资本市场蓄势整固 进一步夯实长期向好根基

Core Viewpoint - The Chinese stock market is experiencing a strong upward trend, driven by a series of reforms and support measures aimed at high-quality development, despite recent fluctuations due to external factors such as U.S. Federal Reserve interest rate expectations and AI bubble concerns. Group 1: Improvement in Listed Companies - The quality of listed companies has significantly improved, with A-share companies' net profit growing by 6.42% year-on-year in the first three quarters of 2025, and sectors like the Sci-Tech Innovation Board and Growth Enterprise Market showing rapid growth with net profit increases exceeding 60% and 30% respectively [1][2] - Governance structures of listed companies have been enhanced, with the governance index reaching a record high of 64.94 in 2025, indicating ongoing improvements in governance standards [2] - The quality of information disclosure has improved, with compliance rates rising to 85.24% and ESG report disclosure rates reaching 45.68%, marking a historical high [2] Group 2: Strengthening of Intermediary Institutions - Intermediary institutions have enhanced their professional service capabilities, focusing on core responsibilities and improving service quality, which has led to a more robust professional ecosystem [3] - Intermediary institutions have improved their ability to serve national strategies, assisting approximately 1,200 technology companies in going public and facilitating over 51 trillion yuan in equity and debt financing [3] - The role of intermediary institutions in enhancing the quality of listed companies has grown, particularly in areas such as information disclosure, compliance, and financial services [3] Group 3: Increasing Investor Willingness - The structure of investors in the A-share market is shifting from retail-dominated to institutionally-led, with long-term funds, household savings, and international capital showing increased investment willingness [4] - Long-term funds have accelerated their entry into the market, with various reforms leading to a 32% increase in the market value held by long-term funds to approximately 21.4 trillion yuan by the end of August 2025 [5] - There has been a notable increase in the number of new investor accounts, with an average of 2.9 million new accounts opened monthly from October 2024 to September 2025, representing a 48% increase from 2023 [5] Group 4: Market Operation and Risk Management - The market's operational safeguards have improved, with comprehensive reforms enhancing regulatory effectiveness and investor protection systems [7] - Transaction costs have been reduced, with measures expected to save investors over 50 billion yuan annually, thereby increasing market vitality and efficiency [7] - A multi-layered market stability mechanism has been established, enhancing the A-share market's ability to respond to external shocks and complex situations [9]