上证观察家 | 践行以投资者为本 完善资本市场投资功能

Group 1 - The core viewpoint of the article emphasizes the necessity of enhancing the investment function of the capital market to promote coordinated development of investment and financing, which is crucial for addressing existing challenges in market structure and functionality [4][6][19] - The capital market in China has grown to be the second-largest in the world by market capitalization, but it still faces challenges in optimizing structure and balancing functions, particularly in enhancing the synergy between investment and financing [4][6] - The article outlines three essential characteristics of a well-functioning capital market: pricing efficiency and value creation, market stability, and robust investor rights protection and return mechanisms [4][9][11] Group 2 - The implementation path for improving the investment function of the capital market is summarized as "one foundation and two pillars," where the foundation is the quality of listed companies, and the pillars are long-term capital supply and investor service ecology [12][19] - The necessity and urgency of enhancing the investment function are highlighted, focusing on the need for better coordination between investment and financing, improved pricing efficiency, and increased participation of long-term capital [6][8][19] - The article discusses the importance of aligning the capital market with the economic development goals set by the government, emphasizing the need for reforms to enhance the market's inclusiveness and adaptability [4][8][19] Group 3 - The article identifies specific measures to enhance the asset side, including improving the governance mechanisms of listed companies and optimizing the listing and pricing processes to ensure high-quality asset supply [13][14] - On the funding side, it suggests breaking down barriers for long-term capital to enter the market and reforming asset management institutions' assessment and incentive mechanisms to promote long-term investment [15][16] - The service side focuses on reshaping the wealth management industry to prioritize investor interests and enhance investor education and behavior guidance to support rational long-term investment [17][18]