Core Insights - The article highlights the significant achievements in China's capital market reforms during the "14th Five-Year Plan" period, particularly the increase in long-term funds holding A-share market value to approximately 21.4 trillion yuan, a 32% growth compared to the end of the "13th Five-Year Plan" [1] Group 1: Long-term Capital Inflow - Systematic reforms have accelerated the entry of long-term capital into the market, with diverse sources including social security funds, pension funds, and insurance funds [2] - The establishment of a robust policy framework and the introduction of specific measures have created a solid foundation for long-term capital inflow [2] - Reforms in institutional assessment mechanisms have encouraged long-term investments by allowing insurance companies to adopt long-cycle performance evaluations [2][3] Group 2: Market Confidence and Vitality - The continuous inflow of long-term capital has enhanced market liquidity and stability, reducing the volatility caused by short-term capital movements [4] - The shift towards long-term value investment is changing market dynamics, with institutional investors focusing on companies' long-term profitability and competitive advantages [4] Group 3: Positive Cycle Between Capital Market and Real Economy - The influx of long-term capital provides essential funding for companies, enabling them to invest in innovation and growth, which in turn benefits long-term investors [5] - The "long money, long investment" strategy is fostering a high-quality development transition in the capital market, enhancing its resource allocation and risk pricing capabilities [6]