CCSC(SH:601375) Zhongyuan Securities·2025-10-24 02:54Group 1: Concept and Importance of Patient Capital - Patient capital is defined as long-term investment capital with a high risk tolerance and not solely focused on short-term returns[6] - It acts as a "stabilizer" for high-quality development in capital markets by optimizing financing structures and increasing direct financing[6] - The continuous inflow of medium- and long-term funds can significantly reduce market turnover and volatility, guiding funds towards high ROE and strong cash flow enterprises[6] Group 2: International Experience and Policy Framework - The U.S. market has transitioned from retail to institutional dominance, with institutional investors holding approximately 43.35% of the market value, supporting long-term index growth[19] - Japan's market has shifted from a "bank-centered" structure to one dominated by foreign capital, with foreign investors holding over 30% of the market[27] - Since 2015, China has focused on cultivating patient capital through policies aimed at optimizing the capital market ecosystem and expanding the sources of long-term funds[38] Group 3: Current Challenges in China's Capital Market - China's investor structure is characterized by a dominance of individual investors, who account for approximately 38.95% of the market value, while institutional investors remain underrepresented[44] - The current supply gap for patient capital in China indicates a need to enhance the proportion and capabilities of institutional investors[72] - The proportion of long-term institutional investors, such as social security and insurance funds, is less than 10%, highlighting the need for structural improvement[72]