证监会：不断提升市场吸引力、包容性和竞争力

Core Insights - The meeting emphasized the need for high-quality planning for the "15th Five-Year" capital market strategy, reflecting on the achievements of the "14th Five-Year" period, particularly the implementation of the new "National Nine Articles" and the "1+N" policy framework, which have significantly restructured the foundational systems and regulatory logic of the capital market [1][2] Group 1: Capital Market Development - The capital market has experienced a dual increase in quantity and quality during the "14th Five-Year" period, with enhanced market resilience and a more complete multi-level market system [1] - Participants suggested reforms in areas such as issuance, refinancing, and mergers and acquisitions to enhance the attractiveness and inclusivity of the capital market [2] Group 2: Support for Listed Companies - There is a call for greater support for listed companies to improve their performance, including encouraging higher dividend payouts and share buybacks [2] - The role of institutional investors in corporate governance is highlighted as a means to enhance the quality and investment value of listed companies [2] Group 3: Industry and Institutional Development - The meeting advocated for the development of top-tier investment banks and institutions, as well as the high-quality growth of intermediary services such as accounting and law firms [2] - There is a focus on enriching the product service system of the A-share market, including indices, ETFs, and derivatives, to better serve wealth preservation and growth for residents [2] Group 4: Reform and Governance - Emphasis was placed on the need for comprehensive reforms in the capital market, leveraging the "Science and Technology Innovation Board" and "Growth Enterprise Market" as key reform drivers [3] - The importance of maintaining a market culture that respects and rewards investors was underscored, with a call for listed companies and industry participants to enhance their professional capabilities and market reputation [3]