Core Insights - The "New National Nine Articles" aims to enhance the quality of listed companies and stabilize the capital market, focusing on investor protection, company quality, regulatory capacity, and governance system construction [1][2] Group 1: Market Quality Improvement - The past year has seen strict control over IPO thresholds and a streamlined delisting process, leading to a depreciation of "shell resources" and a concentration of funds towards high-quality assets [2][3] - A total of 380 companies withdrew their IPO applications from April 12, 2024, to April 12, 2025, indicating a market shift from quantity to quality [3][4] - The number of newly listed companies reached 98, with 75 of them from innovation-driven sectors, representing approximately 76% of the total [4][6] Group 2: Regulatory Enhancements - The regulatory framework has been strengthened, with a significant increase in on-site inspections from 10% to at least 33% for new IPO applications [7][8] - The China Securities Regulatory Commission (CSRC) has handled 739 cases of financial fraud and market manipulation, with penalties exceeding 15.3 billion yuan, more than double that of 2023 [8][9] - The introduction of a "blacklist" system for intermediaries and stricter responsibilities for issuers aims to enhance accountability and improve the quality of listed companies [3][7] Group 3: Delisting and Market Cleanup - The new delisting reforms emphasize a market-driven approach, with 54 companies delisted in the past year, 34 of which were due to face value delisting [10][11] - The focus on financial misconduct and internal control failures has led to a more robust delisting framework, promoting a healthier market environment [10][11] - The balance between market clearing and investor protection is crucial, with mechanisms in place to ensure a smooth transition for delisted companies [11]

Core Viewpoint - The article discusses the recent press conference held during the National People's Congress, highlighting the importance of long-term capital in stabilizing the capital market and the measures being taken to enhance the entry of such funds into the market [1][3]. Group 1: Long-term Capital Market Strategies - The People's Bank of China has guided securities and fund companies to conduct two batches of swap operations, exceeding 1 trillion yuan [1]. - Over 400 listed companies have publicly disclosed stock repurchase and increase loan information, with a loan limit of nearly 80 billion yuan [1]. - The regulatory bodies are working to remove barriers for long-term capital entry, focusing on social security, insurance, and wealth management [3]. Group 2: Fund Development and Reforms - The number of registered equity funds has significantly increased, with 459 new funds registered since September, accounting for 70% of total fund registrations [3]. - The scale of equity funds has grown from 6.3 trillion yuan to 7.7 trillion yuan, increasing their share of total public fund assets from 20% to 24% [3]. - A phased reduction in comprehensive fund fees is expected to save investors over 45 billion yuan annually [3]. Group 3: Market Performance and Dividends - The market value of A-shares held by various long-term funds has risen from 14.6 trillion yuan to 17.8 trillion yuan, marking a 22% increase [4]. - Insurance funds and various pension funds have net bought approximately 290 billion yuan in the A-share market since September, supporting market stability [4]. - The total market dividends are projected to reach 2.4 trillion yuan in 2024, setting a historical high [4]. Group 4: Regulatory Enhancements - The China Securities Regulatory Commission (CSRC) has revised over 50 rules since the introduction of the new "National Nine Articles," enhancing regulatory efficiency [5]. - The CSRC is focusing on strict enforcement against serious violations such as financial fraud and market manipulation [6]. - Measures have been taken to improve market stability, including the suspension of certain trading practices and stricter regulations on share reductions [7]. Group 5: Support for Technology Enterprises - The CSRC aims to establish specialized support mechanisms for technology companies, utilizing green channels and listing standards for unprofitable firms [10]. - There is an emphasis on increasing the supply of financial products to support technology innovation, including bonds and convertible bonds [12].