第十一届、十二届全国人大常委会副委员长陈昌智1月10日在第三十届中国资本市场论坛上表示，推动资本市场生态重构，本质是要构建一个投融资协同、 内外资兼容、各参与方良性互动的生态体系，让资本真正回归服务实体经济的本源，让市场在规范中焕发活力，让监管在精准中提升效能。 陈昌智说，近两年党中央对资本市场的部署，清晰勾勒了下阶段改革路径图：在融资端，要优化科创板、创业板制度安排，提高对新产业新业态新技术的包 容性，畅通"硬科技"企业融资渠道；在投资端，要壮大专业机构投资者队伍，完善长期资金入市机制，让股票投资者、基金投资者共享实体经济发展成果； 在监管端，要强化科技赋能，严厉打击违法违规行为，构建良好的市场生态。 上证报中国证券网讯（记者 梁银妍）第十一届、十二届全国人大常委会副委员长陈昌智1月10日在第三十届中国资本市场论坛上表示，推动资本市场生态重 构，本质是要构建一个投融资协同、内外资兼容、各参与方良性互动的生态体系，让资本真正回归服务实体经济的本源，让市场在规范中焕发活力，让监管 在精准中提升效能。 ...

这一积极预期的形成，主要源于三大方面：一是宏观政策协同发力，托底效应显著。2025年财政政策更加积极、接续发力，狭义赤字率比上年提高1个百分 点达到4%，广义赤字率由2024年的6.6%提升至2025年的8.5%；货币政策以降准降息等工具引导资金流向科技创新、中小微企业等重点领域，既为企业研发 提供资金支持，也为社会资本降低了投资风险。 12月10日至11日，中央经济工作会议在北京召开。作为来年宏观经济政策最权威的风向标，这次会议在"十四五"圆满收官与"十五五"开篇布局的历史交汇点 上，明确了2026年中国经济的工作重点。 在此背景下，新京报贝壳财经推出"首席看中央经济工作会议"系列专访，深度解读中央经济工作会议精神，明晰2026年重点工作任务。本期对话嘉宾为中国 银河证券首席经济学家、研究院院长章俊。 今年消费相关主题再度成为中央经济工作会议对新一年部署的首要任务。对此，章俊认为，要撬动居民消费意愿，政策可从夯实收入基础、消除消费顾虑、 优化消费供给等多个核心维度发力。 中国银河证券首席经济学家、研究院院长章俊。受访者供图 国际机构纷纷上调中国经济增长预期，彰显中国经济韧性与潜力 新京报贝壳财经：近期，多个 ...

12月11日随着2025年中央经济工作会议的闭幕，"十五五"开局在即。 "十五五"规划建议提出，在"十五五"时期的基础上再奋斗五年，到2035年，中国人均GDP达到中等发达 国家水平。当年轻人拿捏消费"可以买贵的，不能买贵了"，当房地产"造富"神话去魅……下一个五年， 如何撬动中国经济增长新支点？如何持续推进金融改革、实现"金融强国"战略目标？ "当前，中国经济发展面临着两个至关重要的时代背景，这是我们理解一切经济政策与市场变革的逻辑 起点。"中国人民大学国家金融研究院院长、中国资本市场研究院院长、国家一级教授吴晓求就此接受 新京报贝壳财经记者专访，深入解读了"十五五"时期中国经济、金融与资本市场的发展路径。 中国人民大学国家金融研究院院长、中国资本 市场研究院院长、国家一级教授吴晓求（受访者提供） 在"过剩经济"条件下，消费是维持经济动态平衡的关键力量 新京报贝壳财经：在您看来，与"十四五"时期相比，"十五五"这一阶段我国经济将有哪些显著特点？ 吴晓求：研判"十五五"时期经济发展路径，不能仅局限于短期的政策解读，必须将其置于宏大的历史维 度与时代背景中进行深度的学理审视。当前中国面临两个关键时代背景：一是全 ...

Core Insights - The significant increase in equity investment returns has led to positive expectations for the third-quarter reports of listed insurance companies, with major players like New China Life, China Pacific Insurance, and China Life Insurance anticipating net profit growth of approximately 40% to 70% due to rising investment income from the capital market [1][2][3] Group 1: Market Dynamics - The inflow of medium to long-term funds is crucial for maintaining the long-term stability and health of the capital market, with a focus on creating a "long money, long investment" market ecosystem [2][3] - The recent third-quarter reports indicate a strong performance from insurance companies, driven by substantial investment gains from the capital market [2][3] - The influx of foreign capital into A-shares has been notable, with bank stocks and industry leaders being particularly favored by foreign investors [2] Group 2: Policy and Regulatory Environment - The regulatory push for medium to long-term funds to enter the market has been ongoing since the release of guidelines in September last year, which has increased the willingness of these funds to invest [3][4] - The introduction of monetary tools such as stock buybacks and securities lending has injected significant liquidity into the market, enhancing its stability [3][4] Group 3: Investment Ecosystem Development - The capital market is focused on improving the quality and investment value of listed companies, with policies encouraging dividends and share buybacks becoming standard practice [4] - The Shanghai Stock Exchange is actively expanding its ETF product offerings to cater to medium to long-term investors, enhancing the diversity of investment tools available [4][5] - Regulatory bodies are committed to maintaining market integrity and enforcing strict penalties for financial misconduct, which supports a stable investment environment [5] Group 4: Future Directions - There is a strong call for further reforms to optimize the capital market ecosystem and attract more medium to long-term funds, including enhancing fiscal and regulatory policies [7] - Suggestions include improving the regulatory environment for long-term investments and developing more products that meet investor needs, such as index funds and derivatives [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its crackdown on financial fraud among listed companies, leading to significant penalties and a restructuring of the capital market ecosystem [1] Summary by Relevant Sections Financial Fraud Cases - The CSRC has penalized several companies for financial misconduct, including: - Yuebo Power was fined a total of 30.8 million yuan for inflating revenue and profits through fictitious sales of new energy vehicle powertrains and false asset sales [1] - *ST Gaohong faced a fine of 160 million yuan for engaging in non-commercial "empty turnover" transactions, significantly inflating its revenue and profits, with a third party fined 7 million yuan [1] - *ST Dongtong was proposed to be fined 229 million yuan for four consecutive years of inflated revenue and profits, with 7 responsible individuals facing a total fine of 44 million yuan and the actual controller receiving a 10-year market ban [1] Regulatory Response - The series of severe penalties is viewed as a critical turning point for the restructuring of the capital market ecosystem, emphasizing the CSRC's commitment to combating financial fraud [1] - CSRC Chairman Wu Qing highlighted the need for increased precision and effectiveness in regulation, focusing on major violations and ensuring that the market is both dynamic and well-regulated to promote high-quality development [1]

Core Viewpoint - The A-share market is witnessing a significant increase in cash dividends from listed companies, reflecting a strong willingness to return value to investors, with a total cash dividend amounting to 644.6 billion yuan in 2025, surpassing the previous year's figures [1] Group 1: Dividend Distribution - A total of 18 A-shares are set to distribute dividends on September 19, with 17 companies proposing cash dividends and one company planning to implement a combination of cash dividends, stock bonuses, or stock splits [1] - The companies with the highest proposed dividends include Xiamen Gibit Network Technology Co., Ltd. (66 yuan per 10 shares), Shandong Xintong Electronics Co., Ltd. (6 yuan), and Kewei Medical Technology Co., Ltd. (6 yuan) [1] - The "three major oil companies" (China National Petroleum Corporation, Sinopec, and CNOOC) plan to distribute over 800 billion yuan in total dividends, with China National Petroleum Corporation proposing 402.65 billion yuan [2] Group 2: Role of State-Owned Enterprises - State-owned enterprises (SOEs) are becoming the main contributors to dividend distributions, with the six major state-owned banks planning to distribute nearly 204.7 billion yuan, accounting for about 32% of the total dividend amount [3] - The increase in dividends from SOEs is driven by three main factors: clear policy guidance from the State-owned Assets Supervision and Administration Commission (SASAC), improved profitability structures in key industries, and the aim to stabilize investor confidence through high dividends [3] Group 3: Market Trends - The trend of listed companies in the A-share market opting for multiple dividends within a year is becoming more common, indicating a shift from a focus on financing to a focus on returns [4] - The optimization of investor structure, regulatory guidance on dividend ratios, and improvements in corporate governance are contributing to this shift towards a more return-oriented market environment [4]