杨成长提到，要吸引中长期资金进入资本市场，一方面要做大做强资本市场的上市公司，要"长钱"愿意进来；另一方面要创新投研方法，夯实长 期投资的基础。 "资本市场已经形成了一大批'链主'企业，这批企业在市场中吸引了一批优质公司，这是长期资金进入资本市场的基础。"杨成长指出，在引入长 期资金的同时也要考虑创新研究思路和研究方法，过去的研究方法多以财务报表、现金流、固定资产投资为核心，而现在企业成长模式有了变 化，科技创新、平台模式一类的企业，不能再简单地依靠财务报表或者现金流折现模型进行投资，要不断创新投研方法、投研思路和创新逻辑， 以适应市场的变化。 3月3日，全国政协委员、申万宏源证券研究所首席经济学家杨成长在经济界别驻地表示，要进一步提高资本市场制度的适应性和包容性，包容多 元化的产业发展模式，包容多元的创新型企业模式，这需要监管部门、上市公司、中介机构、投资者等的共同努力。 在提升资本市场国际吸引力方面，杨成长指出，尽管国际环境多变，中国资本市场的高质量发展主要还是依靠国内需求和产业创新，要做好自己 的事情，夯实资本市场高质量发展的基础。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得 ...

Core Viewpoint - The Chinese capital market is entering a new historical stage characterized by clear policy signals emphasizing stability and strength, with a focus on inclusivity, adaptability, and the coordination of financing and investment functions as key elements for high-quality development [1][5]. Group 1: Inclusivity - Market vitality is predicated on inclusivity, which manifests in both the financing and investment sides [1][7]. - The establishment of the Sci-Tech Innovation Board and the Beijing Stock Exchange, along with the promotion of the registration system reform, aims to enhance the inclusivity of the financing side, allowing more hard-tech and specialized enterprises to access capital [7]. - On the investment side, a diverse range of market participants, from venture capital to individual investors, is essential for maintaining market resilience, requiring a fair and transparent market environment [2][7]. Group 2: Adaptability - The adaptability of capital market systems is crucial in an era of rapid technological change and blurred industry boundaries, necessitating dynamic adjustments and iterative mechanisms [2][8]. - Traditional regulatory and valuation frameworks need updates to accommodate emerging fields such as data assets, artificial intelligence, and green energy [8]. - Recent enhancements in regulatory technology, information disclosure systems, and delisting regulations reflect efforts to improve adaptability [3][8]. Group 3: Coordination of Financing and Investment Functions - Effective operation of the capital market relies on a positive cycle between financing and investment functions, avoiding an overemphasis on either side [3][9]. - Sustainable market balance is achieved when investors trust that their investments can drive corporate growth and yield returns, ensuring continuous capital flow [9]. - The core of this coordination is investor protection, which serves as a lubricant and stabilizer for sustainable market functions [9]. Group 4: Investor Protection - The concept of investor protection is evolving from merely preventing risks to promoting value sharing, emphasizing the need for investors to participate in corporate growth and share in value creation [4][9]. - Measures to enhance investor protection include strengthening dividend constraints, improving governance transparency, and refining institutional investor behavior standards [4][9]. - The ongoing reform of the capital market is a long-term endeavor, with each optimization contributing to market maturity and supporting China's economic transition [5][10].

Group 1 - The core viewpoint of the article emphasizes the need to enhance the inclusiveness and adaptability of the capital market, ensuring it serves both the real economy and investors effectively [1][8] - The article discusses the importance of establishing rules that favor high-quality listed companies for refinancing while also implementing mechanisms to delist poor-performing companies [1][9] - It highlights the necessity of a legal environment that fosters confidence among market participants, which is crucial for the capital market to operate based on the rule of law [1][10] Group 2 - The article points out that the current capital market system has been overly focused on financing functions, neglecting investment functions, leading to a lack of investor satisfaction [8][9] - It mentions that since 2020, over 1,500 new companies have been listed, with financing amounts ranking first globally in 2022 and 2023, yet stock market indices have remained low, indicating an imbalance in investment and financing functions [8][9] - The article suggests that the establishment of a stock exchange in Macau could provide an alternative for companies unable to meet Hong Kong's listing requirements, thus enhancing the multi-tiered capital market system [5][12] Group 3 - The article discusses the need for a robust legal framework to support direct financing, which is seen as more beneficial for promoting innovation compared to indirect financing [10][11] - It emphasizes the importance of continuous reforms in capital market regulations, such as the shift from strict approval systems to more flexible registration systems for new stock issuances [6][7] - The article also notes that the regulatory environment has become more stringent, with a focus on combating illegal activities in the securities market to ensure a healthy market ecosystem [15][16]