以深化改革巩固资本市场向好发展势头（财经观）

Group 1 - The core viewpoint emphasizes the need to enhance the attractiveness and inclusiveness of the capital market to better serve as a hub for capital allocation and to align with technological and industrial demands, ultimately empowering technological innovation with patient capital [1][5] - The "14th Five-Year Plan" suggests improving the inclusiveness and adaptability of the capital market system, and the recent Central Economic Work Conference highlighted the importance of deepening comprehensive reforms in capital market investment and financing [1][5] - The relationship between financial and real economies is reiterated, where comprehensive investment and financing reforms provide support for enhancing attractiveness and inclusiveness, which in turn reflects the effectiveness of these reforms [1][5] Group 2 - The attractiveness and inclusiveness of the investment side are crucial for creating an environment that encourages long-term investment, which involves optimizing return mechanisms, nurturing long-term investments, and implementing institutional openness [2][3] - On the financing side, a multi-tiered and widely covered market system is essential to meet the financing needs of various types of enterprises at different development stages, thereby broadening the coverage of investment and financing services [2][4] - The positive cycle of "effective capital inflow—accelerated enterprise innovation—enhanced economic quality and efficiency—wealth effect realization" is driven by the synergy between investment and financing reforms [2][4] Group 3 - To enhance the investment side's attractiveness, it is necessary to strengthen the investment return mechanism and deepen public fund reforms to allow ordinary investors to share in market growth [3] - For long-term capital, creating a more convenient investment environment for social security funds, insurance funds, and public funds is essential, along with optimizing related investment policies and assessment mechanisms [3] - Attracting international capital requires improving the service system for foreign investors and enhancing mechanisms like QFII and the Shanghai-Shenzhen-Hong Kong Stock Connect to increase connectivity with international markets [3] Group 4 - Enhancing the financing side's attractiveness involves constructing a differentiated market system that allows various enterprises to find suitable products and services, with a focus on deepening reforms in the "Two Innovation Boards" [4] - The establishment of a financing service system that covers the entire lifecycle of enterprises is crucial, along with promoting market-oriented reforms in mergers and acquisitions to support enterprise transformation [4] - Market efficiency can be improved through mechanism optimization, including refining trading mechanisms and expanding pilot programs for market makers, while respecting market rules and managing risks scientifically [4]