智通财经记者 | 陈靖 中央经济工作会议12月10日至11日在北京举行。 作为"十五五"规划开局之年的关键部署会议，此次会议不仅明确了更加积极的宏观政策取向，更以"持 续深化资本市场投融资综合改革"的核心表述，勾勒出金融赋能实体经济的核心路径。这也是中央经济 工作会议连续两年部署"资本市场投融资综合改革"。 "中央经济工作会议连续两年聚焦相关部署，其核心逻辑在于以制度创新为突破口，持续强化资本市场 作为服务实体经济核心枢纽的关键作用，推动金融资源更精准、高效地对接实体产业发展需求。"苏商 银行特约研究员薛洪言在接受智通财经采访时表示。 薛洪言表示，当前中国经济转型已进入攻坚突破的关键阶段，新质生产力的培育壮大亟需资本提供精准 滴灌与长效支撑，而投融资改革的协同推进，正是打通"科技—产业—资本"良性循环、激活创新生态的 核心抓手。 资本市场改革被置于"改革攻坚"任务的突出位置，成为本次会议连接金融与实体的关键纽带。证监会主 席吴清此前在2025金融街论坛年会上的阐述已提前释放信号。 彼时吴清指出，"在全球格局和科技创新趋势深刻变化的今天，无论是融资端，还是投资端，都对资本 市场发展和功能发挥提出了新要求、新期待 ...

中央经济工作会议 八项重点任务这样干 read 新驱动 加紧培育壮大新动能 制定一体推进教育科技人才发展方案 ● 建设北京(京津冀)、上海(长三角)、粤港 @ 澳大湾区国际科技创新中心 强化企业创新主体地位，完善新兴领域知识产 权保护制度 制定服务业扩能提质行动方案 ● 实施新一轮重点产业链高质量发展行动 ● 深化拓展"人工智能+"，完善人工智能治理 创新形式会前瞻冬 E-20 2 - 12 - 3 - 3 - 2 - 3 - 2 - 1 中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作抓好八项重点任务。跟随这组海报，一起看这八项重 点任务怎么干。 中央经济工作会议 八项重点任务这样干 坚持改革攻坚 增强高质量发展动力活力 · 制定全国统一大市场建设条例,深入整治"内 卷式"竞争 制定和实施进一步深化国资国企改革方案，完 @ 善民营经济促进法配套法规政策 · 加紧清理拖欠企业账款 · 推动平台企业和平台内经营者、劳动者共赢发 腰 新华版 中央经济工作会议 八项重点任务这样干 坚持对外开放 推动多领域合作共赢 拓展要素市场化改革试点 @ 健全地方税体系 ● 深入推进中小金融机构减量提质,持 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the need to deepen comprehensive reforms in capital market financing and investment, aiming for a dynamic balance between financing capabilities and investment returns [1]. Group 1: Capital Market Reform Goals - The goal of comprehensive capital market reform is to build a more resilient, efficient, and vibrant modern capital market system, focusing on three balances: functional balance (shifting from "financing-led" to "equal emphasis on financing and investment"), structural balance (optimizing market participant structure), and developmental balance (coordinating innovation with risk prevention) [1][2]. Group 2: Future Focus Areas for Reform - Future efforts in comprehensive reform include improving the market-oriented pricing mechanism for IPOs and secondary market valuations, establishing a new interconnected multi-tier capital market structure, and enhancing regulatory effectiveness to create a fair and transparent market environment [2]. Group 3: Enhancing Issuance System Inclusivity - To activate innovation, the issuance system should be more inclusive, allowing more high-quality unprofitable tech companies to go public by optimizing listing standards and introducing a multi-dimensional evaluation system [3]. - The refinancing process should be streamlined, especially for projects focused on fundamental research and core technology, while simplifying administrative approvals for mergers and acquisitions [3]. Group 4: Improving Investment Value of Listed Companies - Strengthening corporate governance and information disclosure, linking cash dividend policies to refinancing qualifications, and encouraging share buybacks to stabilize stock prices are essential for enhancing the investment value of listed companies [4]. - A regularized delisting system should be established to eliminate poor-quality companies, with improved investor relief mechanisms during the delisting process [4]. Group 5: Building a Long-term Investment Ecosystem - The investment side of the capital market is crucial for its stability and long-term health, with significant progress already made in enhancing the role of long-term funds and diversifying investment products [5]. - The core of investment reform is to create a "long money, long investment" ecosystem by addressing systemic barriers and optimizing the market environment to facilitate long-term capital inflow [5]. Group 6: Measures to Facilitate Long-term Capital Inflow - Suggestions for improving long-term capital inflow include optimizing assessment mechanisms for insurance funds, developing products that meet long-term capital needs, and expanding the public REITs market to provide stable cash flow assets [6][7]. - Risk management tools should be diversified to allow long-term investors to hedge against systemic and individual risks, encouraging them to adopt long-term positions [7].

Core Viewpoint - The article emphasizes the importance of a systematic and practical approach to economic policy in China, focusing on targeted and effective measures to address existing challenges while maintaining long-term growth potential [4][5]. Group 1: Economic Policy Direction - The Central Economic Work Conference has shifted from general principles to a more systematic and practical approach, emphasizing "targeted precision" and "solid implementation" in economic policies [5]. - The conference acknowledges the intertwining of long-term positive economic trends with new challenges, advocating for integrated effects of existing and new policies rather than a scattered use of policy tools [5][7]. Group 2: Key Focus Areas - The conference identifies three main focus areas: expanding domestic demand, fostering innovation and reform, and addressing risk in key sectors such as real estate and local government debt [10]. - It highlights the need to tackle demand shortfalls, enhance innovation-driven growth, and manage risks effectively, particularly in the real estate market and local government debt [10][19]. Group 3: Practical Implementation - The article outlines specific actions to boost domestic demand, including initiatives to enhance consumer spending and increase investment through government support and private sector engagement [13][14]. - It stresses the importance of aligning consumption and investment strategies to create a robust foundation for domestic demand growth [14][15]. Group 4: Innovation and Reform - The conference sets a clear agenda for innovation, including the establishment of international technology innovation centers and the promotion of a collaborative ecosystem for technology and industry integration [16]. - It emphasizes the need for reforms that dismantle barriers and release institutional dividends, with specific regulations and action plans to support private enterprises and improve the business environment [17]. Group 5: Social Welfare and Risk Management - The article discusses measures to enhance social welfare, focusing on employment stability, education, healthcare, and support for vulnerable groups, ensuring a safety net for the population [18]. - It outlines a structured approach to risk management, particularly in the real estate sector and local government debt, advocating for precise and gradual measures to mitigate systemic risks [19][20]. Group 6: Capital Market Development - The article highlights the importance of deepening capital market reforms to enhance attractiveness and inclusivity, aiming to create a multi-layered and differentiated market system [22][23]. - It calls for optimizing return mechanisms for investors and improving the regulatory framework to support long-term investments and facilitate market access for various stakeholders [22][23].

智通财经记者 | 张一诺 中央经济工作会议在部署2026年经济工作重点任务时提到"深入推进中小金融机构减量提质"，这和去年 会议提出的"稳妥处置地方中小金融机构风险"的表述相比有明显变化。 分析人士对智通财经表示，"减量提质"的提法，意味着金融体系改革正从扩大规模转向优化结构和提升 质量，以增强服务实体经济的能力和风险抵御水平。 万博新经济研究院院长滕泰对智通财经表示，深入推进中小金融机构减量提质，是当前我国金融体系结 构性改革的重要内容，旨在增强金融机构稳健性、提升存续机构的可持续经营能力，筑牢金融安全底 线、提升服务实体经济质效。 "结合本次会议要求货币政策'引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域'， 也更加明确了金融机构和实体经济到底'谁服务谁'的问题，不能牺牲宏观经济保个别金融行业盈利，而 是商业银行等金融机构必须服务实体经济，尤其支持扩大内需等目标。"滕泰说。 中信证券首席经济学家明明补充道，从金融改革层面看，中小金融机构"减量提质"与资本市场投融资综 合改革呼应，实质上是在通过风险出清与制度优化提升金融体系配置效率，使金融能够更有效地服务科 技创新和实体经济。 他进一步指出， ...

Core Viewpoint - The Central Economic Work Conference has established a clear policy blueprint for the beginning of the 14th Five-Year Plan, emphasizing a systematic and practical approach to economic policy, focusing on targeted and effective measures to address existing challenges and stimulate economic growth [1][17][18]. Group 1: Economic Policy Focus - The conference highlighted the need for a shift from broad policy coverage to targeted and practical measures, integrating existing and new policies to enhance effectiveness [1][18]. - It emphasized the importance of addressing long-standing issues while recognizing new challenges, aiming to stabilize expectations and release internal economic momentum [2][20]. Group 2: Key Economic Strategies - The conference identified five essential strategies for economic governance: maximizing economic potential, balancing policy support with reform innovation, ensuring effective regulation, combining investments in physical and human capital, and strengthening internal capabilities to face external challenges [3][21]. - It focused on three main areas: expanding domestic demand, fostering innovation and reform, and managing risks in key sectors such as real estate and local government debt [4][22]. Group 3: Policy Implementation - The conference called for a combination of proactive fiscal policies and moderately loose monetary policies, ensuring policy continuity while optimizing implementation methods [6][23]. - It stressed the importance of coherent policy evaluation and management mechanisms to enhance market confidence and ensure effective execution [6][23]. Group 4: Domestic Demand and Investment - The conference proposed dual strategies to boost domestic demand through consumption and investment, including specific actions to increase central budget investments and stimulate private investment [7][24]. - It emphasized the need for a policy framework that supports consumer spending and investment in infrastructure, education, and healthcare to solidify the foundation for domestic demand growth [8][26]. Group 5: Innovation and Reform - The conference outlined plans to establish major international technology innovation centers and enhance intellectual property protection to drive innovation [9][27]. - It called for comprehensive reforms in various sectors, including the establishment of a unified national market and the promotion of private sector rights [10][28]. Group 6: Social Welfare and Risk Management - The conference highlighted the importance of social welfare measures, focusing on employment stability and improving living standards for vulnerable groups [11][29]. - It proposed targeted risk management strategies for the real estate market and local government debt, emphasizing a structured approach to prevent systemic risks [12][30].

南开大学金融发展研究院院长田利辉认为，中央经济工作会议的这一安排是顶层设计对资本市场功 能定位的战略性升级，其核心考量有三层。一是服务新质生产力的迫切要求。二是破解当前经济核心矛 盾的现实需要。三是夯实金融强国建设的制度基础。"连续两年聚焦，表明这不是短期刺激，而是构建 安全、规范、透明、开放、有活力、有韧性的现代资本市场体系的'持久战'，关乎国家金融竞争力的全 局。" 回顾过去一年中国资本市场投融资综合改革，薛洪言认为，改革在多方面取得扎实进展。一方面， 投资端呈现积极变化，中长期资金入市步伐加快，公募基金规模创下历史新高，保险资金权益投资比例 稳步上升。另一方面，融资端的制度包容性持续增强，科创板"1+6"改革允许未盈利硬科技企业上市， 并购重组"绿色通道"有效促进了产业整合，推动A股"含科量"显著提升。 中新社北京12月11日电 (记者 陈康亮)中央经济工作会议12月10日至11日在北京举行。会议提出， 持续深化资本市场投融资综合改革。这是中央经济工作会议连续两年部署"资本市场投融资综合改革"。 田利辉认为，过去一年的改革突出体现了"融资端激活"与"投资端筑基"的双向发力。但不足之处依 然明显，如投资端 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：中国银河证券新发展研究院） 核心观点 中央经济工作会议12月10日至11日在北京举行，持续深化资本市场投融资综合改革将是2026年资本市场工作重点。2026年是"十五五"规划的开局之年，金 融改革创新的重点领域仍在资本市场。新质生产力正成为经济高质量发展的强劲推动力和支撑力，需要加强资本市场改革，更好赋能新质生产力。继"十 五五"规划建议强调"健全投资和融资相协调的资本市场功能"之后，中央经济工作会议使用"持续深化"这一表述，是对2026年资本市场开展投融资改革重 要性的再次深化。 2026年资本市场工作的四大重点方向： 第一，提高资本市场制度包容性、适应性。积极开展股权和债权融资，引导金融资源向科技创新领域集聚。一是持续深化科创板、创业板、北交所改革， 优化各板块的差异化安排，促进市场资源向新产业、新业态、新技术领域集聚。二是推动债市"科技板"常态化、制度化建设，丰富科创债券产品体系、完 善配套机制，提升科技企业融资可得性和便利性。三是择机推出再融资储架发行制度。 第二，持续完善"长钱长投"的政策体系。一是积极打造中长期资金入市环境。二是创新优化中长 ...

Group 1 - The central economic work conference held on December 10-11, 2025, summarized economic work and analyzed the current economic situation, deploying tasks for 2026 [1] - The conference emphasized the integration of existing and new policies to enhance macroeconomic governance and policy effectiveness [6] - The focus for 2026 includes maintaining a stable GDP growth target of around 5% to allow for quality improvement in the later years of the 14th Five-Year Plan [6] Group 2 - The conference proposed a more proactive fiscal policy, maintaining necessary fiscal deficits and optimizing fiscal expenditure structure [8] - Monetary policy will remain moderately loose, with a focus on stabilizing economic growth and ensuring reasonable price recovery [8] - The fiscal support for consumption is expected to increase from 300 billion to 500 billion yuan, with a focus on service consumption [12] Group 3 - The conference highlighted the importance of domestic demand and the construction of a strong domestic market as a priority task [10] - Measures to stimulate consumption include implementing a plan for increasing urban and rural residents' income and optimizing the supply of quality goods and services [11] - Investment support is expected to increase, with special bonds for major projects rising from 800 billion to 1 trillion yuan [12] Group 4 - The conference emphasized innovation-driven development and the establishment of international technology innovation centers in key regions [14] - The focus on "Artificial Intelligence+" aims to enhance technological financial services and support the development of new industries [14][15] - The integration of technology and finance is expected to create a comprehensive service system for technological innovation [15] Group 5 - The conference addressed the need for coordinated development, promoting urban-rural integration and regional collaboration [16] - Emphasis was placed on high-quality development of county economies and maintaining reasonable prices for important agricultural products [17] - The strategy aims to prevent large-scale poverty and ensure the sustainability of poverty alleviation efforts [17] Group 6 - The conference aims to stabilize the real estate market through targeted policies to control supply and encourage the purchase of existing homes for affordable housing [19] - There is an expectation for continued support for real estate financing and potential easing of purchase restrictions [20] - The focus on stabilizing the real estate market is seen as crucial for maintaining economic confidence [20] Group 7 - The conference called for deepening capital market reforms to enhance financing support for technological innovation and the real economy [21] - The establishment of a unified national market and the elimination of "involution" competition are key reform objectives [21] - The goal is to create a more attractive environment for long-term investments and improve the capital market ecosystem [22]

● 本报记者 昝秀丽 中央经济工作会议12月10日至11日在北京举行。会议确定了明年经济工作的重点任务，其中明确"持续 深化资本市场投融资综合改革"。 这场关乎资本市场全局的综合性改革，正致力于打通关键制度堵点、痛点，为"十五五"开局之年的资本 市场高质量发展锚定方向。增强市场吸引力与包容性、吸引更多长期资金入市等将成为改革的重要发力 点。如何推动资本市场与科技创新深度融合、强化市场内在稳定机制建设也是改革必答题。 畅通资本市场良性循环 投资和融资是资本市场功能的一体两面，持续深化投融资综合改革，对畅通资本市场良性循环意义重 大。 从融资端看，当前，间接融资占比较高而直接融资占比偏低的格局尚未得到根本改变，（下转A05版） （上接A01版）难以满足更好服务新质生产力发展的迫切要求。 中金公司研究部首席国内策略分析师李求索认为，未来有望聚焦资本市场投融资功能，加强对长期投 资、理性投资的引导，积极吸引长线资金入市，完善股票市场内在稳定机制，加强股东回报力度，强化 对违法违规行为的源头监管。 资本市场的"投融资一体化"生态建设将成为重点。招联首席研究员董希淼表示，从过去的"融资主导"转 向"投融资并重"，需进一步 ...