“中长期资金入市”文件及国新办新闻发布会点评：为有源头活水来

Group 1 - The report highlights the issuance of the "Implementation Plan for Promoting Long-term Capital into the Market" by six government departments, which aims to significantly increase long-term capital inflow into the A-share market, thereby enhancing the market's ecological structure and supporting sustainable development [1][7][8] - The long-term capital sources identified in the plan include insurance funds, social security funds, basic pension insurance funds, enterprise annuities, and equity funds, which are expected to play a crucial role in stabilizing and growing the A-share market [1][8][9] - The report outlines five key measures to promote long-term capital entry, including increasing the investment ratio and stability of commercial insurance funds in A-shares, optimizing the investment management mechanisms for social security and pension funds, enhancing the market-oriented operation of enterprise annuities, increasing the scale and proportion of equity funds, and improving the investment ecosystem of the capital market [1][10][12] Group 2 - The report indicates that public funds are currently the main institutional investors in the market, while other types of long-term capital are relatively small, suggesting a need for more incremental capital to enter the market [9][12] - It is noted that as of the third quarter of 2024, the total market value of A-shares was 78.4 trillion, with long-term capital holding only 4.9% and 5.4% of the total and circulating market value, respectively, indicating significant room for growth [9][12] - The report emphasizes that the implementation of the plan is expected to reshape the A-share ecosystem, establish a more robust and reliable capital pool, further stabilize market fluctuations, and guide investment directions for sustainable development [2][13]