Ten years later, the new "Nine-Point Policy" has arrived.

The release of these new policies will directly determine whether companies remain in the stock market, thereby influencing the quality of the “lifeblood” of the capital markets.

From an investment perspective, these policies also reveal the underlying trends for industry development over the next five to ten years.

In the long run, this will help establish sound investment values and a healthy market environment.

The new "Nine National Guidelines" aim to promote "letting the market play a decisive role in resource allocation."

Therefore, the current interpretation of the new “Nine National Guidelines” is, in essence, the “Nine Market Guidelines.” In other words, rather than calling them the “Nine National Guidelines,” it would be more accurate to refer to them as the “Nine Market Guidelines.”

What impacts will the new “Nine National Measures” have on the capital markets and the real economy? There are seven key aspects, which I’d like to share with you today.

01 A New Perspective: Greater Focus on the Investment Side.

First, for the A-share market, the new policies may promote market standardization and transparency, enhance market fairness, and attract more investors to participate.

At the same time, the introduction of these new policies may have a significant impact on certain industries. For example, sectors such as technology and new energy will gain development opportunities.

Consequently, this new policy environment presents investment opportunities. In emerging industries and niche sectors, opportunities for attracting investment are vast.

From the perspective of local development, wise investment promotion decisions, keen market insight, and the ability to quickly grasp industry trends are all indispensable.

From an investment promotion perspective, the introduction of the new "Nine National Measures" represents a further implementation of the call to "revitalize the capital market and boost investor confidence" made at the Politburo meeting last July.

Unlike previous approaches, which focused more on the “funding side,” the current policy is investor-centric. This shift aims to strengthen investor protection, ensure market fairness, and enhance the market’s inherent stability.

02 Implementation of New Policies to Serve New-Quality Productive Forces.

Over the past month, the China Securities Regulatory Commission (CSRC) and the stock exchanges have revised supporting rules across multiple areas, including issuance supervision, listed company supervision, delisting supervision, securities firm supervision, and trading supervision.

In the capital market, the “1+N” policy framework is accelerating its implementation. Here, “1” refers to the new “Nine-Point Policy” itself, while “N” represents a series of supporting institutional rules.

In the short term, the goal is to resolve the deep-seated contradictions that have accumulated in the capital market.

However, in the long term, the aim is to promote high-level circulation among technology, industry, and capital through the iterative upgrading of capital market systems, expand the scale of direct financing, and support the development of new-quality productive forces.

When it comes to regional economic development, the most frequently cited concepts are “market logic” and “the power of capital.” Ultimately, tangible results can only be seen through the attraction of “new-quality enterprises.”

03 Capital Support: Make Effective Use of Financial Tools First.

Without the circulation of capital, the economic organism cannot achieve a virtuous cycle.

The industries, technologies, talent, and innovation provided by economic resources all require the lifeblood of capital to connect them, and even more so, the power of capital to activate them.

The real economy and the capital market are interdependent; if the capital market is inactive, the real economy will be inactive as well.

Amid the emergence of innovative models and capital backing, “capital-driven investment promotion” has gained recognition and importance among local governments.各地 are exploring new pathways of “attracting investment through investment,” becoming as adept as “investment bankers.”

However, some local governments lack sufficient understanding and capacity regarding capital markets, as well as the depth of thought required to navigate them.

Is “capital-driven investment promotion” ultimately a false proposition? How to attract, how to guide, and how to truly embrace the market—these are questions worthy of deep reflection by every locality.

Currently, the introduction and implementation of relevant measures will help regulate the behavior of all market participants and contribute to building a capital market that is safe, standardized, transparent, open, dynamic, and resilient.

04 Regulating the Market and Focusing on Sci-Tech Innovation Enterprises.

Under the new “Nine National Measures,” the Shanghai Stock Exchange and the Shenzhen Stock Exchange have separately sought public feedback on revisions to their stock listing rules, proposing to moderately raise the listing thresholds for the Main Board and the Growth Enterprise Market (GEM).

However, the listing thresholds for the STAR Market have not been raised—a move that effectively leaves the door open for technology-based enterprises to list.

The new “Nine National Measures” refine the listing requirements for each market segment, which aligns with “Measure 5” of the 16 Measures for Technology Enterprises—coordinating the functional roles of each market segment.

Furthermore, the provisions regarding mergers and acquisitions in the new “Nine National Measures” are also consistent with “Measure 7” of the 16 Measures for Technology Enterprises—which calls for increasing support for refinancing of technology enterprises—and “Measure 8,” which aims to promote the efficient implementation of mergers and acquisitions by technology enterprises.

Therefore, the policy direction is to expand the "small-scale, fast-track review" process on the STAR Market or the Growth Enterprise Market. The new "Nine National Guidelines" also specifically remove the upper limit on supporting financing amounts and restrictions on their use.

05 Artificial Intelligence: A Promising Stock in the Emerging Industry.

The development of the artificial intelligence sector represents a long-term trend; consequently, over the next 3–5 years, investment promotion efforts will focus on identifying corporate-level investment opportunities within this field.

Currently, our understanding is that, given the current state of development, the AI sector remains in its early stages.

Although we can observe some technological introductions and practical applications—such as OpenAI’s February release of Sora, a large-scale AI text-to-video model—which has substantially raised public expectations regarding AI applications,

However, we have yet to fully witness significant economic benefits arising from AI’s application in enterprises, nor have we seen substantial improvements in corporate fundamentals.

At present, only a small number of companies are able to generate profits through AI, a reality that confirms the assessment that the AI industry is still in its early stages of development.

The AI sector still has a long way to go, and investing in such companies should be viewed from a long-term perspective.

06 Real Economy: What Will Be the Impact?

The new "Nine-Point Plan" proposes to deepen and solidify the implementation of the registration-based system for stock issuance, enhance inclusiveness toward new industries, business models, and technologies, and better serve the implementation of national strategies such as technological innovation, green development, and reform of state-owned assets and enterprises.

This not only strengthens the market’s strict regulatory framework and promotes the high-quality development of the capital market but also closely aligns with serving major national strategies and driving high-quality economic and social development. Moreover, promoting the high-quality development of the capital market plays a crucial role in stabilizing economic growth.

In addition, the new “Nine-Point Plan” explicitly calls for promoting the high-quality development of securities and fund institutions, balancing their functional and profit-oriented roles, and encouraging industry players to strengthen their investment banking and wealth management capabilities. This will further enhance the core investment research capabilities of industry institutions and drive supply-side structural reform within the sector.

In summary, the new “Nine-Point Plan” will comprehensively reshape the ecosystem of the capital market, improve the quality and investment value of listed companies, guide the capital market back to its fundamental purpose, and better serve the real economy.

07 Raising the Bar: Strictly Controlling Listing Standards.

Upon reading the new "Nine-Point Plan" in its entirety, the key focus boils down to two words: "regulation."

For the primary market, this may have the following implications:

Strictly controlling access to issuance and listing; strictly controlling access to issuance and listing. This entails significantly raising listing standards, with issuers and intermediaries assuming liability upon filing.

Strengthen delisting supervision.

This entails establishing diversified delisting channels, cracking down on shell company speculation, and strengthening oversight of mergers and acquisitions.

Further deepening reform and opening-up to better serve high-quality development.

This involves deepening and solidifying the implementation of the registration-based system to support scientific and technological innovation and national strategies, foster new productive forces, and invigorate the M&A market.

In Conclusion

From strict regulation of IPOs in the primary market to standardized share sales in the secondary market, and the implementation of a rigorous delisting system, the new "Nine National Measures" emphasize "strictness" to restore a sound investment environment in the capital market.

In particular, lowering the barriers to listing and financing for high-quality enterprises with core technologies, significant market potential, and prominent innovation attributes is a concrete measure for financial services to support new-quality productive forces, as well as a specific action plan for finance to drive high-quality economic development.

Only by bolstering confidence in capital markets, prioritizing the technology sector, and intensifying efforts to attract investment can local economies achieve more sustainable development and upgrading!