"Stable" is the keyword of the moment.
For this year's capital market work, the CSRC's 2022 System Work Conference emphasized that "steady growth" should be emphasized and the ability to serve the high-quality development of the economy should be continuously improved.
According to financial statistics released recently, the domestic stock financing of non-financial enterprises under the scale of social financing reached 143.9 billion yuan in January, an increase of 44.8 billion yuan year-on-year.
In order to stabilize the macroeconomic market, the capital market actively contributed.
Experts pointed out that anchoring the foundation of serving the real economy, highlighting "steady growth", highlighting the functioning of the capital market, and seeking "advancement" in improving the high-quality development of the service economy are the highlights of capital market work at present and in the future.
The effective functioning of the capital market will bring about a steady increase in the amount of direct financing and continuous optimization of its quality, and promote the realization of a high-quality cycle of capital, technology and the real economy.
Serve the steady growth and actively contribute to stabilizing the macro economy
Finance is dedicated to serving the real economy.
In the past year, focusing on high-quality development, the capital market has achieved both quality and quantity in serving the real economy.
Industry insiders predict that in the new year, the reform and development of the capital market will highlight "steady growth", highlight the functioning of the capital market, and further enhance the ability to serve the real economy.
In 2021, the stock and debt financing function of the multi-level market will be brought into full play, and the scale of stock and debt financing in the whole year will exceed 10 trillion yuan, which will strongly support the development of the real economy.
In terms of equity financing, IPOs and refinancings remained normalized. 481 companies in the Shanghai and Shenzhen stock markets went public for the first time, a year-on-year increase of 22%; 546 listed companies completed refinancing, and the total scale of IPOs and refinancing exceeded 1.5 trillion yuan.
The 2022 System Work Conference of the China Securities Regulatory Commission emphasized that the capital market work in 2022 should coordinate "stability" and "progress", highlight market stability, policy stability, and stable expectations, and strive to reflect "reform, opening up, and serving the high-quality development of the real economy." Enter".
How to reflect "progress" in serving the high-quality development of the real economy?
Yi Huiman, chairman of the China Securities Regulatory Commission, said in an interview with the media recently that he will continue to maintain the normalization of IPOs and refinancing, adhere to the "hard technology" positioning of the Science and Technology Innovation Board, build the Growth Enterprise Market, solidly run the Beijing Stock Exchange, and regulate the development of private equity. Equity and venture capital funds, guide funds to increase support for key areas such as technological innovation, manufacturing, and small and medium-sized enterprises; give full play to the role of the capital market as the main channel for mergers and acquisitions, and promote structural reform; give full play to the function of the commodity futures market to hedge commodities and Energy prices fluctuated violently; the capital market supported 18 measures to invigorate the industrial economy, and strengthened direct power and accuracy.
Wind data shows that since 2022, as of February 17, a total of 42 companies have been listed for the first time, raising 123.6 billion yuan, a year-on-year increase of more than double the amount.
More than 40 companies have raised a total of 87.6 billion yuan through additional issuance or allotment.
IPOs and refinancing remained normalized, and equity and debt financing continued to make steady efforts to actively contribute to the capital market for stabilizing the macro economy.
Focus on high quality puts support for innovation prominently
The "quantity" of supporting the real economy is important, but the "quality" is more important.
Industry insiders pointed out that to serve high-quality development and highlight the function of the capital market, it is necessary to coordinate the steady improvement of quantity and the continuous optimization of quality, and vigorously promote the concentration of factor resources in key areas such as technological innovation. This will also be the capital market service in the future. An important manifestation of the real economy.
Dong Dengxin, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, said that the capital market should identify its positioning and strengths, take the initiative to act, actively integrate into major national strategies, continuously improve the system and mechanism to serve the high-quality economic development, and continue to strengthen the capital market in promoting The important functions of science and technology, capital and industrial circulation, and guide funds to increase support for key areas such as technological innovation, green and low carbon, manufacturing, and small and medium-sized enterprises.
China is in the historical intersection of a new round of technological revolution, industrial transformation and transformation of development mode.
Zhao Xijun, co-director of the China Institute of Capital Markets at Renmin University of China, said that the capital market has great potential to continue to increase support for technological innovation.
More resources should be mobilized to concentrate on national strategic industries, science and technology industries, and emerging industries, so as to finally realize the integration of industry and finance, and help stabilize growth and achieve a virtuous circle.
"It can be expected that as a series of systems become more complete, the inclusiveness of the capital market is expected to continue to improve, and long-term funds will be actively introduced to introduce capital for more entrepreneurial and innovative companies." Chuancai Securities Chief Economist, Research Institute Long Chen Li analysis.
Hundreds of horses compete for the flow, and the one who strives is the first.
The road to achieving high-level service for the innovation and development of the real economy will not be achieved overnight, and capital market reform will take a long time to work. To ensure the stability and long-term development of China's economy.
It is believed that with the continuous deepening of capital market reforms, the "leverage effect" of the capital market in serving the real economy will continue to increase, helping economic transformation and upgrading, and better realizing a high-quality cycle of capital, technology and the real economy.
Highlight market stability and ensure the normal functioning of the market
Only when the capital market maintains a stable and healthy development can its function of serving the real economy be brought into full play.
Recently, affected by short-term factors such as overseas market fluctuations, the A-share market has continued to fluctuate.
In the opinion of experts, the current internal and external environment is more complex and severe, but under the support of the trending force provided by China's long-term economic development prospects, and considering the concentrated efforts of short-term stable growth policies and the low overall valuation of A shares, etc. Factors, the capital market has strong resilience, great potential and sufficient stamina, and has a solid foundation for maintaining stable and healthy development.
Tian Lihui, Dean of Nankai University's Institute of Financial Development, said: "Excellent economic background is an important foundation for the stable and healthy development of the capital market. my country's economy has not changed in a stable and sound, long-term development trend, which will give China's capital market a stable and healthy development. to support."
Since the beginning of the year, various parties have actively launched policies conducive to economic stability, sounding the horn to stabilize the macroeconomic market.
Various growth-stabilizing policies are put in place ahead of the curve, and the economy can achieve a stable start within reach, and the recovery and development momentum will be consolidated, thus providing the capital market with resilience and potential for development.
According to industry analysts, the recent policy measures to stabilize growth are expected to support the stock market price from both ends of profitability and valuation.
In view of improving monetary conditions, Song Xuetao, chief macro analyst at Tianfeng Securities, is particularly optimistic about the supporting role of liquidity factors in the capital market in 2022.
He expects that the A-share market in 2022 will be a combination of phases and structures, and a full-year trading window may appear in the first quarter.
In addition, the overall valuation of the A-share market is still at a low level, which also provides a safety pad against short-term disturbances.
Gao Shanwen, chief economist of Essence Securities, recently pointed out that the current valuation of the CSI 300 index is only slightly higher than the median level of the past 10 years, and the dynamic price-earnings ratio is at a lower level of the 20% quantile.
Recently, many foreign institutions such as Bridgewater and BlackRock have expressed their firm optimism about Chinese assets, and suggested that international investors increase their allocation of Chinese assets.
"Now may be a better layout stage. After the Spring Festival, the market will have a wave of counterattacks or rebounds, and the rebound has not yet ended." Chen Guo, chief strategy officer of China Securities Investment Securities, said recently.Keywords: