CCTV News, Beijing, October 12 (Reporter Yi Jiantao) According to the China Central Radio and Television Station Economic Voice's "Trading Live" report, on October 10, Wu Qing, Secretary and Chairman of the Party Committee of the China Securities Regulatory Commission, held an expert symposium on the capital market and financial situation in Beijing. He had in-depth exchanges with the heads of some listed companies and experts from securities fund institutions to listen to opinions and suggestions on the current capital market and financial situation. At the symposium, the construction of a market stabilization mechanism, the entry of medium and long-term funds into the market, and investor returns became the key words in the suggestions of the experts attending the meeting. What policy signals did the symposium send out? How will the main line of supervision be advanced during the year?
Stabilize expectations rather than strong stimulus and continue to strengthen the construction of market stabilization mechanisms
At the symposium, participants generally believed that my country's macro-economy is stable and improving, the transformation of industrial structure continues to deepen, and the capital market is operating generally soundly. Although it faces some risks and challenges, the trend of high-quality development will not change. It also proposed to continue to strengthen the construction of the market stabilization mechanism, further expand the sources, channels and market entry methods of medium and long-term funds, develop and expand patient capital; promote qualified listed companies to increase dividend repurchase efforts, and improve investor returns and rights protection mechanisms.
Qian Shengdong, an investment consultant at Galaxy Securities, believes that the core of this symposium is to stabilize expectations rather than strong stimulus, and emphasizes the continued strengthening of the market stabilization mechanism. In his view, policies mainly focus on the two main lines of capital and return. Promoting dividend buybacks and improving investor returns are medium- to long-term trends, rather than short-term temporary policies. Some supporting measures have already begun to be promoted.
He Li, chief investment adviser of Cathay Pacific Haitong, said that the symposium first unified the consensus of all parties on the current market situation, and at the same time made it clear that we should continue to strengthen the construction of market stabilization mechanisms, research and reserve more incremental policy tools. Combined with the previously implemented structural monetary policy tools and mid- and long-term capital entry support policies, these arrangements will help further strengthen the inherent stability of the market and hedge against potential volatility risks.
资金端扩容与回报端常态化并进
The symposium will regard broadening channels for medium- and long-term funds to enter the market as an important direction, and proposes to promote qualified listed companies to increase dividend repurchase efforts and improve investor returns and rights protection mechanisms. Just the day before the symposium, on October 9, the China Securities Regulatory Commission publicly solicited opinions on the "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comment)" and planned to lower the establishment thresholds for stock funds, hybrid funds, funds of funds and other products from 200 million yuan and 200 million units to 50 million yuan and 50 million units.
He Li believes that the entry of medium and long-term funds into the market is expected to further open up the entry paths of long-term funds such as social security, annuities, and insurance, optimize the long-term assessment mechanism of various institutional funds, improve the original speculative atmosphere of the market from the root of the capital structure, and consolidate the long-term stable capital foundation. In terms of investor returns, in addition to promoting dividend buybacks, promoting investor education on indexed investments and improving the delisting system are also important links in improving investor returns.
Qian Shengdong analyzed that the capital side is likely to advance along two paths: lowering market entry thresholds and expanding long-term capital sources: on the one hand, it will relax the constraints on product establishment and operation through new public offering regulations, and on the other hand, it will further optimize the market entry channels and investment ratios of long-term funds such as social security, insurance funds, and corporate annuities. He believes that this is more beneficial to leading companies with solid performance and stable cash flow. It is difficult for themed small market capitalization companies to obtain the favor of long-term funds; on the return side, it is necessary to move forward post-event supervision into institutional incentives to promote the normalization of dividend repurchases.
The above content is only the guest's personal opinion and does not serve as investment advice. Investment is risky, so be cautious when entering the market.
