践行以投资者为本 完善资本市场投资功能

Core Viewpoint - China's capital market has grown to be the second-largest market globally by market capitalization over 30 years, but it still faces challenges in structural optimization and functional balance, particularly in enhancing the synergy between investment and financing functions, improving market pricing efficiency and valuation systems, and increasing the proportion of medium- and long-term funds [1][3]. Group 1: Necessity and Urgency of Improving Investment Function - The capital market's investment function needs enhancement due to three main challenges: the need for better synergy between investment and financing functions, the need for improved market pricing efficiency and valuation systems, and the relatively low proportion of medium- and long-term funds [3][4]. - The existing issues hinder the capital market's ability to support high-quality development of the real economy, necessitating reforms to promote coordinated development of investment and financing [3][4]. Group 2: Characteristics of a Well-Functioning Investment Market - A well-functioning investment market should exhibit three characteristics: pricing efficiency and value creation, market stability, and a robust investor rights protection and return mechanism [6][7]. - These characteristics are interrelated, where efficient pricing provides a foundation for value investment, stability creates an environment for long-term investment, and protection encourages investors to hold investments long-term [8]. Group 3: Implementation Path and Policy Recommendations - The implementation path for improving the investment function can be summarized as "one foundation and two pillars": the foundation being the quality of listed companies, and the two pillars being long-term capital supply and investor service ecosystem [9][10]. - The asset side focuses on enhancing the governance mechanisms of listed companies and improving the quality of asset supply, while the funding side aims to attract long-term capital such as pensions and insurance funds [12][13]. - The service side emphasizes the need for a transformation in wealth management, shifting from a sales-driven model to a client-centered advisory model, and enhancing investor education to support rational long-term investment [14][15]. Group 4: Conclusion - Improving the investment function of the capital market and promoting coordinated development of investment and financing is a multi-faceted system project that requires collaboration across asset, funding, and service sides [16]. - The continuous supply of quality assets can attract long-term capital, which in turn can improve corporate governance and market stability, while a mature and rational investor group lays the foundation for healthy market operations and the formation of a value investment culture [16].