值得一提的是，昨日A股市场调整，券商ETF（159842）却逆市收涨0.17%，全天成交额超4.1亿元。 11月19日，A股三大指数低开高走，盘中悉数翻红上涨，部分券商股表现活跃。 相关ETF中，券商ETF（159842）盘中上涨0.6%，成交额超2000万元，成分股中，东兴证券涨超4%， 华西证券、东北证券、华泰证券等跟涨。 据中国证券报，11月18日，申万宏源在上海举办2026资本市场投资年会。申万宏源认为，2026年将是改 革与发展全面发力的一年，2026年年中A股行情可能全面启动，科技产业趋势和我国制造业全球影响力 提升将是市场主线。 山西证券指出，券商基本面持续向好。在三季度市场逐步企稳的环境下，2025年前三季度券商业绩同比 环比均实现较大改善。随着投融资政策进一步完善，科创板、创业板改革稳步推进，完善多层次资本市 场格局，强化战略性力量储备和稳市机制建设，提升资本市场内在稳定性，推动金融业高质量发展。部 分券商有望通过外延式和内涵式发展，探索海外业务增量，利用差异化竞争优势，实现业绩的稳步增 长，建议关注板块投资机遇。 申万宏源也认为，券商板块处于低估低配状态，未来配置重点将重回基本面，关注行业 ...

Group 1: Capital Market Reform and Development - The core discussion at the seminar focused on enhancing the competitiveness of listed companies, improving the market ecosystem, and ensuring sufficient liquidity in China's capital market [2][3] - Wu Xiaoqiu emphasized that a key point in developing the capital market is to significantly enhance the competitiveness of listed companies by improving their technological capabilities and organizational structures [3] Group 2: National Economic Development Zones - The State Council's recent meeting highlighted the need for further reform and innovation in national economic and technological development zones, which are crucial for maintaining long-term development momentum and promoting high-level opening-up [5] - As of January to September 2024, the 229 national economic development zones achieved an industrial output value of 22.2 trillion yuan, a year-on-year increase of 6.3%, and a total import and export value of 7.3 trillion yuan, up 10.4% [5] Group 3: Cross-Border E-Commerce - The State Council approved the establishment of cross-border e-commerce comprehensive pilot zones in 15 cities, which is expected to enhance foreign trade optimization and upgrade [7] - By 2025, the number of cross-border e-commerce pilot zones will expand to 178, creating a balanced open structure that connects domestic and international markets [7] Group 4: Elderly Care Industry Development - Jilin Province's plan aims to promote the development of the silver economy by enhancing elderly care services through project support and innovation [9] - The plan includes expanding inclusive elderly care services and establishing a unified information platform for elderly care services [9] Group 5: Shenzhen's Financial Center Initiative - Shenzhen's action plan aims to build an industrial financial center that aligns with high-quality economic development needs, focusing on innovative capital aggregation [11] - The plan includes 20 specific measures to support technology innovation and improve the bond financing service system for high-tech enterprises [11] Group 6: Fujian's Support for Technology Enterprises - Fujian Province's measures aim to cultivate high-quality technology-based listed companies by establishing a multi-faceted reserve system for potential listing candidates [13] - The initiative includes selecting 100 key technology enterprises annually for focused support to facilitate their listing processes [13] Group 7: Remanufacturing Industry Development - The 2025 Remanufacturing Industry Development Conference in Tangshan focused on promoting the standardized and high-quality development of the remanufacturing industry [15] - Discussions included policy standards, industry management, and technological advancements in the remanufacturing sector [15] Group 8: Guangzhou Angel Fund Performance - Guangzhou's angel fund, established with a target scale of 10 billion yuan, has successfully set up seven subsidiary funds and invested in 14 projects totaling 70 million yuan [17] - The fund operates through a "mother fund + subsidiary fund" model, aiming to support early-stage investments in hard technology [17]

Group 1 - The core argument emphasizes the need to enhance the competitiveness of listed companies as a key point for the development of the capital market [1] - Structural monetary policy has positively influenced the share buyback behavior of listed companies, leading to increased market liquidity and proactive buybacks [2] - A well-structured ecological system is essential for the stable development of the capital market, which relies on high-tech enterprises [3] Group 2 - Capital market reforms should encompass legal systems, policy rules, and financial instruments to combat fraudulent activities and optimize IPO and disclosure regulations [4] - Sufficient liquidity is crucial for capital market development, with a focus on attracting commercial insurance funds, social security funds, and pension funds [5] - The capital market should incorporate expectation management into its regulatory framework to promote stability and confidence [5]