【粤开宏观】注册制改革的评估与建议

Group 1: Overview of Registration System Reform - The registration system reform is a significant breakthrough in capital market reform, emphasizing the market's decisive role in resource allocation[2] - The reform has led to increased transparency in the capital market, shifting from substantive requirements to information disclosure[8] - The ability to serve the real economy has improved, with platforms like the Sci-Tech Innovation Board allowing unprofitable companies to list, supporting high-growth tech firms[8] Group 2: Achievements and Challenges - The reform has resulted in a notable increase in the number of companies listed, with 54 unprofitable firms on the Sci-Tech Innovation Board, including leading companies in innovative sectors[8] - However, the pace of new stock issuance and delisting remains mismatched, with A-shares having a delisting rate significantly lower than that of developed markets, where the annual delisting rate is around 6%[10] - The proportion of long-term capital entering the market is still low, accounting for less than 6%, indicating a need for more diverse financial instruments to support long-term strategies[9] Group 3: Recommendations for Further Reform - It is recommended to expedite the implementation of planned policies, such as the establishment of a green channel for listing innovative companies[11] - The delisting process needs to be streamlined, ensuring that local governments align with the trend of facilitating delisting to improve market quality[12] - Enhancements in trading mechanisms are necessary, including the exploration of a T+0 trading system to improve liquidity and market efficiency[14]