张晓晶表示，科技企业发展面临的最大挑战在于其高风险与不确定性特征，而资本市场恰恰能够在风险管理、风险识别和风险定价等方面发挥关键作用。 他强调，实现这一功能需要着力提升资本市场的包容性。"特别是那些从零到一的原创性、颠覆式创新科技企业，往往缺乏传统意义上的盈利记录和业绩支 撑，其价值主要体现为对未来增长潜力的预期。" 对此，张晓晶提出明确方向："因此，提升资本市场包容性的关键，在于建立对未来的定价能力，准确识别原创型企业的成长潜力。" 21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 近日，国家金融与发展实验室主任张晓晶在接受21世纪经济报道专访时指出，提升资本市场包容性的核心在于构建面向未来的价值发现与定价能力。 他指出，这一目标的实现需要制度建设和专业力量的双重支撑："这既需要完善市场制度环境，也需要依托专业团队的判断力，共同构建支持科技创新的良 好生态。" ...

| 记者 王珍 "金融强国的主要发展脉络，应聚焦于国际化与市场化两大方向。"刘劲说。 他指出，市场化的核心在于以直接融资逐步取代大部分间接融资，构建一个多层次的金融体系，为高科技及各类战略性新兴产业提供与之相匹配 的融资。同时，培育一支规模较大、专业性更强的投资团队，提升资本市场的包容性和效率。 刘劲进一步表示，国际化的核心在于推动人民币国际化，并打造一套独立于现有国际体系之外的、自主可控的支付系统。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下文简称《建议》）提出加快建设金融强国，并列举了一系列资本市场相 关举措，如"提高资本市场制度包容性、适应性"，"积极发展股权、债券等直接融资，稳步发展期货、衍生品和资产证券化"等。 长江商学院会计与金融学教授、投资研究中心主任刘劲在接受智通财经专访时指出，建设金融强国是一个长期且艰巨的过程，改革开放以来，中 国一直在为此努力。然而，当前这一任务愈发紧迫。一方面，科技创新是当务之急，要推动科技创新，必须解决融资问题；另一方面，国际地缘 政治博弈日益增多，外部环境亦不容乐观。 他指出，当今国际支付体系基本由美国操控，其Swift系统及美元作为全球硬通货 ...

Core Viewpoint - The meeting of the Central Political Bureau on July 30 emphasized the need to enhance the attractiveness of the domestic capital market, which is expected to bring significant changes and impacts across various sectors and industries [1] Group 1: Enhancing Market Attractiveness - To enhance the attractiveness of the capital market, it is essential to improve its inclusiveness, allowing companies at different development stages to access the market and providing investors with more choices [2] - The quality of listed companies is a critical factor; the presence of more high-quality companies will strengthen market appeal, necessitating efforts to attract these companies to list earlier [2] Group 2: Investor Returns - Enhancing market attractiveness is also linked to improving investor returns, with A-shares projected to have a cash dividend of 2.39 trillion yuan in 2024, yielding a dividend rate of 2.4%, significantly higher than bank deposit rates [3] - The performance of bank stocks and technology stocks has been strong, contributing to a positive investor experience and indicating that reforms aimed at emphasizing investment returns are yielding results [3] Group 3: Collaborative Efforts - The capital market operates as a complex system influenced by various factors, including policies, corporate performance, and market sentiment, necessitating coordinated efforts from multiple stakeholders [4] - Recent policies have improved market expectations and confidence, leading to significant price increases in commodities like polysilicon and coal, positively impacting related listed companies [4] - A collaborative approach among regulatory bodies has led to a clearer market environment, enhancing the overall attractiveness of the capital market [4]

Group 1 - The Chinese stock market has recently experienced a significant rally, with major indices rising approximately 25% since the end of July, indicating increased market activity and improved valuation conditions [2] - The positive changes in the market are attributed to the easing of China-US trade relations, the recovery from undervaluation cycles, and the growth trends in technology sectors, highlighting the importance of certainty for healthy market development [2][3] - The Central Political Bureau meeting emphasized the need to enhance the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum [2][3] Group 2 - Enhancing the attractiveness of the capital market requires a focus on two main areas: establishing a fair competitive trading order and providing a diverse range of trading products to meet various participant preferences [3] - A fair trading order necessitates regulatory efforts to improve transparency and protect investors, including enhancing information disclosure systems and combating insider trading [3][4] - The capital market must continuously improve its IPO and delisting mechanisms to attract a variety of investors and listed entities, ensuring that different preferences are matched in a low-cost trading environment [3][4] Group 3 - Increasing market inclusiveness involves acknowledging speculation and market bubbles, as pricing in markets often results from trial and error, which can manifest as speculative behavior [4][5] - Regulatory bodies should exercise caution in evaluating market transactions and only intervene in cases of illegal or unfair competition, allowing market participants the freedom to express their preferences [4][5] - The current enthusiasm for sectors like biomedicine, chips, and intelligent technologies reflects the market's exploration of future asset pricing and resource allocation, emphasizing the need for a nuanced approach to valuation [5]

2025.07. 31 公平竞争的市场交易秩序，要求监管部门将行权重心放在完善透明性担保体系与防护型保障体系等公 共服务领域，如完善信息披露制度，可极大缓解不同参与主体的信息不对称性，严厉打击内幕交易等 行为。又如，不断完善中国特色集体诉讼制度、辩方举证制度，让投资者拥有低成本维护自身合法权 益的能力和渠道。 完善的市场交易品种和结构，要求资本市场拥有吐旧纳新机制，如不断完善IPO制度和退市机制，不 断基于完善交易自由，吸引各类投资者和上市主体进入市场，从而尽可能地使市场供需双方的不同偏 好都能在资本市场得到匹配，且实现低成本交易，才能有助于提高资本市场的"植被"多样化，提高资 本市场的吸引力。 当然，提升资本市场吸引力，还需以提高对市场的包容性为前提。这种包容性突出反映在要正视投机 和市场泡沫，所有市场的定价都通过试错进行，这种试错过程往往表现为投机的形式，而且若基于上 帝视角，市场的试错往往伴随泡沫或低价竞争，这是因为市场试错本质是对分散在不同市场角落的信 息整合和定价，因此除非事后评判，否则很难有效厘定投资与投机的区别，也很难对泡沫和低价竞争 进行事前与事中的清晰认定。 为此，对投机和泡沫的包容度，直接 ...

Core Viewpoint - The recent meeting of the Central Political Bureau emphasized the need to "enhance the attractiveness and inclusiveness of the domestic capital market," marking a significant policy direction in the context of current economic conditions [1][2][4]. Group 1: Importance of Enhancing Attractiveness - The phrase "enhance the attractiveness of the domestic capital market" is a crucial policy direction that has been highlighted in various important meetings and policy documents [2][4]. - The emphasis on both "attractiveness" and "inclusiveness" underscores their synergistic role in improving the overall functionality of the capital market, with a focus on attracting high-quality capital and investors [2][4]. - Enhancing the attractiveness of the capital market is seen as a strategic consideration based on current domestic and international economic conditions, aimed at consolidating stable development and promoting high-quality economic growth [4][5]. Group 2: Current Market Context - The capital market is currently showing signs of stability and improvement, with positive progress in reforms and the inflow of medium to long-term funds [4][6]. - The Shanghai Composite Index has risen by 16% since early April, surpassing the 3600-point mark, indicating a recovery in the stock market [6]. Group 3: Recommendations for Improvement - Experts suggest enhancing the attractiveness of the capital market through various measures, including improving market regulations, optimizing investor structure, innovating financial products, and increasing internationalization [7][8]. - Specific recommendations include refining legal frameworks, encouraging long-term capital investments, and developing diverse financial products to meet varying risk preferences [7][8]. - There is a call for stricter enforcement against market manipulation and financial fraud, as well as enhancing investor protection mechanisms [8][9].

Core Viewpoint - The recent recovery in the Chinese stock market, marked by a 25% increase in major indices since July, is attributed to improved US-China trade relations, valuation recovery, and the growth of technology sectors, highlighting the importance of certainty for healthy market development [2][6] Group 1: Market Conditions - The Chinese stock market has experienced a "summer breakthrough" after several consolidations, leading to increased market activity and a more rational investor sentiment [2][3] - The central political bureau meeting emphasized the need to enhance the attractiveness and inclusiveness of the domestic capital market to maintain its positive momentum [2][4] Group 2: Enhancing Market Attractiveness - To enhance market attractiveness, two key areas need focus: establishing a fair trading order through improved transparency and protection systems, and providing a diverse range of trading products to meet various investor preferences [3][4] - Regulatory improvements, such as enhancing information disclosure and collective litigation systems, are essential to reduce information asymmetry among market participants [3] Group 3: Market Inclusiveness - Increasing market inclusiveness involves acknowledging speculation and market bubbles, as the pricing in markets often results from trial and error, which can manifest as speculative behavior [4][5] - Regulators should exercise caution in intervening in market transactions unless illegal activities occur, allowing market participants the freedom to express their preferences [4][5] Group 4: Future Market Trends - Current market enthusiasm for sectors like biomedicine, chips, embodied intelligence, and controllable nuclear fusion reflects an exploration of future asset pricing and resource allocation [5] - The market's low-noise bull run indicates that certainty is a key factor for stability, and enhancing market attractiveness and inclusiveness does not require aggressive stimulus but rather a focus on self-regulation and public service [6]

Core Viewpoint - The meeting places capital market reform within a dual framework of "continuously preventing and resolving key area risks" and "accelerating the construction of a new development pattern," emphasizing its core functions of serving the real economy and stabilizing market expectations [1] Group 1: Recommendations for Capital Market Reform - Optimize institutional supply by deepening the registration system reform, establishing a "green channel" for the listing of "hard technology" companies, and improving the multi-level capital market transfer mechanism to enhance market inclusiveness [1] - Attract long-term capital by promoting individual pension funds to enter the market and expanding the equity investment ratio of insurance funds [1] - Strengthen risk prevention by severely punishing financial fraud and insider trading, improving the delisting compensation mechanism, and enhancing monitoring of cross-border capital flows to consolidate the market's recovery [1]