全国政协委员、申万宏源证券研究所首席经济学家杨成长：进一步提高资本市场制度的适应性和包容性

Core Viewpoint - The article emphasizes the need to enhance the adaptability and inclusiveness of the capital market, accommodating diverse industrial development models and innovative enterprise models, requiring joint efforts from regulatory bodies, listed companies, intermediaries, and investors [1] Group 1: Capital Market Development - The high-quality development of China's capital market relies primarily on domestic demand and industrial innovation, despite the changing international environment [1] - To attract long-term capital into the capital market, it is essential to strengthen listed companies and innovate research methods to support long-term investments [1] - A significant number of "chain leader" enterprises have emerged in the capital market, attracting high-quality companies, which forms the foundation for long-term capital entry [1] Group 2: Research Methodology Innovation - Traditional research methods focused on financial statements, cash flow, and fixed asset investment are no longer sufficient due to changes in enterprise growth models, such as technological innovation and platform models [1] - There is a need to continuously innovate research methods, thinking, and logic to adapt to market changes [1] Group 3: Focus Areas for 2023 - The focus for the year includes industrial policies, the relationship between financial investment and real investment, and new consumption trends [2] - Recent changes in real investment methods have shifted from real estate and infrastructure to technology, artificial intelligence, and digital innovation, necessitating improvements in financial investment methods [2] - New consumption trends indicate a shift from valuing cost-effectiveness to emotional value, requiring innovative analysis methods for products like e-sports and short videos [2]