Market Performance - In May, the A-share market showed a positive trend after a slight decline in April, with the Shanghai Composite Index recovering the 3300-point mark, closing at 3316.11 points, a daily increase of 1.13% on the first trading day of May [2][4] - The Shanghai Composite Index experienced a weekly increase of 1.92%, successfully filling the gap created on April 7 [4] - The Shenzhen Component Index regained the 10,000-point level, closing at 10126.83 points with a weekly increase of 2.29%, although it has not yet filled the gap from April 7 [6] - The ChiNext Index also recovered the 2000-point mark, closing at 2011.77 points with a weekly increase of 3.27%, but it has not filled the gap from April 7 either [8] Key Indices and Gaps - All three major indices (Shanghai Composite, Shenzhen Component, and ChiNext) are above significant psychological levels, indicating a strengthening market [8] - The gaps from April 7 for the Shenzhen Component Index (10248.98—10328.02 points) and the ChiNext Index (2036.1—2057.63 points) remain unfilled, suggesting some weakness in the Shenzhen market compared to the Shanghai market [6][8] Sector Performance - The blue-chip stocks played a crucial role in the market's rise, particularly financial stocks, with the China Securities Bank Index increasing by 3.87%, reaching a four-year high, just 60 points shy of its historical peak [10] - Other sectors such as insurance and brokerage also saw slight increases, while themes like communication equipment and military industries performed notably well [10] Supportive Policies - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates, which positively influenced market sentiment [2][10] - The China Securities Regulatory Commission emphasized the importance of stable macroeconomic policies and institutional guarantees to support market confidence and stability [10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the overall stability and improvement of the capital market in 2023, with plans to enhance market monitoring and risk assessment, and to support the Central Huijin Investment Ltd. in stabilizing the market [1] Group 1: Market Stability and Policy Measures - The CSRC will introduce further reforms for the Sci-Tech Innovation Board and the ChiNext to enhance the inclusiveness and adaptability of regulations regarding market review and investor protection [1] - The CSRC aims to strengthen the role of the capital market as a primary channel for mergers and acquisitions by expediting the release of the "Major Asset Restructuring Management Measures" and related regulatory guidelines [2] Group 2: Encouraging Long-term Investment - The CSRC is focused on promoting the entry of long-term funds into the market, encouraging listed companies to improve governance and performance while increasing the scale and proportion of long-term capital [3] - Since April 7, over 350 listed companies have announced share repurchase and increase plans, reflecting their confidence in their own value and development [3] Group 3: Capital Market Opening - The CSRC is committed to advancing high-level opening of the capital market, implementing practical measures for cross-border regulatory cooperation, and supporting quality Chinese concept stocks to return to domestic and Hong Kong markets [4] - Foreign securities institutions have become significant participants in the A-share market, with foreign holdings through QFII and Stock Connect remaining stable at around 3 trillion yuan [4]

Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package to stabilize the market and manage expectations, emphasizing the importance of a reliable capital market for economic development [1][3]. Group 1: Market Stability and Confidence - The capital market is characterized by reliability, supported by a dependable economic development framework, macro policies, and institutional guarantees [3]. - The government expresses confidence in achieving stable and healthy development of the Chinese stock market despite external uncertainties [3]. - Over 350 listed companies have announced share buyback and increase plans since April 7, indicating strong confidence in their own value and growth [3]. Group 2: Regulatory Measures and Support - The China Securities Regulatory Commission (CSRC) plans to enhance regulatory measures for companies significantly affected by tariffs, focusing on equity pledges and refinancing fund usage [4]. - The CSRC aims to improve information disclosure exemption rules to facilitate effective communication between listed companies and investors [4]. - Upcoming policies will deepen reforms in the Sci-Tech Innovation Board and Growth Enterprise Market, enhancing the inclusiveness and adaptability of the regulatory framework [3].