Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a push to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds is encouraged, alongside a robust multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the need to optimize the structure of listed companies and enhance their investment value, supporting mergers and acquisitions and flexible refinancing mechanisms [2] - It highlights the importance of fostering world-class enterprises and improving incentive mechanisms to stimulate entrepreneurial spirit and innovation [2] - There is a call for listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [2] Group 3: Long-Term Investment Environment - The creation of a market environment conducive to long-term capital is emphasized, with mechanisms to assess long-term funds and promote public fund reforms [2] - The development of equity public funds and high-quality index investments is prioritized to enhance the scale and proportion of investments in A-shares [2] Group 4: Regulatory Enhancements - The article advocates for a comprehensive and multi-dimensional regulatory system to adapt to rapid market changes, enhancing monitoring and risk response mechanisms [2] - The use of modern technologies like big data and AI for identifying illegal activities and risks is encouraged [2] - Strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [2] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - It supports the improvement of the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation [3] - The construction of world-class exchanges and investment institutions is a priority, along with enhancing the status of international financial centers [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws to create a fair market environment [3] - Investor protection mechanisms and education are emphasized to promote rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is encouraged to address strategic and foundational issues [3]

近日，上交所组织召开2025年股权投资机构交流会，聚焦落实科创板改革"1+6"政策措施、增强资本市 场的吸引力和包容性，与38家股权投资机构和12家保荐机构面对面深入交流，充分听取市场诉求，及时 回应市场关切。与会机构在肯定科创板改革成效的同时，从支持硬科技企业IPO和并购重组、进一步提高 科创板包容性和预期稳定性、优化定价机制、推动中长期资金有序参与科创板建设、共同开展科技企业培 育及加强信息共享交流等方面提出多项意见和建议。 后续，上交所将认真研究、充分吸收市场机构的意见和建议，持续推进"开门办审核、开门办监管、开门 办服务"，进一步完善与市场机构常态化沟通交流机制，更好推动科创板改革"1+6"政策落地见效，共同 营造良好的资本市场生态，更好服务高水平科技自立自强。 来源：上交所 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 ...

中信证券首席经济学家明明分析称，目前，全球经济正经历深层次重构。美国当下面临财政赤字高企等 结构性矛盾，美联储在通胀与经济走弱的压力共同交织下降息或较为犹豫。反观国内市场，则呈现出波 动中复苏的特点，社零消费、基建和制造业投资均存亮点，出口具备一定韧性。下半年降准降息仍有空 间，全年经济有望实现5%的增长。 "接下来关税扰动仍是影响经济运行的主线。"中信证券宏观与政策首席分析师杨帆认为，不确定性可能 贯穿2025年全年的经济运行，关税影响下部分工业品可能面临降价压力或需求冲击，预计低物价趋势仍 将延续。 基于这样的情况，明明认为，在大类资产配置方面，股债性价比指标显示A股的估值水平依旧占优；国 债收益率仍有下行空间，收益率曲线预计"先陡后平"；在扰动和支撑因素相对均衡的情况下，下半年人 民币汇率或呈现震荡偏强走势。 下半年降准降息仍有空间 "资本市场生态持续优化，中国资产吸引力提升。"在5月28日的中信证券2025年资本市场论坛上，该公 司总经理邹迎光说，在全球资本市场动荡不断的背景下，中国资本市场展现出独特韧性，资本市场信心 得到进一步稳固，一个投融资更加协调、投资者保护更加到位的市场生态也正在逐步形成。 ...