Investment Rating - The industry investment rating is "Positive" [2][17] Core Insights - The report highlights the importance of deepening the comprehensive reform of investment and financing, enhancing the core competitiveness of China's capital market, and better serving the development of the real economy. Key focus areas include advancing sector reforms, improving the quality of listed companies, expanding high-level institutional openness, and strengthening investor protection [3][4][5]. Summary by Sections Sector Reforms - The report emphasizes the need to deepen sector reforms to enhance the inclusiveness and coverage of the multi-tiered market system. This includes the implementation of the Sci-Tech Innovation Board, reforming the listing standards for the Growth Enterprise Market, and improving the New Third Board's listing, information disclosure, and trading systems [4]. Quality of Listed Companies - Continuous improvement in the quality of listed companies is essential. The report suggests introducing a refinancing framework and expanding channels for mergers and acquisitions to promote the growth of listed companies. It also advocates for better corporate governance and increased shareholder returns through dividends, buybacks, and shareholdings [4]. Institutional Openness - The report calls for a steady expansion of high-level institutional openness, providing a transparent and efficient environment for foreign investors. This includes optimizing the connectivity mechanisms to improve market liquidity and introduce advanced investment concepts and products from abroad [4]. Investor Protection - Strengthening investor protection is highlighted as a priority, focusing on combating financial fraud, market manipulation, and insider trading. The report aims to create a fair trading environment through enhanced protection during the issuance, listing, and delisting processes [4]. Market Environment - The report notes that the ongoing reforms and innovations in the capital market are expected to optimize the market environment, enhance overall investment value, and attract both domestic and foreign capital. This is particularly important in the context of the changing U.S.-China trade relations [5]. Industry Performance Metrics - The non-bank financial sector comprises 79 companies with a total market capitalization of approximately 78,922.09 billion and a circulating market value of about 62,149.48 billion. The average price-to-earnings ratio for the industry stands at 13.19 [5].

Core Viewpoint - The 2025 Financial Street Forum emphasizes the theme of "Innovation, Transformation, and Reshaping Global Financial Development," highlighting the importance of comprehensive reforms in investment and financing to promote high-quality development in China's capital markets during the 14th Five-Year Plan period [1]. Group 1: Capital Market System Optimization - The capital market system supply will be further optimized, with new guidelines for capital market institutional supply proposed by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing. This includes the listing of the first unprofitable companies on the "Science and Technology Innovation Board" and the introduction of a "shelf issuance system" for more efficient financing [2]. - The focus will be on long-term investment ecology to enhance patient capital aligned with the characteristics of science and technology innovation, while also continuing to expand high-level openness to foreign investment [2]. Group 2: Multi-layered Capital Market Inclusiveness - The multi-layered capital market system will become more inclusive, with new listing standards tailored for emerging industries and future-oriented enterprises. This aims to provide precise and inclusive financial services to new industries, new business formats, and new technologies [3]. - The reforms are expected to significantly enhance the "content and quality" of China's multi-layered capital market during the 14th Five-Year Plan, making it a crucial driver for high-level technological self-reliance and strength [3]. Group 3: Enhancing A-share Market Attractiveness - Regulatory measures will be implemented to enhance the attractiveness of the A-share market, with a focus on high-quality listed companies as the foundation for stable market operations. This includes broadening merger and acquisition channels to create a "long money, long investment" market ecology [4]. - The overall theme of high-quality development in the capital market has been established as a fundamental goal for the current period and the 14th Five-Year Plan, aiming to enhance the inclusiveness, adaptability, attractiveness, and competitiveness of the capital market [4].