Group 1 - The China Capital Market Society has established a clear structure for its Microstructure Professional Committee, led by Liu Qiao from Peking University's Guanghua School of Management, with Zeng Yuqun from CATL and Wang Qing from Shanghai Chongyang Investment Management as deputy chairs [1] - The main responsibilities of the Microstructure Professional Committee include researching investor structure and behavior, improving trading mechanisms, enhancing trading supervision, optimizing listed companies' market value management, and refining the price formation mechanism in the capital market to improve pricing efficiency [1] - Chongyang Investment, founded in 2009, is the only private securities management member of the China Capital Market Society, positioning itself as a leading subjective private equity firm in the market [1] Group 2 - The China Capital Market Society is aimed at creating a high-end think tank platform for theoretical research, academic exchange, and decision-making consultation in the capital market, uniting various industry institutions, listed companies, universities, research institutes, and government departments for research and communication on significant strategic and foundational topics [1] - The society's council is chaired by the Chairman of the China Securities Regulatory Commission, Wu Qing, with the Vice Chairman being Li Chao, the Vice Chairman of the CSRC [2] - The society's inaugural meeting established its organizational structure and announced the launch of the official academic journal "Capital Market Research," along with seven specialized committees covering various research areas, including macro and industry, market stability and risk prevention, innovative development, microstructure, futures and derivatives, international markets and openness, and legal protection for investors [2]

会议要求，学会会员要重视理论研究，加强调查研究，打通理论到实践的"最后一公里"；要团结协 作，加强会员之间交流合作，坚持"开门办学会"，广泛团结更多专业力量，加强与广大中小投资者联络 互动，不断增强我国"资本市场叙事"的传播力、影响力；要遵章守规，认真履行会员义务，积极参加学 会活动，共同维护好学会和资本市场的良好声誉。 责任编辑：袁浩 会议还举行了学会挂牌仪式和专业委员会主任、副主任委员聘任仪式。 会议表决通过《中国资本市场学会章程》等重要制度，设立宏观与产业、市场稳定与风险防控、创 新发展、市场微观结构、期货与衍生品、国际市场与对外开放、法治与投资者保护等7个专业委员会， 选举产生学会第一届会员理事和学会负责人。中国证监会主席吴清当选学会第一届理事会会长，中国证 监会副主席李超当选学会第一届理事会执行副会长。 会议指出，成立中国资本市场学会，是贯彻落实习近平总书记关于金融工作重要论述和党中央、国 务院决策部署的重要举措，是回应时代要求、破解发展难题、提高监管和发展水平的重要抓手，是走好 中国特色金融发展之路、推动深化资本市场改革的关键举措，对于促进资本市场高质量发展具有重要意 义。会议强调，当前资本市场已 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the content. 2. Core Viewpoints of the Report - The core of research is to find causal relationships to predict the future, and in capital market research, it focuses on finding factors affecting asset prices and predicting price trends [2][14]. - The key to capital market research is to simplify complexity and capture market participants' expectations, and historical research is crucial for quick mastery [3][4]. - Total research is more complex due to the constantly changing macro - environment, and one needs to keep learning and updating analysis frameworks [5]. - Research and investment are both related and different. Research is about discovering rules, while investment is about breaking them, and they have different stances [8][25]. - To do well in capital market research, one needs to have passion and dedication, and quickly respond to events [30]. 3. Summary by Directory 3.1 What is Research and What Does Capital Market Research Focus on? - The core of research is to find causal relationships and make future predictions. The difficulties lie in clearly identifying causal relationships and finding the core reasons at different stages [2][14]. - In capital market research, the change in asset prices is the result, and it aims to find influencing factors and predict price trends. A good capital market research should have clear conclusions, logical arguments, and detailed data [15]. 3.2 The Key to Capital Market Research: Simplify Complexity and Capture Expectations - First, understand the impact direction and amplitude of each factor on asset pricing. When new events occur, quickly predict price changes based on accumulated causal relationships [16]. - Second, simplify complexity by accurately grasping the main - line logic and finding important variables. For example, the bond market has "three aspects" and the stock market has three pricing factors [18]. - Third, capture market participants' consistent expectations. Asset pricing involves both actual impacts and expected changes, and only the part beyond expectations can bring excess returns [19]. 3.3 How to Quickly Go from Novice to Expert? History is the Best Teacher - By studying history, one can understand the relationship between events and asset performance, build a research analysis library, and quickly make predictions when similar events occur [20]. - The more one knows about the history of an asset, the more likely they are to gain returns, and the 10,000 - hour rule applies to investment research [22]. 3.4 Total Research is More Complex Because the World is Always Changing - Macro - research is complex as the macro - environment is constantly changing, and changes in factors or variables may invalidate the analysis framework and lead to inaccurate future judgments [5][23]. - One needs to maintain the ability to learn quickly, review the impact of events and policies, and update the analysis framework [7][24]. 3.5 Research and Investment: Interrelated but Different - Research discovers rules, while investment breaks them. Investment needs to confront market sentiment, buy when the market is ignored, and sell when it is popular [8][25]. - Research should be on the left - hand side and adhere to judgments, while investment may be on the right - hand side and make compromises when necessary to control retracements [28][29]. 3.6 How to Do Well in Capital Market Research? - To do well in capital market research, one needs passion and dedication, and quickly respond to events without over - complicating analysis [30]. - One should invest a lot of time and energy, distinguish logic and priorities from daily changes, and focus on the main contradictions [30].

Core Insights - The establishment of the China Capital Market Society marks a significant step towards enhancing the stability and activity of the capital market, positioning it as a "super think tank" for research and policy support [1][2][3] Group 1: Organizational Structure and Leadership - The society is led by high-profile figures, with the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, as the president and the CSRC Vice Chairman, Li Chao, as the executive vice president [1] - The initial board members include renowned scholars from top domestic and international universities, as well as leaders from financial institutions and listed companies, ensuring a comprehensive and high-caliber membership [1][2] Group 2: Research and Development Focus - The society aims to create a high-end think tank platform for theoretical research, academic exchange, and decision-making consultation in the capital market [1][3] - Seven specialized committees have been established to address key areas such as macroeconomics, market stability, risk prevention, innovation, microstructure, international markets, and legal protections for investors, forming a comprehensive research matrix [2] Group 3: Strategic Goals and Impact - The society's goal is to unify policymakers, practitioners, and researchers to enhance the quality of capital market development through practical and theoretical integration [2] - By leveraging advanced research and creating digital platforms for communication, the society aims to become a significant influence in capital market governance and international financial rule-making [3]

Group 1 - The establishment of the China Capital Market Research Society marks the creation of an official think tank for the Chinese capital market, aimed at conducting in-depth research on major national strategies and regulatory issues [1][2] - The China Securities Regulatory Commission (CSRC) emphasizes the need for a stable and active capital market to support economic recovery and modernization, focusing on enhancing market monitoring and risk response mechanisms [2] - The CSRC plans to promote long-term capital inflow and reform public funds, while also advancing the implementation of reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [2] Group 2 - Major securities firms expected to benefit from the improved competitive landscape include GF Securities, Guotai Junan, and CITIC Securities, while firms with strong international business capabilities include China Galaxy and CICC [4] - The performance of securities firms is anticipated to improve due to the implementation of new regulations in the Sci-Tech Innovation Board and the Growth Enterprise Market, which will better support financing needs of early-stage companies [2][4] - Analysts are optimistic about the A-share and Hong Kong markets, citing improved risk appetite and stable liquidity as key factors driving asset pricing [2][3]

Group 1 - The China Capital Market Society was officially established with the election of its first council, with Wu Qing as the president and Li Chao as the executive vice president [2][3] - The society aims to conduct extensive research on major national strategies, capital market frontiers, and regulatory issues, establishing itself as a significant platform for capital market research [2][3] - The society plans to create a digital research exchange platform, publish academic journals, hold high-level academic annual meetings, and build a database of authoritative experts in the capital market [2][3] Group 2 - The society will leverage the professional strengths of its members and collaborate with experts from universities and industries to become a key platform for policy advice [3] - Emphasis will be placed on theoretical research and practical application, enhancing collaboration among members and engaging with a broader range of professionals and investors [3] - The establishment of the society is seen as a significant step in implementing Xi Jinping's important discussions on financial work and aims to create a high-end think tank for capital market research and decision-making [3]

Core Viewpoint - The establishment of the China Capital Market Society is a significant step in enhancing the research and development of the capital market, aimed at addressing major national strategies and regulatory issues, thereby promoting high-quality development in the capital market [2][3]. Group 1: Establishment and Structure - The China Capital Market Society was officially established on July 26, with the approval of its charter and the formation of seven specialized committees focusing on various aspects such as macro and industry research, market stability, innovation, and international market openness [2][3]. - Wu Qing, the chairman of the China Securities Regulatory Commission (CSRC), was elected as the first president of the society, with Li Chao serving as the executive vice president [2][3]. Group 2: Research and Development Focus - The society aims to leverage existing research strengths to conduct in-depth studies on national strategies and regulatory challenges, establishing itself as a key platform for capital market research [3]. - Plans include creating a digital research exchange platform, publishing academic journals, and hosting high-level academic conferences to enhance collaboration and consensus among members [3]. Group 3: Member Engagement and Responsibilities - Members are encouraged to prioritize theoretical research and practical investigations, fostering collaboration and communication among professionals in the field [3]. - The society emphasizes the importance of adhering to regulations and actively participating in activities to maintain a positive reputation for both the society and the capital market [3].

Core Viewpoint - The establishment of the China Capital Market Society is a significant step in implementing the important financial work directives of General Secretary Xi Jinping and the decisions of the Party Central Committee and the State Council, aimed at addressing development challenges and enhancing regulatory and developmental standards [5][6]. Group 1 - The society has set up seven specialized committees focusing on macro and industrial research, market stability and risk prevention, innovative development, microstructure of the market, futures and derivatives, international markets and openness, and legal frameworks and investor protection [5][6]. - The society aims to become a key platform for capital market research, addressing national strategic issues, market frontiers, and major regulatory problems through extensive research [6][7]. - The society will leverage the professional strengths of its members and collaborate with experts from universities and industries to build an authoritative platform for policy advice [6][7]. Group 2 - Members are encouraged to emphasize theoretical research and strengthen practical investigations to bridge the gap between theory and practice [7]. - The society promotes collaboration among members and aims to enhance communication with a wide range of professional forces, including small and medium investors, to improve the influence of China's capital market narrative [7]. - A ceremony was held for the society's establishment and the appointment of committee leaders [8].

Core Viewpoint - The establishment of the China Capital Market Research Society aims to enhance research capabilities in the capital market, focusing on national strategies, regulatory issues, and frontier areas of the market [1] Group 1 - The society emphasizes the need for high aspirations while being grounded in practical research efforts [1] - It plans to create a digital research exchange platform, publish academic journals, and hold high-level academic annual meetings [1] - The goal is to build an authoritative expert database and establish key research bases in the capital market [1] Group 2 - The society aims to unite the professional strengths of its members, collaborating with experts from universities and industry to become a key advisory platform [1] - It seeks to contribute "Chinese wisdom" in international financial governance and standard-setting [1] - The initiative is positioned to support the high-level institutional opening-up of China's capital market [1]

Core Viewpoint - The establishment of the China Capital Market Society marks a significant step in enhancing the research and development of China's capital market, providing a platform for collaboration between domestic and international financial institutions and academia [2][20]. Group 1: Organizational Structure - The president of the council is the chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, indicating strong governmental support [4][9]. - The executive vice president is Li Chao, the vice chairman of the CSRC, further emphasizing the importance of the organization [4][9]. - The council members consist of renowned scholars, top executives from financial institutions, chairpersons of listed companies, and representatives from relevant regulatory bodies [10][11]. Group 2: Specialized Committees - The society will establish at least seven specialized committees focusing on various research areas: macro and industrial studies, market stability and risk prevention, innovative development, market microstructure, futures and derivatives, international markets and openness, and legal frameworks and investor protection [5][12][13]. Group 3: Academic Journal - An official academic journal titled "Capital Market Research" will be launched, aimed at becoming a top-tier publication in the field of capital market studies [6][15]. - The journal will serve as a platform for connecting academia, regulatory bodies, and practitioners, addressing significant theoretical and policy issues in the capital market [15]. Group 4: Goals and Significance - The society aims to gather social resources to strengthen research on capital market theories and policies with a focus on high-quality development [17]. - It will promote policy advocacy, investor education, and improve capital market expectation management through various initiatives, including a digital platform and annual academic conferences [17][21]. - The choice of Shanghai as the location leverages its status as an international financial center, facilitating better understanding and research of capital market operations [20][21].