Venture(US:VEMLY) 智通财经网·2025-09-30 10:49Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on the "14th Five-Year Plan" for capital market development, emphasizing high-quality growth, comprehensive reform, and enhancing market attractiveness and competitiveness through the "Two Innovation Boards" reform [1][4]. Group 1: Capital Market Planning - The CSRC is conducting discussions to gather opinions on the "15th Five-Year Plan" for capital markets, aiming to align with the directives from the Central Political Bureau [2]. - Participants noted that during the "14th Five-Year" period, China's capital market experienced significant growth in both quantity and quality, particularly after the implementation of the "New National Nine Articles" and the "1+N" policy framework [3]. Group 2: Reform Suggestions - Suggestions for the "15th Five-Year Plan" include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while enhancing policy execution mechanisms to boost market attractiveness and inclusivity [3]. - There is a call for greater support for listed companies to improve their performance, including encouraging higher dividend payouts and buybacks, and enhancing the role of institutional investors in corporate governance [3]. - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is emphasized, alongside promoting the high-quality development of intermediary services like accounting and law firms [3]. Group 3: Market Development Goals - The CSRC aims to enrich the product service system of the A-share market, including indices, ETFs, and derivatives, to better serve the wealth preservation and appreciation needs of residents [3]. - Enhancing cross-border investment and financing convenience is a priority, along with increasing the level of institutional openness in the capital market [3].