【CGS-NDI热点洞察】2026年资本市场划重点——中央经济工作会议解读

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing emphasized that the continuous deepening of comprehensive reforms in capital market investment and financing will be a key focus for the capital market in 2026, which marks the beginning of the "14th Five-Year Plan" [1][5]. Group 1: Key Focus Areas for 2026 Capital Market Work - Continuous deepening of comprehensive reforms in capital market investment and financing is highlighted as a priority [1][5]. - The new quality productivity is recognized as a strong driving force for high-quality economic development, necessitating enhanced capital market reforms to better empower this productivity [1][5]. - The emphasis on "sustained deepening" in the conference indicates the importance of investment and financing reforms in the capital market for 2026 [1][5]. Group 2: Four Major Directions for Capital Market Reform - First, improve the inclusiveness and adaptability of capital market systems, actively promote equity and debt financing, and guide financial resources towards technological innovation [7][28]. - Second, continuously improve the policy system for "long money and long investment," creating an attractive environment for medium- and long-term funds to enter the market [9][30]. - Third, enhance capital exit mechanisms to encourage investment, allowing funds to "dare to invest and be willing to invest" [11][31]. - Fourth, strengthen investment functions to help residents preserve and increase their wealth, improving mechanisms for dividends and stock buybacks [13][33]. Group 3: Specific Measures for Reform - Continuous deepening of reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange to optimize differentiated arrangements across various sectors [7][28]. - Promotion of a "technology board" in the bond market to institutionalize and normalize the issuance of technology bonds, enhancing financing accessibility for tech enterprises [8][29]. - Introduction of a refinancing framework to optimize the financing mechanism for mergers and acquisitions, improving market efficiency and flexibility for enterprises [8][29]. Group 4: Enhancing Investor Experience - Continuous improvement of the dividend and stock buyback mechanisms of listed companies to enhance residents' sense of gain in the capital market [13][33]. - Strengthening responsibilities for information disclosure, cash dividends, and stock buybacks among listed companies to form stable investment return expectations [13][33]. - Enhancing investor protection and education, increasing the costs of illegal activities in the securities field, and improving compensation and relief mechanisms for investors [13][33].