2026年是"十五五"开局之年，资本市场高质量发展仍是金融领域改革发展的重点之一。近期召开的中央 经济工作会议明确，"持续深化资本市场投融资综合改革"。业内认为，在此目标下，资本市场改革将向 纵深推进，值得期待。 大力引"长钱"入市 从"十五五"规划建议提出"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功 能"，到中央经济工作会议强调"持续深化资本市场投融资综合改革"，意味着未来资本市场改革不是单 方面强调融资端，更把完善"长钱长投"政策体系等投资端改革放到同等重要的位置。 投资和融资是资本市场的一体两面。2025年1月，《关于推动中长期资金入市工作的实施方案》出台， 引导商业保险资金、全国社会保障基金、公募基金等中长期资金进一步加大入市力度；5月，《推动公 募基金高质量发展行动方案》发布，着力提高公募基金权益投资的规模和稳定性；7月，财政部印发通 知，明确国有商业保险公司全面建立三年以上长周期考核机制。 "与此同时，资金短期化、风险容忍度低、中长期资金引领作用不足等问题仍然存在。"南开大学金融学 教授田利辉表示，当前，以人工智能、生物医药为代表的新产业、新业态蓬勃发展，投入高、风险大、 回 ...

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！ 分析师：李向梅 执业登记编号：A0190523050003 11月制造业PMI 49.2%，较上月小幅回升 1. 11月30日，国家统计局发布数据：11月份，制造业采购经理指数为49.2%，比上月上升0.2个百分 点；非制造业商务活动指数为49.5%，比上月下降0.6个百分点；综合PMI产出指数为49.7%，比上 月下降0.3个百分点，我国经济景气水平总体平稳。 2. 12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进 行第十七次专题学习。国务院总理李强在主持学习时强调，要认真学习贯彻习近平总书记和党中 央关于深入实施新型城镇化战略的决策部署，坚持以人为本提高城镇化质量水平，充分释放城乡 融合发展蕴藏的巨大内需潜力，为经济社会发展提供强劲动力。 3. 12月5日，证监会主席吴清发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党的二十 届四中全会精神）》指出，经过30多年的改革发展，我国资本市场从无到有、从小到大，当前正 处在向高质量发展快速转变的关键阶段。提高资本市场制度包容性、适应性，是站 ...

本报记者 吴晓璐 12月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包容性适应性（学习贯彻党的 二十届四中全会精神）》。 吴清表示，经过30多年的改革发展，我国资本市场从无到有、从小到大，当前正处在向高质量发展快速转变的关键阶段。 提高资本市场制度包容性、适应性，是站在新的历史起点上，开启的一次全方位、深层次、系统性的变革。 吴清明确"十五五"时期提高资本市场制度包容性、适应性重点任务举措，主要六方面，积极发展股权、债券等直接融资； 推动培育更多体现高质量发展要求的上市公司；营造更具吸引力的"长钱长投"制度环境；着力提升资本市场监管的科学性、有 效性；稳步扩大资本市场高水平制度型开放；共同营造规范、包容、有活力的资本市场生态。 全文如下： 提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神） 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）提 出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这是以习近平同志为核心的党中央科学研 判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社会 ...

中经记者 孙汝祥 夏欣 北京报道 12月5日，《人民日报》刊发证监会主席吴清署名文章，题为《提高资本市场制度的包容性适应性（学 习贯彻党的二十届四中全会精神）》。 三是营造更具吸引力的"长钱长投"制度环境。 吴清表示，要继续积极创造条件构建中长期资金"愿意来、留得住、发展得好"的市场环境，推动建立健 全对各类中长期资金的长周期考核机制，提高投资A股规模和比例。扎实推进公募基金改革，推动与投 资者利益绑定的考核评价和激励约束机制落实落地，大力发展权益类公募基金，推动指数化投资高质量 发展。促进私募股权和创投基金"募投管退"循环畅通，加力培育壮大耐心资本、长期资本和战略资本。 四是着力提升资本市场监管的科学性、有效性。 "要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管体系，完善对金融创新活动的 监测监管和风险应对机制。"吴清指出，要加强战略性力量储备和稳市机制建设，强化重点领域风险和 跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智能等现代信息 技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务造假、欺诈发 行、市场操纵和内幕交易等恶性违法 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market system as a strategic deployment by the central government to achieve high-quality development and modernization goals [4][5]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [6]. - It is essential for ensuring that the benefits of development reach the broader population, as the capital market serves as a platform for over 2 billion stock and fund investors to share in economic growth [7]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing the capital market's core competitiveness and international influence [8]. Group 2: Understanding the Content and Principles - The capital market's long-term positive trends and strong foundations must be recognized, while also addressing existing quality issues, such as the need for better optimization of listed company structures and increased participation of long-term funds [9]. - The approach should focus on supporting technological innovation, meeting diverse investor needs, and enhancing regulatory efficiency to ensure a stable and healthy capital market [9][10]. Group 3: Key Tasks and Measures - Actively develop direct financing methods such as equity and bonds, with a focus on supporting high-quality enterprises and enhancing the service capabilities of the capital market [13]. - Foster more high-quality listed companies by optimizing their structures and encouraging cash dividends and buybacks to enhance investor returns [14]. - Create an attractive environment for long-term investments by improving conditions for various types of long-term capital and promoting public fund reforms [15]. - Enhance the scientific and effective regulation of the capital market to adapt to rapid financial innovations and ensure market stability [15]. - Gradually expand the capital market's openness to improve international competitiveness and facilitate efficient capital flow [16].

12月5日，中国证监会主席吴清在《人民日报》发表署名文章《提高资本市场制度的包容性适应性(学习 贯彻党的二十届四中全会精神)》。 文章提出，营造更具吸引力的"长钱长投"制度环境。要继续积极创造条件构建中长期资金"愿意来、留 得住、发展得好"的市场环境，推动建立健全对各类中长期资金的长周期考核机制，提高投资A股规模 和比例。扎实推进公募基金改革，推动与投资者利益绑定的考核评价和激励约束机制落实落地，大力发 展权益类公募基金，推动指数化投资高质量发展。促进私募股权和创投基金"募投管退"循环畅通，加力 培育壮大耐心资本、长期资本和战略资本。 文章还提出，推动培育更多体现高质量发展要求的上市公司。上市公司是资本市场之基，要更大力度推 动优化上市公司结构、提升投资价值。持续深化并购重组市场改革，提升再融资机制灵活性、便利度， 支持上市公司转型升级、做优做强，发展新质生产力，助力培育更多世界一流企业。研究完善上市公司 激励约束机制，激发企业家精神和人才创新创造活力。督促和引导上市公司强化回报投资者的意识，更 加积极开展现金分红、回购注销等。巩固深化常态化退市机制，畅通多元退出渠道，进一步健全进退有 序、优胜劣汰的市场生态 ...

人民财讯12月5日电，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性(学 习贯彻党的二十届四中全会精神)》指出，经过30多年的改革发展，我国资本市场从无到有、从小到 大，当前正处在向高质量发展快速转变的关键阶段。提高资本市场制度包容性、适应性，是站在新的历 史起点上，开启的一次全方位、深层次、系统性的变革。要进一步落实中央金融工作会议和新"国九 条"部署，紧扣防风险、强监管、促高质量发展的工作主线，全面推进新一轮资本市场改革，努力开创 资本市场高质量发展新局面，助力金融强国和中国式现代化建设。 ...

人民财讯12月5日电，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性(学 习贯彻党的二十届四中全会精神)》指出，推动培育更多体现高质量发展要求的上市公司。上市公司是 资本市场之基，要更大力度推动优化上市公司结构、提升投资价值。持续深化并购重组市场改革，提升 再融资机制灵活性、便利度，支持上市公司转型升级、做优做强，发展新质生产力，助力培育更多世界 一流企业。研究完善上市公司激励约束机制，激发企业家精神和人才创新创造活力。督促和引导上市公 司强化回报投资者的意识，更加积极开展现金分红、回购注销等。巩固深化常态化退市机制，畅通多元 退出渠道，进一步健全进退有序、优胜劣汰的市场生态。 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4][5]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4][6]. - Create a more attractive environment for long-term investments, ensuring that long-term capital is willing to enter, stay, and thrive in the market [5][6]. Group 2: Regulatory and Market Environment Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6][7]. - Gradually expand the high-level institutional openness of the capital market, promoting efficient capital flow and resource allocation while improving international competitiveness [7][8]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7][8].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market system, focusing on supporting technological innovation and improving the overall quality of capital market development [1][2]. Group 1: Capital Market Development - The capital market has a solid foundation for stable and healthy operation during the "15th Five-Year Plan" period, but quality issues remain prominent [1]. - There is a call for comprehensive deepening of capital market reforms to improve its inclusiveness, adaptability, attractiveness, and competitiveness [1][2]. Group 2: Financing and Investment - The focus is on actively developing direct financing through equity and bonds, with an emphasis on reforming the Sci-Tech Innovation Board and the Growth Enterprise Market [2]. - The aim is to enhance the service capabilities for real enterprises throughout their lifecycle and to support high-quality companies in issuing and listing [2]. Group 3: Regulatory Framework - The article highlights the importance of improving the scientific and effective nature of capital market regulation, including the establishment of a comprehensive regulatory system [3]. - There is a commitment to using modern technologies like big data and artificial intelligence to identify illegal activities and risks [3]. Group 4: Market Environment - The creation of a favorable environment for long-term capital investment is emphasized, including the establishment of mechanisms for long-term assessments of various funds [3]. - The article advocates for the development of public funds and the promotion of high-quality index investment [3]. Group 5: International Cooperation - The need for a gradual and coordinated development of onshore and offshore markets is stressed, aiming to enhance the international competitiveness of China's capital market [4]. - There is a focus on improving the convenience for foreign investors and institutions to participate in the Chinese capital market [4]. Group 6: Legal and Institutional Framework - Strengthening the legal framework of the capital market is highlighted, including the revision of relevant laws and regulations to create a fair market environment [4][5]. - The article calls for the establishment of investor protection mechanisms and the promotion of rational, value-based, and long-term investment [4].