资本市场赋能普惠金融高质量发展：继往开来，攻坚克难

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The importance of the capital market is highlighted in the new stage of the high - quality development of inclusive finance. The implementation opinions emphasize enhancing the efficiency of the capital market in serving inclusive finance [3][26]. - For small and micro - enterprises, a gradient - based cultivation system of "Beijing Stock Exchange - New Third Board - Regional Equity Market" should be constructed, and innovative products should be used to revitalize inclusive finance assets [3]. - In terms of residents' wealth, the buyer - oriented investment advisory model should be deepened, and the market ecosystem of "long - term investment with long - term funds" should be improved [3]. - For rural revitalization, both investment and financing ends should work together, and derivatives should be used to prevent risks [3]. - A high - quality evaluation system for the capital market to serve inclusive finance should be established to improve the incentive and restraint mechanism [3]. 3. Summary According to Relevant Catalogs 3.1 Inclusive Finance Development and the Role of the Capital Market - The inclusive finance 1.0 stage focused on financial infrastructure services. After ten years of development, it has entered a new stage of high - quality development. The implementation opinions in 2023 pointed out the problems and challenges in inclusive finance development and defined the high - quality inclusive finance system, highlighting the importance of the capital market [3][6][26]. 3.2 Solving the Financing Problem of Small and Micro - Enterprises - Beijing Stock Exchange: It is a main position for cultivating innovative small and medium - sized enterprises. As of now, there are 282 listed companies, with a high proportion of private enterprises and a certain proportion of specialized and sophisticated "little giants". In the future, it is recommended to optimize listing standards, study the access mechanism for small and medium - sized enterprises in cutting - edge technology fields, and improve systems such as refinancing and mergers and acquisitions [3][32]. - New Third Board: As the "axis" of the multi - level capital market, the structure of listed enterprises has been optimized in recent years, with an increasing proportion of innovative - layer enterprises. In the future, it is necessary to enhance its market functions and service capabilities, such as optimizing the hierarchical management standard system and activating the use of financing tools [3]. - Regional Equity Market: As the "foundation" of the gradient - based cultivation system, the institutional connection mechanism between the third and fourth boards has been gradually improved. There are 26 "specialized and sophisticated" special boards in 35 regional equity markets, which can provide a source of high - quality enterprises for the capital market [3][41]. - Innovative Products: Stock exchanges such as the Shanghai Stock Exchange are actively exploring asset securitization to serve inclusive finance, such as intellectual property ABS, supply - chain ABS, etc. [3] 3.3 Solving the Investment Problem of Residents' Wealth - Enhancing Investment Returns: Listed companies should strengthen investment function construction by increasing performance returns and stabilizing dividend expectations. Since 2022, the annual dividend and repurchase total of A - shares has been significantly higher than the equity financing total. For public funds, the "Action Plan for Promoting the High - Quality Development of Public Funds" was issued in 2025, aiming to improve investment returns, reform the evaluation mechanism, and increase the scale of equity investment [70][71][72]. - Diversifying Investment Products: The correlation coefficient among existing investment products is high. It is recommended to increase the supply of diversified products such as cross - border ETFs, QDIIs, and derivatives, and also increase the supply of stable - income complex products such as REITs and quantitative strategies [75]. - Strengthening Investment Advisers: The buyer - oriented investment advisory model should be deepened. By linking business income with the scale of customers' existing assets, it can maintain consistency with customers' interests. Some securities companies have achieved good results in this regard [78]. 3.4 Solving the Rural Revitalization Problem - Diversified Debt Financing Tools: Since 2021, non - financial enterprises have been guided to issue rural revitalization notes in the inter - bank market, and in 2023, the exchange launched rural revitalization special bonds, with funds used for rural revitalization - related fields [80][82]. - Innovative "Insurance + Futures" Model: As of the end of 2024, 192 "insurance + futures" projects have been carried out nationwide, with a cumulative support fund of 253 million yuan, protecting a spot scale of 1.7287 million tons and covering about 9.6435 million mu of farmland [85]. - Supporting Agricultural Technology Enterprises: The capital market should support the listing of agricultural technology enterprises and enrich the secondary - market indexes reflecting agricultural - related enterprises, and increase the issuance of agricultural - themed public funds [91]. 3.5 Improving the Incentive and Restraint Mechanism - In September 2025, the Securities Association formulated and released the "Interim Measures for the Special Evaluation of Securities Companies in Implementing the Five Major Articles of Finance", with inclusive finance core indicators including bond financing for small and micro - enterprises and private enterprises. In April 2025, the People's Bank of China and other departments jointly issued the "Pilot Overall Statistical System for the Five Major Articles of Finance", with over 200 key statistical indicators [97][99].