安永专家：资本市场有望从资源配置平台升级为支撑现代化产业体系的核心枢纽

Group 1 - The core viewpoint is that the capital market is expected to upgrade from a resource allocation platform to a core hub supporting a modern industrial system, as outlined in the "14th Five-Year Plan" recommendations [1] - The recommendations emphasize enhancing the inclusiveness and adaptability of the capital market system, indicating a strategic upgrade in its functional positioning [1] - The capital market's institutional framework will deepen its innovation inclusiveness, further serving technological innovation and industrial upgrades [1] Group 2 - The central economic work conference proposed to deepen comprehensive reforms in capital market investment and financing, marking a shift in the capital market's tone from "emergency regulation" to "institutional foundation" [2] - Measures to enhance market stability include promoting long-term capital entry, with insurance funds steadily increasing their stock and fund holdings, and public funds implementing long-term assessments [2] - A multi-layered stability mechanism has been established, integrating regulatory bodies, institutional capital, and industrial entities, which has withstood market fluctuations [2] Group 3 - A stable stock market can inject more capital into the real economy and enhance economic circulation through wealth, psychological, and expectation effects [3] - The stability mechanism can directly increase disposable income for residents through dividends and asset appreciation, thereby boosting consumption [3] - Indirectly, the stability mechanism supports company financing and development, promoting job creation and forming a virtuous cycle of enterprise expansion, income growth, and consumption upgrading [3]