Core Viewpoint - The promotion of "long money long investment" is a crucial aspect of current capital market reforms, with policies showing positive effects and clear changes in the A-share market [1][2]. Group 1: Policy Implementation and Market Impact - The "Guiding Opinions on Promoting Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and the China Securities Regulatory Commission (CSRC) on September 26, 2024, aiming to facilitate the entry of long-term funds into the market [1]. - As of the end of August this year, various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the 13th Five-Year Plan [1]. Group 2: Challenges and Future Directions - There is still significant room for growth in the scale of long-term funds entering the market, as the actual allocation of insurance funds to equity assets is still below the policy limits [2]. - The optimization of the investor structure in the capital market is a long-term process, requiring further enhancement of the leading and demonstrative effects of long-term funds [2]. Group 3: Enhancing Company Quality and Investment Value - Continuous improvement in the quality and investment value of listed companies is essential for the success of "long money long investment" [2]. - Regulatory measures have led to a notable increase in listed companies' ability and awareness to return value to investors, encouraging stable dividends and active market value management [2]. Group 4: Asset Management Institutions and Research Capabilities - The ongoing enhancement of asset management institutions' research capabilities is a critical guarantee for promoting "long money long investment" [3]. - Public funds are advancing the platform and systematic construction of research capabilities, while insurance institutions are focusing on stable cash flow assets and alternative investments [3].

Core Insights - The promotion of "long money long investment" is a key focus for current capital market reforms, with significant progress observed in the A-share market as a result of policy implementation [1][2][3] - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan in A-share market circulation, marking a 32% increase compared to the end of the 13th Five-Year Plan [1] Group 1 - The "Guiding Opinions on Promoting Medium- and Long-term Funds to Enter the Market" was jointly issued by the Central Financial Office and the China Securities Regulatory Commission, aiming to facilitate the entry of long-term funds into the market [1][2] - Recent policies have included optimizing long-cycle assessment mechanisms and pilot programs for long-term stock investments by insurance funds, enhancing the institutional framework for "long money long investment" [1][2] - There remains significant growth potential for long-term funds entering the market, as the actual allocation of insurance funds to equity assets is still below the policy limits [1][2] Group 2 - Improving the quality and investment value of listed companies is essential for the success of "long money long investment," with regulatory measures enhancing companies' ability and willingness to return value to investors [2] - Companies are encouraged to maintain stable dividends and engage in market value management through share buybacks and mergers, while regulatory efforts continue to combat financial fraud [2] - Asset management institutions are enhancing their research and investment capabilities, with public funds moving towards a more systematic approach and insurance institutions diversifying their investment strategies [2]

截至8月底，中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32%；保险资金投资股 票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，投资端改革实现重大突 破。 证监会近日明确，将更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境 投融资便利度，吸引更多源头活水，努力让更多全球资本投资中国、共享成长。市场人士预期，下一 步，改革将聚焦提升入市便利度，推出实质性举措，优化"长钱长投"环境、增强资产可投性并丰富对冲 工具，"引长钱、促长投"效果有望加快显现。 改革见效 "长钱长投"格局逐步形成 "十四五"以来，资本市场着力构建"长钱长投"机制，以保险资金、公募基金等为代表的中长期资金加速 入市，更好地发挥中长期资金"压舱石""稳定器"作用，投资端改革实现重大突破。 ——险资布局权益市场投资规模显著提升。目前，险资投资股票和权益类基金超5.4万亿元，余额较"十 三五"末增长85%。金融监管总局先后批复第二批、第三批保险资金长期股票投资试点资格，总金额 1720亿元。 兴业证券首席策略分析师张启尧表示，今年年初，六部门联合发布实施方案，大力推动中 ...

Core Viewpoint - The need to improve the institutional environment for long-term capital investment in the market is emphasized, focusing on enhancing regulatory inclusiveness for long-term equity investments and facilitating the interaction between pension systems and capital markets [1] Group 1: Institutional Environment - It is suggested to enhance the regulatory inclusiveness for long-term capital equity investments and implement long-cycle assessments to remove barriers for insurance capital entering the market [1] - The development of public equity funds is crucial, with an emphasis on urging fund companies to correct their operational philosophies and improve research and service capabilities [1] Group 2: Product Innovation - There is a call for the creation of more products that meet investor needs, along with optimizing product registration processes and promoting innovation in index-based products [1] Group 3: Risk Management Tools - The proposal includes providing refined hedging tools for long-term capital to support liquidity during periods of significant market volatility, as well as developing derivative markets such as stock index futures and government bond futures [1]

截至8月底，中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32%；保险资金投资股 票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，投资端改革实现重大突 破。 证监会近日明确，将更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境 投融资便利度，吸引更多源头活水，努力让更多全球资本投资中国、共享成长。市场人士预期，下一 步，改革将聚焦提升入市便利度，推出实质性举措，优化"长钱长投"环境、增强资产可投性并丰富对冲 工具，"引长钱、促长投"效果有望加快显现。 改革见效 "长钱长投"格局逐步形成 "十四五"以来，资本市场着力构建"长钱长投"机制，以保险资金、公募基金等为代表的中长期资金加速 入市，更好地发挥中长期资金"压舱石""稳定器"作用，投资端改革实现重大突破。 ——险资布局权益市场投资规模显著提升。目前，险资投资股票和权益类基金超5.4万亿元，余额较"十 三五"末增长85%。金融监管总局先后批复第二批、第三批保险资金长期股票投资试点资格，总金额 1720亿元。 兴业证券首席策略分析师张启尧表示，今年年初，六部门联合发布实施方案，大力推动中 ...

● 本报记者 昝秀丽 截至8月底，中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32%；保险资金投资股 票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，投资端改革实现重大突 破。 证监会近日明确，将更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境 投融资便利度，吸引更多源头活水，努力让更多全球资本投资中国、共享成长。市场人士预期，下一 步，改革将聚焦提升入市便利度，推出实质性举措，优化"长钱长投"环境、增强资产可投性并丰富对冲 工具，"引长钱、促长投"效果有望加快显现。 改革见效 "长钱长投"格局逐步形成 "十四五"以来，资本市场着力构建"长钱长投"机制，以保险资金、公募基金等为代表的中长期资金加速 入市，更好地发挥中长期资金"压舱石""稳定器"作用，投资端改革实现重大突破。 ——险资布局权益市场投资规模显著提升。目前，险资投资股票和权益类基金超5.4万亿元，余额较"十 三五"末增长85%。金融监管总局先后批复第二批、第三批保险资金长期股票投资试点资格，总金额 1720亿元。 兴业证券首席策略分析师张启尧表示，今年年初，六部门联合发 ...

Core Viewpoint - The Chinese government is accelerating investment reforms to promote long-term capital investment in the capital market, with significant achievements reported in the entry of medium- and long-term funds into the market [1][4]. Group 1: Investment Reforms - The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage medium- and long-term funds to enter the market, with a total of approximately 21.4 trillion yuan in A-share market value held by various medium- and long-term funds as of the end of August this year [1][4]. - The comprehensive fee reduction reform for public funds has been fully implemented, with a projected annual reduction of approximately 510 million yuan for investors, exceeding the initial targets [2][3]. Group 2: Public Fund Industry - The public fund industry in China has reached a record high, surpassing 35 trillion yuan in total assets by the end of August, marking a significant milestone in the industry's development [3]. - The fee reduction reform is seen as a critical step towards high-quality development in the public fund sector, with the third phase of the reform focusing on reducing sales fees and benefiting investors [2][3]. Group 3: Role of Medium- and Long-Term Funds - Medium- and long-term funds are crucial for stabilizing the capital market and mitigating short-term volatility, with a year-on-year increase of 42.7% in the market value held by these funds [4]. - The government has implemented measures to facilitate the entry of social security, insurance, and pension funds into the market, enhancing the overall investment landscape [4]. Group 4: ETF Development - The scale of Exchange-Traded Funds (ETFs) has surpassed 5 trillion yuan, with new innovative products launched to meet diverse investment needs [5]. - Central Huijin has played a significant role in boosting market confidence by increasing its holdings in ETFs, with a total value reaching 1.28 trillion yuan by mid-2025 [5].

Group 1 - The core viewpoint emphasizes the importance of attracting and retaining long-term capital in creating a high-quality market ecosystem, with regulatory measures aimed at addressing the imbalance between short-term assessments and long-term goals [1] - The China Securities Regulatory Commission (CSRC) has implemented a series of policies to enhance the weight of long-term assessments for state-owned insurance companies and to shift pension fund evaluations from current yield to cumulative yield over three years, thereby promoting active engagement of long-term capital [1] - As of August 2025, the market value of A-shares held by long-term capital is projected to reach 21.4 trillion yuan, reflecting a 28% increase from the beginning of the year [1] Group 2 - The active participation of private equity and venture capital funds is highlighted as a significant aspect of the optimized investment environment during the 14th Five-Year Plan period, with these funds supporting early-stage innovation [2] - By the end of Q2, the scale of private equity and venture capital funds in China reached 14.4 trillion yuan, with 74% of investments directed towards small and medium-sized enterprises and 50% towards high-tech enterprises [1][2] - The optimization of the investment environment is seen as a release of institutional dividends, with measures such as the establishment of the Sci-Tech Innovation Board and improvements in the ETF product ecosystem enhancing market attractiveness [2] Group 3 - The CSRC is focusing on improving the quality of listed companies through a new three-year action plan aimed at combating financial fraud and enhancing corporate governance [3] - Since the beginning of 2023, there has been a one-third increase in the number of financial fraud leads reported, and companies have been mandated to repurchase shares in cases of illegal selling [3] - The reforms are creating a virtuous cycle of resource allocation efficiency, with significant advancements in sectors like artificial intelligence and commercial aerospace, and the ETF market becoming the largest in Asia [3]

Group 1 - The core achievement of the "14th Five-Year Plan" is the significant increase in long-term funds in the A-share market, with a total market value of approximately 21.4 trillion yuan, representing a 32% growth compared to the end of the "13th Five-Year Plan" [1] - Systematic reforms have accelerated the entry of long-term funds into the market, with a diverse composition of long-term funds including social security funds, pension funds, and insurance funds [2] - The establishment of a robust policy framework and reform of institutional assessment mechanisms have facilitated the transformation of long-term funds into long-term investments, enhancing their willingness to invest in equities and high-volatility assets [2][3] Group 2 - The continuous inflow of long-term funds has significantly improved market liquidity, stabilizing the A-share market's liquidity structure and ensuring efficient resource allocation [5] - Long-term funds are shifting the market's investment logic from short-term speculation to value investing, focusing on the long-term profitability and core competitiveness of companies [5] - The entry of long-term funds is fostering a virtuous cycle between the capital market and the real economy, providing essential capital for long-term corporate development and innovation [6]

Group 1 - The A-share market has entered a "slow bull" phase following the implementation of the "924 policy package," with significant index gains observed since its introduction [1][2] - Major indices have shown substantial increases, with the North Securities 50 and Sci-Tech 50 indices doubling in value, while the CSI 300 index rose over 40% [1][2] Group 2 - The central bank and regulatory authorities have introduced a series of financial policies aimed at stabilizing the stock market, including liquidity support measures and incentives for stock buybacks [3][5] - The central bank has launched two key monetary policy tools to support the capital market, including a swap facility for non-bank financial institutions and a special re-lending program for stock buybacks, with over 1,000 billion yuan in operations conducted [3][5] Group 3 - Regulatory bodies have accelerated the entry of long-term funds into the market, with insurance funds' trial scale reaching 222 billion yuan, and a long-cycle assessment mechanism for state-owned insurance companies has been implemented [6][7] - The insurance sector's investment in stocks has significantly increased, with major insurers raising their stock investment proportions compared to 2023 [8][9] Group 4 - The capital market is making strides in supporting technological innovation, with new policies aimed at facilitating mergers and acquisitions for tech companies [10][11] - The introduction of a "technology board" in the bond market aims to support financing for technology firms, while public funds are launching thematic funds to invest in innovation [12] Group 5 - Systematic reforms in the public fund industry have been initiated, focusing on enhancing investor interests and promoting long-term investment strategies [13][14] - The introduction of floating fee rate funds and a series of fee reductions are expected to lower investment costs for investors, with significant annual savings projected [15]