刚刚，吴清发声！

Core Viewpoint - The Chinese government is accelerating a new round of capital market reforms to strengthen the foundation for healthy stock market development, focusing on enhancing market inclusivity, coordination in investment and financing, regulatory effectiveness, and adaptability of market infrastructure [1][3]. Group 1: Capital Market Reforms - The government aims to enhance the inclusivity of the multi-tiered market system and deepen reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange to attract resources to new industries and technologies [1][3]. - The new "National Nine Articles" policy has led to the formulation and revision of over 50 regulatory rules by the China Securities Regulatory Commission (CSRC), aiming to reshape regulatory logic and improve regulatory efficiency [4]. - The CSRC is committed to enhancing the adaptability of market infrastructure, optimizing market evaluation mechanisms, and creating a fair and efficient environment for market participants [3][4]. Group 2: Investor Protection and Regulatory Actions - The CSRC is intensifying its regulatory efforts to protect investors, focusing on serious violations such as financial fraud, market manipulation, and insider trading, with a commitment to swift investigations and severe penalties [5][6]. - In 2024, the CSRC handled 739 cases, with penalties exceeding double that of the previous year, and referrals to public security agencies increased by 51% [6]. - The government is also working on measures to protect investors' legal rights, promoting a balance of power between minority investors and major shareholders, and encouraging listed companies to enhance their return on investment [8]. Group 3: Market Growth Indicators - The scale of equity ETFs has surpassed 3 trillion yuan, with public funds significantly increasing their holdings in A-shares from 5.1 trillion yuan at the beginning of 2024 to over 6 trillion yuan, marking a 17.4% increase [7]. - More than 300 listed companies distributed dividends exceeding 340 billion yuan before the Spring Festival, indicating a positive trend in corporate profitability and shareholder returns [7].