近日，在中国证监会举办的学习贯彻党的二十届四中全会精神宣讲报告会上，证监会主席吴清在谈及抓 紧研究谋划"十五五"时期资本市场战略任务与重大举措时，以十二个"更"概括了未来资本市场深化改革 的方向——"着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价 值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更 严、更实，为实现党中央确定的'十五五'目标任务积极贡献资本市场力量。" 笔者认为，这十二个"更"不仅是对资本市场高质量发展的高度概括，更是对深化改革的方向指引。十二 个"更"承载着对资本市场未来发展的深切期待，也全面勾勒出未来五年资本市场深化改革的清晰脉络。 "更具韧性、更加稳健"体现了对市场运行规律认识的深化。一个能够抵御内外冲击、保持基本稳定的市 场，不仅是投资者信心的基石，更是金融服务实体经济的保障。更具韧性、更加稳健的市场需要进一步 完善多层次市场体系，构筑更强的风险抵御能力。 （文章来源：证券日报） "制度更加包容、更具吸引力"彰显了资本市场持续深化改革开放的智慧。中国资本市场正以更加开放的 姿态迎接各类市场主体，更具包容性的制度设计 ...

Core Viewpoint - The strategic deployment of enhancing the inclusiveness and adaptability of the capital market, as outlined in the "14th Five-Year Plan," serves as a guiding principle for the reform and development of the capital market [1][2]. Group 1: Key Tasks and Measures - Six key tasks for enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period have been identified: 1. Actively develop direct financing through equity and bonds 2. Foster more high-quality listed companies 3. Create a more attractive environment for long-term investments 4. Improve the scientific and effective nature of capital market regulation 5. Gradually expand high-level institutional openness in the capital market 6. Build a standardized, inclusive, and vibrant capital market ecosystem [2][4][5]. Group 2: Emphasis on Innovation and Public Benefit - The inclusiveness of the capital market is characterized by its ability to accept new economic forces and concern for the welfare of the majority of investors. It should identify and serve new industries, business models, and technologies, acting as a core "booster" for the development of new productive forces [4][5]. - The capital market is seen 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. The implementation of new policies has led to a stable recovery in the capital market, with projected cash dividends for investors reaching 2.4 trillion yuan in 2024 [6]. Group 3: Regulatory Adaptability and Market Stability - The adaptability of the capital market emphasizes the ability of the regulatory system to respond to internal and external changes, guiding and regulating market innovation. This includes building a comprehensive and efficient regulatory system for securities and futures [7][8]. - The focus is on enhancing the stability of the capital market by strengthening risk prevention and resolution mechanisms, utilizing modern technologies like big data and artificial intelligence to identify illegal activities and risks [7][9]. Group 4: International Competitiveness and Open Market - Expanding the high-level institutional openness of the capital market is crucial for enhancing its inclusiveness and adaptability. The recovery of the valuation of RMB assets since 2025 has increased global capital's willingness to invest in the domestic market [8][9]. - The approach involves promoting coordinated development between onshore and offshore markets, facilitating efficient capital flow, and improving the participation of foreign investors in the domestic capital market [8][9].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market as a strategic deployment in the "14th Five-Year Plan" [1][2] Group 1: Key Tasks and Measures - The six key tasks for improving the capital market's inclusiveness and adaptability during the "14th Five-Year" period include: 1. Actively developing direct financing through equity and bonds 2. Promoting the cultivation of more high-quality listed companies 3. Creating a more attractive environment for long-term investments 4. Enhancing the scientific and effective nature of capital market regulation 5. Gradually expanding high-level institutional openness in the capital market 6. Fostering a standardized, inclusive, and vibrant capital market ecosystem [1][5] Group 2: Emphasis on Innovation and Public Benefit - The capital market's inclusiveness is characterized by its ability to recognize and serve new industries, business models, and technologies, acting as a core "accelerator" for the development of new productive forces [4] - The capital market serves as an important platform for the public to share in the development achievements of the real economy, with over 200 million stock investors and more than 700 million fund investors in China [6] Group 3: Regulatory Adaptability - The adaptability of the capital market's regulatory system is crucial for responding to internal and external environmental changes, enhancing the ability to lead and regulate market innovation [8] - Emphasis is placed on building a comprehensive and multi-dimensional regulatory system for securities and futures, utilizing modern technologies like big data and AI to identify risks and illegal activities [8] Group 4: International Competitiveness - The restoration of the valuation of RMB assets since 2025 has increased global capital's willingness to invest in the domestic capital market, with a focus on enhancing the market's attractiveness and inclusiveness through institutional openness [9] - The article advocates for a gradual approach to promote the coordinated development of onshore and offshore markets, improving the convenience for foreign capital and institutions to participate in China's capital market [9]

Core Viewpoint - The article emphasizes the strategic deployment of enhancing the inclusiveness and adaptability of the capital market as a guiding principle for reform and development during the 14th Five-Year Plan period [1][2]. Group 1: Key Tasks and Measures - The six key tasks outlined for enhancing the capital market's inclusiveness and adaptability include: 1. Actively developing direct financing through equity and bonds 2. Cultivating more listed companies that reflect high-quality development 3. Creating a more attractive environment for long-term investments 4. Improving the scientific and effective nature of capital market regulation 5. Gradually expanding high-level institutional openness in the capital market 6. Fostering a standardized, inclusive, and vibrant capital market ecosystem [1][6][8]. Group 2: Inclusiveness of the Capital Market - The inclusiveness of the capital market focuses on expanding its service breadth and depth to better support innovation and serve the public [2][4]. - Acknowledging the importance of identifying and serving new industries, new business models, and new technologies, the capital market is seen as a key driver for the development of new productive forces [5][7]. - The capital market is positioned as a "wealth pool" that allows diverse investors to share in the benefits of national development, with over 200 million stock investors and 700 million fund investors in China [7]. Group 3: Adaptability of the Capital Market - The adaptability of the capital market emphasizes the ability of the institutional framework to respond to internal and external changes, guiding and regulating market innovation [8][9]. - A robust regulatory mechanism is necessary to quickly respond to market innovations and risks, with a focus on enhancing the stability of the capital market [8][10]. - The article highlights the importance of maintaining a fair market order through strict enforcement against fraudulent activities and ensuring compliance with regulations [8][10]. Group 4: International Competitiveness and Openness - Expanding institutional openness is seen as a crucial way to enhance the capital market's inclusiveness and adaptability, with a focus on attracting global capital investments [9][10]. - The article advocates for a gradual approach to developing both onshore and offshore markets, facilitating efficient capital flow and resource allocation [10].

Core Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, as articulated by General Secretary Xi Jinping, which provides a strategic direction for economic and social development over the next five years and beyond [1][2] Group 1 - The "14th Five-Year Plan" period is identified as a crucial time for consolidating foundations and making comprehensive efforts, highlighting the need for the CSRC to enhance its understanding of the "two establishments" and strengthen its commitment to the "four consciousnesses" [1] - The CSRC is tasked with developing a strategic plan for the capital market during the "14th Five-Year Plan" period, focusing on enhancing market resilience, stability, and the quality of listed companies [1][2] - The regulatory framework is expected to become more inclusive and attractive, with an emphasis on effective enforcement and deeper levels of openness in the capital market [1] Group 2 - The CSRC is urged to prioritize the learning and implementation of the Plenary Session's spirit as a significant political task, ensuring comprehensive training and research efforts [2] - The focus is on translating the learning outcomes into tangible results that promote risk prevention, strengthen regulation, and encourage high-quality development in the capital market [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on implementing the spirit of the 20th Central Committee's Fourth Plenary Session, emphasizing the need for a robust capital market reform strategy during the 14th Five-Year Plan period [1][2]. Group 1: Capital Market Development Goals - The CSRC has outlined six major goals for capital market development during the 14th Five-Year Plan period, which include enhancing market resilience and stability, improving the quality and value of listed companies, and increasing the effectiveness of regulatory enforcement [1][3]. - The goals also emphasize creating a more inclusive and attractive system, deepening and elevating openness, and ensuring strict governance within the CSRC [1][2]. Group 2: Implementation Strategies - The CSRC is committed to conducting comprehensive training and research to ensure effective implementation of the outlined tasks, with a focus on transforming the learning outcomes into tangible results for risk prevention and high-quality development [2][3]. - Specific measures include promoting direct financing through equity and bonds, fostering high-quality listed companies, and enhancing the regulatory environment to attract long-term investments [3].

Group 1 - The China Securities Regulatory Commission (CSRC) held a report meeting to study and implement the spirit of the 20th Central Committee's Fourth Plenary Session, emphasizing the importance of Xi Jinping's speech and the guidelines for the 15th Five-Year Plan [1][2] - Wu Qing highlighted the significance of the 15th Five-Year period as a crucial time for consolidating foundations and making comprehensive efforts, aiming to enhance the resilience and stability of the capital market [2][3] - The CSRC is tasked with deepening the understanding of the "two establishments" and enhancing the "four consciousnesses," "four confidences," and "two safeguards" to align with the new requirements for building a financial powerhouse [2][3] Group 2 - The CSRC is committed to implementing a comprehensive learning and training program to ensure the effective application of the Plenary Session's spirit, focusing on risk prevention, strong regulation, and promoting high-quality development in the capital market [3] - The meeting included participation from senior officials within the CSRC and its affiliated institutions, emphasizing a unified approach to the implementation of the outlined tasks [3]

人民财讯11月14日电，近日，中国证监会举办学习贯彻党的二十届四中全会精神宣讲报告会，中央宣讲 团成员，证监会党委书记、主席吴清作宣讲报告。 吴清强调，"十五五"时期具有承前启后的重要地位，是夯实基础、全面发力的关键时期。证监会系统要 深刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维护"，全面理解和 把握全会关于加快建设金融强国的新部署新要求，认真落实金融系统学习贯彻全会精神会议提出的工作 要求，抓紧研究谋划"十五五"时期资本市场战略任务和重大举措，着力推动市场更具韧性、更加稳健， 制度更加包容、更具吸引力，上市公司质量更高、价值更优，监管执法更加有效、更具震慑力，开放迈 向更深层次、更高水平，证监会系统全面从严治党更严、更实，为实现党中央确定的"十五五"目标任务 积极贡献资本市场力量。 ...

Core Insights - The research indicates that state-controlled media in China often exhibit a significant "optimistic bias," which can distort the true value signals for investors [1][11] - Social media platforms, such as Dongfang Caifu, serve as effective "correctors" of this bias, allowing investors to access more accurate information about companies [1][11] Research Background - The study analyzes data from 2009 to 2016, comparing 3.84 million posts from social media with 3.7 million reports from traditional media, focusing on their reporting on listed companies [8] - The unique media environment in China, characterized by traditional media's constraints and social media's relative freedom, provides a representative context for this research [8] Research Findings - Traditional media shows a significantly optimistic tone with a mean score of 0.3704 (77.9% positive), while social media has a mean score of -0.2028 (only 13% positive), indicating a negative bias [9] - During periods of positive reporting from traditional media, the correlation with social media's tone decreases significantly, confirming social media's ability to reveal traditional media's optimistic bias [9] - The study found that after the 2015 stock market intervention, the optimistic bias in traditional media increased, while social media's influence remained stable [11] Research Methodology - The research utilized machine learning techniques to analyze over 3 million news articles and 31 million social media posts, achieving over 90% accuracy in sentiment classification [10] - The analysis included various corporate characteristics and stock market trends to assess the relationship between media tone and future market performance [10] Research Implications - The findings highlight the role of social media as a supervisory mechanism in a heavily regulated news environment, enhancing market information efficiency [12] - This research contributes to understanding the interaction between media bias and financial markets, particularly in emerging market contexts [12]

Group 1 - The core viewpoint is that the market capitalization held by foreign investors in A-shares has increased from over 3 trillion yuan at the end of 2020 to over 3.5 trillion yuan currently, indicating a growing confidence in China's capital market [1][3] - The A-share market indices have shown a steady upward trend over the past year, with the MSCI China Index outperforming global markets [1] - The Chinese government is committed to steadily and orderly advancing the opening of its capital markets, creating a favorable institutional environment for international investors [1][3] Group 2 - The Vice Chairman of the China Securities Regulatory Commission stated that foreign investors now hold over 3.5 trillion yuan in A-shares, highlighting their significant role in the market [3] - There is an expectation for further opening of China's capital markets, including the introduction of more futures and options products, which will enhance the convenience for foreign institutions to participate [3] - The quality and investment value of listed companies in China are continuously improving, with a concentration of leading technology firms in sectors such as integrated circuits, biomedicine, and new energy, providing high-quality assets for international investors [3]