资本市场投资和融资功能失衡的主要表现 尽管我国资本市场规模已位居世界前列，但在投资和融资协调方面仍存在明显短板，最为突出的问题是 重融资、轻投资。长期以来，我们把金融理解为资金融通，资本市场被视作银行体系的延伸，只是另一 个融资市场而已。事实上，资本市场具有分散风险、共享收益的天然优势，是金融支持科技创新的主战 场，也是服务居民财富管理、分享增长红利的重要渠道。 健全投资和融资相协调的资本市场功能，是推进经济高质量发展、培育壮大新质生产力、增进民生福祉 的关键一环。长期以来，我国资本市场在支持企业融资、促进经济发展方面发挥了巨大作用，但也不同 程度地存在投融资功能失衡的现象。《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》强调，"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"。在当前复杂 的内外部环境下，突出"投资和融资相协调"，是建立资本市场内在稳定性长效机制、更好发挥资本市场 枢纽功能、建设培育鼓励长期投资的资本市场生态的必然路径。 当前，我国资本市场投资和融资功能失衡主要表现在以下四个方面。一是融资与投资周期错配。融资活 动呈现明显顺周期性，牛市集中扩容、熊市趋于停滞 ...

Group 1 - The core viewpoint emphasizes the commitment of Guohong Asset Management, a subsidiary of Yimin Fund Management, to high-quality development in the public fund industry, aiming to be a key player and innovation engine in this sector [1] Group 2 - The company adheres to a differentiated operation strategy, leveraging past business experiences and subsidiary positioning to establish a collaborative mechanism between the parent and subsidiary, achieving complementary advantages [2] - Guohong Asset is expanding its asset categories and building core capabilities in "alternative investments," including asset securitization (ABS/ABN), infrastructure REITs, private debt, and derivatives, aligning support for the real economy with client investment needs [2] - The firm focuses on customer demands by providing customized solutions, utilizing the flexibility of private products to meet the complex needs of institutional and high-net-worth clients [2] Group 3 - The company has established a stricter risk control system than ever before, adhering to the principle of "substance over form" and implementing thorough management practices [3] - A professional talent cultivation and recruitment mechanism has been established, promoting a corporate culture centered on "people-oriented, professional excellence" to guide all business actions [3] - Guohong Asset is exploring operational outsourcing to reduce back-office costs while concentrating human resources on core investment research and market activities, aiming to create a professional and high-quality asset management platform [3]