Xin Lang Cai Jing·2025-10-28 07:16Core Insights - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasizes the new opportunities for the securities industry at the intersection of the "14th Five-Year Plan" economic upgrade and capital market reforms [1][2] - The capital market is expected to play a crucial role in establishing a "financial powerhouse," driven by increased global market vulnerabilities and the emergence of new industrial cycles led by AI and biotechnology [1][2] Financing Aspects - The first batch of unprofitable companies will be listed under the "Science and Technology Innovation Growth Tier," further deepening the reform of the ChiNext board [2] - A "shelf issuance system" is proposed to more efficiently inject capital into emerging and future industries [2] Investment Aspects - The focus is on building a "long-term investment" ecosystem domestically to strengthen patient capital aligned with the characteristics of technological innovation [2] - The "Qualified Foreign Institutional Investor (QFII) system optimization work plan" has been released to enhance the convenience and predictability of foreign capital allocation [2] Regulatory and Risk Management - New guidelines have been issued to strengthen the protection of small and medium investors in the capital market, ensuring internal stability [2] - The overall theme of high-quality development in the capital market has been established as a fundamental goal for the current period and the "14th Five-Year Plan" [2]