A new round of deepening reform and opening up of the capital market has begun. The "25 Articles" of Active Capital Market, the "19 Articles of Deep Reform" of the Beijing Stock Exchange, and the Standardized Shareholding Reduction Behavioral Regulations... These policy actions are coordinated from the investment end, the financing end, and the trading end. They not only focus on short-term pain points, but also Focusing on the long term and basing the reform on sound principles will help to form a strong synergy that activates the market and boosts confidence, promotes the capital market to better play its functions of resource allocation, price discovery, and risk management, and achieve positive interaction with the real economy.
Comprehensive policies to boost investor confidence
Recently, the China Securities Regulatory Commission has resolutely implemented the important deployment of the Party Central Committee to "activate the capital market and boost investor confidence" and launched 25 policy actions. Then, many departments introduced a series of policies and measures to support the development of the capital market, including halving the stamp duty on securities transactions. On August 27, the China Securities Regulatory Commission issued a number of policy actions, including the phased tightening of the pace of IPOs, the release of standard regulations on shareholding reduction behavior, and the appropriate relaxation of financing margin ratios. In early September, the Beijing Stock Exchange released "19 In-depth Reforms" to further accelerate the creation of a "main position" system to serve innovative small and medium-sized enterprises.
Gong Fang, chief researcher and director of the Policy Research Office of Shenwan Hongyuan Securities Research Institute, believes that currently boosting the confidence of private entrepreneurs, residents’ consumption confidence and investor confidence is an important focus of macro policies. The recently introduced series of policy actions in the capital market are An important component of the macro-control policy aims to further enhance investor confidence. It is also an effective systematic complement to the comprehensive registration-based reform and is conducive to the systematic construction of a benign ecology of the capital market. In addition, these actions are highly targeted, respond in a timely manner to the hot issues that the market and investors pay attention to, reduce transaction costs, and are conducive to improving investors' rate of return and sense of gain.
It is reported that, focusing on high-quality development and building a modern capital market system project with Chinese characteristics, the capital market has begun to form a "1+N+X" policy system structure. Public information shows that among the special organizations organized by the "1+N+X" policy, the "Opinions on the High-Quality Construction of the Beijing Stock Exchange" have been released, the "Capital Market Investment Side Reform Action Plan" and the "Capital Market Service Construction Modernization" The "Industrial System Action Plan" and other measures are being rapidly formulated.
"With the implementation of the '1 + N + Lawyer Jiao Jinhong said.
The effectiveness of the counter-cyclical adjustment mechanism in primary and secondary shopping malls gradually becomes apparent
As the policy package continues to be implemented, the capital market has also seen some active changes.
On the one hand, after the release of new regulations on standard shareholding reduction behavior, many company announcements on the night of August 28 clearly mentioned that shareholders terminate their shareholding reduction plans in advance. Statistics from Industrial Securities Asset Management show that from August 29th to 31st, a total of 77 shareholders of listed companies voluntarily terminated their shareholding reduction plans. Shareholders of listed companies have responded positively to the new regulations on shareholding reduction, which not only gives confidence to the company and investors, but also helps to activate the capital market.
"The new regulations on shareholding reduction and the adjustment of the IPO rhythm can effectively change the supply of the secondary market and help improve the funding level of the secondary market." Tian Lihui, dean of the Institute of Financial Development of Nankai University, said that the organization of the relevant rules of the new regulation on shareholding reduction will be The interests of major shareholders are consistent with the development of the company. "Let major shareholders focus not on how to cash out and leave the market, but on how to better improve corporate profits and dividends in the current environment." More importantly, these actions reflect the Party Central Committee’s attention to the capital market and its protection and care for small and medium-sized investors.
On the other hand, the scale of repurchases in the A-share market has shown a steady growth trend. Choice data shows that in August alone, the number of A-share companies that disclosed repurchase matters (including repurchase proposals, repurchase plans, repurchase plans, etc.) was close to 400, of which the total number of companies that disclosed shareholder repurchase proposals and repurchase plans exceeded 140 homes.
Hong Kong Securities stated that the repurchases and increase in holdings of listed companies are conducive to sending positive and positive signals to the market and showing the market's confidence in economic recovery. Behaviors such as large-scale repurchases and shareholding increases not only help to revise and improve the company's own image, but also help protect the interests of existing investors and improve investors' mood.
Make greater efforts to promote medium- and long-term capital entry into the market
Industry experts generally believe that the recent intensive introduction of various policies to activate the capital market shows that decision-makers have a clear and clear attitude towards protecting the market, and more policies are expected to be implemented in the future, further boosting risk appetite. Among them, promoting the entry of medium and long-term funds into the market with greater efforts is the top priority of the investment side reform in the next stage of the capital market.
"The focus of the next stage of policies is still to create a systematic foundation for the continued improvement of A-shares in the medium and long term." Li Zhan, chief economist of the China Merchants Fund Research Department, said, including the active introduction of medium and long-term investment funds, promoting the acceleration of personal pension The financial system will be extended to the whole country, the coverage of the system will be expanded, the personal pension product system will be enriched, the financial derivative investment tools on and off the market will be enriched, the restrictions on the use of derivatives by various institutional investors will be optimized, and various medium and long-term funds will be actively promoted to establish long-term investment. Performance orientation, etc.
国联证券董事长、总裁葛小波认为，稳妥资金、养老金及年金、银行端资金是目前最为首要的长时间资金，主张国家加大中长时间资金鼓励方针力度，使其在商场中起到“稳定器”“压舱石”作用，可考虑适当降低社保基金、银行理财、稳妥资管等首要中长线组织入市门槛，优化本钱商场环境，为中长时间资金构建“愿意来、留得住”的商场环境。
在龚芳看来，除了打通出资端中长时间资金入市的堵点问题外，在融资端，本钱商场服务高水平科技自立自强和服务现代化产业系统的举动计划也在活泼酝酿中，这将进一步加大优质中长时间资产的供给，提高本钱商场的“造血”能力。在产品端，以深证100股指期货期权、中证1000ETF期权为代表的根底产品将连续上市，根底金融产品的丰厚将为出资者危险对冲及多元买卖供给更多东西。这一系列举动的出台，将进一步健全本钱商场功用，提高商场的活力和吸引力。