Core Viewpoint - The article discusses the recent initiatives by the Beijing Securities Regulatory Bureau and other departments to attract long-term funds into the market, emphasizing the importance of optimizing market ecology, improving assessment mechanisms, and broadening funding channels [1] Group 1: Policy Initiatives - Establish a long-term assessment mechanism for commercial insurance funds and other long-term funds with a focus on three-year cycles to promote long-term performance orientation [2] - Improve the quality of listed companies in Beijing and encourage eligible companies to repurchase and increase their holdings [3] - Guide fund companies to shift from scale-oriented to investor return-oriented strategies, aiming to create stable long-term returns for investors and increase the scale and proportion of equity funds [4] Group 2: Investment Strategies - Encourage private equity funds to diversify product types and investment strategies, and promote securities, fund, and futures institutions to increase the proportion of equity private asset management businesses to meet diverse wealth management needs [5] - Enhance the investment coverage and flexibility of enterprise annuities and personal pensions, supporting qualified employers to allow personal investment choices in enterprise annuities [6] - Encourage bank wealth management and trust funds to actively participate in the capital market, optimize incentive assessment mechanisms, and streamline market entry channels to increase equity investment scale [7] Group 3: Implementation and Results - The central financial office and the China Securities Regulatory Commission have jointly issued a plan to increase the public fund's holdings of A-shares by at least 10% annually over the next three years, with large state-owned insurance companies allocating 30% of new premiums to A-share investments [8] - As of the end of Q3, public funds held A-share market value exceeded 7 trillion yuan, reaching a record high of 7.38 trillion yuan, accounting for 20.84% of total fund assets, with a quarter-on-quarter increase of 22.23% [8] - The implementation of the policy has already shown effects, with local policies in places like Guangdong and Beijing aligning with these central goals [9] Group 4: Regional Developments - Shanghai is leveraging its international financial center advantages to promote insurance funds' participation in strategic placements on the Sci-Tech Innovation Board and exploring cross-border wealth management mechanisms [10] - Zhejiang is guiding private equity funds to support technology innovation enterprises and promoting long-term cooperation between listed companies and pension management institutions [11] - Jiangsu is enhancing connections with social security and basic pension funds to support advanced manufacturing enterprises' listings and refinancing [12] Group 5: Future Coordination - The Beijing Securities Regulatory Bureau will coordinate with relevant departments to strengthen policy collaboration and information sharing to ensure the implementation of the proposed measures [13] - Public funds in Beijing have established a three-year long-cycle assessment system, with significant improvements in the actual equity investment ratio and a focus on high-quality development [14][15]

Group 1 - The report highlights the optimization of the North Exchange's strategic allocation qualifications, recommending that public funds and insurance capital actively participate in the market [7][8]. - The North Exchange 50 index increased by 2.74%, with a stock rise-to-fall ratio of 7.66, indicating a short-term rebound despite a lack of significant increase in trading volume [7][17]. - The report notes that the new stock allocation market has undergone significant changes post-National Day, with a shift towards employee stock ownership plans, broker follow-ups, and state-owned platforms as the main participants [8][12]. Group 2 - The report states that 245 stocks rose while 32 fell, with notable gains in stocks like Luqiao Information and Tongyi Aerospace [31]. - The average price-to-earnings (PE) ratio for the North Exchange is reported at 46.51 times, reflecting an increase [19][17]. - The report indicates that the North Exchange's trading volume was 3.931 billion shares, a decrease of 0.67% week-on-week, with a trading value of 90.149 billion yuan, down 2.63% [21][17]. Group 3 - The report mentions that three new stocks were issued, with the allocation ratio for these new stocks reduced from 20% to 10%, and no green shoe mechanism was adopted, leading to a 5% reduction in actual issuance [8][12]. - The report emphasizes the significant difference between the initial valuation of new stocks and their secondary market valuation, with a reported average lock-up period of 8 months and a release day return rate of +263.2% [8][12]. - The report anticipates increased market volatility due to several upcoming significant events, including quarterly reports and policy meetings [11][12]. Group 4 - The report notes the successful issuance of the first medium- to long-term technology innovation corporate bond on the North Exchange, with a scale of 500 million yuan and a term of 5 years [45][46]. - The report provides an overview of the new third board, indicating that 15 new companies were listed while 6 were delisted, with a total of 6042 companies currently listed [47][48].

责任编辑：袁浩 公开资料显示，中关村资本是中关村发展集团的全资子公司和支持科技创新发展的资本平台。中关 村资本坚持投早、投小、投长期、投硬科技，提供覆盖科技企业全生命周期、多层次、接续式耐心资本 服务，基金管理规模555亿元，基金系投资企业4200余家，其中162家企业实现IPO。8月29日，中关村 资本15亿元科创债项目获中国证监会注册批复，系交易所市场自科创债新政发布以来首单获批的股权投 资机构科创债。本次发行是该项目的第一期发行，其中3.95亿元募集资金专项用于科技创新领域基金新 增出资或置换出资，重点投向集成电路、生命健康、人工智能、新能源、新材料等战略性新兴产业。 北交所表示，下一步，将在中国证监会的领导下，持续深化股债市场协同服务，丰富北交所债券产 品体系，推动更多科创债、绿色债等专项债落地，不断提升服务实体经济质效。 本报讯 记者张弛报道 近日，北京中关村资本基金管理有限公司（以下简称"中关村资本"）成功发 行北交所首单中长期科技创新公司债券。本期债券由银河证券担任牵头主承销商和簿记管理人，国泰海 通担任联席主承销商，发行规模5亿元，期限为5年，发行利率2.29%，创今年9月以来全国同期限、同 ...

Core Points - Beijing Zhongguancun Capital Fund Management Co., Ltd. successfully issued the first medium- and long-term technology innovation corporate bond on the Beijing Stock Exchange [1] - The bond has a scale of 500 million yuan, a term of 5 years, and an issuance interest rate of 2.29%, marking the lowest rate for bonds of the same term and rating since September this year [2] - Multiple financial institutions, including SPDB, Huaxia Bank, and Galaxy Securities, participated in the subscription [3] - The project received approval from the China Securities Regulatory Commission for a 1.5 billion yuan sci-tech bond, with 395 million yuan earmarked for investment in strategic emerging industries such as integrated circuits and artificial intelligence [3] - The Beijing Stock Exchange plans to deepen the collaboration between stock and bond markets and enhance the bond product system to support the real economy [4]