中金：制度及改革红利助力中国资产重估延续——金融街论坛年会点评

Core Viewpoint - The 2025 Financial Street Forum emphasizes the positive outlook for China's capital market, highlighting the ongoing institutional reforms and support policies that will drive high-quality development in the sector [2][5]. Group 1: Capital Market Development - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, noted that China's capital market faces new challenges but also presents new opportunities due to the restructuring of international economic and trade orders, which has increased the vulnerability of global financial markets [2]. - The forum proposed several supportive policies to enhance market inclusivity and adaptability, including the deepening of the ChiNext reform to better align with the characteristics of emerging industries and innovative enterprises [2][3]. - The CSRC aims to promote the high-quality development of the Beijing Stock Exchange and improve the differentiated listing, information disclosure, and trading systems of the New Third Board [2][3]. Group 2: Market Stability and Governance - The CSRC plans to introduce a refinancing framework to enhance the flexibility and convenience of listed companies' refinancing, thereby improving resource allocation efficiency in the capital market [3]. - Emphasis will be placed on improving corporate governance and increasing dividend payouts and share buybacks to enhance transparency and investor confidence [3]. - The CSRC aims to strengthen the monitoring of cross-market, cross-industry, and cross-border risks while enhancing investor protection measures [4]. Group 3: Internationalization and Attractiveness - The CSRC officially launched the "Qualified Foreign Investor System Optimization Work Plan," which includes optimizing access management and expanding investment scope to attract long-term foreign capital [3]. - The plan aims to enhance the global attractiveness of Chinese assets and facilitate the practical cooperation between mainland and Hong Kong markets [3]. Group 4: Long-term Market Outlook - The forum conveys a positive signal for the long-term and steady development of China's capital market, supported by government emphasis on capital market growth and the ongoing global monetary system restructuring [5]. - The current market conditions, including fundamental support and reasonable valuation levels, suggest that China's capital market is well-positioned for sustainable growth [5].