大家期待的慢牛，又进了一步？

Core Viewpoint - The article emphasizes the importance of enhancing the "inclusiveness" of the capital market, which is not synonymous with large-scale IPO expansions but rather structural expansions that align with China's economic transformation and improve the A-share index's growth potential [1][3][4]. Group 1: Definition of Inclusiveness - "Inclusiveness" refers to two main aspects: allowing high-potential tech companies that may not be immediately profitable to list, and facilitating the return of strong overseas companies to the A-share market [3][4]. - The regulatory stance indicates that enhancing inclusiveness does not mean a large-scale expansion of IPOs, but rather a structural expansion that focuses on improving the quality and composition of listed companies [3][4]. Group 2: Economic and Structural Context - The article highlights the need for a financial system that supports the high-end, intelligent, and green development of manufacturing by 2027, as stated in a recent guideline from the central bank and seven ministries [5]. - It points out that while the total number of listed companies is substantial, the structure remains unbalanced, with a lack of high-tech companies among the top market capitalizations, which limits the index's growth potential [5][6]. Group 3: IPO Trends and Market Sentiment - The regulatory comments serve as a reassurance to the market that while IPOs will increase in pace, there will not be a large-scale expansion, as evidenced by the financing scale in the first seven months of the year showing growth compared to the previous year [4][11]. - Historical data indicates that A-share IPOs have experienced tightening periods, which have often preceded bull markets, suggesting that a cautious approach to IPOs can be beneficial for market strength [10][11]. Group 4: Future Directions - The focus for future IPO expansions will be on sectors that contribute to the transformation of China's economic structure and on bringing back competitive overseas companies to enhance the A-share index's growth potential [5][6]. - Achieving a sustainable bull market requires a balanced approach to IPOs, refinancing, strict delisting policies, and protections for minority shareholders, indicating a long-term commitment to market reforms [11].