王凯表示，深交所是全国三大证券交易所之一，市场规模庞大、专业实力雄厚，与河南有着良好的合作 基础。希望深交所充分发挥资本市场平台功能，在推动优质企业上市、扩大直接融资规模、提升上市公 司质量等方面给予更多指导支持，帮助河南企业利用资本市场做强做优，为经济社会高质量发展和现代 化河南建设提供坚强支撑。我们将一如既往支持深交所各项业务开展，鼓励更多河南企业在深交所上市 融资，促进双方相向而行、共赢发展。 沙雁表示，河南有着良好产业基础和广阔市场空间，经济社会发展充满生机活力。深交所将充分发挥自 身优势，积极提供资本市场多样化工具，持续深化双方在促进科技创新、支持产业发展、服务实体经 济、培育上市企业等领域深层次合作，推动资本市场建设与地方经济发展紧密结合，更好助力现代化河 南建设。 人民财讯1月9日电，据河南政府网消息，1月9日，河南省省长王凯在郑州与深圳证券交易所党委书记、 理事长沙雁举行工作会谈。 ...

1月9日，省长王凯在郑州与深圳证券交易所党委书记、理事长沙雁举行工作会谈。 王凯首先向沙雁一行表示欢迎，感谢深交所长期以来对河南发展的关心支持。他说，河南产业体系完 备，市场潜力巨大，发展态势良好。近年来，河南认真落实习近平总书记关于金融工作的重要论述，扎 实做好金融"五篇大文章"，不断健全资本市场体系，积极支持企业直接融资，推动上市公司规范发展， 金融服务实体经济质效不断提升。"十五五"时期是河南扬长补短、全面崛起的关键阶段，我们将深入学 习贯彻习近平总书记在河南考察时重要讲话精神和关于河南工作的重要论述，聚焦"1+2+4+N"目标任务 体系，纵深推进融入和服务全国统一大市场建设，巩固壮大实体经济，加快构建以先进制造业为骨干的 现代化产业体系，推动现代金融高质量发展，奋力谱写中原大地推进中国式现代化新篇章。 王凯表示，深交所是全国三大证券交易所之一，市场规模庞大、专业实力雄厚，与河南有着良好的合作 基础。希望深交所充分发挥资本市场平台功能，在推动优质企业上市、扩大直接融资规模、提升上市公 司质量等方面给予更多指导支持，帮助河南企业利用资本市场做强做优，为经济社会高质量发展和现代 化河南建设提供坚强支撑。我们 ...

在中央金融工作会议提出"做好金融五篇大文章"的战略指引下，高水平专业人才已成为推动区域金融高 质量发展的核心动力。为积极构建"聚才、育才、用才"的良性生态，赋能区域经济发展，近日，姑苏 区"英才伙伴"聘任顾问授牌仪式在"2025年度资本市场卓越执业英才"活动中举行。 活动现场，来自投行、会计师事务所、律师事务所等关键领域的刘天宇、周丽涛、涂振连、束哲民、曲 光杰、梁瑾六位资深专家，正式获聘为姑苏区"英才伙伴"。作为各自行业的标杆与智慧源泉，他们将以 深厚的专业积淀和丰富的实战经验，为姑苏区资本市场的高质量建设贡献专业力量。 仪式上，苏州市财政局副局长尤佩红、姑苏区委常委、统战部部长徐联全共同为六位专家颁发了聘书。 这份聘书，不仅是一份崇高的荣誉，更是一份沉甸甸的责任。相信在各位"英才伙伴"的鼎力支持下，姑 苏区资本市场必将迎来新的发展机遇，为区域经济的高质量发展注入更强劲、更持续的金融动能。 ...

【纠错】 【责任编辑:谷玥】 中国证监会主席吴清12月18日在中国资本市场学会学术委员会成立会议暨第一届第一次全体委员会议上 表示，成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。扎根中 国资本市场实践，聚焦资本市场包容性吸引力、定价效率、金融科技、法治建设等重点问题，不断健全 完善理论框架和方法论，为加快建设强大的资本市场提供坚实理论支撑。（记者刘慧） ...

国泰海通证券政策和产业研究院 李明亮 何韫露 纪尧 一、市值管理在新发展阶段的意义与挑战 新"国九条"及《上市公司监管指引第10号——市值管理》等一系列政策的出台，为上市公司市值管理构建了更为明晰的政 策导向与规范框架。这不仅是落实"十四五"规划"提高上市公司质量"要求的延续，更是前瞻性地对接了"十五五"期间关于"深化 金融供给侧结构性改革、健全资本市场功能、提高直接融资比重、增强资本市场内在稳定性"等战略部署的核心任务。 在新发展阶段，市值管理的内涵已超越单纯的股价维护，成为连接上市公司高质量发展、投资者合法权益保护与资本市场 健康生态的关键纽带。有效的市值管理，能够引导上市公司聚焦主业、提升创新能力、优化治理结构，从而夯实价值创造的基 础；同时，通过加强信息披露、优化投资者回报、深化投资者关系管理，能够稳定市场预期，吸引并留住长期资金，最终服务 于"规范、透明、开放、有活力、有韧性"的资本市场建设总目标。 然而，当前我国在如何系统化、规范化加强市值管理方面的研究与实践仍面临挑战：理论框架尚需统一，效果评价体系有 待完善，与国际最佳实践的对接及本土化创新不足，市值管理与公司长期战略、国家产业政策的深度融合仍 ...

中新网广州12月7日电 (记者 程景伟)南方财经论坛2025年会5日至6日在广州举行。业内人士就当下宏观 经济形势、资本市场建设、科技发展与再平衡等课题各抒己见，展现了各界对中国经济未来发展的信 心。 中国金融期货交易所党委委员、副总经理蔡向辉认为，当前中国资本市场估值重构、资金入市、市场向 好相互促进的良好局面已经形成，这是各方努力的宝贵成果，也深刻反映着全球资本对中国经济的信心 与期待。他称，中金所将积极营造适配"长钱长投"的金融期货市场生态，积极服务创新资本形成与创新 动能培育。 深圳证券交易所副理事长王红表示，"十四五"期间，创业板上市公司累计研发投入超过7000亿元，研发 投入复合增长率超过11%，创新成果竞相涌现。深交所将抓紧推进创业板改革，着力提高制度的包容 性、适应性，更好地服务新产业、新业态、新技术的企业发展。 南方财经论坛2025年会现场。南方财经全媒体集团 供图 海外机构嘉宾对中国资产的长期投资价值充满信心。纽约证券交易所中国区主管葛辰皓表示，自 DeepSeek引发关注以来，众多投资者已开始对中国科技股进行价值重估。大量海外资金、长期资金也 重新回到中概股，相信更多中概股将乘着这一"东 ...

Core Viewpoint - UBS Securities maintains a baseline forecast of 6% year-on-year growth in total A-share earnings for 2025 [1] Group 1: Market Outlook - The medium-term outlook for the market remains positive due to gradual earnings recovery, continuous net inflow of various off-market funds, and the supportive narrative of technology aiding valuation reconstruction [1] - The construction of a capital market focused on investors continues to be a driving force for the upward trend in the stock market [1] Group 2: Investment Strategy - Growth style is likely to remain the main investment theme, with the ChiNext board showing a favorable risk-reward ratio due to accelerating earnings and long-term resilience [1] - The valuation levels of the ChiNext board, both in absolute terms and relative to the CSI 300, are below long-term averages [1]

Macro Perspective - The "15th Five-Year Plan" serves as a crucial transitional phase towards achieving the 2035 modernization goals, with a target GDP growth rate of approximately 4.4% annually from 2026 to 2035 to double the economic output compared to 2020 levels [3][4] - The new environment presents several changes, including breakthroughs in technological innovation, a downward adjustment in financial cycles, and increased geopolitical conflicts, necessitating a focus on supply-side optimization and domestic demand [4][5] Technological Innovation and Industrial Development - The construction of a modern industrial system is emphasized as the material and technical foundation for Chinese-style modernization, with a focus on enhancing efficiency and security within the industrial chain [5][6] - The plan highlights the importance of traditional industries while also fostering emerging sectors such as new energy, aerospace, and advanced manufacturing, with specific attention to future industries like quantum technology and hydrogen energy [6][7] Domestic Demand and Consumption - The plan aims to significantly increase the resident consumption rate, focusing on both supply-side and demand-side measures to stimulate consumption [9][10] - Key policies include improving the consumption system, enhancing infrastructure for consumer services, and expanding the supply of quality consumer goods and services [9][10] Open Economy and International Cooperation - The "15th Five-Year Plan" emphasizes a more proactive and autonomous approach to opening up the economy, with a focus on expanding market access and promoting balanced trade development [12][13] - Financial openness is highlighted as a critical area, with a goal to enhance the international status of the Chinese currency and improve the capital account [13][14] Green Transition and Carbon Neutrality - The plan identifies the "15th Five-Year Plan" period as critical for achieving carbon peak goals, with a focus on controlling coal and oil consumption and implementing a dual control system for carbon emissions [16][17] - The expansion of the national carbon market and promotion of green consumption are also key components of the strategy [17][18] Fiscal and Tax Reforms - Fiscal reforms during the "15th Five-Year Plan" will focus on enhancing sustainability and the effectiveness of active fiscal policies, including optimizing the tax structure and increasing public service spending [18][19] - The plan aims to improve the social security system and reduce reliance on general budget subsidies, thereby enhancing fiscal sustainability [19][20] Capital Market Outlook - The capital market is expected to exhibit a "long-term" and "steady" trend during the "15th Five-Year Plan," supported by government emphasis on market development and favorable economic conditions [37] - Key sectors to watch include digital technology, high-end manufacturing, and consumer sectors, with a focus on innovation and quality upgrades [38]

Core Viewpoint - The Chinese capital market has undergone significant reforms during the 14th Five-Year Plan period, enhancing its structure, regulatory framework, and market functions, leading to increased foreign investment and a more robust market environment [1][4][11]. Regulatory Framework - The implementation of the new Securities Law has led to a comprehensive restructuring of the regulatory framework, with key laws such as the Futures and Derivatives Law and Private Fund Supervision Regulations being established [5]. - The introduction of over 60 supporting rules in 2024 will further enhance the foundational regulatory structure for stable market development [5]. Market Structure - The market has achieved a multi-layered and comprehensive structure, with significant reforms in the Sci-Tech Innovation Board and the establishment of the Beijing Stock Exchange [6]. - As of August this year, the total market capitalization of A-shares has surpassed 100 trillion yuan, indicating a robust market growth [6]. Investment and Financing - In the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with direct financing accounting for 31.6% of the total, reflecting a steady increase [7]. - The technology sector has seen a significant rise, with over 90% of new listings being technology-related companies, and the market capitalization of the technology sector now exceeds 25% of the total A-share market [7]. Market Resilience - The resilience and risk resistance of the A-share market have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five-year period [8]. Fair Market Environment - A more equitable market environment has been established, with 2,214 administrative penalties issued and a total of 41.4 billion yuan in fines during the 14th Five-Year Plan period, reflecting a commitment to combat financial misconduct [9]. Key Reforms - The capital market has implemented significant reforms across four main areas: investment-side reforms, financing-side reforms, high-quality development of listed companies, and high-level institutional opening [11]. - The introduction of a comprehensive system for investor protection has been emphasized, with measures to enhance transparency and accountability in the market [17]. Future Directions - The China Securities Regulatory Commission has outlined four key future directions: enhancing the adaptability of the multi-layered market system, leveraging the role of long-term funds, improving the quality and investment value of listed companies, and increasing the precision and effectiveness of regulation [20].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlighted significant achievements in the financial sector during the "14th Five-Year Plan" period and expressed confidence in the future, emphasizing the need for continuous capital market development while effectively managing risks [1] Group 1 - The past five years have seen substantial accomplishments in the financial industry [1] - There is a strong commitment to advancing capital market construction over the next five years [1] - The focus will be on promoting innovation and high-quality development of the capital market while ensuring risk prevention [1]