● 本报记者昝秀丽 以高盛本周发布的《中国2026年展望：探索新动能》宏观报告为例，该报告预计，中国2026年实际GDP 将增长4.8%，高于4.5%的市场共识预测。 报告分析认为，2026年，中国出口存在结构性上行空间；在政策支持下，投资有望反弹；政策更加重视 服务消费，并鼓励增加假期和带薪休假。 世界银行、国际货币基金组织(IMF)、亚洲开发银行等近期也密集上调了2025年中国经济增速预期，凸 显对中国经济稳中向好、长期向好趋势的认同。IMF预计，中国经济在2025年和2026年将分别增长5.0% 和4.5%，较2025年10月《世界经济展望》中的预测值分别上调0.2个和0.3个百分点。 谈及2026年中国经济增长的驱动力，德意志银行中国区首席经济学家熊奕认为，消费将继续作为经济增 长的主要引擎，投资对GDP增长的贡献度将迎来回升，出口有望保持强劲势头。 近期，全球多家外资机构密集发布年度展望报告，普遍释放对中国经济发展的积极预期。这些外资机构 认为，在中国经济稳中向好、产业升级加速推进以及资本市场制度型开放持续深化等多重因素驱动下， 中国资产的长期配置价值日益凸显。 上调经济增长预期 国际组织与跨国投行 ...

在2025年即将落幕之时，回首这一整年，科技自立自强成为主旋律，资本市场制度型开放持续推进，中长期资金加速入市……中国经济高 质量发展迈出坚实步伐。财联社连续第四年推出年度国内十大财经新闻，为读者呈上这份经济领域的年度盛宴。 时隔十年!上证指数再度 05 站上4000点,A股市值突破 100万亿元大关,全年成交 额首次突破400万亿元。 资本市场加大力度培育壮 06 大科技领军企业,摩尔线 程、沐曦股份等高科技企 业密集上市。 2025年港股IPO募资额超 08 2700亿港元登顶全球, "AH"双资本平台受追捧。 12月18日,海南自由贸易 港全岛封关,打造引领新 时代对外开放重要门户。 破美国Al一家独大格局。 联民生证券落地,中金吸收 东兴信达总资产破万亿。 09 中国又一个世纪工程横空 出世:雅鲁藏布江下游水 电工程2025年7月开工, 拟建设5座梯级电站,总 投资约1.2万亿元。 为速度和交易而生 上海报业集团主管主办 策划:电报编辑部 设计:孙罕颖 新一轮券商整合拉开序幕, 07 4月11日"国泰海通"正式挂牌 成A+H最大券商合并案,国 10 下载财联社APP获取更多资讯 准确 快速 权威 专业 ...

二是资本市场制度型开放的持续深化是关键支撑。2002年，合格境外投资者制度落地，正式打通境外资 本参与中国资本市场的渠道；2005年，我国银行间债券市场引入首家境外机构投资者，实现境外资本准 入境内债券市场的实质性突破；2022年，境外机构获准参与交易所债券市场，进一步拓宽了跨境投资的 业务范围。 步入2025年，制度型开放步伐持续加快。9月份，中国人民银行、中国证监会、国家外汇管理局联合发 布公告，支持可在中国债券市场开展债券现券交易的境外机构投资者开展债券回购业务；12月份，沪深 交易所与中国证券登记结算有限责任公司（以下简称"中国结算"）同步发布通知，进一步明确境外机构 投资者可在债券通用质押式回购业务中作为逆回购方融出资金。 12月22日，中信证券助力境外机构投资者以债券通用质押式回购业务逆回购方身份，在深交所完成全市 场首单回购交易。这一突破性进展，不仅标志着境外机构投资者参与我国交易所市场债券回购业务实现 零的突破，更从实操层面为境外资本参与境内资本市场开辟了全新路径。 债券通用质押式回购业务，是指资金融入方将符合要求的债券申报质押，以相应折算率计算出的质押券 价值为融资额度进行质押融资，交易双方 ...

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！ 此次首单业务的落地精准回应了我国债券市场有关流动性问题。债券市场流动性是市场活力的核心体 现，也是提升市场定价效率、降低融资成本的关键。境外机构作为重要的增量资金来源，其参与债券回 购业务，能够进一步拓宽市场资金供需渠道，增加交易对手方数量，促进债券在一级市场发行与二级市 场交易的良性循环。随着这一业务模式的逐步推广，预计将吸引更多境外机构进入交易所债券市场，这 不仅能优化交易所债券市场的投资者结构，更能推动交易所债券市场的国际化进程。 ■ 田 鹏 12月22日，中信证券助力境外机构投资者以债券通用质押式回购业务逆回购方身份，在深交所完成全市 场首单回购交易。这一突破性进展，不仅标志着境外机构投资者参与我国交易所市场债券回购业务实现 零的突破，更从实操层面为境外资本参与境内资本市场开辟了全新路径。 债券通用质押式回购业务，是指资金融入方将符合要求的债券申报质押，以相应折算率计算出的质押券 价值为融资额度进行质押融资，交易双方约定在回购期满后返还资金的同时解除债券质押的交易。所谓 债券通用质押式回购业务的逆回购方，是指在债券通用质押式回购 ...

■田鹏 12月22日，中信证券助力境外机构投资者以债券通用质押式回购业务逆回购方身份，在深交所完成全市 场首单回购交易。这一突破性进展，不仅标志着境外机构投资者参与我国交易所市场债券回购业务实现 零的突破，更从实操层面为境外资本参与境内资本市场开辟了全新路径。 债券通用质押式回购业务，是指资金融入方将符合要求的债券申报质押，以相应折算率计算出的质押券 价值为融资额度进行质押融资，交易双方约定在回购期满后返还资金的同时解除债券质押的交易。所谓 债券通用质押式回购业务的逆回购方，是指在债券通用质押式回购交易中，融出资金的交易方。 在笔者看来，境外机构投资者积极尝试这一全新交易角色有三方面因素支撑。 一是中国债券市场的核心吸引力是根本前提。近年来，我国债券市场规模稳步扩大，信用体系建设持续 完善，人民币资产在全球范围内兼具相对稳定的收益属性与风险分散价值，成为吸引境外资本长期布局 的核心优势。 不难看出，监管层始终锚定高水平对外开放的核心方向，持续优化境外机构参与境内市场的制度环境。 从逐步放宽业务准入限制，到不断优化交易结算机制，一系列政策举措为境外机构参与债券回购业务提 供了清晰的制度遵循，从根本上扫清了跨境资 ...

本报记者 吴晓璐 今年是"十四五"规划收官之年，我国资本市场迎来里程碑式发展：A股总市值突破百万亿元，科技板块市值占比超过四分 之一；A股日均成交额约1.7万亿元，市场信心显著回暖；上市公司现金分红金额突破2.6万亿元，投资者回报持续强化。 一系列变化背后，是监管部门以深化投融资综合改革为核心牵引，打出一套深改"组合拳"。在改革推动下，资本市场一二 级市场协调发展，制度包容性和适应性提升，竞争力、吸引力增强，市场韧性和抗风险能力亦明显提升。 从2024年中央经济工作会议提出"深化资本市场投融资综合改革"，到"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"，再到2025年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"，资 本市场投融资综合改革已步入"深水区"。 持续深改 多层次市场活力被激发 今年以来，监管部门以深化科创板、创业板改革为抓手，推出一系列改革举措，服务科技创新和新质生产力发展，激发多 层次资本市场活力。 2月份，证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》，从发行上市、并购重组等多方面入手，加强对 科技型企业全链条全生命周期的金融 ...

Group 1 - The article discusses China's technological advancements, particularly in the development of extreme ultraviolet (EUV) lithography machines, which have been a focus of concern for Western nations [1] - It highlights that only Dutch company ASML currently produces EUV lithography machines, while China has made progress in deep ultraviolet (DUV) lithography machines, with official parameters announced for domestic DUV machines [1] - The Ministry of Commerce has approved some general license applications for rare earth exports, indicating a gradual easing of export controls as Chinese exporters meet basic requirements [2] Group 2 - The China Securities Regulatory Commission (CSRC) aims to steadily expand high-level institutional openness in the capital market, enhancing its attractiveness and inclusivity to better serve economic development [3] - The State Administration for Market Regulation emphasizes the need to address "involutionary" competition and promote a healthy market order that encourages fair competition and optimizes the business environment [2] Group 3 - Zhongwei Company is planning to acquire a controlling stake in Hangzhou Zhonggui Electronic Technology Co., with its stock suspended from trading starting December 19, 2025, for up to 10 trading days [3] - Guoao Technology's former actual controller was sentenced to six years in prison for manipulating the securities market, but the company’s operations remain normal and unaffected [5] - Haitian Flavor Industry has announced a shareholder return plan for 2025-2027, committing to a cash dividend ratio of no less than 80% of net profit [5] - China International Capital Corporation (CICC) will distribute a total cash dividend of 434 million yuan for the first half of 2025, with the record date set for December 26, 2025 [5] - Luyuan Pharmaceutical reported that its recent business operations are normal, with no significant changes in the internal and external operating environment [6] - Western Mining's subsidiary has obtained a mining license for a polymetallic mine, with significant resource estimates including 2.86 tons of gold [7] - Sichuan Road and Bridge announced that China Post Insurance has increased its stake to 5% through market purchases [8] - Hongda Electronics' associate company Jiangsu Zhanchin's application for listing on the ChiNext has been accepted, with the company holding a 13.79% stake [9] - WuXi AppTec reported that 18 shareholders collectively reduced their holdings by approximately 29.5 million shares between November 26 and December 17 [9]

Core Insights - The recent Shanghai Stock Exchange International Investor Conference highlighted the growing optimism among global investors regarding China's long-term investment value due to a stable macroeconomic environment, improved policy conditions, and accelerated technological innovation [1][2]. Group 1: International Capital Inflow - The A-share market has shown a steady upward trend this year, with a net inflow of $37.3 billion from foreign investments in the first half of the year [2]. - International investors are increasingly recognizing the vitality of the Chinese economy, with statements from key figures emphasizing that investing in China equates to investing in the future [2]. Group 2: Capital Market Reforms - Systematic and institutional reforms have significantly enhanced the resilience and vitality of the Chinese economy and capital markets, with a focus on high-quality development and attracting long-term investments [3]. - The China Securities Regulatory Commission (CSRC) is committed to deepening comprehensive reforms in financing and investment, enhancing the inclusiveness and adaptability of capital market systems [3]. Group 3: Mergers and Acquisitions (M&A) Market - The M&A market has been active, with over 1,000 disclosed transactions since the introduction of the "M&A Six Guidelines," reflecting strong market confidence in China's economic outlook [4]. - A significant portion of these transactions is focused on emerging and future industries, with technology-related M&A increasing by 287% since the guidelines were introduced [4][5]. Group 4: Cross-Border Investment Trends - Chinese enterprises are diversifying their cross-border investments, with state-owned enterprises playing a crucial role in overseas mergers and acquisitions, particularly in the context of the Belt and Road Initiative [7]. - Foreign capital is increasingly targeting China's advantageous industries, with advanced manufacturing and biomedicine being key areas of focus [7]. Group 5: Capital Market Opening - The Chinese capital market is actively pursuing high-level openness, with initiatives aimed at creating a favorable environment for foreign investment [8][10]. - The Shanghai Stock Exchange has enhanced its cross-border investment products and mechanisms, significantly increasing transaction volumes and foreign participation [9][10]. Group 6: Future Outlook - The Shanghai Stock Exchange aims to foster new productive forces by optimizing key systems related to issuance, mergers, and acquisitions, while promoting technological and industrial innovation [10][11]. - The focus will be on cultivating a market ecosystem that encourages rational, value, and long-term investments, enhancing corporate governance, and improving information disclosure quality [10][11].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market through six key initiatives outlined by the Chairman of the China Securities Regulatory Commission, Wu Qing [2] Group 1: Key Initiatives - Actively develop direct financing methods such as equity and bonds [2] - Promote the cultivation of more listed companies that meet high-quality development standards [2] - Create a more attractive environment for long-term investments [2] Group 2: Regulatory and Market Environment - Focus on improving the scientific and effective nature of capital market regulation [2] - Gradually expand the high-level institutional opening of the capital market [2] - Collaboratively foster a regulated, inclusive, and vibrant capital market ecosystem [2]

Market Overview - The Shanghai Composite Index reached a ten-year high, with the ChiNext Index rising by 2.55% and total market turnover exceeding 2 trillion yuan [1] - The recent U.S. government shutdown and subsequent fiscal spending halt have led to liquidity pressures in the money market, impacting foreign capital flows to emerging markets [1] - Despite the strengthening of the U.S. dollar, the liquidity pressure in the U.S. market is expected to ease as government spending resumes and the Federal Reserve is likely to halt balance sheet reduction in December [1] Policy Developments - The National Energy Administration released guidelines to promote the integration and development of renewable energy, aiming for a significant shift in the industry by 2030 [2] - The guidelines emphasize the importance of system efficiency and collaborative value in renewable energy, moving away from merely increasing installed capacity [2] - The U.S. government ended a 43-day shutdown with a temporary funding bill signed by President Trump, which will provide funding until January 30, 2026, alleviating immediate economic concerns [3] Market Performance - On November 13, A-shares saw an increase, with the Shanghai Composite Index closing at 4029.50 points, up 0.73%, and the Shenzhen Component Index rising by 1.78% [4] - The market turnover reached 20,658.28 billion yuan, showing an increase from the previous trading day [5] - The MACD indicator has formed a bullish crossover signal, suggesting positive momentum for certain stocks [6]