在我国，A股投资者已超过2.5亿，其中95%以上为中小投资者。相较于企业和机构，中小投资者在信息 获取、风险识别、价值判断等方面处于弱势，对交易公平和信息披露质量有着更高要求。促进投融资协 调，既要借鉴国际经验，更要立足我国国情，有针对性地做好制度设计、产品创新和权利救济等工作， 将投资者保护贯穿监管全流程，持续营造公开、公平、公正的市场环境。 （文章来源：21世纪经济报道） 1月11日，中国证监会副主席陈华平在第三十届中国资本市场论坛上发表讲话。陈华平指出，促进投融 资功能协调必须把保护中小投资者合法权益置于重中之重。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of coordinating investment and financing functions to enhance the quality of listed companies and promote high-quality development in the capital market [1][2]. Group 1: Investment and Financing Coordination - The CSRC highlights that investment and financing coordination is crucial for the high-quality development of the capital market, requiring a dynamic adjustment process rather than a static balance [1]. - A focus on improving the quality of listed companies is essential, as high-quality companies attract stable long-term investments, creating a virtuous cycle of investment returns and financing efficiency [2]. - Protecting the legitimate rights and interests of small and medium investors is a priority, with over 250 million A-share investors, 95% of whom are small and medium investors [2]. Group 2: Support for Innovation and Market Development - The CSRC has implemented measures to support long-term capital market investments, with a target of reaching approximately 23 trillion yuan in A-share market value held by various long-term funds by the end of 2025, a 36% increase from the beginning of the year [3]. - The commission has deepened reforms in the Science and Technology Innovation Board and the Growth Enterprise Market, enhancing the market's technological content and increasing the number of technology companies among the top 50 by market value [3]. Group 3: Enhancing Company Value and Governance - The CSRC encourages listed companies to increase cash dividends, with a record high of 2.55 trillion yuan in cash dividends in 2025, which is double the scale of IPOs and refinancing during the same period [4]. - The commission has strengthened regulations to maintain market fairness and has taken action against financial fraud, with 159 cases of financial fraud investigated since 2024 [4][6]. Group 4: Development of Investment Institutions - The CSRC aims to cultivate first-class investment banks and institutions by enhancing the regulatory environment for long-term investments and improving the service capabilities for technology innovation companies [5]. - The commission emphasizes the need for better governance and information disclosure among listed companies, promoting a stable and predictable dividend policy [5].

丰富适配长期投资的风险管理工具 三是推动上市公司提升价值创造能力。进一步深化并购重组改革，更好发挥公司治理内生约束作用，督 促上市公司严格规范信息披露等行为，强化股东回报意识，提升分红的稳定性、持续性和可预期性。同 时巩固深化常态化退市机制，促进上市公司结构不断优化。 1月11日，证监会副主席陈华平在第三十届（2026年度）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。 四是加快培育一流投资银行和投资机构。强化分类监管、扶优限劣，督促行业机构把功能性放在首位。 坚持以客户为中心，不断提高价值发现、财富管理等专业能力，为投融资各方提供更加优质的服务。 "投融资功能协调对资本市场高质量发展具有重要意义。"陈华平在论坛上表示，促进投融资功能协调， 必须深入研究其丰富内涵和运行机理，必须牢牢抓住提高上市公司质量这个关键，必须把保护中小投资 者合法权益作为重中之重，要把握好当前难得的发展 ...

陈华平指出，促进投融资功能协调，必须深入研究其丰富内涵和运行机理。投资和融资是资本市场两大 基础功能，二者一体两面，相辅相成，没有融资功能，资本市场服务实体经济就无从谈起，没有投资功 能，市场可持续发展就会成为空中楼阁。从总量上看，投融资失衡就会加大市场波动，放大市场脆弱 性。从结构上看，投资和融资在产品期限、风险特征和偏好等方面都需要更好匹配。还要看到投融资协 调不是某个时点的静态平衡，而是一个动态变化不断调试的过程。 1月11日，在第30届中国资本市场论坛上，证监会副主席陈华平作了最新发声。陈华平表示，将持续完 善长钱长投的制度环境，合力推动各类中长期资金进一步提高入市规模比例，优化合格境外投资者等制 度安排，让各类资金愿意来，留得住，发展得好。将进一步提升监管执法有效性，持续健全投资者教育 服务和保护体系，坚持依法从严监管，突出打大、打恶、打重点，从严惩治各类恶性违法行为，推动更 多特别代表人诉讼先行赔付等案例落地，增强投资者的信任和信心。 ...

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！ 第三十届（2026年度）中国资本市场论坛在京召开，证监会副主席陈华平出席并发表讲话。 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！ 第三十届（2026年度）中国资本市场论坛在京召开，证监会副主席陈华平出席并发表讲话。 陈华平指出，促进投融资功能协调，必须深入研究其丰富内涵和运行机理。投资和融资是资本市场两大 基础功能，二者一体两面，相辅相成，没有融资功能，资本市场服务实体经济就无从谈起，没有投资功 能，市场可持续发展就会成为空中楼阁。从总量上看，投融资失衡就会加大市场波动，放大市场脆弱 性。从结构上看，投资和融资在产品期限、风险特征和偏好等方面都需要更好匹配。还要看到投融资协 调不是某个时点的静态平衡，而是一个动态变化不断调试的过程。 促进投融资功能协调，必须牢牢抓住提高上市公司质量这个关键。上市公司是市场资金治理健全，回报 水平高或者成长性强的上市公司，本身就是资本市场的源头活水，自然会吸引更多资金长期稳定的参与 投资，进而形成上市公司质量高，投资有回报，资金积极入市，融资效率提升这种良性循环。反之，如 果 ...

Core Viewpoint - The Chinese capital market is entering a new historical stage characterized by clear policy signals emphasizing stability and strength, with a focus on inclusivity, adaptability, and the coordination of financing and investment functions as key elements for high-quality development [1][5]. Group 1: Inclusivity - Market vitality is predicated on inclusivity, which manifests in both the financing and investment sides [1][7]. - The establishment of the Sci-Tech Innovation Board and the Beijing Stock Exchange, along with the promotion of the registration system reform, aims to enhance the inclusivity of the financing side, allowing more hard-tech and specialized enterprises to access capital [7]. - On the investment side, a diverse range of market participants, from venture capital to individual investors, is essential for maintaining market resilience, requiring a fair and transparent market environment [2][7]. Group 2: Adaptability - The adaptability of capital market systems is crucial in an era of rapid technological change and blurred industry boundaries, necessitating dynamic adjustments and iterative mechanisms [2][8]. - Traditional regulatory and valuation frameworks need updates to accommodate emerging fields such as data assets, artificial intelligence, and green energy [8]. - Recent enhancements in regulatory technology, information disclosure systems, and delisting regulations reflect efforts to improve adaptability [3][8]. Group 3: Coordination of Financing and Investment Functions - Effective operation of the capital market relies on a positive cycle between financing and investment functions, avoiding an overemphasis on either side [3][9]. - Sustainable market balance is achieved when investors trust that their investments can drive corporate growth and yield returns, ensuring continuous capital flow [9]. - The core of this coordination is investor protection, which serves as a lubricant and stabilizer for sustainable market functions [9]. Group 4: Investor Protection - The concept of investor protection is evolving from merely preventing risks to promoting value sharing, emphasizing the need for investors to participate in corporate growth and share in value creation [4][9]. - Measures to enhance investor protection include strengthening dividend constraints, improving governance transparency, and refining institutional investor behavior standards [4][9]. - The ongoing reform of the capital market is a long-term endeavor, with each optimization contributing to market maturity and supporting China's economic transition [5][10].

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors within the industry [3]. Core Insights - The financial industry experienced a mixed performance this week, with the non-bank financial index rising by 1.24%, lagging behind the Shanghai and Shenzhen 300 index by 0.14 percentage points. The banking index increased by 1.13%, also underperforming the broader index [1][8]. - The government work report indicated a focus on stabilizing the real estate and stock markets, which is expected to benefit brokerage firms as intermediaries in capital market stability [2][11]. - The report highlights the potential for insurance companies to benefit from long-term investment reforms and the expected recovery in the economy, which may improve their asset performance [14][15]. Summary by Sections Brokerage Sector - The brokerage sector saw a weekly increase of 0.73%, underperforming the Shanghai and Shenzhen 300 index by 0.66 percentage points. The sector's price-to-book (PB) ratio is currently at 1.43x [11][12]. - The number of new accounts opened in February reached 2.8359 million, a month-on-month increase of 80.6%, indicating a warming market and potential for A-share IPO normalization [2][12]. - Recommended stocks include Huatai Securities, Guotai Junan, China Galaxy, and Dongfang Caifu, with a focus on those benefiting from increased retail investor participation [3][13]. Insurance Sector - The insurance sector rose by 1.72%, outperforming the Shanghai and Shenzhen 300 index by 0.33 percentage points. The 10-year government bond yield has seen a slight increase, indicating a potential recovery in the sector [14][15]. - The report emphasizes the importance of long-term investment reforms and the establishment of private equity funds by major insurers to invest in quality listed companies [14][15]. - Recommended stocks include China Life, Ping An, and New China Life, focusing on those with stable dividends and strong asset performance [3][15]. Banking Sector - The banking index increased by 1.13%, lagging behind the Shanghai and Shenzhen 300 index by 0.26 percentage points, with a current PB ratio of 0.65x [16][17]. - The government plans to issue 500 billion yuan in special bonds to support state-owned commercial banks in capital replenishment, with the first round of funding expected to start by the end of June [17][18]. - Recommended banks include China Merchants Bank, Hangzhou Bank, and Ningbo Bank, focusing on those with strong retail business and regional economic momentum [3][18].