【导读】来自北京的利好消息 中国基金报记者 泰勒 大家好，简单关注一则利好消息。 11月18日，中国人民银行北京市分行等12部门印发 《金融支持北京市提振和扩大消费的实施方案》 。 鼓励金融机构通过多种形式参与商家促消费活动，提供消费贷款、信用卡分期费率优惠等活动，为消费者适当减费让利。 3.促进文旅体育消费提质升级 重点内容如下： 1.总体目标 力争到2030年北京市消费领域金融服务水平进一步提升，北京市住宿餐饮、文旅体育、教育、居民服务等服务消费和养老产业贷款余额持 续增长、信贷投放力度不断加大，个人消费金融服务质效不断提升，金融助力北京国际消费中心城市建设取得积极进展，多元化消费金融 服务体系基本建成。 2.加大商品消费信贷支持力度 积极开展汽车贷款业务，合理确定贷款发放比例、期限和利率，适当减免汽车以旧换新过程中提前结清贷款产生的违约金。 加大对汽车特别是新能源汽车消费的金融支持力度。 充分发挥首都"双奥之城"优势，鼓励金融机构围绕"赛事+"、冰雪经济等消费场景丰富金融产品，探索开展"门票收益权质押"等融资模式， 着力培育精品赛事体系和赛事运营企业。 4. 丰富住宿餐饮业金融服务供给 支持打造一批具有 ...

"提高资本市场制度包容性、适应性"——这一被写入"十五五"规划建议的战略部署，已成为指引资本市 场改革发展的核心命题。 如何针对这一部署精准施策？在近日出版的《〈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〉辅导读本》中，证监会主席吴清发表了题为《提高资本市场制度包容性、适应性》的署名文 章。证监会主席吴清在解读中，详细阐述了未来的重点任务与行动逻辑。 在吴清看来，这一部署为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。 而面向下一阶段的资本市场建设，吴清在文章中明确了"十五五"时期提高资本市场制度包容性、适应性 的六方面任务举措：一是积极发展股权、债券等直接融资；二是推动培育更多体现高质量发展要求的上 市公司；三是营造更具吸引力的"长钱长投"制度环境；四是着力提升资本市场监管的科学性、有效性； 五是稳步扩大资本市场高水平制度型开放；六是共同营造规范、包容、有活力的资本市场生态。 记者注意到，从吴清的表述来看，资本市场的"包容性"侧重于拓展其服务的广度与深度，让资本市场更 好地支持创新、服务人民；"适应性"则侧重于提升市场治理的效能与视野，使制度体系更能驾驭市场变 化、提升国际竞争 ...

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 need to enhance the inclusiveness and adaptability of China's capital market system, aiming for high-quality development through comprehensive reforms and alignment with national economic strategies [1] Group 1: Key Tasks for Capital Market Reform - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and Growth Enterprise Market to better serve real enterprises throughout their lifecycle [1] - Promote the cultivation of more high-quality listed companies by optimizing their structure and enhancing investment value, while supporting mergers and acquisitions and improving the refinancing mechanism [2] - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [2] Group 2: Regulatory Enhancements - Improve the scientific and effective nature of capital market regulation by building a comprehensive regulatory system that adapts to rapid market changes and financial innovations [3] - Expand the high-level institutional openness of the capital market, promoting coordinated development between onshore and offshore markets to enhance international competitiveness [3] Group 3: Market Ecosystem Development - Foster a standardized, inclusive, and vibrant capital market ecosystem by strengthening legal frameworks and investor protection mechanisms, while promoting rational and long-term investment practices [4] - Enhance the construction of high-end think tanks and talent teams to address strategic and foundational issues in the capital market [4]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4][5]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4][6]. - Create a more attractive environment for long-term investments, ensuring that long-term capital is willing to enter, stay, and thrive in the market [5][6]. Group 2: Regulatory and Market Environment Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6][7]. - Gradually expand the high-level institutional openness of the capital market, promoting efficient capital flow and resource allocation while improving international competitiveness [7][8]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7][8].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4]. - Create a more attractive environment for long-term investments, establishing mechanisms that encourage long-term capital to enter and remain in the market [5][6]. Group 2: Regulatory and Open Market Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6]. - Gradually expand high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets and improving the participation of foreign investors [7]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a push to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds is encouraged, alongside a robust multi-tiered bond market system [1] Group 2: High-Quality Listed Companies - The article stresses the need to optimize the structure of listed companies and enhance their investment value, supporting mergers and acquisitions and flexible refinancing mechanisms [2] - It highlights the importance of fostering world-class enterprises and improving incentive mechanisms to stimulate entrepreneurial spirit and innovation [2] - There is a call for listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [2] Group 3: Long-Term Investment Environment - The creation of a market environment conducive to long-term capital is emphasized, with mechanisms to assess long-term funds and promote public fund reforms [2] - The development of equity public funds and high-quality index investments is prioritized to enhance the scale and proportion of investments in A-shares [2] Group 4: Regulatory Enhancements - The article advocates for a comprehensive and multi-dimensional regulatory system to adapt to rapid market changes, enhancing monitoring and risk response mechanisms [2] - The use of modern technologies like big data and AI for identifying illegal activities and risks is encouraged [2] - Strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [2] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - It supports the improvement of the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation [3] - The construction of world-class exchanges and investment institutions is a priority, along with enhancing the status of international financial centers [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws to create a fair market environment [3] - Investor protection mechanisms and education are emphasized to promote rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is encouraged to address strategic and foundational issues [3]

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a vibrant market ecosystem [1][2][3][4] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a call to improve the identification and pricing mechanisms for technology innovation enterprises to support quality companies in going public [1] - The development of private equity and venture capital funds is encouraged, alongside a multi-tiered bond market system, including the promotion of green bonds and real estate investment trusts [1] Group 2: High-Quality Listed Companies - The article stresses the importance of optimizing the structure of listed companies to enhance investment value and support their transformation and upgrading [2] - Continuous reform in the mergers and acquisitions market is highlighted to improve the flexibility and convenience of refinancing mechanisms [2] - There is an emphasis on encouraging listed companies to return value to investors through cash dividends and share buybacks, while also reinforcing a regular delisting mechanism [2] Group 3: Long-Term Investment Environment - The creation of a market environment that attracts long-term capital is prioritized, with mechanisms to assess long-term funds being established [2] - The article advocates for the reform of public funds and the development of equity public funds to bind investor interests [2] - The promotion of a smooth cycle of fundraising, investment, management, and exit for private equity and venture capital funds is also mentioned [2] Group 4: Regulatory Enhancements - The need for a comprehensive and multi-dimensional regulatory system for securities and futures is emphasized to adapt to rapid market changes [3] - The use of modern technologies like big data and AI for effective monitoring and risk management is highlighted [3] - Strict enforcement against financial fraud and market manipulation is necessary to maintain a fair market order [3] Group 5: Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets [3] - Enhancements to the Qualified Foreign Institutional Investor system and the facilitation of foreign investment participation are also mentioned [3] - The construction of world-class exchanges and investment institutions is a key focus area [3] Group 6: Market Ecosystem - The article calls for strengthening the legal framework of the capital market and revising relevant laws and regulations to create a fair market environment [4] - Investor protection mechanisms, including representative litigation, are to be improved alongside investor education initiatives [4] - The establishment of a positive public opinion environment that encourages innovation and tolerates failure is also emphasized [4]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market during the 14th Five-Year Plan period, focusing on direct financing, high-quality listed companies, and a robust regulatory environment [1][2][3] Group 1: Direct Financing Development - The focus is on actively developing direct financing through equity and bond markets, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key drivers [1] - There is a commitment to improve the service capabilities for real enterprises throughout their lifecycle and enhance the identification and pricing mechanisms for innovative companies [1] - The development of private equity and venture capital funds, as well as a multi-tiered bond market system, is prioritized, including the promotion of green bonds and real estate investment trusts [1] Group 2: High-Quality Listed Companies - The article highlights the need to optimize the structure of listed companies and enhance their investment value, with a focus on mergers and acquisitions and flexible refinancing mechanisms [2] - There is an emphasis on encouraging companies to return value to investors through cash dividends and share buybacks, while also reinforcing a regular delisting mechanism [2] - The goal is to foster world-class enterprises and stimulate entrepreneurial spirit and innovation through improved incentive mechanisms [2] Group 3: Long-Term Investment Environment - The creation of a market environment that attracts long-term capital is essential, with measures to enhance the assessment mechanisms for long-term funds [2] - The article advocates for the reform of public funds and the development of equity public funds, promoting high-quality index investment [2] - It also emphasizes the importance of a smooth cycle for private equity and venture capital funds [2] Group 4: Regulatory Enhancements - The article calls for a comprehensive and multi-dimensional regulatory system for securities and futures, adapting to rapid market changes [3] - There is a focus on using modern technologies like big data and AI to identify illegal activities and risks effectively [3] - The commitment to strict enforcement against financial fraud and market manipulation is highlighted to maintain a fair market order [3] Group 5: Capital Market Openness - The article discusses the gradual expansion of high-level institutional openness in the capital market, promoting efficient capital flow and resource allocation [3] - It supports the development of both onshore and offshore markets, enhancing the participation of foreign investors [3] - The construction of world-class exchanges and investment institutions is a priority, along with strengthening the Shanghai and Hong Kong financial centers [3] Group 6: Market Ecology - The article emphasizes the need for a normative, inclusive, and vibrant capital market ecosystem, advocating for legal reforms and investor protection mechanisms [3] - It highlights the importance of investor education and promoting rational, value, and long-term investment [3] - The establishment of high-end think tanks and talent development in the capital market is also discussed [3]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2][4]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4][5]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4][5]. - Create a more attractive environment for long-term investments, ensuring that long-term capital is willing to enter, stay, and thrive in the market [5][6]. Group 2: Regulatory and Open Market Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [5][6]. - Gradually expand high-level institutional openness in the capital market, promoting efficient capital flow and resource allocation while improving international competitiveness [6][7]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [6][7].