文/陈康亮 28日，上证指数低开高走，成功站上4000点，再创十年新高。 截至记者发稿，上证指数报4000点，涨幅为0.08%；深证成指报13516点，涨幅为0.2%；创业板指报 3256点，涨0.69%。 巨丰投顾高级投资顾问于晓明表示，近日，央行、证监会等监管部门集体发声，释放积极信号，在多重 利好共振下，A股配置价值凸显，市场行情可期。 一是纵深推进板块改革。28日科创板科创成长层将迎来首批新注册企业上市；将启动实施深化创业板改 革，设置更加契合新兴领域和未来产业创新创业企业特征的上市标准。 二是夯实市场稳定内在基础。将择机推出再融资储架发行制度；督促上市公司完善治理、加大分红回购 增持力度；推动企业年金、保险资金等全面落实长周期考核，丰富适配长期投资的产品和风险管理工 具。 三是稳步扩大高水平制度型对外开放。《合格境外投资者制度优化工作方案》正式推出，包括优化准入 管理、提高投资运作效率、扩大投资范围等，努力为各类境外投资者提供更加透明、便利、高效的制度 环境。 四是大力提升投资者权益保护质效。健全长效化稳市机制，防范市场大幅波动；发布加强资本市场中小 投资者保护的若干意见，推出23项务实举措。 南开 ...

Group 1 - The core viewpoint is that the launch of the first batch of newly registered companies on the Sci-Tech Innovation Board marks a significant step in the capital market's support for technological innovation and the development of new productive forces [1] - Since the establishment of the Sci-Tech Innovation Board in November 2018, the China Securities Regulatory Commission (CSRC) has worked with market participants to develop the board from inception to a stable and growing market, enhancing its functions and brand effects [1] - The CSRC has introduced major policy measures such as the "Eight Articles for the Sci-Tech Innovation Board" and "Six Articles for Mergers and Acquisitions" to support high-tech enterprises in fields like integrated circuits and biomedicine [1] Group 2 - The CSRC aims to implement the major deployments from the 20th National Congress of the Communist Party, focusing on risk prevention, strong regulation, and promoting high-quality development in the capital market [2] - The strategy for the 14th Five-Year Plan period will emphasize deepening comprehensive reforms in capital market investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market [2]

Core Insights - The China Securities Regulatory Commission (CSRC) is accelerating the planning for the capital market development in the next five-year period, focusing on risk prevention, strong regulation, and promoting high-quality development [1] - The CSRC aims to deepen comprehensive reforms in capital market investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market [1] Group 1: CSRC's Strategic Focus - The CSRC is committed to implementing a new round of capital market reform and opening up, with a focus on improving the coordination between investment and financing functions [1] - The CSRC emphasizes the importance of a robust regulatory framework to support high-quality development in the capital market [1] Group 2: Role of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board (STAR Market) is increasingly demonstrating its role as a "testing ground" for reforms, leading to continuous improvements in the foundational systems of the entire market [2] - The CSRC encourages companies listed on the STAR Market to fully utilize reform policies to enhance corporate governance and improve development quality and investor returns [2] Group 3: New Listings on the STAR Market - The first three newly registered companies in the Sci-Tech Growth Layer officially listed on the STAR Market, just over four months after the CSRC announced the establishment of this layer [3] - Among the first three companies, two are high-tech firms in the biopharmaceutical sector, and one is in the semiconductor materials sector, all of which are currently unprofitable [3] - In 2023, the STAR Market has seen 11 companies listed, raising a total of 16.95 billion yuan in IPO financing, representing a 54% year-on-year increase [3]

Group 1 - The core viewpoint emphasizes the need for the China Securities Regulatory Commission (CSRC) to promptly research and plan the strategic tasks and major initiatives for the capital market during the 14th Five-Year Plan period, focusing on risk prevention, strong regulation, and promoting high-quality development [1] - The CSRC encourages companies listed on the Sci-Tech Innovation Board to fully utilize reform policies, improve corporate governance, and enhance development quality and investor returns [2] - The implementation of the "1+6" reform on the Sci-Tech Innovation Board has progressed smoothly, with the establishment of the Sci-Tech Innovation Board's growth tier and the introduction of experienced professional institutional investors [3] Group 2 - The reform of the Sci-Tech Innovation Board is increasingly demonstrating its role as a "testing ground," leading to continuous improvement of the foundational systems across the entire market and effectively supporting high-tech enterprises in fields such as integrated circuits and biomedicine [4]

10月28日，在科创板科创成长层首批新注册企业上市仪式上，证监会副主席李超表示，中国证监会将扎实推进"十五五"资本市场规划相关工作，以深化 科创板创业板改革为抓手，全面推进实施新一轮资本市场改革，不断提高制度包容性、适应性，健全投资和融资相协调的资本市场功能。 编辑｜钉钉 记者｜ 黄思瑜 ...

10月28日，在科创板科创成长层首批新注册企业上市仪式上，证监会副主席李超表示，中国证监会将扎 实推进"十五五"资本市场规划相关工作，以深化科创板创业板改革为抓手，全面推进实施新一轮资本市 场改革，不断提高制度包容性、适应性，健全投资和融资相协调的资本市场功能。（第一财经记者 黄 思瑜） 责任编辑：韦子蓉 ...

Group 1 - The core message emphasizes the importance of enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital market as outlined by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1][2] - The CSRC plans to support emerging industries by implementing reforms in the Growth Enterprise Market (GEM) and establishing listing standards that cater to innovative enterprises in new sectors [1][2] - The introduction of the "Qualified Foreign Institutional Investor (QFII) Optimization Work Plan" aims to facilitate foreign investment by improving access management, operational efficiency, and expanding investment scope [1][2] Group 2 - The reform of the Sci-Tech Innovation Board (STAR Market) is accelerating, with the first batch of newly registered companies set to list, supported by measures such as the introduction of professional institutional investors [2] - Institutional reforms will focus on streamlining refinancing processes, expanding merger and acquisition support channels, and encouraging listed companies to enhance governance and return value to shareholders through dividends and buybacks [2] - The development of the Beijing Stock Exchange (BSE) will be promoted, along with the implementation of pioneering policies [2]

Core Viewpoint - The 2025 Financial Street Forum emphasizes the deepening reform of China's capital market, focusing on four key measures to drive high-quality development through comprehensive investment and financing reforms, signaling a commitment to institutional openness and enhanced investor protection [1][2]. Group 1: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) has introduced two significant documents aimed at optimizing the Qualified Foreign Institutional Investor (QFII) system and enhancing protections for small and medium investors [1][6]. - The upcoming reforms include the launch of the Growth Enterprise Market (GEM) and improvements to the Beijing Stock Exchange (BSE), with the first batch of new registered companies set to list on October 28 [1][2]. - The reforms aim to create a modern capital market system that supports the entire lifecycle of enterprises and aligns with the national innovation-driven strategy [3]. Group 2: Multi-Layered Market System - The CSRC plans to deepen the reform of various market segments to enhance the inclusiveness and adaptability of the multi-layered market system for different types of enterprises [2]. - The Sci-Tech Innovation Board (STAR Market) has shown significant progress, with the introduction of the "1+6" policy and the listing of new registered companies, marking a breakthrough in supporting early-stage technology firms [2][4]. - The BSE will also focus on high-quality development and improve its listing standards to better serve innovative and emerging industries [2]. Group 3: Foreign Investment Environment - The newly launched QFII optimization plan aims to create a more transparent, convenient, and efficient environment for foreign investors, addressing long-standing concerns [5][6]. - Key measures include streamlining the approval and account opening processes for foreign institutional investors, which will shorten the market entry cycle and reduce operational costs [6][7]. - The plan also includes enhancements to short-term trading rules and allows domestic institutions to provide investment advisory services to foreign investors, fostering a more interactive and competitive environment [6][7]. Group 4: Investor Protection Measures - The CSRC has introduced 23 practical measures to strengthen the protection of small and medium investors, focusing on enhancing the quality and effectiveness of investor rights protection [7][8]. - The measures include stricter regulations against financial fraud and market manipulation, aiming to boost investor confidence [7][8]. - A multi-faceted dispute resolution mechanism has been emphasized, showcasing innovative approaches to collective investor rights protection [9].

Core Viewpoint - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need for deepening reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness in the face of global changes and technological innovation [1] Group 1: Market Reform and Development - The CSRC plans to advance sector reforms to enhance the inclusiveness and coverage of the multi-tiered market system, including the implementation of the "1+6" policy for the Sci-Tech Innovation Board and the initiation of reforms for the Growth Enterprise Market [2] - The CSRC aims to provide more precise and inclusive financial services for new industries, new business formats, and new technology enterprises by setting listing standards that align with the characteristics of innovative companies [2] Group 2: Strengthening Market Stability - The CSRC will introduce a refinancing framework to broaden support channels for mergers and acquisitions, encouraging listed companies to improve governance and increase shareholder returns through dividends and buybacks [3] - The focus will be on enhancing the role of long-term funds as stabilizers in the market, promoting public fund reforms, and developing products suitable for long-term investments [3] Group 3: Opening Up and International Cooperation - The CSRC has launched the "Qualified Foreign Investor System Optimization Work Plan" to improve the investment environment for foreign investors, including optimizing access management and expanding investment scope [3] - The plan includes measures for efficient approval and account opening processes, as well as the introduction of two ETF products for cross-border investment [3] Group 4: Risk Prevention and Investor Protection - The CSRC is committed to enhancing risk prevention capabilities and strengthening regulatory measures to combat financial fraud and market manipulation, thereby increasing investor confidence [4] - A series of practical measures will be introduced to protect the rights of small and medium investors, including improving the fairness of trading environments and enhancing customer service levels in the industry [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen market reforms, enhance the inclusiveness and coverage of the multi-tiered market system, and improve investor protection while responding to new demands from capital market development and functionality in the context of global changes and technological innovation [1][2]. Group 1: Market Reforms - The CSRC plans to advance sector reforms to enhance the inclusiveness and coverage of the multi-tiered market system, including the launch of a refinancing framework and the implementation of new listing standards for innovative enterprises [2][3]. - The introduction of the "1+6" policy measures for the Sci-Tech Innovation Board is expected to accelerate the listing of new registered companies, with a focus on providing precise financial services for new industries and technologies [2]. Group 2: Market Stability - The CSRC will introduce a refinancing framework to broaden support channels for mergers and acquisitions, encouraging listed companies to improve governance and increase shareholder returns through dividends and buybacks [3]. - Emphasis will be placed on the role of long-term funds as stabilizers in the market, with reforms in public funds and the promotion of long-term investment products [3]. Group 3: International Cooperation - The CSRC aims to expand high-level institutional openness by optimizing the Qualified Foreign Institutional Investor (QFII) system, improving access management, and enhancing operational efficiency for foreign investors [3]. - New ETF products for overseas investment will be announced, and efforts will be made to improve the mutual market access mechanisms between onshore and offshore markets [3]. Group 4: Risk Management and Investor Protection - The CSRC is focused on strengthening risk prevention and regulatory measures, enhancing the ability to monitor risks across markets and industries, and implementing a long-term stabilization mechanism [4]. - A series of practical measures will be introduced to enhance the protection of small and medium investors, including improving the fairness of trading environments and strengthening the customer service levels of industry institutions [4].