Group 1 - The core viewpoint of the news is the emphasis on accelerating the construction of a financial powerhouse in China, with a focus on developing various types of finance including technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - The proposal highlights the need to improve the inclusiveness and adaptability of capital market systems, and to enhance the coordination between investment and financing functions within the capital market [1] - There is a clear directive to actively develop direct financing through equity and bonds, and to steadily advance futures, derivatives, and asset securitization [1] Group 2 - Citic Securities indicates that the "15th Five-Year" plan provides clear guidance on business priorities and industry structure for the securities sector, particularly emphasizing direct financing through equity and bonds [2] - The plan is expected to encourage direct financing services for innovative and small-medium enterprises, with a gradual improvement in the refinancing framework as a supporting tool [2] - The regulatory attitude towards futures, derivatives, and asset securitization is becoming more favorable, allowing securities firms to offer more comprehensive services in risk hedging, liquidity support, and asset revitalization [2] Group 3 - The environment of financial institutions focusing on their main businesses and improving governance is likely to lead to a gradual development of industry license governance, with 10 comprehensive institutions expected to lead the industry during the "15th Five-Year" period [2] - Securities firms with strong capabilities in investment banking, futures, derivatives, and asset securitization are anticipated to benefit from the new policy environment, with comprehensive service capabilities becoming a key competitive advantage [2] - The macro policy direction presents significant development opportunities for securities firms, particularly in implementing major policy initiatives, balancing investment and financing, and supporting the construction of an international financial center [2]