与生产端"热"形成对比的是需求端"冷"。11月社会消费品零售总额同比仅增1.3%，环比回落0.4个百分 点，创年内新低。网上实物商品零售额虽保持5.7%的增速、占比升至25.9%，但未能对冲线下疲软。记 者获悉，消费乏力背后，是居民收入预期走弱与"预防式"储蓄抬头：前11个月居民存款再增超10万亿 元，五年累计新增逾60万亿元，余额已突破165万亿元。如何"唤醒"巨额储蓄，成为政策新命题。 "在工资性收入提升难度加大的背景下，提高居民财产性收入是撬动消费更快回升的关键。"某权威政策 研究机构人士向记者表示。目前，房价上涨预期已逆转，资本市场被寄予"接棒"厚望。数据显示，上证 综指年内已站上4000点，权益类公募基金前11个月销量突破5000亿元，占比首次超过固收类；全年新增 股民账户超2500万户，月均开户200万户，居民资产正呈现"存款—理财—权益"大迁徙。 投资端亦在"探底"。1—11月全国固定资产投资同比下降2.6%，若剔除房地产开发投资，则微增0.8%。 房地产下拉作用明显：开发投资同比深跌15.9%，连续三年负增长，拖累整体投资。业内预计，2026 年"收储+限供"政策有望加速落地，叠加保交楼资金闭 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：中国银河证券新发展研究院） 核心观点 中央经济工作会议12月10日至11日在北京举行，持续深化资本市场投融资综合改革将是2026年资本市场工作重点。2026年是"十五五"规划的开局之年，金 融改革创新的重点领域仍在资本市场。新质生产力正成为经济高质量发展的强劲推动力和支撑力，需要加强资本市场改革，更好赋能新质生产力。继"十 五五"规划建议强调"健全投资和融资相协调的资本市场功能"之后，中央经济工作会议使用"持续深化"这一表述，是对2026年资本市场开展投融资改革重 要性的再次深化。 2026年资本市场工作的四大重点方向： 第一，提高资本市场制度包容性、适应性。积极开展股权和债权融资，引导金融资源向科技创新领域集聚。一是持续深化科创板、创业板、北交所改革， 优化各板块的差异化安排，促进市场资源向新产业、新业态、新技术领域集聚。二是推动债市"科技板"常态化、制度化建设，丰富科创债券产品体系、完 善配套机制，提升科技企业融资可得性和便利性。三是择机推出再融资储架发行制度。 第二，持续完善"长钱长投"的政策体系。一是积极打造中长期资金入市环境。二是创新优化中长 ...

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 need to enhance the inclusiveness and adaptability of China's capital market system, aiming for high-quality development through comprehensive reforms and alignment with national economic strategies [1] Group 1: Key Tasks for Capital Market Reform - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and Growth Enterprise Market to better serve real enterprises throughout their lifecycle [1] - Promote the cultivation of more high-quality listed companies by optimizing their structure and enhancing investment value, while supporting mergers and acquisitions and improving the refinancing mechanism [2] - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [2] Group 2: Regulatory Enhancements - Improve the scientific and effective nature of capital market regulation by building a comprehensive regulatory system that adapts to rapid market changes and financial innovations [3] - Expand the high-level institutional openness of the capital market, promoting coordinated development between onshore and offshore markets to enhance international competitiveness [3] Group 3: Market Ecosystem Development - Foster a standardized, inclusive, and vibrant capital market ecosystem by strengthening legal frameworks and investor protection mechanisms, while promoting rational and long-term investment practices [4] - Enhance the construction of high-end think tanks and talent teams to address strategic and foundational issues in the capital market [4]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - 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 [4]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4]. - Create a more attractive environment for long-term investments, establishing mechanisms that encourage long-term capital to enter and remain in the market [5][6]. Group 2: Regulatory and Open Market Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6]. - Gradually expand high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets and improving the participation of foreign investors [7]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a push to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds is encouraged, alongside a robust multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the need to optimize the structure of listed companies and enhance their investment value, supporting mergers and acquisitions and flexible refinancing mechanisms [2] - It highlights the importance of fostering world-class enterprises and improving incentive mechanisms to stimulate entrepreneurial spirit and innovation [2] - There is a call for listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [2] Group 3: Long-Term Investment Environment - The creation of a market environment conducive to long-term capital is emphasized, with mechanisms to assess long-term funds and promote public fund reforms [2] - The development of equity public funds and high-quality index investments is prioritized to enhance the scale and proportion of investments in A-shares [2] Group 4: Regulatory Enhancements - The article advocates for a comprehensive and multi-dimensional regulatory system to adapt to rapid market changes, enhancing monitoring and risk response mechanisms [2] - The use of modern technologies like big data and AI for identifying illegal activities and risks is encouraged [2] - Strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [2] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - It supports the improvement of the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation [3] - The construction of world-class exchanges and investment institutions is a priority, along with enhancing the status of international financial centers [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws to create a fair market environment [3] - Investor protection mechanisms and education are emphasized to promote rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is encouraged to address strategic and foundational issues [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to enhance the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality company cultivation, long-term investment environments, effective regulation, and market openness [1][2][3][4]. Group 1: Direct Financing Development - The CSRC aims to actively develop direct financing through equity and bond markets, enhancing the service capabilities for real enterprises throughout their lifecycle [2]. - Reforms in the Science and Technology Innovation Board and the Growth Enterprise Market will be leveraged to support high-quality enterprises in issuing and listing [2]. - The development of private equity and venture capital funds, as well as a multi-tiered bond market, is prioritized, including the promotion of technology innovation bonds and green bonds [2]. Group 2: High-Quality Company Cultivation - The focus is on optimizing the structure of listed companies and enhancing their investment value, with an emphasis on mergers and acquisitions reform [2]. - The CSRC encourages listed companies to improve their return to investors through cash dividends and share buybacks, while also reinforcing the delisting mechanism [2]. Group 3: Long-Term Investment Environment - The creation of a favorable environment for long-term capital is essential, with mechanisms to attract and retain long-term funds [3]. - The reform of public funds and the promotion of equity public funds are highlighted to align investor interests with fund performance [3]. Group 4: Regulatory Effectiveness - The CSRC aims to enhance the scientific and effective regulation of the capital market, adapting to rapid financial innovations and market changes [3]. - The use of modern technologies like big data and artificial intelligence will be employed to identify illegal activities and risks [3]. Group 5: Market Openness - The CSRC plans to gradually expand the high-level institutional openness of the capital market, promoting the coordinated development of onshore and offshore markets [4]. - Efforts will be made to improve the participation of foreign investors and institutions in the Chinese capital market [4]. Group 6: Market Ecology - The establishment of a fair and vibrant capital market ecosystem is crucial, with a focus on legal reforms and investor protection mechanisms [4]. - The CSRC emphasizes the importance of investor education and fostering a culture of innovation and tolerance for failure [4].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system to better serve the development of new productive forces and promote high-quality growth in the capital market [10][12]. Group 1: Capital Market Reform - The focus is on implementing more inclusive issuance, listing, and merger and acquisition systems to support technological innovation and meet the diverse wealth management needs of investors [3][4]. - There is a call for a more precise and efficient regulatory approach to enhance risk monitoring and ensure market stability [3][15]. Group 2: Support for Technology Innovation - The article highlights the importance of developing a multi-tiered equity financing system and improving the service capabilities for real enterprises throughout their lifecycle [4][5]. - It advocates for the development of various bond markets, including technology and green bonds, to support innovation [5]. Group 3: Long-term Investment Environment - The creation of a more attractive environment for long-term capital investment is emphasized, including the establishment of mechanisms to retain and develop long-term funds [6][10]. - The article suggests reforms in public funds and the promotion of equity funds to enhance investor engagement [6][10]. Group 4: Corporate Governance and Returns - There is a push for optimizing the structure of listed companies and enhancing their investment value through continuous reform of the merger and acquisition market [8][9]. - The article encourages companies to actively engage in cash dividends and share buybacks to improve returns for investors [9]. Group 5: Market Stability and Risk Management - The need for a comprehensive regulatory framework that adapts to rapid market changes is highlighted, focusing on risk prevention and response mechanisms [15][16]. - The use of modern technologies like big data and AI for effective regulatory oversight is recommended [16]. Group 6: Internationalization and Open Market - The article discusses the importance of gradually expanding the capital market's openness to enhance international competitiveness and facilitate efficient capital flow [17]. - It emphasizes the need for a coordinated development of onshore and offshore markets to support the growth of a world-class financial center [17].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "15th Five-Year Plan" period, outlining key tasks to achieve this goal [1][4]. Group 1: Key Tasks for Capital Market Development - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to support quality enterprises in issuing and listing [2][8]. - Foster more high-quality listed companies by deepening mergers and acquisitions market reforms and enhancing the flexibility of refinancing mechanisms [2][8]. - Create a more attractive environment for long-term investments by establishing mechanisms for long-term capital assessment and promoting the development of public funds and equity funds [3][9]. - Improve the scientific and effective regulation of the capital market, enhancing monitoring and risk response mechanisms to ensure market stability [3][10]. - Gradually expand the high-level institutional opening of the capital market, facilitating the use of both domestic and international markets and resources [3][10]. - Build a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [3][11]. Group 2: Importance of Capital Market - The capital market plays a crucial role in allowing over 200 million stock investors and 700 million fund investors to share in the development of the real economy [4]. - The implementation of new policies has led to a stable and positive trend in the capital market, with expectations for investor cash dividends reaching 2.4 trillion yuan in 2024 [4]. - The capital market must provide a wider range of high-quality financial products and services to meet the growing demand for wealth management among residents [4]. Group 3: Focus on Innovation and Risk Management - Greater support for technological innovation is necessary, adapting to the characteristics of tech companies with high R&D investments and long profit cycles [5][6]. - The regulatory framework must be responsive to both domestic and international market trends, enhancing risk monitoring and prevention capabilities [5][7].

Core Viewpoint - The article discusses the progress of initiatives aimed at promoting long-term capital investment in the Beijing region, following the "9.24 New Policy" introduced last year, highlighting various measures and their effectiveness in enhancing market participation by long-term funds [3][7]. Group 1: Measures to Promote Long-term Capital Investment - The Beijing Securities Regulatory Bureau, in collaboration with various governmental bodies, has issued the "Implementation Opinions" to promote long-term capital investment, focusing on responsibilities of different entities and aligning with local development needs [3][4]. - Key measures include optimizing the market ecosystem by establishing a long-term performance evaluation mechanism for commercial insurance funds and encouraging listed companies to repurchase shares [3][4]. - There is a strong emphasis on developing equity public funds and supporting the stable growth of private securities investment funds, shifting the focus from scale to investor returns [3][4]. Group 2: Investment Policy Environment - The article outlines efforts to enhance the investment policy environment for commercial insurance funds and pensions, increasing the flexibility and coverage of enterprise annuities and personal pensions [4]. - Encouragement is given to financial institutions to actively participate in capital markets, with a focus on optimizing incentive mechanisms and improving channels for market entry [5]. Group 3: Performance and Results - As of September 2025, the number of equity funds managed by Beijing-based fund companies reached 1,090, with a total scale of 1.94 trillion yuan, reflecting a year-on-year increase of 19.0% in product numbers and 25.56% in scale [6]. - The article notes that public funds in Beijing have implemented a plan to increase their A-share market value by at least 10% annually over the next three years, alongside measures to encourage fund managers to invest in their own equity funds [6]. - The management of various pension funds has also seen significant growth, with social security funds reaching 576.65 billion yuan (up 13.41%), enterprise annuities at 656.07 billion yuan (up 14.99%), and basic pensions at 633.46 billion yuan (up 34.31%) [6]. Group 4: Future Directions - The Beijing Securities Regulatory Bureau plans to strengthen policy coordination and information sharing among relevant departments to ensure the effective implementation of the "Implementation Opinions" [7].