专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 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！ 11月28日，2025分析师大会举行，中国社会科学院学部委员、国家金融与发展实验室理事长、中国资本 市场学会学术委员会主任李扬主旨演讲《中国金融结构正在发生积极变化》。 李扬表示，大力发展资本市场是"十五五"金融改革的重点之一。当前，中国经济已经基本结束了过去40 余年不断扩大增量的发展路径，进入了存量调整为主的时代。并购是存量调整的主要载体和手段。 并购作为一种重要的企业战略行为，已成为上市公司实现快速成长和转型升级的核心动力。2024年9月 24日，中国证监会发布《关于深化上市公司并购重组市场改革的意见》（简称"并购六条"），明确提出 鼓励上市公司通过并购重组实现转型升级。 这一政策的出台，为上市公司并购提供了更加宽松的政策环境，也为新一轮经济周期的启动注入了强大 动力。 附演讲PPT： C MILD 国 标题 1. 社会融资结构的变化 NIFO 日 22463 1.2 融资结构变化在货币供给结构上的映射 货币供给M2持续增长, MI 相对增长更快，表明 ...

发力科技强国建设 今年以来，广东、贵州等多地出台措施，以推动资本市场高质量发展，助力当地经济发展。在市场人士看来，地方政府发 力支持资本市场改革，不仅有助于资本市场高质量发展，还可以促进地方科技创新和产业创新深度融合，为区域经济高质量发 展注入活力。 今年1月份，广东省人民政府印发《关于高质量发展资本市场助力广东现代化建设的若干措施》（以下简称《现代化建设 若干措施》），从构建科技金融体系、提高上市公司质量、优化金融资源配置、健全资本市场体系、加强监管协同联动、防范 化解资本市场风险、发挥组织保障优势等七方面提出了28条举措；贵州省人民政府发布《贵州省推动资本市场高质量发展实施 方案》（以下简称《实施方案》），充分发挥资本市场功能作用，做大做强资本市场贵州板块，助力现代化产业体系建设，促 进新质生产力发展。 从地方发布的举措来看，覆盖支持科技企业上市、提高上市公司质量、大力发展私募股权和创投基金、全面加强监管和防 范化解风险等。郑登津表示，从普惠式到精准化，此次各地举措紧扣自身产业优势，凸显地域特色。从单一环节到全链条，覆 盖资本运作全流程，形成了"培育、成长、提质、风控"的全链条体系。 本报记者 吴晓璐 近 ...

Core Viewpoint - The Chongqing Municipal Government has released the "Action Plan for Comprehensive Reform Pilot of Factor Marketization Allocation," aiming to establish Chongqing as a comprehensive hub for factor allocation by 2027, enhancing market efficiency and institutional frameworks [1]. Group 1: Reform Objectives - By 2027, Chongqing aims to build a digital platform for factor allocation, improve market systems, and enhance pricing mechanisms to significantly boost allocation efficiency and stimulate business vitality [1]. - The pilot reform is part of a broader initiative approved by the State Council, involving ten cities, including Chongqing, to explore marketization of traditional and new factors such as data and computing power [1]. Group 2: Key Measures - The action plan includes 30 measures across seven areas, such as promoting the conversion of technological factors into productive forces and enhancing the market efficiency of land resources [2]. - Specific reforms include allowing idle rural housing to be utilized through rental or partnership, and facilitating the entry of collective construction land into the market on equal terms with state-owned land [2]. Group 3: Human Resources and Data Flow - The plan aims to improve the flow of human resources by increasing financial support for areas with high agricultural migrant populations and establishing a mechanism linking urban land use with population urbanization [3]. - It also seeks to establish rules for data flow, promoting the orderly opening of high-value data to the public and combating data misuse [3]. Group 4: Capital and Environmental Market - The initiative includes measures to enhance capital services for the real economy, such as promoting corporate listings and optimizing real estate investment trust (REITs) services [3]. - Additionally, it supports the expansion of the Chongqing Oil and Gas Trading Center and the establishment of a green channel for oil and gas products, including the promotion of a natural gas price index [4].

专题：2025分析师大会：资本市场"奥斯卡"启幕 李扬表示，利率下行带来多重影响，既降低了实体经济财务成本，也使商业银行净息差收窄至1.42% 的 历史低位，倒逼金融机构转型。 李扬介绍说，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。 利率下行成为我国金融运行的重要常态。自2015年起，我国利率水平开启下降通道，10年期和30年期国 债收益率持续走低。2025年11月24日数据显示，中债国债10年期收益率为 1.8210%，30年期为 2.1586%；9 月新发放贷款加权平均利率降至 3.24%，同业拆借、质押式回购等货币市场利率也同步下 行。存款准备金率的持续下调进一步助推利率走低，而全球范围内，美国、日本、欧元区也长期处于超 低利率甚至负利率状态。究其原因 ...

利率下行成为我国金融运行的重要常态。自2015年起，我国利率水平开启下降通道，10年期和30年期国 债收益率持续走低。2025年11月24日数据显示，中债国债10年期收益率为 1.8210%，30年期为 2.1586%；9 月新发放贷款加权平均利率降至 3.24%，同业拆借、质押式回购等货币市场利率也同步下 行。存款准备金率的持续下调进一步助推利率走低，而全球范围内，美国、日本、欧元区也长期处于超 低利率甚至负利率状态。究其原因，全球潜在增长率下降、实体经济金融化以及货币政策范式变化等因 素共同推动了利率下行趋势。 利率下行带来多重影响，既降低了实体经济财务成本，也使商业银行净息差收窄至1.42% 的历史低位， 倒逼金融机构转型。在此背景下，资本市场发展被提上重要日程。我国金融结构长期存在资本市场不发 达、直接融资占比低的问题，"钱多本少" 成为突出痛点，而发展资本市场也成为 "十五五" 金融改革的 重点。 中国社会科学院学部委员、国家金融与发展实验室理事长、第一创业债券研究院副理事长李扬出席本次 大会并发表演讲。 李扬表示，利率下行成为我国金融运行的重要常态。究其原因，全球潜在增长率下降、实体经济金融化 以 ...

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 ...

Core Viewpoint - Shaanxi Province has introduced sixteen measures to deepen capital market reforms to support high-quality development in the region [1] Group 1: Financing and Capital Market Utilization - Encouragement for listed companies to utilize diverse financing tools in the capital market, including rights issues, bond issuance, and securitization products for refinancing [1] - Support for listed companies to effectively conduct mergers and acquisitions, establishing a project matching mechanism for M&A [1] Group 2: Investment and Fund Establishment - Efforts to establish a social security science and technology innovation fund in Shaanxi and actively seek national venture capital guidance funds to operate in the province [1] - Introduction and cultivation of patient capital from banking institutions, promoting the expansion of equity investment pilot programs for financial asset investment companies (AIC) across the province [1] - Establishment of a mechanism for insurance capital to enter Shaanxi, supporting insurance funds in setting up private equity venture capital funds [1] - Creation of a monitoring and statistical system for patient capital [1]

Banking Industry - As of September 2025, the balance of deposits in Sichuan Province reached 14.55 trillion yuan, with an average annual growth rate of approximately 9.6% since the "14th Five-Year Plan" [1] - The balance of loans reached 12.8 trillion yuan, with an average annual growth rate of about 12.5% during the same period [1] - The loan-to-deposit ratio of financial institutions in the province is 88%, an increase of 17 percentage points compared to the end of the "13th Five-Year Plan" [1][4] - The number of A-share listed companies in the province has increased to 179, ranking 8th nationally, with a total market value exceeding 3 trillion yuan [2][4] Insurance Industry - Since the "14th Five-Year Plan," the insurance sector has provided risk protection that has grown nearly fourfold, with total compensation reaching 473.5 billion yuan [1][9] - Agricultural insurance and disaster insurance have provided risk protection of 1.22 trillion yuan and 422.1 billion yuan, respectively [1][8] - The scale of insurance funds entering Sichuan has surpassed 880 billion yuan, with an average annual growth rate of 17.2% over the past five years [1][4] Capital Market - The province has 8 securities and futures fund companies and 540 branch institutions, with 44 securities service institutions [1] - Since the "14th Five-Year Plan," 46 new A-share listed companies have been added, raising over 36 billion yuan in initial public offerings [1][4] - Various market entities have achieved direct financing exceeding 2.1 trillion yuan through the capital market [2][4] Financial Support for Economic Development - The financial sector has maintained a healthy and rapid development momentum, with the total balance of deposits and loans growing by 59% and 80.3%, respectively, since the end of the "13th Five-Year Plan" [3][4] - Loans to infrastructure have seen an average annual growth rate of 17%, providing strong support for major long-term projects [6][7] - The balance of loans in the technology sector has reached 1.3 trillion yuan, with a growth rate of 27.3% for loans to technology-based SMEs [7][8] Future Outlook - The financial industry in Sichuan is set to continue its development by focusing on supporting the real economy, enhancing service quality, and strengthening regulatory measures [15][17] - The province aims to deepen financial reforms and promote high-quality financial development to contribute to the overall modernization of Sichuan [13][16]

Core Viewpoint - Nasdaq Inc. stock is currently priced at $89.13, reflecting a slight decrease of 0.01% in the current session, but has seen an increase of 5.63% over the past month and 8.72% over the past year, raising questions about its valuation despite current performance issues [1] Group 1: Stock Performance - Nasdaq's stock price is $89.13 with a 0.01% decrease in the current session [1] - The stock has increased by 5.63% over the past month [1] - Over the past year, the stock has risen by 8.72% [1] Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate market performance against historical earnings and industry standards [5] - Nasdaq has a P/E ratio of 31.84, which is higher than the Capital Markets industry's aggregate P/E ratio of 24.4 [6] - A higher P/E ratio may suggest that Nasdaq is expected to perform better than its industry, but it could also indicate that the stock is overvalued [6] Group 3: Investment Considerations - The P/E ratio should be used cautiously as it can indicate undervaluation or weak growth prospects [9][10] - It is essential to consider the P/E ratio alongside other financial metrics, industry trends, and qualitative factors for a comprehensive analysis [10]

Group 1 - The "15th Five-Year Plan" outlines a blueprint for China's economic and social development, emphasizing the importance of capital markets in achieving these goals [1][2] - The plan highlights the need for a well-functioning capital market that supports direct financing through stocks and bonds, as well as the development of futures, derivatives, and asset securitization [1][2] - The capital market is expected to play a crucial role in serving the real economy and providing quality financial services to key strategic areas and weak links [3] Group 2 - The overall goal for the capital market in the next five years is to establish a high-quality development framework, improve investor protection mechanisms, and enhance the quality and structure of listed companies [4] - Key reform areas include enhancing the capital market's inclusiveness and adaptability, focusing on serving the real economy, and promoting the development of a multi-tiered bond market [4][5] - The plan aims to create a more attractive environment for long-term capital investment and improve the structure of market funding sources [5][6] Group 3 - The capital market is expected to undergo significant changes, leading to a new balance in investment and financing, with a focus on new economic sectors [7] - By mid-2025, the proportion of strategic emerging industry companies in the A-share market is projected to reach 32.78%, with over 90% of IPOs coming from these sectors [7] - The market is anticipated to see an increase in institutional and long-term capital, with a reported 21.4 trillion yuan in long-term funds held by A-shares as of August 2025, marking a 32% increase from the end of the 13th Five-Year Plan [8] Group 4 - The diversification of financial tools and services is expected to meet the varying needs of different investment and financing entities, with an emphasis on inclusive products for individual investors [9] - The capital market is set to benefit from the comprehensive reform of investment and financing mechanisms, which is anticipated to enhance market activity and investor engagement [12] - The ongoing AI technology wave and global monetary system reshaping are expected to contribute to the revaluation of Chinese assets, providing a solid foundation for future capital market growth [13]