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李明称，展望未来，中国资本市场对外开放的大门只会越来越大，证监会将坚持市场化、法治化、国际化的方向，稳步扩大资本市场高水平 制度型开放，为国际投资者打造良好的投资环境。完善合格境外投资者制度，稳慎拓展互联互通，加快建设世界一流交易所，丰富跨境投资 产品，推动更多期货期权品种纳入对外开放品种范围，提高外资机构参与中国资本市场的便利度。同时加强开放环境下监管能力和风险防范 能力建设，深化跨境监管执法合作，切实保护各类投资者的合法权益。 据上海证券报， 11月12日，上海证券交易所国际投资者大会正式启幕。 在开幕式上，中国证监会副主席李明表示，中国经济基础稳、优势多、韧性强、潜力大，长期向好支撑条件和基本趋势没有变，资本市场平 稳健康运行，具备良好的基础条件，证监会将深化投融资综合改革，着力提升资本市场制度的包容性、适应性。融资端，纵深推进两创板改 革，加快落实科创板"1+6"政策举措，推动科创成长层平稳运行。 抓紧启动实施深化创业板改革，积极发展多元股权融资。投资端，持续完善长钱长投的市场生态，加力推动中长期资金入市实施方案落地见 效，持续扩大社保、保险、年金等权益类投资规模和比例， 深化公募基金改革，丰富适配长 ...

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].

报告导读： 回购对我国资本市场和企业发展更具长远意义，推动资本市场从转向"分红与 回购并重"更好适配我国经济转型升级和资本市场高质量发展的未来需求。 我国上市公司分红金额、分红比例，股息率、股利支付率处于较高水平。 全市场来看， 2017-2024 年 A 股现金分红公司比例均在 65% 以上，与日本尚有一定差距（约 80% ），但远高于美国（ 40%~50% ）。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 我国整个市场回购公司占比与美国和日本相近 ， 与国际相比，我国回购金额占市值比重较低，且大市值 企业回购公司数和回购金额偏少 。 2017-2024 年，我国全市场回购金额占市值比例不足 5% ， 2024 年政策驱动下比例也仅为 0.18% 。而美国自 2022 年回购金额占 ...