2026年两会期间，全国政协委员、中泰证券总经理冯艺东再度聚焦资本市场改革发展，带来多项制度性建 议。 券商中国记者了解到，今年，冯艺东围绕私募股权基金退出难、上市公司分红制度、碳市场机制短板、内地与 香港互联互通等关键问题，提出设立私募股权基金份额交易所、优化碳排放税收制度、规范上市公司分红行 为、推动北交所纳入港股通等具体建议，从而进一步推动我国资本市场高质量发展。 建议设立私募股权基金份额交易所 冯艺东观察到，近年来，我国私募股权投资市场快速发展，但随着IPO节奏放缓，一级市场退出承压加剧，私 募股权基金二级市场交易需求有较大提升空间。然而，当前私募股权基金份额转让主要依赖非公开、点对点的 场外方式，缺乏统一信息披露平台和标准化交易机制，交易效率低、成本高，且存在利益输送、国有资产流失 等风险。 冯艺东认为，海南自贸港封关运作后，具备营商环境优越、政策完善等诸多优势，具备成立全国性高水平金融 交易市场的基础条件。为此，冯艺东建议，在海南设立全国性、市场化运作的私募股权基金份额交易所。 一是完善顶层设计，强化统筹保障。参照股票交易所经验，锚定"主板市场"定位，允许投资期限超过一定年限 的私募股权基金份额上 ...

Group 1 - The year 2025 marks the beginning of a new decade for the interconnection between mainland and Hong Kong capital markets, with expectations for deeper integration [1] - Since the launch of the Shanghai-Hong Kong Stock Connect in 2014, the range of interconnected financial products has expanded from stocks to various other financial instruments, including ETF Connect and Bond Connect [1] - The average daily trading volume for northbound and southbound trading has increased significantly, with a 21-fold and 40-fold growth respectively compared to the first month of operation in 2014 [1] Group 2 - Industry experts emphasize the need to simplify trading processes and align institutional, informational, and technical elements to enhance the integration of stock markets [1] - Current rules for the Hong Kong Stock Connect are complex, leading to difficulties for investors in understanding the criteria for inclusion and exclusion of stocks [1][2] - The calculation method for market capitalization under the Hong Kong Stock Connect has not been updated to align with the new methodology adopted by the Hang Seng Index, which could lead to misinterpretations by investors [2] Group 3 - The adjustment in the Hang Seng Index's calculation method is seen as more scientific, potentially increasing the quality of stocks eligible for the Hong Kong Stock Connect [2] - There are expectations that the rules for the Hong Kong Stock Connect will be revised to match the Hang Seng Index's calculation method by the second half of 2025 [3] - The deepening of interconnectivity is viewed as crucial for the development of both capital markets, enhancing their international competitiveness and facilitating high-quality growth [3]

Core Viewpoint - The future potential for deepening the interconnection between mainland China and Hong Kong capital markets is significant, with calls from the industry and investors for further expansion of interconnection mechanisms [1][3]. Summary by Sections Interconnection Mechanisms - Suggestions were made to enhance the depth and breadth of existing mechanisms such as Stock Connect, Bond Connect, Cross-Border Wealth Management Connect, and ETF Connect [2][3]. - Over the past decade, a comprehensive interconnection system has been established, covering stocks, bonds, asset management, and derivatives, which has broadened cross-border investment channels and solidified Hong Kong's status as an international financial center [2][3]. Bond Connect - The "Southbound Bond Connect" currently only allows qualified domestic institutional investors (QDII) and 22 public market operation banks to participate, suggesting a need to expand the eligibility criteria and increase the investment quota [3][4]. Stock Connect - Recommendations include relaxing asset requirements for mainland individual investors participating in the Hong Kong Stock Connect and increasing daily trading limits to enhance market liquidity [3][4]. ETF Connect - Since its launch in July 2022, the number of eligible Southbound ETF products is approximately 17, indicating room for further expansion [3][5]. Cross-Border Wealth Management Connect - It is suggested to expand the pilot program for Cross-Border Wealth Management Connect from first-tier cities to nationwide implementation, including more suitable products in the eligible range [4][5]. IPO Mechanism - A proposal to deepen the interconnection mechanism for IPOs includes the introduction of a "New Stock Connect" on a pilot basis, which could meet the asset allocation needs of mainland investors and attract more companies to list in Hong Kong [4]. New Channels for Interconnection - Beyond optimizing existing mechanisms, there is a need to explore new channels, such as including RMB stock trading counters in the Hong Kong Stock Connect to facilitate mainland investors [5][6]. Commodity Futures - The interconnection could also be expanded to include commodity futures, as there is interest from both international and mainland investors to participate in the commodity market [6]. Hong Kong's Role - Hong Kong is viewed as a crucial gateway for mainland China to the world, enhancing its role as a "super connector" and "super value creator" in the context of high-level market opening [7][8]. - The recent introduction of the "Renminbi Trade Financing Liquidity Facility" by the Hong Kong Monetary Authority highlights the growing acceptance of the RMB in global trade financing [7][8].