申万宏源杨成长：稳中求进 深化投融资综合改革

Core Viewpoint - The article emphasizes the need for comprehensive reforms in China's capital market to enhance its service capabilities, adaptability, and inclusiveness, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [6][19]. Group 1: 2025 Capital Market Policies - In 2025, a series of policies were implemented to maintain market stability and deepen foundational reforms, laying a solid institutional foundation for the development of new productive forces and the construction of a financial power [8]. - The Shanghai Composite Index, CSI 300 Index, and ChiNext Index saw increases of 18.4%, 17.7%, and 49.6% respectively in 2025, indicating a significant rise in market activity [9]. - A record cash dividend of 2.55 trillion yuan was distributed by A-share listed companies in 2025, reflecting a focus on enhancing investment value returns [9]. Group 2: Long-term Investment Environment - By the end of 2025, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year, indicating a breakthrough in long-term capital market participation [10]. - The introduction of the "1+6" reform measures for the Sci-Tech Innovation Board aimed to support new productive forces and enhance the market's ability to serve innovative enterprises [11]. Group 3: Enhancing Service Capabilities - The capital market is tasked with improving four core service capabilities: supporting new productive forces, enhancing wealth management for residents, contributing to the construction of a financial power, and promoting high-level openness [6][13]. - Continuous reforms are necessary to improve the financing end, ensuring that the capital market can better serve innovative assets and resource allocation [14]. Group 4: Market Stability and Risk Management - The establishment of a long-term stability mechanism for the capital market is crucial for maintaining a steady upward trend, with a focus on enhancing market monitoring and risk management capabilities [31][32]. - The introduction of a comprehensive risk monitoring system across key financial sectors is planned for 2026 to prevent significant market fluctuations [34]. Group 5: Opening Up the Capital Market - The capital market aims to deepen its openness by enhancing the attractiveness of its institutional framework to foreign long-term capital, with a focus on mutual recognition and orderly connection with international standards [12][36]. - Efforts will be made to improve the international narrative of the Chinese stock market, enhancing foreign investors' understanding and confidence in Chinese assets [37].