3."财经周末老师"等账号利用AI编造资本市场虚假信息。 百度百家号"财经周末 老师""小宋老师说财经""财经岑老师""龙哥霸气的老巢"等利用AI技术批量生成资本市 场虚假不实信息，恶意攻击市场监管政策，采用"标题党""小作文"等方式煽动负面情 绪，干扰投资者决策。涉及的账号已被依法依约关闭。 4."爱在深秋-郑老师"等账号炒作股市走势，随意预测涨跌，博取流量。 抖音账 号"爱在深秋-郑老师"长期、频繁地通过煽动性或暗示性话语随意预测股市涨跌，博取 流量。抖音账号"老实人老王""晴天（超短裙战法）"等为博眼球、吸流量，长期恶意 蹭炒股市波动等热点话题，挑动网民情绪。涉及的账号已被依法依约关闭。 5."热点牛股王"等账号非法推荐股票，谋取利益。 微信公众号"热点牛股王"、快 手账号"五年万倍收益"等非法荐股，通过晒群聊信息、收益截图等方式，暗示能够预 测个股走势，渲染购买某股票稳赚不赔，煽动投资者跟风买入。涉及的账号已被依法 依约关闭。 资本市场具有很强的信息敏感性，编造、传播资本市场虚假信息以及其他违法违 规言论，扰乱信息传播秩序，影响市场稳定运行，将受到法律惩处。网信部门和证券 监管部门提醒广大网民，树立正 ...

Core Viewpoint - The establishment of the Academic Committee of the China Capital Market Society marks a significant advancement in the theoretical research and intellectual support for the high-quality development of China's capital market, with 29 authoritative experts forming a "super think tank" [1][2][3]. Group 1: Establishment and Structure - The Academic Committee consists of 29 experts from various fields related to capital market research, with a clear mission to enhance academic research, promote exchanges, and encourage innovation [2][4]. - The committee is led by Li Yang, a prominent figure in financial theory and policy research, with a diverse membership that includes scholars from top universities and experts from government and international financial institutions [4][5]. Group 2: Objectives and Functions - The committee aims to serve as a think tank for theoretical research and a consulting body for policy-making, focusing on issues such as market inclusivity, pricing efficiency, and the application of financial technology [2][3][6]. - The establishment of the committee is seen as a crucial step in forming a systematic and professional theoretical framework for the capital market, transitioning from fragmented research to a more cohesive approach [1][6]. Group 3: Expert Insights and Recommendations - During the meeting, experts emphasized the importance of enhancing the inclusivity and adaptability of listing and trading systems to attract high-quality enterprises, particularly in emerging sectors [7][8]. - Recommendations included increasing the supply of patient, long-term, and strategic capital, as well as improving governance and regulation in the application of artificial intelligence in the capital market [7][8]. Group 4: Future Developments - The China Capital Market Society plans to launch an official academic journal, "Capital Market Research," which will serve as a top-tier publication in the field, facilitating connections between academia, regulatory bodies, and practitioners [9]. - The ongoing development of the think tank and the establishment of the Academic Committee signify a new phase in the systematic, professional, and international advancement of capital market theory in China [9].

Group 1 - The core mission of the capital market has been to serve national strategies and the real economy since its inception, marking a significant journey of 35 years from its establishment [1] - The Chinese capital market has evolved into the second-largest stock and bond market globally, transitioning from supporting state-owned enterprise reforms to empowering rural revitalization, green development, and technological innovation [1][2] - The capital market's support for the real economy extends beyond financing, deeply integrating into various stages of the industrial chain, forming a closed loop of "industry demand—market innovation—system empowerment" [2] Group 2 - The capital market has closely followed national strategies and responded to the evolving demands of different eras, guiding resources towards key sectors and supporting various stages of enterprise development [2] - A multi-tiered market system has been established, including the Main Board, ChiNext, Sci-Tech Innovation Board, Beijing Stock Exchange, New Third Board, and regional equity markets, enhancing the functionality and complementarity of the market [2] - The capital market has significantly strengthened the foundation of the real economy, with R&D investment reaching 1.16 trillion yuan, and the market capitalization of the electronics industry surpassing that of the banking sector, accounting for 12.42% [3]

命 m 49 02 "老八股" A股超过 5000家 上市公司 深市 "老五股" A股上市公司数量、市值规模、 投资者参与人数实现惊人增长。 Wind数据显示 > 截至2025年12月14日 A股已有5465家上市公司 深交所 北交所 上交所 2297家 2882家 286家 A股总市值合计约106.37万亿元。 目前,A股投资者总数已突破2.4亿。 我国资本 市场仅用30多 年的时间就 / 跨过了全球 资本市场的 百年历程。 三十五载砥砺前行。从最初的拓荒探索，到如今成为全球第二大股票和债券市场，我国资本市场体 系、结构与制度机制持续完善，市场规模与质量同步跃升，市场韧性显著增强，服务高质量发展的基础 不断巩固。 展望未来，"十五五"规划建议和中央经济工作会议为资本市场赋予了更为深刻的历史使命和时代责 任。高质量发展是全面建设社会主义现代化国家的首要任务，大力发展资本市场正是适应这一任务的必 然选择。 资本市场并非简单的融资场所，而是资源配置、风险管理、政策传导等的关键枢纽，更是推动科 技、产业与金融高水平循环的大动脉。在宏观层面，资本市场通过扩大股权融资、丰富风险管理工具， 能有效缓释高杠杆风险，提升经济 ...

Core Viewpoint - The establishment of the Academic Committee by the China Capital Market Society is a significant step to enhance theoretical research and leverage its think tank role, aiming to support high-quality development of the capital market and participate in global financial governance [3]. Group 1: Importance of Theoretical Research - Strengthening theoretical research in the capital market is essential for understanding the development laws of the capital market and aligning with Xi Jinping's important discourse on financial work [3]. - The focus will be on creating a theoretical framework that adheres to market principles while being tailored to China's realities, addressing key issues such as market inclusivity, pricing efficiency, financial technology, and legal construction [3]. Group 2: "14th Five-Year" and "15th Five-Year" Planning - The "14th Five-Year" period has seen a stable and healthy development of the capital market, and the "15th Five-Year" period is viewed as crucial for enhancing quality and efficiency [4]. - Experts provided forward-looking suggestions for the "15th Five-Year" planning, including improving the inclusivity and adaptability of listing and trading systems, expanding patient and strategic capital supply, and enhancing the governance and regulation of artificial intelligence in the capital market [4]. Group 3: Regulatory Focus and Implementation - The China Securities Regulatory Commission (CSRC) will implement the "15th Five-Year" planning while focusing on risk prevention, strengthening regulation, and promoting high-quality development [4]. - Continuous deepening of comprehensive reforms in capital market financing and gradually expanding high-level institutional openness are key priorities for better serving economic development and modernization [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to advancing the "14th Five-Year Plan" for the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [1][3]. Group 1: Establishment of Academic Committee - The establishment of the Academic Committee is a significant step for the China Capital Market Society to enhance theoretical research and serve as a think tank platform [2]. - Strengthening theoretical research in the capital market is essential for understanding the development laws of the capital market and promoting high-quality development [2]. - The committee aims to create a robust theoretical framework that aligns with market principles and China's realities, focusing on issues like market inclusivity, pricing efficiency, and legal construction [2]. Group 2: Expert Opinions and Suggestions - Experts believe that the "14th Five-Year Plan" period has established a stable development trend for the capital market, and the "15th Five-Year Plan" will be crucial for enhancing quality and functionality [3]. - Suggestions for the "15th Five-Year Plan" include improving the inclusivity and adaptability of listing and trading systems to attract high-quality enterprises from emerging sectors [3]. - There is a call to expand patient, long-term, and strategic capital supply, actively engage in mergers and acquisitions, and strengthen investor protection and education [3].

会上，大家围绕如何做好资本市场"十五五"规划提出了前瞻性、建设性的意见建议，主要包括：进一步 提高发行上市交易制度的包容性、适应性，吸引更多新质生产力领域优质企业上市；扩大耐心资本、长 期资本和战略资本供给；持续活跃并购重组市场，严格常态化退市；推动完善人工智能在资本市场应用 的治理和监管；从严打击财务造假，加强投资者保护和教育等。 吴清表示，证监会将深入学习贯彻党的二十届四中全会和中央经济工作会议精神，扎实推进资本市 场"十五五"规划编制和实施，紧扣防风险、强监管、促高质量发展的工作主线，持续深化资本市场投融 资综合改革，稳步扩大制度型高水平对外开放，持续提高资本市场制度包容性吸引力，更好服务经济高 质量发展和中国式现代化大局。 （上接1版） 会议还听取了部分专家学者关于资本市场"十五五"规划编制和2026年资本市场工作的意见建议。座谈 中，大家一致认为，"十四五"时期资本市场健康稳定发展的态势持续形成并不断巩固，"十五五"时期是 资本市场提质增效、健全功能的关键阶段。 ...

吴清强调，学会要深入践行理论研究的初心和使命，团结和凝聚各方面资本市场研究力量和专家队伍， 构建开放协同的研究生态，加强成果转化应用，持续提升理论引领价值。 会议还座谈听取了部分专家学者关于资本市场"十五五"规划编制和2026年资本市场工作的意见建议。座 谈中，大家一致认为，"十四五"时期资本市场健康稳定发展的态势持续形成并不断巩固，"十五五"时期 是资本市场提质增效、健全功能的关键阶段。会上，大家围绕如何做好资本市场"十五五"规划提出了前 瞻性、建设性的意见建议，主要包括进一步提高发行上市交易制度的包容性、适应性，吸引更多新质生 产力领域优质企业上市；扩大耐心资本、长期资本和战略资本供给；持续活跃并购重组市场，严格常态 化退市；推动完善人工智能在资本市场应用的治理和监管；从严打击财务造假，加强投资者保护和教育 等等。 吴清表示，证监会将深入学习贯彻党的二十届四中全会和中央经济工作会议精神，扎实推进资本市 场"十五五"规划编制和实施，紧扣防风险、强监管、促高质量发展的工作主线，持续深化资本市场投融 资综合改革，稳步扩大制度型高水平对外开放，持续提高资本市场制度包容性吸引力，更好服务经济高 质量发展和中国式现代 ...

吴清表示，证监会将深入学习贯彻党的二十届四中全会和中央经济工作会议精神，扎实推进资本市场"十五五"规划编制和 实施，紧扣防风险、强监管、促高质量发展的工作主线，持续深化资本市场投融资综合改革，稳步扩大制度型高水平对外 开放，持续提高资本市场制度包容性吸引力，更好服务经济高质量发展和中国式现代化大局。 12月18日，中国证监会主席、中国资本市场学会会长吴清出席中国资本市场学会学术委员会成立会议暨第一届第一次全体 委员会议，并主持召开资本市场"十五五"规划专家座谈会。 成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。 会上，大家围绕如何做好资本市场"十五五"规划提出了前瞻性、建设性的意见建议，主要包括进一步提高发行上市交易制 度的包容性、适应性，吸引更多新质生产力领域优质企业上市；扩大耐心资本、长期资本和战略资本供给；持续活跃并购 重组市场，严格常态化退市；推动完善人工智能在资本市场应用的治理和监管；从严打击财务造假，加强投资者保护和教 育等。 吴清强调，学会要深入践行理论研究的初心和使命，团结和凝聚各方面资本市场研究力量和专家队伍，构建开放协同的研 究生态，加强成果转化应用，持续提 ...

Core Viewpoint - The establishment of the Academic Committee by the China Capital Market Society is a significant step to enhance theoretical research and support the high-quality development of the capital market, aligning with the principles of marketization, rule of law, and internationalization [1][2]. Group 1: Establishment and Purpose of the Academic Committee - The Academic Committee aims to elevate the theoretical research level and serve as a think tank platform for the capital market [1]. - Strengthening theoretical research is essential for understanding the development laws of the capital market and promoting its high-quality growth [1][3]. Group 2: Key Discussions and Suggestions - Experts emphasized the importance of the "14th Five-Year" period in establishing a stable capital market, while the "15th Five-Year" period is seen as crucial for enhancing quality and functionality [2]. - Suggestions for the "15th Five-Year" plan include improving the inclusiveness and adaptability of listing and trading systems, attracting high-quality enterprises from new productive sectors, and enhancing the governance and regulation of AI applications in the capital market [2]. Group 3: Regulatory Focus and Future Directions - The China Securities Regulatory Commission (CSRC) will focus on risk prevention, strong regulation, and promoting high-quality development in the capital market [3]. - The CSRC aims to deepen comprehensive reforms in investment and financing, expand high-level institutional openness, and improve the market's attractiveness and inclusiveness [3].