为更好解读中国资产全球吸引力，吸引更多境外资本长线投资中国资本市场，近日，上海证券交易所与 中国上市公司协会在香港共同举办"走进香港"上市公司路演及投资者交流活动。据悉，活动共举办36场 路演并开展上市公司ESG、企业出海等主题交流活动，助力内地上市公司与境外投资者加强沟通交流， 展示优质上市公司高质量发展成效。40家内地上市公司高管人员、近200位境外投资机构代表参与。 系列活动举办期间，上交所以"上拓新局.永续笃行"为理念，举办ESG专题活动，围绕可持续发展与国 际竞争力提升展开深度探讨，并邀请券商首席经济学家、律师和会计师事务所合伙人等围绕上市公司 ESG披露标准与实践经验等热点话题进行探讨。此外，上交所联合香港投资推广署，组织上市公司高管 开展"香港助力内地企业出海"座谈会，邀请香港"出海专班"参与者分享出海机遇、挑战和策略。 上交所持续推进在港路演，既巩固了内地企业与全球投资者的直接联通，发挥"内地企业走出去、海外 资金进得来"的双向枢纽与通道功能，进一步提升跨境对接的便捷度与效率，也是积极响应党的二十届 四中全会精神、贯彻落实"十五五"规划建议关于"扩大高水平对外开放，开创合作共赢新局面"战略部署 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].

Core Insights - The Shenzhen-Hong Kong Stock Connect has officially celebrated its ninth anniversary, marking a significant milestone in China's capital market opening and integration with global markets [1] - The program has facilitated a steady increase in trading volume and has become a vital channel for foreign investors to access China's economic growth [1][2] Group 1: Trading Performance - As of December 4, the total trading volume of the Shenzhen-Hong Kong Stock Connect has exceeded 131 trillion yuan, with Shenzhen Stock Connect accounting for 103 trillion yuan and Hong Kong Stock Connect for 28 trillion yuan [1] - Daily average trading amounts since 2025 have reached 1.111 billion yuan for Shenzhen Stock Connect and 46.7 billion HKD for Hong Kong Stock Connect, indicating a new peak in trading activity [1] Group 2: Focus on Innovation and Technology - The Shenzhen Stock Connect has effectively directed cross-border funds towards new economic sectors, with over 70% of listed companies in Shenzhen being high-tech enterprises and nearly 50% in strategic emerging industries [2] - As of December 4, 1,110 high-tech companies and 758 strategic emerging industry companies are included in the Shenzhen Stock Connect, representing 72% and 49% of the total respectively [2] - The net buying amount for high-tech and strategic emerging industry stocks has reached 630.7 billion yuan and 478.8 billion yuan respectively, highlighting the trend of international capital seeking opportunities in innovation [2] Group 3: Regional Integration and Collaboration - The Shenzhen Stock Exchange has leveraged its geographical proximity to Hong Kong to enhance cooperation and deepen market connectivity since 2025 [3] - Initiatives such as the launch of the Shenzhen-Hong Kong Advanced Manufacturing Index and the Green Low-Carbon Index aim to guide capital towards key sectors [3] - The establishment of a comprehensive fund platform in Hong Kong has improved market efficiency, while collaborative events like the Greater Bay Area Exchange Technology Conference have fostered innovation in financial technology [3] Group 4: Future Outlook - The Shenzhen Stock Exchange aims to enhance the attractiveness and competitiveness of the Greater Bay Area capital market, contributing to high-quality development in the capital market [3]

Core Insights - The 2025 Shanghai Stock Exchange International Investor Conference opened, focusing on new opportunities in Chinese investment and mergers, technology innovation, and high-level capital market openness [1] - The Chinese capital market has shown significant improvement in attractiveness, with major indices rising and international capital inflows increasing [1][2] - The Chinese economy's GDP exceeded 100 trillion yuan, growing by 5.2% year-on-year in the first three quarters of 2023, indicating a positive economic transformation [1] Group 1: Investment Climate - International investors are increasingly optimistic about China's economic stability and policy environment, with major asset management firms expressing confidence in long-term investment opportunities [2] - The consensus among global investors is shifting towards a positive outlook on Chinese assets, particularly in the technology sector represented by the Sci-Tech Innovation Board [2][3] Group 2: Investment Strategy - The National Social Security Fund emphasizes the importance of long-term, stable, and scalable investments in technology assets, supporting national strategic initiatives [3] - Long-term capital and value-driven investments are expected to play a crucial role in fostering innovation and creating value in the Chinese market [3] Group 3: Future Developments - The regulatory framework for qualified foreign institutional investors will be improved, and cross-border investment products will be expanded to enhance foreign participation in the Chinese capital market [4] - Shanghai aims to create a high-level open environment to attract global investors while ensuring financial risk prevention and regulatory cooperation [4]

Group 1 - The core viewpoint emphasizes the resilience and potential of the Chinese economy, with a commitment to enhancing the capital market's stability and health [1][2] - The China Securities Regulatory Commission (CSRC) plans to deepen comprehensive reforms in investment and financing, focusing on improving the inclusiveness and adaptability of capital market systems [1] - Specific measures include advancing the reform 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 [1][2] Group 2 - The CSRC aims to optimize the structure of listed companies to enhance their investment value, including the implementation of major asset restructuring and expanding support channels for mergers and acquisitions [2] - There is a focus on improving corporate governance, information disclosure, and market value management to strengthen the foundation of stable performance and enhance dividend predictability [2] - The CSRC will continue to expand the openness of the capital market, improve the Qualified Foreign Institutional Investor (QFII) system, and facilitate cross-border investment products [2]

Core Viewpoint - The article emphasizes the importance of steadily expanding the high-level institutional opening of China's capital market, highlighting that openness and inclusiveness are key characteristics of a high-quality capital market [1][2]. Group 1: Capital Market Opening - The China Securities Regulatory Commission (CSRC) aims to improve the Qualified Foreign Institutional Investor (QFII) system and cautiously expand mutual connectivity, enhancing the convenience for foreign capital and institutions to participate in China's capital market [2][3]. - The international "circle of friends" for China's capital market is continuously expanding, with measures such as the removal of shareholding limits for foreign securities, fund, and futures companies, and the approval of 13 foreign-controlled institutions during the "14th Five-Year Plan" period [2][3]. - As of September 2023, there are 913 foreign institutions that have obtained QFII qualifications, reflecting a rapid increase since the implementation of new regulations in 2020 [2]. Group 2: Market Performance and Trends - As of the end of September 2023, QFII has entered the top ten circulating shareholders of 1,441 A-share listed companies, with a total holding value of 150.4 billion yuan, an increase of 33.9 billion yuan compared to the same period last year [3]. - Goldman Sachs' research indicates that the MSCI China Index has rebounded by 80% from its cycle low at the end of 2022, predicting a 30% increase in major stock indices by the end of 2027 [3]. - JPMorgan's research team is optimistic about the performance of the CSI 300 Index by the end of 2026, attributing this to the gradual shift of household asset allocation towards the stock market [3]. Group 3: Support for Enterprises - The CSRC supports enterprises in utilizing both domestic and international markets and resources, aiming to build world-class exchanges and cultivate top investment banks and institutions [4][5]. - As of October 31, 2023, the CSRC has completed the filing for 322 domestic companies to list overseas, indicating a more accessible channel for overseas listings [4]. - The number of A+H listed companies has increased, with 14 A-share companies achieving dual listings in 2023, raising over 100 billion Hong Kong dollars, driven by the need for diversified financing channels and supportive policies [5].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market system, aiming for high-quality development through comprehensive reforms and alignment with national economic strategies [1] Group 1: Key Tasks for Capital Market Reform - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and Growth Enterprise Market to better serve real enterprises throughout their lifecycle [1] - Promote the cultivation of more high-quality listed companies by optimizing their structure and enhancing investment value, while supporting mergers and acquisitions and improving the refinancing mechanism [2] - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [2] Group 2: Regulatory Enhancements - Improve the scientific and effective nature of capital market regulation by building a comprehensive regulatory system that adapts to rapid market changes and financial innovations [3] - Expand the high-level institutional openness of the capital market, promoting coordinated development between onshore and offshore markets to enhance international competitiveness [3] Group 3: Market Ecosystem Development - Foster a standardized, inclusive, and vibrant capital market ecosystem by strengthening legal frameworks and investor protection mechanisms, while promoting rational and long-term investment practices [4] - Enhance the construction of high-end think tanks and talent teams to address strategic and foundational issues in the capital market [4]

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3][4] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a call to improve the identification and pricing mechanisms for technology innovation enterprises to support quality companies in going public [1] - The development of private equity and venture capital funds is encouraged, alongside a multi-tiered bond market system, including the promotion of green bonds and real estate investment trusts [1] Group 2: High-Quality Listed Companies - The article stresses the importance of optimizing the structure of listed companies to enhance investment value and support their transformation and upgrading [2] - Continuous reform in the mergers and acquisitions market is highlighted to improve the flexibility and convenience of refinancing mechanisms [2] - There is an emphasis on encouraging listed companies to return value to investors through cash dividends and share buybacks, while also reinforcing a regular delisting mechanism [2] Group 3: Long-Term Investment Environment - The creation of a market environment that attracts long-term capital is prioritized, with mechanisms to assess long-term funds being established [2] - The article advocates for the reform of public funds and the development of equity public funds to bind investor interests [2] - The promotion of a smooth cycle of fundraising, investment, management, and exit for private equity and venture capital funds is also mentioned [2] Group 4: Regulatory Enhancements - The need for a comprehensive and multi-dimensional regulatory system for securities and futures is emphasized to adapt to rapid market changes [3] - The use of modern technologies like big data and AI for effective monitoring and risk management is highlighted [3] - Strict enforcement against financial fraud and market manipulation is necessary to maintain a fair market order [3] Group 5: Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - Enhancements to the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation are also mentioned [3] - The construction of world-class exchanges and investment institutions is a key focus area [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws and regulations to create a fair market environment [4] - Investor protection mechanisms, including representative litigation, are to be improved alongside investor education initiatives [4] - The establishment of a positive public opinion environment that encourages innovation and tolerates failure is also emphasized [4]

Core Insights - The 22nd meeting of the China Securities Regulatory Commission (CSRC) International Advisory Committee focused on "Innovation, Inclusiveness, Openness, and Better Promotion of High-Quality Development in Capital Markets" [1] - The meeting included discussions on the opportunities and challenges posed by emerging technologies, enhancing market inclusivity, and better serving high-quality development [1] - The committee members praised the outcomes of the 20th National Congress and noted significant progress in China's capital market since the introduction of a comprehensive set of measures in September last year [1] Group 1 - The meeting highlighted the need for the capital market to contribute more actively to China's high-quality economic development during the 14th Five-Year Plan period [1] - Committee members emphasized the importance of improving the coordination between investment and financing functions in the capital market [1] - Suggestions were made to enhance the inclusivity and adaptability of capital market systems, and to strengthen the functions of the bond and futures markets [1] Group 2 - The role of technology in empowering the development and regulation of capital markets was underscored [1] - The meeting called for advancing high-level institutional openness in capital markets and deepening international regulatory cooperation [1] - The overall sentiment was that investor confidence has been boosted, and the attractiveness and resilience of Chinese assets have further increased [1]

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market system, focusing on supporting technological innovation and improving the overall quality of capital market development [1][2]. Group 1: Capital Market Development - The capital market has a solid foundation for stable and healthy operation during the "15th Five-Year Plan" period, but quality issues remain prominent [1]. - There is a call for comprehensive deepening of capital market reforms to improve its inclusiveness, adaptability, attractiveness, and competitiveness [1][2]. Group 2: Financing and Investment - The focus is on actively developing direct financing through equity and bonds, with an emphasis on reforming the Sci-Tech Innovation Board and the Growth Enterprise Market [2]. - The aim is to enhance the service capabilities for real enterprises throughout their lifecycle and to support high-quality companies in issuing and listing [2]. Group 3: Regulatory Framework - The article highlights the importance of improving the scientific and effective nature of capital market regulation, including the establishment of a comprehensive regulatory system [3]. - There is a commitment to using modern technologies like big data and artificial intelligence to identify illegal activities and risks [3]. Group 4: Market Environment - The creation of a favorable environment for long-term capital investment is emphasized, including the establishment of mechanisms for long-term assessments of various funds [3]. - The article advocates for the development of public funds and the promotion of high-quality index investment [3]. Group 5: International Cooperation - The need for a gradual and coordinated development of onshore and offshore markets is stressed, aiming to enhance the international competitiveness of China's capital market [4]. - There is a focus on improving the convenience for foreign investors and institutions to participate in the Chinese capital market [4]. Group 6: Legal and Institutional Framework - Strengthening the legal framework of the capital market is highlighted, including the revision of relevant laws and regulations to create a fair market environment [4][5]. - The article calls for the establishment of investor protection mechanisms and the promotion of rational, value-based, and long-term investment [4].