固本强基 稳市机制建设进入“精耕细作”阶段

Group 1 - The core focus of capital market reform is to enhance internal stability and establish a long-term stabilization mechanism, transitioning from "cyclical fluctuations" to "institutional stability" by 2026 [1][2][4] - Since 2025, regulatory bodies have implemented various reform measures, including the introduction of plans to promote long-term capital investment, which have led to significant progress in stabilizing the market [2][3] - The quality of listed companies is crucial for market stability, with regulatory efforts emphasizing information disclosure and corporate governance, alongside actions against financial fraud [2][3] Group 2 - The protection of investors, particularly small and medium investors, remains a key theme, with new policies aimed at enhancing their protection and encouraging companies to increase dividend payouts [3][4] - By the end of 2025, various long-term funds are expected to hold approximately 23 trillion yuan in A-share market value, reflecting a 36% increase from the beginning of the year, indicating a shift towards long-term investment [3][4] - The fundamental logic of the capital market is changing, with a focus on institutional stability rather than emotional and external factors, leading to a more structured and stable market environment [4][5][6] Group 3 - Looking ahead to 2026, the emphasis will be on creating a self-stabilizing ecosystem within the market, with a focus on enhancing the role of long-term capital and ensuring that good companies are rewarded while poor performers face consequences [7][8] - The market's ability to absorb fluctuations without external intervention is a key goal, with strategies to strengthen the role of long-term funds and improve transparency in policy communication [7][8] - The establishment of a robust legal framework is essential to prevent market manipulation and ensure accountability, contributing to a resilient market that relies on high-quality companies and rational investors [8]