在增速方面，债券、金融产品（含保险资产管理产品）和股票分别为28%、31%和36%；银行存款 增速小幅增长，增速为11%；股权投资和公募基金保持平稳增长，增速分别为4%和1%。 34家保险资管公司超33万亿元资金的最新投资流向出炉。中国银行保险资产管理业协会日前发布的 《中国保险资产管理业发展报告（2025）》（以下简称《报告》）显示，截至2024年末，34家保险资管 公司合计管理规模达33.3万亿元，同比增长10.6%；21家机构当年综合收益率超5%；34家机构当年收入 合计318.3亿元，增速达到7.31%。 系统内资金主导地位强化 根据《报告》，2024年，保险资管行业管理资产依然保持保险资金为主、业外资金为辅的多元化结 构。在保险资金方面，管理系统内保险资金23.5万亿元，占比70.56%；管理第三方保险资金1.98万亿 元，占比5.95%。在业外资金方面，管理银行资金3.96万亿元、占比11.91%，管理养老金2.93万亿元、 占比8.78%。 从近三年各类资金占比看，管理第三方保险资金规模占比连续两年下降，管理养老金规模占比连续 两年上升。在保险资金方面，系统内保险资金占比同比上升2.93个百分点 ...

作为经济发展的引擎，中国资本市场经过35年的探索与实践，市值再度突破百万亿元大关，在市场参与各方期许股市"慢牛"之际，作为多层次 资本市场塔基的场外资本市场也正迎来发展的关键时期。从国内外资本市场的历史看，场内市场均源于场外的孕育，场外股权市场发展质量直 接影响股票市场的后续动能，回顾和讨论我国场外市场有着十分重要的现实意义。 场外资本市场的演进 无论从国际经验和国内实践，还是从投资和融资视角观察，场外资本市场参与主体数量众多，潜在规模可观，影响着中国资本市场未来走势。 场外与场内之分，最早源于是否有集中交易的场地，随着电子和信息技术的发展，现在通常认为准入门槛较高的证券交易所为场内市场，其余 为与之对应的场外市场（指股票股权市场，不包括场外衍生品等其他证券品种市场）。国际上还有一种较确切的表达方式是公开市场（Public Market）和私市市场（Private Market），以"公开"与"非公开（私市）"来对应两者的区别，形成功能互补、协同发展的二元生态。为方便理 解，本文对应上述概念仍沿用场内和场外市场的称谓。 相对于已过而立迈向不惑的场内市场，私募股权市场和区域性股权市场的发展刚逾幼学之年，处于成长 ...

近日，甘肃省产权交易所集团股份有限公司（以下简称"甘交所集团"）正式发布公告，面向全社会公开招募投 资机构和投资人。本次招募旨在通过引入多元化投资主体，丰富市场参与层次，助力构建多层次、广覆盖的产 权交易体系。具体招募对象包括具备丰富资本实力和行业经验的国内外投资机构及合格个人投资者，招募流程 将遵循公开、公平、公正原则，包括意向征集、资质审核和合作签约等环节。 据集团相关负责人介绍，本次招募采用便捷化报名方式，有意向的投资机构和投资人可填写投资需求并完成入 库报名，集团将对所有报名信息严格保密。 "我们诚挚邀请各类优质投资力量加入，共同挖掘甘肃产权要素市场的潜力。"甘交所集团相关负责人表示，未 来集团将以此次招募为契机，搭建更高效的供需对接桥梁，推动社会资本与优质项目深度融合，助力甘肃产权 要素市场实现高质量发展。 此次招募推出的投资项目矩阵，进一步凸显了"多元化、高潜力"的特点。项目库涵盖传统与新兴两大领域，既 包括股权、债权、房产、土地等传统优质资产，也囊括闲置资产盘活、二手车交易等民生类项目；更值得关注 的是，矿权、生态资源、排放权、区域碳普惠等绿色低碳项目，以及知识产权、数据要素等新兴领域项目的纳 ...

Core Viewpoint - The A-share market is experiencing a surge in asset sales as companies aim to liquidate non-core assets and improve financial performance ahead of year-end [1][2]. Group 1: Asset Sales Trends - Nearly 300 listed companies have announced asset sales since October, significantly higher than in previous quarters, with over 100 being first-time disclosures [1]. - Companies are selling assets to recover cash and enhance profits, with examples including *ST Baoying planning to sell real estate for approximately 86.87 million yuan, expecting a profit impact of about 42 million yuan [2]. - The trend includes divesting low-efficiency assets to focus on core business operations, as seen with Zhujiang Free Trade Group's sale of real estate assets for about 5.518 billion yuan [3]. Group 2: Distressed Asset Sales - Some companies are selling loss-making assets to mitigate losses, such as Songyang Resources, which plans to sell a subsidiary after incurring cumulative losses of about 750 million yuan [4]. - The practice of "1 yuan" or "0 yuan" asset sales has emerged, raising market concerns, with examples including Jinbei Automobile's transfer of a subsidiary valued at -77.36 million yuan for a minimum of 1 yuan [5][6]. - These low-priced transfers often involve negative net assets and may include hidden liabilities, which can improve financial metrics but also raise red flags regarding the company's fundamentals [6][7]. Group 3: Regulatory and Market Reactions - The Shanghai Stock Exchange has begun inquiring about companies engaging in low-priced asset transfers, focusing on their operational viability and asset evaluation [7]. - Concerns exist regarding potential year-end rush transactions aimed at avoiding delisting, although new regulations have made such maneuvers more challenging [7].

"提高资本市场制度包容性、适应性"——这一被写入"十五五"规划建议的战略部署，已成为指引资本市 场改革发展的核心命题。 如何针对这一部署精准施策？在近日出版的《〈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〉辅导读本》中，证监会主席吴清发表了题为《提高资本市场制度包容性、适应性》的署名文 章。证监会主席吴清在解读中，详细阐述了未来的重点任务与行动逻辑。 在吴清看来，这一部署为资本市场改革发展稳定各项工作指明了前进方向、提供了根本遵循。 而面向下一阶段的资本市场建设，吴清在文章中明确了"十五五"时期提高资本市场制度包容性、适应性 的六方面任务举措：一是积极发展股权、债券等直接融资；二是推动培育更多体现高质量发展要求的上 市公司；三是营造更具吸引力的"长钱长投"制度环境；四是着力提升资本市场监管的科学性、有效性； 五是稳步扩大资本市场高水平制度型开放；六是共同营造规范、包容、有活力的资本市场生态。 记者注意到，从吴清的表述来看，资本市场的"包容性"侧重于拓展其服务的广度与深度，让资本市场更 好地支持创新、服务人民；"适应性"则侧重于提升市场治理的效能与视野，使制度体系更能驾驭市场变 化、提升国际竞争 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market as a strategic deployment in the "14th Five-Year Plan" [1][2] Group 1: Key Tasks and Measures - The six key tasks for improving the capital market's inclusiveness and adaptability during the "14th Five-Year" period include: 1. Actively developing direct financing through equity and bonds 2. Promoting the cultivation of more high-quality listed companies 3. Creating a more attractive environment for long-term investments 4. Enhancing the scientific and effective nature of capital market regulation 5. Gradually expanding high-level institutional openness in the capital market 6. Fostering a standardized, inclusive, and vibrant capital market ecosystem [1][5] Group 2: Emphasis on Innovation and Public Benefit - The capital market's inclusiveness is characterized by its ability to recognize and serve new industries, business models, and technologies, acting as a core "accelerator" for the development of new productive forces [4] - The capital market serves as an important platform for the public to share in the development achievements of the real economy, with over 200 million stock investors and more than 700 million fund investors in China [6] Group 3: Regulatory Adaptability - The adaptability of the capital market's regulatory system is crucial for responding to internal and external environmental changes, enhancing the ability to lead and regulate market innovation [8] - Emphasis is placed on building a comprehensive and multi-dimensional regulatory system for securities and futures, utilizing modern technologies like big data and AI to identify risks and illegal activities [8] Group 4: International Competitiveness - The restoration of the valuation of RMB assets since 2025 has increased global capital's willingness to invest in the domestic capital market, with a focus on enhancing the market's attractiveness and inclusiveness through institutional openness [9] - The article advocates for a gradual approach to promote the coordinated development of onshore and offshore markets, improving the convenience for foreign capital and institutions to participate in China's capital market [9]

● 本报记者 彭扬 欧阳剑环 三是健全功能完善的金融市场。针对不同层面的投融资需求，积极发展股权、债券等直接融资，完善市 场基础制度，提升包容性和适应性，做优增量、盘活存量，加强投资者保护，推动货币市场发展，健全 外汇市场产品体系，规范发展黄金市场、票据市场，稳慎有序发展期货和衍生品市场，促进市场基础设 施有序联通，发挥金融市场有效配置资源、发现价格和管理风险的作用。 四是建设更高水平的开放型金融新体制。越发展越开放，要坚持统筹发展和安全，持续促进贸易和投融 资便利化，扩大我国金融市场对外开放。推进人民币国际化，提升资本项目开放水平。加快建设上海国 际金融中心，巩固提升香港国际金融中心地位，加强对"一带一路"的金融支持，坚持多边主义原则，积 极推动全球金融治理改革，以高水平开放促进高质量发展。 五是构建可持续的金融生态。重视金融生态对金融业发展的关键影响。强化清晰的产权界定、公平的竞 争规则、有效的契约执行、适度的融资成本、有力的权益保护。约束金融行业内卷式竞争，保持合理的 盈利空间。 中国人民银行副行长陶玲11月14日在第十六届财新峰会上表示，"十五五"时期是基本实现社会主义现代 化的关键时期，新形势、新任 ...

人民财讯11月14日电，11月14日，中国民银行副行长陶玲在第十六届财新峰会上表示，健全功能完善的 金融市场。针对不同层面的投融资需求，积极发展股权、债券等直接融资，完善市场基础制度，提升包 容性和适应性，做优增量、盘活存量，加强投资者保护，推动货币市场发展，健全外汇市场产品体系， 规范发展黄金市场、票据市场，稳慎有序发展期货和衍生品市场，促进市场基础设施有序联通，发挥金 融市场有效配置资源、发现价格和管理风险的作用。 ...

Core Viewpoint - The company has entered into a conditional equity transfer agreement to sell a 49% stake in Shanghai Shanshi Medical Beauty Hospital Co., Ltd. for a total consideration of RMB 73.598 million, which aligns with its strategy to optimize asset allocation and focus on core business development [1] Group 1: Transaction Details - The agreement involves Shanghai Huashi and Shanghai Lingfeng Medical, with Shanghai Lingfeng Medical agreeing to purchase the stake from Shanghai Huashi and the company's wholly-owned subsidiary, Shanghai Dajiankang Management [1] - Upon completion of the transaction, the company will no longer hold any equity in the target company, which will be fully owned by Shanghai Lingfeng Medical [1] Group 2: Strategic Implications - The sale allows the company to recover and reallocate capital, streamline its investment portfolio, and concentrate resources on its main business, thereby enhancing operational efficiency and capital discipline [1] - This transaction is part of the company's ongoing strategy to improve cash flow and support long-term sustainable growth [1]

本次股权转让符合公司"聚焦主业"的发展战略，有利于公司进一步优化资产结构，集中优势资源加快主 营业务发展，提升公司的经营业绩水平和资产质量，符合公司长远发展的战略规划。本次交易不会影响 公司生产经营活动的正常运行。 隆鑫通用（603766）(603766.SH)发布公告，公司与贵州科欣管理咨询有限公司(简称"贵州科欣")签订 《股权转让协议》，以评估机构评估结果作为参考，以1.06亿元的交易价格，将公司持有遵义金业机械 铸造有限公司(简称"金业机械")全部66%的股权，转让给贵州科欣。本次交易完成后，公司不再持有金 业机械的股份，金业机械不再纳入公司合并报表范围。 ...