中长期资金入市制度逐步完善 “长钱长投”稳步推进

Core Viewpoint - The implementation of the "Implementation Plan" aims to promote the entry of long-term funds into the A-share market, enhancing market stability through systematic institutional design and capital guidance [1][2]. Group 1: Promotion of Long-term Investment - The "Implementation Plan" focuses on guiding various long-term funds, including commercial insurance funds and social security funds, to increase their investment in A-shares, with specific arrangements to steadily raise the scale and proportion of long-term funds in the market [2][3]. - Since the policy's implementation, the speed and scale of long-term funds entering the market have significantly increased, injecting fresh blood into the capital market [1][2]. - The long-term investment pilot projects for insurance funds have accelerated, with a total scale of 2,220 billion yuan approved for long-term investment reforms [2][3]. Group 2: Long-term Assessment Mechanism - A long-term assessment mechanism for investment periods of over three years has been established, which helps to mitigate short-term market fluctuations and reinforces long-term investment logic [2][3]. - The introduction of a long-term assessment mechanism for public funds has been initiated, with a focus on long-term returns [2][3]. - The mechanism aims to alleviate the pressure of short-term performance on long-term funds, allowing them to focus on stable long-term development [3][6]. Group 3: Optimizing Market Ecology - The "Implementation Plan" proposes optimizing the investment ecology of the capital market by encouraging listed companies to increase share buybacks and implement regular dividend policies [4][5]. - The policy aims to enhance the quality of listed companies and provide more suitable investment products for long-term funds, thereby reducing institutional barriers to market entry [4][5]. - The expansion of investment options, including REITs and innovative financial products, is expected to meet the diverse risk-return preferences of long-term funds [4][5]. Group 4: Challenges and Recommendations - Despite the progress, there are still challenges in the investment scope, product supply, and assessment mechanisms that need to be addressed to fully realize the potential of long-term funds [5][6]. - Recommendations include expanding the investment range for long-term funds, allowing participation in private equity and alternative investments, and enhancing the transparency and efficiency of the capital market [6][7]. - Further improvements in the long-term assessment mechanism and the development of more suitable financial products are essential to encourage long-term investment [7].