Group 1 - The core viewpoint of the article emphasizes the importance of regular visits to listed companies by the Shanghai Stock Exchange (SSE) to enhance high-quality development and address the needs of enterprises [2][4] - In 2025, SSE conducted visits to over 560 listed companies, covering nearly 90% of its jurisdiction, and resolved more than 440 related requests, indicating a continuous improvement in the effectiveness of these visits [2][4] - The visits focused on key areas such as consumer sectors, private enterprises, tariff impacts, and risk mitigation, aligning with the changing macroeconomic environment [4][6] Group 2 - SSE's visits included targeted discussions on policies related to mergers and acquisitions, helping nearly 30 companies understand the new regulations and providing consultations on specific issues [6][8] - The SSE has established a communication mechanism between enterprises, the exchange, and local governments, enhancing collaboration to address risks faced by companies [8][10] - The SSE organized over 20 specialized reception days and nearly 10 offline salons to further improve the effectiveness of its visits and ensure that issues raised during visits are tracked and resolved [8][10] Group 3 - The Qingdao Securities Regulatory Bureau has implemented a comprehensive visiting strategy to support the high-quality development of listed companies, achieving full coverage of company visits in the region [9][15] - In 2025, 45 companies in the Qingdao area implemented annual dividend distributions totaling nearly 20 billion yuan, reflecting a 9.34% year-on-year increase, indicating enhanced investor satisfaction [12] - The bureau has actively addressed companies' challenges through a structured approach, ensuring that 54 specific issues raised during visits have been resolved [11][16] Group 4 - The Xinjiang Securities Regulatory Bureau has established a regular visiting mechanism to understand and address the needs of listed companies, achieving full coverage of 61 companies since 2024 [15][16] - The bureau has focused on promoting compliance and operational standards among companies, ensuring that they adhere to legal regulations and improve transparency in information disclosure [16][17] - Future efforts will continue to deepen the visiting mechanism, emphasizing collaboration between government and enterprises to resolve development challenges and support high-quality market growth [17][18]

创新，是资本市场拥抱未来、激发活力的核心引擎。科技赋能金融，正在重塑资本市场的业态与服务模 式。金融科技的运用，提升了市场效率，优化了投资体验，也催生了新的产品与服务。与此同时，资本 市场更肩负着支持科技创新、助力产业升级的重任。通过制度创新、产品创新、服务创新，资本市场正 努力为"硬科技"、"专精特新"、绿色低碳等领域的优秀企业，提供更为通畅的融资渠道和成长沃土，推 动科技、资本与实体经济的正向循环。创新，让资本市场更具敏锐性与包容度，更能适应并引领新经济 发展的需求。 "新出发"，意味着在改革与创新的双轮驱动下，资本市场已经站在了新的历史起点。这要求我们以更开 阔的视野审视未来，以更系统的思维谋划发展。"新出发"，是服务高质量发展新要求、贯彻新发展理念 的再深化；是应对国内外复杂环境、提升核心竞争力的再动员；也是回应广大投资者新期待、增强市场 获得感与信任度的再承诺。 尊敬的各位领导，各位嘉宾： 上午好！ 今天，我们共聚一堂，开启这场以"改革与创新资本市场新出发"为主题的思想盛宴。我谨代表会议主办 方，对各位领导、专家、业界同仁以及媒体朋友们的光临，表示最热烈的欢迎和最诚挚的感谢！ 当前，我国资本市场正站 ...

本报记者 王僖 2025年中央经济工作会议为明年经济工作定向领航，其中关于"制定全国统一大市场建设条例"与"稳步推进制度型开放"的 部署，为资本市场改革发展注入了清晰而强劲的动力。中泰证券研究所所长戴志锋在接受《证券日报》记者专访时指出，这两 项战略部署紧密关联、内涵深刻，共同指向破解当前经济发展中的"内卷化"困境、提升资源配置效率这一核心命题。资本市场 不仅是这两大战略的受益者，更是关键的推动者和实践平台，将通过市场化机制与双向开放，助力中国经济突破藩篱、提升整 体竞争力。 戴志锋分析认为，建设全国统一大市场的核心在于破除地方保护与市场分割，促进商品和要素在全国范围内的自由流动与 高效配置。这对于长期受困于"内卷式竞争"的诸多产业而言，不啻为一剂良方。 戴志锋表示，这种双向开放格局，使得中国企业能够在更广阔的舞台上与全球一流企业同台竞技，从而跳出国内市场 的"内卷"，在全球化竞争中锻造真正的核心竞争力。 展望未来，戴志锋认为，随着中国资本市场规模不断扩大、制度不断完善、开放程度不断提高，中国资本市场在全球资产 配置体系中的地位将显著提升。 （编辑 乔川川） 资本市场在这一过程中将发挥不可替代的整合与筛选功能 ...

今日A股多元金融板块呈现强势走强态势，成为大金融赛道的核心亮点，呈现"龙头连板、梯队跟涨"的 活跃格局。板块情绪标杆鲁信创投表现极为亮眼，凭借创投行业景气回升与资金持续追捧，实现2连板 走势，强势奠定板块领涨地位；华金资本、九鼎投资、拉卡拉、中油资本、香溢融通等同步跟涨。从交 易情况看，资金进场迹象明确，反映出市场对多元金融行业政策红利与成长潜力的高度认可。 资本市场改革深化，多元金融迎政策东风：据小牛行研2025年12月14日发布的《非银行金融行业研究报 告》显示，监管层明确提出"持续深化资本市场投融资综合改革"，年内《推动中长期资金入市工作的实 施方案》《推动公募基金高质量发展行动方案》等一系列政策落地，资本市场包容性、适应性显著增 强。政策鼓励金融机构加力支持科技创新、中小微企业等重点领域，同时支持行业内兼并收购，为多元 金融企业提供了广阔的业务拓展空间。 消费金融行业量价质共振，进入红利释放期：中信建投2025年12月15日发布的非银金融行业研报指出， 当前消费金融行业处于政策红利与技术红利双重驱动期，监管逻辑趋稳、促消费导向明确、AI技术提 效背景下，行业实现量价质修复共振。头部消费金融企业凭借技术 ...

来源：深圳卫视大湾区会客厅 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳卫视大湾区会客厅 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：宋雅芳 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 ...

香港交易所集团行政总裁陈翊庭表示："2025年是全球投资者纷纷重返香港市场的一年。市场流动性不 断增加，上市锣声接连响起，创新获得资本青睐。香港交易所将会再接再厉，继续大力扩大产品生态 圈，建设更加丰富多元的市场，提供各种现货股票、ETF、衍生产品、定息及货币产品，以及其他风险 管理工具，满足不同投资者的需求。" 自《上市规则》第18A章和第18C章实施以来，共有88家生物科技和特专科技公司在香港交易所上市， 充分反映出投资者对前沿领域的浓厚兴趣。 未来的新举措包括：建议将每手股数简化为8种选择；实施无纸证券市场；以及其他主要改革措施。这 些措施能确保香港资本市场持续保持活力和竞争力，并灵活应对不同持份者的需求变化。 2025年，香港新股市场融资额位居全球第一，融资额较去年明显上升，平均每日成交额更创下历史新 高。现货市场2025年前11个月平均每日成交金额达2307亿港元，较去年同期上升43%。截至12月19日， 共有106家公司在香港交易所上市，融资总额达到2746亿港元，其中4家公司更跻身2025年全球十大新股 之列。在香港交易所上市的公司通过再融资筹集了660亿美元，彰显香港资本市场的活力和深度。 ...

Core Viewpoint - The article discusses the current economic environment, highlighting the Chinese central bank's continued implementation of a moderately loose monetary policy and the recent adjustments in the Beijing housing market to support home purchases by non-local families and families with multiple children [1][8]. Group 1: Financial Markets - The U.S. stock indices rose, with the defense and military sector leading gains, while the agriculture sector lagged behind. The market turnover reached 1.90 trillion yuan, and the financing balance increased by 14.859 billion yuan to 25,145.96 billion yuan [2][12]. - The A-share market is expected to maintain a long-term bullish trend supported by policy backing, capital influx, and industrial empowerment, with the upcoming Federal Reserve rate cut likely to enhance global capital flow and risk appetite [2][12]. Group 2: Oil Market - Saudi Arabia's average daily crude oil exports reached 7.1 million barrels in October, the highest level in two and a half years, up from 6.46 million barrels in September [3][15]. - The overall trend in the oil market remains downward, influenced by geopolitical tensions and potential sanctions on Russia's energy sector [3][15]. Group 3: Agricultural Products - Palm oil prices are expected to improve due to better export data from Malaysia, while soybean oil faces downward pressure from high production expectations [4][30]. - The domestic soybean market is experiencing a supply surplus, with auction prices declining, leading to a bearish outlook for soybean meal prices [29][30]. Group 4: Metals - Gold and silver prices are stabilizing, supported by lower-than-expected U.S. inflation data, which may provide room for further interest rate cuts [20]. - Copper prices are under pressure due to tight supply conditions and fluctuating demand from various sectors, including automotive and construction [21]. Group 5: Shipping Index - The European shipping index has shown a slight decline, with expectations for price stabilization as shipping companies adjust their pricing strategies ahead of the upcoming Chinese New Year [33].

■ 苏诗钰 日前，A股市场年成交额首破400万亿元。截至12月23日收盘，A股市场年内累计成交额达407.82万亿 元，较去年同期增长58.49%。超过98%的交易日成交额维持在万亿元以上，其中成交额突破2万亿元的 交易日占比23.6%。这份沉甸甸的数据，折射出资本市场的旺盛活力。 笔者认为，成交额的历史性突破，是政策赋能、资金集聚与产业升级协同共振的必然结果。 一方面，今年以来，资本市场改革持续深化，释放制度红利。监管部门推出一系列改革举措，服务科技 创新和新质生产力发展，激发多层次资本市场活力；推动多元常态化退市机制持续显效，形成"优胜劣 汰"的良性生态；同时，持续推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组 等市值管理工具，持续提升公司投资价值。从资金端看，险资、社保基金等长期资金稳步入市，中国资 产因估值优势持续吸引外资流入，这为成交额的稳步攀升提供了坚实支撑。 当然，在市场活跃度提升的同时，更要坚守"稳"与"进"的辩证统一。日前召开的中央经济工作会议提 出"持续深化资本市场投融资综合改革"，彰显了党中央对资本市场发展的高度重视。未来，需要进一步 优化市场环境，强化风险防控，引导成 ...

Group 1 - The core viewpoint is that the capital market is becoming a crucial force in promoting China's technological revolution, particularly through the Sci-Tech Innovation Board (STAR Market) which supports "hard tech" companies [1][2][3] - The STAR Market has seen significant IPO activity, with companies like Moer Technology and Muxi Co. achieving market capitalizations over 300 billion yuan, indicating a robust environment for tech firms [2][3] - The total R&D investment of STAR Market companies reached 119.745 billion yuan in the first three quarters of 2025, which is 2.4 times the net profit of the sector, showcasing a strong commitment to innovation [3] Group 2 - A series of reform measures have been introduced in 2025 to enhance support for technological innovation, including the "1+6" policy framework and the establishment of a "Tech Board" in the bond market [4][5] - The "1+6" policy aims to create a more efficient financing channel for tech companies, particularly those in the R&D phase that have not yet achieved profitability [4] - The capital market is evolving from merely a financing channel to a core strategic platform for national innovation, with a significant portion of fundraising directed towards the STAR Market and the Growth Enterprise Market [6]

国金证券发布研报称，券商板块业绩与估值严重错配，处于攻守兼备状态，资本市场韧性增强、券商国 际业务布局深化都将支撑板块估值修复。选股思路：1)低估值、国际业务深化的优质头部券商;2)居民资 金入市的背景下，大财富管理、大资管业务具备优势的券商;3)收并购主题券商。 国金证券主要观点如下： 2)主题二：资本市场韧性增强、波动性下降带来的赚钱效应加强，投资收益率有望保持稳定或小幅提 升，券商积极把握权益市场的机会，或继续增配其他权益工具投资以及交易性金融资产的股票。 3)主题三：推动直接融资、助力科创企业融资带来投行业务机会。券商作为资本中介在支持科创企业融 资方面起到重要作用，无论是科创板"1+6"改革、还是支持科创债的发展，在便利科创企业融资的同时 也给券商带来更多业务机会。根据证监会规划，未来还可能推出创业板改革、储架发行制度等政策，预 计IPO节奏将进一步常态化。 4)主题四：券商合并、打造一流投行带来格局优化与国际化提升。监管支持下，业内收并购有望持续。 头部券商在东南亚地区布局深入，探索财富管理、投行、跨境交易等多业务领域机遇。 风险提示：资本市场改革推进不及预期;权益市场极端波动风险;宏观经济复苏不 ...