Recently, the China Securities Regulatory Commission held a party building and mid-year work conference of the China Securities Regulatory Commission system to summarize the work in the first half of the year, analyze the current situation, and deploy the key tasks of party building, reform and development of the China Securities Regulatory Commission system in the next stage.

This meeting is by no means going through the motions and shouting slogans, but setting the tone, pointing out the way and drawing the focus for the capital market in the second half of the year. There are four key words: the market should be stable, the supervision should be strict, the function should be strong, and the team should be strong. These four points sound a bit "conventional", but in fact, there are many policy signals and investment opportunities that investors should pay attention to.

Deploy seven key tasks in the next stage

The meeting clarified seven key tasks in the next stage, highlighting stabilizing the market, strengthening reform, preventing risks and promoting opening up:

1. The market should be stable: let investors feel at ease

The first task is to stabilize the market. it is necessary to further improve the "market stabilization mechanism" and strengthen market monitoring and risk prediction; At the same time, it is also necessary to guide expectations so that investors have confidence and do not panic.

2. Reform should be deepened: the Science and Technology Innovation Board and the ChiNext Board will continue to make efforts

The second task is to deepen reform and stimulate the vitality of the multi-level market. the Science and Technology Innovation Board should continue to introduce reform measures; The GEM will also usher in a package of deepening measures; The bond and futures markets should also continue to innovate products and services.

3. Assets and funds must be strong: listed companies should improve their quality, and long-term funds should enter the market

The third task is to make efforts from the asset side and the capital side at the same time. Asset side: Encourage listed companies to enhance investment value, promote mergers and acquisitions, and strictly prevent "fake restructuring and real arbitrage"; On the capital side: it is necessary to cultivate more "patient capital" and "long-term capital", and promote the entry of medium and long-term funds such as pensions, insurance funds, and foreign capital into the market; At the same time, it is also necessary to crack down on financial fraud and strengthen corporate governance.

Fourth, supervision should be strong: technology empowerment, precise law enforcement

The fourth task is to improve the efficiency of supervision and law enforcement. It is necessary to highlight the "key points of crackdown", such as insider trading and market manipulation; at the same time, it is necessary to use science and technology to improve regulatory capabilities and achieve "accurate and ruthless"; it is also necessary to pay attention to the "methods and methods" of law enforcement, which cannot be "one-size-fits-all", but must be "strict and measured".

5. Risks should be prevented and controlled: real estate, local bonds, and private equity should be keen

The fifth task is to prevent and control risks in key areas. Real estate: not only to resolve the risk of bond default of real estate enterprises, but also to support new models; local financing platforms: to promote debt resolution and market-oriented transformation; private equity funds and illegal securities activities: to strengthen supervision and crack down on violations.

6. Opening up should be accelerated: the capital market "goes out and brings in"

The sixth task is to promote high-level institutional opening-up. It is necessary to systematically study the overall layout of opening up; promote the coordinated development of onshore and offshore markets; expand the space for cross-border cooperation and attract foreign investment to continue to enter the market.

7. Research should be in-depth: major issues must have an authoritative voice

The last task is to enhance the authority of research on major issues. It is necessary to strengthen strategic and forward-looking research; and better serve national strategies and regulatory decisions. Summary in one sentence: The development of the capital market is inseparable from the "brain" and "think tank".

Three "certainties" boost market confidence

The capital market meeting released many blockbuster signals, the most striking of which is the mention of the three "certainties" of China's capital market development in the future: the certainty of high-quality economic development, the certainty of macro policy expectations, and the certainty of China's asset valuation repair

These three "certainties" are not empty words, but a "reassurance" for investors and inject confidence into the market. Let's disassemble them one by one.

1. The first certainty: China's economy has been improving for a long time

The meeting emphasized that "high-quality economic development is certain". What do you mean? That is to say, although there are many short-term economic fluctuations and challenges, the fundamentals of China's economy have not changed, the structure is being optimized, technology is upgrading, and consumption is recovering, which are the "hard power" that supports the capital market.

2. The second certainty: macro policy will not "make a sharp turn"

"The certainty of macro policy expectations" is a "policy reassurance" for the market. In the past, we often worried that the policy would suddenly tighten. Will there be "sudden braking"? Now the regulator has made it clear that the policy will maintain continuity and stability.

This means that there will be no "big release" or "sharp tightening" because of short-term fluctuations; it will be "fine-tuned" and "pre-tuned" according to the economic rhythm, rather than "stepping on the accelerator"; It helps stabilize market expectations and reduce panic.

3. The third certainty: China's asset valuation repair is on the way

This is the most "market-oriented" formulation - "China's asset valuation repair is certain". To put it simply, the current valuation of many high-quality assets is low, and there is room for repair in the future, and the regulator has clearly expressed this judgment.

This is not a "cake", but a guide to the market, and it is also a "shout" for long-term funds: in the current market, the valuation of many industry leaders and core assets is at a historical low; With the economic recovery and policy strength, the valuation of these assets is expected to return to a reasonable level; Valuation repair is not a "short-term surge", but a "long-term return".

Now may be a good time to "pick up bargains", it depends on whether you have patience and vision.

In the second half of the year, the futures market will usher in new opportunities

The deployment of the conference to the futures market means that the futures market may accelerate product and service innovation under the purpose of serving the real economy.

Specifically, the futures market will show multi-dimensional positive changes and development opportunities in the second half of the year:

New products, new mechanisms: the futures market should be "alive"

The meeting clearly mentioned that product innovation and mechanism optimization in the futures market will be accelerated. This means: new varieties are expected to be launched at an accelerated pace, such as carbon emission rights, new energy metals, agricultural products, etc.; The trading mechanism will be more flexible and improve market liquidity; Risk management tools will be richer to meet the diverse needs of enterprises.

Regulatory Upgrades: Cracking down on violations and protecting investors

The futures market should be "alive", but it should be "stable". In terms of supervision, the meeting also sent a clear signal: maintain a high-pressure crackdown on market manipulation and insider trading; improve market transparency and prevent "black box operations"; Strengthen investor protection mechanisms to allow traders to participate with peace of mind.

Opening up to the outside world accelerates: Chinese futures want to "go global"

The meeting also emphasized that the internationalization of the futures market should be accelerated. How to go?

Promote QFII (Qualified Foreign Investors) to participate in domestic futures trading; promote integration with international rules and enhance the global influence of China's futures market; Enhance the voice in international commodity pricing.

The capital side is active: pensions and insurance also have to "get a piece of the pie"

The last change is that the activity of the capital side will increase. Medium and long-term funds such as pensions and insurance funds are expected to increase the allocation of futures products through funds and other channels; The arrival of these funds will bring more stable liquidity to the market; It also helps to improve the professionalism and stability of the futures market.