专题：四大证券报精华 1月12日（星期一），今日报刊头条主要内容精华如下： 中国证券报 证监会最新发声！事关"十五五"资本市场改革 证监会副主席陈华平1月11日在第三十届中国资本市场论坛上表示，"十五五"是推进中国式现代化，加 快建设金融强国的关键时期。证监会将紧扣"防风险、强监管、促高质量"发展这一工作主线，强本强 基、严监严管，和有关方面一道，持续深化投融资综合改革，不断提高制度包容性、适应性，更好推动 资本市场实现质的有效提升和量的合理增长。 13天11板！百亿牛股嘉美包装复牌 1月11日晚，嘉美包装披露股票交易停牌核查结果暨复牌公告称，经核查，公司主营业务未发生重大变 化，不存在应披露而未披露的重大信息。鉴于相关核查工作已完成，公司股票将于1月12日开市起复 牌。数据显示，2025年12月17日至2026年1月6日，嘉美包装在13个交易日收获11个涨停板。1月6日，嘉 美包装收报15.07元/股，总市值为151.47亿元。 本周有2只新股申购 半导体核心部件龙头来了！ 根据目前的发行安排，本周有2只新股申购，北交所、科创板各有1只。日程安排上，北交所新股爱舍伦 将在周一（1月12日）申购，科创板新股恒 ...

策略点评 2025 年 12 月 5 日 "十五五"资本市场改革战略蓝图 事件： 12 月 5 日，《人民日报》刊发中国证监会主席、党委书记吴清的署名文章，题 为《提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神）》。 主要政策解读： （1）战略锚定与价值重塑。文章对提高资本市场制度包容性与适应性重大意 义进行阐释，在定位上，从市场自身发展上升到国家战略支撑；在功能上， 从融资工具拓展为创新枢纽、财富平台、开放载体；在目标上，从规模扩张 转向质量提升与价值共享。这种价值重塑，不仅为"十五五"资本市场改革 指明了方向，更标志着我国资本市场发展进入了制度赋能、功能升级、生态 优化的新阶段。 （2）三大着力点与四大原则是目标与保障的双向赋能。提高资本市场制度包 容性、适应性的核心内涵在于通过制度改革增强市场对多元主体和新兴业态 的接纳能力，同时动态调整以应对内外部环境变化。三大着力点与四大原则 不仅明确了服务实体、造福人民的终极目标，也规划了系统协同、改革开 放、稳中求进的方法论路径，将推动实现"融资功能强而不滥、投资选择丰 而不乱"的良性生态。 （3）六大核心举措构建系统性改革框架。短期来看，直接融 ...

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has set the direction for the capital market's reform and development over the next five years, emphasizing the importance of deepening reforms, expanding openness, and risk prevention in supporting China's modernization efforts [1][2]. Group 1: Capital Market Development - The capital market has transitioned from scale expansion to quality and efficiency improvement during the "14th Five-Year Plan" period, with significant reforms such as the comprehensive implementation of the registration system and the establishment of a multi-tiered market system [1][2]. - The capital market has become a crucial platform for nurturing "hard technology" enterprises and supporting industrial upgrades, facilitating the rapid development of innovative companies with core technologies [1][2]. Group 2: Strategic Focus for "15th Five-Year Plan" - The capital market is tasked with supporting high-quality economic development and contributing to the construction of a financial powerhouse, with a focus on risk prevention, strong regulation, and promoting high-quality development [2][3]. - There will be an emphasis on supporting technological innovation through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, optimizing listing review standards to evaluate companies based on R&D investment and technological breakthroughs [2][3]. Group 3: Financing and Investment Strategies - A comprehensive financing support system covering the entire lifecycle of enterprises will be established, along with improvements to the merger and acquisition system to support quality enterprises in achieving scale through industrial integration [3]. - The cultivation of long-term, patient, and strategic capital will be prioritized, with measures such as tax incentives to attract long-term funds into the market, thereby reducing market volatility [3]. Group 4: International Integration and Risk Management - The capital market will pursue a policy of institutional openness, enhancing connections with international capital markets and aligning domestic financial regulations with international standards [3][4]. - Risk prevention will be a key focus, with measures to address risks in critical areas such as real estate and local government debt, alongside strict enforcement against financial fraud and market manipulation [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is actively engaging with market participants to gather insights for the "14th Five-Year Plan" capital market reform, indicating a commitment to scientific decision-making and respect for market opinions [1][2]. Group 1: Market Engagement and Feedback - The CSRC, under Chairman Wu Qing, has been holding regular meetings to discuss capital market reforms, emphasizing the importance of listening to market concerns and suggestions [2][3]. - Recent meetings have included participants from various sectors, including listed companies, industry institutions, and academic experts, reflecting a comprehensive approach to gathering diverse opinions [2][3]. - Market participants have noted significant improvements in the capital market's foundational systems and regulatory logic since the implementation of the new "National Nine Articles" and the "1+N" policy framework [2][3]. Group 2: Recommendations for Capital Market Reform - Participants at the meetings suggested stronger support for listed companies, the development of high-quality investment banks, and the cultivation of long-term capital to enhance market stability [3][4]. - There is a consensus on the need for a more robust multi-tiered capital market system and improved cross-border investment facilitation [3][4]. - The importance of maintaining a problem-oriented approach in reform discussions was highlighted, with a focus on addressing high-impact market issues [3][4]. Group 3: Enhancing Market Quality and Attractiveness - The "14th Five-Year Plan" period is seen as crucial for achieving high-quality development in the capital market, requiring collaborative efforts from all market participants [4][5]. - The CSRC aims to enhance market attractiveness and inclusivity through institutional innovation and market openness, with a focus on the Sci-Tech Innovation Board and the Growth Enterprise Market [6][7]. - Recommendations include optimizing financing structures, lowering barriers for technology companies to go public, and increasing investment in innovative enterprises [7].