华源证券刘晓宁：明确市场改革路径 夯实稳健上行基础

Core Viewpoint - The 2025 Financial Street Forum emphasizes the theme of "Innovation, Transformation, and Reshaping Global Financial Development," highlighting the importance of reforms in the Chinese financial market to enhance investor confidence and support long-term growth [1]. Group 1: Market Reforms - Deepening the reform of the ChiNext board is expected to expand the capacity and scale of related ETFs, increasing the weight of the technology sector in A-shares and supporting a long-term trend dominated by technology [1]. - Enhancing the early risk management capabilities and preventing significant market fluctuations, along with strict enforcement against financial fraud, can create a low-volatility market environment, boosting investor confidence and providing foundational support for a stable upward trend in the stock market [1]. Group 2: Long-term Investment Strategies - Promoting reforms in public funds and implementing long-term assessments for corporate pensions and insurance funds can introduce sustained incremental capital focused on long-term value investment, supporting a healthy and stable upward trajectory in the stock market [1]. - Advancing the high-quality development of the Beijing Stock Exchange will further broaden financing channels for innovative small and medium-sized enterprises, increase their trading activity and market share, and attract more funds and qualified investors, fostering a positive investment ecosystem and market style for innovative small-cap companies [1].