中信证券首席经济学家明明：今年资本市场估值在抬升，背后是长期耐心资本的投入

Core Viewpoint - The capital market valuation is on the rise this year, driven by the investment of long-term patient capital [1] Group 1: Market Reforms - A series of reform measures in the capital market have positively impacted investor returns and market ecosystem development [1] - The focus has shifted to balancing both financing and investment functions in the capital market, rather than solely emphasizing financing [1] Group 2: Long-term Capital Inflow - Regulatory guidance is encouraging long-term funds, such as insurance capital, to enter the capital market [1] - The increase in capital market valuation is attributed to the influx of long-term patient capital [1]