TSINGHUA Financial Review 青华金融评论 10-1169/ 40号 ISSN 2095-6 到即会题 金融助力科技创新 和产业创新深度融合 奖 脚 我 TSINGHUA Financial Review 清华金融评论 张伟 等: bea 我国寿险业高质量 发展模式的构想 聂庆平: P73 全球资本市场面临的 排战与前景展望 郎在 下一篇 144 P02 王泊: 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 P16 田轩 等: 赋能新质生产力: 资本市场服务科技创新的逻辑与对策 P19 杜春野: 深化科技金融范式创新: 商业银行助力科技企业高质量发展的思考与实践 P23 刘健 等: 打造科技投行, 提升资本市场服务科技创新能力 P27 葛小波 等: 关于证券公司服务新质生产力 和推动科技创新的思考 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 文/上海证券交易所党委委员、副总经理 王泊 党的二十届四中全会提出"十五五"时期经济社会发展的主要目标，明确提出"高质量发展取得显著成 效""科技自立自强水平大幅提高"等主要目标， ...

Core Viewpoint - The market is experiencing a structural bull market, characterized by significant gains in specific sectors while others lag behind, indicating potential investment opportunities in undervalued stocks [10][11][12]. Group 1: Market Performance - The overall market opened lower but closed higher, returning to a rating of 4.2 stars [1]. - All market caps, including large, mid, and small caps, saw increases, with small caps outperforming slightly [2]. - Both value and growth styles experienced upward movement [3]. Group 2: Positive Market Drivers - Positive news circulated during the trading day, contributing to market gains [4]. - Insurance institutions lowered risk factors for indices like the CSI 300 and the Low Volatility Dividend 100, allowing for increased allocation to these stocks [5][6]. - This adjustment led to significant increases in sectors such as securities, insurance, and value stocks [7]. Group 3: Structural Bull Market Characteristics - Structural bull markets often see certain categories of stocks rise significantly while others may not reach high valuations [10][12]. - Historical examples include the small-cap growth bull market in 2015 and the large-cap value bull market from 2016 to 2017 [13][14]. Group 4: Current Market Trends - The main drivers of this year's market increase are small-cap and growth styles, with indices like the CSI 2000 and tech-focused boards showing gains exceeding the market average [15]. - Many stocks in these categories have strong fundamentals, with tech companies in A-shares and Hong Kong showing over 30% year-on-year profit growth [18]. - Some sectors, such as consumer and healthcare, have seen moderate profit growth, while others like consumption have experienced declines [21][25]. Group 5: Future Outlook - Stocks that are currently underperforming may become leaders in future market cycles, emphasizing the need for patience among investors [27][32]. - Even undervalued indices can yield returns over time, as seen with dividend and low-volatility indices that have appreciated by 50-70% since 2018 despite not reaching high valuations [40][41]. Group 6: Valuation Insights - The article provides a valuation table for Hong Kong indices, indicating that the market has already returned to a rating of over 3 stars due to earlier gains compared to A-shares [42]. - The valuation metrics for various indices, including PE ratios and dividend yields, are summarized for investor reference [43].

Core Insights - The forum hosted by Zhongtai Securities focused on the high-quality development of wealth management and the ETF ecosystem, emphasizing the need for public funds and securities companies to undergo deep transformations in their operational philosophy, marketing models, and research paradigms to better serve residents' wealth management needs [1][2]. Group 1: Transformation Strategies - The collaboration between public funds and securities firms is entering a phase of iterative upgrade, focusing on three major transformations: shifting from a product-centric to a customer-centric approach, moving from single product sales to comprehensive asset allocation solutions, and aligning research paradigms with national strategic directions [2][3]. - The operational philosophy should prioritize customer differentiation and provide customized asset allocation advice, while the marketing model should evolve to enhance long-term investor satisfaction by transitioning from "selling products" to "managing accounts" [2][3]. Group 2: Key Focus Areas for Wealth Management - Key drivers for high-quality wealth management development include investment advisory services, artificial intelligence technology, and a multi-tiered product system [3]. - The investment advisory business should adopt a "buyer advisory" model, linking income to long-term asset appreciation, thereby strengthening industry trust [3]. Group 3: ETF Market Development - The explosive growth of the ETF market presents opportunities for public funds and securities firms to establish a comprehensive cooperation model, focusing on product development, ecosystem operation, and asset allocation [4]. - Collaborative efforts should include creating a strategy-driven, intelligent ETF toolkit, enhancing liquidity services, and developing diversified ETF solutions to convert product advantages into long-term client value [4].

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this asset class among investors [2] Group 2 - The article discusses the characteristics of growth stocks and value stocks, highlighting that growth stocks often exhibit high volatility and can experience significant price swings, while value stocks tend to show more stable, gradual increases [5] - It provides examples of historical performance, noting that value indices may see annual increases of around 10% or more, while growth stocks can double in value during bull markets but also face steep declines [5][6] - The article suggests that different investment styles require distinct profit-taking strategies, with growth stocks necessitating a higher level of attention to market conditions for effective exit points [6][7]

初冬暖阳洒落黄浦江畔，11月12日至13日，2025年上海证券交易所国际投资者大会召开。全球百余 家知名投资机构、近400名代表共赴"上海之约"，透过中国资产，瞭望世界经济。 正如中国证监会副主席李明在大会致辞中所言，在"十四五"即将顺利收官、"十五五"整装待发的重 要历史时刻，本次大会以"价值引领开放赋能"为主题，聚焦中国资本市场的长期投资价值与高水平对外 开放，可谓正当其时，具有重要意义。 "我们将全力为境内外金融机构、金融企业、金融人才创造更多市场机遇、发展机遇，诚挚欢迎大 家来沪展业、兴业，为上海国际金融中心建设作出贡献。"上海市常务副市长吴伟在大会上表示。 在全球经济充满不确定性的当下，上海如何更好地发挥金融"压舱石"作用，把中国的"新质生产 力"与全球创新链深度融合？以此为原点，上海国际金融中心建设的"十五五"新征程脉络已然清晰。这 座城市正持续创造机遇，向全球金融机构与人才发出合作共赢的时代邀约。 全球引力场 当今世界，百年变局加速演进，全球经济金融形势更趋复杂严峻，不确定性上升。风高浪急之 下，"压舱石"的价值愈发凸显。作为上交所面向全球投资界的重要年度会议，本届大会共吸引来自欧 美、亚太及中 ...

Core Insights - The Shanghai Stock Exchange (SSE) is focusing on fostering a market ecosystem that encourages rational, value, and long-term investments, aiming to attract more medium to long-term capital into the market [1][5] - During the "14th Five-Year Plan" period, the SSE has implemented significant reforms, including the establishment of the Sci-Tech Innovation Board and the registration system, leading to steady growth in both market volume and quality [1][2] Market Growth - The total market capitalization of the stock market exceeded 60 trillion yuan, with a trading volume of 546 trillion yuan, representing growth of 40% and 96% respectively compared to the "13th Five-Year Plan" [1] - The bond custody volume reached 19.1 trillion yuan, a 44% increase, making it the largest bond market among global exchanges [1] - The fund market's total market capitalization reached 4.2 trillion yuan, with a trading volume of 133 trillion yuan, marking increases of 359% and 221% respectively [1] Sci-Tech Innovation Board - The Sci-Tech Innovation Board has seen the listing of 379 new companies during the "14th Five-Year Plan" period, with 22 previously unprofitable companies achieving profitability post-listing [2] - The board has accumulated 120,000 patents, with a median R&D intensity of 12.6%, establishing itself as a preferred listing venue for "hard tech" companies in China [2] Company Quality and Investment Value - The SSE has initiated actions to enhance the quality and efficiency of listed companies, with average annual compound growth rates of 3.8% in revenue and 4.6% in net profit during the "14th Five-Year Plan" [2] - The total amount of dividends and buybacks from listed companies exceeded 7.6 trillion yuan, accounting for over 70% of the total market dividends, reflecting a 51.2% increase [2] Long-term Investment Ecosystem - The index investment ecosystem has been enhanced, with the number of new indices reaching approximately 3,500 and the scale of ETF products growing from 0.9 trillion yuan to 4.1 trillion yuan, an annual growth rate of 35% [3] - The SSE has promoted the "Three Investment" philosophy, significantly increasing investor participation in shareholder meetings and enhancing investor protection initiatives [3] International Cooperation and Cross-border Investment - The SSE has optimized the interconnectivity mechanisms, with cumulative transactions through the Shanghai-Hong Kong Stock Connect reaching 103 trillion yuan, a 288% increase [4] - The SSE has expanded its cross-border product offerings, with the scale of cross-border index products exceeding 320 billion yuan, enhancing international investment options [4] Future Outlook - The SSE plans to focus on nurturing new productive forces, optimizing key systems for issuance, refinancing, and mergers, and guiding capital towards advanced technologies and future industries [5] - The SSE aims to enhance corporate governance and information disclosure quality, while also expanding its international product offerings and improving global competitiveness [5]

Core Viewpoint - The article emphasizes the importance of the 20th Central Committee's Fourth Plenary Session, highlighting its role in guiding China's economic and social development for the next five years, particularly in the context of achieving socialist modernization [2][3]. Group 1: Meeting Insights - The meeting led by the Chairman of the China Securities Regulatory Commission (CSRC) focused on implementing the spirit of the 20th Central Committee's Fourth Plenary Session, which is crucial for the upcoming "15th Five-Year Plan" [2]. - The meeting acknowledged the significant achievements made in the past five years under the leadership of the Central Committee, attributing these successes to the guidance of Xi Jinping's thoughts on socialism with Chinese characteristics [3]. Group 2: Strategic Directions - The CSRC aims to enhance the resilience and risk resistance of the capital market by fostering high-quality listed companies and establishing a stable market ecosystem [4]. - There is a focus on improving the inclusiveness and adaptability of capital market systems, including reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [4]. - The meeting highlighted the need to strengthen regulatory enforcement and effectiveness, emphasizing the importance of combating securities violations and enhancing investor protection [4]. Group 3: Future Actions - The CSRC is tasked with making the study and implementation of the Plenary Session's spirit a major political task, ensuring that it is deeply integrated into the system [5]. - The organization is expected to align its strategies with the Plenary Session's directives, conducting thorough research to plan for the capital market's strategic tasks during the "15th Five-Year Plan" [5]. - The meeting concluded with a commitment to achieving the annual work goals and ensuring a solid foundation for high-quality development in the capital market [5].

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to high-quality development during the "14th Five-Year Plan" period, aiming to build a world-class exchange while supporting China's economic and social development [1] Group 1: Achievements and Market Position - SSE has become the third-largest stock market globally, the largest exchange bond market, and the second-largest ETF market in Asia [1] - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41%, and their market value share rose from 27% to 32% over the past five years [2] - R&D investment by companies listed on the SSE grew from 0.64 trillion yuan to 1.07 trillion yuan, a 66% increase, accounting for nearly 40% of national corporate R&D investment [2] Group 2: Financing and Market Functionality - The total financing amount from stock IPOs in the Shanghai market increased by 16% during the "14th Five-Year Plan" compared to the previous period [4] - The bond market's total issuance reached 31 trillion yuan, a 42% increase, with over 10 trillion yuan in industrial bonds and ABS products [4] - The annualized volatility of the Shanghai Composite Index decreased by 2.8 percentage points to 15.9% during the "14th Five-Year Plan," indicating improved market expectations and investor confidence [4] Group 3: Reform and Development - The awareness of corporate responsibility among listed companies has significantly changed, with average annual revenue and net profit growth rates of 3.8% and 4.6%, respectively, over the past five years [5] - The number of companies disclosing ESG reports reached 57.7% in 2024, up 22 percentage points from 2020 [6] - The cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 99 trillion yuan, a 275% increase compared to the previous period [6] Group 4: Investor Protection and Market Ecology - SSE has implemented a new company supervision system to combat fraud and maintain market fairness, resulting in 93 companies being delisted [7] - The average dividend yield in the Shanghai market approached 2.5% during the "14th Five-Year Plan," with encouragement for companies to adopt multiple dividend distributions per year [7] - SSE has reduced fees by approximately 4 billion yuan and streamlined regulatory processes, decreasing the number of required documents for information disclosure by over 50% [7]

Core Viewpoint - The article discusses various investment styles, emphasizing the importance of diversification and the cyclical nature of investment styles, suggesting that different styles may perform better at different times [5][12]. Group 1: Investment Styles - Balanced style is characterized by a diversified portfolio across multiple industries, typically resulting in smaller maximum drawdowns compared to the market [2][3]. - Deep value style, represented by Graham, focuses on valuation metrics such as low price-to-earnings (P/E) and price-to-book (P/B) ratios, as well as high dividend yields [5]. - Growth value style, exemplified by Buffett, emphasizes a company's profitability and cash flow, often investing in high return on equity (ROE) and stable cash flow stocks [7][8]. - Growth style prioritizes high revenue and earnings growth rates, showing a higher tolerance for valuations compared to the overall market [9]. - Deep growth style targets early-stage industries where revenue and earnings have not yet reached high growth phases, commonly seen in venture capital [10][11]. Group 2: Style Rotation and Strategy - Different investment styles do not move in tandem; style rotation occurs approximately every 3-5 years, although predicting the exact timing is challenging [12]. - The strategy involves maintaining a diversified portfolio with low-valued stocks across different styles, adjusting allocations based on valuation changes [12].

Core Viewpoint - The company successfully held a "Financial Education Promotion Week" from September 15 to September 21, 2025, themed "Safeguarding Financial Rights and Supporting a Better Life," to enhance public financial literacy and awareness of investment risks [1]. Group 1: Online and Offline Activities - The company created 21 original educational materials during the event, including long images and brochures, focusing on themes like the "Three Appropriateness" principle and anti-fraud warnings [1]. - The online campaign reached over 108,100 clicks, with content shared across various platforms, including the company's educational base website and social media [1]. - A total of 68 online events were conducted through the "Langke Live" platform, reaching 995,200 participants, covering topics such as the Science and Technology Innovation Board, bonds, and funds [2]. Group 2: Community Engagement - The company organized 160 outdoor promotional events, reaching nearly 10,000 people, with tailored strategies for different demographics, including elderly individuals and students [2][5]. - 29 specialized lectures were held in communities and rural areas, focusing on fraud prevention and rights protection, effectively enhancing the public's risk awareness [5]. Group 3: Innovative Educational Approaches - The "Investment Education Market" event on September 19 featured interactive projects like "Anti-Fraud Gashapon" and "East Finance Running," attracting over 300 participants to learn about fraud prevention in a fun way [7]. - The "First Class of the New Semester" initiative was launched in collaboration with 36 universities, conducting 46 sessions and reaching 5,886 students to improve their financial literacy [11]. - The "Anti-Fraud Healthy Run" event combined physical activity with financial education, featuring various fun activities and competitions to promote anti-fraud knowledge [15]. Group 4: Future Plans - The company aims to continue innovating financial education methods, establishing a regular, engaging, and targeted financial education promotion mechanism to enhance public financial literacy [18].