Core Viewpoint - The A-share market is gradually showing a slow bull trend one year after the "924" policy was introduced, with significant influences from both domestic and international factors, particularly the U.S. Federal Reserve's monetary policy [1][2]. Group 1: Market Dynamics - The A-share market has accumulated approximately 800 points in gains recently, indicating its attractiveness to international capital despite some foreign exits, such as BlackRock [1]. - Concerns have arisen regarding the pace of the market's rebound, with around 130 companies announcing share reduction plans since early September [2]. Group 2: Structural Issues - A fundamental contradiction in the A-share market is the dominance of major shareholders, which has led to wealth distribution inequities, with large shareholders benefiting disproportionately compared to retail investors [2]. - The suggestion is made to implement a "preset circulation bottom price" mechanism to guide major shareholders' behavior rather than imposing restrictions on share reductions [1][2]. Group 3: Government Intervention - The primary driver of the recent market recovery is the entry of state-owned funds, reflecting the government's commitment to stabilizing the market [2]. - It is recommended that market adjustments should rely on stabilization fund operations rather than allowing major shareholders to reduce their holdings to artificially create a "slow bull" market [2]. Group 4: Reform and Governance - There is a noted hesitation in the execution of policies addressing major shareholder governance issues, which requires further reflection [2]. - The importance of recognizing the need for institutional reforms to correct historical inequities in the market is emphasized, with a call for relevant departments to firmly advance these reforms [2].

Core Viewpoint - The article discusses a significant proposal by Liu Jipeng, a professor at China University of Political Science and Law, to establish a "circulating bottom price" for major shareholders' stock reductions, aiming to align their interests with those of small investors and the overall market health, thereby activating the intrinsic growth potential of the A-share market [1][2]. Group 1 - Liu Jipeng highlights a major contradiction in the current market where major shareholders can profit from stock reductions even when company performance is poor, undermining investor confidence [1]. - He criticizes the practice of major shareholders selling stocks at low prices while the company's performance is lacking, creating a vicious cycle of declining stock prices and investor confidence [1]. - The proposed solution involves setting a predetermined "circulating bottom price" for major shareholders' stock reductions, which must be significantly higher than the current market price [2]. Group 2 - The operational model suggests that if a company's stock price is currently 15 yuan and the market consensus believes it should be 22 yuan, then 22 yuan would be the set bottom price for major shareholders to reduce their holdings [2]. - This bottom price must be publicly disclosed through annual and interim reports, creating a robust market supervision mechanism to ensure transparency in major shareholders' actions [2]. - Liu Jipeng believes that this mechanism will boost market confidence, as it represents a public commitment from major shareholders regarding the company's future value [2]. Group 3 - The proposal aims to drive value creation by binding major shareholders' interests to high stock prices, compelling them to focus on improving operations and performance to meet the reduction conditions [2]. - It is expected to alleviate the impact of stock reductions by channeling selling pressure into a higher expected price range, thus creating space for steady stock price increases [3].