Group 1 - The training program for steel industry professionals is aimed at enhancing risk management and cost control through the use of financial derivatives [1][2] - The steel industry in China is undergoing a critical transformation from "scale expansion" to "quality improvement," with significant sustainable development potential [2] - The Shanghai Futures Exchange (SHFE) is committed to high-quality development of steel futures, implementing targeted policies based on extensive research into industry needs [2] Group 2 - The training includes three sessions scheduled from September to November, focusing on innovation, risk management, and compliance in the steel sector [2] - Experts from the steel and futures industries will provide insights on green and low-carbon development, as well as practical applications of futures and derivatives [2] - The program aims to equip participants with the knowledge to effectively utilize futures and options for hedging, thereby enhancing risk management capabilities within the steel supply chain [2]

Group 1: Capital Market Development - The capital market in China has achieved steady growth in quantity and effective improvement in quality during the "14th Five-Year Plan" period, with a more complete multi-level and widely covered market system [1] - The total financing through stock and bond markets reached 57.5 trillion yuan over the past five years, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [2] - The market share of technology companies in A-shares has exceeded 25%, significantly higher than the combined market share of banking, non-banking financial, and real estate sectors [2] Group 2: Support for Technology Innovation - The establishment of the Beijing Stock Exchange has created a tailored system for small and medium-sized enterprises, with nearly 80% of listed companies in strategic emerging industries and advanced manufacturing [3] - Private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Beijing Stock Exchange, highlighting their role in supporting technology innovation [5] - The total management scale of private equity and venture capital funds reached 14.4 trillion yuan, with 15,000 projects under investment [5] Group 3: Bond Market and Financial Products - The bond market has seen a diversification of products, with the issuance of Sci-Tech bonds exceeding 57 billion yuan this year, driven by policy guidance and market demand [4] - The number of futures and options products has reached 157, covering major sectors of the national economy, enhancing price discovery and risk management capabilities [7] - The total funds in the futures market have surpassed 1.9 trillion yuan, marking a historical high [7] Group 4: Policy Support and Market Accessibility - The government has introduced policies to promote the development of equity and venture capital investments, with the "17 Measures for Venture Capital" set to enhance the investment environment [6] - The proportion of institutional clients in the futures market has reached 65.34%, an increase of 7.94 percentage points since 2020, indicating the growing importance of futures in business operations [8] - The number of futures products available for foreign investment has expanded, with 24 specific products and 95 options for qualified foreign investors [8]

北京商报消息，再次见证历史！伦敦金现和COMEX黄金期货双双创出新高。9月23日，伦敦金现最高 突破3791.08美元/盎司，刷新历史新高，日涨幅最高1.21%，月内累计涨幅约8.7%。截至当日18时41 分，伦敦金现报3783.79美元/盎司，涨幅1.01%。COMEX黄金期货价格盘中最高达3824.6美元/盎司，最 高涨幅1.31%，月内累计涨幅约7.6%。截至当日18时41分，COMEX黄金期货报3818.5美元/盎司，涨幅 1.15%。 受国际金价上涨的推动，国内黄金饰品价格也随之上涨，许多品牌的价格已逼近1100元/克大关。9月23 日，周大福足金价格报1098元/克。 近期黄金价格持续走高，是多重因素共同影响的结果。其中，美联储货币政策转向所带来的宽松预期发 挥了主导作用，9月18日，美联储宣布降息25个基点，这一决定引发了市场对全球宽松周期的强烈预 期，推动黄金价格持续走高。除美联储政策主导外，中长期结构性的因素也推动金价上行。 明明认为，美国长期高通胀与其财政持续扩张的趋势引发了全球央行对美元信用体系的担忧，而在这样 的环境下，黄金成为了全球央行增强自身主权信用和对冲美元信用风险的重要选择。 ...

北京商报讯（记者 岳品瑜 实习生 岳雯艳）再次见证历史！伦敦金现和COMEX黄金期货双双创出新高。9月23 日，伦敦金现最高突破3791.08美元/盎司，刷新历史新高，日涨幅最高1.21%，月内累计涨幅约8.7%。截至当日18 时41分，伦敦金现报3783.79美元/盎司，涨幅1.01%。COMEX黄金期货价格盘中最高达3824.6美元/盎司，最高涨 幅1.31%，月内累计涨幅约7.6%。截至当日18时41分，COMEX黄金期货报3818.5美元/盎司，涨幅1.15%。 受国际金价上涨的推动，国内黄金饰品价格也随之上涨，许多品牌的价格已逼近1100元/克大关。9月23日，周大 福足金价格报1098元/克。 中国央行则已连续10个月增持黄金。最新的官方储备资产数据显示，2025年8月末，中国官方黄金储备为7402万盎 司，较上月末增加6万盎司。 世界黄金协会对90多个央行的调查问卷显示，越来越多的央行在未来12个月内增持黄金的意愿非常强烈。"这也是 引发机构疯狂抢金的一个最直接的证据。"王红英分析道。 明明认为，美国长期高通胀与其财政持续扩张的趋势引发了全球央行对美元信用体系的担忧，而在这样的环境 下，黄金成为 ...

Group 1 - The report highlights significant achievements in the financial industry during the "14th Five-Year Plan" period, emphasizing both scale and quality improvements in financial services [1][9][10] - By June 2025, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, while the stock and bond markets ranked second [11][10] - The report indicates that the direct financing ratio increased to 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [11][16] Group 2 - The report suggests five key investment areas based on the achievements of the "14th Five-Year Plan" and trends for the "15th Five-Year Plan": financial technology, capital market services, green finance, technology finance, and cross-border finance [2][25][26] - Financial technology is highlighted as a leading area, with mobile payments at an international forefront and steady progress in digital currency development [2][25] - Green loans grew at an average annual rate exceeding 20% during the "14th Five-Year Plan," with expectations for continued rapid growth in the "15th Five-Year Plan" [2][26] Group 3 - The report emphasizes the significant enhancement of financial services to the real economy, with loans to high-tech enterprises reaching nearly 19 trillion yuan, growing at an annual rate exceeding 20% [14][15] - The capital market's role in supporting technological innovation has accelerated, with over 90% of newly listed companies being technology-related [15][16] - The financial risk prevention and regulatory system has evolved, with a notable reduction in high-risk institutions and assets, ensuring that risks remain controllable [16][19] Group 4 - The report outlines a new pattern of institutional opening in the financial sector, with the removal of foreign ownership limits and an increase in foreign investment in A-shares [20][21] - By July 2025, foreign institutions and individuals held over 10 trillion yuan in domestic stocks and bonds, indicating a growing international presence in China's financial markets [20][21] - The report also notes the deepening of foreign exchange management reforms, facilitating cross-border investment and financing needs [21][24]

Core Insights - The "14th Five-Year Plan" period has seen significant achievements in China's financial sector, with total banking assets reaching nearly 470 trillion yuan, ranking first globally, and stock and bond market sizes ranking second globally [2][3] Financial Sector Achievements - As of June, China's banking and insurance sector assets exceeded 500 trillion yuan, with an average annual growth of 9% over the past five years [3] - The financial system has become more robust, with 143 Chinese banks listed among the global top 1000, and 6 out of the top 10 banks being Chinese [3] - The financial governance system has been modernized, enhancing the quality, efficiency, and inclusiveness of financial services [2][3] Capital Market Developments - The capital market has seen steady growth in both quantity and quality, with a well-structured regulatory framework established [4] - The A-share market's total market value surpassed 100 trillion yuan for the first time in August [4] - The introduction of various innovative financial products has enriched the bond market [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions, issuing 2,214 administrative penalties during the "14th Five-Year Plan" period, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [5] Foreign Exchange Reserves and Market - China's foreign exchange reserves have remained stable above 3 trillion USD, with recent figures exceeding 3.2 trillion USD [6] - The cross-border payment and settlement network has been established, enhancing the efficiency of cross-border transactions [2][6] - The foreign exchange market has expanded significantly, with a trading volume of 41 trillion USD in 2024, a 37% increase from 2020 [6] Future Directions - The focus will be on enhancing the efficiency of trade foreign exchange receipts, facilitating cross-border investment and financing, and improving banks' foreign exchange service capabilities [7] - The aim is to create a market-oriented, law-based, and internationalized foreign exchange business environment [7]

Core Viewpoint - The press conference highlighted the achievements of China's capital market during the "14th Five-Year Plan" period, emphasizing the expansion of its "circle of friends" and the significant progress made in various aspects of market development [1][6]. Group 1: Achievements in Capital Market - The total market value of China's capital market has surpassed 100 trillion yuan, with a more complete market system and a reasonable multi-tiered equity market structure [2][4]. - Over the past five years, the total financing amount from stock and bond markets reached 57.5 trillion yuan, with the proportion of direct financing increasing to 31.6% [2][5]. - The number of foreign-controlled securities, fund, and futures companies has increased, with 13 new approvals during the "14th Five-Year Plan" [8][9]. - The regulatory framework has been significantly improved, with the implementation of new laws and regulations, enhancing the legal foundation of the capital market [4][5]. Group 2: Market Function and Innovation - The capital market has seen accelerated innovation in products, including bonds, REITs, and futures options, with a total of 157 futures and options products available [5]. - The market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five years [5]. Group 3: Regulatory Measures and Investor Protection - The China Securities Regulatory Commission (CSRC) has imposed administrative penalties for financial fraud and insider trading, with a total penalty amounting to 41.4 billion yuan, marking a 58% increase in the number of cases compared to the previous five years [5][16]. - The CSRC has strengthened investor protection, with compensation amounts exceeding 3.8 billion yuan for investor protection cases [2][16]. Group 4: Future Roadmap - The future roadmap includes enhancing the adaptability of the multi-tiered market system, better utilizing long-term funds, improving the quality of listed companies, and refining regulatory precision and effectiveness [18][19][20].

新闻发布会现场（刘健 摄） 发布会 现场信息量很大，以下是 吴清主席 现场金句： 亮点1："四梁八柱"的法规制度体系建构成型 【导读】 证监会主席吴清 ： 我国资本市场实现 了 量的稳步增长和质的有效提升 中国基金报记者 李树超 王思文 9月22日，证监会主席吴清在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上 表示，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，为"十五五"高质 量发展打下了坚实基础。 3. 交易所债券市场产品日趋丰富，公募REITs、科创债、资产证券化等创新品种加快发展。 4. 全市场期货期权品种达到157个，广泛覆盖国民经济主要产业领域，同时还设立广期所， 更好促进绿色发展。 亮点3： 不断健全 投融资相协调的市场功能 1. 资本市场服务科技创新跑出"加速度"，资本市场含"科"量进一步提升。目前A股科技板块 市值占比超过1/4，已明显高于银行、非银金融、房地产行业市值合计占比。 2. 这5年上市公司通过分红、回购派发"红包"合计10.6万亿元。 1 . "十四五"期间，"四 梁八柱"的法规制度体系建构成型。期货和衍生品法、私募基金监管 条例等"十年磨一剑" ...

Core Viewpoint - The State Council has approved a two-year pilot program for market-oriented allocation of factors in ten key regions, aiming to enhance innovation and efficiency in resource allocation, with a completion target set for 2027 [1][2]. Group 1: Pilot Program Overview - The pilot program includes ten regions: Beijing's sub-center, key cities in southern Jiangsu, Hangzhou-Ningbo-Wenzhou, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Chang-Zhu-Tan, Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [1]. - The overall structure of the pilot schemes is consistent, focusing on stimulating technological innovation, efficient land allocation, rational flow of human resources, and enhancing capital service capabilities for the real economy [1][2]. Group 2: Financial Support and Measures - The People's Bank of China will enhance financial support for the pilot regions, focusing on improving financial service supply, promoting higher-level financial openness, and leveraging digital finance [2]. - Eight out of the ten pilot regions' plans emphasize increasing effective financial services to support the real economy [2]. Group 3: Specific Regional Initiatives - Zhengzhou's plan encourages the development of futures products that meet the needs of the real economy, while the Greater Bay Area aims to establish a high-standard futures exchange [3]. - The Chang-Zhu-Tan plan includes exploring new markets for electricity capacity and financial derivatives [3]. Group 4: Impact of Futures Market Development - The development of the futures market is expected to enhance factor flow efficiency, increase industry resilience, attract high-end resources, and promote unified standards [4]. - The futures market's role as a pricing benchmark will facilitate cross-regional factor flow and reduce transaction costs [4]. Group 5: Future Prospects - The pilot program is anticipated to accelerate innovation in futures products, such as electricity and carbon emission futures, and deepen the opening process of the futures market [5]. - The pilot regions may serve as experimental grounds for cross-border delivery and integration with international standards, enhancing China's price influence globally [5].

Group 1 - The current market heat is significantly lower than the "9 24" market conditions from last year, despite a recent increase in investor activity and new account openings [1][6][7] - New account openings in July increased by nearly 400% compared to June, with a notable rise in younger investors participating in the market [2][4] - There is a growing interest in ETFs among both new and existing investors, as many find it challenging to select individual stocks [5][6] Group 2 - While there is an increase in inquiries and account openings, the current levels are still far below the peak seen during the "9 24" period, indicating a more cautious investor sentiment [6][7] - Many investors are increasing their margin trading activities, but the overall proportion remains low compared to previous market conditions [7] - The market is experiencing a structural divergence, with some investors still holding back due to uncertainty, despite some signs of capital moving from banks to the stock market [6][7]