关于资本市场！持续深化投融资综合改革

Group 1 - The central economic work conference held on December 10-11 in Beijing determined to deepen the comprehensive reform of capital market financing [1] - The China Securities Regulatory Commission (CSRC) plans to introduce a refinancing framework issuance system to enhance the flexibility of financing for listed companies and support mergers and acquisitions [1] - CSRC emphasizes the importance of improving corporate governance and increasing dividends and buybacks as prerequisites for refinancing, which will help stabilize the secondary market [1] Group 2 - The CSRC aims to enhance the role of long-term funds as stabilizers in the market and promote reforms in public funds, enterprise annuities, and insurance funds [2] - Suggestions include improving the regulatory environment for long-term investments and facilitating the entry of insurance funds into the market to foster a positive interaction between the pension system and capital markets [2] - The construction of a "financing and investment integrated" ecosystem in the capital market will be a focus, with reforms on both ends being mutually reinforcing [2]