在10月27日举行的2025金融街论坛年会开幕式上，中国证券监督管理委员会主席吴清发表题为《发挥投 融资综合改革牵引作用推动"十五五"资本市场高质量发展》的演讲，介绍了系列改革举措，为资本市场 下一阶段发展绘制了清晰路线图。 6月18日，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，即科创 板"1+6"政策。华夏基金数量投资部行政负责人徐猛认为，科创成长层的设置进一步优化了上市标准， 畅通了优质科技型企业的融资渠道，科创板市场层次更加丰富，审核效率和透明度明显提升。 吴清还提及，将启动实施深化创业板改革，设置更加契合新兴领域和未来产业创新创业企业特征的上市 标准，为新产业、新业态、新技术企业提供更加精准、包容的金融服务。同时，坚持打造服务创新型中 小企业主阵地的定位，持续推动北交所高质量发展，健全新三板市场差异化的挂牌、信披、交易制度， 畅通三板、四板对接机制，筑牢多层次资本市场的塔基和底座。 对此，中金公司研究部首席国内策略分析师李求索表示，近年来通过深化多层次市场改革，A股上市公 司成为科技创新主力军，耐心资金赋能科技创新作用更加突出。此前推出的科创板深化"1+6"等多项支 持性政策 ...

Group 1 - The 2025 Financial Street Forum held in Beijing signals a strong commitment to deepen capital market reforms and promote high-quality development in the capital market [1] - The resilience and risk resistance of the A-share market have significantly improved due to the continuous improvement of capital market systems and the increase of long-term institutional investors [1] - Over the past five years, listed companies have distributed over 10.6 trillion yuan through dividends and buybacks, which is more than 80% higher than during the "13th Five-Year Plan" period, indicating a shift towards a more balanced investment and financing environment [1] Group 2 - Protecting the legitimate rights and interests of small and medium investors is a key focus of capital market regulation, reflecting the political and people-oriented nature of regulatory work [2] - The "14th Five-Year Plan" period will see further reforms in the multi-level capital market, enhancing internal stability, expanding high-level institutional openness, and improving investor rights protection [2] - The capital market will play a more significant role in supporting the modernization of the industrial system and accelerating the establishment of a high-level socialist market economy [2]

Group 1 - The 2025 Financial Street Forum held in Beijing focuses on "Innovation, Transformation, and Reshaping of Global Financial Development," signaling further deepening of capital market reforms and promoting high-quality development [1] - The resilience and risk resistance of the A-share market have significantly improved due to the continuous improvement of capital market systems and the increasing long-term strength of institutional investors [2] - The chairman of the China Securities Regulatory Commission (CSRC) emphasized the introduction of a refinancing framework and the need for listed companies to enhance governance and increase dividends and buybacks, with over 10.6 trillion yuan distributed in dividends and buybacks in the past five years [2] Group 2 - The CSRC aims to enhance the protection of small and medium investors, focusing on improving the fairness of trading environments and enhancing customer service levels in the industry [3] - The upcoming "14th Five-Year Plan" will further promote multi-level capital market reforms, solidify market stability, and enhance the quality of investor rights protection [3] - The total market value held by various long-term funds in A-shares reached approximately 21.4 trillion yuan by the end of August 2025, marking a 32% increase since the end of the "13th Five-Year Plan" [2]

Group 1 - The core message emphasizes the need for comprehensive reform in the capital market to enhance its inclusiveness, adaptability, and competitiveness in response to global changes and technological innovations [1] - The China Securities Regulatory Commission (CSRC) aims to deepen investment and financing reforms, focusing on risk prevention, strong regulation, and promoting high-quality development [1][3] - The CSRC will implement the "1+6" policy for the Sci-Tech Innovation Board, with the first batch of new registered companies set to list, indicating a shift towards more inclusive financial services for emerging industries [2] Group 2 - The CSRC plans to introduce a refinancing framework to support mergers and acquisitions, thereby strengthening the internal stability of the capital market [3] - A new scheme to optimize the Qualified Foreign Institutional Investor (QFII) system has been launched, aimed at improving transparency and efficiency for foreign investors [3] - The CSRC is committed to enhancing investor protection through a series of practical measures, including improving the fairness of trading environments and strengthening the monitoring of market risks [4]

一方面，百年变局加速演进，世界形势变乱交织，国际经贸秩序重构，全球金融市场脆弱性加大。在风险再定价、资产再 平衡过程中，稳健性和均衡性日益成为资产配置的优先选项，"把鸡蛋放在不同篮子里"成为越来越多国际投资者的共识。数据 显示，今年前9个月国际资金流入新兴市场超过1500亿美元。在此过程中，A股、港股等中国资产持续重估，配置价值更加凸 显。 另一方面，在新一轮科技革命和产业变革引领下，以人工智能、生物医药为代表的新产业、新业态蓬勃发展，在重塑生产 方式、优化资源配置、提升全要素生产率方面发挥着关键作用。这些新产业、新业态投入高、风险大、回报周期长，往往需要 更大规模的耐心资本投入和更灵活、更包容的融资环境，以利于更好支持创新资本形成和创新动能培育。 "总的看，在全球格局和科技创新趋势深刻变化的今天，无论是融资端，还是投资端，都对资本市场发展和功能发挥提出 了新要求新期待，只有不失时机深化改革，不断增强市场制度的包容性、适应性，提升市场吸引力和竞争力，才能更好地在不 确定的环境中赢得主动、赢得未来。"吴清说。 本报记者 吴晓璐 10月27日，2025金融街论坛年会开幕。证监会主席吴清在开幕式上表示，证监会将紧紧 ...

Core Viewpoint - The Shijingshan District of Beijing has launched a three-year "NaviPlan" for enterprise listing services, aiming to enhance the capital market's "Shijingshan sector" through a comprehensive listing service system [1][3]. Group 1: Listing Service Framework - The "NaviPlan" establishes a "1+1+3" listing service system, which includes a "white list" of enterprises, a dedicated listing task force, and full-process support across three stages: pre-listing, during listing, and post-listing [3]. - Currently, 60 enterprises have been included in the "white list" under the NaviPlan, which aims to clarify the listing process for these companies [3]. Group 2: Full-Process Support Mechanism - The district has developed a comprehensive service mechanism for the entire listing process, including a four-in-one service model combining "base + fund + credit + listing" [4]. - Specific financial products, such as "Sci-Fi Credit Loans," have been tailored for the sci-fi industry cluster to enhance the cultivation of quality pre-listing enterprises [4]. - As of now, the number of listed enterprises in Shijingshan has reached 20, with a 42% increase in listing scale since the beginning of the 14th Five-Year Plan [4].