筑牢韧性根基 打造资本市场“稳”字标签

Core Viewpoint - The Chinese stock market is showing resilience and stability, with the total market capitalization of A-shares surpassing 100 trillion yuan and the Shanghai Composite Index trending upwards, indicating a recovery and positive outlook for the first half of 2025 [1][3]. Market Stability - The focus on stabilizing the market has been a key theme, with regulatory bodies emphasizing the importance of maintaining a stable and active capital market to boost investor confidence and expectations [2][3]. - A series of policies have been implemented to support market stability, including measures to enhance liquidity and encourage long-term investments, despite external uncertainties such as U.S. tariff policies [2][4]. Policy Measures - The central government has introduced a comprehensive set of policies aimed at stabilizing the capital market, including the "New National Nine Articles" and the "1+N" policy framework, which focus on maintaining funding stability and investor confidence [2][6]. - Regulatory bodies are actively working to improve the mechanisms for market stability, with a focus on proactive management and consistent macroeconomic policy orientation [3][6]. Investment Trends - There has been a significant influx of medium- and long-term funds into the market, with over 200 billion yuan net purchases of A-shares by social security, insurance, and pension funds in the first half of the year [4][5]. - The introduction of long-term performance evaluation mechanisms for public funds is expected to enhance the stability of investment behaviors and improve the overall quality of the capital market [5][6]. Future Outlook - The market is expected to face complex internal and external challenges, but the certainty of high-quality economic development and the recovery of asset valuations provide a solid foundation for maintaining market stability [6][7]. - There is a call for further reforms to enhance the entry of long-term funds into the market and to improve corporate governance and performance, which will ultimately support market vitality and investor returns [7][8].