在当天的发布会上，吴清同时提到了"十四五"期间资本市场服务科技创新的成绩。 他表示，近年来，新上市企业中九成以上都是科技企业或者科技含量比较高的企业。目前A股科技板块市值占比超过1/4，已明显高于银行、非银金融、房地 产行业市值合计占比。市值前50名公司中科技企业从"十三五"末的18家提升至当前的24家。 记者 辛圆 国务院新闻办公室周一举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金融业发展成就。 证监会主席吴清表示，近年来，国际上主要金融市场都在加快推进资本市场制度机制和产品服务创新，提升制度包容性和市场运行效率。在新的环境下，如 何与时俱进完善市场发展理念和监管方式，增强市场的竞争力和吸引力，更好地服务高质量发展，成为摆在我们面前的一个重要课题。 吴清提到，下一步将坚持稳中求进、以进促稳，以深化投融资综合改革为牵引，不断提升基础制度、市场功能、监管执法等各方面的适应性、包容性，促进 资源更加高效配置，让优质企业和各类资金更好迸发活力、实现价值。 此外，他表示，面对多重超预期风险挑战，在党中央、国务院统筹部署下，我们协同各宏观管理、金融管理、国资部门和相关市场主体加强政策对冲、资金 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of stabilizing the capital market, enhancing regulatory effectiveness, and promoting investment value through a series of reform measures aimed at fostering a resilient market environment [1][2]. Policy Measures - A series of financial policies have been introduced, including interest rate cuts, the establishment of loans for consumer services and pensions, and the expansion of insurance fund investment trials, indicating a coordinated macroeconomic policy approach [1][2]. - The collaboration between various entities, such as the Central Huijin and State-owned Assets Supervision and Administration Commission (SASAC), aims to stabilize the market through strategic actions like state-owned enterprise value management and increased institutional investment [2][3]. Market Stability - The internal stability of the capital market is being enhanced through measures such as normalizing dividends from listed companies and a significant increase in new A-share accounts, which rose to 12.6 million, a year-on-year increase of over 32% [2][3]. - The total market capitalization of A-shares has reached a historic milestone of 100 trillion yuan, reflecting improved investor confidence and a positive market trend [2][3]. Investment and Financing Reforms - There is a strong focus on deepening investment and financing reforms to solidify the foundation of market stability, with an emphasis on nurturing long-term and patient capital [4][5]. - The CSRC is pushing for reforms in the Science and Technology Innovation Board (STAR Market) and the Growth Enterprise Market (GEM), which includes the acceptance of IPO applications from unprofitable companies, indicating a shift towards supporting innovative enterprises [5]. Regulatory Environment - Regulatory bodies are intensifying efforts to combat market manipulation and insider trading, ensuring the protection of small investors' rights [5]. - The establishment of a more transparent and efficient feedback mechanism is suggested to align policy-making with market needs, enhancing the overall market ecosystem [3][4].

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [7] Core Views - The report emphasizes proactive policies aimed at deepening investment and financing reforms, with a GDP growth target of 5% for 2025, consistent with 2024 expectations [1][2] - The fiscal deficit rate is set at a historical high of 4%, which is expected to support bank expansion and improve valuation expectations [3] - The report highlights the importance of structural monetary policy tools to promote healthy development in the real estate and stock markets, with a focus on technology innovation and green development [2][5] Summary by Sections Policy and Economic Outlook - The government work report indicates a stable economic growth target of 5% for 2025, with a fiscal deficit rate of 4%, the highest since 2008 [1][3] - Emphasis on timely policy implementation to enhance effectiveness and address uncertainties [2] Banking Sector Insights - The report suggests that the high fiscal deficit will support bank capital expansion, with plans to issue special government bonds worth 500 billion yuan to bolster large state-owned commercial banks [3] - Recommended banking stocks include China Merchants Bank, Chengdu Bank, Suzhou Bank, Shanghai Bank, and others, with target prices reflecting potential upside [10][15] Securities Sector Insights - The report recommends securities firms like China Galaxy and CITIC Securities, citing active market trading and ongoing M&A expectations as catalysts for growth [1][10] - The A-share market remains active, with average daily trading volumes exceeding 1.5 trillion yuan, indicating strong investor confidence [5] Risk Management and Financial Stability - The report outlines measures to stabilize the real estate market and manage risks in key sectors, including support for small and medium-sized financial institutions [4] - It emphasizes the need for ongoing reforms to enhance the resilience of the financial system and mitigate potential risks [4][5]