限结构要优化，着眼于发展战略导向和增强长 远发展能力，培养壮大长期资本、耐心资本，激励和引导各类投资者做"时间的朋友"，扩大长期投资， 以匹配经济长期发展需要。四是投融资结构要优化，加强投资和融资政策配合，提高直接融资比重，降 低企业 ...

培训内容紧扣实务与政策，分为四个专题：申万宏源证券（000562）保荐代表人严鹏举详细解读A股上 市政策并分享典型案例；申万宏源固收业务团队负责人介绍了公司债券及科技创新债券等创新品种；宁 夏股权托管交易中心市场运营总监王瑛讲解了新三板挂牌政策及区域股权市场对接机制；最后，宁 夏"信易贷"政策及平台建设情况由平台建设项目经理张向阳进行解读。 2025年12月5日下午，由宁夏证监局、自治区党委金融办、科技厅、工信厅、国资委联合主办的"2025年 资本市场股债服务宁夏经济高质量发展专题培训"在银川市成功举办。本次培训对助力自治区现代化 工、新型材料、清洁能源、数字信息、特色农业、文化旅游等产业集群培育壮大，推动资本市场更好服 务地方新质生产力发展具有重要促进作用。 本次培训旨在系统宣讲资本市场股债融资政策与工具，普及直接融资知识，提升各级经济金融管理部门 及相关企业的资本运作能力。培训由银川市委金融办、市营商环境局、自治区资本市场培训基金会、宁 夏上市公司协会、宁夏证券期货基金业协会共同承办。 培训对象覆盖自治区及银川市经济金融管理部门业务骨干、重点国有企业资本运作与财务负责人、以及 银川市民营企业代表。市工信局 ...

上海证券交易所理事长邱勇表示，一系列创新制度率先在科创板落地，科创板改革效应不断放大。目 前，科创板已汇聚592家科技型企业，总市值超9万亿元，科创板已成为中国硬科技企业上市首选地。 总市值超过100万亿元，投资者信心和预期明显改善，市场韧性和抗风险能力明显增强，今年以来，资 本市场总体稳健活跃，实现了量的合理增长和质的有效提升。 "十五五"规划建议明确了下一阶段资本市场改革发展的方向和目标："提高资本市场制度包容性、适应 性，健全投资和融资相协调的资本市场功能。"业内认为，增强对科技创新的制度包容性，提升上市公 司投资价值，优化"长钱长投"市场生态，更好地发挥资本市场作为资源优化配置平台的核心功能是重要 着力点。 积极发展直接融资 积极发展股权、债券等直接融资，是"十五五"规划建议提出的明确任务，也是提高资本市场制度包容 性、适应性的关键举措。 近年来，证监会以深化科创板、创业板改革为抓手，积极发展多元股权融资，推动完善多层次资本市场 体系，提升对实体企业尤其是优质科创企业的全链条、全生命周期服务能力。今年6月，科创板"1+6"改 革政策推出，在科创板设置科创成长层。7月，存量32家未盈利企业被纳入科创板科 ...

为深入贯彻落实党的二十届四中全会和宁夏党委十三届十一次全会精神，积极发展股权、债券等直接融 资，大力推动资本市场更好服务地方新质生产力发展，日前，由宁夏证监局、宁夏党委金融办、科技 厅、工业和信息化厅、国资委联合举办的"2025年资本市场股债服务宁夏经济高质量发展专题培训"在银 川举行。 培训班邀请来自券商、宁夏股权交易中心等的专家，围绕A股企业上市政策介绍及案例分析、公司债券 及创新品种(科技创新债券)介绍、新三板挂牌相关政策及宁夏股交中心三四板对接绿通机制介绍等内 容，宣讲了资本市场股权、债券等的融资政策和工具。来自经济金融管理部门相关业务条线负责同志及 业务骨干、重点国资企业负责资本运作的负责人或财务负责人、公司驻地在宁夏银川市的重点民营企业 负责人参加了培训。 积极发展股权、债券等直接融资，能更好满足高新技术企业和科技型中小企业的融资需求，是优化融资 结构，提升资本市场服务实体经济效能的重要举措。 银川市委金融办副主任王喆向《证券日报》记者表示，近年来，银川市全力以赴推进资本市场全面发 展，资本市场建设取得了积极进展，各类金融机构服务能力不断提升，上市公司数量稳步增加。这些公 司上市后加大了投资力度、 ...

Group 1 - The core viewpoint is that declining interest rates may become a norm in China's financial operations, and addressing the challenges posed by low interest rates will be a primary task for the financial industry [1][3] Group 2 - The reasons for the decline in interest rates include changes in global population structure, slowing technological progress, and a decrease in potential growth rates, leading to a situation where global savings exceed total investments [3] - The financial system's transformation, characterized by significant financialization of the real economy, has altered the transmission mechanism of monetary policy to the real economy [3] - The historical lessons from the Great Depression have led global monetary authorities to inject substantial liquidity into the financial system and real economy during economic fluctuations, resulting in a persistent decline in nominal interest rates [3] Group 3 - The impact of declining interest rates on the real economy includes reduced financial costs, which positively stimulates economic development [3] - In the financial sector, lower interest rates can lead to a narrowing of interest rate spreads and potential outflows of funds from commercial banks' balance sheets, resulting in changes to the social financing structure [3] - For monetary authorities, the decline in interest rates and the resulting disintermediation may weaken the credit transmission mechanism of monetary policy, increasing the importance of liquidity management [3] Group 4 - Data from the People's Bank of China indicates that the total social financing amount increased from 12.768 trillion yuan in 2015 to 43.772 trillion yuan by October 2025, a growth of 2.42 times over ten years [4] - The scale of indirect financing, including various types of loans, rose from 11.055 trillion yuan to 28.617 trillion yuan, an increase of 1.58 times over the same period [4] - The proportion of indirect financing in total social financing decreased from 86% to 65.3%, a reduction of 21 percentage points, indicating progress towards the goal of reducing indirect financing and increasing direct financing [4] - The conclusion drawn is that disintermediation has become an effective condition for the development of the capital market, although other conditions are also necessary for successful market growth [4]

他指出，"十五五"规划将"科技自立自强水平大幅度提升"置于突出位置，发展新质生产力是推动经济从 高速度向高质量转变的核心。 他进一步分析，CVC综合了大型企业研发中心的资金技术优势与传统VC的市场化、项目筛选优势。为 了验证其效果，田轩展示了他与合作者发表在国际顶级期刊上的研究成果：对比获得CVC投资与传统 VC投资的企业，在获得投资后，两者的创新水平（以专利衡量）均有提升，但获得CVC投资的企业"创 新的水平会更高，而且它生长的速度会更快"。 基于此，田轩强烈呼吁鼓励企业，特别是大型企业，积极开展以战略为导向的早期CVC投资，并指出 数据"显示80%的CVC投资都在早期的项目"，认为这是将"耐心资本"落到实处、精准滴灌早期科技创新 项目的关键机制。 除了微观投资工具的革新，田轩强调，一个能够持续孕育新质生产力的金融生态，更需要坚固的宏观制 度基础。他将其概括为三大支柱：完善健全的法治环境、健康开放的资本市场以及稳定的宏观政策导 向。 面对国内外环境的深刻变化，田轩系统阐述了从微观机制到宏观环境的四维金融支持路径，为构筑面向 未来的创新竞争力提供了清晰的行动框架。 在厘清宏观背景后，田轩将论述聚焦于金融支持创 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system in China, as outlined in the 20th Central Committee's Fourth Plenary Session, to support high-quality economic development and modernization goals [1][2]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [3]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [4]. Group 2: Understanding the Inner Workings and Principles - The capital market's development quality remains a challenge, with issues such as suboptimal company structures and insufficient long-term capital inflow, necessitating a focus on enhancing the system's inclusiveness and adaptability [5]. - Key principles include maintaining political and public focus in capital market work, better coordinating investment and financing, leveraging reform and opening-up, and ensuring market stability [6][7]. Group 3: Key Tasks and Measures for the 15th Five-Year Plan - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [9]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while also supporting mergers and acquisitions to promote corporate transformation [9]. - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [10]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk monitoring and response capabilities [11]. - Gradually expand the high-level institutional openness of the capital market to enhance international competitiveness and facilitate efficient capital flow [12].