2025建言两会｜共筑资本市场生态 野村东方国际证券建言献策

Core Viewpoint - The article emphasizes the need for further international integration of China's capital market, suggesting improvements in corporate governance and enhanced foreign investment mechanisms to create a more attractive investment environment [2][4]. Group 1: Recommendations for Capital Market Development - The company proposes three key recommendations to accelerate capital market development: 1. Strengthening shareholder returns by increasing the assessment of free cash flow and using Return on Invested Capital (ROIC) as a key metric for investment decisions [8]. 2. Implementing a long-term capital assessment mechanism to attract long-term funds and enhance the market's value discovery function [8]. 3. Enhancing information disclosure for foreign investors, including improving English disclosures and increasing overseas roadshow activities [8]. Group 2: Context of the Recommendations - The recommendations are presented in the context of the ongoing "14th Five-Year Plan" and the recent meetings of the National People's Congress and the Chinese People's Political Consultative Conference, highlighting the importance of these discussions for the future of China's capital market [4][11]. Group 3: Role of Nomura Orient International Securities - As one of the first foreign-controlled securities firms following the financial opening policies in 2018, the company positions itself as both a beneficiary and a contributor to the ongoing reforms in China's capital market [2].