以制度创新驱动高质量发展新格局：资本市场改革“三支箭”

Report Industry Investment Rating Not provided in the given content Core View On October 27, 2025, at the Financial Street Forum Annual Conference, the CSRC Chairman Wu Qing's speech centered on the "Three Arrows" framework, elaborating on the in - depth direction and practical path of capital market reform. These policies are a continuous deepening of the "12 Key Tasks for Comprehensive Deepening of Capital Market Reform", aiming at serving the real economy, activating market vitality, and筑牢ing risk bottom - lines. Through institutional innovation, ecological optimization, and stability mechanism construction, they drive the strategic transformation of the capital market from "scale expansion" to "quality improvement", providing clear policy guidance for the development of new - quality productivity and the entry of long - term funds [1]. Summary by Related Catalogs 1. Institutional Upgrade: Consolidating the Market Foundation with "Precise Adaptation + Strict Supervision" - Deepening Sector Reform: Policy may promote the deep adaptation of sector systems to industrial development. For the Sci - tech Innovation Board, it may break through the traditional listing standard's reliance on profit indicators and set up a diversified listing indicator system. For the Beijing Stock Exchange, it may optimize the connection with the New Third Board, simplify the transfer process, and form a full - chain service system [2]. - Strengthening Investor Protection: 23 practical measures will be released to form a full - chain protection mechanism of "pre - event prevention, in - event supervision, and post - event relief". This includes requirements for real, accurate, and complete information disclosure, cracking down on illegal activities, and improving relief measures for small and medium - sized investors [3]. 2. Opening - up and Ecosystem Construction: Activating Market Vitality with "Two - way Opening + Long - term Fund Cultivation" - Deepening Institutional Opening - up: The "Qualified Overseas Investor System Optimization Plan" is launched. It optimizes the access process, investment scope, and operation convenience, aiming to create a "convenient channel" for cross - border capital flow [6]. - Cultivating Long - term Funds: Policy promotes the transformation of public fund managers from "scale - oriented" to "performance - oriented", encourages the launch of long - term investment products, implements long - cycle assessment for basic endowment insurance funds and annuity funds, and promotes the expansion of the proportion of equity - type asset allocation for insurance funds and enterprise annuities [6]. 3. Market Stability Mechanism: Guarding the Safety Bottom - line with "Risk Prevention + Interconnectivity" - Improving Cross - market Risk Monitoring: A risk monitoring and early - warning mechanism is established, including a multi - market risk monitoring platform and strengthened cross - departmental coordinated supervision to prevent the spread of local risks to systemic risks [7]. - Optimizing Interconnectivity Mechanisms: The optimization of interconnectivity mechanisms such as the Shanghai - Hong Kong Stock Connect and Bond Connect is a key measure. It may expand the scope of underlying assets, optimize trading mechanisms, and improve risk management, promoting the two - way flow of funds between the mainland and Hong Kong markets and enhancing the international allocation value of the Chinese capital market [8]. 4. Investment Suggestion The current reform framework is driven by "marketization + legalization". From the marketization dimension, it respects market laws and stimulates market vitality. From the legalization dimension, it highlights the concept of "governing the market by law". These policies mark that the Chinese capital market reform has entered a new stage of "systematic promotion", aiming to transform the market from "scale expansion" to "quality improvement" [9].