“十四五”期间入市规模不断提升——中长期资金压舱石作用稳步增强

Core Viewpoint - The article emphasizes the significant increase in medium- and long-term capital entering the A-share market, which is crucial for stabilizing and promoting the healthy development of the capital market during the "14th Five-Year Plan" period [1][2]. Group 1: Medium- and Long-term Capital Inflow - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the "13th Five-Year Plan" [1]. - Insurance capital invested in stocks and equity funds exceeded 5.4 trillion yuan, with a balance that has grown by 85% since the end of the "13th Five-Year Plan" [1]. - The China Securities Regulatory Commission (CSRC) aims to enhance the role of medium- and long-term funds as a stabilizing force in the market, focusing on long-term assessments and improving cross-border investment convenience [1][2]. Group 2: Policy Measures and Institutional Support - Financial regulatory authorities have implemented a series of measures to facilitate the entry of medium- and long-term funds into the market, creating a favorable institutional environment for long-term investments [2]. - The CSRC, in collaboration with relevant departments, has issued guidance to improve long-term assessment mechanisms and increase the scale and proportion of equity investments [2]. - The Ministry of Human Resources and Social Security has shifted the focus of enterprise annuity data reporting from current yield to three-year cumulative yield, promoting a long-term investment perspective [2]. Group 3: Growth of Public Funds and ETFs - As of the end of August, the total management scale of public funds in China reached 36.25 trillion yuan, with equity funds nearing 10 trillion yuan, making them the largest professional institutional investors in the A-share market [4]. - The number of exchange-traded funds (ETFs) listed in China has increased from 370 to 1282, with total assets growing from 1.1 trillion yuan to over 5 trillion yuan, establishing China as the largest ETF market in Asia [4]. - Central Huijin Investment Co., Ltd. actively supported market stabilization by investing in ETFs during market volatility, holding a total ETF market value of 1.28 trillion yuan as of June 30, which is a 22.63% increase from the end of the previous year [4]. Group 4: Impact of Long-term Capital Inflow - The increase in medium- and long-term capital inflow is expected to stabilize the market, as long-term funds have lower turnover rates and can effectively counteract short-term speculative capital [5]. - Long-term capital is anticipated to lead to value investing and improve market pricing efficiency by focusing on the fundamentals and long-term value of companies [5]. - Long-term funds are likely to enhance corporate governance and investor protection by actively participating in company operations, contrasting with the behavior of retail investors [5]. Group 5: Market Ecosystem and Corporate Quality - To attract more long-term capital, a suitable market ecosystem and reasonable returns are essential [6]. - Regulatory bodies are enhancing the quality and investment value of listed companies through improved supervision and information disclosure [7]. - Encouragement for share buybacks, increases in dividends, and overall corporate governance improvements are being emphasized to create a favorable environment for long-term investments [7][8].