● 本报记者 黄灵灵 深圳创业板和科创板IPO企业数量占同期深圳IPO企业家数逾八成；企业直接融资规模较"十三五"期间 增长超50%；企业累计实现交易所债券融资超2.4万亿元……"十四五"时期，深圳资本市场以其韧性与活 力，交出了一份服务实体经济高质量发展的亮眼答卷。 记者了解到，"十五五"期间，深圳资本市场将聚焦发展新质生产力、进一步深化改革开放、做好金 融"五篇大文章"、强化投资者合法权益保护四方面重点发力，助力深圳建设具有全球重要影响力的产业 金融中心。 服务实体经济成效显著 五年来，深圳资本市场展现了较强的韧性，不仅实现直接融资规模稳步扩容、结构持续优化，更以多元 融资渠道与高效资本配置能力，为实体经济高质量发展注入强劲动力。 "十四五"时期，深圳企业直接融资规模约2.8万亿元，较"十三五"期间增长超50%，融资规模稳居全国大 中城市第三；深圳辖区创业板和科创板IPO企业数量占同期深圳IPO企业家数逾八成；截至目前，深圳 创业板与科创板上市公司数量超200家，在辖区上市公司中占比过半……一系列数据表明，资本市场促 进科技、资本和产业高水平循环的枢纽作用进一步增强。 除IPO外，深圳资本市场通过并购重组 ...

Core Viewpoint - The article emphasizes the importance of strengthening the domestic circulation as a strategic move for sustainable economic development, particularly in the context of increasing external uncertainties and the need for a robust domestic market [2][3][4]. Group 1: Strengthening Domestic Circulation - Strengthening domestic circulation is essential for addressing external shocks, enhancing internal stability, and ensuring long-term growth amidst global uncertainties [4][5]. - The domestic market's role is highlighted as a key driver for high-quality development, with a focus on expanding domestic demand and optimizing supply structures [5][6]. - The integration of domestic and international circulations is necessary to leverage global resources while enhancing domestic market efficiency [6]. Group 2: Capital Market's Role - The capital market is positioned as a crucial hub for facilitating the efficient operation and quality enhancement of the domestic circulation [9]. - Capital markets can support the integration of technology and industry by providing comprehensive pricing mechanisms that reflect various business factors [10]. - The capital market's resource allocation capabilities can enhance the vitality of domestic circulation by directing resources to high-quality enterprises [11][12]. Group 3: Policy Recommendations - The article suggests that capital market reforms should align with the broader goal of strengthening domestic circulation, emphasizing cross-departmental collaboration [16][17]. - It advocates for the development of diverse financing channels, particularly for technology innovation enterprises, to improve service capabilities across the entire lifecycle [17]. - The establishment of specialized funds by local governments is recommended to enhance long-term capital allocation to quality enterprises [17].

Core Viewpoint - The article emphasizes the importance of expanding domestic demand, particularly stimulating consumer spending, as a key support for high-quality economic development in China, especially in the context of the new development stage characterized by domestic and international dual circulation [1]. Group 1: Role of Capital Markets in Boosting Consumer Spending - Capital markets can significantly enhance consumer spending through various mechanisms, including the wealth effect, improved corporate financing, and long-term structural upgrades [2][3][4]. - The wealth effect from a rising capital market can directly increase consumer willingness to spend, as a robust stock market boosts investor confidence and financial asset holdings [2]. - Improved corporate financing conditions from rising stock valuations can lead to increased employment and income, indirectly promoting consumer spending [3]. Group 2: Future Directions for Capital Market Reforms - To further leverage capital markets in boosting consumer spending, reforms should focus on market stability, expanding financial inclusion, and enhancing support for emerging industries [5][6][7]. - Establishing mechanisms for market stability and encouraging long-term capital inflows can help mitigate volatility and ensure steady growth in household financial income [5]. - Expanding the reach of capital markets to a broader population can enhance wealth accumulation and consumer spending potential, aiming to increase the number of A-share investors significantly [6]. - Strengthening capital market support for emerging industries can create a chain reaction of industrial upgrades, improved employment, and increased consumer spending [7].

Core Insights - The article emphasizes the shift in institutional investors' strategies from "short-term speculation" to "long-term value discovery" in response to the "14th Five-Year Plan" which aims to enhance the inclusiveness of capital markets [2][4] - It highlights the importance of a robust institutional framework that facilitates long-term investments, particularly in areas like pension finance, which is seen as both a source of monthly income for residents and a long-term capital for the state [5][6] Group 1: Institutional Investor Behavior - The primary shift in decision-making perspective is from "short-term speculation" to "long-term value discovery," focusing on sectors with policy certainty and long-term trends like technological and green transformations [2][3] - Institutional investors are expected to transition from "holding assets" to "risk allocation," managing volatility through a more flexible and diverse set of financial tools [2][4] - Investment strategies will increasingly lean towards "passive factor" approaches, utilizing quantitative methods and Smart Beta tools to capture long-term style premiums [3] Group 2: Enhancing Capital Market Functionality - The article suggests that improving transparency of information is crucial for attracting institutional investments, allowing companies to clearly disclose their innovation and performance metrics [4] - It advocates for the development of third-party professional ratings to provide institutions with reliable benchmarks for investment decisions [4] - The introduction of diverse investment products such as technology innovation bonds and themed funds is essential to create viable investment opportunities [4] Group 3: Pension Finance Challenges and Innovations - Key shortcomings in pension finance include insufficient reserves, an imbalanced structure, and a lack of long-term friendly products that provide stable cash flows [5] - Future innovations should focus on developing products that ensure monthly payouts, increasing the proportion of long-term assets, and optimizing tax incentives to encourage participation [5][6] - The dual nature of pension finance is highlighted, serving both as a source of monthly income for residents and as a long-term capital source for the state [6] Group 4: Shenzhen's Financial Innovations - Shenzhen's innovation lies in creating an ecosystem that capitalizes on uncertainty, with government-led angel funds and a robust venture capital environment to support early-stage technology projects [6][7] - The establishment of a closed-loop system for fundraising, investment, management, and exit through the Shenzhen Stock Exchange enhances capital circulation [6][8] - The city aims to become a center for "patient capital," attracting long-term investments in technology and foundational research [8][10] Group 5: Regional Financial Collaboration - The article discusses the need for a clear financial division of labor between Hong Kong and Shenzhen, with Hong Kong focusing on international capital and Shenzhen on local innovation [9][10] - Shenzhen is positioned to be a pricing center for innovative capital, a processing hub for cross-border capital, and a connector of financial capabilities between the two cities [10]

Group 1: Tax Revenue Performance - In the first ten months of the year, national general public budget revenue reached approximately 18.65 trillion yuan, a year-on-year increase of 0.8%, with tax revenue accounting for about 15.34 trillion yuan, up 1.7% year-on-year [1] - Tax revenue growth has been robust, with significant increases in July and August exceeding 5%, and September and October showing year-on-year growth rates of 8.7% and 8.6% respectively [1] - The active capital market has contributed to tax revenue growth, with securities transaction stamp duty revenue reaching 162.9 billion yuan, an increase of 88.1% year-on-year, and individual income tax revenue at 1.3363 trillion yuan, up 11.5% year-on-year [1] Group 2: Sector-Specific Tax Revenue Growth - The computer and communication equipment manufacturing industry saw tax revenue growth of 12.7%, while the electrical machinery and equipment manufacturing industry grew by 7.9% [2] - The scientific research and technical service industry experienced a tax revenue increase of 14.8%, and the cultural, sports, and entertainment industry grew by 5.7% [2] - The narrowing decline in the Producer Price Index (PPI) has reduced the negative impact on tax revenue, with PPI showing a month-on-month increase of 0.1% in October [2] Group 3: Government Fund Revenue - National government fund budget revenue for the first ten months was approximately 3.45 trillion yuan, a year-on-year decrease of 2.8%, with land use rights transfer revenue falling by 7.4% to about 2.49 trillion yuan [3] Group 4: Fiscal Expenditure - National general public budget expenditure reached approximately 22.58 trillion yuan in the first ten months, a year-on-year increase of 2%, although this growth rate has slowed by 1.1 percentage points compared to the previous nine months [4] - Government fund budget expenditure was about 8.09 trillion yuan, reflecting a year-on-year growth of 15.4%, but this growth rate has decreased by 8.5 percentage points compared to the previous nine months [5] - To maintain fiscal expenditure strength, the Ministry of Finance allocated 500 billion yuan from local government debt limits to support local government financial capacity and expand effective investment [5]

Core Viewpoint - In November, the Chinese capital market actively engaged in high-quality international exchanges, promoting investment opportunities to global investors and emphasizing a collaborative development approach amidst global economic challenges [1] Group 1: International Engagement - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, visited financial regulatory bodies in France and Brazil, and held discussions with international institutional investors [1] - The Shanghai Stock Exchange successfully hosted the 2025 International Investors Conference, while the Shenzhen Stock Exchange conducted the fourth "Investing in New Opportunities in China" roadshow in Hong Kong [1] Group 2: Market Openness and Trust - China’s capital market is committed to deepening institutional openness and optimizing the investment ecosystem, which has built international investors' confidence in long-term investments in China [2] - Measures include the complete removal of foreign ownership limits for securities, fund, and futures companies, and the implementation of "national treatment" for foreign institutions [2] Group 3: Market Ecology and Stability - The Chinese capital market is focused on reshaping the market ecology to create a stable investment environment, ensuring high-quality listings and smooth delisting channels [3] - Efforts to attract long-term capital, such as insurance and public funds, are aimed at maintaining market stability and promoting rational investment [3] Group 4: Innovation and Growth Opportunities - The capital market is leveraging new productive forces to reshape value investment concepts, particularly in emerging industries like renewable energy and artificial intelligence [4] - Investors are encouraged to engage with high-quality assets that align with global technological transformations, sharing in future growth dividends [4] - The CSRC's emphasis on deeper and higher-level openness reassures global investors, while the robust performance of the A-share market enhances investor confidence [4]

21世纪经济报道记者崔文静 实习生张长荣 北京报道 在中国经济迈向"十五五"发展新阶段的关键时期，资本市场正迎来历史性的 转型契机。 近日，国家金融与发展实验室主任张晓晶接受了21世纪经济报道专访。他指出，中国经济增长逻辑正在经历深刻转变——从主 要依赖银行信贷支持工业化的"上半场"，转向主要以风险资本和创投体系支持科技创新的"下半场"。 这一转变对资本市场提出了全新要求。张晓晶强调，科技创新具有高风险、高不确定性的特点，资本市场在风险识别、风险定 价与风险配置方面具有银行体系无法替代的天然优势。做强资本市场，已成为推动科技突破、培育战略性新兴产业的关键所 在。 值得注意的是，当前资本市场已具备持续向好的坚实基础。张晓晶分析认为，科技资产价值重估空间、明确的金融稳定政策保 障、中国市场的风险分散价值以及沉淀于本土的优质企业成长红利等四大动能，正在为市场注入持久动力。 与此同时，资本市场还需要完成"顶天立地"的双重使命：既要支撑科技创新"顶天"，也要服务民生福祉"立地"。张晓晶指出，提 升投资者获得感的关键在于基础制度的系统完善，包括构建企业"画像"强化信息披露、健全市场进出机制、完善投资回报体系 等多方面举措 ...

■ 安 宁 近日，在中国证监会举办的学习贯彻党的二十届四中全会精神宣讲报告会上，证监会主席吴清在谈及抓 紧研究谋划"十五五"时期资本市场战略任务与重大举措时，以十二个"更"概括了未来资本市场深化改革 的方向——"着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价 值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更 严、更实，为实现党中央确定的'十五五'目标任务积极贡献资本市场力量。" 笔者认为，这十二个"更"不仅是对资本市场高质量发展的高度概括，更是对深化改革的方向指引。十二 个"更"承载着对资本市场未来发展的深切期待，也全面勾勒出未来五年资本市场深化改革的清晰脉络。 "更具韧性、更加稳健"体现了对市场运行规律认识的深化。一个能够抵御内外冲击、保持基本稳定的市 场，不仅是投资者信心的基石，更是金融服务实体经济的保障。更具韧性、更加稳健的市场需要进一步 完善多层次市场体系，构筑更强的风险抵御能力。 "监管执法更加有效、更具震慑力"凸显了"建制度、不干预、零容忍"的监管理念。有效的监管不是抑制 市场活力，而是为市场健康发展保驾护航；具有震慑力的执 ...

近日，在中国证监会举办的学习贯彻党的二十届四中全会精神宣讲报告会上，证监会主席吴清在谈及抓 紧研究谋划"十五五"时期资本市场战略任务与重大举措时，以十二个"更"概括了未来资本市场深化改革 的方向——"着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价 值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更 严、更实，为实现党中央确定的'十五五'目标任务积极贡献资本市场力量。" 笔者认为，这十二个"更"不仅是对资本市场高质量发展的高度概括，更是对深化改革的方向指引。十二 个"更"承载着对资本市场未来发展的深切期待，也全面勾勒出未来五年资本市场深化改革的清晰脉络。 "更具韧性、更加稳健"体现了对市场运行规律认识的深化。一个能够抵御内外冲击、保持基本稳定的市 场，不仅是投资者信心的基石，更是金融服务实体经济的保障。更具韧性、更加稳健的市场需要进一步 完善多层次市场体系，构筑更强的风险抵御能力。 （文章来源：证券日报） "制度更加包容、更具吸引力"彰显了资本市场持续深化改革开放的智慧。中国资本市场正以更加开放的 姿态迎接各类市场主体，更具包容性的制度设计 ...

"提高资本市场制度包容性、适应性"——这一被写入"十五五"规划建议的战略部署，已成为指引资本市 场改革发展的核心命题。 如何针对这一部署精准施策？在近日出版的《〈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〉辅导读本》中，证监会主席吴清发表了题为《提高资本市场制度包容性、适应性》的署名文 章。证监会主席吴清在解读中，详细阐述了未来的重点任务与行动逻辑。 在吴清看来，这一部署为资本市场改革发展稳定各项工作指明了前进方向、提供了根本遵循。 而面向下一阶段的资本市场建设，吴清在文章中明确了"十五五"时期提高资本市场制度包容性、适应性 的六方面任务举措：一是积极发展股权、债券等直接融资；二是推动培育更多体现高质量发展要求的上 市公司；三是营造更具吸引力的"长钱长投"制度环境；四是着力提升资本市场监管的科学性、有效性； 五是稳步扩大资本市场高水平制度型开放；六是共同营造规范、包容、有活力的资本市场生态。 记者注意到，从吴清的表述来看，资本市场的"包容性"侧重于拓展其服务的广度与深度，让资本市场更 好地支持创新、服务人民；"适应性"则侧重于提升市场治理的效能与视野，使制度体系更能驾驭市场变 化、提升国际竞争 ...