发挥引领性，书写绿色金融兴证注脚。兴业证券坚持深耕绿色金融领域，持续打造并完善绿色研究、绿 色融资、绿色投资和环境权益交易"四位一体"的绿色证券金融服务体系，已累计实现绿色金融投融资服 务项目规模超5000亿元，深入推进绿色金融创新与高端合作，在积极服务经济发展绿色转型方面卓有成 效。 探索科技性，顺应投身数字时代浪潮。从数字福建到数字中国，兴业证券在先进理念指引下，遵道而 行，持续探寻点数成金的数字金融道路。坚持加强数智化建设规划布局，持续重视和加强金融科技投 入，以客户为中心、以平台为载体、以数智为引擎，全面推动实现数智化建设集团全覆盖；强化数智化 对客服务能力，深入打造聚焦财富客户的"知己理财"与聚焦机构客户的"兴证智达"两大数字服务品牌， 围绕"以客户为中心"和"一个兴业"理念，持续构建升级集约化、平台化的客户精准服务体系和综合服务 门户；以数智化手段提升经营管理质效，赋能金融风险防控和内部管理等方面，提升集团一体化运营管 理能力。 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！ 金融是现代经济的核心、国民经济的血脉。兴业证券坚持以习近平同志在闽金融论述与实践启示为重要 指导 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support economic recovery and stability in the financial market, guided by Xi Jinping's leadership and the principles of socialism with Chinese characteristics [5][8]. Summary by Sections Economic Performance - In the first three quarters of the year, China's GDP grew by 5.2% year-on-year, demonstrating resilience and vitality amid pressures [5][6]. Monetary Policy Implementation - The PBOC has maintained reasonable growth in money and credit by utilizing various tools such as open market operations and medium-term lending facilities to ensure ample liquidity [6][7]. - The bank aims to reduce the overall financing costs in society by enhancing the market-oriented interest rate adjustment framework, leading to a decline in both corporate and personal loan rates [6][7]. Credit Structure Optimization - The PBOC is focusing on optimizing the credit structure by utilizing specific loan quotas for consumption, elderly care, and technological innovation, thereby supporting key areas of domestic demand [6][7]. Exchange Rate Stability - The PBOC is committed to maintaining a stable exchange rate, allowing the market to play a decisive role in its formation while ensuring the RMB remains stable against the USD [6][7]. Risk Management - The PBOC is actively working to mitigate financial risks in key areas and is enhancing its risk monitoring and assessment systems [6][8]. Future Outlook - Despite external uncertainties and challenges, the PBOC remains confident in the long-term positive trends of the Chinese economy and plans to deepen financial reforms and promote high-level opening-up [8][9].

Core Insights - The People's Bank of China (PBOC) released the monetary policy implementation report for Q3 2025, highlighting the challenges posed by external uncertainties and the need for stronger domestic economic recovery [1] Group 1: Economic Environment - The global economic landscape is facing significant challenges, with insufficient growth momentum and a divided performance among major economies [1] - China's economy continues to encounter risks and challenges, necessitating efforts to solidify the foundation for domestic economic recovery [1] Group 2: Policy Direction - The PBOC emphasizes the importance of maintaining strategic determination and confidence in achieving breakthroughs in tasks related to Chinese-style modernization [1] - Future monetary policy will be guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, focusing on the implementation of the 20th National Congress and other key meetings [1] Group 3: Financial Strategy - The PBOC aims to deepen financial reform and promote high-level opening-up, striving to build a strong financial nation and improve the central bank's system [1] - A comprehensive monetary policy framework and macro-prudential management system will be established to enhance the transmission mechanism of monetary policy [1] Group 4: Balancing Objectives - The PBOC will balance short-term and long-term goals, growth support and risk prevention, as well as internal and external equilibrium [1] - Emphasis will be placed on consistent macro policy orientation and effective governance to sustain growth, employment, and expectations [1]

Core Viewpoint - The article emphasizes the strategic importance of accelerating the construction of a financial power during the "14th Five-Year Plan" period, as outlined by the 20th Central Committee of the Communist Party of China, highlighting its role in supporting China's modernization and high-quality development [2][3][4]. Group 1: Significance of Building a Financial Power - Accelerating the construction of a financial power is a necessary requirement for building a modern socialist country, as a strong financial system is essential for supporting modernization efforts [2]. - It is also a requirement for promoting high-quality development, necessitating increased financial support for key strategic areas and weak links, such as technology and rural revitalization [3]. - The construction of a financial power is essential for balancing development and security, especially in the face of complex financial risks during the "14th Five-Year Plan" period [3]. Group 2: Theoretical and Practical Requirements - Building a financial power requires a systematic, innovative, and practical approach, adhering to the principles outlined by Xi Jinping regarding financial work [4]. - Six key financial elements are essential: a strong currency, a powerful central bank, robust financial institutions, an international financial center, effective financial regulation, and a talented workforce [4]. - The development path must be uniquely Chinese, focusing on financial theory, practice, and institutional innovation [4]. Group 3: Main Tasks and Important Measures - Continuous improvement of the central bank system is necessary, including a sound monetary policy framework and macro-prudential management [6]. - Support for high-level technological independence and green transformation is crucial, alongside the establishment of a comprehensive inclusive financial system [6][7]. - Promoting the healthy and stable development of capital markets is vital, ensuring they meet the needs of new industries and technologies [7]. Group 4: Strengthening Financial Regulation and Legal Framework - Enhancing financial regulatory capabilities is essential, with a focus on comprehensive oversight and early risk correction mechanisms [8]. - Strengthening financial law construction and enforcement is necessary to ensure compliance and deter illegal financial activities [8]. Group 5: Party Leadership in Financial Work - The article underscores the importance of the Party's leadership in financial development, ensuring alignment with the central government's directives [9][10]. - Building a high-quality, professional financial workforce is critical, emphasizing political loyalty and adherence to discipline [10].

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial power as a fundamental requirement for building a modern socialist country, highlighting the need for a strong financial system to support China's modernization efforts [4][5]. Group 1: Significance of Accelerating Financial Power Construction - The 20th Central Committee's Fourth Plenary Session has made strategic deployments for accelerating the construction of a financial power during the "14th Five-Year Plan" period, which is seen as a significant blueprint for the development of China's financial sector [4][6]. - The construction of a financial power is essential for achieving high-quality development and addressing major strategic tasks, such as supporting technological independence and promoting common prosperity [5][6]. Group 2: Principles and Theoretical Framework - The article outlines the necessity of adhering to the "six persistences" principle during the construction of a financial power, which reflects the party's deepening understanding of economic and social development [8]. - The leadership of the Communist Party is identified as the most essential characteristic of China's financial development path, ensuring that financial work progresses in the right direction [8][9]. Group 3: Key Tasks and Measures for Financial Power Construction - The article lists several key tasks for the "14th Five-Year Plan" period, including improving the central bank system, enhancing financial support for technological innovation, and promoting the healthy development of capital markets [10][11]. - Specific measures include optimizing the financial institution and infrastructure system, constructing an international financial center, and strengthening financial regulatory capabilities [11][12].

Core Insights - The construction of a financial power is essential for the overall modernization of socialism in China, as it provides critical support for a robust financial system [3][4] - The 20th Central Committee has made strategic deployments for the 15th Five-Year Plan period, emphasizing the importance of building a financial power [2][3] Group 1: Significance of Building a Financial Power - The construction of a financial power is a necessary requirement for achieving a modern socialist strong country, as a strong financial system is crucial for modernization [3] - It is also a requirement for promoting high-quality development, necessitating increased financial support for key strategic areas and weak links [3] - The financial sector faces complex risks and challenges during the 15th Five-Year Plan, requiring enhanced financial strength and risk resistance capabilities [3] Group 2: Principles and Requirements - The construction of a financial power must adhere to the principles outlined in the 20th Central Committee, emphasizing the importance of the Party's leadership in financial development [4][5] - Building a financial power is an innovative and systematic endeavor that requires a deep understanding of its characteristics and essential tasks [4] Group 3: Key Financial Elements - The construction of a financial power relies on six key financial elements: strong currency, a powerful central bank, robust financial institutions, an international financial center, effective financial regulation, and a skilled financial workforce [5] - The development path must be characterized by Chinese features, focusing on continuous innovation in financial practices and theories [5] Group 4: Major Tasks and Initiatives - The financial system must enhance the central bank's framework, ensuring a stable monetary policy and promoting the internationalization of the Renminbi [7][8] - Support for high-level technological independence and green transformation must be prioritized, along with the establishment of a comprehensive inclusive financial system [7] - The capital market's health and stability must be promoted, focusing on accommodating new industries and technologies [8] Group 5: Financial Infrastructure and Regulation - Financial institutions should optimize their operations and governance to better serve the real economy [8] - The construction of an international financial center, particularly in Shanghai and Hong Kong, is essential for enhancing global financial influence [8] - Strengthening financial regulation is crucial, with a focus on comprehensive oversight and early risk detection mechanisms [9]

Core Insights - The construction of a financial power is a strategic deployment made by the 20th Central Committee of the Communist Party of China, emphasizing its significance for the modernization of socialism in China [2][3] - The financial power construction is essential for achieving high-quality development and addressing risks in the financial sector during the 14th Five-Year Plan period [3][4] Group 1: Significance of Building a Financial Power - The construction of a financial power is a necessary requirement for building a modern socialist country, as a strong financial system is crucial for supporting modernization efforts [2] - The financial power construction is not isolated; it must serve a high-level socialist market economy to achieve the overarching goal of modernization [2][3] Group 2: Key Tasks and Measures for Financial Power Construction - Financial systems must enhance support for major strategies, key areas, and weak links, such as developing a technology finance system to support innovation [3][6] - The construction of a financial power requires strengthening six key financial elements: a strong currency, a powerful central bank, robust financial institutions, an international financial center, effective financial regulation, and a talented workforce [4][5] - The financial system should focus on risk prevention, strong regulation, and promoting high-quality development [6][7] Group 3: Principles and Theoretical Framework - The construction of a financial power must adhere to the principles outlined in the 20th Central Committee's deployment, which reflects a deepened understanding of economic and social development [4][5] - The path to building a financial power is characterized by systematic, innovative, and practical approaches, emphasizing the importance of a unique Chinese financial development model [5][6] Group 4: Specific Initiatives - Continuous improvement of the central bank system is necessary, including establishing a sound monetary policy framework and maintaining the stability of the RMB exchange rate [6][7] - The financial system should support green transformation and the construction of a comprehensive pension finance system to address demographic changes [7][8] - Enhancing the international financial center in Shanghai and supporting Hong Kong's position as an international financial hub are critical for global financial integration [7][8]

Core Viewpoint - The construction of a financial powerhouse is essential for supporting China's modernization and achieving high-quality development, as outlined in the strategic deployment of the 14th Five-Year Plan [3][4][5]. Group 1: Significance of Building a Financial Powerhouse - The strategic deployment for the 15th Five-Year Plan emphasizes the necessity of a strong financial system as a foundation for modernizing the socialist economy [3]. - Building a financial powerhouse is a requirement for achieving a modern socialist strong country, as a robust financial system is crucial for supporting modernization efforts [3]. - The construction of a financial powerhouse is also linked to addressing risks and challenges in the financial sector, enhancing overall financial strength and international competitiveness [5]. Group 2: Principles and Requirements - The construction of a financial powerhouse must adhere to the principles established in the 20th National Congress, emphasizing the importance of the Party's leadership in financial development [7]. - The development path for a financial powerhouse is characterized by systematic, innovative, and practical approaches, requiring a deep understanding of its key features and essential tasks [7][8]. Group 3: Key Tasks and Initiatives - Continuous improvement of the central bank system is necessary, including establishing a sound monetary policy framework and maintaining the stability of the RMB exchange rate [11][12]. - Support for high-level technological self-reliance and green transformation is crucial, alongside the development of a comprehensive inclusive finance system [11]. - Enhancing the health and stability of capital markets is vital, focusing on accommodating new industries and technologies while ensuring regulatory oversight [11][12]. - Strengthening financial institutions and infrastructure is essential for effective service to the real economy [12]. - The construction of international financial centers, particularly in Shanghai and Hong Kong, is a priority to enhance their global influence [12]. - Improving financial regulatory capabilities is critical, ensuring comprehensive oversight and early risk detection mechanisms [13].

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial powerhouse as a crucial support for China's modernization, highlighting the strategic deployment made by the 20th Central Committee of the Communist Party of China [1][3]. Group 1: Significance of Building a Financial Powerhouse - Accelerating the construction of a financial powerhouse is essential for achieving a modern socialist strong country, as a robust financial system is a key support for modernization [3][4]. - The construction of a financial powerhouse is also a necessary requirement for promoting high-quality development, necessitating increased financial support for major strategies and key areas [4]. - It is vital to balance development and security in the financial sector, enhancing overall financial strength, international competitiveness, and risk resistance [4]. Group 2: Theoretical and Practical Requirements - The construction of a financial powerhouse must adhere to the principles outlined in the 20th Central Committee's decisions, emphasizing the importance of the Party's leadership in financial development [5][6]. - Building a financial powerhouse is characterized by its systemic, innovative, and practical nature, requiring a deep understanding of its main features and essential tasks [6][7]. Group 3: Key Tasks and Measures - Continuous improvement of the central bank system is necessary, including establishing a sound monetary policy framework and maintaining the stability of the RMB exchange rate [10][11]. - Support for high-level technological self-reliance and green transformation is crucial, alongside the development of a multi-layered and sustainable inclusive financial system [10][11]. - Enhancing the health and stability of capital markets is essential, focusing on accommodating new industries and technologies while ensuring effective regulation [10][11]. - Strengthening financial institutions and infrastructure is important for effective service to the real economy [11]. - The construction of international financial centers, particularly in Shanghai and Hong Kong, is a priority to enhance their global influence [11]. - Improving financial regulatory capabilities is critical, ensuring comprehensive oversight of all financial activities and enhancing early risk detection mechanisms [11][12].

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial powerhouse as a crucial support for China's modernization efforts, as outlined in the 20th Central Committee's Fourth Plenary Session [2][4]. Group 1: Significance of Building a Financial Powerhouse - Accelerating the construction of a financial powerhouse is essential for achieving a modern socialist country, as a strong financial system is a key support for modernization [4][5]. - The construction of a financial powerhouse is not isolated; it must be rooted in and serve a high-level socialist market economy to achieve the grand goal of modernization [4][5]. Group 2: Key Tasks and Measures - The financial system must enhance support for major strategies, key areas, and weak links, such as establishing a financial system for technological self-reliance and promoting common prosperity [5][11]. - The construction of a financial powerhouse requires strengthening six key financial elements: a strong currency, a powerful central bank, robust financial institutions, an international financial center, effective financial regulation, and a talented financial workforce [8][12]. - The financial system should focus on improving the central bank's framework, enhancing the quality of financial supply for green transformation, and promoting the healthy development of capital markets [11][12]. Group 3: Principles and Theoretical Framework - The construction of a financial powerhouse must adhere to the principles outlined in the 20th Central Committee's Fourth Plenary Session, emphasizing the importance of the Party's leadership in financial development [7][8]. - The development path of a financial powerhouse is characterized by systematic, innovative, and practical approaches, requiring continuous exploration and improvement [8][9]. Group 4: Regulatory and Legal Framework - There is a need to enhance financial regulation capabilities, ensuring comprehensive oversight of all financial activities and strengthening early warning mechanisms for financial risks [12][13]. - The establishment of a robust legal framework for finance is crucial, with a focus on completing financial legislation and increasing enforcement against illegal financial activities [13].