"北交所成立四年来，为我国资本市场的健康、稳健和持续发展起到了连接枢纽的关键作用。"在北交所 开市四周年之际，清华大学五道口金融学院副院长、金融学讲席教授张晓燕接受中国证券报记者专访。 她表示，北交所的独特价值在于服务创新型中小企业，近年来北交所在服务中小企业创新发展、特别是 赋能科技创新企业方面取得了积极成效。 在北交所的推动下，北交所上市公司的研发投入持续加码，已连续三年实现增长。2024年，北交所上市 公司的研发投入合计超过91亿元，到当年年末累计拥有的发明专利数量接近7000项。 差异化不是降低标准，而是适配需求。张晓燕强调，"北交所高质量扩容"与"提升上市公司质量"相辅相 成、辩证统一，"从监管与制度层面而言，北交所应聚焦专精特新属性，建立相应的多维度上市标准， 从源头确保新增上市公司具备创新成色与发展潜力。从上市公司层面而言，质量提升的关键在于夯实公 司治理和提高投资价值。应支持上市公司做精做深，强化关键少数责任，提升信息披露质量。还应督促 上市公司建立尊重、回馈投资者的股权文化，鼓励建立明确、稳定的分红政策，使投资者能真正分享企 业成长的收益。只有这样，才能在扩大市场规模的同时，实现企业价值、市 ...

Core Viewpoint - The Beijing Financial Court is actively enhancing the business environment through legal reforms and collaborative initiatives, focusing on supporting enterprises in distress and fostering a "entrepreneur-friendly" financial ecosystem [1][2][3]. Group 1: Legal Reforms and Initiatives - The Beijing Financial Court has developed eight versions of legal business environment reform plans, issuing 45 documents and implementing 102 reform measures [1]. - The "Optimization of Business Environment Workstation" was established in July 2022, involving 19 expert mediators from various industries to create a collaborative legal platform [2]. - As of August 2025, 212 cases have utilized this mechanism, involving a total amount of 31.1 billion, with 19.2 billion successfully executed [2]. Group 2: Support for Distressed Enterprises - The court encourages distressed enterprises to recover and self-rescue, facilitating the disposal of low-value assets to restore trust between parties [1][5]. - A new mechanism has been introduced to support temporarily distressed but salvageable enterprises, focusing on financial recovery and stability within the industrial chain [3][4]. - The court aims to match financial support with the growth cycles of new quality productivity enterprises, ensuring judicial protection for investments in green and innovative sectors [3]. Group 3: Specific Practices in Execution - The court employs a five-pronged approach to optimize the execution process, including precise selection of cases suitable for the workstation mechanism and expert evaluation of enterprises' core competitiveness [4][5]. - The approach includes allowing seized assets to be used for business operations, thus supporting the survival and development of distressed enterprises [4]. - The court actively seeks to introduce investment resources and facilitate debt restructuring for struggling enterprises, promoting their recovery [5].

Group 1 - Current valuations of the Chinese stock market are considered reasonable, with a general optimistic outlook from investors for the future [1] - A-shares have risen 25% since the low in April, while H-shares have increased over 35% since January, but these figures are not high compared to historical performance [1] - The expected price-to-earnings ratios for the Hang Seng Index and CSI 300 Index are 11 times and 14 times respectively, significantly lower than previous peaks [1] Group 2 - Foreign capital is expected to show a net inflow into A-shares by mid-2025, with foreign investors holding A-shares amounting to 3.07 trillion RMB by June 2025 [2] - The Hong Kong stock market is viewed positively due to its connection with many excellent Chinese companies and its higher degree of international integration [2] - There is a growing demand for global asset allocation among residents as China's economic development progresses, making the Hong Kong market a preferred destination for controlled international investments [2]

Group 1 - Foreign financial institutions believe that the current valuation of the Chinese stock market is reasonable, with investors generally expressing optimism about future performance [1] - A-shares have risen 25% since the low in April, while H-shares have increased over 35% since January, but these figures are not high compared to historical performance [1] - The expected price-to-earnings ratios for the Hang Seng Index and the CSI 300 Index are 11 times and 14 times, respectively, significantly lower than previous peaks [1] Group 2 - There has been an increase in the fundraising scale of domestic public and private hedge funds, although subscription volumes are lower than in previous years, indicating further potential for increasing allocations to A-shares [1] - Foreign investors are expected to have a net inflow into A-shares by mid-2025, with holdings reaching 3.07 trillion yuan by June 2025 [2] - Fidelity Fund expresses a positive outlook on the Hong Kong stock market, highlighting its strong economic and social resilience amid complex geopolitical trends [2] Group 3 - The Hong Kong stock market is seen as a preferred destination for international capital seeking rebalancing, due to its higher degree of international integration [2] - There is a growing demand for global asset allocation among residents as China's economic development progresses, positioning the Hong Kong market as a key area for controlled international investments [2] - The focus is particularly on new productivity enterprises in the Hong Kong market, which, despite being in high investment phases, are expected to perform beyond expectations due to policy support [2]

场景靶向拓展，打通企业首办户路径。确立"重点突破+以点带面"的工作思路，系统推进跨境人民币业 务"首办户"拓展专项行动。深入分析辖区产业特点，以头部企业和中小微民企作为重点企业，以机械设 备、木制品制造等作为重点领域，以中亚、东南亚等作为重点国家和地区，分4批形成"首办户"重点拓 展名单并推送至银行机构。同时，实行名单动态更新，持续将电气机械制造等纳入名单，推动各银行机 构深入企业开展实地走访，围绕结算便利化、规避汇率风险等核心关切问题提供个性化解决方案，推动 19家新质生产力企业实现跨境人民币业务"零"突破。 风控服务并重，筑牢合规高效双防线。坚持发展与规范并重，在推动业务创新的同时，注重风险防控和 服务效能提升。常态化开展跨境人民币非现场监测，实现从"零散问题"到"问题台账"的动态整合与闭环 管理，以全流程闭环督促银行机构将数据申报从"合规底线"向"规范标杆"升级。在服务保障方面，针对 银行机构的政策咨询，确保在24小时内完成政策解读；针对系统操作问题，提供实时远程技术指导；针 对企业的紧急业务诉求，联合银行机构快速响应，及时制定可行性解决方案，跨境人民币业务服务质效 不断提升，赢得市场主体的高度认可。 ...