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！ 吴晓求 中国人民大学国家金融研究院院长、国家一级教授 本文转载自12月11日南方周末网站。 高质量满足实体经济的需求是金融创新的动力 还有一股力量来自于技术进步。如果说市场脱媒是金融第一次蜕变，那么技术进步将使金融完成第二次 蜕变。技术进步最重要的是延长、拓展和拉长了金融功能。如，新支付技术打破了物理和时间空间的约 束，极大拓展了传统金融支付的功能。 一是脱传统金融融资的媒，二是脱传统金融支付的媒。这两个叠合在一起就叫"新金融"。没有这两种力 量就没有"新金融"，但对传统金融机构比如商业银行而言，如何能够跟上技术进步的步伐，调整它的业 务结构、利润结构、风险结构，正在发生很大变化。这一切都来自于市场的作用和技术进步的作用。 二、雷从何处生？ 资本市场在未来的"十五五"时期将是中国金融业改革的重点。中国资本市场的改革发展开放，短期目标 是在"十五五"结束时，让中国资本市场没有"雷"。 我们现在有很多雷，上市公司老埋雷，老做假账，短则两三年，长则六七年，终于有一天搂不住了。假 账做一年容易， ...

来源：深圳卫视大湾区会客厅 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！ 来源：深圳卫视大湾区会客厅 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 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！ 责任编辑：宋雅芳 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 ...

根据第2755/QD-TTg号决定，成立越南国际金融中心执行委员会。常务副总理阮和平任主席，副主 席包括财政部长阮文胜、国家银行行长阮氏红、胡志明市人民委员会主席阮文德、岘港市人民委员会主 席范德安。执行委员会被授权使用带国徽印章，负责制定国际金融中心战略、路线图与发展计划，审定 运作规章，审议重要人事事项，并协调两地执行机构的未尽事宜。 （原标题：越南正式成立国际金融中心） 越南《越南经济时报》12月22日报道， 21日上午，越南政府办公厅举行会议，正式宣布成立越南 国际金融中心。 总理范明政在讲话中指出，国际金融中心将在胡志明市与岘港协同共建，共同推动越南在全球金融 格局中确立地位。他要求两座"关键枢纽"城市加快推进基础设施、人力资源、技术平台与金融生态系统 的建设与协调，尽快完成运营条例报批，确保实施过程统一、同步，营造具有国际竞争力的金融环境。 ...

哈喽大家好，今天小无带大家聊聊金融改革里的关键硬仗。 资本市场的"雷"要怎么清干净？咱们的资产配置又要跟着怎么调整？这背后藏着关乎每个人财富的大变 化，咱们慢慢说透。 现在这金融市场里藏着不少"雷"，最闹心的就是有些上市公司搞财务造假，短则两三年，长则六七年， 兜不住了才暴露。 说实话，这造假根本长不了。你想啊，一个假数据得用六七个数据圆，到第二年就得堆二三十个假数 据，这哪儿撑得住？可为啥还有人敢干？ 我觉得就俩原因：一是罚得太轻，现在对欺诈上市、财务造假这些事，大多是"判三年缓三年"，违法收 益比成本高太多，根本吓不住人； 二是有些中介机构没尽到责，会计师、审计师本该是"守门人"，结果被利益勾着，要么一起造假，要么 装看不见。要是公司连续三四年财务有问题，审计师还说"不知道"，这话说出来谁信啊？ 资本市场的"扫雷大战"得打赢 另外，不能光靠行政处罚，得改成刑事处罚加民事赔偿为主，尤其是要建中小投资者的集团诉讼机制， 让被骗的老百姓能拿到赔偿。 老百姓有钱了，金融得跟上趟 其实金融改革这么折腾，核心是老百姓的需求变了。数据显示，2025年末咱们人均GDP能到1.4万美 元，手里有钱的人越来越多，大家都想要更 ...

吴晓求 ◎记者 汤立斌 锚定三重目标 深化资本市场改革 "'十五五'时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期，具有承前启后的重要 地位。"吴晓求表示，这一时期，在推动经济结构转型和产业升级迭代的过程中，要发挥金融特别是资 本市场的重要枢纽作用。 在他看来，资本市场未来改革要实现三方面的目标，分别是基础目标、核心目标和愿景目标。 一是基础目标，即排除资本市场中的"雷区"。吴晓求表示，资本市场改革的首要任务是让市场"没有 雷"，即杜绝欺诈与造假行为。须对证券违法犯罪保持"零容忍"态度，通过严厉的刑事处罚，让违法 者"不敢想，不敢做"。同时，应建立有效的刑事处罚与民事赔偿机制，进一步净化资本市场生态。 二是核心目标，即加快资本市场成为中国经济增长和产业升级迭代的推动者，同时成为我国重要的社会 财富管理平台。资本市场应逐步成为居民财富配置的主要渠道。 当前，居民资产中房地产占比仍然较高，下一步要着重调整居民存量资产的结构，推动资本市场真正成 为承载居民财富、分享经济增长成果的核心平台。 三是愿景目标，即通过改革，将资本市场建设成为新的国际金融中心。资本市场高质量发展是实现金融 强国目标的重要载体。 ...

立法跟进：以制度保障为"自贸离岸债"正本清源 新华财经上海12月4日电 （张天源）近日，上海市人大常委办公厅正式就《上海市浦东新区自贸离岸债 业务发展若干规定（草案）》向社会公开征求意见。此前不久，上海金融法院就一起"虚拟"自贸离岸债 违约案开展了压力测试，这场没有真实原告与被告的庭审，正与立法机关形成一场静默而精准的制度合 奏，标志着上海自贸离岸债市场法治化、制度化步入新阶段，推动上海离岸金融迈向更高能级。 司法先行：以"沙盒测试"厘清跨境规则边界 11月末，上海金融法院时隔两年再开"司法沙盒"。这并非一起真实诉讼，而是依据《金融市场案例测试 机制规定》开展的第二例"司法沙盒"测试。案由聚焦于一单以区块链簿记发行、适用香港法律、由境外 主体发行的自贸离岸债在发生潜在违约后的处置路径。 自贸离岸债券市场的发展离不开成熟高效的法治环境。作为新兴的领域，如何加强争议解决体系与国际 通行规则的适配衔接，测试案例对现行自贸离岸债规则进行了系统性的法律风险压力测试。 上海市法学会金融法研究会副会长唐波指出，本次测试案例具有三重重要意义：一是司法主动延伸审判 职能，为离岸金融创新提供压力测试与制度型设计；二是通过虚拟纠纷 ...

Group 1: Economic and Financial Strategy - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining systematic planning and strategic deployment for economic and social development during the 15th Five-Year period [1] - The article emphasizes the integration of technological and industrial innovation, enhancing the inclusiveness and adaptability of capital market systems, and expanding high-level opening-up [1][2] Group 2: Financial System Improvement - The article by Wang Jiang highlights seven key tasks for building a strong financial nation, including improving the central bank system and promoting healthy capital market development [2][3] - It stresses the need for financial institutions to focus on their main businesses and enhance governance, while also supporting state-owned financial institutions in serving the real economy [3][4] Group 3: Monetary Policy and Macro-Prudential Management - The People's Bank of China aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management framework to support high-quality financial development [6][7] - The article outlines the importance of adjusting monetary policy to match economic growth and price stability, emphasizing the need for a balanced approach to short-term and long-term economic goals [7][8] Group 4: International Financial Center Development - The article discusses the continuous development of various financial markets in Shanghai to enhance its global competitiveness and influence [4][5] - It calls for strengthening the cross-border payment and clearing system for the Renminbi and expanding institutional openness in the financial sector [4] Group 5: Trade and Investment Expansion - The article by Wang Wentao emphasizes the significance of expanding high-level opening-up, including promoting trade innovation and enhancing the quality of foreign trade [10][11] - It outlines tasks such as increasing market access in service sectors and optimizing the free trade zone strategy to boost innovation and development [11][12] Group 6: Real Estate Market Development - The article by Ni Hong focuses on promoting sustainable and healthy development in the real estate market through reforms in development, financing, and sales systems [14][15] - It highlights the need for a multi-level housing security system and emphasizes the importance of local governments in adjusting real estate policies based on specific city conditions [15][16]

Core Insights - Hong Kong's financial market has shown significant growth in both quality and quantity in 2023, with average daily trading volume reaching HKD 256.4 billion, a year-on-year increase of 126% [1] - The total fundraising amount in the IPO market reached HKD 182.9 billion, marking a substantial increase of 229% [1] - Hong Kong continues to rank third globally and first in the Asia-Pacific region in the Global Financial Centres Index, reflecting growing international confidence in the market [1] Group 1 - The approval of the first company relocation application signals a positive trend for businesses optimizing their structures and enhancing operational efficiency in Hong Kong [1] - The Hong Kong government aims to attract more mainland enterprises to use Hong Kong as an "outbound" platform, creating business opportunities and economic benefits [1][2] - The establishment of dedicated personnel in the company registry to streamline the registration process for state-owned enterprises is expected to enhance cross-border settlement and financing services [2] Group 2 - The Hong Kong Stock Exchange has issued consultation documents to optimize the listing rules for structured products, aiming to enhance market competitiveness and efficiency [2] - Hong Kong's bond issuance hub accounts for nearly 30% of the Asian market, with the Securities and Futures Commission and the Monetary Authority releasing a roadmap to attract issuers [2] - The People's Bank of China has announced measures to support foreign institutional investors in the mainland bond market, enhancing market connectivity and liquidity [3] Group 3 - The demand for gold as a safe-haven asset has surged, with global demand projected to rise by 45% year-on-year by Q2 2025, reaching USD 132 billion [3] - The Hong Kong government is working to establish an international gold trading market and improve storage facilities, reinforcing its position as a financial and trading hub [3] - Upcoming international financial events in Hong Kong aim to enhance the city's global influence and promote investment opportunities [3][4] Group 4 - The Financial Secretary's office will continue to implement measures from the Policy Address to maintain Hong Kong's leadership as an international financial center [4] - The focus will be on policy innovation and resource investment to explore emerging financial sectors and drive economic growth [4]

Core Viewpoint - Hong Kong must seize the opportunity to establish itself as an offshore RMB hub, as emphasized by Liu Yagan, Chairman and Executive Director of Industrial and Commercial Bank of China (Asia) [1][3]. Group 1: Financial Development and Opportunities - The 2025 National Financial Development Forum highlighted that China's increasing global capital, both financial and industrial, is leading to rapid growth in foreign investments [3][5]. - Hong Kong's position as a financial hub is expected to strengthen as it facilitates capital flow into mainland China and globally [3][5]. Group 2: Offshore RMB Hub Development - Liu Yagan suggested that Hong Kong should further enhance its offshore RMB hub construction, noting that while its stock market financing is the largest globally, its bond market still lags behind New York and London [5]. - The key to growth in these areas is to capitalize on the demand for offshore RMB [5]. Group 3: Integration with Mainland Economy - The development of finance in Hong Kong is closely tied to the support from mainland China's robust real economy, which serves as a strong backing [5]. - To leverage this advantage, Hong Kong's financial sector needs to integrate more with national development strategies and improve its appeal and service capabilities to regional large enterprises [5].

Group 1 - The Hong Kong Financial Development Council (HKFDC) launched a global promotional campaign to showcase Hong Kong's leadership as an international financial center amid increasing global economic uncertainty [1][2] - The campaign emphasizes Hong Kong's core advantages, including a free and open economic system, deep and liquid capital markets, a trustworthy legal framework, seamless connections with global capital and institutions, and a vibrant lifestyle that attracts top global talent [1] - The promotional video creatively personifies "capital" as a dynamic character, illustrating its pursuit of growth and portraying Hong Kong as an ideal location for capital to maximize its potential [1] Group 2 - The HKFDC highlighted that this promotion comes at a critical time for Hong Kong, reaffirming its status as a global financial center, with the city leading the global initial public offering market in the first half of 2025, raising $13.7 billion [1] - Hong Kong maintains its position as the world's largest offshore RMB center and is projected to surpass Switzerland by the end of 2025, becoming the largest cross-border wealth management center, managing cross-border assets of $29 trillion [1] - The chairman of HKFDC, Mr. Hung, stated that Hong Kong possesses unparalleled capital leadership capabilities compared to other financial centers and emphasized the need for a more confident and creative global presentation of its unique advantages [2]