制度、资金与治理协同发力 资本市场构建内在稳定性深层变革

Core Viewpoint - The recent Central Economic Work Conference emphasizes the importance of deepening comprehensive reforms in capital market investment and financing, marking the second consecutive year this topic has been prioritized in economic work [1] Group 1: Stability of Capital Market - The construction of inherent stability in the capital market is shifting from a reliance on policies to a deep reform involving collaboration among systems, funds, and governance [1] - The core of capital market stability is summarized by four dimensions: institutional completeness, long-term capital proportion, pricing efficiency, and risk resistance capability [1] Group 2: Institutional Framework - The full implementation of the registration system and normalization of the delisting mechanism have begun to form a market ecology of "entry and exit," although consistency in rule enforcement still needs improvement [2] - Long-term capital holdings from social security and insurance have reached 3.62 trillion yuan, with equity funds surpassing 10 trillion yuan, indicating a significant stabilizing role, yet the proportion remains lower than that of mature markets [2] - Market turnover rates and valuation fluctuations have converged compared to previous years, but issues of structural bubbles and valuation discounts persist [2] - Financial institutions' capital adequacy ratios and risk coverage ratios exceed regulatory red lines, forming a systemic risk prevention framework, though resilience against cross-border capital fluctuations remains to be tested [2] Group 3: Structural Optimization - To promote deep structural optimization, it is essential to address the internal roots affecting capital market stability through collaborative efforts to solidify institutional foundations, cultivate high-quality entities, and improve market ecology [2] - Strengthening institutional foundations involves continuous optimization of issuance, trading, and delisting systems to enhance market transparency and legal standards, alongside establishing robust risk monitoring and response mechanisms [3] Group 4: Market Participants and Ecology - Cultivating robust market participants is crucial, with a focus on guiding listed companies to concentrate on their core businesses and enhance quality, as the quality of listed companies is fundamental to investment value [3] - Improving the investor structure, particularly by fostering "patient capital," is vital for high-quality market development, with net purchases of various long-term funds in A-shares exceeding 600 billion yuan since 2025, serving as an important force against market volatility [3] - A healthy market ecology requires stable expectations and a fair environment, managed through a comprehensive communication mechanism to reduce information asymmetry and avoid policy conflicts across departments [4]