Jin Guanping: Enhancing Sense of Gain is the Basic Information for Active Capital Markets | Investors | Capital Markets
The Central Political Bureau recently held a meeting and pointed out the need to activate the capital market and boost investor confidence. This fully reflects the Party Central Committee's high attention and earnest expectations for the capital market.
At present, the number of individual investors in China has exceeded 200 million, which is the largest market situation in China's capital market, an important source of market vitality, and an important support for the normal functioning of the market. Therefore, improving the sense of gain for investors as soon as possible has become a practical need for the current active capital market.
The sense of gain stems from the fairness, impartiality, and transparency of the market. The capital market is an information market, and true, accurate, and timely information helps investors have a clearer understanding of the company's situation and management behavior, and then make investment decisions. The quality of information disclosure directly affects the trading experience of investors. Especially with the comprehensive implementation of the registration system, the importance of Xinpi has been elevated to a higher level. However, from a practical perspective, phenomena such as declining performance, incomplete disclosure, and delayed disclosure still occur from time to time, making it even more difficult for investors who are already at an information disadvantage to correctly "choose stocks" and have a sense of gain.
The various problems that exist in the process of issuing letters undermine the principle of fairness, affecting the enthusiasm of investors and their confidence in listed companies. Therefore, regulatory authorities should combine actual situations, improve information disclosure related systems as soon as possible, increase punishment for illegal and irregular cases of information disclosure, guide listed companies to actively do a good job in information disclosure, and make investors see and hear clearly.
The sense of gain comes from reasonable and predictable returns. The reason why investors invest in the capital market is because of its wealth management function, which is to make money, which is the top priority for investors to enhance their sense of gain. However, in recent years, the overall market situation has been hesitant and the lack of profitability has affected investor enthusiasm. The characteristics of "bull short bear long" and significant short-term fluctuations in China's capital market urgently need to be changed.
The long-term stability of the capital market, especially the stock market, requires the introduction of more long-term funds. In addition to providing a better institutional foundation for the entry of various medium - and long-term funds such as insurance and pension into the market, relevant departments should also urge listed companies to actively repay investors through cash dividends, share repurchases, and other means, guiding investors to establish long-term investment thinking. Professional investors represented by public funds also need to truly demonstrate their expertise in "receiving trust and managing wealth on behalf of clients", continuously strengthen their investment and research capabilities, return investors with reasonable returns, and attract a continuous stream of "patient funds" to participate. It should be noted that "slow bull" does not mean a unilateral rise in the stock market. Volatility is an eternal law of the securities market. Investors can only achieve stable returns and value growth by maintaining rationality and calmness, and not blindly chasing or giving up for temporary gains and losses.
The sense of gain comes from the continuous deepening of market reforms. For many years, the securities regulatory authorities have spared no effort in promoting the deepening reform of the capital market. The financing side reform has achieved significant results, greatly improving the accessibility and convenience of enterprise financing, and further improving the market financing function. In contrast, investment side reforms that are more closely related to investor satisfaction are somewhat lackluster. At present, enhancing the sense of gain for investors should be the starting point and foothold, vigorously promoting investment side reform, coordinating investment and financing development, in order to better stimulate market wealth effects and boost investor confidence.
Reform is the foundation and key to solving problems. The fee rate reform in the public fund industry, launched in July this year, has been welcomed by investors because it directly faces the pain point that investors have long faced - the fund earns money and the basic people do not make money. This kind of reform that benefits investors and forces the industry to improve investment management capabilities will undoubtedly have a positive effect on enhancing investor satisfaction.
The current market expects and urgently needs to launch more investment side reform measures, taking greater steps in expanding opening up to the outside world, enriching investment products, improving the quality of listed companies, and guiding various medium - and long-term funds to increase the actual proportion of equity investment. In this process, we must adhere to a problem oriented approach and focus on improving the sense of gain for investors. We believe that while improving investor expectations and enhancing development confidence, the vitality of the capital market will also be effectively enhanced.
