展望“十五五”，资本市场有这些重头戏

Core Viewpoint - The article outlines the strategic direction for China's capital market development over the next five years, emphasizing the importance of deepening reforms, enhancing inclusivity, and fostering long-term investments to support economic growth [2][3][4]. Group 1: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, focusing on enhancing the inclusivity and adaptability of capital market systems [2]. - Key initiatives include advancing the reforms of the two innovation boards, implementing the "1+6" policy for the Sci-Tech Innovation Board, and promoting the stable operation of the Sci-Tech Growth Layer [2]. - The CSRC plans to expand the scale and proportion of equity investments from social security, insurance, and pension funds, while also deepening public fund reforms to better support long-term investments [2]. Group 2: Internationalization and Openness - The CSRC is committed to expanding the openness of the capital market, improving the Qualified Foreign Institutional Investor (QFII) system, and enhancing cross-border investment products [3]. - Efforts will be made to facilitate foreign institutional participation in the Chinese capital market and strengthen regulatory capabilities to protect investor rights [3]. - Shanghai aims to enhance its international financial center status by attracting global investors and improving the business environment through higher quality reforms [3]. Group 3: Focus on Innovation and Governance - The Shanghai Stock Exchange (SSE) will focus on fostering new productive forces by optimizing key systems related to issuance, refinancing, and mergers and acquisitions [4]. - The SSE aims to cultivate a market ecosystem that promotes rational, value, and long-term investments, encouraging more medium to long-term capital inflow [4]. - There will be an emphasis on improving corporate governance and information disclosure quality among listed companies, as well as expanding institutional openness and enhancing global competitiveness [4]. Group 4: Mergers and Acquisitions - The article highlights a new active cycle in mergers and acquisitions (M&A) within the A-share market, with over 1,000 disclosed transactions since the introduction of the "M&A Six Guidelines," including 115 major asset restructurings, marking a 138% year-on-year increase [4]. - The SSE plans to create a conducive environment for M&A that respects market innovation while ensuring effective regulation [5]. - The M&A market is viewed as a golden channel for investing in China's future, with ongoing efforts to attract high-quality companies to list [5].