中国资本市场“朋友圈”持续扩容 绘就开放包容新图景

Core Viewpoint - The article emphasizes the importance of steadily expanding the high-level institutional opening of China's capital market, highlighting that openness and inclusiveness are key characteristics of a high-quality capital market [1][2]. Group 1: Capital Market Opening - The China Securities Regulatory Commission (CSRC) aims to improve the Qualified Foreign Institutional Investor (QFII) system and cautiously expand mutual connectivity, enhancing the convenience for foreign capital and institutions to participate in China's capital market [2][3]. - The international "circle of friends" for China's capital market is continuously expanding, with measures such as the removal of shareholding limits for foreign securities, fund, and futures companies, and the approval of 13 foreign-controlled institutions during the "14th Five-Year Plan" period [2][3]. - As of September 2023, there are 913 foreign institutions that have obtained QFII qualifications, reflecting a rapid increase since the implementation of new regulations in 2020 [2]. Group 2: Market Performance and Trends - As of the end of September 2023, QFII has entered the top ten circulating shareholders of 1,441 A-share listed companies, with a total holding value of 150.4 billion yuan, an increase of 33.9 billion yuan compared to the same period last year [3]. - Goldman Sachs' research indicates that the MSCI China Index has rebounded by 80% from its cycle low at the end of 2022, predicting a 30% increase in major stock indices by the end of 2027 [3]. - JPMorgan's research team is optimistic about the performance of the CSI 300 Index by the end of 2026, attributing this to the gradual shift of household asset allocation towards the stock market [3]. Group 3: Support for Enterprises - The CSRC supports enterprises in utilizing both domestic and international markets and resources, aiming to build world-class exchanges and cultivate top investment banks and institutions [4][5]. - As of October 31, 2023, the CSRC has completed the filing for 322 domestic companies to list overseas, indicating a more accessible channel for overseas listings [4]. - The number of A+H listed companies has increased, with 14 A-share companies achieving dual listings in 2023, raising over 100 billion Hong Kong dollars, driven by the need for diversified financing channels and supportive policies [5].