四大关键词看“持续稳定和活跃资本市场”

Economic Overview - The core focus is on maintaining a stable and active capital market, highlighted by the government's emphasis on "stabilizing the stock market" in key meetings and reports since 2025 [1][2] - A series of coordinated measures have been implemented to counteract international market volatility and support stock price stability [2][3] Market Stability - The primary task of regulatory bodies is to ensure market stability, especially in light of external pressures such as U.S. tariff policies [2][3] - The government has deployed a comprehensive "stabilization package" involving policy, funding, and expectation management to support the capital market [2][3] Reform and Innovation - Capital market reforms are focused on enhancing inclusivity and adaptability, particularly through the development of the Sci-Tech Innovation Board and the Growth Enterprise Market [4][5] - New policies aim to improve the precision of funding support for technological innovation and increase the activity of mergers and acquisitions in the A-share market [4][5] Value Enhancement - The capital market is actively working to enhance the investment value of listed companies, with a significant number of firms increasing R&D investments and implementing share buybacks and dividends [6][7] - Data shows that over 430 companies announced dividend plans totaling approximately 430 billion yuan, while share buybacks exceeded 84 billion yuan in the first half of the year [6][7] Market Ecology - Regulatory bodies are collaborating to establish a well-ordered market ecology, with strict enforcement against fraudulent activities and a focus on investor protection [7][8] - Recent actions include significant penalties for market manipulation and financial fraud, reinforcing a zero-tolerance approach to violations [7][8]