华西证券刘郁：改革后股市最明显变化是有了下限

Core Viewpoint - The 2026 China Chief Economist Forum held in Shanghai emphasized the theme "Chess in the Middle Game: Building a Strong Nation" and highlighted the formation of a policy framework aimed at regulating listings, increasing delisting efforts, encouraging dividends from listed companies, and promoting long-term capital inflow into the market [1][2]. Group 1 - The current market environment has established a framework that includes strict listing regulations, enhanced delisting measures, and encouragement for companies to distribute dividends, alongside efforts to attract long-term capital [1][2]. - The stock market has shown signs of a slow bull market, as evidenced by its performance over the past year and the beginning of the current year [1][2]. - A significant change noted by investors is the establishment of a lower limit in the stock market, which is considered crucial for market stability [1][2]. Group 2 - The future focus should be on maintaining the upward trajectory of the market while ensuring that the downward limits are secured, with expectations for the index to rise from 3800 to 4000 points [1][2]. - If the Shanghai Composite Index can achieve these lower limits, the attractiveness of the stock market is expected to increase significantly [1][2].