一场贯穿监管思想与企业实践的深刻变革，正推动市值管理从单纯的规模竞赛，全面转向以长期价值创 造与投资者回报为核心的系统工程。中国证监会主席吴清在《提高资本市场制度的包容性适应性》署名 文章中提出的"健全投资和融资相协调的资本市场功能"核心主张，与次日在证券业协会第八次会员大会 上"自觉保护投资者合法权益、牢记个人投资者占绝大多数市情"的强调一脉相承，共同释放出明确信 号：资本市场正加速构建以投资者回报为核心的新价值坐标系，市值管理的底层逻辑与实践路径迎来根 本性重构。 01 制度包容：投资者本位的顶层设计革新 吴清将当前资本市场定位为"向高质量发展快速转变的关键阶段"，并明确把"提高资本市场制度包容 性、适应性"作为下一阶段系统性变革的核心方向，这意味着市值管理的制度环境正发生深层次调整。 投资与融资的协调关系被置于前所未有的战略高度，"更好统筹投资与融资协调发展"的要求，标志着市 值管理目标已从单纯追求融资规模，转向融资效率与投资者回报的动态平衡，形成"融资-增值-回报-再 融资"的良性循环。 这种制度包容性具体呈现三大维度：一是对科技创新的精准赋能，针对科技企业研发投入大、盈利周期 长的特征，优化发行上市 ...

Group 1 - The core viewpoint of the article emphasizes the need to enhance the inclusiveness and adaptability of the capital market, focusing on the coordination of investment and financing functions [1][4][6] - The "15th Five-Year Plan" outlines the long-term development direction of the capital market, with key reform tasks aimed at promoting high-quality economic development and technological innovation [1][2] - The capital market has seen over 90% of new listings being technology-related companies, with the technology sector now accounting for over 25% of the A-share market capitalization [2][4] Group 2 - The China Securities Regulatory Commission (CSRC) is set to deepen reforms in the ChiNext board and enhance the multi-tiered market system to better cater to emerging industries [3][4] - There is a call for a balanced development of investment and financing to improve the inherent stability of the capital market, with a focus on quality over quantity [4][5] - The article highlights the importance of building a multi-tiered investor system and increasing the participation of long-term capital in the market [5][6] Group 3 - The article discusses the need for innovation in financial tools to better serve the real economy, including the development of equity, bond financing, and derivatives [6][7] - It mentions the current status of the derivatives market in China, which has 157 listed futures and options, but notes the need for further development and inclusivity [6][7] - Suggestions include enhancing asset securitization and supporting innovative financing tools for various industries, particularly in infrastructure and advanced manufacturing [7]

Core Viewpoint - The meeting of the Central Political Bureau of the Communist Party of China on July 30 emphasized the need to enhance the attractiveness and inclusiveness of the domestic capital market to solidify its recovery and positive momentum [1] Group 1: Capital Market Reforms - The key to enhancing the attractiveness of the domestic capital market lies in deepening comprehensive reforms in investment and financing [1] - There is a focus on increasing institutional inclusiveness and adaptability within the capital market [1] Group 2: Strategic Focus Areas - The capital market reforms aim to channel resources towards major strategic areas such as technological innovation, advanced manufacturing, green and low-carbon initiatives, and inclusive livelihood [1]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, announced on May 7 that further measures will be introduced to deepen the reforms of the Sci-Tech Innovation Board and the ChiNext Board, enhancing the inclusiveness and adaptability of the system in terms of market levels and investor protection [1] Group 1 - The announcement indicates a commitment to reforming the Sci-Tech Innovation Board and ChiNext Board [1] - The focus will be on enhancing the inclusiveness and adaptability of the regulatory framework [1] - The reforms aim to improve market levels and strengthen investor protection [1]