0922国新办发布会点评：后续降准降息仍有可能，牛市持续可期

Monetary Policy Insights - The press conference did not involve short-term monetary policy adjustments, but there remains a possibility of future interest rate cuts or reserve requirement ratio reductions[3] - The central bank's current stance is supportive, implementing moderately loose monetary policy based on macroeconomic data assessments[3] Financial Sector Achievements - During the 14th Five-Year Plan period, China's financial sector has made significant progress in reforming the financial system and enhancing service quality to the real economy[4] - The total assets of the banking sector, along with the scale of the stock and bond markets, rank among the highest globally, indicating progress towards becoming a financial powerhouse[4] Capital Market Developments - The new securities law and related regulations have strengthened the legal framework of China's capital markets, contributing to a fair and just market environment[8] - The total market capitalization of A-shares has surpassed 100 trillion yuan, reflecting a solid foundation for a long-term bull market[8] Technology Sector Impact - The market capitalization of the technology sector now exceeds 25% of the total A-share market, indicating its growing importance compared to traditional sectors like banking and real estate[9] - Enhanced awareness among listed companies regarding shareholder returns has led to significant increases in dividends and share buybacks, contributing to wealth effects in the market[9] Investor Engagement and Risk Management - Reforms in public fund management have improved investor experience and increased the participation of long-term funds in A-shares, with a 30% increase in holdings compared to the end of the 13th Five-Year Plan[10] - The regulatory focus on risk prevention and investor protection is expected to reduce market volatility and enhance investor confidence[11]