“提振资本市场”配套政策点评：重磅新政组合出台，通堵点、振市场、增回报

Group 1: Policy Initiatives - The Central Political Bureau meeting on September 26, 2024, signaled a shift in economic policy focus, emphasizing the need to "face difficulties" and implement new policies to boost market confidence[6] - A series of supporting measures from the China Securities Regulatory Commission (CSRC) aim to enhance the capital market and facilitate the entry of long-term funds[9] - The "Guiding Opinions on Promoting Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and CSRC, indicating a strong commitment to market support[9] Group 2: Market and Financial Products - The total scale of public funds reached CNY 30.9 trillion by the end of August 2024, with equity funds accounting for approximately 21.34% of this total, highlighting room for growth in equity fund investments[10] - The establishment of a fast-track approval process for ETF index funds is expected to attract more incremental capital into the market, with the total ETF scale surpassing CNY 3 trillion, a 47.16% increase from the end of 2023[15] - The average management fee for mixed funds has decreased from 1.28% at the beginning of 2023 to 1.07% by September 2024, reflecting ongoing fee reforms aimed at reducing investor costs[22] Group 3: Mergers and Acquisitions - The CSRC has introduced six key measures to streamline the entire M&A process, focusing on asset selection, payment methods, review efficiency, and intermediary services[9] - The new policies encourage listed companies to enhance industrial integration and improve regulatory inclusiveness, thereby increasing transaction efficiency in the M&A market[9] Group 4: Market Value Management - The new guidelines on market value management emphasize the coordinated use of tools such as share buybacks, dividends, and mergers to enhance the investment value of listed companies[9] - Companies are encouraged to adopt a comprehensive approach to market value management, with specific requirements for major index constituents and long-term underperforming stocks[9]