继往开来，证监会两会记者招待会的几点理解

Investment Rating - The industry investment rating is "Buy" [30]. Core Insights - The report emphasizes that the Chinese capital market is transitioning from "scale expansion" to "quality improvement," with significant reforms and a focus on serving the real economy and promoting high-quality development [2][23]. - The report outlines the achievements in building a multi-level capital market system, highlighting the restructuring of the institutional framework and policy innovations [7][9]. - Future policies will focus on cross-border product innovation and enhancing the support for new productive forces, which are crucial for China's modernization [11][12]. Summary by Sections 1. Achievements in Capital Market Reform - The establishment of a "1+N" policy framework has led to the revision of numerous regulations covering the entire chain from issuance to governance [7]. - Significant policies have been introduced to support technology enterprises, with the STAR Market raising over 1 trillion yuan in financing [9]. 2. Strengthened Regulation and Investor Protection - There has been a notable increase in the crackdown on financial fraud, with a significant rise in penalties and the establishment of a "blacklist" for financial fraud [8]. - Innovations in investor protection mechanisms include the normalization of collective lawsuits and the trial of a "prior compensation" system [8]. 3. Service to Technological Innovation - The financing scale for technology enterprises has expanded significantly, with the STAR Market's cumulative financing exceeding 1 trillion yuan [9]. - The report notes the rapid growth of companies in strategic emerging sectors, particularly in artificial intelligence [9]. 4. Market Ecology Optimization - Dividend payouts and share buybacks have reached historical highs, with the dividend amount increasing significantly year-on-year [10]. - There has been a marked increase in long-term capital entering the market, enhancing market stability [10]. 5. Future Directions - Future policies will include cross-border ETF pilot programs and the exploration of offshore issuance of RMB-denominated bonds [11]. - The report suggests enhancing the inclusiveness of the issuance and listing system, particularly for technology enterprises [12].