以下文章来源于复利无声 ，作者复利无声 复利无声 . 本人2022年2月15日正式入职银华基金，在此之前言论均为个人发布，周知。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 无声 来源：雪球 随着市场行情的纵深发展 ， 一方面 ， 以人工智能 、 港股创新药 、 新能电池为代表的主线行情如火如荼 ， 表现的非常突出 ； 国庆长假即将结束，人到中年 ， 很难有特别多属于自己的时间 ， 看看老人 、 招待朋友 、 陪陪孩子 ， 时间就跟流水一样 ， 过去了 ； 很多自己想做的事情 ， 包括睡几个懒觉也没能如意 。 不过 ， 好在节日期间港股市场的表现还是不错的 ， 尤其是我们重点关注的恒生科技 、 资源周期 、 港股创新药等方向 ， 没有什么比这更开心 的了 。 另一方面 ， 热点此消彼长 ， 不断涌现 ， 尤其是个股层面 ， 很多涨幅较大 ； 第三 ， 以消费红利 、 红利低波为代表的内需消费和红利风格表 现的比较低迷 。 在这样的情况下 ， 很多投资者频繁交易是可以想象的 ， 也可以从成交量和换手率的变化中窥见一斑 ， 尤 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 本报记者 吴晓璐 10月9日，《国务院关于进一步提高上市公司质量的意见》（简称《意见》）发布五周年。五年来，监 管部门以贯彻落实《意见》为抓手，优化完善一系列制度机制，夯实上市公司高质量发展的基础。 同时，上市公司"量""质"齐升，结构不断优化。据沪深北交易所数据统计，截至今年9月底，上市公司 合计5444家，较《意见》出台前增长34.22%；总市值达到106.03万亿元，较《意见》出台前增长 46.92%。目前，A股科技板块市值占比超过四分之一，已明显高于银行、非银金融、房地产行业市值合 计占比。 增强"软约束" 上市公司治理能力提升 完善公司治理是上市公司提高核心竞争力的基石，也是提高上市公司质量的重要一环。五年来，证监会 两次修订信息披露管理办法，增强信息披露针对性和有效性；同时，以新公司法实施和独立董事制度改 革为抓手，完善上市公司治理规则，上市公司运作更加规范、透明。 独立董事制度是上市公司治理的重要制度安排。2023年4月份，国务院办公厅印发《关于上市公司独立 董事制度改革的 ...

Core Insights - The promotion of "long money long investment" is a key focus for current capital market reforms, with significant progress observed in the A-share market as a result of policy implementation [1][2][3] - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan in A-share market circulation, marking a 32% increase compared to the end of the 13th Five-Year Plan [1] Group 1 - The "Guiding Opinions on Promoting Medium- and Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and the China Securities Regulatory Commission, aiming to facilitate the entry of long-term funds into the market [1][2] - Recent policies have included optimizing long-cycle assessment mechanisms and pilot programs for long-term stock investments by insurance funds, enhancing the institutional framework for "long money long investment" [1][2] - There remains significant growth potential for long-term funds entering the market, as the actual allocation of insurance funds to equity assets is still below the policy limits [1][2] Group 2 - Improving the quality and investment value of listed companies is essential for the success of "long money long investment," with regulatory measures enhancing companies' ability and willingness to return value to investors [2] - Companies are encouraged to maintain stable dividends and engage in market value management through share buybacks and mergers, while regulatory efforts continue to combat financial fraud [2] - Asset management institutions are enhancing their research and investment capabilities, with public funds moving towards a more systematic approach and insurance institutions diversifying their investment strategies [2]

9月22日，中国证监会主席吴清在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表 示，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，也为"十五五"高质量发展打下 了坚实基础。 吴清介绍，下一步，证监会将坚持稳中求进、以进促稳，以深化投融资综合改革为牵引，不断提升基础 制度、市场功能、监管执法等各方面的适应性、包容性，促进资源更加高效配置，让优质企业和各类资 金更好迸发活力、实现价值。增强多层次市场体系的适配性，以科创板、创业板"两创板"改革为抓手， 推进发行上市、并购重组等制度改革。 持续提升上市公司质量和投资价值 ● 本报记者 昝秀丽 投资端改革实现重大突破 吴清介绍，过去五年，"四梁八柱"的法规制度体系建构成型，多层次、广覆盖的市场体系更加完备，投 资和融资相协调的市场功能不断健全，协同发力的稳市机制逐步完善，公平公正的市场环境进一步形 成。 今年8月，A股市场总市值首次突破100万亿元。近五年，交易所市场股债融资合计达到57.5万亿元，直 接融资比重稳中有升，较"十三五"末提升2.8个百分点，达到31.6%。目前，A股科技板块市值占比超过 1/4，已明显高于银行、非银金融、 ...

Core Viewpoint - The press conference highlighted the achievements of China's capital market during the "14th Five-Year Plan" period, emphasizing the expansion of its "circle of friends" and the significant progress made in various aspects of market development [1][6]. Group 1: Achievements in Capital Market - The total market value of China's capital market has surpassed 100 trillion yuan, with a more complete market system and a reasonable multi-tiered equity market structure [2][4]. - Over the past five years, the total financing amount from stock and bond markets reached 57.5 trillion yuan, with the proportion of direct financing increasing to 31.6% [2][5]. - The number of foreign-controlled securities, fund, and futures companies has increased, with 13 new approvals during the "14th Five-Year Plan" [8][9]. - The regulatory framework has been significantly improved, with the implementation of new laws and regulations, enhancing the legal foundation of the capital market [4][5]. Group 2: Market Function and Innovation - The capital market has seen accelerated innovation in products, including bonds, REITs, and futures options, with a total of 157 futures and options products available [5]. - The market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five years [5]. Group 3: Regulatory Measures and Investor Protection - The China Securities Regulatory Commission (CSRC) has imposed administrative penalties for financial fraud and insider trading, with a total penalty amounting to 41.4 billion yuan, marking a 58% increase in the number of cases compared to the previous five years [5][16]. - The CSRC has strengthened investor protection, with compensation amounts exceeding 3.8 billion yuan for investor protection cases [2][16]. Group 4: Future Roadmap - The future roadmap includes enhancing the adaptability of the multi-tiered market system, better utilizing long-term funds, improving the quality of listed companies, and refining regulatory precision and effectiveness [18][19][20].

Group 1 - The core viewpoint of the news is the introduction of a comprehensive set of policies by the People's Bank of China, the Financial Regulatory Administration, and the Securities Regulatory Commission to stabilize growth, markets, and expectations, signaling strong financial support for high-quality economic development [1] - The A-share market has shown increased activity, with daily trading volumes exceeding 3 trillion yuan and margin financing balances surpassing 2.4 trillion yuan, indicating a solid foundation for market stability and a vibrant ecosystem [1][2] - The implementation of a "1+N" policy system has led to breakthroughs in funding supply, market structure, and ecological construction, enhancing the market's attractiveness and inclusivity [1][4] Group 2 - Key indicators show that the A-share market's vitality is being continuously released, with a significant increase in trading activity and investor participation [2] - The margin financing balance has risen to 24,024.65 billion yuan, reflecting a growing optimism among investors [2] - The number of new A-share accounts opened in August reached 2.6503 million, a 34.97% month-on-month increase and a 165% year-on-year increase, indicating heightened investor interest [2] Group 3 - The continuous rise in financing balances and private fund sizes, along with active individual investor account openings, suggests a robust inflow of new capital into the market [3] - The collaborative effect of various policies has provided solid support for market stabilization and confidence restoration [4] Group 4 - The foundation of market stability has been reinforced by the implementation of significant financial policies since September 24 of the previous year, enhancing macro policy coordination [4] - Multiple policy initiatives have been introduced to improve market resilience and depth, including reforms in the Sci-Tech Innovation Board and new regulations for major asset restructuring [4][5] Group 5 - The push for long-term capital to enter the market is crucial for enhancing market vitality and stability, with new guidelines aimed at addressing issues related to insufficient long-term capital [5] - Legal measures to combat fraudulent activities and improve market order are being implemented to foster a high-quality market environment [5] Group 6 - Future policies are expected to focus on deepening capital market reforms and enhancing the investment value of listed companies, which will further strengthen market stability and attractiveness [6] - Recommendations include improving the regulatory framework for long-term capital investments and enhancing the quality of listed companies [7][8]

广东证监局有关负责人还表示，站在谋划"十五五"发展的关键起点，辖区上市公司应更加主动融入国家 发展大局，切实扛起主体责任，持续夯实发展基础、优化治理结构、增强核心竞争力，全面提升公司质 量、投资价值与市场形象，以持续稳健的经营业绩和切实可观的分红回报，真正赢得投资者的信任与长 期支持。 广东作为改革开放的前沿阵地，资本市场一直保持蓬勃生机与创新活力。截至目前，广东辖区（不含深 圳）上市公司总数达到459家，总市值超过6.59万亿元。2025年上半年，辖区上市公司进一步坚定发展 信心，整体经营业绩稳健增长，关键指标优于全国平均水平，交出了一份亮眼的"成绩单"。辖区459家 A股上市公司合计实现营业收入1.85万亿元，实现归母净利润1150.74亿元，同比分别增长6.97%和 9.19%。 在业绩稳健增长的同时，广东上市公司积极响应一年多次分红号召，增加分红频次，稳定分红预期。截 至8月底，广东辖区74家上市公司开展中期分红超160亿元，其中美的集团、海天味业等4家上市公司中 期分红金额超10亿元，22家上市公司股利支付率超50%。2024年度，广东辖区共有329家公司实施分红 或回购，累计金额达1218.6亿元 ...

Core Viewpoint - Guangdong Securities Regulatory Bureau is actively engaging with listed companies to address their operational challenges and support high-quality development through regular visits and coordinated efforts with relevant departments [1][2][3]. Group 1: Engagement and Support Initiatives - Since the beginning of 2024, Guangdong Securities Regulatory Bureau has visited 395 listed companies, covering 86% of the total in the region, collecting over 300 issues and suggestions from these companies [2]. - The bureau has established a dedicated task force to ensure effective execution of the visitations, creating a multi-party collaboration mechanism with local government departments and stock exchanges [2]. - Specific focus has been placed on key companies such as Midea Group and Haitian Flavoring & Food, addressing their needs in overseas financing, foreign exchange management, and capacity building [2][3]. Group 2: Performance Improvement - The operational performance of listed companies in Guangdong has shown steady improvement, with 459 A-share companies reporting a total revenue of 1.85 trillion yuan and a net profit of 115.07 billion yuan in the first half of 2025, reflecting year-on-year growth of 6.97% and 9.19% respectively [4]. - The region has seen the addition of three companies with a market capitalization exceeding 100 billion yuan in the first half of 2025, with the total market value of listed companies reaching 6.54 trillion yuan by the end of August 2025 [4]. Group 3: Investor Returns and Market Confidence - The Guangdong Securities Regulatory Bureau has promoted mid-term dividends among 74 listed companies, amounting to over 16 billion yuan, enhancing investor returns and market confidence [5]. - The bureau has facilitated the establishment of the Guangdong Capital Market M&A Alliance to support companies in leveraging policy opportunities for mergers and acquisitions, with 17 major asset restructuring transactions completed in 2025, totaling over 40 billion yuan [6].

Core Viewpoint - The regulatory authorities are intensifying their crackdown on non-operational fund occupation by major shareholders and related parties of listed companies, emphasizing strict enforcement and accountability to protect the interests of minority shareholders and ensure high-quality development of the capital market [1][4][5]. Group 1: Regulatory Actions - On August 26, *ST Lingda was issued an administrative penalty notice for suspected fund occupation and illegal guarantees, with fines totaling 5 million yuan for the chairman and vice-chairman [1][2]. - Xinhua Jin received an administrative regulatory decision on the same day due to non-operational fund occupation amounting to 406 million yuan, with potential stock warnings and delisting risks if funds are not recovered within specified timeframes [1][2]. - Regulatory bodies are committed to a principle of "occupation must be repaid, rectification has a deadline, and delisting is not exempt," enhancing compliance awareness among listed companies through training and case warnings [1][4]. Group 2: Specific Cases and Consequences - *ST Lingda was found to have occupied funds totaling 65.6 million yuan and provided illegal guarantees of 126 million yuan, severely harming the rights of the company and minority shareholders [2][3]. - The responsible executives, Wang Mingsheng and Lin Zhihuang, face individual fines of 2 million yuan each for their roles in the illegal activities and failure to disclose information [3][4]. - The case highlights a lack of compliance awareness among the "key minority" in listed companies, with the intention to deter similar future misconduct through strict penalties [3][4]. Group 3: Broader Regulatory Framework - The regulatory authorities have been actively addressing major shareholder fund occupation and illegal guarantees, achieving positive results through a three-year action plan aimed at improving the quality of listed companies [4][5]. - Since the implementation of new delisting rules, eight companies have resolved fund occupation issues, recovering over 8 billion yuan [4][5]. - The China Securities Regulatory Commission (CSRC) has maintained a "zero tolerance" policy towards fund occupation, with 35 cases addressed in 2024 alone, emphasizing both administrative and criminal accountability [5][6]. Group 4: Future Directions - Regulatory bodies are working on enhancing administrative penalties and pushing for the introduction of new regulations to increase deterrence against fund occupation [6]. - Experts suggest a multi-faceted approach to tackle fund occupation, including the use of civil, administrative, and criminal enforcement tools, and ensuring proper disclosure and governance in significant related transactions [6].

Core Viewpoint - The market is currently in a phase of consolidation around 3600 points, with a generally optimistic sentiment among investors, as indicated by trading volumes. There are no systemic risk signals present, and the dual logic of "Chinese asset value reassessment + improvement in listed company quality" is just entering its mid-stage, suggesting that opportunities outweigh risks significantly [5]. Group 1: Investment Behavior Insights - The tendency to chase hot stocks is a major pitfall for investors, often leading to impulsive decisions that disregard initial investment logic and value considerations [8][10]. - Pyramid-style averaging down during market fluctuations can increase costs and reduce risk tolerance, as investors often hesitate to buy at lower prices and instead invest more when prices are high [12][15]. - Frequent short-term trading without a solid rationale leads to high transaction costs and missed opportunities, ultimately draining investor confidence and energy [17][19]. Group 2: Market Conditions and Opportunities - Current economic conditions, including currency depreciation and mild inflation expectations, present a favorable environment for the "Chinese asset value reassessment + improvement in listed company quality" strategy, especially in light of ongoing deflationary concerns [20]. - The long-term view remains positive, with the dual logic of asset reassessment and quality improvement still on track, emphasizing the importance of maintaining confidence and correcting poor investment habits [21].