Policy measures to speed up the implementation of more "long money" into the market can be expected
On April 19, China Securities Journal published an article "Policy Measures to Accelerate the Landing of More "Long Money" Can Be Expected to Enter the Market". According to the article, the State Council recently issued the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market" (hereinafter referred to as the "National Nine Articles"), which proposes to establish a market ecology that cultivates long-term investment, improve the basic system for long-term investment, and build a policy system to support "long-term money and long-term investment".
Market participants believe that the promulgation of the new "National Nine Articles" is conducive to breaking down the institutional and institutional obstacles that restrict long-term capital entering the market, and laying a good foundation for the steady and healthy development of the capital market. It is expected that more measures to facilitate the entry of "long money" into the market, such as vigorously developing equity public funds, supporting the steady development of private securities investment funds and private asset management business, and optimizing the equity investment environment of insurance funds, are expected to be accelerated.
■An investor is following the stock market.
1. Vigorously develop equity public funds
The new "National Nine Articles" proposes to vigorously develop equity public funds and greatly increase the proportion of equity funds.
"Vigorously developing equity public funds and greatly increasing the proportion of equity funds is an important measure to deepen the reform of China's capital market and promote long-term stable development. This has far-reaching and positive implications for capital markets, investors and the entire economic system. The China Europe Fund said.
At the same time, it is necessary to comprehensively strengthen the investment and research capacity building of fund companies, enrich the types of investable assets and investment portfolios of public funds, and change from scale-oriented to return-oriented investors.
China Universal Asset Management Co., Ltd. said that it will strengthen the construction of investment and research organizations, build a multi-strategy, diversified and integrated investment and research team, improve the scientific investment management process, continuously improve professional investment and research capabilities, emphasize a clear and stable investment style, and actively play the role of professional investment institutions in value discovery, resource allocation and risk management, so as to promote the high-quality development of the capital market. Starting from the investment and wealth management needs of customers, we actively create a multi-asset, multi-strategy and cross-regional product and solution system, and provide customers with a richer and more diverse selection of investable assets and portfolios.
Regarding the new "National Nine Articles" proposed to "establish a fast approval channel for exchange-traded open-ended index funds (ETFs) to promote the development of indexed investment", Chen Xingwen, chief investment officer of Kurosaki Capital, believes that the significance of the ETF fast approval channel is to effectively reduce the volatility caused by individual stock shocks and improve the overall market stability through the investment method of a basket of indexes.
In the view of Jing Lei, general manager of Harvest Fund, in order to further do a good job in "long-term money and long-term investment", it is also necessary to establish a long-term performance evaluation system that is more suitable for the characteristics of different types of long-term funds, encourage long-term steady investment, reduce short-term performance pressure, and ensure that investment decisions are consistent with the long-term interests of investors.
2. Enhance the stability of private equity investment
Private equity funds are an important force in the capital market. For private equity funds, the new "National Nine Articles" not only proposes to support the steady development of private securities investment funds and private asset management business, but also points out that the outstanding risks and hidden dangers in the field of private equity funds should be rectified in a centralized manner.
Wang Qing, chairman of Chongyang Investment, believes that the new "National Nine Articles" are "both an encouragement and a spur" for the private securities investment fund industry. Private equity fund managers should not only adhere to the basic bottom line of legal and compliant operations, but also firmly establish the concept of finance for the people.
In terms of improving the stability of private equity investment, Bao Xiaohui, chairman of Changli Assets, suggested that private equity managers should start from three aspects, including improving the professional level and market analysis ability of the investment research team to provide investors with stable products, improving investors' understanding of long-term investment and value investment concepts through investor education activities, and continuously innovating in product design, setting a reasonable medium and long-term lock-up period, optimizing the charging method, and guiding investors to invest for a long time.
Ma Kewei, managing director of Mingze Investment, believes that in the current market environment, because the market system is not yet fully mature, quantitative trading may not be able to fully play its role in asset pricing and long-term value investment, and may still cause excessive market volatility and systemic risks. Before the reform of the market system and the establishment of a long-term value investment system, it is necessary to appropriately restrict the quantitative trading and quantitative private equity industry.
3. Optimize the policy environment for equity investment of insurance capital
We will build a policy system to support "long-term money and long-term investment", and the relevant measures to guide insurance capital to enter the market will be further increased. The new "National Nine Articles" proposes to optimize the policy environment for equity investment of insurance funds, implement and improve the performance evaluation methods of state-owned insurance companies, and better encourage long-term equity investment and other specific measures.
Wang Xiangnan, deputy director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, believes that in optimizing the policy environment for equity investment of insurance funds, the threshold for insurance companies to invest in equity assets can be further lowered, the proportion of investment in equity assets can be relaxed, and the market risk capital requirements for investment in equity assets can be moderately reduced. Further subdivide the subject matter of equity assets, and give greater support to the main business of scientific and technological innovation, energy conservation and environmental protection, health care and other industries.
The new "National Nine Articles" also point out the direction for optimizing the investment of medium and long-term funds such as social security funds, pensions and enterprise annuities, and specific measures include improving the investment policies of the national social security fund and basic pension insurance funds, and improving the investment flexibility of enterprise annuities and individual pensions. In addition, bank wealth management and trust funds are encouraged to actively participate in the capital market and increase the scale of equity investment.
Zeng Gang, director of the Shanghai Finance and Development Laboratory, said that with the support of the "long-term money and long-term investment" policy, the sales channels of bank wealth management are expected to be further expanded, and the expansion of the sales side will be conducive to improving the level of equity investment on the investment side. (All text and pictures are according to Xinhua News Agency)
[Chita D]
What does the new "National Nine Articles" say?
A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market", which consists of 9 parts. This is the first time in 10 years that the State Council has issued a guiding document on the capital market after the two "National Nine Articles" in 2004 and 2014. The opinions of these nine parts are: 1. General requirements, 2. Strictly control the entry of issuance and listing, 3. Strict supervision of listed companies, 4. Increase the supervision of delisting, 5. Strengthen the supervision of securities and fund institutions, and promote the return of the industry to its origins. 6. Strengthen transaction supervision and enhance the internal stability of the capital market; 7. Vigorously promote the entry of medium and long-term funds into the market and continue to expand long-term investment strength; 8. Further deepen reform and opening up in an all-round way to better serve high-quality development; 9. Promote the formation of a joint force to promote the high-quality development of the capital market.
Market participants believe that correspondingly, the new "National Nine Articles" have nine highlights:
Aspect 1: The high-quality development of the capital market must adhere to the "five musts", that is, we must adhere to and strengthen the leadership of the party, we must always practice the concept of finance for the people, we must comprehensively strengthen supervision, effectively prevent and resolve risks, we must always adhere to the principle of marketization and rule of law, and we must firmly grasp the theme of high-quality development;
Aspect 2: Iterative upgrading of the issuance and listing system;
Aspect 3: Formulate guidelines for the management of the market value of listed companies;
Aspect 4: Improve the investor compensation and relief mechanism in the process of delisting;
Aspect 5: Improve the salary management system of the securities and fund industry;
Aspect 6: Strengthen the construction of strategic force reserves and stability mechanisms;
Aspect 7: Optimize the policy environment for equity investment of insurance funds;
Aspect 8: Promote the development of new quality productivity;
Aspect 9: The construction of the rule of law in the capital market is expected to accelerate.