跃马扬鞭奔向资本市场新征程

Group 1 - The core viewpoint of the articles highlights the significant progress and resilience of China's capital market in 2025, marked by historical milestones such as the total market value of A-shares exceeding 100 trillion yuan and annual trading volume surpassing 400 trillion yuan [1] - The capital market has undergone profound changes, driven by dual forces of institutional reform and structural optimization, leading to a more solid market foundation [1][2] - The rise of "hard technology" companies has been a standout feature, with the proportion of technology companies among A-share listed companies increasing from 12% to 27% over the past decade [2] Group 2 - The central economic work conference emphasized the importance of continuing to deepen comprehensive reforms in capital market investment and financing, indicating a shift from "deepening" to "continuing to deepen" [3] - Specific measures include fostering high-quality listed companies, enhancing corporate governance, and promoting long-term capital investment mechanisms [3][4] - The expectation is that these reforms will further activate the market's internal dynamics, improve transparency and efficiency, and strengthen the role of institutional investors in leading long-term and value investments [4]