经济日报记者 马春阳 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 未来一段时间，资本市场内外部环境仍然错综复杂，困难挑战不少。清华大学国家金融研究院院长 田轩认为，巩固资本市场回稳向好势头，还需加强政策预期引导，落实新"国九条"和"1+N"政策体系， 确保政策连续性和稳定性；推动科技与金融深度融合，利用大数据、人工智能等提升市场效率；强化监 管协同，完善跨部门联动机制，构建稳定、透明、可预期的市场环境。 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 ...

Group 1 - The core viewpoint of the news is that Moores Threads' IPO approval reflects the effectiveness of the Sci-Tech Innovation Board's "1+6" reform policy, which supports unprofitable tech companies in accessing capital markets [1][2] - Moores Threads took only 88 days from application to approval, showcasing the rapid pace of the Sci-Tech Innovation Board and the strong support for technological innovation from the capital market [1][2] - The listing of quality tech companies like Moores Threads injects new vitality into the capital market, with the tech sector now accounting for over 25% of the A-share market capitalization, surpassing the combined market cap of banking, non-banking financial, and real estate sectors [1] Group 2 - Moores Threads' success is attributed to its solid technological foundation, clear business model, and growth potential, particularly its self-developed MUSA architecture that supports multiple computing capabilities [2] - The capital market plays a crucial role in supporting technological innovation, with the establishment and deepening of the Sci-Tech Innovation Board providing a more inclusive and efficient financing environment for tech companies [2] - Since June, there has been a noticeable acceleration in the IPO process for unprofitable companies, with seven such applications being accepted, indicating a trend towards faster market entry for innovative firms [2]

更加健全的制度是推动市场转向的基础与抓手。去年9月以来，资本市场启动了一轮系统性的投融 资综合改革，涵盖了优化并购重组机制、大力推动中长期资金入市、加强市值管理等多方面。同时，中 国人民银行创设两项新的货币政策工具，支持股票市场稳定发展。截至今年6月，改革持续深化，科创 板推出了以设置科创成长层为核心的"1+6"政策组合，创业板也正式启用第三套标准，共同提升了市场 对未盈利创新企业的包容性与服务能力。 更有力度的监管是维护市场"三公"原则的保障。一年间，资本市场监管保持高压态势，全链条执法 形成闭环，"行、民、刑"三维联动立体追责体系持续显效，严厉打击财务造假、信披违规等违法行为。 据《金融时报》记者不完全统计，仅2025年以来，已有超80家上市公司及相关责任人收到中国证监会 《立案告知书》，其中约八成涉及信披违规；同时，东方通、*ST高鸿、*ST普利等一批性质恶劣的财 务造假案件被严肃查处并触及重大违法强制退市。同时，"打大、打恶、打重点"的执法态势更加突出， 紧盯"关键少数"失责，严防"看门人"失守，严查"从业人员"失职，配合造假第三方也被纳入追责范围。 目前，资本市场监管执法已从"单点追责"迈向"生态共 ...

进一步深化资本市场投融资综合改革。以创业板改革为牵引，全方位提升制度包容性、适应性。大力推 动优质科技创新企业上市发展，支持适用创业板第二套、第三套标准申报发行。着力推动上市公司持续 成长，高效支持产业链整合，持续开展上市公司大走访，推动提升上市公司质量和投资价值。着力优化 投资端结构，落实推动中长期资金入市指导意见及实施方案，大力发展权益类基金，畅通中长期资金入 市渠道。 本报讯(记者毛艺融)9月22日，中共深圳证券交易所委员会发布关于二十届中央第三轮巡视整改进展情 况的通报。其中提到，所党委将认真落实证监会党委部署和驻证监会纪检监察组监督要求，慎终如始抓 好整改任务落实，以高质量整改推动交易所各项工作全面提升，奋力建设世界一流交易所，为推进中国 式现代化贡献力量。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is planning key reforms for the capital market during the "14th Five-Year Plan" period, focusing on enhancing market stability, promoting long-term and value investing, and integrating capital markets with technological development [1][4]. Group 1: Investment and Financing Reform - The CSRC emphasizes the importance of deepening investment and financing reforms as a means to drive capital market development, with a focus on balancing supply and demand for funds [2][3]. - Recent reforms have led to significant inflows of long-term capital into the A-share market, with over 200 billion yuan net purchases from social security, insurance, and pension funds this year [2][3]. - The CSRC is also enhancing the quality and investment value of listed companies, with over 46,000 merger and acquisition transactions disclosed from 2024 to August 2025, and record high dividends and buybacks [3][6]. Group 2: Market Attractiveness and Inclusivity - The CSRC aims to enhance the attractiveness and inclusivity of the capital market by improving investor protection and the quality of listed companies [4][5]. - There is a need for institutional innovation to address existing barriers in the capital market, particularly in supporting technology-driven enterprises [4][5]. - The goal is to create a modern financial system that efficiently allocates resources while balancing risks and returns [4]. Group 3: Advocacy for Investment Philosophy - The CSRC is advocating for long-term, value, and rational investment philosophies to stabilize the market and encourage prudent investment behavior [7]. - Investors are encouraged to focus on fundamental analysis and avoid emotional decision-making, aiming for a diversified investment portfolio that considers long-term growth potential [7].

Group 1 - The core viewpoint highlights the challenges and opportunities for China's economy during the "14th Five-Year Plan" period, emphasizing the shift from high-speed growth to high-quality development and the need to address demand insufficiency [5][6][9] - The external environment is characterized by intensified trade friction with the U.S., which has escalated into a comprehensive confrontation affecting China's external demand and supply chains [4][6] - Internally, China faces structural issues such as aging population and insufficient demand, necessitating reforms in consumption and investment structures to stimulate economic growth [6][8] Group 2 - The economic growth rate during the "14th Five-Year Plan" is projected to be in the range of 4.5% to 5%, with a focus on balancing nominal and actual growth rates [6][10] - Key challenges include ongoing trade tensions, demographic shifts leading to labor shortages, and local government debt issues that require systemic reforms [6][11] - Opportunities arise from strengthening non-U.S. trade alliances, leveraging the potential of a unified domestic market, and fostering human capital and technological innovation [7][9] Group 3 - The planning and reform strategies for the "14th Five-Year Plan" should focus on balancing supply and demand, optimizing investment and consumption, and enhancing the relationship between manufacturing and service sectors [8][9] - Macro-control systems need to transition to prioritize nominal growth and adjust fiscal and monetary policies accordingly [10][13] - Structural reforms should aim to improve income distribution, accelerate urbanization, and enhance the fiscal system to support consumption and economic balance [11][12][13] Group 4 - The development of high-quality services in sectors such as healthcare, tourism, and elder care is essential to meet the growing demand for quality services [16] - Encouraging private sector participation and reducing market entry barriers will be crucial for service industry growth [16] - Strengthening regulatory frameworks to protect consumer rights and promote new service consumption models will enhance market stability and growth [16]

Group 1 - The core viewpoint emphasizes the importance of enhancing the attractiveness and inclusiveness of the domestic capital market to support its stable and positive development [1][3] - The investment and financing functions of the capital market are interdependent, and the healthy development of the market relies on their coordination [1][5] - Recent policies aim to improve market stability, enhance the quality and investment value of listed companies, and protect investors' rights [2][4] Group 2 - The capital market has shown resilience against external shocks, with a series of measures taken to stabilize and invigorate the market [3][4] - There is a growing interest from foreign investors, with a net increase of $10.1 billion in domestic stocks and funds in the first half of the year, indicating a rising willingness to allocate capital to Chinese assets [3] - The ongoing reforms in the capital market are aimed at addressing existing issues related to attractiveness and inclusiveness, particularly in supporting technological innovation and industry upgrades [5][6] Group 3 - The China Securities Regulatory Commission (CSRC) is focused on further deepening reforms to enhance the capital market's attractiveness and inclusiveness, while also ensuring market stability [7] - Key reforms include promoting long-term capital inflow, improving the quality of listed companies, and enhancing investor returns through dividends and buybacks [6][7] - The CSRC plans to implement a series of measures to support the development of the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to attract more innovative companies [6][7]

Group 1 - The core viewpoint emphasizes the importance of enhancing the attractiveness and inclusiveness of the domestic capital market to consolidate its recovery and positive momentum [1][3] - The capital market's investment and financing functions are interdependent, and a series of important policies have been established to support high-quality development [1][5] - The focus on improving investor protection and enhancing the quality and investment value of listed companies is crucial for increasing market stability [2][4] Group 2 - The capital market has shown resilience against external shocks, with a series of measures taken to stabilize and invigorate the market [3][4] - Positive factors are accumulating, including the implementation of new policies that enhance market stability and attract investors [3][6] - The net inflow of foreign capital into domestic stocks and funds reached $10.1 billion in the first half of the year, indicating a growing willingness to allocate capital to RMB assets [3] Group 3 - Comprehensive deepening of capital market reforms is essential to address existing issues related to attractiveness and inclusiveness [5][6] - The China Securities Regulatory Commission (CSRC) is actively promoting reforms to facilitate long-term capital inflow and enhance the inclusiveness of the financing side [6][7] - Future reforms will focus on enhancing market monitoring, risk response, and investor rights protection while promoting innovation in various financial products [7]

7月30日召开的中共中央政治局会议指出，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。中国银行研究院副院长鄂志寰在接受记者采访时表示，鄂志寰表示，增强国内资本市场的吸引 力的关键在于深化资本市场投融资综合改革，增强制度包容性、适应性，推动要素资源向科技创新、先 进制造、绿色低碳、普惠民生等重大战略、重点领域、薄弱环节集聚。（上证报） ...

Group 1 - The core viewpoint emphasizes the role of the bond market's "technology board" in broadening financing channels for innovative enterprises, enabling them to secure funding based on their technological value and innovation capabilities, thus facilitating the industrialization of technological achievements [1] - The "technology board" creates a comprehensive financial ecosystem that includes various issuers and investors, enhancing the integration of the bond market with technological innovation, allowing finance to better serve technological advancements [1] - Securities firms play a crucial role as "tree planters" for financing technology companies and as "investment experts" in the capital market, providing a comprehensive financial service model that activates the ecosystem of the bond market's "technology board" [1] Group 2 - The focus on comprehensive reform of capital market financing is highlighted, with an emphasis on enhancing the long-term investment environment and increasing the proportion of medium- and long-term funds entering the market [2] - The need for improving the overall quality of listed companies is stressed to enhance market attractiveness and investor return expectations, fostering a virtuous cycle of strong returns, ample funds, and market stability [2] - The importance of adapting and being inclusive towards new productive forces in the financing sector is discussed, with ongoing reforms in the Science and Technology Innovation Board and the Growth Enterprise Market to enhance the capital market's adaptability to innovative enterprises [2] Group 3 - Recommendations include optimizing listing conditions and issuance review mechanisms to support high-quality technology companies, particularly unprofitable but core technology-driven "hard tech" firms [3] - The establishment of a bond financing system that aligns with the development characteristics of technology companies is suggested, along with improving the multi-tiered structure of the bond market to broaden direct financing channels [3] - Financial institutions are encouraged to focus on long-term strategies and actively support national strategies, optimizing financial resource allocation to promote high-quality and sustainable economic development [3]