Core Insights - The "14th Five-Year Plan" period has seen significant achievements in China's financial sector, with total banking assets reaching nearly 470 trillion yuan, ranking first globally, and stock and bond market sizes ranking second globally [2][3] Financial Sector Achievements - As of June, China's banking and insurance sector assets exceeded 500 trillion yuan, with an average annual growth of 9% over the past five years [3] - The financial system has become more robust, with 143 Chinese banks listed among the global top 1000, and 6 out of the top 10 banks being Chinese [3] - The financial governance system has been modernized, enhancing the quality, efficiency, and inclusiveness of financial services [2][3] Capital Market Developments - The capital market has seen steady growth in both quantity and quality, with a well-structured regulatory framework established [4] - The A-share market's total market value surpassed 100 trillion yuan for the first time in August [4] - The introduction of various innovative financial products has enriched the bond market [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions, issuing 2,214 administrative penalties during the "14th Five-Year Plan" period, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [5] Foreign Exchange Reserves and Market - China's foreign exchange reserves have remained stable above 3 trillion USD, with recent figures exceeding 3.2 trillion USD [6] - The cross-border payment and settlement network has been established, enhancing the efficiency of cross-border transactions [2][6] - The foreign exchange market has expanded significantly, with a trading volume of 41 trillion USD in 2024, a 37% increase from 2020 [6] Future Directions - The focus will be on enhancing the efficiency of trade foreign exchange receipts, facilitating cross-border investment and financing, and improving banks' foreign exchange service capabilities [7] - The aim is to create a market-oriented, law-based, and internationalized foreign exchange business environment [7]

Market Overview - The A-share market has shown strong resilience this year, with significant increases in trading activity and margin financing balances, leading to a robust upward trend [1][2] - As of September 22, the Shanghai Composite Index has risen by 23.64%, the Shenzhen Component Index by 40.51%, and the ChiNext Index by 71.97% since April 8 [1] Economic and Performance Drivers - The market's strength is supported by a resilient macroeconomic environment, positive corporate earnings, attractive global valuations, and improved liquidity [2] - China's economy has demonstrated stability despite internal adjustments and external trade challenges, with manufacturing resilience being a key contributor [2] - A-share companies are expected to achieve approximately 3% growth in earnings for the year [2] Valuation and Investor Sentiment - A-share valuations remain attractive compared to global markets, with the Shanghai Composite and CSI 300 indices still at relatively low levels [2] - Continuous policy support for economic growth and improving investor sentiment are crucial for maintaining market stability and liquidity [2][4] Capital Flow and Margin Financing - The margin financing balance has reached nearly 2.4 trillion yuan, indicating a healthier market structure compared to previous years [4] - The current margin financing balance represents about 2.4% of the A-share market's circulating value, which is close to historical averages [4] - Recent trends show a more diversified allocation of margin financing towards emerging industries such as pharmaceuticals, electronics, and high-end manufacturing [5] Sector Performance and Investment Focus - The market has experienced diverse sector rotations, with growth sectors like AI, innovative pharmaceuticals, and high-end manufacturing leading the way [7] - Future investment focus should be on industries with solid fundamentals, such as telecommunications, semiconductors, and defense [8] - The financial sector, particularly insurance and brokerage firms, is expected to benefit from improved market sentiment [7][8]

重要的消息有哪些 1．国务院新闻办公室于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列主题新闻发布会。 中国人民银行行长潘功胜表示，此次新闻发布会的主题是介绍"十四五"时期金融业的发展情况，主要是从中长期的视角回顾和总结"十四五"，不涉及短期政策的调 整，关于"十五五"以及下一步金融改革的内容，将在中央统一部署后做进一步沟通。 金融监管总局局长李云泽表示，目前银行业保险业总资产超过500万亿元，五年来平均增长近9%，全球最大信贷市场和第二大保险市场地位更加稳固。 中国证监会主席吴清表示，"十四五"期间，A股市场韧性和抗风险能力明显增强，上证综指年化波动率15.9％，较"十三五"下降2.8个百分点。吴清还表示，去年 9·26中央政治局会议以来，财政、金融、产业等一揽子大力度、超预期政策扩围增效，有力地促进资本市场稳定发展，科技创新与产业创新加快融合发展，一批现 象级的科技企业和创新产品相继出圈，资本市场"1+N"政策体系加快落地见效。在各方面因素共同作用下，中国资产吸引力明显增强。 中国人民银行副行长、国家外汇局局长朱鹤新表示，"十四五"以来，我国外汇储备始终稳定在3万亿美元以上，近 ...

22日举行的"高质量完成'十四五'规划"发布会上，中国人民银行、金融监管总局、中国证监会、国家外汇局介绍"十四五"时期金 融业发展成就：金融体制改革全面深化，金融强国建设迈出坚实步伐，资本市场健康稳定发展的态势持续形成并不断巩固，外 汇领域稳步推进高水平开放……跟随海报，一起了解。 新华社权威速览 · 非凡" 防范化解金融风险攻坚 取得重要阶段性成身 重点地区"一省一策"形成改革化险方案 农信社改革蹄疾步稳,过半省份组建省级法人机 清退违法违规股东3600多个 批不法金融集团得到依法处置 为保障性住房等"三大工程" 提供资金支持超1.6万亿元 新华社权威速览 · 非凡 · " 资本市场坚持市场化法治化国际化 截至今年8月底,各类中长期资金合计持有A股流通T 约21.4万亿元,较"十三五"末增长32% 接续推出"科创十六条" "科创板八条""并购六条"等举措 严格出清"害群之马""空売僵尸" "十四五"时期共207家公司平稳退市 新增核准13家外资控股证券基金期货机构来华展业兴业 外资持有A股市值3.4万亿元,269家企业境外上市 创业贷款咨询 新华社权威速览 ·非凡· 外汇市场运行平 加大金融支持实体经济力 ...

数字化浪潮奔涌，财富管理转型正当时！时值"9 · 24行情"一周年这一重要节点，一场汇聚行业智慧、共探未来的年度盛会即将拉开帷幕。 证券时报社将于9月24日在北京举办"2025财富证券数智化年度生态年会"。本次年会以"智富偕行 共赢未来"为主题，立足行业实际，深入探讨人工智能、大数据、 云计算等新一代信息技术在证券业务中的融合应用，以及研判券商财富管理在新周期下的转型路径与生态构建，为行业高质量发展凝聚共识、探索方向。 年会设置两大平行论坛。由证券时报与南方基金联合主办的"2025中国证券业财富经纪高峰论坛"将重点探讨财富管理新生态与业务协同，作为公募基金的头部机 构，南方基金持续与行业机构推动财富管理高质量发展，共创价值，本次将为券商财富管理核心议题带来新视角。而"2025中国证券业数字化实践高峰论坛"则聚焦 科技赋能与金融创新。本次年会还得到中邮证券的大力支持，各方将共同为推动行业数智化转型与生态建设贡献力量。 本次年会嘉宾阵容强大，涵盖证券、基金、金融科技等多个领域的权威专家与领军人物。其中，国联民生证券总裁葛小波，湘财证券总裁周乐峰，东莞证券总裁杨 阳，南方基金副总经理侯利鹏，中金公司首席信息官程龙， ...

今日导读 ·工业和信息化部、国家发展改革委印发《工业园区高质量发展指引》，要求加快园区绿色设施建设， 加强屋顶光伏、分散式风电、多元储能、充电桩等新能源基础设施的开发利用。 上证精选 ·国家体育总局近日发布《关于推动运动促进健康事业高质量发展的指导意见》，旨在完善全民健身公 共服务体系，推动运动促进健康事业高质量发展，加快全民健身和全民健康深度融合，更好满足人民群 众运动促进健康需求。 ·工业和信息化部、国家发展改革委印发《工业园区高质量发展指引》，要求加快园区绿色设施建设， 加强屋顶光伏、分散式风电、多元储能、充电桩等新能源基础设施的开发利用。 ·央行9月22日公告，以固定利率、数量招标方式开展了2405亿元7天期逆回购操作，以固定数量、利率 招标、多重价位中标方式开展了3000亿元14天期逆回购操作。这是央行时隔8个月再度开展14天期逆回 购操作，也是央行调整其操作模式后的首次操作。 ·9月22日晚，DeepSeek小助手在官方社群中称，DeepSeek线上模型已升级，当前版本号DeepSeek-V3.1- Terminus。此次更新在保持模型原有能力的基础上，针对用户反馈的问题进行了改进，主要包括以下方 ...

央行操作时点提前 "本次14天期逆回购操作的启动时点略早于往年，加上前期央行已经通过买断式逆回购净投放的3000亿 元资金，有利于进一步缓解季末、长假前机构的预防性资金需求，保障跨季、跨节资金面平稳。"业内 专家称。 东方金诚首席宏观分析师王青在接受上海证券报记者采访时表示，长假临近，居民取现需求增加，这些 操作有助于抑制资金利率潜在上行势头。预计月底前，央行会继续开展14天期逆回购操作，持续向市场 注入短期流动性。同时在节后利用资金到期实施净回笼，削峰平谷，引导短端流动性持续处于稳定充裕 状态。 此外，本次14天期逆回购操作首次采用了"美式招标"。央行9月19日公告称，即日起，公开市场14天期 逆回购操作调整为固定数量、利率招标、多重价位中标，操作时间和规模将根据流动性管理需要确定。 央行称，此举旨在保持银行体系流动性充裕，更好满足不同参与机构差异化资金需求， 这一变化将进一步强化7天期逆回购操作利率的政策地位。业内专家称，14天期逆回购操作利率长期以 来是在7天期逆回购操作利率基础上加15个基点形成，此前被市场参与者认为具有一定政策属性。 央行时隔8个月重启14天期逆回购操作。央行9月22日公告：以固定数 ...

Group 1 - The core viewpoint of the article emphasizes the steady growth and qualitative improvement of China's capital market during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" [1] - The China Securities Regulatory Commission (CSRC) has implemented over 60 supporting rules following the introduction of the new "National Nine Articles," enhancing the legal framework for the capital market [2][3] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2023, indicating a robust market environment [2] Group 2 - In the past five years, the total financing through the exchange market reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% [3] - Listed companies distributed a total of 10.6 trillion yuan in dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" period [3] - The A-share market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [3] Group 3 - The regulatory environment has become more stringent, with 2,214 administrative penalties issued for financial fraud and market manipulation, resulting in fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [4] - The CSRC has made significant breakthroughs in investment-side reforms, with various long-term funds holding approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [5][6] Group 4 - The CSRC aims to enhance the adaptability of the multi-level market system, support innovation, and improve the quality and investment value of listed companies [7] - The focus will be on increasing the precision and effectiveness of regulation, ensuring a balance between market vitality and regulatory oversight [7]

我国银行业总资产位居世界第一（权威发布·高质量完成"十四五"规划） 绿色金融、普惠金融、数字金融等方面走在世界前列 制图：蔡华伟 9月22日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金 融业发展成就。中国人民银行行长潘功胜表示，"十四五"时期，我国金融治理体系和治理能力现代化迈 上新台阶，种类齐全、竞争充分的金融机构、市场、产品体系更加健全，金融服务的质量、效率、普惠 性大幅提升，重点领域金融风险有序化解，守住了不发生系统性金融风险的底线，金融对外开放步伐加 快，我国金融业的国际竞争力和影响力显著增强。 银行业保险业为实体经济提供新增资金170万亿元 为实体经济服务是金融的天职。"十四五"时期，我国坚持支持性的货币政策立场，中国特色现代货 币政策框架初步形成，实施和传导更为有效。金融部门做好金融"五篇大文章"，在绿色金融、普惠金 融、数字金融等方面走在世界前列，支持国家重大战略、经济社会发展的重点领域和薄弱环节。 境外机构和个人持有境内股票、债券、存贷款超过10万亿元 "十四五"时期，我国科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速超20%。截至今年6 月末，银 ...

截至今年6月末，中国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第 二；外汇储备规模连续20年位居世界第一……9月22日，在国新办举行的"高质量完成'十四五'规划"系 列主题新闻发布会上，中国人民银行、国家金融监管总局、中国证监会等部门负责人介绍了"十四五"时 期金融业发展成就。 有效稳定预期提振信心 五年来，金融业取得了怎样的发展成绩？ "金融服务实体经济质效大幅提升。"中国人民银行行长潘功胜说，"十四五"时期，科技型中小企业 贷款、普惠小微、绿色贷款年均增速超过20%。特别是2024年9月以来，人民银行出台了一系列货币金 融政策举措，有效稳定市场预期、提振信心，推动经济持续回升向好和高质量发展。 国家金融监管总局局长李云泽介绍，目前，中国银行业保险业总资产超过500万亿元，全球最大信 贷和第二大保险市场地位更加稳固。五年来，银行业保险业通过信贷、债券、股权等多种方式，为实体 经济提供新增资金170万亿元。保险业累计赔付9万亿元，较"十三五"时期增长61.7%。 中国证监会主席吴清说，面对不确定、不稳定因素明显增多的复杂严峻形势，党中央、国务院对资 本市场作出一系列重大决策部署。"十 ...