二是凝聚政策合力，以协同举措优化信心环境。资本市场并非独立运行的体系，宏观经济走势、金融政 策松紧、财政政策导向、产业政策调整，都是影响其运行的关键变量。近一年来，各类政策协同发力， 为市场信心注入强大支撑：在宏观层面，政策制定始终注重"增强取向一致性"，通过强化协同提升实施 效果，谨慎出台收缩性、抑制性举措，确保各类政策相互衔接、有机统一，共同推动经济社会持续健康 发展；在具体举措上，央行推出"定制化"货币政策工具，为上市公司回购、股东增持提供低成本融资支 持；财政部发行特别国债，着力化解地方债务、清理企业欠款；监管层引入国有商业保险公司长周期考 核制度，中央汇金公司更首次明确类"平准基金"定位。这些措施既直接为资本市场"输血"，也为其创造 了稳定向好的外部环境。 资本市场的一系列积极变化，本质上是市场信心的全面提振。具体而言，个人投资者有信心，便会积极 入市、主动交易；投资机构有信心，便会主动布局、长期持有；上市公司有信心，则会主动拓展——无 论是扩大投资、出海融资展业，还是推进并购重组，企业活力的提升都为市场后续增长打开了想象空 间。 而市场信心的建立，离不开四大关键条件的支撑： 一是筑牢制度根基，以稳 ...

除潘功胜外，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家外汇局局长朱鹤新也先后在发布会上发言，四大金融主管部门谈 到了金融体制改革、金融服务实体经济质效、金融业对外开放、防范化解金融风险、资本市场制度建设等多方面取得的重要成果。 业内认为，透视过去取得的成绩，发布会所释放内容更加着眼于金融市场的长远稳健发展，从长期来看，这对市场生态的优化和稳定更具积极意义。 金融支持实体经济的"力度"与"精度"同步提升。 "今天新闻发布会的主题是介绍'十四五'时期金融业发展成就，主要是从中长期视角回顾和总结，不涉及短期政策的调整。关于'十五五'及下一步金融改革内 容，将在中央统一部署后与大家进一步沟通。"9月22日，中国人民银行行长潘功胜在"高质量完成'十四五'规划"系列主题新闻发布会一开始，就直接回应了 市场对于此次发布会的期待。 回顾去年，9月17日美联储宣布降息后，9月24日发布会推出的一系列利好政策，催生了A股的"9·24行情"。今年9月18日，美联储宣布降息25个基点，让大家 对此次发布会充满遐想。 准 | " | Q Pa 8 1 e may a pay and in - 11:5 THE ...

Core Viewpoint - The article discusses the current bullish trend in the A-share market, highlighting the patience of investors and the influence of monetary policy on market dynamics [2][4]. Market Performance - As of July 25, the A-share market has been on an upward trajectory, approaching a new high of 3900 points, with trading volumes exceeding 3 trillion yuan [2]. - Since June 23, the Chinese stock market has shown strength for over two months, with valuations reaching new highs and sectors rotating upward [2]. Monetary Policy Impact - The People's Bank of China has implemented significant monetary easing measures, including a trillion-yuan reverse repurchase operation and a 10 basis point cut in key interest rates, which has lowered market interest rates across various time frames [2][4]. - These policies have directed institutional investors, particularly insurance funds, towards equity markets due to limited options in the financial market [2][4]. Investor Behavior - The influx of insurance capital into the equity market reflects a broader trend of risk-averse investors seeking stable returns, particularly in dividend yields [4][5]. - There is a notable "slow bull" consensus in the market, driven by the need for reallocation of funds, as the phenomenon of household savings moving into the stock market has not fully materialized [2][3]. Economic Fundamentals - The article emphasizes the need to strengthen the economic fundamentals supporting the stock market, suggesting that reforms should enhance market participants' operational freedom and improve government services [5]. - It calls for long-term institutional reforms to enhance market attractiveness and ensure fair competition, including improvements in information disclosure and risk pricing mechanisms [5][6]. Regulatory Focus - The article stresses the importance of creating a protective framework for investors, particularly for risk-averse funds, to ensure stability in the capital market and prevent systemic risks [4][6]. - It advocates for a shift away from the "short bull, long bear" cycle by establishing a comprehensive protection mechanism for investors' legal rights [6].

梦想与浮沉 : A股十年上市博弈 本书以投行业内人士的视角记录了2004年到2014年间中国企业上市的真实案例，以及中国证券市场IPO 政策的演变过程，从而见证并解读这意义非同寻常的十年。 媒体推荐 A股的逻辑必须一路相随，才会有深刻的理解————华泰联合总裁 刘晓丹 力荐 王骥跃、班妮 链接：pan.baidu.com/s/1BKBPMV9UEC9LEObyoPwpNw?pwd=tu6x 提取码: tu6x 编辑推荐 上市必读：60余家公司IPO案例总结 献礼注册制：十年间IPO相关制度演变梳理 "股民的记忆只有7秒"，是2015年夏天"去杠杆"股灾中调侃融资客的一句戏言。股灾让一些融资炒股的 人血本无归，但是市场稍有企稳，一些人又加上更高的杠杆杀入股市，把刚刚得到的教训抛到九霄云 外。其实何止融资炒股的投资者没有记忆，在A股市场，监管者、中介机构、机构投资者、媒体、学界 等各个相关方面，也在整体上缺乏对市场的记忆。市场制度建设总是在重复一个接一个相同的错误，而 对于错误本身的讨论，也往往在基本问题上陷入迷思，使得改革屡次倒退，短短十年间制度演进曲折往 复，恍若唐德刚所述"历史的三峡"。 王骥跃与班妮的新著 ...

Group 1 - The Politburo meeting has sent positive signals, elevating the importance of the capital market to a new height, with expectations for further improvement in institutional construction [1] - The official implementation of the Stablecoin Regulation marks a key milestone in the development of virtual assets, with brokerages likely to benefit from the expansion of the stablecoin ecosystem and the exploration of innovative business boundaries [1] - The securities industry is undergoing structural changes, with mid-year performance catalysts and long-term capital inflows expected to continuously improve broker valuations and fundamentals [1] Group 2 - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and sponsorship from the A-share market to reflect the overall performance of the securities industry [1] - The constituent stocks are primarily representative enterprises in the securities industry, possessing strong market influence and performance volatility [1] - Investors without stock accounts may consider the Guotai CSI All Share Securities Company ETF Connect C (012363) and Guotai CSI All Share Securities Company ETF Connect A (012362) [1]