媒体视点 | 新“国九条”落地一年：以投融资综改为牵引 推动资本市场稳健运行

Core Viewpoint - The implementation of the new "National Nine Articles" has led to significant reforms in China's capital market, focusing on strong regulation, risk prevention, and promoting high-quality development [1]. Group 1: Regulatory Enhancements - Over the past year, more than 50 regulatory rules have been revised or established, creating a "1+N" policy system that fundamentally reshapes the regulatory framework [3]. - The China Securities Regulatory Commission (CSRC) has intensified its crackdown on financial fraud, with penalties amounting to 15.342 billion yuan, which is 2.4 times that of 2023, and a 24% increase in the number of penalized entities [3]. - A series of market stabilization measures have been implemented, including the introduction of a "Chinese version of the stabilization fund" and adjustments to the upper limit of insurance capital allocation to equity assets [4]. Group 2: Support for Innovation and Quality Improvement - Policies supporting high-quality innovation enterprises have been introduced, enhancing the adaptability of the regulatory framework to better support technological innovation [7]. - Approximately 70% of newly listed companies last year were specialized and innovative enterprises, indicating a focus on enhancing the quality of listed companies [7]. - The total dividends distributed in 2024 reached 2.4 trillion yuan, with share buybacks nearing 150 billion yuan, both setting historical records [7]. Group 3: Long-term Capital Inflow - The new "National Nine Articles" have facilitated the inflow of long-term capital into the market, with various measures aimed at addressing barriers for social security, insurance, and wealth management funds [10]. - From September last year to early March this year, the market value of long-term funds held in A-shares increased from 14.6 trillion yuan to 17.8 trillion yuan, a growth of 22% [11]. - It is estimated that by 2025, insurance companies, public funds, and social security funds will bring net inflows of 1 trillion yuan, 590 billion yuan, and 120 billion yuan, respectively, to the Chinese stock market [12].