◎记者 张雪 资本市场作为现代金融体系的核心枢纽，其内在稳定性直接关系到资源配置效率与经济发展成色。近期 召开的中央经济工作会议明确提出，持续深化资本市场投融资综合改革。这是连续第二年将资本市场投 融资综合改革置于经济工作的重要位置。 南开大学金融发展研究院院长田利辉在接受上海证券报记者采访时表示，资本市场内在稳定性的构建， 正从单一的政策护航转向制度、资金与治理协同发力的深层变革。 如何推动深层次结构性优化？中国社会科学院上市公司研究中心副主任张鹏对上海证券报记者表示，要 从影响资本市场稳定的内在根源入手，通过协同推进制度根基夯实、高质量主体培育和市场生态完善， 构建一个相互支撑的良性闭环，为资本市场健康稳定发展提供支撑。 首先需要夯实制度根基。张鹏表示，这不仅包括持续优化发行、交易、退市等基础制度，提升市场的透 明度与法治化水平，更要求建立强有力的风险监测与应对机制，目标是构建一个足以抵御外部冲击的稳 健制度框架。 在这一框架下，信息披露制度被视作市场信任的基石，必须以投资者需求为中心进行优化，并对财务造 假等违法违规行为"零容忍"。同时，为杜绝政出多门导致的预期混乱，构建跨部门的监管协同机制与风 险联合 ...

Core Viewpoint - The article emphasizes the importance of utilizing authoritative and professional analysis reports from Jin Qilin analysts for stock trading, highlighting their role in identifying potential investment opportunities in a timely and comprehensive manner [1] Group 1 - The analysis reports are characterized as authoritative, professional, and timely, which are essential for investors [1] - The reports aim to assist investors in uncovering potential thematic investment opportunities [1]

Group 1 - The core viewpoint emphasizes the resilience and potential of the Chinese economy, with a commitment to deepening reforms in the capital market to enhance inclusivity and adaptability [1][2] - The China Securities Regulatory Commission (CSRC) plans to advance the reform of the two innovation boards and accelerate the implementation of the "1+6" policy measures for the Sci-Tech Innovation Board [1] - There is a focus on promoting diverse equity financing and enhancing the market ecosystem for long-term investments, including expanding the scale and proportion of equity investments from social security, insurance, and pension funds [1] Group 2 - The CSRC aims to steadily expand the high-level institutional opening of the capital market, creating a favorable investment environment for international investors [2] - Efforts will be made to improve the Qualified Foreign Institutional Investor (QFII) system and enhance cross-border investment product offerings [2] - The regulatory capacity and risk prevention capabilities will be strengthened in an open environment, ensuring the protection of various investors' legal rights [2]

Core Insights - The introduction of two monetary policy tools by the People's Bank of China has significantly enhanced the stability of the capital market over the past year, injecting thousands of billions into the market and boosting investor confidence [1][2][5]. Group 1: Monetary Policy Tools - The two monetary policy tools, namely stock repurchase and increase loan and swap convenience, were established with a total initial quota of 800 billion yuan, which has been effectively utilized to stabilize the market [1][4]. - The swap convenience has provided liquidity support to financial institutions without expanding the base currency supply, with a total of 1,050 billion yuan injected through two operations [3][5]. - The stock repurchase and increase loan has seen nearly 700 listed companies disclosing plans to use loans, with a total loan cap exceeding 3,300 billion yuan [1][4]. Group 2: Market Impact - The implementation of these tools has led to a reduction in A-share volatility, with the Shanghai Composite Index rising by 17.73% over the past year and its annualized volatility decreasing by 4.62 percentage points [6][5]. - The tools have played a crucial role in stabilizing market expectations and preventing excessive fluctuations, particularly during periods of external shocks [5][6]. - The measures have also facilitated a shift in market sentiment towards a more optimistic outlook, encouraging companies to repurchase shares and institutions to increase equity allocations [6][7]. Group 3: Future Directions - There is a push for the normalization of these monetary policy tools to establish a stable balance mechanism in the capital market, which would provide ongoing support and enhance investor confidence [7][8]. - Recommendations include expanding the coverage of the tools to include more financial institutions and optimizing policy designs to improve flexibility and responsiveness [8]. - Strengthening regulatory oversight on the use of these tools is essential to protect the interests of small investors and maintain market integrity [8].

Core Insights - The article emphasizes the long-term significance of share buybacks in China's capital market, advocating for a balanced approach between dividends and buybacks to align with the country's economic transformation and high-quality development needs [1][2]. Group 1: Current Market Overview - The proportion of cash dividend companies in China's A-share market from 2017 to 2024 remains above 65%, which is higher than the U.S. (40%-50%) but lower than Japan (approximately 80%) [1]. - The share buyback companies in China are comparable to those in the U.S. and Japan, but the buyback amount as a percentage of market value is relatively low, with less than 5% from 2017 to 2024, and only 0.18% projected for 2024 [1][2]. - In contrast, the U.S. saw buyback amounts exceed 2% of market value since 2022, while Japan's figures are generally above 1% [1]. Group 2: Regulatory Evolution - China's support for share buybacks has evolved from strict restrictions before 2005 to gradual relaxation and systematic improvements, with significant policy changes occurring in 2013 and 2018 [2]. - The 2018 policy changes introduced new buyback scenarios and broadened funding sources, leading to a historical high in buyback amounts [2]. Group 3: Corporate Preferences and Influences - Chinese companies show a preference for dividends over buybacks, influenced by tax policies and governance structures. Dividend income can be tax-exempt after one year of holding, while capital gains from stock sales are not taxed, making dividends more attractive [2]. - Institutional investors, such as state-owned shareholders and insurance funds, have a strong demand for stable cash flows, further driving the preference for dividends [2]. Group 4: Recommendations for Improvement - The article suggests three regulatory recommendations to enhance the buyback mechanism: 1. Strengthening buyback compliance supervision and establishing a fulfillment guarantee mechanism [2]. 2. Optimizing tax incentive policies related to buybacks to balance the tax treatment between buybacks and dividends [2]. 3. Incorporating buybacks into the market value management assessment and information disclosure framework for large-cap companies [2].