国金证券宋雪涛：政策合力将加速A股的长期估值修复进程

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission, Wu Qing, outlines a roadmap for the capital market to support the "14th Five-Year Plan" for high-quality development, emphasizing systemic reforms and open policies to create positive feedback with technology innovation, industrial upgrades, wealth growth, and international openness [1] Group 1 - Short-term, the policy synergy is expected to accelerate the long-term valuation repair process of A-shares [1] - In the medium to long term, a more inclusive, adaptable, and attractive capital market will effectively support the real economy amidst global capital reallocation [1] - A capital market that serves technology innovation, provides investor satisfaction, and aligns with international rules will strengthen its long-term investment logic [1]