记者观察 | 持续推进“长钱长投” 助力增强市场内在稳定性

Core Viewpoint - The promotion of "long money long investment" is a crucial aspect of current capital market reforms, with policies showing positive effects and clear changes in the A-share market [1][2]. Group 1: Policy Implementation and Market Impact - The "Guiding Opinions on Promoting Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and the China Securities Regulatory Commission (CSRC) on September 26, 2024, aiming to facilitate the entry of long-term funds into the market [1]. - As of the end of August this year, various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the 13th Five-Year Plan [1]. Group 2: Challenges and Future Directions - There is still significant room for growth in the scale of long-term funds entering the market, as the actual allocation of insurance funds to equity assets is still below the policy limits [2]. - The optimization of the investor structure in the capital market is a long-term process, requiring further enhancement of the leading and demonstrative effects of long-term funds [2]. Group 3: Enhancing Company Quality and Investment Value - Continuous improvement in the quality and investment value of listed companies is essential for the success of "long money long investment" [2]. - Regulatory measures have led to a notable increase in listed companies' ability and awareness to return value to investors, encouraging stable dividends and active market value management [2]. Group 4: Asset Management Institutions and Research Capabilities - The ongoing enhancement of asset management institutions' research capabilities is a critical guarantee for promoting "long money long investment" [3]. - Public funds are advancing the platform and systematic construction of research capabilities, while insurance institutions are focusing on stable cash flow assets and alternative investments [3].