Group 1 - The core argument emphasizes the need to enhance the competitiveness of listed companies as a key point for the development of the capital market [1] - Structural monetary policy has positively influenced the share buyback behavior of listed companies, leading to increased market liquidity and proactive buybacks [2] - A well-structured ecological system is essential for the stable development of the capital market, which relies on high-tech enterprises [3] Group 2 - Capital market reforms should encompass legal systems, policy rules, and financial instruments to combat fraudulent activities and optimize IPO and disclosure regulations [4] - Sufficient liquidity is crucial for capital market development, with a focus on attracting commercial insurance funds, social security funds, and pension funds [5] - The capital market should incorporate expectation management into its regulatory framework to promote stability and confidence [5]

Group 1 - The core viewpoint emphasizes the need for financial innovation to support the development of the data factor market, addressing challenges such as data asset valuation and risk management in financial institutions [1][2] - A significant bottleneck in the data factor market is the difficulty in valuing data assets, which hinders their use as collateral for loans. Financial institutions are hesitant to lend against data assets due to their rapid depreciation and uncertainty in valuation [2] - The increasing global influence of Chinese technology companies is leading to a rise in overseas listings, presenting both opportunities and challenges for domestic capital markets. If domestic markets do not enhance their attractiveness, high-quality companies may migrate abroad [4] Group 2 - New types of risks are emerging from the use of standardized AI algorithms in financial institutions, which can lead to homogeneity in risk assessment and potential market volatility due to collective investor behavior [5] - The importance of both digital intelligence and institutional innovation is highlighted, as the financial sector must not only focus on technological advancements but also on improving regulatory frameworks and market mechanisms to enhance competitiveness [6] - China's financial technology patent applications accounted for over 40% of the global total in 2022, indicating rapid technological advancement, yet there remains a need for systemic improvements to avoid inefficiencies in a highly digitized financial system [6]

智通财经5月10日电，中国社会科学院学部委员、原副院长高培勇今天在中国资本市场改革与发展暨 《中国资本市场的理论逻辑》（十卷本）理论研讨会上表示，随着经济发展，预期因素影响增大，预期 管理愈发重要。"中国股市波动背后的实质是预期和信心问题，已成为主导资本市场变化的关键因 素。"高培勇认为，资本市场发展应将预期因素纳入分析、监测体系，把预期管理作为监管重点，落实 到体制机制层面。他建议，当前资本市场制度改革不仅要注重供需平衡调控，更要重视预期管理和引 导，实现稳预期、强信心与稳股市、稳经济的相互促进和良性循环。 (上海证券报) 中国社会科学院学部委员高培勇：资本市场发展应将预期因素纳入分析监测体系 把预期管理作为监管 重点落实到体制机制层面 ...

Group 1: Core Objectives of the Action Plan - The action plan aims to leverage the capital market's role in building an industrial financial center in Shenzhen by establishing a high-quality capital market that meets the demands of high-quality economic and social development [1][2] - It emphasizes the cultivation of patient capital and the optimization of financing mechanisms for technology-driven enterprises, including support for bond financing for "high-tech" and "strategic emerging" companies [1][2] Group 2: Enhancing Listed Company Quality - The action plan outlines measures to improve the quality of listed companies by tightening listing criteria, enhancing governance standards, and increasing investment value [2] - As of now, Shenzhen has 584 listed companies, ranking third nationally, with a total market capitalization of approximately 8.61 trillion yuan [2] Group 3: Industry Institution Development - The plan supports leading institutions in enhancing their capabilities through mergers and acquisitions and encourages differentiated development among smaller institutions [2] - It also promotes the international expansion of major securities firms and the establishment of high-quality professional service institutions in Shenzhen [2] Group 4: Capital Market Ecosystem - The action plan advocates for the Shenzhen Stock Exchange to deepen the construction of a multi-tiered capital market, enhancing the stock and bond market structure [3] - It aims to strengthen cross-border cooperation with the Hong Kong Stock Exchange and implement various capital market collaboration measures [3] Group 5: Risk Prevention and Control - The plan emphasizes a proactive approach to risk management, focusing on early identification, warning, exposure, and resolution of risks [3] - It aims to enhance the stability of Shenzhen's capital market and prevent systemic risks [3]

以增量政策下好先手棋 以自身韧性应对外部风高浪急 ■记者观察 稳企业。全球最大银行市场、第二大资本市场和第二大债券市场，将为科技型企业发展提供资金"后 盾"。债券市场"科技板"横空出世，为科技创新提供高效、便捷、低成本的增量资金；深化科创板、创 业板改革政策措施出台在即；信贷支持科技创新的专项机制蓄势待发，金融资产投资公司批设"开闸"， 将加大对科创企业的投资力度…… 面对关税冲击，外贸企业在危机中觅新机，以"广交世界"抵御外围"海啸"，金融政策将助力外贸行业筑 起"堤坝"。银行业保险业护航外贸发展系列政策措施将制定实施，对外贸企业将应贷尽贷、应续尽续； 受关税政策影响较大的上市公司，将在股权质押、再融资、募集资金使用等方面获得更高的监管包容 度。 稳预期。超常规政策"如约而至"，社会信心"如期充值"。作为重要的宏观调控工具，货币政策超预期、 力度大、工具多、落地快：降准方面，既针对大中型银行，也阶段性调降汽车金融公司、金融租赁公司 存款准备金率；降息方面，下调了政策利率和住房公积金贷款利率，并首次全面下调结构性货币政策工 具利率；结构性工具既有新工具创设，也有额度增加，还有价格优惠。超常规的政策组合，迎来了 ...

优化两项支持资本市场的货币政策工具、进一步扩大保险资金长期投资试点范围、稳妥推进公募基金改 革……中国人民银行、金融监管总局、中国证监会等三部门5月7日在国新办新闻发布会上透露诸多政策 举措，大力推动中长期资金入市。在业内人士看来，中长期资金是资本市场重要的专业投资力量，也是 维护市场平稳健康运行的"压舱石""稳定器"。相关政策落地后，预计将有更多"长钱"入市，有望进一步 优化投资者结构，增强资本市场稳定性与韧性。 ...

央视网消息：5月7日，国务院新闻办公室就"一揽子金融政策支持稳市场稳预期"有关情况举行新闻发布会。这场新闻发布会上所释放的政策信 息，对于未来经济发展有何助力？ 对于房地产方面，政策也在加码。从需求端看，下调个人住房公积金贷款利率，减轻居民负担，并刺激购房需求。从供给端来看，加快出台和 房地产发展新模式相适配的系列融资制度，来助力持续巩固房地产市场的稳定态势。 北京师范大学教授、经济学专家万喆表示，发布会释放了一系列金融政策的"组合拳"，核心还是围绕稳市场、稳预期展开。政策力度很大、覆 盖范围广，对未来经济发展也具有多维度的支撑作用。 货币政策全面宽松 释放流动性 从主要关注点来看，首先是在宏观经济方面。货币政策调整和流动性支持力度相当大。发布会也明确提及，要通过降准降息等工具来释放流动 性，降低实体经济融资成本，缓解当前的有效需求不足这等问题，提振企业投资和居民消费的信心。 房地产政策精准施策 促进市场企稳 在资本市场方面，资本市场改革和中长期资金引入也是"组合拳"之一，进一步扩大保险资金长期投资试点范围，为市场引入更多的增量资金， 而且也会调整优化监管规则，进一步降低保险公司股票投资风险因子，来支持稳定和 ...

5月7日，在国新办举行的"一揽子金融政策支持稳市场稳预期"新闻发布会上，中国证监会主席吴清指 出，今年以来，证监会深入贯彻党中央、国务院一系列决策部署，持续推动新"国九条"及系列政策文件 落地见效，市场运行总体稳中有进、稳中向好。 吴清同时强调道，4月25日中央政治局会议强调，要"持续稳定和活跃资本市场"，充分体现了党中央对 于稳市场、稳预期的高度重视和殷切期望。我们将全力抓好贯彻落实，坚持"两强两严"，坚定不移办好 自己的事，既努力在市场运行上体现"稳"，同时在激发市场活力、强化市场功能上体现"进"。 一是全力巩固市场回稳向好势头。强化市场监测和风险综合研判，态完善应对各类外部风险冲击的工作 预案，全力支持中央汇金公司发挥好类"平准基金"作用，中央汇金公司在前方进行强有力操作，中国人 民银行作为后盾，这是全世界最有力有效模式之一。配合中国人民银行健全支持资本市场货币政策工具 长效机制，更好发挥市场各参与方的稳市功能。 采写：南都·湾财社记者 吴鸿森 对于资本市场，吴清指出，我们的底气和信心主要来自四个方面： 一是党中央、国务院的坚强领导和维护市场稳定的坚定决心、有力部署。大家都看到了，这都是扎扎实 实的行动 ...

Core Insights - The article discusses the development of patient capital in China, emphasizing the need to enhance long-term capital supply in the capital market and optimize assessment mechanisms for patient capital [1][3][4]. Group 1: Patient Capital Development - The environment for patient capital, primarily focused on equity investment, has changed significantly in recent years, leading to rapid industry growth. However, private equity institutions in China face bottlenecks in fundraising, investment, management, and exit processes, which hinder the generation and expansion of patient equity capital [3][4]. - In 2024, the total amount pledged by national institutional LPs reached 1.27 trillion yuan, with 6,863 contributions made. Government funds played a crucial role, contributing 669.2 billion yuan, while financial institutions and social security funds contributed a total of 224.5 billion yuan, marking a 0.9 percentage point increase from 2023 [4][5]. Group 2: Investment Trends - There is a notable trend towards early-stage investments, with seed and startup project investment cases accounting for 41% in 2024, a 4 percentage point increase from 2021. Investments in angel, Pre-A, and A rounds collectively represent 66% of total investment cases [5][6]. - The focus of equity investment has shifted towards hard technology sectors, with IT, semiconductors, biotechnology/healthcare, and machinery manufacturing leading in both the number of investment cases and investment amounts, accounting for 74% and 63% respectively in 2024 [6]. Group 3: Policy Recommendations - To strengthen patient capital and increase long-term capital supply in the capital market, it is recommended to enhance the role of state-owned capital in equity investments. This includes optimizing the governance of government industry investment funds and integrating local government industry funds [7][8]. - Encouraging banks, insurance companies, and social security funds to enter the equity investment market is essential. This involves clarifying the usage scope and methods for these funds, simplifying investment decision-making processes, and enhancing risk management systems tailored to equity investment characteristics [8].

文/《清华金融评论》 王茅 2 025年4月25日召开的中共中央政治局重磅会议，传递了什么重要信号？对资 持续稳定和活跃资本市场 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。中共中央总书记习近平主持会议。 会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的 事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 这段话相当关键，体现出以我为主，进行内循环，着重提到"四稳"，即稳就业、稳企业、稳市场、稳预期，而去掉了之前的另外两个稳，即不再提稳外贸， 稳外资。这两个稳并非不重要，而是在美国特朗普政府重启关税政策且不断反复，中美激烈博弈的当下，稳外贸，稳外资不在我们掌控范围之内， 我们需 要坚定不移办好自己的事。 关于资本市场，本次中共中央政治局会议指出，持续稳定和活跃资本市场。"稳定"是近来一直的提法， 而关于"活跃"一词，活跃资本市场、提振投资者信 心，这个提法在2023年7月，同等级别的会议上也曾提出来过。 不过当时的市场没有什么反应，接 ...