贺强：证监会吸引中长期资金入市工作做得很好，新年放假期间还公布了政策

Core Viewpoint - The key to the long-term success of China's capital market during the "15th Five-Year Plan" period is to continuously improve the quality and performance of listed companies, rather than solely relying on market liquidity [4][6][16]. Group 1: Market Conditions - In early 2024, the A-share market fell below 2600 points due to an oversupply of stocks without a corresponding increase in funds, leading to a significant supply-demand imbalance [3][11]. - The China Securities Regulatory Commission (CSRC) has effectively attracted medium- and long-term funds into the market, especially since September 24, 2024, resulting in a strong market rally [3][5][11]. - Recent daily trading volumes have approached historical highs, with a record of nearly 4 trillion yuan, indicating a surge in market activity [3][14]. Group 2: Future Focus - Starting in 2026, the focus should shift from merely addressing funding issues to enhancing the quality and performance of listed companies to ensure sustainable market growth [6][15]. - Historical data shows that the average duration of bull markets in China is only 17 months, while bear markets last about 27 months, highlighting the need for a more stable growth model [6][15]. - The example of the U.S. stock market, which has seen the Dow Jones Industrial Average rise from 12,000 to nearly 50,000 over 16 years, illustrates that sustained growth is supported by continuous earnings growth rather than just liquidity [6][15]. Group 3: Investment Risks - If company performance declines while stock prices rise, it creates a significant risk of a market correction, as the price-to-earnings ratio can become unsustainable [6][16]. - The market's current rapid ascent may not be sustainable if it continues without a solid foundation of improving corporate earnings [5][14].