Core Viewpoint - The central government emphasizes enhancing the attractiveness and inclusiveness of the domestic capital market to consolidate its recovery and positive momentum [1][2]. Group 1: Market Stability and Policy Measures - Various stakeholders have implemented a series of measures, including policy, funding, and expectation hedges, to stabilize the capital market amid external shocks, leading to improved market resilience and investor sentiment [2]. - The China Securities Regulatory Commission (CSRC) has promoted the entry of long-term funds, public fund reforms, and significant policy breakthroughs in the Sci-Tech Innovation Board, reinforcing the foundation for market stability [2][3]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness and inclusiveness focuses on three key demands: increasing market vitality by attracting quality companies, providing efficient financing support for technology and innovation projects, and maintaining the market's appeal to international capital [4][6]. - Improving the quality of listed companies is crucial for enhancing market attractiveness, as stable profitability and transparent governance directly influence investor returns [6][7]. Group 3: Reform and Development - The integration of investment and financing is essential for capital market reform, with ongoing efforts to improve the coordination between these two aspects highlighted in recent government meetings [5][6]. - The CSRC continues to deepen reforms in areas such as issuance, mergers and acquisitions, and equity incentives to optimize the system and product supply, thereby enhancing the market's support for technological innovation [6][7].

原标题：持续增强资本市场吸引力包容性 7月30日召开的中央政治局会议提出，要增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好 势头。 准确理解"吸引力和包容性" 田轩认为，增强国内资本市场的吸引力和包容性，要聚焦三重需求：一是提升市场活力的需要，通过吸 引优质企业上市、引入长期资金，提高市场流动性和活跃度；二是服务实体经济的需要，为科技企业、 创新项目提供更高效的融资支持，加速科技成果转化；三是应对国际竞争的需要，在全球资本流动加剧 的背景下，巩固国内市场对国际资本的吸引力，维护金融稳定。 中国资本市场学会秘书长魏刚指出，增强国内资本市场的吸引力和包容性，首先是增强对投资者的吸引 力，提高市场内在稳定性，提升上市公司质量和投资价值，加强投资者合法权益保护，全面增强投资者 获得感。同时，更好发挥资本市场支持科技创新和新质生产力发展的重要作用，着力增强制度的包容 性、适应性和吸引力，有针对性地满足科技型企业的现实需求，推动科技创新和产业创新融合发展。 "我们将坚持稳中求进、以进促稳，以深化投融资综合改革为牵引，不断提升基础制度、市场功能、监 管执法等各方面的适应性、包容性，促进资源更加高效配置，让优质企业和 ...

7月30日召开的中央政治局会议提出，要增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好 势头。 "我们将坚持稳中求进、以进促稳，以深化投融资综合改革为牵引，不断提升基础制度、市场功能、监 管执法等各方面的适应性、包容性，促进资源更加高效配置，让优质企业和各类资金更好迸发活力、实 现价值。"中国证监会主席吴清9月22日在国新办新闻发布会上表示，将从增强多层次市场体系的适配 性、更好发挥中长期资金"压舱石""稳定器"作用、持续提升上市公司质量和投资价值以及提高监管的精 准性有效性等方面，增强市场的竞争力和吸引力。 "稳"的力量不断汇聚 今年以来，面对复杂严峻的风险考验，市场各方共同努力，从政策对冲、资金对冲、预期对冲等方面打 出一揽子稳市"组合拳"，资本市场经受住了外部冲击，韧性增强，预期改善。 4月份，美关税政策调整扰动全球金融市场，中央汇金公司果断增持交易型开放式指数基金，坚决维护 资本市场平稳运行。全国社保基金、证券基金等机构投资者也积极投入，一大批上市公司采取回购增持 等方式维护股价稳定，提振了市场信心，投资者情绪显著提升，A股市场迅速企稳回升。 与此同时，证监会推动中长期资金入市、公募基金改革、科 ...

Core Viewpoint - The current stock market rally is primarily driven by capital inflow and valuation enhancement due to declining interest rates, with a notable increase in personal investor participation [7][11][29]. Group 1: Market Dynamics - The A-share market has seen a significant increase in financing balance, surpassing the peak levels of 2015, yet the proportion of financing balance to circulating market value remains substantially lower than in 2015, indicating a lack of excessive speculative behavior [7][14]. - The average price-to-earnings (P/E) ratio of major indices like the Shanghai Composite Index and CSI 300 is still within a reasonable valuation range, suggesting no significant bubbles in the market [20][21]. - The market's upward momentum is contingent on continuous earnings growth, with the average net profit growth of A-share companies projected at only 2.5% for the first half of 2025, raising concerns about future market strength [29][25]. Group 2: Policy and Economic Outlook - The government is expected to maintain a proactive stance on macroeconomic policies, particularly in the fourth quarter and into next year, to support economic growth amid potential downward pressures [8][51]. - The political bureau's recent discussions emphasize enhancing the attractiveness and inclusivity of the capital market, which is seen as a long-term commitment to stabilizing market trends [9][46]. Group 3: Investment Sentiment and Strategy - Investors in the A-share market tend to favor narratives over valuations, particularly in high-growth sectors like technology, which can lead to risks if these narratives are disproven [29][41]. - The current market environment reflects a cautious optimism, with a focus on rational investment strategies and diversified asset allocation to mitigate risks associated with market volatility [30][40].

Core Viewpoint - The Central Political Bureau of the Communist Party of China emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, marking a new focus on its importance for both domestic and international investors [1][3]. Group 1: Attractiveness and Inclusiveness - "Attractiveness" refers to encouraging domestic and international capital to enter the capital market, while "inclusiveness" emphasizes the market's role in supporting direct financing for technology-driven enterprises [3][4]. - Enhancing the capital market's attractiveness and inclusiveness is seen as essential for meeting the demands of high-quality economic development, particularly in emerging sectors like technology and industrial upgrades [3][4]. Group 2: Policy and Market Mechanisms - The government is implementing policies to stabilize the capital market, including promoting long-term capital inflow and significant reforms in the Sci-Tech Innovation Board and mergers and acquisitions [6][9]. - Central Huijin, as part of the "national team," has significantly increased its holdings in various ETFs, with over 200 billion yuan invested in the second quarter alone, indicating strong institutional support for the market [7]. Group 3: Future Directions - The China Securities Regulatory Commission plans to deepen capital market reforms, focusing on nurturing long-term capital and enhancing the support for various financing needs throughout the lifecycle of enterprises [9][10]. - The upcoming policies will aim to stabilize the market, promote active financing, and strengthen investor protection, creating a balanced approach to support high-quality development [10].

Core Viewpoint - The central political bureau meeting emphasizes enhancing the attractiveness and inclusiveness of China's capital market to consolidate its recovery and positive momentum [1][2]. Group 1: Capital Market Development Direction - The meeting aligns with previous directives from the 20th Central Committee and aims for high-quality development of the capital market [1]. - The focus is on improving the internal quality and allocation efficiency of the capital market, supporting technological innovation, and protecting investor rights [1][2]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness involves improving market stability, increasing the quality and investment value of listed companies, and protecting investor rights [2]. - The capital market should better support technological innovation and adapt to the needs of tech enterprises, fostering a modern financial system that balances risk and return [2]. Group 3: External Factors and Market Stability - Despite external uncertainties, the A-share market has remained stable and has shown signs of recovery, with a clear "technology narrative" boosting asset valuations [3]. - Foreign investment institutions have raised their optimistic outlook on China's economy and capital market, indicating a shift in market sentiment [3]. Group 4: Strategic Reforms - The capital market faces challenges in attracting long-term funds and supporting technological innovation, necessitating reforms to stimulate internal growth [5]. - The China Securities Regulatory Commission (CSRC) is accelerating comprehensive reforms to enhance market attractiveness, including facilitating long-term capital inflows [6]. Group 5: Policy Measures and Future Directions - The CSRC is implementing measures to improve the quality of listed companies and enhance their investment value, with significant increases in dividends and buybacks reported [6]. - Future reforms will focus on deepening the Science and Technology Innovation Board and improving the overall regulatory framework for listed companies [8]. Group 6: Foreign Investment and Market Openness - High-level institutional openness is essential for enhancing the capital market's attractiveness, with foreign investment in domestic stocks and funds showing a positive trend [9]. - The CSRC plans to continue promoting high-level openness in the capital market, facilitating cross-border investment and enhancing the stability of foreign capital inflows [9].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：能源基建行业领涨 A 股小幅震 荡》 2025-08-08 《市场分析：半导体医疗领涨 A 股小幅上行》 2025-08-07 《市场分析：汽车机器人领涨 A 股震荡上行》 2025-08-06 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 08 月 11 日 投资要点： ◼ A 股市场综述 周一（08 月 11 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3656 点附近遭遇阻力，午后股指维持震 荡，盘中能源金属、电池、消费电子以及电子元件等行业表现较 好；贵金属、银行、船舶制造以及电力等行业表现较弱，沪指全天 基本呈现小幅震荡上行的运行特征。创业板市场周一震荡上扬，创 业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周一 ...

Group 1 - The central political bureau meeting emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, focusing on optimizing the current market ecology and serving the deep-seated needs of the real economy [1] - The total market value of A-shares has surpassed 100 trillion yuan this year, with major stock indices showing a continuous upward trend, indicating a more active market driven by improved investor returns [1] - The quality of listed companies is crucial for market investment returns, and there is a need to enhance their investment value while optimizing regulatory systems and encouraging self-management [1] Group 2 - The concept of inclusiveness is linked to embracing various enterprises, particularly those in new technologies and industries, with recent reforms in the Sci-Tech Innovation Board aimed at opening capital markets to high-potential, albeit unprofitable, companies [2] - The revenue compound growth rates for new generation information technology and new materials companies have reached 12.5% and 17.9% respectively over the past five years, indicating a shift towards high-quality capital market structures [2] - The interdependence of attractiveness and inclusiveness is highlighted, where high-quality companies attract long-term investments, enabling the market to accept more innovative firms [3] Group 3 - The current global financial market is influenced by U.S. tariff policies, presenting uncertainties for China's capital market, which necessitates a comprehensive approach to investment and financing reforms [3] - Establishing a resilient market through a virtuous cycle of "technology-industry-finance" is essential for providing strong momentum for China's economic growth [3]

Core Viewpoint - The Chinese capital market aims to enhance its attractiveness and inclusiveness through comprehensive reforms, ensuring stability and quality development while avoiding large-scale expansions in listings [1][2][8]. Group 1: Capital Market Development - The central political bureau meeting emphasized the need to consolidate the positive momentum of the capital market and align with previous key meetings to promote high-quality development [1][2]. - The capital market's internal quality and allocation efficiency have shown positive improvements this year, necessitating further efforts to support technological innovation [1][2][3]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness involves improving investor protection, increasing the quality of listed companies, and ensuring a stable market environment [2][5]. - The focus on institutional innovation, market openness, and ecological optimization is essential for creating a modern financial system that balances risk and return [2][5]. Group 3: External Factors and Foreign Investment - Despite external uncertainties, the A-share market has remained stable, with foreign institutions increasing their optimistic outlook on the Chinese economy and capital market [3][9]. - In the first half of the year, foreign investment in domestic stocks and funds increased by $10.1 billion, indicating a growing willingness to allocate capital to Chinese assets [9]. Group 4: Reform Initiatives - The China Securities Regulatory Commission (CSRC) is committed to deepening capital market reforms, focusing on attracting long-term capital and enhancing the quality of listed companies [6][8]. - Significant reforms have been implemented, including measures to facilitate the entry of long-term funds and improve the investment value of listed companies, with record high dividends and buybacks reported [6][8]. Group 5: Future Directions - The CSRC plans to continue promoting high-level institutional openness, enhancing cross-border cooperation, and optimizing the investment environment for foreign capital [9]. - Future reforms will focus on supporting the entire lifecycle of enterprises, improving the regulatory framework for mergers and acquisitions, and ensuring better returns for investors [8][9].

Core Viewpoint - The article emphasizes the need to enhance the attractiveness and inclusiveness of China's domestic capital market to solidify its recovery and promote high-quality development [2][4][11]. Group 1: Development Direction - The recent Central Political Bureau meeting outlines the direction for the next phase of capital market development, aligning with previous party meetings and emphasizing high-quality development [2][4]. - The capital market's internal quality and allocation efficiency have shown positive improvements this year, necessitating further reforms to support technological innovation [2][5]. Group 2: Attractiveness and Inclusiveness - Enhancing the capital market's attractiveness involves improving investor appeal, market stability, and the quality of listed companies while protecting investor rights [4][10]. - The concept of "attractiveness and inclusiveness" is rooted in institutional innovation, market openness, and ecological optimization to create a modern financial system that balances risk and return [4][10]. Group 3: Recent Market Performance - Despite external uncertainties, the A-share market has remained stable and has shown signs of recovery, with a clear "technology narrative" enhancing asset valuation [5][6]. - Foreign investment sentiment has shifted positively, with major foreign institutions increasing their optimistic outlook on China's economy and capital market [5][6]. Group 4: Reform Initiatives - The China Securities Regulatory Commission (CSRC) has accelerated comprehensive reforms to enhance the capital market's attractiveness, focusing on long-term capital inflow and public fund reforms [8][9]. - Significant reforms have been implemented, including a record number of mergers and acquisitions and increased dividends and buybacks by listed companies [9][11]. Group 5: High-Level Opening-Up - High-level institutional opening is essential for enhancing the capital market's attractiveness, with foreign investment in domestic stocks and funds increasing significantly [13]. - The CSRC plans to continue promoting high-level opening-up of the capital market, enhancing cross-border cooperation and investment convenience [13].