Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of "market narrative" in shaping investor confidence and market ecology, highlighting the need for collaboration among regulatory bodies, listed companies, intermediaries, and investors to create a healthy capital market environment [1][5]. Group 1: Regulatory Narrative - Regulatory bodies must focus on "regulatory narrative" by combating financial fraud, insider trading, and market manipulation to maintain the authenticity of market narratives and uphold market order [1][5]. Group 2: Company Narrative - Listed companies should establish a "company fundamentals narrative" rooted in solid operational performance, clear development strategies, and ethical governance, ensuring that their narratives are supported by sustainable returns and visible growth prospects [2][6]. - The true value of a company must be demonstrated through actions rather than mere words, as narratives lacking real value will ultimately be discarded by the market [2][6]. Group 3: Intermediary Narrative - Intermediary institutions, such as securities firms and accounting firms, play a crucial role in connecting companies with the market and must maintain high professional standards and ethical practices to ensure the quality of narratives [2][6]. - Underwriters must diligently ensure the authenticity of submitted materials, while auditing firms must uphold independence to provide reliable backing for financial statements [2][6]. Group 4: Investor Narrative - Investors need to enhance their ability to discern various narratives, as they are both recipients of market narratives and influencers of narrative direction through collective behavior [2][6]. - Improving financial literacy and understanding market risks are essential for investors to identify the authenticity of narratives and resist misleading stories [2][6]. Group 5: Media Role - Media serves as a "communication hub" for various narratives, and the dissemination of authoritative, accurate, and objective market narratives can significantly reduce the prevalence of false information in the market [3][7]. - A healthy and clear market narrative ecosystem is vital for enhancing the inherent stability and attractiveness of the capital market, requiring all parties to work together rather than focusing solely on individual interests [3][7].

Core Viewpoint - The article emphasizes the importance of effective "market narrative" in shaping investor confidence and market ecology, highlighting the roles of various stakeholders in maintaining a healthy capital market environment [1][2][3] Group 1: Regulatory Role - Regulatory agencies must establish a strong "regulatory narrative" by combating financial fraud, insider trading, and market manipulation to protect the integrity of the market narrative [1] - Clear rules and strict enforcement are essential to uphold the authenticity of the market narrative and maintain market order [1] Group 2: Company Role - Listed companies should focus on "company fundamentals narrative," which is rooted in solid operational performance, clear development strategies, and honest governance practices [2] - Sustainable capital attraction relies on narratives built on strong fundamentals, where successful companies demonstrate their stories through actions rather than mere words [2] Group 3: Intermediary Role - Intermediary institutions, such as securities firms and accounting firms, play a crucial role as "quality inspectors" in the narrative process, ensuring the accuracy and reliability of information shared with the market [2] - These institutions must adhere to professional ethics and maintain independence to contribute effectively to the quality of the market narrative [2] Group 4: Investor Role - Investors need to enhance their "appreciation skills" for various narratives, acting as both recipients and influencers of market narratives through their collective behavior [2] - Improving financial literacy and understanding market risks are essential for investors to discern the authenticity of narratives and resist misleading stories [2] Group 5: Media Role - Media serves as a "communication hub" for various narratives, where authoritative and accurate market narratives can reduce the prevalence of false information [3] - A healthy and clear market narrative ecosystem is vital for enhancing the inherent stability and attractiveness of the capital market [3]