资本市场要支撑"科技强国" 华西证券首席经济学家刘郁表示，投融资机制进一步优化，包括政府基金要带头做耐心资本，常态化实施 上市融资、并购重组"绿色通道"机制。而2025年主要强调了加快发展创业投资、壮大耐心资本，表述相 对宏观，指向2026年或有更多的科技企业上市和并购重组案例。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 今年的政府工作报告，多处表述与资本市场有关。 国泰海通策略团队认为，投退平衡与投资者保护是今年的新增亮点。时隔十四年再度提出"完善投资者保 护制度"，促进上市公司治理，提升投资者信心与参与度。首次提出拓展私募股权和创投基金退出渠道， 旨在畅通"募投管退"资本循环。基础制度改革将有力提升中国市场的可投资性，夯实长牛基础。 有关资本市场的表述 在"2025年工作回顾"部分，政府工作报告提出，综合施策稳股市，资本市场回稳回暖、交易活跃。 在"2026年政府工作任务"部分，政府工作报告提出，加强科技创新全链条全生命周期金融服务，对关键 核心技术领域的科技型企业，常态化实施上市融资、并购重组"绿色通道"机制，以科技金融支持创新创 造。 政府工作报告提出 ...

记者丨 周慧 杨坪 更多相关内容 出品丨21财经客户端 21世纪经济报道 编辑丨李新江 张嘉钰 郑世凤 视频丨陈泽锴 3月5日，A 股三大指数集体飘红，截至收盘，上证指数涨 0.64%，深证成指涨1.23%，创业板 指涨1.66%，沪深京三市总成交额达到2.41万亿元，较昨日放量246亿元，超4000只个股上 涨。 当天政府工作报告指出，要持续深化资本市场投融资综合改革，进一步健全中长期资金入市机 制，完善投资者保护制度，拓展私募股权和创投基金退出渠道，提高直接融资、股权融资比 重。 针对21世纪经济报道记者相关提问 "可否透露一下证监会还有哪些重磅政策？"， 证监会主席 吴清笑着回应道："明天给你们报告。" SFC 21君荐读 政府工作报告明确全链条整治"内卷式"竞争 部分城市购车指标将进一步放宽 3000亿特别国债，即将启动 ...

[Table _Author] 分析师： 郭磊 SAC 执证号：S0260516070002 SFC CE.no: BNY419 021-38003572 guolei@gf.com.cn [Table_Summary] 报告摘要： 十四届全国人大四次会议 3 月 5 日上午在人民大会堂开幕，国务院总理李强作政府工作报告1。关于报告主要内 容，我们学习理解如下： 一是年度 GDP 增长目标预期小幅下调至 4.5-5%的区间，作为"十五五"首年，释放"十五五"期间更加重视增长质 量的信号。这一增长目标与《党的二十届四中全会建议学习辅导百问》给出的至 2035 年实现中等发达国家目 标隐含的 GDP 年均复合增速（"十五五"和"十六五"期）不低于 4.17%的要求匹配，可逐步过渡。 [Table_Page] 宏观经济研究报告 2026 年 3 月 5 日 证券研究报告 [Table_Title] 广发宏观 政府工作报告的十个关注点 政府工作报告提出，居民消费价格涨幅 2%左右，考虑了预期引导和现实可能，我们将通过改善总供求关系，推 动价格总水平由负转正、消费价格合理温和回升，促进经济良性循环。 三是"单位国内生产 ...

全国人大代表、北京大学博雅特聘教授田轩表示，目前A股现行交易时间难以满足市场主体多元交易需求，也无法适配资本市场投 融资综合改革与高水平开放的发展要求，亟须调整优化。 田轩建议分步延长交易时长，先实现与港股交易同步。 第一阶段， 将A股下午交易闭市时间延后至16点，与港股形成交易同步并与欧洲证券交易所产生时间交集 ，该调整成本低、易实 施。 第二阶段， 将上午交易闭市时间延长至12点，实现与港股时间同步，使A股每日交易时长达到5.5小时，与亚太地区主要交易所接 轨。 同时， 将A股上午开市时间提前至9点 ，实现与新加坡等亚太主要证券交易所的交易时间重叠，使交易时长增至6小时、接近纽交 所水平，强化与国际市场的联动性。 记者丨崔文静 编辑丨李新江 巫燕玲 更多详情点击进入专题↓ 出品丨21财经客户端 21世纪经济报道 编辑丨黎雨桐 见习编辑林芊蔚 2 1君荐读 全球最牛股市大跌7%，挂钩ETF涨幅大幅缩水 霍尔木兹海峡停摆，一图速看航运受益股 黄金失守5200美元，白银急跌超11% 此外，田轩建议以数字化为抓手，做好监管和券商配套准备。监管层推进监管大数据平台建设，运用智能化风险分析工具完善风险 早期预警模块， ...

独立董事制度改革步入第三个年头，履职成效与深层痛点并存，延长A股交易时间、深化资本市场投融资综合改革等议题，更是成为当前市场各 方关注的核心焦点。围绕上市公司治理完善、资本市场基础制度优化、投资者权益保护等关键命题，全国人大代表、北京大学博雅特聘教授田轩 近日接受证券时报记者专访，针对独董制度落地堵点、A股交易制度优化、投融资双向平衡改革等市场热点，给出了系统性的改革路径与实操建 议。 他强调，需以公司法修订为契机夯实独董制度法定根基，以分步实施的原则稳妥推进A股交易时间延长，锚定投融资两端协同发力深化资本市场 综合改革，全方位推动中国资本市场高质量发展与高水平双向开放。 资本市场改革如何实现投融资平衡？ 证券时报：中央经济工作会议提出"持续深化资本市场投融资综合改革"，下一步改革应重点聚焦哪些方面？ 田轩： 当前改革已步入深水区，核心要围绕 提升制度包容性、平衡投融资两端、服务实体经济、防范化解风险 这四大目标。 要深化发行与退市制度的市场化改革，进一步提升IPO注册制的包容性，适配科创企业、中小企业、民营企业的融资需求，同时严格退市执行， 完善常态化、多元化的退市机制，推动"有进有出、优胜劣汰"的市场生态 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 03 月 02 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五，A 股三大股指涨跌不一，截至收盘，上证指数收涨 0.39%， 报 4162.88 点，深证成指跌 0.06%，创业板指跌 1.04%。沪深两市 A 股成交额约 2.49 万亿元人民币，超 3100 股上涨。申万行业方面，钢 铁、煤炭行业领涨，建筑材料行业领跌；概念板块方面，金属铅、金 属锌概念涨幅居前。港股方面，香港恒生指数收盘涨 0.95%，恒生科 技指数涨 0.56%。美国三大股指全线收跌，道指跌 1.05%，标普 500 指数跌 0.43%，纳指跌 0.92%。欧洲股市收盘涨跌不一，亚太股市涨 跌互现。 【重要新闻】 【中共中央政治局 2 月 27 日召开会议，讨论"十五五"规划纲要草案 和政府工作报告】中共中央政治局 2 月 27 日召开会议，会议指出， 做好今年政府工作，要实施更加积极有为的宏观政策，增强政策前瞻 性针对性协同性，持续扩大内需、优化供给，做优增量、盘活存量， 因地制宜发展新质 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][27]. Core Insights - The report emphasizes the importance of building a strong financial nation and highlights the investment value within the sector [1][6]. - It discusses the recent developments in regulatory policies aimed at enhancing the quality of the capital market and increasing the proportion of medium- and long-term funds entering the market [3][7]. - The report notes that certain brokerage firms are expected to achieve steady growth in performance through both external and internal development strategies, including exploring overseas business opportunities [3][7]. Market Performance - During the period from January 26 to February 1, major indices showed mixed performance, with the Shanghai Composite Index declining by 0.44% and the CSI 300 Index increasing by 0.08% [3][8]. - The average daily trading volume in A-shares reached 3.11 trillion yuan, reflecting an increase of 11.27% compared to the previous period [3][8]. - The non-bank financial index rose by 1.04%, ranking 7th among 31 primary industries [8]. Key Data Tracking 1) Market Performance and Scale: The report highlights the top-performing stocks, including Yiyaton (5.94%), Huaxin Shares (4.53%), and Jiangsu Jinzu (3.92%), while noting the worst performers such as Yuexiu Capital (-8.00%) and Zhejiang Dongfang (-6.37%) [9][13]. 2) Credit Business: As of January 30, the market had 2,892.27 million pledged shares, accounting for 3.51% of the total share capital, with a margin balance of 2.72 trillion yuan, reflecting a decrease of 0.30% [13][15]. 3) Fund Issuance: In December 2025, new fund issuance totaled 52.195 billion shares, with a decrease of 1.62% in the number of funds issued [13][16]. 4) Investment Banking: The report states that the equity underwriting scale in December 2025 was 70.318 billion yuan, with IPO amounts at 31.412 billion yuan and refinancing amounts at 38.906 billion yuan [13][16]. 5) Bond Market: The total price index of bonds decreased by 2.22% compared to the beginning of 2025, with the 10-year government bond yield at 1.81%, up by 20.35 basis points [13][16]. Regulatory Policies and Industry Dynamics - The report discusses recent regulatory actions to standardize public fund sales and enhance supervision of fund marketing practices [20]. - It mentions the expansion of strategic investors in the refinancing of listed companies, aimed at facilitating long-term capital entry into the market [20][22].

Group 1 - The China Securities Regulatory Commission (CSRC) held two symposiums to discuss the "14th Five-Year Plan" for the capital market, inviting experts, scholars, and representatives from listed companies to explore development strategies and reform paths [1] - The focus of the discussions was on deepening comprehensive reforms in capital market financing and investment, enhancing institutional inclusiveness and adaptability, which are key to supporting the modernization of the industrial system and the development of new productive forces [1] - A consensus emerged on the need for reforms to facilitate easier financing for quality enterprises and to provide stable, reasonable returns for investors, ensuring a vibrant market operating on a stable and healthy basis [1] Group 2 - On the financing side, the emphasis is on implementing the "1+6" reform of the Sci-Tech Innovation Board and accelerating the reform process of the ChiNext Board, improving listing standards to better fit emerging fields and future industries [2] - The reform aims to deepen refinancing processes and potentially introduce a shelf issuance system to enhance corporate financing efficiency, while promoting the integrated high-quality development of the Beijing Stock Exchange and the New Third Board [2] - Listed companies are seen as the foundation of the capital market and must focus on their core businesses, increase R&D investment, and effectively utilize tools like mergers and acquisitions and refinancing to strengthen governance and prevent actions that could harm company interests [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for continuous deepening of comprehensive reforms in capital market financing and investment to achieve qualitative improvements and reasonable quantitative growth [1] Group 1: Reform Objectives - The goal of deepening capital market reforms is to create a virtuous cycle characterized by high-quality listed companies, investment returns, active market participation, and improved financing efficiency [1] - The reforms are not merely about increasing financing or trading activity but focus on institutional restructuring to enhance fund allocation, investment returns, and precise service to the real economy [1] Group 2: Investment and Financing Dynamics - Investment and financing are two sides of the same coin, and their coordination is a dynamic process rather than a static balance [1] - Imbalances in investment and financing can increase market volatility and amplify market vulnerabilities [1] - There is a need for better matching of investment and financing in terms of products, duration, risk characteristics, and preferences [1]

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4]. Core Insights - The report emphasizes a focus on stability and counter-cyclical adjustments to promote healthy development in the non-bank financial sector. It highlights the need for regulatory measures in the derivatives market and the importance of risk management to support the real economy [1][2]. Summary by Sections 1. Industry Dynamics - The non-bank financial sector, including securities and insurance, showed varied performance with indices changing by +1.34% for non-bank financials and -2.63% for insurance during the week of January 12-16, 2026. The overall market indices, such as the Shanghai Composite Index, decreased by -0.57% [9][11]. 2. Insurance - The insurance sector is entering an upward cycle in both liabilities and assets. The long-term benefits from the trend of bank deposit migration and the stabilization of long-term interest rates are noted. The report remains optimistic about the insurance sector, particularly due to the "reporting and operation integration" strategy that enhances industry concentration [12][27]. 3. Securities - The securities sector is experiencing heightened market risk appetite and trading activity. The report indicates that securities firms and IT companies are benefiting from this environment, with a recommendation to focus on companies like China Ping An and Huatai Securities. Recent adjustments in financing margin requirements are aimed at stabilizing market leverage and protecting investor rights [16][19][27]. 4. Investment Recommendations - The report suggests a positive outlook for the insurance sector, driven by favorable trends in both the liability and asset sides. It also highlights the securities sector's potential for growth due to increased trading activity and market confidence. Specific companies to watch include China Ping An, China Life, and Guotai Junan [27].