对于Public Storage(PSA.US)评级从"增持"下调至"中性"，主要因为该机构对于PSA核心增长率的预期改 善"很可能会被拉得时间线很长，并非一条直线"。 智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房 地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的 为下调评级，对另外两个则为上调评级。 来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更 ...

本报记者 吴晓璐 12月5日，中国证监会主席吴清发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精 神）》。 吴清表示，经过30多年的改革发展，我国资本市场从无到有、从小到大，当前正处在向高质量发展快速转变的关键阶段。 提高资本市场制度包容性、适应性，是站在新的历史起点上，开启的一次全方位、深层次、系统性的变革。 必须更好统筹投资与融资协调发展 党的二十届四中全会通过的《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》（以下简称《建议》）提 出，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。 吴清表示，深刻认识提高资本市场制度包容性、适应性的重大意义。这是更好服务新质生产力发展的迫切要求，是促进发 展成果惠及广大人民的应有之义，是推动资本市场高质量发展和金融强国建设的必然要求，是建设更高水平开放型经济的重要 内容。 吴清提出，准确把握提高资本市场制度包容性、适应性的内涵和主要原则。要坚持目标导向、问题导向，紧紧围绕健全投 资和融资相协调的资本市场功能，进一步全面深化资本市场改革，持续提高资本市场制度包容性、适应性和吸引力、竞争力。 一是更大力度支持科技创 ...

Core Viewpoint - The article by Wu Qing, Chairman of the China Securities Regulatory Commission, emphasizes the need to enhance the inclusiveness and adaptability of the capital market system, focusing on cultivating more high-quality listed companies [2][11]. Summary by Relevant Sections Context and Framework - The article should be viewed within the context of the "Suggestions for Formulating the 15th Five-Year Plan for National Economic and Social Development," which has been published as a guidebook. Wu Qing's article is part of this broader narrative and is found on pages 284 to 290 of the publication [2][12]. Key Tasks and Measures - The article outlines six key tasks: 1. **Promote Direct Financing**: This includes developing diverse equity financing, supporting quality enterprises in issuing shares, and advancing private equity and venture capital funds, as well as green bonds and real estate investment trusts [5][15]. 2. **Cultivate High-Quality Listed Companies**: The focus is on identifying and evaluating quality enterprises, emphasizing the importance of transparency in information [5][15]. 3. **Create an Attractive Long-Term Investment Environment**: This involves aligning the interests of funds with those of investors and establishing long-term assessment mechanisms [5][15]. 4. **Enhance Regulatory Effectiveness**: The article stresses the use of modern technologies like big data and AI for effective risk identification and the importance of grassroots feedback in regulation [5][15]. 5. **Expand High-Level Institutional Opening**: Wu Qing advocates for a gradual approach to opening up the capital market, promoting efficient capital flow and mutual learning between onshore and offshore markets [5][15]. 6. **Foster a Vibrant Capital Market Ecosystem**: Emphasizing the need for a collaborative environment to ensure the capital market functions effectively [5][15]. Market Principles - The article underscores the importance of maintaining a balance between supply and demand in the market, suggesting that this principle should guide reforms and governance [6][16].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market system as a strategic deployment by the central government to achieve high-quality development and modernization goals [4][5]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [6]. - It is essential for ensuring that the benefits of development reach the broader population, as the capital market serves as a platform for over 2 billion stock and fund investors to share in economic growth [7]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing the capital market's core competitiveness and international influence [8]. Group 2: Understanding the Content and Principles - The capital market's long-term positive trends and strong foundations must be recognized, while also addressing existing quality issues, such as the need for better optimization of listed company structures and increased participation of long-term funds [9]. - The approach should focus on supporting technological innovation, meeting diverse investor needs, and enhancing regulatory efficiency to ensure a stable and healthy capital market [9][10]. Group 3: Key Tasks and Measures - Actively develop direct financing methods such as equity and bonds, with a focus on supporting high-quality enterprises and enhancing the service capabilities of the capital market [13]. - Foster more high-quality listed companies by optimizing their structures and encouraging cash dividends and buybacks to enhance investor returns [14]. - Create an attractive environment for long-term investments by improving conditions for various types of long-term capital and promoting public fund reforms [15]. - Enhance the scientific and effective regulation of the capital market to adapt to rapid financial innovations and ensure market stability [15]. - Gradually expand the capital market's openness to improve international competitiveness and facilitate efficient capital flow [16].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system in China, as outlined in the 20th Central Committee's Fourth Plenary Session, to support high-quality economic development and modernization goals [1][2]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [3]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [4]. Group 2: Understanding the Inner Workings and Principles - The capital market's development quality remains a challenge, with issues such as suboptimal company structures and insufficient long-term capital inflow, necessitating a focus on enhancing the system's inclusiveness and adaptability [5]. - Key principles include maintaining political and public focus in capital market work, better coordinating investment and financing, leveraging reform and opening-up, and ensuring market stability [6][7]. Group 3: Key Tasks and Measures for the 15th Five-Year Plan - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [9]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while also supporting mergers and acquisitions to promote corporate transformation [9]. - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [10]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk monitoring and response capabilities [11]. - Gradually expand the high-level institutional openness of the capital market to enhance international competitiveness and facilitate efficient capital flow [12].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system in China, aiming to create a more attractive environment for long-term investments and to support high-quality development of listed companies [1][2][3]. Group 1: Importance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, promoting innovation, and optimizing resource allocation [4]. - It is essential for ensuring that the benefits of development reach the general public, as the capital market serves as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - This enhancement is also a necessary requirement for the high-quality development of the capital market and the construction of a financial power, as it will improve market structure and quality [5]. Group 2: Key Tasks and Measures - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance support for quality enterprises [10]. - Foster more high-quality listed companies by optimizing their structure, enhancing investment value, and encouraging cash dividends and share buybacks [11]. - Create a more attractive environment for long-term capital by establishing mechanisms that ensure long-term funds are willing to invest and remain in the market [11]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk monitoring and prevention [12]. - Gradually expand the high-level institutional opening of the capital market to enhance its international competitiveness and facilitate cross-border investment [12]. Group 3: Principles for Implementation - Uphold the political and people-oriented nature of capital market work, ensuring that reforms align with public needs and protect investors' rights [7]. - Better coordinate investment and financing to optimize the capital market ecosystem and promote balanced development [7]. - Utilize reform and opening-up as key strategies to stimulate market vitality and improve the institutional framework [7]. - Ensure market stability as a foundation for effective market function, prioritizing risk prevention and management [8].

Core Viewpoint - The article emphasizes the importance of developing direct financing methods such as equity and bonds to enhance the inclusiveness and adaptability of the capital market, as outlined in the Central Committee's recommendations for the 15th Five-Year Plan [1] Group 1: Direct Financing Development - The development of equity and bond financing is identified as a key task for improving the capital market's inclusiveness and adaptability [1] - The article advocates for deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to promote diversified equity financing [1] Group 2: Support for Quality Enterprises - There is a call for enhancing the identification and pricing mechanisms for technology innovation enterprises to more effectively support quality companies in their public offerings [1] - The article stresses the need for continuous improvement in the high-standard professional service capabilities of intermediary institutions [1] Group 3: Private Equity and Bond Market - The promotion of private equity and venture capital funds is highlighted as a crucial step in the development of the capital market [1] - The article discusses the need to improve the multi-tiered bond market system, with a focus on developing Sci-Tech bonds and green bonds [1] Group 4: Real Estate and Asset Management - The steady development of real estate investment trusts (REITs) and asset securitization is emphasized as part of the broader strategy for capital market enhancement [1] - The article mentions the importance of refining futures product layouts and industry service functions [1]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system to support high-quality economic development and meet the evolving needs of the economy and society [1][2][3]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market system's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as it facilitates the optimization of innovation resources and promotes the integration of technological and industrial innovation [2]. - It is essential for ensuring that the benefits of development reach the broader population, as the capital market serves as a platform for over 2 billion stock and fund investors to share in the economic growth [2]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it improves market structure and quality, thereby increasing the core competitiveness and international influence of the capital market [3]. Group 2: Key Principles for Enhancing Capital Market System - The capital market must adhere to political and people-oriented principles, ensuring that it aligns with the needs of the market and protects the rights of investors, especially small and medium-sized investors [5]. - A better coordination between investment and financing is necessary, focusing on the overall balance and continuous quality improvement to optimize the financing structure [5]. - Reform and opening-up should be leveraged as key strategies to stimulate market vitality and enhance the capital market's functions [5]. Group 3: Key Tasks and Measures for the 14th Five-Year Plan - The development of direct financing through equity and bonds is a key measure to enhance the capital market's inclusiveness and adaptability, focusing on supporting innovative enterprises and improving service capabilities [7]. - There is a need to cultivate more high-quality listed companies by optimizing their structure and enhancing their investment value, which includes supporting mergers and acquisitions and improving the mechanisms for refinancing [8]. - Creating an attractive environment for long-term investments is essential, which involves establishing mechanisms that encourage the inflow and retention of long-term capital [8]. - The scientific and effective regulation of the capital market must be improved to adapt to rapid market changes and enhance stability [9]. - Expanding the high-level institutional opening of the capital market is crucial for enhancing international competitiveness and facilitating efficient capital flow [9]. - A standardized, inclusive, and vibrant capital market ecosystem should be fostered through legal reforms and investor education [10].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].

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]