“投资者点题 代表委员作答”｜稳市建设已见成效 健全“长钱长投”市场机制·2026全国两会特别策划

Core Viewpoint - The article discusses the positive changes in the A-share market following the 2024 government work report's emphasis on enhancing the inherent stability of the capital market, highlighting the continuous influx of medium- and long-term funds as a significant observation [1]. Group 1: Capital Market Reform - The focus of capital market policies has shifted from "stabilizing the market" to building a more robust market system under stronger functional positioning [1][2]. - The 2026 government work report emphasizes comprehensive measures to stabilize the stock market, enhance the mechanism for medium- and long-term funds entering the market, and improve investor protection systems [1]. Group 2: Balancing Investment and Financing - The "14th Five-Year Plan" suggests improving the inclusiveness and adaptability of capital market systems, aiming to balance investment and financing [4]. - Key goals for capital market reform include enhancing system inclusiveness, balancing investment and financing, serving the real economy, and preventing and mitigating risks [4]. - It is essential to regulate the financing behavior of listed companies to prevent excessive financing and guide funds towards the real economy while fostering long-term institutional investors [4]. Group 3: Attracting Long-term Capital - The stable operation of the capital market requires medium- and long-term funds to act as stabilizers, which is why there has been a push to attract such funds [6]. - By the end of 2025, various medium- and long-term funds held approximately 23 trillion yuan of A-share circulating market value, a 36% increase from the beginning of 2025 [6]. - To attract long-term capital, it is necessary to strengthen listed companies and innovate investment research methods [6]. Group 4: Strengthening Information Disclosure - A fair and just market order, along with strict law enforcement, is crucial for the healthy development of the capital market [9]. - Strengthening the regulation of the authenticity of information disclosure and increasing penalties for violations, especially fraud, are foundational for market health [10]. - There is a need to enhance accountability for financial fraud among major stakeholders in listed companies and improve investor compensation mechanisms [11].