comment now | vigorously guide medium and long-term funds to enter the market, and the stock market can be expected to "long red"
2024-09-28
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on september 26, in ningbo, zhejiang, stockholders used their mobile phones to check the stock market's surge. visual china map
on september 26, the political bureau of the cpc central committee made arrangements to vigorously guide the entry of medium and long-term funds into the market, open up the blocking points for social security, insurance, financial management and other funds to enter the market, and strive to boost the capital market. on the same day, the central financial services office and the china securities regulatory commission jointly issued the "guiding opinions on promoting the entry of medium and long-term funds into the market" (hereinafter referred to as the "opinions").
the main measures of the "opinions" include building and cultivating a capital market ecosystem that encourages long-term investment; vigorously developing equity public funds and supporting the steady development of private securities investment funds; and striving to improve supporting policies and systems for the entry of various medium and long-term funds into the market. it can be said that from the three levels of ecological construction, product improvement and even system reform, we actively guide medium and long-term funds to enter the market and strive to promote "long-term money and long-term investment".
a review of recent policies involving finance and capital markets reveals that attention to patient capital and medium- and long-term investments is increasing. in this "opinion", it is once again clearly mentioned to cultivate and expand patient capital such as insurance funds, promote insurance institutions to become firm value investors, and provide stable long-term investment for the capital market.
why has long-term investment become a key word in financial policy regardless of the primary market or the secondary market? the reason is simple. only through patient long-term investment can we truly become the "friend of time" in the real economy.
compared with short-term hype and speculation, which like to tell stories and blow bubbles, long-term investment often pays more attention to the long-term value and sustainability of the investment target due to the special nature of funds. for this reason, "long-term money" pays more attention to enterprises. fundamentals and development prospects. this not only helps cultivate long-term investment concepts in the market and promotes listed companies to improve their governance structures, but also creates a demonstration effect, bringing more opportunities for companies with real value to be "seen", and ultimately realizing the capital market and high-quality listings. a virtuous cycle in which companies promote each other.
the "opinions" have clear institutional arrangements for "long-term money" such as insurance funds, social security funds, corporate annuities, various types of pensions, and financial management: for example, institutional investors such as insurance funds, various types of pensions, etc. are allowed to act as strategic investors in accordance with the law. participate in the private placement of listed companies; establish and improve a long-term assessment mechanism of more than three years for insurance funds, various types of pensions and other medium and long-term funds, improve the assessment and evaluation mechanism, and enrich the long-term investment model of insurance funds; improve the investment of national social security funds and basic pension insurance funds policy system. etc.
investment represents confidence in the future, and confidence cannot be separated from market fairness, justice and transparency. this "opinion" also emphasized that "severely crack down on various illegal activities in the capital market and continue to shape a healthy market ecology. improve the basic system of the capital market suitable for long-term investment, improve the supervision of medium and long-term capital transactions, and improve the participation of institutional investors in listed companies." governance supporting mechanism" is actually an important step in promoting capital market reform.
the market's feedback on a series of favorable policies has been extremely positive. since the release of the financial "combination policy" on september 24, the three major a-share stock indexes have surged for four consecutive days. on september 26, the shanghai stock exchange index directly recovered the 3,000-point mark. investors' enthusiasm was completely ignited, and the market cheered "the bull market is coming."
the immediate results are enough to prove the market’s high recognition of policy guidance. as the stock market recovers, investor confidence has also been significantly restored, which will also have a positive impact on the long-term improvement of the capital market in the future.
it is worth reminding that although high market sentiment has brought enthusiasm for transactions in the short term, we need to pay more attention to long-term infrastructure construction and structural reforms. from this perspective, the importance of encouraging and advocating "long-term investment" and building a good capital market ecology is also constantly highlighted - only by truly doing a good job and implementing "long-term investment" can the stock market be as investors expect. achieve "long red" as expected.
the paper special commentator chen bai
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