宏观点评：资本市场有望迎来更多长线活水

Group 1: Policy and Market Changes - The new "National Nine Articles" and "1+N" policy framework has systematically reshaped the capital market's foundational systems and regulatory logic since 2024, leading to significant positive changes in the market[4] - Over 50 regulatory rules have been formulated or revised by the CSRC since the introduction of the new "National Nine Articles," enhancing the regulatory system and effectiveness[4] - The total dividend amount in the market reached a historical record in 2024, with dividend repurchases far exceeding the total scale of IPO refinancing and reductions[4] Group 2: Support for Innovation and Long-term Capital - The government emphasizes the need for self-innovation and the integration of technological and industrial innovation, with the CSRC providing tools to support the listing and financing of innovative technology companies[4] - The CSRC has introduced multiple channels to broaden funding sources and diversify exit channels, promoting a virtuous cycle of fundraising, investment, management, and exit[4] - The push for long-term capital to enter the market has seen significant progress, with insurance funds and various pension funds entering the market, stabilizing it effectively[4] Group 3: Economic Transition and Market Stability - The capital market plays a crucial role in optimizing resource allocation towards strategic areas like technological innovation and green economy during China's transition from high-speed to high-quality growth[4] - The importance of capital market stability is increasingly highlighted amid ongoing financial market developments and changes, with expectations for more long-term capital inflows under the new policy framework[4] - Risks include geopolitical changes affecting market risk appetite and potential pressures from U.S. policies towards China, which could impact market confidence[4]