固本培元才能“深水养大鱼”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to strengthen both the asset and funding sides of the capital market to enhance investment value and attract long-term capital [1][2]. Group 1: Asset Side - The quality of listed companies is crucial for the market; without high-quality companies, the market lacks a solid foundation [2]. - The CSRC aims to enhance the investment value of listed companies by encouraging them to focus on their core business and innovate, thereby creating competitive advantages [2]. - Companies are urged to maintain transparent governance and avoid practices such as financial fraud and insider trading, while also prioritizing shareholder returns through dividends and buybacks [2]. Group 2: Funding Side - Long-term and patient capital is essential for market stability, as it focuses on long-term growth rather than short-term gains [2]. - There is a need to remove institutional barriers that hinder long-term capital, such as those affecting pension and insurance funds, to facilitate their entry into the market [2]. - The CSRC advocates for a value-oriented approach to investment, promoting long-term assessments to guide institutional investors towards sustainable practices [2]. Group 3: Systemic Integration - The asset and funding sides are interdependent, and improving the market environment requires a comprehensive approach that includes optimizing fundamental systems like issuance, trading, and delisting [3]. - A well-functioning capital market can effectively allocate resources and attract innovative elements, contributing to the construction of a strong financial system and supporting high-quality economic development [3].