中航证券首席经济学家董忠云：实现融资端精准赋能与投资端价值回报的动态平衡

Core Viewpoint - The Central Economic Work Conference emphasizes the need to deepen comprehensive reforms in capital market financing and investment, aiming for a dynamic balance between financing capabilities and investment returns [1]. Group 1: Capital Market Reform Goals - The goal of comprehensive capital market reform is to build a more resilient, efficient, and vibrant modern capital market system, focusing on three balances: functional balance (shifting from "financing-led" to "equal emphasis on financing and investment"), structural balance (optimizing market participant structure), and developmental balance (coordinating innovation with risk prevention) [1][2]. Group 2: Future Focus Areas for Reform - Future efforts in comprehensive reform include improving the market-oriented pricing mechanism for IPOs and secondary market valuations, establishing a new interconnected multi-tier capital market structure, and enhancing regulatory effectiveness to create a fair and transparent market environment [2]. Group 3: Enhancing Issuance System Inclusivity - To activate innovation, the issuance system should be more inclusive, allowing more high-quality unprofitable tech companies to go public by optimizing listing standards and introducing a multi-dimensional evaluation system [3]. - The refinancing process should be streamlined, especially for projects focused on fundamental research and core technology, while simplifying administrative approvals for mergers and acquisitions [3]. Group 4: Improving Investment Value of Listed Companies - Strengthening corporate governance and information disclosure, linking cash dividend policies to refinancing qualifications, and encouraging share buybacks to stabilize stock prices are essential for enhancing the investment value of listed companies [4]. - A regularized delisting system should be established to eliminate poor-quality companies, with improved investor relief mechanisms during the delisting process [4]. Group 5: Building a Long-term Investment Ecosystem - The investment side of the capital market is crucial for its stability and long-term health, with significant progress already made in enhancing the role of long-term funds and diversifying investment products [5]. - The core of investment reform is to create a "long money, long investment" ecosystem by addressing systemic barriers and optimizing the market environment to facilitate long-term capital inflow [5]. Group 6: Measures to Facilitate Long-term Capital Inflow - Suggestions for improving long-term capital inflow include optimizing assessment mechanisms for insurance funds, developing products that meet long-term capital needs, and expanding the public REITs market to provide stable cash flow assets [6][7]. - Risk management tools should be diversified to allow long-term investors to hedge against systemic and individual risks, encouraging them to adopt long-term positions [7].