"解读'十五五'规划建议研讨会"现场。 本版图片 许泽宇 摄 谭飞 胡云超 杨华辉 李国旺 章毅 余朝辉 近期，上海证券报社上证研究院与浦江金融论坛联合举办了"解读'十五五'规划建议研讨会"。与会嘉宾 表示，当前中国经济在微观层面展现出强大的内生韧性。"十五五"时期，金融业有望逐步构建更适配经 济发展需求的生态体系，为实体经济高质量发展提供更有力的金融支撑。应以并购整合与耐心资本赋能 新质生产力，一系列资本市场创新有望催生一批世界级科技企业。 上海证券报社总编辑谭飞： 企业韧性生长凸显中国经济坚实底色 ◎张玮华 记者 王敬博 近期，在上海证券报社上证研究院与浦江金融论坛联合举办的"解读'十五五'规划建议研讨会"上，上海 证券报社总编辑谭飞表示，通过深入一线的调研发现，当前中国经济在微观层面展现出强大的内生韧 性。无论是布局于热门赛道的新兴产业和未来产业企业，还是积极转型的传统企业，抑或是深耕细分领 域的"隐形冠军"企业，均表现出强劲的发展韧性。 谭飞介绍，为系统把脉"十五五"时期经济高质量发展的现实基础与未来方向，在过去半年中，他密集走 访了浙江、福建、广东、湖南等11个省份，调研覆盖200余家上市公司、金融 ...

10月31日，杭州银行披露2025年三季报，截至9月末，该行资产总额22954.24亿元，较上年末增长 8.67%，位居城商行第七位；前三季度实现营收288.8亿元、净利润158.85亿元，分别同比增长1.35%、 14.53%。 同时，杭州银行董事会还审议通过《关于调整优化部分总行部室组织架构的议案》。据悉，杭州银行总 行将撤销电子银行部、资产管理部、机构管理部等部门；在零售业务板块，新设立财富管理部，该部门 负责人也已确定。 银行人事还了解到，近期，杭州银行总行多部门总经理、副总经理也出现变动。 总行人事调整 总行审计部总经理季顺风退二线。 来源：金融人事mini 季顺风，1967年10月出生，曾任杭州银行会计部副总经理，业务运营管理部副总经理，运营管理部总经 理，2023年6月任总行审计部总经理。 江城支行行长蒋超琼，任总行审计部副总经理；曾任杭州银行总行法律合规部副总经理，2022年4月任 江城支行行长。 总行资产保全部总经理金旭旻退二线；历任杭州银行公司金融部副总经理、萧山支行行长、丽水分行行 长、南京分行行长。 总行授信审批部副总经理赛学军退二线；党委综合督查办主任助理费强退二线。 公开信息显示， ...

Core Viewpoint - The brokerage industry is undergoing significant downsizing, with over 30 firms, including prominent names like Industrial Securities and Guosen Securities, closing more than 180 branches in response to rising operational costs and the shift towards online services driven by technology [1][2][4]. Group 1: Branch Closures - Industrial Securities has led the industry in branch closures, announcing the cancellation of 41 branches this year alone, including multiple locations in November [2][3]. - Other firms, such as Caida Securities and Jin Yuan Securities, have also announced branch closures, indicating a broader trend within the industry [3]. Group 2: Operational Efficiency - The brokerage sector faces challenges such as increased competition and rising fixed costs, prompting firms to streamline operations by closing physical branches [4]. - Merging nearby branches can create economies of scale, reduce operational costs, and enhance management efficiency, allowing firms to focus resources on wealth management [4]. Group 3: Employee Transition Challenges - Employees in brokerage firms are facing job insecurity due to branch closures, with a notable decrease in the number of securities brokers from 29,000 to 23,800 over the past year [5][6]. - The industry is shifting towards specialized roles in wealth management and advisory services, necessitating a transformation in employee skill sets to remain competitive [6].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for solidifying the foundation of China's modernization and achieving high-quality economic development, emphasizing the importance of the real economy and optimizing traditional industries [1][2]. Group 1: Economic Development Focus - The focus during the "14th Five-Year Plan" should be on the real economy, prioritizing the optimization and enhancement of traditional industries while fostering new productive forces and supporting emerging industries as future growth points [1][2]. - The plan categorizes industries into traditional, emerging, and future sectors, each requiring different approaches to develop new productive forces [2][3]. Group 2: Traditional Industries - Traditional industries still hold significant growth potential, accounting for 80% of China's manufacturing sector, and are essential for the foundation of the real economy [2][3]. - There is a need to address issues related to urbanization, rural migration, and high-quality development in real estate to unlock the potential of traditional industries [3]. Group 3: Financial Reforms - The proposal includes deepening zero-based budgeting reforms to optimize fiscal expenditure and enhance budget performance management, which is crucial for effective governance [4][5]. - Zero-based budgeting requires every expenditure to be justified anew, potentially leading to significant impacts on budget management if implemented effectively [5]. Group 4: Financial Support for Innovation - The plan emphasizes the development of various financial sectors, particularly technology finance, which is deemed strategically important for supporting innovation and the cultivation of new productive forces [6][7]. - There is a need for a shift towards direct financing to better match the risk characteristics of technological innovation, with capital market reforms facilitating this transition [6]. Group 5: Wealth Management - The growing middle-income group in China, exceeding 400 million people, necessitates professional wealth management to enhance asset value, highlighting the increasing importance of wealth management in the financial sector [7]. - Wealth management should be a key focus area in finance, promoting the conversion of savings into investments, benefiting both residents and the capital market [7].

Core Insights - The "14th Five-Year Plan" emphasizes the importance of transitioning to a high-quality economic development model, focusing on the real economy and optimizing traditional industries while fostering new and emerging industries as growth pillars [1][2] Group 1: Economic Development Focus - The "14th Five-Year Plan" suggests prioritizing the real economy and enhancing traditional industries to release potential and cultivate new productive forces [1][2] - The plan categorizes industries into traditional, emerging, and future sectors, each requiring different development strategies [2][3] - Traditional industries currently account for 80% of China's manufacturing, serving as the foundation of the real economy [2] Group 2: Traditional Industries and New Productive Forces - There is a need to clarify the concept of new productive forces within traditional industries, which still hold growth potential despite current demand constraints [3] - The plan highlights the importance of addressing urbanization, rural migration, and high-quality real estate development to unlock traditional industry potential [3] Group 3: Fiscal Reform and Budget Management - The "14th Five-Year Plan" proposes deepening zero-based budgeting reforms to optimize fiscal expenditure and enhance budget performance management [4][5] - Zero-based budgeting requires each expenditure to be justified anew, contrasting with the previous incremental budgeting approach [5] Group 4: Financial Support for Economic Growth - The plan emphasizes the development of various financial sectors, including technology finance, green finance, and inclusive finance, with technology finance being prioritized [6][7] - The current financing structure for technology innovation relies heavily on indirect financing, while direct financing through capital markets is more aligned with innovation risk characteristics [6] Group 5: Wealth Management and Public Demand - There is a growing demand for wealth management services among China's middle-income population, which exceeds 400 million [7] - Wealth management is seen as a crucial area for financial services, aiming to convert savings into investments and enhance residents' financial returns [7]

Core Viewpoint - The "14th Five-Year Plan" period is crucial for solidifying the foundation of socialism modernization and achieving high-quality economic development in China [1] Economic Development Focus - The focus during the "14th Five-Year Plan" should be on the real economy, optimizing traditional industries, and nurturing new productive forces while promoting emerging industries as pillars of future growth [1][2] - Financial resources should be efficiently allocated to address structural challenges, with a strong emphasis on serving the real economy and enhancing wealth management for residents [1] Industry Classification and Development - The "14th Five-Year Plan" categorizes industries into traditional, emerging, and future sectors, each requiring different approaches to develop new productive forces [2] - Traditional industries currently account for 80% of China's manufacturing and are essential for the real economy, despite the growth potential of emerging and future industries [2] Traditional Industry Insights - Traditional industries still hold significant growth potential, but face challenges such as insufficient demand and the need for urbanization and high-quality real estate development [2][3] - Approximately 30% of China's manufacturing output is for export, with traditional industry products contributing significantly to trade surpluses, necessitating a balance between enhancing competitiveness and promoting balanced trade [2] Financial Reform and Budget Management - The "14th Five-Year Plan" proposes deepening zero-based budgeting reforms to optimize fiscal expenditure and enhance budget performance management [4] - Zero-based budgeting requires every expenditure to be justified anew, potentially leading to more efficient allocation of resources compared to traditional baseline budgeting [4] Financial Sector Development - The plan emphasizes the development of various financial sectors, including technology finance, green finance, and wealth management, with technology finance being prioritized for its strategic importance [6][7] - Direct financing is essential for supporting technological innovation, and recent capital market reforms aim to facilitate this by allowing unprofitable companies to list [6] Wealth Management Importance - With over 400 million middle-income individuals in China, there is a growing demand for professional wealth management to enhance asset value [7] - Wealth management is seen as a key area for financial services, promoting the conversion of savings into investments, which benefits both residents and capital markets [7]

Core Insights - The Chinese capital market is entering a new development phase, focusing on serving the real economy and driving industrial upgrades as part of the "14th Five-Year Plan" [1][2] Group 1: Market Performance - As of November 11, the total market capitalization of A-shares reached 108.27 trillion yuan, an increase of 22.59 trillion yuan or 26.37% from the end of last year, marking the highest growth rate in nearly a decade [2] - In the first half of the year, foreign capital net increased holdings in domestic stocks and funds by 10.1 billion USD, with significant inflows of 18.8 billion USD in May and June, indicating a growing willingness to allocate capital to RMB assets [2] Group 2: Market Attractiveness - The increasing attractiveness of the A-share market is attributed to the continuous deepening of market openness, including the expansion of the Shanghai-Hong Kong Stock Connect and the steady increase in the inclusion factor of A-shares in international indices [2] - The structural advantages of the A-share market, particularly in emerging industries like new energy and artificial intelligence, complement the stable fundamentals in consumption and manufacturing, providing diverse investment options for foreign capital [2] Group 3: Forum Highlights - The "2025 Capital Market High-Quality Development Forum" held in Chengdu gathered industry leaders and experts to discuss the theme "Stabilizing Quality and Strengthening Foundations" [1][3] - The forum featured discussions on capturing market opportunities and promoting innovation in the capital market, with participation from leading institutions in securities, funds, and asset management [3][4] Group 4: Key Discussions - The forum included a roundtable discussion on wealth management opportunities and the embrace of the ETF era, focusing on integrating stable value growth with new tools for investors [5] - Another roundtable addressed market opportunities and challenges for 2026, discussing the macroeconomic context of "stabilizing growth" and the new directions for the financial industry in wealth management [5]

Core Viewpoint - The A-share market has been steadily rising since 2025, leading to significant growth in the brokerage industry, with a notable increase in revenue and net profit for listed brokerages in the first three quarters of 2025 compared to the same period in 2024 [1] Group 1: Industry Performance - In the first three quarters of 2025, 42 listed brokerages achieved a total operating income of 419.56 billion yuan and a net profit attributable to shareholders of 169.05 billion yuan, representing year-on-year growth of 42.55% and 62.38% respectively [1] - The brokerage industry is experiencing a positive trend in its operational fundamentals, with asset management business showing significant growth in the third quarter of 2025 [2] - The ETF market has seen strong growth, with the total domestic ETF scale reaching 5,704.56 billion yuan by the end of October 2025, a 53% increase from the end of 2024 [4] Group 2: Future Outlook - The ROE (Return on Equity) for the brokerage industry is expected to steadily improve, with predictions suggesting it could reach 7.1% in 2025, nearing levels seen from 2019 to 2021 [5] - The upcoming "15th Five-Year Plan" period is anticipated to reshape the brokerage industry, with asset allocation, comprehensive services, and international capabilities becoming key differentiators [9] Group 3: Business Innovation - Brokerages are increasingly focusing on business innovation, particularly through the integration of AI technologies in wealth management and other services [6] - Various brokerages have launched AI-driven tools and platforms to enhance service offerings, such as Huatai Securities' AI investment assistant and Dongfang Securities' AI application platform [7] - The emergence of collaborative service brands among brokerages indicates a shift towards more integrated service offerings, moving from internal organizational focus to external brand promotion [8] Group 4: Strategic Developments - The brokerage industry is shifting its focus from financing to investment, with an emphasis on wealth management and proprietary trading as key profit drivers [10] - There is a notable trend towards the rise of merger and acquisition activities, with global M&A transaction volumes surpassing 1 trillion USD in the third quarter of 2025 [10]

Group 1 - The article highlights promotional rewards for wealth members, including a maximum of 450 yuan in gifts that are about to expire, encouraging timely participation [2] - Members with an average financial asset amount of at least 50,000 yuan in the previous month can receive up to 60 yuan in WeChat discounts [4] - Customers who upgraded to a higher wealth level this year can claim rewards worth up to 206 yuan, with the possibility of receiving multiple rewards across different levels [8] Group 2 - There is a promotional event where members can receive a maximum of 188 yuan in WeChat discounts if their average financial assets in the previous month exceed those of the month before [6] - The article emphasizes the importance of transferring salary or pocket money to enhance asset levels, which allows members to continue receiving rewards in December [2] - The rewards program is structured to incentivize consistent asset maintenance and level upgrades, with multiple options available for members to choose from [8]

Core Insights - The article discusses the transformation of China's economy and the wealth management industry, highlighting the shift from traditional to high-quality, technology-driven growth [1][2][3] Economic Outlook - By 2025, China's economy is expected to maintain steady growth, transitioning towards a technology and knowledge-intensive structure, with continuous optimization of the industrial framework [1] - The "14th Five-Year Plan" will conclude in 2025, while the "15th Five-Year Plan" will face complex changes in the development environment, including geopolitical shifts and financial cycle challenges [1] Wealth Management Industry Trends - The wealth management sector is undergoing a significant transformation, moving from scale expansion to differentiated, high-quality growth paths [2] - Huajin Securities is embracing this trend by focusing on asset allocation as a core strategy and expanding diverse investment service scenarios [2][5] Regulatory Environment - The regulatory framework for China's capital markets is improving, with policies aimed at strong regulation, risk prevention, and promoting development [3] - The introduction of new rules has created a more robust institutional foundation for market health, leading to improved market confidence and a significant rise in the Shanghai Composite Index [3] Global Market Dynamics - Global structural changes, including adjustments in U.S. tariff policies and geopolitical tensions, are increasing asset price volatility and economic uncertainty [4] - The domestic bond market is experiencing wide fluctuations, reflecting both internal economic recovery and external influences [4] Huajin Securities' Strategic Initiatives - Huajin Securities is accelerating its transition from product sales to asset allocation-driven services, enhancing its asset allocation toolbox and digital transformation [5][6] - The company is leveraging its shareholder advantages to deepen its regional presence and create a comprehensive service system for institutional clients [6] Future Market Prospects - In 2026, the wealth management business is expected to face challenges but also significant growth opportunities due to global liquidity conditions and domestic policy support [7][8] - The demand for professional asset allocation services is increasing as residents shift their wealth structure and the personal pension system is fully implemented [8] Strategic Vision for 2026 - Huajin Securities aims to focus on core areas and enhance its product system and professional advisory capabilities, while building a digital service ecosystem [9] - The company is committed to transforming its business model from product sales to asset allocation, driven by customer trust and technological empowerment [9]