创新，是资本市场拥抱未来、激发活力的核心引擎。科技赋能金融，正在重塑资本市场的业态与服务模 式。金融科技的运用，提升了市场效率，优化了投资体验，也催生了新的产品与服务。与此同时，资本 市场更肩负着支持科技创新、助力产业升级的重任。通过制度创新、产品创新、服务创新，资本市场正 努力为"硬科技"、"专精特新"、绿色低碳等领域的优秀企业，提供更为通畅的融资渠道和成长沃土，推 动科技、资本与实体经济的正向循环。创新，让资本市场更具敏锐性与包容度，更能适应并引领新经济 发展的需求。 "新出发"，意味着在改革与创新的双轮驱动下，资本市场已经站在了新的历史起点。这要求我们以更开 阔的视野审视未来，以更系统的思维谋划发展。"新出发"，是服务高质量发展新要求、贯彻新发展理念 的再深化；是应对国内外复杂环境、提升核心竞争力的再动员；也是回应广大投资者新期待、增强市场 获得感与信任度的再承诺。 尊敬的各位领导，各位嘉宾： 上午好！ 今天，我们共聚一堂，开启这场以"改革与创新资本市场新出发"为主题的思想盛宴。我谨代表会议主办 方，对各位领导、专家、业界同仁以及媒体朋友们的光临，表示最热烈的欢迎和最诚挚的感谢！ 当前，我国资本市场正站 ...

"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 ...

沙特交易所首席执行官穆罕默德·艾·鲁迈赫11月11日对第一财经表示，目前正与中国企业进行洽谈，寻 求双方合作的契机，进一步增强沙特资本市场的吸引力。 "不仅在科技与创新领域，资本市场在任何行业的发展中，都扮演着重要角色。"沙特交易所首席执行官 穆罕默德·艾·鲁迈赫11月11日对第一财经表示，目前正与中国企业进行洽谈，寻求双方合作的契机，进 一步增强沙特资本市场的吸引力。 在鲁迈赫看来，这些都显示了中国对沙特资本市场越来越大的兴趣，这些发展也在加强双向的投资流 动。 谈及沙特交易所对科技和创新领域的支持，鲁迈赫对第一财经表示："我们要做的是给企业搭建平台， 让他们有机会向投资者阐述商业愿景，以及如何以投资者关注的方式创造社会价值。我们采取的行动包 括简化上市规则，和监管机构一起优化整个流程，这样任何具备创新能力的企业都能向投资者展示自身 实力，以及如何为投资者带来理想的回报。" 鲁迈赫在"中信建投证券2026年资本市场峰会暨中国-沙特投资合作论坛"上披露了部分沙特交易所的最 新数据。据他介绍，目前沙特资本市场市值超过2.5万亿美元，上市公司超过380家，合格外国投资者从 2017年的50名快速增加到今天的450 ...

Group 1 - The average daily trading volume of Hong Kong Exchanges and Clearing Limited's subsidiary, Hong Kong Stock Exchange, reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [1][3] - As of June 30, 2025, the market capitalization of Hong Kong was HKD 42.7 trillion, up 33% from HKD 32.1 trillion in the same period last year [3] - The strong performance of the Hong Kong market in the first half of 2025 demonstrates its resilience and vitality as a global financial center [3] Group 2 - The average daily trading volume of leveraged and inverse products increased to HKD 4.2 billion in the first half of 2025, a 75% rise from HKD 2.4 billion in the same period last year [3] - The first half of 2025 marked a breakthrough period for Hong Kong's capital markets, with strong trading volumes in both the securities and derivatives markets [3] - The robust trading activity and growing derivatives market indicate that Hong Kong's secondary market possesses both resilience and innovative momentum, continuing to attract international capital and providing diverse investment tools for investors [3]

Core Insights - The Hong Kong market experienced significant growth in the first half of 2025, with record highs in trading volumes and market capitalization [1][11] Trading Volume Highlights - The average daily trading volume in the Hong Kong Stock Exchange reached 240.2 billion HKD, a 118% increase from 110.4 billion HKD in the same period last year [1] - The average daily trading volume for ETFs surged to 33.8 billion HKD, up 184% from 11.9 billion HKD year-on-year, driven by the expansion of the ETF Connect program and the continuous launch of new ETF products [4] - Leveraged and inverse products saw an average daily trading volume of 4.2 billion HKD, a 75% increase from 2.4 billion HKD compared to the previous year [5] - Daily trading volume for callable bull/bear contracts reached 9.6 billion HKD, reflecting a 78% increase from 5.4 billion HKD year-on-year [6] - The average daily trading volume of derivatives reached 1,700,322 contracts, an 11% increase from 1,532,608 contracts in the same period last year [7] - The average daily trading volume for Hong Kong Stock Connect exceeded 110.9 billion HKD, marking a 195% increase from the previous year [9] - The daily trading volume of RMB currency futures rose to 115,150 contracts, a 43% increase year-on-year, indicating the growing role of RMB-denominated instruments [10] Market Capitalization - As of June 30, 2025, the market capitalization of Hong Kong reached 42.7 trillion HKD, a 33% increase from 32.1 trillion HKD in the same period last year, highlighting the resilience and innovative momentum of the secondary market [11]

Core Insights - The issuance of the first data center holding-type real estate ABS in China marks a significant innovation in the digital infrastructure sector, facilitated by SPDB Beijing Branch [1][2] - The ABS is backed by high-quality data centers, with funds allocated for the acquisition and operation of core financial data center assets [1] - The collaboration among SPDB, WanGuo Data, GuoShou Investment, and CITIC Securities has successfully addressed challenges in the IDC development, enhancing asset liquidity and financing channels for data center enterprises [2] Group 1 - The "CITIC Securities-WanGuo Data 2025 Phase 1 Data Center Holding-Type Real Estate Asset-Backed Special Plan (Sustainable Link)" was successfully listed on the Shanghai Stock Exchange [1] - SPDB Beijing Branch played a crucial role in coordinating with relevant institutions and participating in the design discussions for the product structure and terms [1] - The innovative design of the acquisition financing scheme aligns with the ABS product structure, determining loan terms, repayment plans, valuation requirements, and risk control clauses [1] Group 2 - The successful issuance of the first data center holding-type real estate ABS acquisition loan is a positive step for data center companies to activate existing assets and improve their financial statements [2] - The project was advanced under the guidance of regulatory bodies such as the Shanghai Stock Exchange, showcasing effective collaboration among financial institutions [2]