Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market system as a strategic deployment for achieving high-quality development and modernizing the economy [2][3]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market system's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [4]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 200 million stock investors and 700 million fund investors to share in economic growth [4]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [5]. Group 2: Principles for Enhancing Capital Market System - The work in the capital market must adhere to political and public interests, ensuring that the market maintains a correct development direction under the leadership of the Party [7]. - There should be better coordination between investment and financing, focusing on the overall balance and continuous quality improvement to facilitate the conversion of household savings into social investments [7]. - Reform and opening-up should be leveraged as key strategies to eliminate institutional barriers and stimulate market vitality, while ensuring a stable and predictable policy environment [7][8]. Group 3: Key Tasks and Measures - Actively develop direct financing through equity and bonds, enhancing the service capabilities for real enterprises and supporting the issuance of high-quality companies [10]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while encouraging cash dividends and buybacks [11]. - Create an attractive environment for long-term investments by establishing mechanisms that encourage the participation of long-term capital in the market [11]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance stability [12]. - Gradually expand high-level institutional openness in the capital market to improve international competitiveness and facilitate efficient capital flow [13].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system in China, aiming to create a more attractive environment for long-term investments and to support high-quality development of listed companies [1][2][3]. Group 1: Importance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, promoting innovation, and optimizing resource allocation [4]. - It is essential for ensuring that the benefits of development reach the general public, as the capital market serves as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - This enhancement is also a necessary requirement for the high-quality development of the capital market and the construction of a financial power, as it will improve market structure and quality [5]. Group 2: Key Tasks and Measures - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance support for quality enterprises [10]. - Foster more high-quality listed companies by optimizing their structure, enhancing investment value, and encouraging cash dividends and share buybacks [11]. - Create a more attractive environment for long-term capital by establishing mechanisms that ensure long-term funds are willing to invest and remain in the market [11]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk monitoring and prevention [12]. - Gradually expand the high-level institutional opening of the capital market to enhance its international competitiveness and facilitate cross-border investment [12]. Group 3: Principles for Implementation - Uphold the political and people-oriented nature of capital market work, ensuring that reforms align with public needs and protect investors' rights [7]. - Better coordinate investment and financing to optimize the capital market ecosystem and promote balanced development [7]. - Utilize reform and opening-up as key strategies to stimulate market vitality and improve the institutional framework [7]. - Ensure market stability as a foundation for effective market function, prioritizing risk prevention and management [8].

Core Viewpoint - The article emphasizes the importance of developing direct financing methods such as equity and bonds to enhance the inclusiveness and adaptability of the capital market, as outlined in the Central Committee's recommendations for the 15th Five-Year Plan [1] Group 1: Direct Financing Development - The development of equity and bond financing is identified as a key task for improving the capital market's inclusiveness and adaptability [1] - The article advocates for deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to promote diversified equity financing [1] Group 2: Support for Quality Enterprises - There is a call for enhancing the identification and pricing mechanisms for technology innovation enterprises to more effectively support quality companies in their public offerings [1] - The article stresses the need for continuous improvement in the high-standard professional service capabilities of intermediary institutions [1] Group 3: Private Equity and Bond Market - The promotion of private equity and venture capital funds is highlighted as a crucial step in the development of the capital market [1] - The article discusses the need to improve the multi-tiered bond market system, with a focus on developing Sci-Tech bonds and green bonds [1] Group 4: Real Estate and Asset Management - The steady development of real estate investment trusts (REITs) and asset securitization is emphasized as part of the broader strategy for capital market enhancement [1] - The article mentions the importance of refining futures product layouts and industry service functions [1]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system to support high-quality economic development and meet the evolving needs of the economy and society [1][2][3]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market system's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as it facilitates the optimization of innovation resources and promotes the integration of technological and industrial innovation [2]. - It is essential for ensuring that the benefits of development reach the broader population, as the capital market serves as a platform for over 2 billion stock and fund investors to share in the economic growth [2]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it improves market structure and quality, thereby increasing the core competitiveness and international influence of the capital market [3]. Group 2: Key Principles for Enhancing Capital Market System - The capital market must adhere to political and people-oriented principles, ensuring that it aligns with the needs of the market and protects the rights of investors, especially small and medium-sized investors [5]. - A better coordination between investment and financing is necessary, focusing on the overall balance and continuous quality improvement to optimize the financing structure [5]. - Reform and opening-up should be leveraged as key strategies to stimulate market vitality and enhance the capital market's functions [5]. Group 3: Key Tasks and Measures for the 14th Five-Year Plan - The development of direct financing through equity and bonds is a key measure to enhance the capital market's inclusiveness and adaptability, focusing on supporting innovative enterprises and improving service capabilities [7]. - There is a need to cultivate more high-quality listed companies by optimizing their structure and enhancing their investment value, which includes supporting mergers and acquisitions and improving the mechanisms for refinancing [8]. - Creating an attractive environment for long-term investments is essential, which involves establishing mechanisms that encourage the inflow and retention of long-term capital [8]. - The scientific and effective regulation of the capital market must be improved to adapt to rapid market changes and enhance stability [9]. - Expanding the high-level institutional opening of the capital market is crucial for enhancing international competitiveness and facilitating efficient capital flow [9]. - A standardized, inclusive, and vibrant capital market ecosystem should be fostered through legal reforms and investor education [10].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].

12月5日，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党 的二十届四中全会精神）》，全文如下： 提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神） 吴 清 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这 是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社 会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 （一）必须始终践行资本市场工作政治性、人民性。党的领导是中国特色金融发展之路最本质的特征， 是我国发展资本市场最大的政治优势、制度优势。必须坚持党对资本市场工作的全面领导，确保资本市 场始终保持正确的发展方向。突出以人民为中心的价值取向，紧紧围绕市场所需、群众所呼推进制度改 革，更加有力有效保护投资者特别是中小投资者合法权益。 一、深刻认识提高资本市场制度包容性、适应性的重 ...

党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这 是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社 会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 一、深刻认识提高资本市场制度包容性、适应性的重大意义 党的十八大以来，习近平总书记对资本市场高度重视，先后作出一系列重要指示批示。2023年中央金融 工作会议提出，加快建设安全、规范、透明、开放、有活力、有韧性的资本市场。2024年中央经济工作 会议指出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资本市场制度的包容 性、适应性。2025年7月30日中央政治局会议强调，增强国内资本市场的吸引力和包容性，巩固资本市 场回稳向好势头。《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称 新"国九条"）也对增强资本市场制度竞争力、提升对新产业新业 ...

欧盟委员会正推动一项旨在打破金融服务领域国家壁垒的全面计划，意图打造一个能够与美国相抗衡的 真正统一的资本市场，以此为陷入困境的欧盟经济注入新的活力。 周四，欧盟的执行机构欧盟委员会公布了一揽子措施，旨在消除跨境交易和资产管理中存在的障碍。这 些提议是欧盟创建"储蓄与投资联盟"行动的核心组成部分，目的是为了更有效地为创新型企业融资，从 而推动经济增长。 欧盟金融服务专员Maria Luis Albuquerque指出，当前的欧盟资本市场规模过小且竞争力不足，现状"行 不通"。此举被视为对欧洲经济增长模式停滞、竞争力落后于美国的回应。该计划的目标是将欧盟庞大 的家庭储蓄更有效地引导至实体经济投资，以阻止创新企业和资本持续流向海外。 然而，这些改革措施仍需获得欧盟各国政府和欧洲议会的批准，预计将面临部分成员国的阻力。尽管如 此，欧盟官员强调，鉴于欧洲在地缘政治和经济上正逐渐"失势"，推进单一市场已是刻不容缓。 整合监管为核心，强化ESMA权力 为了实现资本市场的真正统一，该方案提出了一系列具体的技术性措施，其中最核心的环节是推动监管 整合，并赋予欧洲证券和市场管理局（ESMA）更大的权力。 提案建议，通过增强受监 ...

Core Insights - The global capital markets are expected to undergo structural changes by 2026, driven by domestic financial market developments, particularly in market capitalization management and mergers and acquisitions [1] Group 1: Market Capitalization Management - By 2026, market capitalization management will evolve from a passive compliance tool to a core strategy for companies to actively build long-term value [2] - The shift is influenced by a restructuring of traditional valuation systems and a deepening regulatory focus on enhancing the quality of listed companies, alongside a transition from retail to institutional investor dominance [2] - Companies will need to engage more deeply with media and develop personalized investor relations to effectively communicate their strategic value and align market demands with corporate strategies [2] Group 2: Mergers and Acquisitions - Mergers and acquisitions will transition from mere scale expansion to becoming a key method for companies to construct industrial ecosystems and achieve leapfrog development [3] - This shift is driven by ongoing policy incentives, urgent strategic upgrades, and opportunities arising from global supply chain restructuring due to geopolitical tensions [3] - The focus of M&A activities will increasingly target "hard technology" sectors such as semiconductors, computing power, and artificial intelligence, facilitating both scale expansion and the establishment of technological barriers [3] Group 3: Role of Local State-owned Enterprises - Local state-owned enterprises are expected to transition from being financial investors to becoming industrial organizers by 2026 [4] - This strategic shift involves acquiring control of listed companies to attract high-quality firms with core technologies or market channels, thereby enhancing regional economic resilience and competitiveness [4] - The new model of capital empowerment linked to industrial introduction will help local governments overcome traditional investment challenges, promoting a more integrated industrial ecosystem [4] Group 4: Specialized M&A Funds - Specialized M&A funds focusing on specific technology sectors or industrial chain segments are anticipated to emerge, facilitating resource integration and governance optimization [5] - These funds will create a pool of high-quality acquisition targets, driving the refined restructuring of industrial chains and enhancing the capital market's role in supporting the real economy and industrial upgrades [5]

Core Insights - The article discusses the ongoing reforms in China's capital market as it transitions from the 14th Five-Year Plan to the 15th, focusing on the establishment of long-term investment mechanisms and market stability [1][2]. Group 1: Market Stability Mechanisms - The central economic work conference emphasized stabilizing the real estate and stock markets, aiming to facilitate long-term capital inflow [2]. - A preliminary long-term stability mechanism has formed, driven by various initiatives such as stock buybacks and the role of state-owned enterprises in market value management [2][3]. - The influx of long-term capital, including insurance funds and the growth of ETFs, has significantly contributed to market stability [3]. Group 2: Long-term Capital Inflows - By the end of Q3, insurance companies held stocks worth 3.62 trillion yuan and securities investment funds worth 1.97 trillion yuan, showing a notable increase [3]. - The ETF market has experienced rapid growth, with a significant portion of active equity funds outperforming passive indices, achieving excess returns of 10% to 13% [3]. - A total of 1,033 listed companies announced cash dividend plans, with a cumulative repurchase amount of 92.3 billion yuan, indicating a strong commitment to returning value to investors [3]. Group 3: Policy Initiatives - The government has introduced measures to address the challenges of insufficient long-term capital, including mandates for state-owned insurance companies to invest a portion of new premiums in A-shares [4]. - Policies are being implemented to enhance the internal value of companies, focusing on quality improvement and market stability [4][6]. - The establishment of a long-term assessment mechanism for institutional investors is expected to support sustained capital inflow into the equity market [4]. Group 4: Future Directions - The article suggests that further collaboration across policy, product, and trading sectors is necessary to strengthen the long-term investment environment and enhance market stability [6][7]. - Recommendations include developing public funds, promoting high-quality index investments, and establishing a monitoring system for market manipulation and insider trading [7]. - Enhancing the attractiveness of the capital market through tax incentives and improved information disclosure standards is also highlighted as a key strategy [6][7].