● 本报记者 胡雨 对于证券行业2026年发展前景，中国证券报记者梳理发现，政策红利的持续释放有望成为推动板块景气 延续的重要推手，这些政策红利主要体现在三个方面：一是顶层设计层面，"十五五"规划建议提出"加 快建设金融强国""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"等内 容，有望进一步提升资本市场稳定性；二是流动性层面，业内机构普遍预计，2026年货币政策有望维持 适度宽松的整体基调，从而支撑市场流动性保持合理充裕，场外资金入市及机构配置仍有较大提升空 间；三是行业自身发展层面，监管层持续引导建设一流投行，证券行业机构间并购重组持续升温，有利 于各类竞争主体实现错位发展，推动行业格局重塑。 就证券行业自身盈利模式的变化而言，中国银河证券非银行金融行业分析师张琦认为，行业预计将穿越 周期展现强韧性，并通过价值跃迁培育新引擎："2026年市场交投活跃度有望维持高位水平，支撑券商 经纪业务基本盘，同时财富管理转型持续加速有望带来业务新增量；A股再融资实现突破，IPO呈现回 暖迹象，港股融资市场持续火热，头部券商凭借市场口碑和专业能力，竞争优势不断提升；重资本业务 仍将是券商业绩重要驱动 ...

21世纪经济报道 记者 崔文静 北京报道 服务实体经济的效能显著提升。吴清透露，四年多来，证券行业助力近1200家科技创新企业成功上市， 服务各类企业境内股债融资规模突破51万亿元。同时，在承销科创债、绿色债券等创新产品方面，规模 也超过了2.5万亿元。 行业结构也在持续优化。标志性的合并重组案例平稳落地，头部机构引领作用增强，部分中小机构则在 细分领域找到了差异化发展路径。对外开放方面，已有11家外资独资或控股证券公司在内地市场展业。 在肯定成绩的同时，吴清也坦言，对标高质量发展要求和国际一流标准，行业在专业能力、创新能力、 合规风控及文化建设等方面仍有提升空间。 展望"十五五"，吴清为证券行业厘清了四重时代使命，发展空间与责任并重。 首要使命是强化服务实体经济与新质生产力的能力。在新一轮科技革命重塑全球竞争格局的背景下，证 券公司凭借其研究、定价和产业纽带优势，在发现创新价值、匹配融资需求、促进产业整合上作用关 键。 其次，是助力居民财富管理需求的升级。吴清引用数据指出，当前我国居民资产中股票、基金等占比约 15%，大致相当于美国三十年前的水平。伴随经济结构转型与利率环境变化，资产管理和财富管理市场 潜力 ...

当A股中的券商板块再次挺身而出，扛起反弹大旗时，监管层最新的动向来了。 日前，中国证监会主席吴清在中国证券业协会第八次会员大会上指出，"十五五"是全面深化资本市场改 革、加快打造一流投行和投资机构的战略机遇期。每一家机构都要对标金融强国建设目标，在核心竞争 力、市场引领力、风控能力等方面苦练内功，加快提升。 吴清强调，差异化特色化发展要做到新突破。各证券公司要立足自身资源禀赋，发挥好比较优势，从价 格竞争加快转向价值竞争。 一流投行不是头部机构的"专属"、"专利"，中小机构也要把握优势、错位发展，在细分领域、特色客 群、重点区域等方面集中资源、深耕细作，努力打造"小而美"的精品投行、特色投行和特色服务商。监 管政策上，证监会将着力强化分类监管、"扶优限劣"。 同时，对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制，提升资本利用效 率；对中小券商、外资券商在分类评价、业务准入等方面探索实施差异化监管，促进特色化发展；对于 少数问题券商要依法从严监管，违法的从严惩治。 强化使命担当 日前，吴清出席中国证券业协会第八次会员大会，并发表讲话。他指出，"十五五"是推进中国式现代 化、加快建设金融强 ...

吴清表示，证券行业机构整体实力仍有待提升，专业水平和创新能力还存在短板，合规风控体系还有待 完善，行业文化建设亟待加强，距离国际一流水准和社会各方期待还有不小差距 文｜《财经》记者 郭楠 编辑 | 陆玲 同时，吴清也指出，证券行业机构整体实力仍有待提升，专业水平和创新能力还存在短板，合规风控体 系还有待完善，行业文化建设亟待加强，距离国际一流水准和社会各方期待还有不小差距。 对于"十五五"时期证券行业的使命责任，吴清表示，要在服务实体经济和新质生产力发展、更好服务投 资者助力居民资产优化配置、加快建设金融强国、促进高水平制度型开放等四方面强化使命担当。 "当前中国居民资产中股票基金等资产合计占比约15%，大致相当于美国30年前水平。伴随经济和人口 结构转型，叠加利率中枢下移和国际金融格局变化，资产管理和财富管理服务的需求和潜力巨大。证券 公司和行业投资机构在权益投资、价格发现、风险管理等方面专业优势明显，要顺应时代发展需要，主 动对接多元化理财需求，提供更加丰富、更加精准、更有利于长期投资、价值投资的产品服务，与投资 者共进共赢，共同参与并共享经济和资本市场发展成果。" 吴清认为。 打造一流投行和投资机构是资 ...

Core Viewpoint - The merger and restructuring of brokerages present both challenges and opportunities for CITIC Securities, emphasizing the need to maintain strategic focus amidst competitive pressures [2] Financial Performance - CITIC Securities reported a revenue of 63.789 billion yuan in 2024, a year-on-year increase of 6.20% - The net profit attributable to shareholders reached 21.704 billion yuan, growing by 10.06% - Total assets amounted to 1,710.711 billion yuan, up 17.71% - Shareholders' equity was 293.109 billion yuan, reflecting a 9.03% increase [3] Strategic Development - The company aims to build a first-class investment bank and institution, focusing on five key areas to support the real economy and promote high-quality development [3] - The management highlighted the importance of a comprehensive financial service model to enhance the company's competitive edge [3] International Business Growth - CITIC Securities' international operations generated revenue of 2.26 billion USD and a net profit of 530 million USD in 2024, marking increases of 41% and 116% respectively - The company plans to enhance its global business layout and improve cross-border financial services [5][6] - The growth in international business is attributed to China's open policy environment and the company's strengthened international competitiveness [5] Market Position and Future Outlook - The company recognizes the competitive pressure in the market and aims to balance internal growth with external expansion to solidify its domestic leadership and enhance international operations [10] - The vision is to become the most trusted domestic leader and internationally first-class Chinese investment bank, focusing on three core functions: direct financing service provider, capital market gatekeeper, and social wealth manager [10]

Core Viewpoint - The merger and restructuring of brokerages present both challenges and opportunities for CITIC Securities, emphasizing the need to maintain strategic focus amidst competitive pressures [1] Financial Performance - In 2024, CITIC Securities achieved revenue of 63.789 billion yuan, a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 21.704 billion yuan, up 10.06% [2] - Total assets reached 1.710711 trillion yuan, growing by 17.71%, while net assets attributable to shareholders increased by 9.03% to 293.109 billion yuan [2] Understanding of a First-Class Investment Bank - The core understanding of a first-class investment bank includes eight key aspects: serving national strategies, prioritizing people-centered values, having a comprehensive business system, a strong global client network, secure financial infrastructure, strong resource allocation and risk management capabilities, robust profitability, and an excellent corporate culture [3] International Development - CITIC Securities' international business reported revenue of 2.26 billion USD and net profit of 530 million USD in 2024, reflecting growth of 41% and 116% respectively [4] - The company aims to enhance its global business layout and cross-border financial services, focusing on three main areas: serving capital market openness, improving Hong Kong business competitiveness, and enhancing cross-border service levels [5] Value Creation and Market Management - The company emphasizes value creation for shareholders and has implemented a mid-year dividend policy, distributing a total of 3.557 billion yuan in cash dividends [6] - CITIC Securities aims to balance internal growth and external expansion while solidifying its domestic leadership and strengthening international operations [6] Future Vision - The vision for CITIC Securities is to become the most trusted domestic leader and international first-class Chinese investment bank, focusing on three core functions: direct financing service provider, capital market gatekeeper, and social wealth manager [7]