刘纪鹏认为，如今，金融不仅仅是为实体经济服务，它已经是一个重要的财富平台。人民应该享受到发展的红 利，因此要增强赚钱效应，就必须得把今天的洼地变成高地。 刘纪鹏表示："A股重上4000点，需要开源节流，推动储蓄资金进入资本市场，同时避免上市公司大股东一股独 大，上市公司分红金额要超过IPO和定增的募资规模，回购应以管住卖出为主。" "上市公司不要把精力放在减持上，忽视了高质量发展，大股东要流通可以，得先让股价再上一个台阶"。他强 调。 导语 "上市公司不要把精力放在减持上，忽视了高质量发展"。 12月2日，"未来20·2025A股上市公司成长力年会"在上海嘉定举行，中国政法大学教授、博导、商学院前院长刘纪 鹏以"站稳4000点，要解决哪些问题"为主题发表演讲。 刘纪鹏还表示，一定要开展融资者教育、发行者教育。"以券商为龙头的律师、会计师、评估师、交易所，都是从 这个市场拿钱的，都应该接受再教育。" 刘纪鹏主张IPO那天每一个上市公司都要去宣誓守护证券法。"滴水之恩，涌泉相报，要有感恩之心，要孝顺股 东。要敬畏法律，还要有敬业之心，要干好上市公司。" ...

Core Viewpoint - The A-share market is currently experiencing fluctuations around the 4000-point mark, which is significant due to its historical context and the increased number of listed companies compared to previous instances [4][5][6]. Market Performance - The three major A-share indices collectively declined slightly today, with the Shanghai Composite Index down 0.22% to 3988.22 points, the Shenzhen Component Index down 0.44% to 13430.10 points, and the ChiNext Index down 0.15% to 3229.58 points [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 21,479 billion, a decrease of 1,923 billion from the previous day [3]. Historical Context of 4000 Points - The Shanghai Composite Index has reached the 4000-point mark three times in history: in 2007, 2015, and now [4]. - The first time it reached 4000 points, the market faced a significant drop due to the "530 incident," while the second time was followed by a stock market crash despite initial optimism [5]. Current Market Dynamics - The current market is characterized by a significant increase in the number of listed companies, exceeding 5000, compared to about 1500 in 2007 and 2500 in 2015 [6]. - The market's overall size has increased 3 to 4 times compared to previous instances when the index was at 4000 points, indicating that maintaining stability at this level will require additional capital support [6]. Key Drivers of Market Movement - The core driving forces behind the current market rally are the financial and technology sectors, with CITIC Securities playing a pivotal role as a leading brokerage firm [6][7]. - CITIC Securities, which holds a 17% weight in the brokerage sector, has been instrumental in boosting market sentiment and driving the index above 4000 points [7]. Sector Performance - The financial sector, particularly major banks like Agricultural Bank of China and Industrial and Commercial Bank of China, has shown strong performance, contributing to the index's support [7]. - Technology stocks, especially those represented by the "Yizhongtian" CPO sector, have also performed well, with notable contributions from companies like Xinyisheng and Zhongjixuchuang [7]. Market Outlook - The current market adjustment is seen as a normal occurrence following significant gains since April 7, and it is necessary for digesting profits [7]. - A thorough adjustment could enhance the sustainability of the market's upward trend, aligning with the principle of "steady progress" [7].