"十五五"一篇大谋划，方方面面细做文章，而金融是国民经济血脉，关系中国式现代化建设全局，"十 五五"金融新图景如何，自然牵动着市场关注。 党的二十届四中全会审议通过的"十五五"规划建议，就加快建设金融强国作出部署。中央金融办分管日 常工作的副主任王江，近日以访谈形式做出阐释，揭示了金融强国的深刻内涵与实践路径。而近段时间 以来资本市场的蓬勃生机，进一步对金融高质量发展做出积极响应，自去年"924"行情以来科技股的亮 眼表现，以及上证指数重回4000点，站上十年新高，正是金融强国建设进程中最为生动的注脚。 在政策持续发力、市场信心不断修复的背景下，A股重新站上4000点关口，这一结果，不仅体现了资本 市场韧性的增强，也反映了投资者对中国经济高质量发展前景的看好。资本市场作为金融体系的重要组 成，稳健运行和活力迸发，正是金融强国建设成效的重要体现。 因此，如何以一个强大资本市场支撑未来金融强国的建设，就是一个需要全盘思考的问题。 "十五五"的金融新图景，必然是迈向金融强国。我们应该如何看待这一必然性的发展路径呢？ 首先，必须深刻把握金融强国的时代内涵。 加快建设金融强国，是全面建成社会主义现代化强国的必然要求。纵 ...

Group 1 - The core viewpoint emphasizes the importance of deepening the institutional opening of China's capital market to enhance its vitality and efficiency, laying a solid foundation for long-term stable development [1] - The China Securities Regulatory Commission (CSRC) has approved 13 foreign-controlled securities and fund institutions to operate in China during the 14th Five-Year Plan period, with over 900 Qualified Foreign Institutional Investors (QFIIs) now participating, and foreign ownership in A-shares reaching 3.4 trillion yuan [1][2] - The strategy of "introducing in" and "going out" is being implemented to create a multi-dimensional development framework for institutional opening, enhancing the convenience for foreign investors and institutions to participate in China's capital market [2][3] Group 2 - The CSRC has signed cooperation memorandums with 67 countries and regions to strengthen regulatory collaboration and maintain a "zero tolerance" policy towards cross-border fraud and financial misconduct, establishing a "safety valve" for opening up [3][4] - The essence of institutional opening is to use transparent and predictable rules to facilitate capital flow, with each institutional reform representing a self-upgrade and each rule alignment enhancing capabilities [4]

Group 1 - The core viewpoint emphasizes the need for more robust measures to deepen the institutional opening of China's capital market, which will enhance market vitality and efficiency, laying a solid foundation for long-term stable development [1] - The current expansion of high-level institutional opening in China's capital market is characterized by systematic reforms in rules, management, and standards, facilitating high-quality mutual engagement between global capital and the Chinese market [1][2] - The China Securities Regulatory Commission (CSRC) has approved 13 foreign-controlled securities and fund institutions to operate in China during the 14th Five-Year Plan period, with over 900 Qualified Foreign Institutional Investors (QFIIs) now participating, and foreign ownership of A-shares reaching 3.4 trillion yuan [1][2] Group 2 - The approach of "dual empowerment and three-dimensional layout" aims to create a comprehensive development framework for institutional opening, promoting both "bringing in" and "going out" strategies [2] - The implementation of the overseas listing filing system has allowed 296 domestic companies to register for overseas listings, broadening financing channels and aligning Chinese regulations with international standards [2][3] - The CSRC has signed cooperation memorandums with 67 countries and regions, enhancing collaboration with foreign enforcement agencies to combat cross-border fraud and financial misconduct [3] Group 3 - The principle of "safety as the foundation, risk prevention as a priority" is crucial for establishing a risk "safety net" for institutional opening, ensuring that openness is pursued under safe and controllable conditions [3] - The CSRC aims to enhance regulatory precision and efficiency, keeping pace with trends in domestic and international capital market innovations, and strengthening risk monitoring and early warning capabilities [3] - The essence of institutional opening is to use transparent and predictable rules to facilitate capital flow, resolving conflicts through collaborative and inclusive mechanisms [4]

Core Viewpoint - The article highlights a significant shift in the government's approach towards real estate and capital markets, indicating a transition from real estate as the primary asset pool to capital markets as the new focus for investment and economic support [1][5]. Group 1: Government's Stance - The government's attitude towards real estate is to "stabilize," while the approach to capital markets is to "revitalize," suggesting a more proactive stance on capital markets compared to real estate [1]. - The planned funding for real estate development in 2024 is projected to be 78,898 billion, a 20% decrease year-on-year, indicating a decline in new construction and ongoing projects in the real estate sector [1]. Group 2: Historical Context - Over the past 30 years, real estate has been the main recipient of monetary easing, while capital markets were primarily seen as a financing platform, leading to a lack of significant growth in stock markets compared to real estate [2]. - The article draws parallels with historical economic developments in countries like the UK and the US, where asset prices typically rose in real estate before shifting to stock markets as economies matured [4]. Group 3: Future Implications - The transition to capital markets as the new asset pool is deemed inevitable, especially in light of the need for economic transformation and the support of technological development [3][5]. - The article suggests that the capital market will become a crucial engine for economic recovery and wealth generation, with the potential for significant growth beyond the current levels [5][6]. Group 4: Investment Opportunities - The article emphasizes the importance of aligning investment strategies with the emerging trend of capital markets becoming the primary asset pool, encouraging investors to capitalize on this shift [6]. - A live course is offered to help investors identify specific sectors and stocks that present opportunities in the current market environment, aiming to enhance understanding of capital market dynamics [7][9].

《建议》提出要"加快建设金融强国"并明确了一系列部署，同时提出要"建立功能完善的资本市场"。如 何理解"功能完善"？未来五年金融支持强国建设，资本市场可以发挥怎样的作用？就此，新京报贝壳财 经记者对话了中国社会科学院国家金融与发展实验室主任张晓晶。 打开百度APP畅享高清图片 《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《建议》）于10月28日 公布，为"十五五"时期中国的发展擘画了蓝图。 张晓晶长期从事宏观经济金融形势跟踪分析，其曾领衔编制并发布年度中国国家资产负债表与季度宏观 杠杆率， 参与、主持国家"十一五"至"十四五"规划的研究与评估工作；主持中财办重大委托课题及多 项国家社科基金重大招标课题。 中国社会科学院国家金融与发展实验室主任张晓晶。中国社会科学院官网截图 把建设高水平的资本市场作为金融强国的一个"标配" 新京报贝壳财经："十五五"规划提出要"加快建设金融强国"并明确了一系列部署，在你看来，资本市场 可以发挥怎样的作用？ 张晓晶："十五五"规划建议专门以大篇幅阐述了如何推进金融强国建设，这也表明中央正在着力推动金 融强国战略在"十五五"期间加快落地实施。 此次规划不仅 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market, aiming for deeper institutional opening and more impactful measures [1][2]. Group 1: Regulatory Initiatives - The CSRC plans to enhance cross-border investment and financing convenience by improving policy stability, transparency, and predictability, while maintaining regular communication with international investors [1]. - There will be a focus on deepening practical cooperation between the mainland and Hong Kong capital markets, including improving the efficiency of overseas listing filings and expanding the scope of stocks eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1]. - The CSRC aims to strengthen regulatory capabilities and risk prevention in an open environment, coordinating development and security, and enhancing cross-border regulatory cooperation [1]. Group 2: Investment and Market Stability - The CSRC encourages becoming discoverers of investment value, highlighting the improvement in the quality of listed companies and the resilience of the market due to the implementation of new policies [2]. - The importance of contributing to reform and development is stressed, particularly in adapting to new technological revolutions and providing precise financing services for new industries and technologies [2]. - The CSRC calls for maintaining market stability by adhering to legal and regulatory requirements, promoting long-term investment strategies, and building a multi-party risk prevention system [2].

Core Insights - The Hong Kong International Financial Leaders Investment Summit highlighted Hong Kong's role as a crucial bridge connecting mainland China's capital markets to the global stage, with increasing competitiveness and attractiveness for global investors [1][2] Group 1: Capital Market Development - The China Securities Regulatory Commission (CSRC) aims to deepen the institutional opening of capital markets, enhancing cross-border investment and financing convenience, and improving policy stability, transparency, and predictability [2] - The total market capitalization of listed companies in A-shares has surpassed 119 trillion yuan, with the technology sector accounting for over 25% of this value [2] Group 2: International Cooperation and Investment - The CSRC encourages international institutions to invest in China, emphasizing the importance of understanding the nuances of Chinese modernization to uncover investment opportunities [3] - The CSRC proposed three initiatives for international institutions: discovering investment value, contributing to reform and development, and maintaining market stability through compliance with regulations [3]

Group 1 - The core message emphasizes Hong Kong's role as a vital bridge connecting mainland China's capital markets to the global stage, enhancing its competitiveness and attractiveness to global investors [1] - The China Securities Regulatory Commission (CSRC) aims to deepen institutional openness in capital markets, focusing on improving cross-border investment and financing convenience, and enhancing policy stability and transparency [2] - The CSRC plans to strengthen practical cooperation between mainland and Hong Kong capital markets, including expanding the scope of eligible stocks for trading and supporting the introduction of new financial instruments [2] Group 2 - The CSRC encourages international institutions to engage in China, highlighting three key roles: discovering investment value, contributing to reform and development, and maintaining market stability [3] - The overall trend of China's economy remains positive, with A-shares showing a steady upward trend, and the total market capitalization of listed companies exceeding 119 trillion yuan, with the technology sector accounting for over 25% [2] - Daily trading volume in the Shanghai and Shenzhen markets averages around 2 trillion yuan, indicating a significant recovery in investor confidence [2]

另外，李明在会上表示，证监会将紧紧围绕防风险、强监管、促高质量发展的工作主线，锚定深化资本 市场制度型开放的目标任务，系统谋划推出更多有力度的开放举措。 一是证监会将进一步提升跨境投融资便利化水平。上周证监会正式推出《合格境外投资者制度优化工作 方案》，从优化准入管理、提高投资运作效率、扩大投资范围、丰富服务支持等方面，为各类境外投资 者提供更加便利、高效的制度环境。证监会将切实增强政策的稳定性、透明度和可预期性，持续加强与 国际投资者的常态化沟通，推动各项政策措施加快落地见效。 二是证监会将进一步深化内地与香港资本市场务实合作。着力提升境外上市备案质效，扩大沪深港通标 的范围，支持将人民币股票交易柜台、REITS等纳入港股通，积极支持香港推出国债期货，丰富香港离 岸人民币风险管理工具，坚定支持香港巩固提升国际金融中心地位，推动形成在岸与离岸协同发展、良 性互动的新格局。 三是证监会将进一步加强开放环境下监管能力和风险防范能力建设。统筹发展和安全，深化与包括香港 证监会在内的跨境监管与执法合作，加强资本跨境流动和风险监测，推动信息共享、政策互商、处置协 同，坚决防范风险跨境传染与共振。同时，在IOSCO框架下 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen practical cooperation between mainland and Hong Kong capital markets, enhancing the efficiency of overseas listing filings and expanding the scope of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1] Group 1 - The CSRC will support the inclusion of RMB stock trading counters and REITs in the Hong Kong Stock Connect, and actively promote the launch of government bond futures in Hong Kong [1] - There is a commitment to strengthen the regulatory and risk prevention capabilities in an open environment, focusing on cross-border regulatory and enforcement cooperation with the Hong Kong Securities and Futures Commission [1] - The initiative aims to promote a new pattern of coordinated development and positive interaction between onshore and offshore markets [1] Group 2 - The CSRC emphasizes the importance of capital cross-border flow and risk monitoring, advocating for information sharing, policy discussions, and collaborative resolution of issues to prevent cross-border risk transmission [1] - Under the IOSCO framework, there will be efforts to advance global capital market governance reform, aiming for a more equitable, fair, inclusive, and resilient capital market [1]