Core Viewpoint - The importance of finance in China's modernization and economic development is emphasized, with a focus on high-quality growth and regional development strategies [1] Group 1: Financial Strategy and Development - The company aims to serve small and micro enterprises by deepening its business in the Beijing Stock Exchange and exploring financial practices aligned with the "Five Major Articles" of modernization [1] - The company is committed to a "base strategy" to support enterprise listings and enhance direct financing, contributing to Suzhou's achievement of AAA ratings for all state-owned enterprises at the county level [4][5] Group 2: Party Leadership and Governance - The company integrates party leadership into its governance structure, ensuring that party work is aligned with corporate strategy and decision-making processes [2][3] - A comprehensive system for party governance is established, including clear responsibilities and decision-making protocols across all subsidiaries [2] Group 3: Talent Development - The company focuses on market-oriented employment practices, emphasizing both moral and professional qualifications in talent acquisition [7][8] - Initiatives are in place to attract high-level talent from major cities and enhance collaboration with universities to build a robust talent pipeline [7] Group 4: Cultural and Social Responsibility - The company promotes a unique corporate culture that integrates financial and regional cultural elements, enhancing employee engagement and community ties [9][10] - A charity foundation has been established, contributing over 190 million yuan to various social causes, including rural revitalization efforts [10] Group 5: Compliance and Risk Management - The company emphasizes strict compliance with industry regulations and internal governance, implementing a comprehensive risk management framework [11][12] - Regular training and education on discipline and compliance are conducted to ensure adherence to ethical standards and enhance organizational integrity [12]

Core Viewpoint - The importance of finance in China's modernization and economic development is emphasized, with a focus on high-quality growth and regional development strategies [1] Group 1: Financial Strategy and Development - The company aims to serve small and micro enterprises by deepening its business in the Beijing Stock Exchange and exploring financial practices aligned with the "Five Major Articles" of modernization [1] - The company is committed to a "base strategy" to support enterprise listings and enhance direct financing, contributing to Suzhou's achievement of a AAA rating for all state-owned enterprises at the county level [3] Group 2: Party Leadership and Governance - The company integrates party leadership into its governance structure, ensuring that party decisions are reflected in corporate strategy and operations [2] - A comprehensive system for party organization and decision-making is established, ensuring alignment between subsidiaries and the parent company [2] Group 3: Talent Development and Management - The company focuses on attracting high-level talent from major cities and enhancing collaboration with universities to build a strong talent pipeline [4] - A market-oriented employment system is implemented, emphasizing both moral and professional qualifications to foster a young and specialized workforce [5] Group 4: Cultural Integration and Employee Engagement - The company promotes a unique corporate culture that combines financial and regional cultural elements, enhancing employee engagement through various activities [6] - Initiatives such as the establishment of a charity foundation and community support programs reflect the company's commitment to social responsibility [6] Group 5: Compliance and Risk Management - The company emphasizes strict compliance and risk management, implementing a comprehensive system to address regulatory requirements and enhance oversight [7] - Continuous education on discipline and compliance is prioritized to instill a culture of integrity and accountability among employees [7] Group 6: Future Outlook - The company plans to strengthen party leadership and align its operations with the goals of China's modernization, focusing on differentiated development and service to the real economy [7]

证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 截至2025年11月27日 11:01，国证证券龙头指数(399437)上涨0.35%，成分股首创证券(601136)上涨 1.87%，西部证券(002673)上涨0.89%，财通证券(601108)上涨0.87%，国信证券(002736)上涨0.78%，长 江证券(000783)上涨0.51%。证券ETF龙头(159993)上涨0.32%，最新价报1.27元，盘中净申购4200万 份。 数据显示，截至2025年10月31日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、 中信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、兴 业证券(601377)、东方证券(600958)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 78.89%。 消息面上，年内已有超过140家A股公司提出赴港上市或分拆子公司赴港上市计划。港股今年IPO募 ...

时值"十五五"规划谋篇启幕、金融强国建设加速推进的关键节点，资本市场作为现代金融体系的核心枢 纽，其作用持续凸显，证券行业正处于功能重塑与价值升级的重要发展阶段。 首创证券党委书记、董事长张涛日前在接受中国证券报记者采访时表示，在此关键节点，恰逢公司成立 25周年，公司以北京市属国有券商的政治站位与责任担当，将"守正创新、阳光经营、以人为本、共创 共赢"的经营理念融入发展实践，紧扣中国证监会"提质增效重回报"监管导向与金融"五篇大文章"战略 要求，在科技金融"新"赛道与绿色金融"绿"赛道上不断拓展，切实服务好实体经济，提升投资者回报。 锚定战略方位 党建治理筑牢提质根基 "党建是国企发展的根与魂，只有将党建与业务深度融合，才能确保发展不偏航、增势有动力，为提质 增效筑牢政治与组织根基。"张涛表示。 思想引领层面，张涛表示，公司党委将金融"五篇大文章"纳入党委理论学习中心组和"第一议题"核心内 容，创新构建"理论筑基－廉洁修身－文化浸润－专业赋能"全维度干部教育培训体系，通过思政课、廉 洁课、文化课、专业课"四维课程"全覆盖，推动党中央决策部署在基层落地生根。"新""绿"双赛道不仅 是业务选择，更是国有券商必须 ...

Core Viewpoint - The China Banking and Insurance Asset Management Association has been renamed to better integrate banking and insurance asset management sectors, marking a significant step in self-regulation and collaboration within the asset management industry in China [1][2]. Group 1: Association's Renaming and Objectives - The association's renaming to the China Banking and Insurance Asset Management Association aims to enhance self-regulation and promote collaboration between banking and insurance asset management institutions [1]. - The event was attended by over 200 representatives from various financial institutions, highlighting the importance of this transition for the industry [1]. Group 2: Strategic Focus and Development Goals - The association is urged to align with the strategic tasks of the 14th Five-Year Plan, focusing on national strategies and enhancing wealth management frameworks [2]. - Emphasis is placed on deepening reforms and innovations to stimulate new growth drivers within the banking and insurance asset management sectors [2]. Group 3: Governance and Operational Enhancements - The association is committed to strengthening political awareness, governance structures, and self-regulation to support industry stability and growth [2]. - The fourth council meeting approved various reports and elected new leadership, including Wang Yi as the president of the fourth council [3].

来源：上海证券报·中国证券网 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称"十五五"规划建议）不 仅勾勒出下一个五年的中国经济社会发展蓝图，还向资本市场传递了清晰的政策信号，相关部署对于资 本市场的改革发展、运行特征和投资逻辑必将产生深刻影响。 一、"十五五"规划建议关于资本市场工作的部署 针对资本市场下一个五年的发展规划，"十五五"规划建议在"加快完善要素市场化配置体制机制"部分， 强调要"促进各类要素资源高效配置，建立健全城乡统一的建设用地市场、功能完善的资本市场、流动 顺畅的劳动力市场、转化高效的技术市场"；在"提升宏观经济治理效能"部分，围绕"加快建设金融强 国"提出了"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。积极发展股 权、债券等直接融资，稳步发展期货、衍生品和资产证券化"。 如与"十四五"规划建议关于资本市场发展提出的"全面实行股票发行注册制，建立常态化退市机制，提 高直接融资比重"这一部署相比较，"十五五"规划建议更加突出了宏观层面的资本市场功能作用发挥， 尤其是将其纳入金融强国建设这一国家战略中进行部署，充分体现了接续推进中央金融工作会议关 ...

李云泽强调，银行保险资管机构要深入贯彻落实党的二十届四中全会精神，践行金融工作的政治性、人 民性，紧扣"十五五"时期的战略任务和重大举措，抓紧布局、科学谋划，深入做好金融"五篇大文章"。 要坚持人民至上，着力构建财富管理新格局，深化改革创新，不断激发行业发展"新动能"。要筑牢安全 防线，切实构筑稳健发展的"防火墙"，以行业高质量发展助力金融强国建设，为服务中国式现代化贡献 更大力量。 李云泽要求，协会要切实增强政治意识、大局意识、责任意识，持续加强规范管理，进一步发挥服务会 员、辅助监管作用。要全面加强党的建设，优化治理结构，强化自律管理，维护市场信誉，助力行业发 展行稳致远。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）在11月26日的中国银行保险资产管理业协会更名暨第四届会员代 表大会上，金融监管总局局长李云泽表示，中国保险资产管理业协会更名为中国银行保险资产管理业协 会，将银行理财公司纳入自律管理和服务范围，是健全理财行业自律管理体系的重大举措，也是促进两 类资管机构协同发展的重要支撑，标志着我国银行保险资管行业自律管理进入了新阶段。 ...

赵宇龙强调，协会要深入学习贯彻习近平总书记关于金融工作的重要论述，深入贯彻落实党的二十 届四中全会精神，坚持金融工作的政治性、人民性，按照金融监管总局党委的总体部署，引领保险业做 好金融"五篇大文章"，更好服务中国式现代化大局。要努力建设服务行业好、辅助监管好、贡献社会好 的"三好协会"，补短板强弱项，全面履行协会职能，坚持一流标准，打造协会建设新高地。要聚焦"重 塑行业规矩、重塑行业形象，发出行业声音、发出中国声音"四项任务，强化问题导向，围绕重点领域 和薄弱环节持续发力，开创协会工作新局面。要做好政治建设、专委会建设、机制建设、自身建设等四 项建设，知责担责、尽责负责，深入实施"四新工程"，全面提升协会引领力、组织力、服务力、战斗 力，团结行业奋力谱写金融强国建设的保险篇章。 责任编辑：杨喜亭 11月25日，中国保险行业协会（以下简称"协会"）召开第六届理事会第三次会议。赵宇龙当选协会 会长。 赵宇龙表示，当前，全国上下深入学习贯彻党的二十届四中全会精神，精心谋划"十五五"时期重点 工作，保险业迎来转型发展、高质量发展的历史性机遇。协会将进一步提高政治站位，强化责任担当， 奋发有为，锐意进取，全面展现协会 ...

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities marks the beginning of a significant consolidation within the brokerage industry, aiming to create a new "carrier-level" brokerage with total assets exceeding 1 trillion yuan [1][4]. Group 1: Background and Strategic Context - The restructuring aligns with the directives from the Central Financial Work Conference and the new "National Nine Articles," which emphasize the cultivation of top-tier investment banks and institutions [2]. - The restructuring is seen as a strategic arrangement to enhance core competitiveness through mergers and acquisitions, with a goal of establishing 2-3 internationally competitive investment banks by 2035 [2]. Group 2: Company Performance and Characteristics - CICC reported a revenue of 20.76 billion yuan for the first three quarters of 2025, a year-on-year increase of approximately 54%, with a net profit of 6.57 billion yuan, up 130% [3]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [3]. - Cinda Securities generated total revenue of 3.02 billion yuan, with a net profit of 1.35 billion yuan, marking a 28% year-on-year growth [3]. Group 3: Industry Position and Future Prospects - Post-restructuring, the new entity will rank as the fourth largest listed brokerage in A-shares by total assets, following CITIC Securities, Guotai Junan, and Huatai Securities [4]. - The combined strengths of CICC in investment banking and cross-border business, along with Dongxing and Cinda's expertise in retail brokerage and asset management, are expected to enhance the new company's competitive position [4]. Group 4: Resource Reallocation and Market Impact - The restructuring is part of a broader initiative to optimize the structure of financial institutions in China, facilitating better resource allocation and enhancing the overall efficiency of capital markets [5][6]. - The integration aims to improve risk management capabilities and create a more robust financial platform that can handle systemic risks effectively [6]. Group 5: Expectations and Strategic Goals - The restructuring is anticipated to provide better support for national strategies and the real economy, particularly in areas like manufacturing upgrades and technological innovation [7]. - It aims to enhance the functionality and pricing efficiency of capital markets, thereby increasing the proportion of direct financing [7]. - The new CICC is expected to position itself as a significant player in the global investment banking arena, enhancing China's representation in international financial markets [7][8].

11月21日，由江西财经大学、江西财经大学九银票据研究院主办，九江银行、中国商票研究中心承办的"十五五"中国票据市场发展研讨会在南昌顺利举办。 参与此次会议的嘉宾有江西财经大学党委常委、副校长阙善栋，九江银行党委委员、副行长杜中文，江西财经大学金融学院副院长（牵头主持行政工作）、 九银票据研究院院长王红建，江西财经大学九银票据研究院执行院长肖小和，上海票据交易所法律合规部周伟峰，人民银行江西省分行金融市场管理处处长 徐峻，中国银行业协会票据专业委员会主任于飞，以及来自江西财经大学师生代表，商业银行、证券公司、科技公司、企业代表。会议由王红建主持。 江西财经大学党委常委、副校长阙善栋致辞。他表示，票据市场从"十四五"迈向"十五五"，在优化融资结构、传导货币政策和防范金融风险等方面作用日益 突出。当前，数字经济与实体经济深度融合，绿色发展理念全面贯穿，金融强国建设迈入关键阶段，票据市场正面临着前所未有的发展机遇与挑战。如何推 动票据更好服务中小微企业融资，以数字化转型提升效率，构建更完善的风险防控体系是"十五五"时期必须共同作答的时代课题。江西财经大学秉承"信敏 廉毅"校训，六十余年来深耕金融人才培养与学术研究。 ...