Group 1 - The core viewpoint of the article emphasizes the importance of maintaining a stable and active capital market in China, as highlighted by the recent Politburo meeting [2][3][4] - The meeting's addition of the term "active" alongside "stable" indicates a more proactive policy stance aimed at boosting investor confidence and enhancing market vitality [3][4] - The report from Huaxi Securities suggests that the "national team" is expected to intervene in the market to stabilize it if external factors cause disruptions [2][3] Group 2 - The article notes that since April 7, the Shanghai Composite Index has shown resilience, rising 6.4% from around 3000 points to approximately 3300 points despite external pressures [4][6] - The report highlights that the proportion of residents' property income in national income was only 4.7% in 2022, significantly lower than over 10% in developed economies, indicating a need for improved wealth preservation and growth through the stock market [4][6] - The article discusses potential policy measures to enhance market stability, including optimizing listing and financing systems for quality tech companies and encouraging long-term investments [6][7] Group 3 - The article mentions that the upcoming policies may focus on promoting mergers and acquisitions to improve the quality of listed companies and support industrial upgrades [7][9] - It also suggests that the market may experience fluctuations in the short term due to a lack of new driving factors and external uncertainties, but mid-term prospects remain positive as external pressures ease [8][9] - The report indicates that investors should pay attention to sectors with high safety margins and strong earnings certainty, particularly in dividend stocks and technology, as these areas are expected to benefit from policy support [10]

文章称，"活跃资本市场"可以从三方面持续发力。一是提高上市公司吸引力。二是加大力度引入长期资 金。引导更多的长期资金入市，能够进一步提升市场的活跃度，为资本市场注入新的活力，同时也能有 效提升市场的抗风险能力。 ...

// 一、市场要闻 // 1、国务院新闻办公室于4月27日（星期日）下午3时举行新闻发布会，请商务部副部长盛秋平和财政部、文化和旅游部、海关总署、税务总局、中国 民航局有关负责人介绍优化离境退税政策扩大入境消费有关情况，并答记者问。此外，27日还会公布中国3月规模以上工业企业利润数据。 2、全国31个省份的一季度经济运行情况已全部发布，其中21个省份达到或超过GDP预期增长目标，经济大省更是普遍超预期。从GDP排名来看，一 季度，上海、辽宁均连升2位，四川从第6位升至第5位；湖北则以6.3%增速领跑经济大省。此外，中西部和东北地区更敢花钱，消费增速排名前9名 均来自中西部和东北地区。 跨境贸易 国务院副总理何立峰出席跨境贸易便利化专项行动部署会并讲话。他指出，要抓好专项行动的组织实施，在取得阶段工作成效基础上，将成熟的举 措和经验做法尽快在全国复制推广。加力培育壮大外贸发展新动能，以更优口岸营商环境激发活力、应对外部冲击、稳定增长。 海关总署牵头部署开展跨境贸易便利化专项行动。专项行动为期5个月，将在全国25个城市开展，政策举措涵盖货物贸易、数字贸易、绿色贸易等领 域。 旅游 据交通运输部，2025年"五一" ...

Core Viewpoint - The recent statement from the Central Political Bureau emphasizes the need for a "stable and active capital market," indicating a dual focus on stability and market vitality moving forward [1][2]. Group 1: Stability as a Foundation - Stability is the essential foundation for the healthy development of the capital market, serving as a baseline requirement for preventing financial risks and activating economic momentum [2]. - The Chinese capital market has been recognized as one of the most vibrant globally, with its stock and bond markets ranking second in size worldwide, and commodity futures trading volumes consistently among the highest [2]. Group 2: Activity as a Driving Force - An active capital market enhances self-repair and adjustment capabilities, stabilizing prices and expectations while providing continuous financing support for enterprises [3]. - A vibrant market attracts more social capital, serving as a reservoir for wealth preservation and appreciation, which in turn promotes the stability of the real economy and the capital market [3]. Group 3: Strategies for an Active Market - Increasing the attractiveness of listed companies is crucial, as they are the source of investment value in the capital market [4]. - There is a need to attract more long-term capital into the market to enhance activity and improve risk resistance [4]. - Continuous optimization of a healthy market ecosystem is essential, including strict measures against financial fraud and market manipulation, to create a favorable investment environment [4]. Group 4: Future Outlook - The combination of stability and activity will provide a solid foundation for the Chinese capital market to face risks and challenges ahead [5].

特别值得注意的是，在最近的一次重要会议上，"持续稳定和活跃资本市场"被提上议程。这里的"活跃"二字，犹如一阵春风，预示着市场活力的新一轮释 放。对于许多资深股民而言，他们深知市场的规则——它是由政策引导的，而在这个过程中，政策往往有着不达目的誓不罢休的决心。因此，与新手股民相 比，这些老手们心中的担忧要少得多，反而对未来的走势抱有更大的期待和信心。 即便大盘仍在3300点前徘徊，众多股民的心中却燃起了一丝谨慎的乐观。它就像在一场马拉松比赛中，虽然终点线看起来还有一段距离，但沿途的风景已经 让人感到心旷神怡。实际上，在市场的角落里，不少个股已悄然弥补了自关税风波以来留下的缺口，仿佛那些曾经的跌宕起伏从未发生过。 在5年前的转折点出现是券商股突然崛起，在光大证券大涨的影响下，诸如三一重工、五粮液、中国中免等核心资产股开始了牛市进程。在这个过程中，券 商股是必不可少的点，因为它的启动往往都是"摔杯为号"的特征。 现在，如果想要大盘突破当前在3300点的困扰，应该也需要券商股的破局才行。好在的是，近几个交易日，券商股有点"山雨欲来风满楼"的意味，几次在盘 中异动。只不过，由于受到长时间熊市思维的束缚，每次异动都会被抛 ...

今天两市成交6200亿，比昨天又萎缩了一点，以前日均万亿的时候不死不活，现在打了6折也还是不死不活。消失 的成交量里有很多原先都是做量化的，没了它们市场倒是清净了不少。 今天两市的中位数下跌1.98%，昨天的"大奇迹"基本都吐回去了，官军在市场下跌的时候例行的打卡上班，和前几 天差不多也是日内百亿左右的买量，微微抬了抬指数，但是作用不明显。 …… 因为今天北上通道的外资抛了109亿，逃跑的外援和护盘的官军，正好抵消了。 我晚上在雪球看到一张2024年统计南下和北上累计资金的走势图，转发给你们看看。 蓝色的线是今年南下资金的走势，橙线是北上资金的走势。蓝线一路高攀，你可以理解为内地资金今年在持续加 仓港股，而橙线的走势则一言难尽，虽然累计下来也是正流入，但流入量只有蓝线的10%左右。尤其是最近一个 月，外资一直在流出、流出、流出。 难搞哎，粪坑兄弟在双边都有合规通道的情况下，资金的出入竟然差了10倍，说明在资本的眼里，粪二的吸引力 要远远高于粪大。这要是和美股也搞一个沪纽通、深纳通之类的，资金走势怕是会更极端。 情况就是这么个情况，外资从去年8月以来就不怎么买a股了，而在此之前的八九年，每年平均下来都有两三千亿 ...