到2027年打造成为"引领西部、服务全国、畅通内外"的要素综合枢纽。 11月28日，重庆市政府网站发布《重庆市要素市场化配置综合改革试点行动方案》（下称《行动方 案》）。这是今年9月《重庆市要素市场化配置综合改革试点实施方案》获得国务院批复后，重庆要素 市场化配置综合改革的"施工图"正式落地。 《行动方案》提出，到2027年，要素配置数字化平台初步构建，要素市场制度更加完善，价格形成机制 更加健全，要素配置效率大幅提升，经营主体活力充分激发，努力把重庆打造成为"引领西部、服务全 国、畅通内外"的要素综合枢纽。 在探索建立数据要素流通规则方面，重庆将规范数据开放渠道，按需推动企业登记监管、卫生健康、交 通运输、气象等高价值数据向社会有序开放；支持企业参与公共数据授权运营，健全公共数据产品和服 务定价机制，推动公共数据产品入场交易；依法打击黑市数据交易、大数据杀熟等数据滥用行为。 在推动资本要素更好服务实体经济发展方面，深化企业上市"千里马"行动，开展"认股权+"业务模式创 新，推动上市公司并购重组和再融资。强化投资和融资相结合的资本市场功能，以市场化方式有序推进 资产证券化。优化基础设施不动产投资信托基金（RE ...

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 ...

人民财讯11月27日电，陕西省出台深化资本市场改革助力陕西高质量发展的十六条措施。其中提到，鼓 励上市公司充分利用资本市场多元化融资工具，通过增发、配股、发行各类债券和证券化产品等方式进 行再融资。支持上市公司有效开展并购重组，建立并购项目对接工作机制。另外，争取在陕设立社保科 创基金，积极争取国家创业投资引导基金来陕展业。引进培育银行系耐心资本，推进金融资产投资公司 (AIC)股权投资试点全省扩围。建立健全险资入陕机制，支持保险资金参与设立私募创投基金。建立耐 心资本监测和统计制度。 ...

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]

来源：上海证券报·中国证券网 《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"十五五"规划建议）不 仅勾勒出下一个五年的中国经济社会发展蓝图，还向资本市场传递了清晰的政策信号，相关部署对于资 本市场的改革发展、运行特征和投资逻辑必将产生深刻影响。 一、"十五五"规划建议关于资本市场工作的部署 针对资本市场下一个五年的发展规划，"十五五"规划建议在"加快完善要素市场化配置体制机制"部分， 强调要"促进各类要素资源高效配置，建立健全城乡统一的建设用地市场、功能完善的资本市场、流动 顺畅的劳动力市场、转化高效的技术市场"；在"提升宏观经济治理效能"部分，围绕"加快建设金融强 国"提出了"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。积极发展股 权、债券等直接融资，稳步发展期货、衍生品和资产证券化"。 如与"十四五"规划建议关于资本市场发展提出的"全面实行股票发行注册制，建立常态化退市机制，提 高直接融资比重"这一部署相比较，"十五五"规划建议更加突出了宏观层面的资本市场功能作用发挥， 尤其是将其纳入金融强国建设这一国家战略中进行部署，充分体现了接续推进中央金融工作会议关 ...

Core Insights - The capital market in Shandong has significantly contributed to the province's high-quality economic and social development during the "14th Five-Year Plan" period, showcasing strong performance in various areas such as market system improvement and promoting industrial-financial integration [1][4] Group 1: Capital Market Development - Shandong has seen a continuous increase in the number of listed companies, with 84 new companies added, over 90% of which are strategic emerging, high-tech, or specialized enterprises, indicating a notable improvement in both quality and quantity of listings [1] - By the end of October 2025, the total number of listed companies in Shandong is expected to reach 311, with 85 companies having a market capitalization exceeding 10 billion yuan, reflecting a 36% increase in total market value compared to the end of the "13th Five-Year Plan" [1] Group 2: Financing and Investment - The bond market and private equity market have both expanded, with the bond balance surpassing 1 trillion yuan and social financing in Shandong exceeding 25 trillion yuan, contributing to a comprehensive financing system [2] - Private equity investments in Shandong have reached 3,699 billion yuan across 4,806 projects, providing essential growth capital for early-stage technology companies [2] Group 3: Corporate Performance and Innovation - In 2024, Shandong's listed companies achieved a revenue of 2.96 trillion yuan and a net profit of 180.3 billion yuan, marking increases of 29% and 22% respectively since 2020, indicating improved profitability and growth quality [3] - Research and development spending by companies during the "14th Five-Year Plan" reached 382.1 billion yuan, a 76.5% increase from the previous five years, highlighting significant advancements in key technologies and domestic alternatives [3] Group 4: Regulatory Environment and Policy Support - The Shandong provincial government has issued policies to promote high-quality capital market development, enhancing collaboration between central and local authorities and focusing on key sectors such as green economy and private enterprises [4] - Regulatory bodies have intensified efforts to combat financial fraud and insider trading, ensuring investor protection and maintaining a stable market environment [4]

Group 1: Economic Strategy and Development - The 14th Five-Year Plan emphasizes the need for a new blueprint and new momentum for China's economic growth, with discussions led by economists like Huang Qifan and Lin Yifu [1] - Huang Qifan highlights the importance of developing the productive service industry as a key driver for GDP growth and overall productivity, suggesting that it should be a focus during the 14th Five-Year Plan [3][4] - Lin Yifu warns of a potential AI bubble in the U.S. during the 14th Five-Year Plan period, drawing parallels to the 2008 financial crisis, and suggests that China should aim for an 8% annual growth rate until 2035 [5][6] Group 2: Manufacturing and Trade - Zhu Min stresses the need for China to enhance product quality and build a new type of manufacturing industry, moving from labor-intensive to capital and technology-intensive products [7][8] - The global trade structure is changing, and China is diversifying its exports, focusing on capital and technology-intensive products rather than labor-intensive ones [7] - The goal is for manufacturing to remain a significant part of the economy, with a target of 25% by 2040, while the productive service sector should rise to 35%-40% of GDP [4] Group 3: Capital Market Reforms - Wu Xiaoqiu calls for a restructuring of the capital market ecosystem to better protect investor interests, moving away from a focus solely on financing [9][10] - The reform aims to increase the presence of high-tech companies in the stock market, with expectations that 35 out of the top 50 listed companies will be high-tech by the end of the 14th Five-Year Plan [9] - There is a push for greater transparency and improved regulatory frameworks in the capital market to enhance liquidity and attract larger investments [9] Group 4: Domestic Demand and Service Trade - Zhang Jun emphasizes the need for China to reduce reliance on exports and increase domestic demand, suggesting that trade surpluses should approach zero [12] - Recommendations include lowering barriers to service trade, adjusting exchange rate policies, and increasing investment in social sectors to support domestic consumption [12]