中国人民银行行长潘功胜，国家金融监督管理总局局长李云泽，中国证监会主席吴清，中国人民银行副 行长、国家外汇局局长朱鹤新在发布会上回应了诸多市场关注的热点话题。 要 点 速 览 截至今年6月末，中国银行业总资产近470万亿元，位居世界第一 地方政府融资平台风险水平大幅收敛，高风险中小银行数量较峰值明显压降 中国的货币政策坚持以我为主，兼顾内外均衡 积极推进完善资本形成机制和中长期资金入市机制 9月22日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会。 截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32% 相当部分省份已经实现高风险中小机构动态清零 保险法修订正在加快推进 7月末境外机构和个人持有境内股票、债券、存贷款超10万亿元 "十四五"以来我国外汇储备始终稳定在3万亿美元以上 潘功胜：货币政策 坚持以我为主，兼顾内外均衡 潘功胜表示，截至今年6月末，中国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位 居世界第二；外汇储备规模连续20年位居世界第一。 潘功胜介绍，金融服务实体经济质效大幅提升。坚持支持性的货币政策立场，中国特色现代货币政策框 ...

（二）落实落细全面深化资本市场改革各项部署。深入落实党的二十届三中全会部署，加快推进新一轮 全面深化资本市场改革任务落地。聚焦服务新质生产力发展，深化科创板、创业板、北交所改革，完善 发行上市等制度机制，培育壮大耐心资本。加快多层次债券市场发展，推动完善中国特色期货监管制度 和业务模式。扩大高水平制度型开放，提升我国资本市场的吸引力竞争力。 （三）全面提升风险化解处置和监管执法能力。坚持投融资协调发展，深入推进公募基金改革，协同各 方持续推动各类中长期资金入市和占比提升，加强战略性力量储备和稳市机制建设。突出依法严惩、依 责严防，加快补齐上市公司、行业机构等法规制度短板，统筹扩大检查覆盖面和提升检查有效性，进一 步提高违法违规线索发现能力，完善与相关部委、地方党委政府对第三方配合造假的综合惩戒协作机 制，进一步健全"准入—持续监管—退出"全链条监管体系，更好发挥日常监管的修复纠正功能和稽查执 法的重拳治理效能。出台更多保护投资者合法权益的硬招实招。 深化科创板、创业板、北交所改革，完善发行上市等制度机制。 9月22日，据证监会网站，根据中央统一部署，2024年4月15日至7月20日，中央第八巡视组对中国证券 ...

智通财经APP获悉，9月22日，中共中国证券监督管理委员会委员会发布关于二十届中央第三轮巡视整 改进展情况的通报，落实落细全面深化资本市场改革各项部署。深入落实党的二十届三中全会部署，加 快推进新一轮全面深化资本市场改革任务落地。聚焦服务新质生产力发展，深化科创板、创业板、北交 所改革，完善发行上市等制度机制，培育壮大耐心资本。加快多层次债券市场发展，推动完善中国特色 期货监管制度和业务模式。扩大高水平制度型开放，提升我国资本市场的吸引力竞争力。 下一步，中国证监会党委将以永远在路上的坚韧和执着，严肃认真抓好持续整改，不断巩固拓展整改成 效。驻证监会纪检监察组将持续加大对巡视整改工作的监督。全面提升风险化解处置和监管执法能力。 坚持投融资协调发展，深入推进公募基金改革，协同各方持续推动各类中长期资金入市和占比提升，加 强战略性力量储备和稳市机制建设。突出依法严惩、依责严防，加快补齐上市公司、行业机构等法规制 度短板，统筹扩大检查覆盖面和提升检查有效性，进一步提高违法违规线索发现能力，完善与相关部 委、地方党委政府对第三方配合造假的综合惩戒协作机制，进一步健全"准入—持续监管—退出"全链条 监管体系，更好发挥日 ...

根据中央统一部署，2024年4月16日至7月20日，中央第八巡视组对上海证券交易所（以下简称上交所） 党委进行了巡视。2024年10月20日，中央巡视组向上交所党委反馈了巡视意见。按照巡视工作有关要 求，现将巡视整改进展情况予以公布。 一、党委履行巡视整改主体责任情况 上交所党委深入学习贯彻习近平新时代中国特色社会主义思想，在中国证监会党委坚强领导和中央纪委 国家监委驻证监会纪检监察组有力监督下，坚决扛起巡视整改政治责任，以实际行动拥护"两个确立"、 践行"两个维护"。 （一）坚持思想引领，强化整改内在自觉。深刻认识党的领导是中国特色社会主义最本质的特征，必须 坚持和加强党的全面领导。把学习贯彻习近平总书记关于巡视工作和金融工作的重要论述贯穿整改全过 程，以思想整改带动行动整改，切实增强巡视整改的政治自觉、思想自觉、行动自觉。 （二）坚持以上率下，层层压实整改责任。建立覆盖整改全周期的闭环工作机制，压实整改责任，确保 整改质量。党委主要负责同志切实履行"第一责任人"责任，领办重点难点问题；聚焦重要环节，强化统 筹部署，压严压实责任，做到负总责、首责。党委副书记将整改重要事项纳入总经理办公会议题，落实 好党委部 ...

根据中央统一部署，2024年4月15日至7月20日，中央第八巡视组对中国证券监督管理委员会（以下简称 中国证监会）党委开展了常规巡视。2024年10月19日，中央巡视组向中国证监会党委反馈了巡视意见。 按照巡视工作有关要求，现将巡视整改进展情况予以公布。 一、党委履行巡视整改主体责任情况 中国证监会党委坚持把中央巡视整改作为重大政治任务，深入学习贯彻习近平总书记在听取二十届中央 第三轮巡视情况汇报时的重要讲话精神，在驻证监会纪检监察组全过程监督下，坚决扛起整改责任，自 觉从对党忠诚的高度抓好整改任务落实，以实际行动拥护"两个确立"、践行"两个维护"。突出政治引 领，强化思想武装。把加强理论学习贯穿整改始终，中央巡视反馈后第一时间召开会议传达学习、研究 部署整改工作。集中整改期内，组织召开党委会、党委理论学习中心组学习，认真学习贯彻习近平总书 记关于巡视工作、金融工作的重要论述以及党中央对巡视整改工作的部署要求，高质量开好巡视整改专 题民主生活会，深入查摆存在问题及深层次原因，不断增强整改的政治自觉、思想自觉、行动自觉。坚 持以上率下，落实落细责任。建立覆盖整改全周期的责任体系和制度流程，健全问题领办、包片联系 ...

Investment Reform - The investment side reform has achieved significant breakthroughs, prioritizing investor interests and implementing a high-quality development action plan for public funds, establishing a comprehensive evaluation system focused on investment returns, and successfully executing a three-stage fee reduction reform [1] - As of the end of August this year, various long-term funds held approximately 21.4 trillion yuan in A-share market value, representing a 32% increase compared to the end of the 13th Five-Year Plan [1] Financing Reform - The stock issuance registration system has transitioned from pilot to full implementation, with a focus on supporting the development of new productive forces through various measures such as the "16 Articles for Sci-Tech Innovation" and "6 Articles for Mergers and Acquisitions" [2] - The introduction of the "1+6" reform measures on the Sci-Tech Innovation Board has led to the registration of three unprofitable Sci-Tech enterprises under the new fifth set of standards [2] High-Quality Development of Listed Companies - The system for promoting high-quality development of listed companies has been continuously improved, emphasizing information disclosure and corporate governance, with two revisions to the information disclosure management measures and enhancements to corporate governance standards [2] - Since the release of the "6 Articles for Mergers and Acquisitions," 230 significant asset restructuring cases have been disclosed, supporting industry consolidation among listed companies [2] Capital Market Opening - The capital market's high-level institutional opening has steadily expanded, with the complete removal of foreign ownership limits for industry institutions during the 14th Five-Year Plan period and improvements to the Qualified Foreign Institutional Investor system [3] - As of now, foreign investors hold 3.4 trillion yuan in A-shares, and 269 companies have listed overseas, indicating an expanding "circle of friends" for China's capital market [3]

国务院新闻办公室于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列主题新闻 发布会，中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副 行长、国家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 吴清表示， 去年9·26中央政治局会议以来，财政、金融、产业等一揽子大力度、超预期政策扩围增效，有利 地促进资本市场稳定发展，科技创新与产业创新加快融合发展，一批现象级的科技企业和创新产品相继出圈， 资本市场" 1+N "政策体系加快落地见效。 在各方面因素共同作用下，中国资产吸引力明显增强。 会上，吴清提到，"十四五"期间，上市公司通过分红、回购派发"红包"合计超过10.6万亿元，比"十三 五"增长超过八成，相当于同期股票IPO和再融资金额的2.07倍。同时，"十四五"期间A股市场韧性和抗风 险能力明显增强，上证综指年化波动率15.9％，较"十三五"下降2.8个百分点。吴清表示， 外资持有A股 市值3.4万亿元，269家企业境外上市，中国资本市场的"朋友圈"越来越大。 吴清表示， 过去五年硕果累累，展望未来五年信心满满，也是一份沉甸甸的责任，需 ...

一是投资端改革实现重大突破。坚持投资者利益优先，制定实施公募基金高质量发展行动方案，建立完善投资收益为核心 的考核评价体系，三阶段降费改革全面落地。中央金融办会同证监会和相关部门出台推动中长期资金入市的指导意见及实施方 案，着力打通社保、保险、理财等入市的痛点堵点，保险资金长期股票投资试点、个人养老金制度推广至全国等重要举措相继 落地，"引长钱、促长投"的改革效果加快显现。截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十 三五"末增长32%。 二是融资端改革持续深化。股票发行注册制由试点到全面推开，逐步走深走实。聚焦服务新质生产力发展，接续推出"科 创十六条""科创板八条""并购六条"等举措，在发行上市、并购重组、畅通募投管退循环等方面加快作出一系列优化完善安排。 今年6月，又在科创板推出设置科创成长层等"1+6"改革举措，目前已有3家未盈利科创企业在重启科创板第五套标准后完成注 册，创业板第三套标准也迎来首单受理。 三是促进上市公司高质量发展的制度机制不断完善。坚持信息披露和公司治理双轮驱动，两次修订信息披露管理办法，系 统完善上市公司治理准则，推进独立董事制度改革，上市公司运作更 ...

Group 1 - The core viewpoint of the news is the significant achievements in the development of China's financial industry during the "14th Five-Year Plan" period, as highlighted by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1][3] Group 2 - Major breakthroughs in investment-side reforms have been achieved, focusing on investor interests, implementing high-quality public fund development action plans, and establishing a comprehensive evaluation system centered on investment returns. By the end of August, various long-term funds held approximately 21.4 trillion yuan in A-share market value, a 32% increase compared to the end of the "13th Five-Year Plan" [3] - Continuous deepening of financing-side reforms has been noted, with the stock issuance registration system fully rolled out and various measures introduced to support new productive forces, including the "16 Articles for Sci-Tech Innovation" and "6 Articles for Mergers and Acquisitions" [3][4] - The institutional mechanisms for promoting high-quality development of listed companies have been continuously improved, with two revisions of information disclosure management measures and support for significant asset restructuring, resulting in 230 major asset restructuring disclosures since the release of the "6 Articles for Mergers and Acquisitions" [4] - The high-level institutional opening of the capital market has steadily expanded, with the complete removal of foreign ownership limits in various sectors and the establishment of a comprehensive overseas listing filing system. During the "14th Five-Year Plan" period, foreign investment in A-shares reached 3.4 trillion yuan, with 269 companies listed overseas [4]

Core Viewpoint - The report analyzes the recent upward trend in A-shares since September last year, highlighting that the Shanghai Composite Index has increased by over 40% over the past year, and compares this with historical upward phases in the A-share market over the last 20 years [2][3]. Historical Upward Phases - Historical upward phases in A-shares typically last 2-3 years, show significant overall gains, and are characterized by increased trading volume due to new capital entering the market. These phases often begin from historical lows, where investor sentiment is extremely pessimistic [2]. - The report identifies key historical phases: 2005-2007, 2013-2015, and 2019-2021, noting that the current phase since September 2024 has also experienced several adjustments and a differentiated entry of investors [2][3]. Driving Factors - The upward trends in A-shares have been driven by macroeconomic improvements, liquidity enhancements, and favorable trends in key industries. For instance, the 2007 rise was linked to rapid industrialization and strong commodity prices, while the 2015 rise was associated with economic transformation and monetary easing [3]. - The current upward trend is influenced by changes in the international monetary system and deepening narratives of innovation in China, with growth sectors like AI, innovative pharmaceuticals, and high-end manufacturing leading the charge [3][4]. Capital Market Reforms - Reforms in the capital market have played a crucial role in stimulating market vitality. Key reforms include the "National Nine Articles" and subsequent policies that have enhanced market structure and institutional participation [4]. - Recent reforms since the new "National Nine Articles" have focused on market management, long-term capital inflows, and support for innovative enterprises, indicating a commitment to further reform in the capital markets [4]. Earnings and Valuation - The report notes that previous upward phases were characterized by a combination of earnings growth and valuation expansion. Currently, A-share companies are expected to see a turnaround in earnings growth, with an estimated overall growth rate of around 3.5% for the year, particularly in non-financial sectors where growth may exceed 8% [5][11]. Mainline Characteristics of Upward Phases - The report outlines that previous mainline trends in the market have shown distinct characteristics, such as prolonged periods of broad market gains and significant sector rotations. The current mainline is driven by growth sectors, with AI, innovative drugs, and high-end manufacturing leading the way [6][7]. - Historical data indicates that even during clear upward trends, sectors may experience over 20% adjustments, but the overall long-term trend remains intact [7][8]. Long-term and Steady Conditions - The current market is viewed as having more "long-term" and "steady" conditions compared to previous phases. The government's increased focus on the capital market and its role in economic transformation is expected to enhance market stability and growth [9][10]. - The report emphasizes that the global monetary system's restructuring may still be in its early stages, providing further room for the revaluation of Chinese assets [10]. Valuation Context - Despite the significant rise in the index, the overall valuation of A-shares remains reasonable, with the CSI 300 index trading at a PE ratio of around 14 times, which is relatively low compared to other major global markets [11]. - The report highlights that the current market capitalization of A-shares exceeds 100 trillion yuan, but the ratio to GDP remains moderate, indicating that the market is not overvalued despite the recent gains [11][29]. Investment Strategy - The report suggests that growth styles are currently showing signs of expansion and rotation, with a focus on sectors benefiting from new productivity and green development. Investors are advised to pay attention to upcoming quarterly earnings reports and policy directions that support these sectors [12].