资本市场的稳定发展离不开长期资金的注入。尹艳林表示，当前，国家鼓励保险资金、社保基金等参与 创业投资，为科技创新提供资金支持。科技创新需要长期资金来源，除国家创业投资引导基金外，也需 要社会资金投入，坚持"投早、投小、投硬科技"。 尹艳林认为，新质生产力加速培育壮大，将带动经济实现高质量发展，而经济向好又将进一步提升老百 姓的投资收益，从而形成良性发展循环。 同时，他也提醒广大投资者，要理性看待投资收益与风险的辩证关系。"承担一定的风险才会有相应的 收益。"尹艳林认为，"如果投资者看到经济发展前景可观，愿意承担适度风险并相信能获得合理回报， 那对于资本市场来说将是一个积极信号。"(记者 朱晓航) 截至2025年底，A股总市值超过120万亿元，投资者总数已接近2.5亿。如此庞大的股市规模，能否通 过"财富效应"有效提振消费？全国政协委员尹艳林在接受中国经济网《深谈》节目专访时回应，稳定股 市无疑会有利于增加居民财产性收入，更能增强市场信心，但他同时强调，"至于股市的财富效应有多 少能转化为消费或投资，关键在于转化过程。" 尹艳林引用国外消费理论指出，居民消费行为不取决于现期收入，而是取决于持久收入。增加持久收入 ...

Core Insights - The meeting between the Chairman of Industrial and Commercial Bank of China (ICBC), Liao Lin, and the Chairman of Shinhan Financial Group, Jin Yu-tong, focused on global macroeconomic financial conditions and deepening business cooperation [1][2] - ICBC and Shinhan Financial Group are important partners, having achieved fruitful results in various business areas, significantly contributing to China-Korea economic and trade relations [1][2] - Both parties aim to implement the important consensus reached by the leaders of the two countries, leveraging financial multilateral cooperation platforms to enhance mutual capabilities and deepen practical cooperation in areas such as artificial intelligence, financial technology, equity investment, capital markets, and cross-border RMB [1][2] Company and Industry Summary - Shinhan Financial Group is a leading comprehensive financial group in South Korea, with operations spanning banking, securities, and insurance [1][2] - Shinhan Financial Group serves as the chair unit of the Financial Industry Committee under the Korean Chamber of Commerce and Industry, with Jin Yu-tong as the chairman of the committee [1][2]

2025年11月，全省证券市场交易额6472.18亿元，其中股票交易额3648.82亿元，公募基金交易额202.76 亿元。2025年，全省证券市场累计交易额为65479.54亿元；客户资产5739.53亿元；净新增合格主资金账 户36107户，累计合格主资金账户4242285户。 在期货经营机构及交易情况方面，截至2025年11月末，全省共有期货公司2家，期货分公司6家，期货营 业部24家。全省2家期货公司总资产58.95亿元、净资产14.93亿元、净资本10.70亿元。2025年11月，全 省期货市场交易额为2879.33亿元，本年期货市场累计交易额为33596.5亿元。净新增账户358户，累计期 货账户58533户。客户权益60.81亿元。 日前，云南证监局官网发布2025年11月云南资本市场概况。截至2025年11月末，全省共有上市公司39 家，其中沪市15家(均为主板)、深市22家(主板16家、创业板6家)、北交所2家，总股本700.26亿股，总 市值9118.65亿元；辅导备案的拟上市企业9家。 从上市公司、拟上市公司融资情况看，2025年1月至11月，1家上市公司完成再融资，融资金额58.25亿 ...

Group 1 - The capital market shows strong resilience at the beginning of 2026, with high investor participation and robust market momentum [1] - The year 2026 marks the start of the "15th Five-Year Plan," carrying the important mission of establishing a good foundation for future growth amid changing domestic and international macro environments [1] - Internationally, the evolving global liquidity landscape is influenced by subtle adjustments in the Federal Reserve's monetary policy, varying recovery dynamics in Europe, and the Bank of Japan's policy responses to inflation pressures [1] Group 2 - The fiscal and monetary policies in the opening year of the "15th Five-Year Plan" are expected to provide sustained upward momentum for the capital market [1] - The A-share market presents both opportunities and challenges as it navigates through the complexities of the current economic environment [1] - An investment strategy conference hosted by Bosera Funds and Securities Times is set to take place on January 9, 2026, focusing on policy guidance, market analysis, and investment opportunities [2]

Group 1 - The article highlights the strong resilience of the capital market at the beginning of 2026, driven by high investor enthusiasm and robust market dynamics [1] - It emphasizes the significance of 2026 as the starting year of the "14th Five-Year Plan," which carries the mission of establishing a good foundation for future growth amidst changing macroeconomic conditions [1] - The external environment is characterized by subtle adjustments in the Federal Reserve's monetary policy, varying recovery momentum in Europe, and Japan's policy responses to inflation pressures, contributing to a complex global liquidity landscape [1] Group 2 - The article discusses the dual opportunities and challenges present in the A-share market as the fiscal and monetary policies in 2026 are expected to provide sustained upward momentum for the capital market [1] - A significant event, the "2026 Investment Strategy Conference," organized by Bosera Fund and Securities Times, is set to take place on January 9, featuring industry experts and analysts who will analyze policy directions, market logic, and investment opportunities [1][2]

2025年12月28日，中国证监会科技监管司副司长刘铁斌在参加中国财富管理50人论坛2025年会时表示， 作为证券期货行业的监管机构，证监会持续密切跟踪人工智能技术在资本市场的应用态势与发展趋势， 遵循人工智能技术自身发展规律，以守正创新、开放包容、依法合规、稳妥有序为原则，稳步提升资本 市场人工智能应用水平，引导证券期货行业把握人工智能等新一代信息技术带来的发展机遇，推动人工 智能成为驱动资本市场高质量发展的重要变革性力量。 刘铁斌表示，回顾2025年，资本市场积极探索人工智能应用，呈现出良好的发展态势。从行业机构应用 来看，呈现"证券行业引领、基金期货跟进、头部机构示范"的特征。在应用场景方面，人工智能已覆盖 投资研究、融资服务、投资者服务、内控管理、信息科技及监督管理等核心领域。 刘铁斌介绍，人工智能在资本市场的深化应用仍面临挑战。从应用层面看，数据标准不统一、高质量数 据源不足与大模型"幻觉"的问题较为突出，算力供给与成本压力也制约了AI技术的规模化、深度化应 用。从监管层面看，适配人工智能技术特性的差异化监管规则尚未成熟，监管的精准性、前瞻性有待提 升，制度供给仍需加强。从风险层面看，网络安全、数据 ...

2025年12月28日，中国证监会科技监管司副司长刘铁斌在参加中国财富管理50人论坛2025年会时表 示，作为证券期货行业的监管机构，证监会持续密切跟踪人工智能技术在资本市场的应用态势与发展趋 势，遵循人工智能技术自身发展规律，以守正创新、开放包容、依法合规、稳妥有序为原则，稳步提升 资本市场人工智能应用水平，引导证券期货行业把握人工智能等新一代信息技术带来的发展机遇，推动 人工智能成为驱动资本市场高质量发展的重要变革性力量。 刘铁斌表示，回顾2025年，资本市场积极探索人工智能应用，呈现出良好的发展态势。从行业机构 应用来看，呈现"证券行业引领、基金期货跟进、头部机构示范"的特征。在应用场景方面，人工智能已 覆盖投资研究、融资服务、投资者服务、内控管理、信息科技及监督管理等核心领域。 刘铁斌介绍，人工智能在资本市场的深化应用仍面临挑战。从应用层面看，数据标准不统一、高质 量数据源不足与大模型"幻觉"的问题较为突出，算力供给与成本压力也制约了AI技术的规模化、深度化 应用。从监管层面看，适配人工智能技术特性的差异化监管规则尚未成熟，监管的精准性、前瞻性有待 提升，制度供给仍需加强。从风险层面看，网络安全、数据 ...

Group 1 - The core viewpoint of the articles reflects the evolution of investor sentiment and strategies throughout 2025, highlighting a shift from blind optimism to a more rational and disciplined approach as they prepare for 2026 [1][5] - The capital market in 2025 demonstrated resilience amidst volatility, with investors like Xiao Wang recovering from previous losses and gaining a more rational understanding of the market [2][3] - Investors such as Mr. Zhao maintained high positions in key sectors like technology and non-ferrous metals, showcasing the importance of strategic focus in investment [2][4] Group 2 - The experiences of various investors illustrate the challenges faced in 2025, with some, like Mr. Li, struggling with the fear of missing out and making impulsive decisions at market peaks [3][4] - There is a notable trend towards optimizing portfolio structures, with investors planning to concentrate their funds on high-performing assets and reduce the number of holdings to enhance focus and performance [4][5] - The overall sentiment among investors is shifting towards a more pragmatic approach, emphasizing the importance of risk management and disciplined decision-making as they navigate the complexities of the market in 2026 [5]

Core Viewpoint - The article emphasizes the need for China to build a robust monetary and capital market to bridge innovation and consumption, driving the economy into a new cycle of high-quality development [2][3]. Group 1: Economic Development Strategies - China should advance the construction of a manufacturing powerhouse, a consumption powerhouse, and a financial powerhouse characterized by a full-chain technology and industrial layout [3]. - The future growth model will rely on multiple pillars, supported by a stabilized real estate market and ongoing efforts to reduce "involution" [5]. Group 2: Innovation and Consumption - There is an expectation for consumption to reverse its trend by 2026, driven by a strengthened innovation-driven layout [4]. - The dual focus on "starry sea" innovation and "daily necessities" improvement in people's livelihoods is crucial for China's economic future [7]. Group 3: Capital Market and Investment - A capital market that supports China's technological future must establish a full-chain capital support ecosystem, including a "National Basic Research Fund" to attract long-term capital from insurance and pension funds [17]. - The article highlights the importance of stabilizing residents' income growth expectations to boost consumption and break the cycle of pessimism [21]. Group 4: Global Economic Context - The global economic growth is expected to remain between low and moderate levels by 2026, influenced by the actions and policies of the United States, such as potential sanctions or trade restrictions [13]. - As the competition between China and the U.S. in technology continues, other economies may find it increasingly difficult to navigate independently and may need to adopt a "bet on both sides" strategy [19].

值此辞旧迎新之际，财联社向每一位读者致以最诚挚的新年祝福！愿您与家人在新年里平安喜乐，万事胜意。 2026，与您同行，共赴新程！ 回首2025，我们共同见证了资本市场的跌宕起伏，虽途中偶有波澜，但整体稳健前行，诸多优质企业崭露头角，新兴产业蓬勃发展，为投 资者带来了诸多机遇。这一年，无论是早晨第一条电报的叮咚声、还是深夜研报的灯火，还是市场激荡中的坚守，都是你们与财联社一起执 着奋斗、逐梦前行的生动写照。 新年已至，愿您在2026年事事顺遂，投资有成，生活如诗，事业如虹。财联社将始终以专业为帆，以速度为桨，持续为您提供快速、精 准、专业、极致的财经资讯服务。中国资本市场已形成理性与科技创新双轮驱动格局，定能创造更多价值、攀登新高度。愿您在新的一年， 以耐心为舟，以远见为帆，在时间的复利中，收获丰厚的财富硕果。 ...