非银行金融：金融街论坛点评-投融资协同发力，完善“长钱长投”制度体系

Investment Rating - The non-bank financial industry is rated as "Leading the Market" with an expected increase exceeding the benchmark index by over 10% [7]. Core Insights - The report emphasizes the importance of optimizing the institutional environment for long-term investment, focusing on enhancing the quality of listed companies and protecting the rights of minority shareholders [4][6]. - It highlights the launch of innovative financial tools, such as SFISF and stock repurchase loans, aimed at improving market liquidity and supporting capital market stability [2][3]. - The report advocates for the cultivation of "patient capital" to support the development of new productive forces, particularly in strategic emerging industries [4][6]. Summary by Sections Long-term Investment Policy Framework - The report discusses the need to promote long-term capital entry into the market and improve the policy framework supporting "long money, long investment" [1][4]. - It calls for enhancing the governance and transparency of listed companies, increasing dividends and buybacks, and ensuring market value management responsibilities are met [1][4]. Financial Support for Innovation - The report outlines the necessity of a robust financial support system for technological innovation, aiming to create a conducive financial market ecosystem [1][4]. - It emphasizes the importance of nurturing "patient capital" that aligns with the characteristics of new productive forces, which often require long-term investment [4][6]. Market Liquidity Improvement - The initiation of SFISF and stock repurchase loans is expected to significantly enhance market liquidity, with the first phase of SFISF already seeing applications exceeding 200 billion yuan [2][3]. - The report notes that the People's Bank of China has reduced the reserve requirement ratio, which is anticipated to further improve liquidity conditions in the capital market [4].