Core Viewpoint - The article discusses the recent initiatives by the Beijing Securities Regulatory Bureau and other departments to attract long-term funds into the market, emphasizing the importance of optimizing market ecology, improving assessment mechanisms, and broadening funding channels [1] Group 1: Policy Initiatives - Establish a long-term assessment mechanism for commercial insurance funds and other long-term funds with a focus on three-year cycles to promote long-term performance orientation [2] - Improve the quality of listed companies in Beijing and encourage eligible companies to repurchase and increase their holdings [3] - Guide fund companies to shift from scale-oriented to investor return-oriented strategies, aiming to create stable long-term returns for investors and increase the scale and proportion of equity funds [4] Group 2: Investment Strategies - Encourage private equity funds to diversify product types and investment strategies, and promote securities, fund, and futures institutions to increase the proportion of equity private asset management businesses to meet diverse wealth management needs [5] - Enhance the investment coverage and flexibility of enterprise annuities and personal pensions, supporting qualified employers to allow personal investment choices in enterprise annuities [6] - Encourage bank wealth management and trust funds to actively participate in the capital market, optimize incentive assessment mechanisms, and streamline market entry channels to increase equity investment scale [7] Group 3: Implementation and Results - The central financial office and the China Securities Regulatory Commission have jointly issued a plan to increase the public fund's holdings of A-shares by at least 10% annually over the next three years, with large state-owned insurance companies allocating 30% of new premiums to A-share investments [8] - As of the end of Q3, public funds held A-share market value exceeded 7 trillion yuan, reaching a record high of 7.38 trillion yuan, accounting for 20.84% of total fund assets, with a quarter-on-quarter increase of 22.23% [8] - The implementation of the policy has already shown effects, with local policies in places like Guangdong and Beijing aligning with these central goals [9] Group 4: Regional Developments - Shanghai is leveraging its international financial center advantages to promote insurance funds' participation in strategic placements on the Sci-Tech Innovation Board and exploring cross-border wealth management mechanisms [10] - Zhejiang is guiding private equity funds to support technology innovation enterprises and promoting long-term cooperation between listed companies and pension management institutions [11] - Jiangsu is enhancing connections with social security and basic pension funds to support advanced manufacturing enterprises' listings and refinancing [12] Group 5: Future Coordination - The Beijing Securities Regulatory Bureau will coordinate with relevant departments to strengthen policy collaboration and information sharing to ensure the implementation of the proposed measures [13] - Public funds in Beijing have established a three-year long-cycle assessment system, with significant improvements in the actual equity investment ratio and a focus on high-quality development [14][15]

Core Viewpoint - The Beijing Securities Regulatory Bureau, in collaboration with various local government departments, has introduced the "Implementation Opinions" to attract more long-term capital into the market, aiming to promote the healthy development of the capital market [1][3]. Group 1: Key Measures - The "Implementation Opinions" outlines four key measures: optimizing market ecology, developing equity funds, improving the investment environment for pension and insurance funds, and encouraging bank wealth management and trust funds to participate in the capital market [3][4]. - The first measure focuses on establishing a long-term performance evaluation mechanism for commercial insurance funds and enhancing the quality of listed companies in Beijing, encouraging eligible companies to repurchase shares [3][4]. - The second measure emphasizes the development of public equity funds and the stable growth of private equity funds, shifting fund companies' focus from scale to investor returns [3]. - The third measure aims to enhance the investment flexibility of enterprise annuities and personal pensions, supporting differentiated investment choices [3][4]. - The fourth measure encourages bank wealth management and trust funds to actively participate in the capital market by optimizing assessment mechanisms and improving market access [4]. Group 2: Progress and Achievements - As a result of previous policy initiatives, there has been significant progress in attracting long-term capital in Beijing, with 45 listed companies implementing share repurchases totaling 19.33 billion yuan and 285 companies distributing cash dividends amounting to 605.4 billion yuan [6]. - The public fund fee reform has led to the reduction of fees for 838 actively managed equity funds, saving investors approximately 10 billion yuan annually [6]. - By the end of September 2025, Beijing fund companies managed 1,090 equity funds with a total scale of 1.94 trillion yuan, reflecting year-on-year growth of 19.0% in number and 25.56% in scale [6]. - A long-term evaluation system has been established for public funds, with indicators set for occupational and enterprise annuities [6]. Group 3: Innovation in Financial Instruments - Beijing has achieved a significant milestone with the successful issuance of the first long-term technology innovation corporate bond on the Beijing Stock Exchange, amounting to 500 million yuan with a five-year term and an interest rate of 2.29% [8]. - The bond issuance is part of a project aimed at supporting strategic emerging industries such as integrated circuits, life sciences, artificial intelligence, new energy, and new materials, showcasing the commitment of long-term capital to hard technology sectors [8]. Group 4: Future Directions - The Beijing Securities Regulatory Bureau plans to strengthen policy coordination and information sharing with relevant departments to ensure the effective implementation of the "Implementation Opinions" and further solidify the market ecology for long-term investments [9].

Group 1 - The Beijing Securities Regulatory Bureau, along with six other departments, has jointly issued the "Implementation Opinions on Promoting Long-term Funds to Enter the Market" [1]

Core Viewpoint - The Beijing government and relevant financial authorities are implementing measures to promote long-term capital investment in the market, aiming to enhance the quality of listed companies and optimize the investment environment for various funds [1][2]. Group 1: Policy Implementation - The "Implementation Opinions" aim to establish a long-term investment environment by optimizing the market ecosystem and encouraging the participation of various funds, including commercial insurance and pension funds [2][5]. - The Beijing Securities Regulatory Bureau has collaborated with multiple departments to ensure the effective implementation of the policies outlined in the "Implementation Opinions" [5]. Group 2: Market Improvements - The quality of listed companies in Beijing has improved, with 45 companies approved for share buybacks totaling 19.33 billion yuan, and 285 companies distributing cash dividends amounting to 605.4 billion yuan [3]. - The public fund fee reform has resulted in the reduction of fees for 838 actively managed equity funds, saving investors an estimated 10 billion yuan annually [3][4]. Group 3: Investment Growth - As of September 2025, the number of equity funds managed by local fund companies reached 1,090, with a total scale of 1.94 trillion yuan, reflecting a year-on-year growth of 19% in number and 25.56% in scale [4]. - The management of social security funds, enterprise annuities, and basic pensions has seen significant growth, with year-on-year increases of 13.41%, 14.99%, and 34.31% respectively [4]. Group 4: Long-term Investment Focus - A long-term assessment mechanism has been established for public funds, with a focus on enhancing the stability of long-term investments [4]. - Various funds, including pension funds and enterprise annuities, are now incorporating long-term performance indicators into their assessment frameworks [4].

（文章来源：新华财经） 北京证监局联合市委金融办、市人力资源社会保障局、市国资委、人民银行北京市分行、北京金融监管 局出台了《北京市推动中长期资金入市的实施意见》。《意见》提到，优化市场生态。推动建立健全商 业保险资金等中长期资金的三年以上长周期考核机制，推动树立长期业绩导向。提高在京上市公司质 量，鼓励具备条件的上市公司回购增持。大力发展权益类公募基金，支持私募证券投资基金稳健发展。 引导基金公司从规模导向向投资者回报导向转变，努力为投资者创造长期稳定收益，持续提高权益类基 金规模和占比。 ...

Core Viewpoint - The Beijing Securities Regulatory Bureau, in collaboration with the Municipal Financial Office and other relevant units, has introduced the "Implementation Opinions on Promoting Long-term Funds to Enter the Market" [1] Group 1 - The initiative aims to encourage long-term capital investment in the market [1] - The announcement was made by Wu Zhiwei, a senior inspector at the Beijing Securities Regulatory Bureau, during a special event on Financial Street [1]

北京商报讯（记者 马换换 李佳雪）10月29日，北交所董事长鲁颂宾在2025金融街论坛年会"创新 合作 开放——全球经济重构中的科技创新与金融服务"论坛上表示，北交所将坚持强本强基，促进投融资两 端协调发展，不断提升市场内在稳定性。在投资端，培育长期资本、耐心资本。落实中长期资金入市方 案，推动设立更多中小市值公募产品，做好社保、保险、年金等资金对接服务，优化市场资金结构。 ...

Core Viewpoint - The speech emphasizes the importance of enhancing the investment value of listed companies and fostering a balanced market dynamic to support the innovation and development of small and medium-sized enterprises (SMEs) [1] Group 1: Market Regulation and Development - The need to normalize the issuance and listing process on the Beijing Stock Exchange is highlighted, along with the importance of improving the "full chain" regulatory arrangements for issuance [1] - There is a focus on optimizing the new stock issuance system and gradually expanding the market maker team to provide more participation opportunities and investment convenience [1] Group 2: Investment Attraction and Fund Management - The speech calls for actively guiding various types of medium- and long-term capital into the market and promoting the establishment of special funds at the local level to participate in market construction [1] - It emphasizes the importance of addressing bottlenecks in the "raising, investing, managing, and exiting" process of private equity funds to attract more patient capital that adheres to "long-termism" towards innovative SMEs [1]

Core Viewpoint - The speech emphasizes the importance of enhancing market functions and regulatory standards to support the innovative development of small and medium-sized enterprises (SMEs) through high-quality financial services [1] Group 1: Market Dynamics and Capital - The need to focus on market dynamic balance and cultivate patient capital is highlighted [1] - Increasing the investment value of listed companies is positioned as a priority [1] - The normalization of listings on the Beijing Stock Exchange (北交所) is emphasized, along with the improvement of the "full chain" issuance regulatory framework [1] Group 2: New Stock Issuance and Market Participation - There is a call to optimize the new stock issuance system and gradually expand the market maker team to provide more participation opportunities and investment convenience [1] - Encouragement for various types of medium- and long-term funds to enter the market is noted, along with the promotion of local special funds to participate in market construction [1] Group 3: Private Equity and Long-term Investment - The focus is on addressing bottlenecks in the "raising, investing, managing, and exiting" processes of private equity funds to attract more patient capital towards innovative SMEs [1] - The importance of fostering a professional investor group is mentioned to support the sustainable growth of the market [1]

Core Viewpoint - The speech emphasizes the importance of enhancing market functions and regulatory standards to support the innovative development of small and medium-sized enterprises (SMEs) through high-quality financial services [1] Group 1: Market Dynamics and Capital - The need to focus on market dynamic balance and cultivate patient capital is highlighted [1] - Increasing the investment value of listed companies is positioned as a priority [1] Group 2: Regulatory Improvements - The normalization of listings on the Beijing Stock Exchange is emphasized, along with the need to improve the "full chain" issuance regulatory arrangements [1] - Responsibilities at each stage of the issuance process must be reinforced [1] Group 3: New Issuance System and Market Participation - Research is needed to optimize the new stock issuance system and gradually expand the market maker team to provide more participation opportunities and investment convenience [1] - There is a call to actively guide various types of medium- and long-term funds into the market [1] Group 4: Fund Development and Investment Attraction - The establishment of special funds at the local level to participate in market construction is encouraged to expand the professional investor base [1] - Focus on addressing bottlenecks in the private equity fund lifecycle to attract more patient capital towards innovative SMEs [1]