西部证券董事长徐朝晖：政策合力为资本市场注入确定性

Group 1 - The core viewpoint of the article emphasizes the Chinese government's commitment to maintaining a stable and active capital market through a comprehensive set of financial policies introduced on May 7, 2024 [1][2] - The recent changes in the government's language regarding the capital market reflect a deeper strategic positioning and policy orientation, moving from "boosting the capital market" to "sustaining stability" and "activating" the market [1][2] - The policies aim to ensure the long-term healthy development of the capital market while managing risks, enhancing market efficiency, and improving resource allocation to support economic transformation [2][3] Group 2 - The financial policies introduced are seen as a continuation and upgrade of previous measures, addressing both short-term risks and long-term high-quality development [2][3] - Future policy efforts are expected to focus on encouraging listed companies to enhance core competitiveness, increase R&D investment, support mergers and acquisitions, and improve corporate governance [3] - The balance between "stability" and "activity" is described as a dynamic process that requires clear guidelines for market operation while allowing flexibility to stimulate market vitality [3] Group 3 - Securities firms are encouraged to leverage opportunities in wealth management, investment banking, asset management, and financial technology to achieve high-quality development [4] - The shift in asset allocation from traditional real estate to financial assets presents a significant opportunity for securities firms to develop personalized investment advisory services [4] - The growth of the M&A market offers securities firms a chance to utilize their expertise in transaction structuring and financial advisory services [4] Group 4 - West Securities plans to enhance its core competencies by improving research capabilities, product creation, and risk management to adapt to market changes and client needs [5] - The company aims to deepen its research on macroeconomics, industries, and companies to support investment decisions and product development [5] - The focus on risk management is crucial for ensuring stable business development while seizing opportunities presented by policy incentives [5]