间接融资存量占比虽仍高于直接融资存量占比，但已有所下降。截至2025年11月末，社融口径间接融资 存量约287.5万亿元，占比65.3%；直接融资存量约140.5万亿元，占比31.9%，较2019年11月上升了4.7个 百分点。 对于背后的原因，连平解释称，居民信贷需求下降、企业信贷需求增长不足、直接融资需求增长、企业 债券发行提速等共同推动了这一转折。 财政扩张持续为直接融资提供稳定需求来源。他表示，更加积极的财政政策发力效果明显，政府债券发 行加快，成为支撑社融增长的主力军。2025年赤字率安排4.0%，财政扩张力度较大，着力扩大内需， 2025年1-11月政府债券净增13.2万亿元，较好带动社融增长。 1月10日，中国首席经济学家论坛理事长、广开首席产业研究院院长连平在2026年中国首席经济学家论 坛年会上表示，中国金融结构正发生历史性转折，间接融资增量占比下降，直接融资增量占比上升。 直接融资是资金最初供给者和最终需求者直接进行交易的一种融资方式，间接融资是资金最初供给者和 最终需求者通过金融中介进行交易的一种融资方式。 他发现，长期由银行信贷主导的间接融资格局正在被直接融资持续改写，已从政策目标转化 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 资产管理与并购重组成为资本市场发展的关键抓手。理财市场规模预计 2025 年突破 32 万亿元，投资者 对权益类、混合类理财产品的需求上升；并购重组则成为存量经济时代的重要调整手段，"并购六条" 的出台放宽了并购标的条件、简化了审核流程，为企业跨界并购、技术获取和上市路径拓宽提供了支 持，助力资本市场释放更大活力。 责任编辑：刘万里 SF014 李扬指出，当前中国金融结构正发生积极变化，社会融资结构调整、利率持续下行成为显著特征，这也 为资本市场发展带来了全新机遇。 今年前十个月，社会融资结构的变化尤为突出。数据显示，人民币存款余额 325.55 万亿元，贷款余额 270.61 万亿元，存款较贷款多增 8.35 万亿元，其中住户存款多增 10.65 万亿元，资金 "脱媒" 现象已持 续 3 年。货币供给层面，M2 持续增长且 M1 增速更快，货币流动性改善；金融部门杠杆率方面，2025 年初资产方与负债方杠杆率差距缩小，资金呈现从银行系统外流的趋势，为资本市场发展营造了良好环 境。 利率 ...

Group 1 - The core viewpoint of the articles is that China's venture capital market is at a turning point, transitioning into a new era characterized by structural transformation and policy-driven opportunities [1][20][25] - The WAVES 2025 conference gathered top investors, entrepreneurs, and scholars to discuss topics such as AI innovation, globalization, and value reassessment, aiming to explore the future of China's venture capital [1][20] - Early-stage investment in China has faced significant challenges, with some sectors experiencing a cold market despite high-level policy support, indicating a dichotomy in the investment landscape [3][10] Group 2 - China's economic structure is undergoing a significant shift from reliance on bank loans to a model that supports venture capital and early-stage investments, reflecting changes in the underlying financial support systems [5][10][25] - High-tech and high-value-added industries have maintained rapid growth even during economic slowdowns, indicating a robust potential for future investments in these sectors [6][10] - The establishment of Asset Investment Companies (AICs) by major banks marks a significant shift towards direct financing and support for equity investments, which could reshape the financial landscape in China [23][24] Group 3 - The introduction of personal pension systems in China is expected to create a long-term investment pool, similar to the impact of the 401K plan in the U.S., which could significantly influence the capital market [16][17] - The current trend in China's public funds shows a rapid growth in index funds, driven by low-interest rates and increased dividend payouts, reflecting a shift in investor behavior [19] - The ongoing reforms in China's capital market, including the ability for loss-making companies to go public, indicate a changing valuation logic that aligns more closely with growth-oriented investments [17][20]