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Special topicCryptofantasyleague: heavy weight! After 10 years! The State Council issued another guiding document on the capital market.

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Source: Haitong Research

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Xun Yugen

Chief economist of Haitong

S0850511040006

Main points of investment:

Core conclusion: ① 's new "National Nine articles" focuses on improving the regulatory system and improving the quality of listed companies. ② maintains the order of market operation and develops long-term investment. ③ services create new quality productivity and protect the new momentum of economic growth.

Risk hint: the progress of the policy landing is not as expected.

Text:

On April 12, the State Council issued some opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market, which is another major policy in the capital market after the Securities Regulatory Commission issued four documents on March 15. The new "National Nine articles" puts forward the development goals of the capital market in the next five years, 2035 and the middle of this century, which points out the direction and path for the reform of the capital market.

Improve the supervision system and improve the quality of listed companies

The new "National Nine articles" puts forward a series of policies around improving the issuance and listing system, strengthening continuous supervision, and improving the delisting system, so as to further improve the "entry and exit" of listed companies, and promote listed companies to enhance their investment value. In terms of the listing system, opinions on further improving the issuance and listing system, strengthening the whole chain responsibility of issuance and listing, and strengthening the supervision of issuance and underwriting, we expect that the issuance and listing system will be upgraded and iterated to improve the quality of A-share listed companies from the source. In terms of continuous supervision, the new "National Nine articles" provides guidance for the market value management of listed companies in the aspects of strengthening information disclosure and corporate governance, increasing dividends, improving the norms of shareholding reduction, and so on. we believe that continuous supervision can effectively purify the development ecology of the capital market and enhance the attractiveness of the capital market. for example, there is still a certain gap between the persistence of A-share dividends for 22 years and the developed markets, and the proportion of A-share listed companies for 10 consecutive years is 31%. Lower than the United States (44%) and Japan (76%), the proportion of A-share dividends under the guidance of the policy is expected to increase. In terms of delisting system, the new "National Nine articles" proposes strict delisting standards and supervision, and expands multiple exit channels. At the same time, it also defines the compensation and relief mechanism for delisting investors, which will speed up the formation of a normal delisting pattern of A shares and optimize the efficiency of resource allocation in the capital market.

Second, maintain the order of market operation and develop and expand long-term investment

The new "National Nine articles" gives important instructions to the reform of the investment side of the secondary market from three aspects. First, strengthen trading supervision. In view of the problem that some quantitative funds and short selling forces disturb the market order, the new "National Nine articles" proposes to "introduce procedural trading supervision regulations." strengthen the supervision of high-frequency quantitative trading "," seriously investigate and deal with malicious short selling and other illegal acts of manipulating the market ", and at the same time propose to" strengthen the reserve of strategic forces and the building of a stability mechanism ", which will help to enhance the inherent stability of the market. The second is to promote the entry of medium-and long-term funds into the market, and public offerings and risky funds account for only about 15% and 6% of A-share investors. in order to strengthen the long-term investment strength, the new "National Nine articles" proposes to "vigorously develop equity public offering funds." greatly increase the proportion of equity funds "and" urge the establishment of rational investment, value investment, and long-term investment concept ", and propose to" optimize the policy environment for equity investment of insurance funds. " Better encourage long-term equity investment "and" enhance the flexibility of enterprise annuity and individual pension investment ". The third is to improve the system guarantee. The new "National Nine articles" proposes to "promote the strengthening of the construction of the rule of law in the capital market, greatly increase the cost of violation of laws and regulations" and "increase the joint crackdown on securities and futures crimes", which will help to optimize the A-share investment environment and attract more investors to enter the market.

Third, service to create new quality productive forces and protect the new momentum of economic growth

The policy measures of the new "National Nine articles" on "further comprehensively deepening reform and opening up and better serving high-quality development" propose to enhance the inclusiveness of the new industry new business type's new technology, better serve the implementation of national strategies such as scientific and technological innovation, green development, and the reform of state-owned enterprises, and promote the development of new-quality productive forces. We believe that serving the real economy and leading innovation-driven development is the historical mission of the capital market. At present, the momentum of China's economic development is accelerating from factor input to innovation-driven. The development of scientific and entrepreneurial enterprises emphasizing R & D and neglecting assets needs the capital market to provide them with smooth investment and financing channels, in which direct financing plays an important role. Measured by the stock of social finance, direct financing methods such as stocks and bonds accounted for 66% of the financing structure of non-financial enterprises in the United States in 2022, while only 17% in China, of which stock market financing accounted for only 4%. In the future, we should further improve the construction of capital market system, strengthen the linkage of multi-level capital market, promote the transformation of financing structure from indirect financing to direct financing, establish a virtuous circle of "science and technology-industry-finance", and guide resources to gather in the field of scientific creation. help the development of scientific and entrepreneurial enterprises and the upgrading of industrial structure, and serve the high-quality development of the real economy.