坚持战略引领 坚持固本强基 专家：资本市场将加快完善中长期发展制度框架

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined five key areas of focus to enhance the capital market's framework for long-term development, aiming to support high-quality economic growth and stabilize market operations [1][2]. Group 1: Quality Improvement and Efficiency - The meeting emphasized the need for a stable yet progressive approach, focusing on risk prevention, strong regulation, and promoting high-quality development, which will guide the comprehensive reform of capital market financing [2][3]. - Experts believe that the capital market's "14th Five-Year Plan" will align with national strategies, emphasizing reform and innovation to enhance market inclusivity and competitiveness [3]. Group 2: Strengthening Market Stability - The meeting highlighted the importance of enhancing the internal stability of the capital market, which is crucial for achieving high-quality development [4]. - Strengthening market stability involves improving trading mechanisms, optimizing market structures, and reinforcing risk prevention systems [4][5]. Group 3: Reform Initiatives - The meeting called for ongoing reforms to increase the capital market's inclusivity and attractiveness, including the implementation of reforms for the ChiNext and STAR Market [6]. - These reforms are expected to improve resource allocation towards strategic technological sectors and provide investors with diverse investment opportunities [6]. Group 4: Real Estate Investment Trusts (REITs) - The meeting urged the swift implementation of commercial real estate REITs pilot programs, with a target of launching new key futures products [7]. - As of November 2025, the market has launched 77 REITs, with a total market value exceeding 220 billion yuan, which has mobilized investments of 1,134.1 billion yuan [7].