（经济观察）中央连续两年部署“资本市场投融资综合改革”有何深意？

Group 1 - The core viewpoint of the Central Economic Work Conference is to continue deepening the comprehensive reform of capital market investment and financing, emphasizing the need for institutional innovation to enhance the capital market's role in serving the real economy [1] - The conference's focus on capital market reform for two consecutive years indicates a long-term strategy aimed at building a modern capital market system that is safe, standardized, transparent, open, vibrant, and resilient, which is crucial for national financial competitiveness [1] - The past year has seen solid progress in capital market investment and financing reforms, with significant increases in medium- and long-term funds entering the market, public fund sizes reaching historical highs, and a steady rise in insurance capital's equity investment ratio [1] Group 2 - The dual focus of the past year's reforms has been on activating the financing side and strengthening the investment side, although challenges remain, such as the depth of investment reforms lagging behind financing reforms and persistent market volatility [2] - Future reforms should aim to enhance the investment function of the capital market by promoting more long-term funds to enter the market and strengthening regulatory measures to protect investors' rights [2] - Key future reform directions include improving the inclusiveness and adaptability of capital market systems, enhancing coordination between investment and financing functions, and fostering a more attractive environment for long-term investments [2]