国元证券董事长沈和付：一揽子金融政策持续强化资本市场韧性与活力

Core Viewpoint - The People's Bank of China, along with financial regulatory authorities, has launched a comprehensive financial policy package aimed at stabilizing and invigorating the capital market in response to external uncertainties and pressures on foreign trade [1][2]. Group 1: Financial Policy Characteristics - The financial policy package is characterized by being timely, well-planned, and precise in its measures, addressing various aspects such as providing medium to long-term liquidity, stabilizing the real estate market, and supporting technological innovation [1]. - The policy includes both aggregate measures and targeted structural policies to effectively support specific sectors and industries [1]. Group 2: Impact on Capital Markets - The policy is expected to stabilize market sentiment, especially during global market volatility, by mobilizing state-backed entities to support the market [1]. - On the investment side, the policy aims to strengthen the alignment of interests between investors and funds, promoting the growth of equity funds and enhancing the long-term stability of investment behaviors [2]. - The financing side of the policy accelerates reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing the efficiency of mergers and acquisitions and improving the capital market's resource allocation capabilities [2]. Group 3: Role of Securities Firms - Securities firms are positioned as "tree planters" for financing technology enterprises, providing comprehensive financial services that include underwriting and investment [3][4]. - They are tasked with identifying high-potential technology companies and customizing financing solutions to support innovation and growth [4]. Group 4: Recommendations for Future Actions - The industry should focus on enhancing the institutional environment for long-term investments, increasing the proportion of medium to long-term funds entering the market, and improving the overall quality of listed companies [5]. - There is a need to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, optimizing listing conditions and supporting high-quality technology companies, particularly those with core technologies [5][6]. - Financial institutions should align their services with national strategies, optimizing resource allocation to support sustainable economic development [6].