Group 1 - The forum held in Wenzhou aimed to explore how capital can empower innovation in China and create more opportunities for deep cooperation between China and the world [1] - Capital is becoming a crucial driver of innovation and a key link between China and the global market, with listed companies playing an irreplaceable role in this process [1] - The Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference emphasized that listed companies have become the main force in technological innovation, providing essential resources for innovation activities [1] Group 2 - The integration of technological innovation and industrial innovation is vital for high-quality economic development and enhancing national competitiveness [2] - Listed companies are identified as key players in promoting the fusion of technological and industrial innovation, with a call to strengthen their role as innovation leaders [2] - Suggestions for listed companies to cope with trade friction risks include diversifying operations, transitioning from manufacturing to intelligent and brand-driven production, and optimizing capital structures [2] Group 3 - Reports released at the forum highlighted the main risks and challenges faced by listed companies, along with recommendations for deepening financial openness and optimizing government debt structures [3] - Listed companies are recognized as core drivers of economic development and innovation, with their growing scale and governance capabilities contributing to market stability and high-quality economic growth [3]

Group 1 - The 2025 Listed Companies Forum was held in Wenzhou, Zhejiang Province, focusing on themes such as "Capital Empowerment, Chinese Innovation, Global Opportunities" and discussing topics like the revaluation of listed companies and the development of new productive forces [1][2] - The forum was attended by nearly 600 representatives from listed and prospective listed companies, along with key figures from the four major stock exchanges in China [1][2] Group 2 - Capital is identified as a major driving force for innovation, with listed companies playing a crucial role in supporting technological advancements through their financing capabilities and resource integration [2][4] - The integration of technological and industrial innovation is emphasized as essential for enhancing national competitiveness and achieving high-quality economic development [4][6] Group 3 - The Shanghai Stock Exchange is implementing reforms to enhance the attractiveness and competitiveness of the market, focusing on deepening the integration of technological and industrial innovation [7][9] - The Shenzhen Stock Exchange highlights the role of the ChiNext board in supporting the development of new productive forces, with plans for further reforms to improve service to innovative enterprises [9][12] Group 4 - The Beijing Stock Exchange aims to create a primary platform for innovative small and medium-sized enterprises, with ongoing improvements in the quality and quantity of listed companies [12][13] - Measures to support innovative SMEs include maintaining high-quality supply, strict supervision to enhance company standards, and encouraging institutional investors to participate actively [13] Group 5 - The Hong Kong Stock Exchange has seen increased activity in the market, particularly with "A+H" listed companies, and emphasizes its unique advantages for mainland enterprises seeking to raise funds [15] - Future plans for the Hong Kong Stock Exchange include enhancing listing system adaptability and transparency, as well as improving cross-border regulatory cooperation [15]

在资本市场全面深化改革与新质生产力加速崛起的历史交汇点，一场聚焦"资本赋能创新"的深度对话正在展开。从"科创板八条""并购六条"到金融"五篇大文 章"的部署，资本市场正加速与科技创新深度融合。 5月21日下午，由浙商证券主办的第八届西湖大会分论坛——2025中国资本市场之江论坛顺利举办，本次论坛以"向'新'而行，勇立潮头"为主题，会聚政府领导、浙 商证券高管、80余家国资国企平台及巨化股份、华友钴业、中控技术等近百家上市公司与拟上市公司高管，共200余位嘉宾共话资本市场高质量发展新机遇。 李超认为，从宏观层面看，中美关税博弈下政策以就业保障与产业转型为核心。政策纾困方面，央行三类再贷款、降准降息等政策工具已出台，地方政府通过债券 支持、还本续贷等"纾困"机制缓解企业压力，后续需跟踪政策落地节奏。 浙商证券党委书记、总裁钱文海在致辞中表示，当前中国证监会聚焦新质生产力发展，深化投融资综合改革，推动资本市场制度创新，为金融机构服务实体经济提 供了广阔空间。作为浙江本土券商，浙商证券始终以"深耕浙江，开拓全国"为使命，构建"投行+投资+投研"生态链，助力新质生产力培育与区域经济高质量发展， 期待与各界深化合作，共探 ...

Core Insights - The forum focused on "capital empowering innovation," highlighting the integration of capital markets with technological innovation [1] - The event gathered over 200 participants, including government leaders and executives from various companies, to discuss new opportunities for high-quality development in the capital market [1] Group 1: Economic Outlook and Asset Allocation - The chief economist of Zheshang Securities emphasized that the core issue for the macro economy in the second half of 2025 will be the US-China tariff dispute, with a focus on "relief" policies [3] - Policies such as central bank relending and local government bond support are being implemented to alleviate corporate pressure [3] - The stock market is expected to present structural opportunities, with A-shares influenced by US-China relations, while Hong Kong stocks are supported by capital inflows [3] Group 2: Financial Services for Listed Companies - The need for listed companies to improve quality and efficiency is driven by the increasing number of A-share companies, which exceeded 5,392 by the end of 2024 [4][5] - The new regulatory environment emphasizes investor return awareness, with increased pressure on companies to maintain high standards to avoid delisting [5] - Comprehensive financial services are essential for listed companies to optimize their strategic upgrades and enhance their intrinsic value [6] Group 3: Cash and Market Value Management - Effective cash management is crucial for listed companies, ensuring they can handle operational expenses and tax arrangements [7] - The current challenges in cash management include compliance issues, liquidity versus yield conflicts, and insufficient resource integration [8] - Financial institutions are encouraged to provide specialized investment research teams and integrated service models to assist companies in cash management [8] Group 4: Industry Funds and Strategic Investments - Industry funds play a significant role in driving technological upgrades and industry chain integration, with listed companies increasingly acting as both industry and capital entities [10] - The current macro environment presents opportunities for listed companies to engage with industry funds, enhancing capital leverage and optimizing balance sheets [10] - Recommendations for companies include clearly defining fund roles, ensuring risk isolation, and collaborating with professional institutions for resource integration [11] Group 5: Mergers and Acquisitions - Mergers and acquisitions are becoming a key strategy for optimizing resource allocation, with a notable increase in market activity since 2024 [12] - The introduction of supportive policies, such as the "Six Merger Rules," has facilitated a more active M&A market, with over 90 disclosed cases in the first half of 2025 [12] - The focus on industry logic in M&A is evident, with over 70% of major asset restructurings involving industry consolidation [13]