全面深化改革开放 增强资本市场吸引力和包容性 证监会将继续严把发行上市入口关，做好逆周期调节，不会出现大规模扩容的情况

Core Viewpoint - The Chinese capital market aims to enhance its attractiveness and inclusiveness through comprehensive reforms, ensuring stability and quality development while avoiding large-scale expansions in listings [1][2][8]. Group 1: Capital Market Development - The central political bureau meeting emphasized the need to consolidate the positive momentum of the capital market and align with previous key meetings to promote high-quality development [1][2]. - The capital market's internal quality and allocation efficiency have shown positive improvements this year, necessitating further efforts to support technological innovation [1][2][3]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness involves improving investor protection, increasing the quality of listed companies, and ensuring a stable market environment [2][5]. - The focus on institutional innovation, market openness, and ecological optimization is essential for creating a modern financial system that balances risk and return [2][5]. Group 3: External Factors and Foreign Investment - Despite external uncertainties, the A-share market has remained stable, with foreign institutions increasing their optimistic outlook on the Chinese economy and capital market [3][9]. - In the first half of the year, foreign investment in domestic stocks and funds increased by $10.1 billion, indicating a growing willingness to allocate capital to Chinese assets [9]. Group 4: Reform Initiatives - The China Securities Regulatory Commission (CSRC) is committed to deepening capital market reforms, focusing on attracting long-term capital and enhancing the quality of listed companies [6][8]. - Significant reforms have been implemented, including measures to facilitate the entry of long-term funds and improve the investment value of listed companies, with record high dividends and buybacks reported [6][8]. Group 5: Future Directions - The CSRC plans to continue promoting high-level institutional openness, enhancing cross-border cooperation, and optimizing the investment environment for foreign capital [9]. - Future reforms will focus on supporting the entire lifecycle of enterprises, improving the regulatory framework for mergers and acquisitions, and ensuring better returns for investors [8][9].