General Manager of CITIC Securities, Zou Yingguang: The inclusiveness and adaptability of the capital market system are reflected in two aspects: supporting technological innovation and unleashing the wealth effect.

Today, the 2026 Capital Market Annual Conference of Citic Securities was held in Shenzhen. Zhang Yingguang, the general manager of Citic Securities, stated in his speech that the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China clearly stated the need to improve the inclusiveness and adaptability of the capital market system, enhance the coordinated function of investment and financing in the capital market, and further increase the level of importance placed on the capital market, indicating the direction of future reforms. He emphasized that the inclusiveness and adaptability of the capital market system are crucial, with a focus on supporting technological innovation and promoting wealth generation. On the one hand, the risk appetite of the capital market is more compatible with industries with new quality productivity, providing financing services that meet the entire lifecycle and effectively promoting innovation and entrepreneurial spirit through incentive mechanisms. Future capital market reforms will focus on actively developing equity, bonds, and other forms of direct financing, providing more precise and effective support for high-quality companies to go public, promoting the cultivation of more listed companies that meet high-quality development requirements, and further improving the market ecology of orderly advancement and elimination. On the other hand, in recent years, there has been a prominent trend of the transformation of household savings into investments in China. Compared to developed markets, there is still significant room for improvement in the allocation of domestic equity assets. Future capital market reforms will focus on creating a more attractive environment for long-term investment, enhancing the supply of high-quality financial products, guiding listed companies to strengthen their awareness of returns to investors, and forming a virtuous cycle of financing and investment.