非银金融：经济主题会之资本市场观察-深化投融资改革，提升资本市场活力与内在稳定性

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [26]. Core Insights - The government work report from the 2025 National People's Congress outlines the future direction for capital market development, emphasizing the importance of a comprehensive regulatory framework and the need for high-quality growth in the capital market [10][11]. - The "1+N" regulatory system is gradually being perfected, with over 50 new rules established to enhance market regulation and improve the quality of listed companies [11][12]. - There is a significant increase in long-term capital entering the market, driven by reforms in the investment and financing landscape, which is expected to stabilize the capital market [14][18]. - The capital market is increasingly supporting the development of strategic emerging industries, with over 40% of the market capitalization now attributed to these sectors, enhancing market vitality and attractiveness [20][22]. Summary by Sections 1. Regulatory Framework and High-Quality Development - The "1+N" regulatory system is being refined, with a focus on strict oversight to enhance the quality of listed companies and prevent financial misconduct [11][12]. - The regulatory environment has led to record levels of dividends and share buybacks, with total dividends reaching 2.4 trillion yuan in 2024, significantly exceeding IPO and refinancing amounts [13]. 2. Long-Term Capital and Investment Reforms - New monetary policy tools have been implemented, resulting in a notable increase in long-term capital entering the market, with over 400 companies disclosing stock repurchase plans [14][16]. - The growth of equity funds and ETFs indicates a strengthening of the public fund sector, with equity fund assets increasing from 6.3 trillion yuan to 7.7 trillion yuan [16][17]. 3. Supporting New Productive Forces - The market capitalization of strategic emerging industries has surpassed 40%, with a strong focus on high-tech companies, which are supported by improved financing channels and governance [20][22]. - The introduction of a "Technology Board" in the bond market aims to provide diverse financing options for technology enterprises, enhancing the capital market's service capabilities [23].