券商中国·2025-10-28 10:22Core Viewpoint - The 2025 Financial Street Forum highlighted the importance of comprehensive reforms in the capital market to promote high-quality development during the "14th Five-Year Plan" period, signaling a clear policy direction for enhancing market confidence and stability [2]. Group 1: Deepening Reforms - The focus is on constructing a multi-tiered capital market that better serves the development of new productive forces, with plans to reform the ChiNext board and improve listing standards for emerging industries [3]. - The development of the Beijing Stock Exchange is emphasized, along with the introduction of a refinancing framework to enhance the capital market's efficiency in supporting technological innovation [3]. - Analysts believe these reforms will significantly increase the capital market's capacity to support high-level technological self-reliance and innovation [3]. Group 2: Strengthening Market Stability - The concept of "strengthening fundamentals" is central, with specific requirements for listed companies to improve governance and increase shareholder returns through dividends and buybacks [6]. - Over the past five years, listed companies have returned over 10.6 trillion yuan to shareholders, which is 2.07 times the amount raised through IPOs and refinancing, indicating a shift towards a more balanced investment environment [6]. - The emphasis on shareholder returns is seen as a way to enhance the resilience and risk management capabilities of the A-share market [6]. Group 3: Long-term Investment Focus - The promotion of long-term capital investment is a key focus, with reforms aimed at encouraging institutional investors to adopt long-term investment strategies [7]. - The introduction of long-term performance assessments for public funds and pension funds is expected to bring in sustainable capital, supporting a stable upward trend in the stock market [7]. - Establishing a market ecosystem that favors long-term investments is viewed as essential for optimizing the capital supply structure and enhancing market stability [7]. Group 4: Enhancing Investor Protection - The upcoming release of guidelines for protecting small and medium investors reflects a commitment to enhancing the attractiveness and competitiveness of the capital market [8]. - Strengthening investor protection mechanisms is seen as crucial for stabilizing market expectations and boosting investor confidence [8]. - The guidelines aim to create a comprehensive safety net for investors, addressing all stages of investment [8]. Group 5: Opening Up the Market - The speech indicates a commitment to high-level institutional openness, with ongoing efforts to align domestic markets with international standards [9]. - Recent advancements in cross-border investment mechanisms and the management of foreign investors are highlighted as steps to enhance international competitiveness [9]. - The overall goal is to create a capital market that supports technological innovation, industrial upgrades, and wealth growth while being responsive to global market dynamics [9].