中航证券首席经济学家董忠云：压实中介机构责任、培育理性投资 共筑资本市场稳定基石

Group 1: Strengthening the Role of Intermediaries - The China Securities Regulatory Commission emphasizes the importance of intermediaries like brokers, accounting firms, and law firms as the first line of defense in the capital market, highlighting that their responsibility and quality of service directly impact the entry standards and ongoing compliance of listed companies [2][3] - Intermediaries are urged to shift their operational mindset from a "channel thinking" approach to a "value discovery thinking" approach, focusing on genuine due diligence to uncover the true value and long-term growth potential of companies, thereby preventing fraudulent listings [2][3] - A comprehensive risk prevention system is recommended, including establishing a negative list for industry entry, focusing on the authenticity of revenue and R&D expenses, and conducting substantial assessments of corporate governance and internal controls [2][3] Group 2: Enhancing Investment Culture - Individual investors are identified as a crucial source of liquidity in the A-share market, and their rational investment behavior is essential for market stability [4][5] - Investors are encouraged to shift their mindset from "trading stocks" to "buying companies," understanding that investing is about becoming long-term partners with businesses rather than engaging in short-term price speculation [4][5] - It is suggested that individual investors enhance their professional capabilities by focusing on familiar industries, utilizing basic valuation metrics, and maintaining a decision-making framework centered on fundamentals [4][5]