证券研究报告|行业研究周报 [Table_Date] 2025 年 10 月 19 日 [Table_Title] 非银三季报预喜 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 10.12 -2025 .10.18）A 股日均交易额 19,515 亿元，环比减少 25.0%，同比增加 10.2%。2025 年第四季度至 今日均成交额 23,1 00 亿元,较 2024 年第四季度日均交易额增 加 2 5 . 3%。20 25 年至今日均成交额 16, 723 亿元,较 202 4 年日 均交易额增加 92.6 %。投行：本周发行新股 6 家，募集资金 117.1 亿元；本周上市新股 2 家，募集资金 9. 7 亿元。202 5 年至今，A 股 IPO 上市 81 家，募集金额 7 84.6 亿元。2 024 年，A 股 IPO 上市 100 家，募集金额 673.5 亿元。两融：截至 2025 年 10 月 16 日，两市两融余额 24 ,571. 84 亿元，环比增 加 0 . 4 8%，较 2024 年日均水平增加 5 6.80%。两市融券余额 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of mandatory disclosure for companies listed on major indices and those dual-listed domestically and internationally, impacting over 400 companies, which represent more than half of the total market capitalization [1] Group 1: Mandatory Disclosure Requirements - The CSRC has mandated that approximately 400 companies must disclose sustainability reports starting from 2026, with 95% of these companies already having voluntarily disclosed such reports [1] - The focus is on enhancing guidance for companies that have not yet disclosed, with the CSRC planning to work with exchanges to assist in their initial assessments [1] Group 2: Voluntary Disclosure and Encouragement for SMEs - Over a thousand companies have voluntarily disclosed sustainability reports, indicating a broad interest in transparency among firms [1] - The CSRC encourages small and medium-sized enterprises (SMEs) to disclose information at their own capacity without imposing mandatory requirements, aiming for a balanced approach to disclosure expansion [1]