Weichao Wei, founder of Founder Securities: Capital market policies have entered the stage of "stability with progress."

At the economic-themed press conference held on the afternoon of March 6, Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, released many important policies when answering questions from reporters. Wei Zhichao, chief economist of First Securities, analyzed to reporters that there are three policy signals worth noting from this Q&A session: First, the capital market policy has entered a stage of "seeking progress while maintaining stability." The short-term policy focus is not on short-term market trends, but on improving the quality of the market's long-term operation through institutional development and structural optimization. Secondly, regulatory authorities have released marginal signals in areas such as market stability mechanisms, optimizing the IPO system, adjusting refinancing policies, and the dividend distribution system of listed companies. Although most of these policies continue within the existing reform framework, they have significant policy implications in the current market environment. Finally, from a longer-term perspective, the Chinese capital market is gradually transitioning from a financing-oriented market to an investment-oriented market. With the improvement of the quality of listed companies, an increase in the proportion of long-term funds, and the continuous improvement of the institutional system, the role of the capital market in resource allocation and household wealth management is expected to further strengthen.