事 件 证券行业 标配（维持） 创业板强化新产业支持，扶优扶科导向扩围主板 证券行业事件点评 2026 年 3 月 9 日 分析师：雷国轩（SAC 执业证书编号：S0340521070001） 电话：0769-22117626 邮箱：leiguoxuan@dgzq.com.cn 点 评 事件： 2026年3月在北京召开了中华人民共和国第十四届全国人民代表大会第四次会议和中国人民政治协商 会议第十四届全国委员会第四次会议，聚焦高质量发展、新质生产力与民生保障。3月6日下午，十四 届全国人大四次会议举行经济主题记者会，证监会主席吴清在会上表示，"十五五"时期，将完善中 国特色稳市机制建设，增强市场内在稳定性；精准有力打击财务造假、操纵市场、内幕交易等恶性违 法行为；将在创业板增设一套更加精准包容的上市标准；进一步突出再融资"扶优扶科"导向将现行 科创板、创业板的轻资产、高研发投入认定标准进一步拓展到主板市场；深化细化高频量化交易监管， 依规则限制过度投资；严查严处蹭热点、炒概念、搞操纵等行为；巩固加强战略性力量储备和稳市机 制建设，进一步健全中长期资金入市机制。 行 业 研 究 点评： 创业板深化三大方向改革，精 ...

Investment Rating - The investment rating for the non-bank financial sector is "Positive" (maintained) [1] Core Views - The report highlights that the insurance sector's recent performance has been average, but the outlook remains positive due to rising PPI, a stable equity market, and potential fund inflows from bank deposits [7] - In the securities sector, the report anticipates a recovery in investment banking and equity business due to the upcoming reforms in the ChiNext board and optimization of refinancing mechanisms, benefiting leading brokerage firms [7] Summary by Sections Insurance Sector - Recently, China British Life Insurance launched a new dividend product with a 1.25% guaranteed interest rate, which is a 50 basis point reduction from the market average of 1.75%. This is seen as an isolated case rather than a trend for the entire industry [3] - The report expects that the guaranteed interest rates for dividend insurance products will remain stable at around 1.75% in the current fluctuating interest rate environment [3] Securities Sector - The government work report emphasizes the need for financial institutions to improve quality while reducing quantity, indicating a trend towards consolidation among smaller financial institutions [4] - The report notes that East Wu Securities plans to acquire control of Donghai Securities, which is expected to enhance regional competitiveness and improve capital strength, potentially raising its ranking among listed brokerages [6] - The inclusion of Yaocai Securities in the Hong Kong Stock Connect is expected to broaden its investor base and improve liquidity [7] - The report recommends leading brokerage firms such as Huatai Securities, CITIC Securities, and Guangfa Securities, anticipating they will benefit from the recovery in investment banking and changes in industry dynamics [7]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 3月6日下午3时，十四届全国人大四次会议举行经济主题记者会，证监会主席吴清表示，近期即将深化创 业板改革，突出创业板功能定位，拓展制度包容性和覆盖面，增设一套更加精准、更加包容的上市标准， 支持新产业、新业态、新技术企业的发展， 支持新型消费、现代服务业等优质创新创业企业在创业板发 行上市。 此外，吴清表示，优化再融资机制，将进一步在制度规则层面，优化再融资注册机制。进一步的突出"扶 优扶科"导向，对于治理和经营规范、市场认可度高的优质上市公司，大幅的提升审核效率，将现行的科 创板、创业板的轻资产、高研发投入的认定标准，进一步拓展到主板市场。 吴清：将科创板改革的有益经验复制推广到创业板 吴清表示，将科创板改革的有益经验复制推广到创业板，实施IPO优先审阅，允许符合条件的在审企业面向老 股东增资扩股，优化新股发行定价等等一些改革举措。全方位推动提升创业板上市公司质量，建立健全从推荐 上市、遴选审核的全过程监管制度机制，更好的服务地方经济和民营经济的发展。 吴清：A股市场的科技叙事逻辑更加清晰和具象化 会议上，吴清表示， ...