CCTV News: According to the "China Securities Regulatory Commission Release" public account, in order to implement the Central Economic Work Conference and the Central Financial Work Conference "stabilize the stock market, clear up the blocking points for medium and long-term funds to enter the market", and "promote the investment of professional institutions" Establish a long-term assessment mechanism for more than three years and increase the proportion of equity investment "The important decision-making deployment of "Recently, with the approval of the Central Financial Commission, the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People's Bank of China, and the State Administration of Financial Supervision jointly issued the "On Promoting the Entry of Medium and Long-term Funds into the Market" Implementation Plan" (hereinafter referred to as the "Plan").

The "Plan" is guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implements the decisions and arrangements of the Party Central Committee and the State Council, adheres to the Party's overall leadership over capital market work, adheres to goal orientation and problem orientation, and strengthens Top-level design and formation of work synergy are both based on the present and more long-term, focusing on guiding commercial insurance funds, national social security funds, basic pension insurance funds, enterprise (professional) annuity funds, public funds and other medium and long-term funds to further increase their entry into the market. .

The main measures include: First, increase the proportion and stability of A-share investment of commercial insurance funds. On the existing basis, guide large state-owned insurance companies to increase the investment scale and actual proportion of A-shares (including equity funds). A long-term assessment of the operating performance of state-owned insurance companies shall be implemented across the board for more than three years. The weight of return on net assets in the annual assessment shall not be higher than 30%, and the weight of three- to five-year periodic indicators shall not be less than 60%. We will promptly promote the implementation of the second batch of pilot projects for long-term stock investment with insurance funds, and gradually expand the scope of participating institutions and the scale of funds in the future. The second is to optimize the investment management mechanism of national social security funds and basic pension insurance funds. Steadyly increase the proportion of equity asset investment in national social security funds, and promote areas with conditions to further expand the entrusted investment scale of basic pension insurance funds. Elaborate and clarify the long-term performance appraisal mechanism for the investment and operation of the National Social Security Fund for more than five years and the basic pension insurance fund for more than three years, and support the National Social Security Fund Council to give full play to its professional investment advantages. The third is to improve the market-oriented investment and operation level of enterprise (employment) annuity funds. Accelerate the issuance of guidance on the long-term performance assessment of enterprise (employment) annuity funds for more than three years. Gradually expand the coverage of enterprise annuities. Support qualified employers to explore liberalizing personal investment options for enterprise annuities. Enterprise annuity fund managers are encouraged to carry out differentiated investments. The fourth is to increase the scale and proportion of equity funds. Strengthen classified supervision and evaluation constraints, optimize the product registration mechanism, and guide and urge public fund managers to steadily increase the scale and proportion of equity funds. Firmly establish the investor-oriented development philosophy, establish an interest binding mechanism between fund managers, fund managers and investors, and enhance investors’ sense of gain. Promote the implementation of operating rules for private securities investment funds, and expand the product types and investment strategies of private securities investment funds in accordance with the law. The fifth is to optimize the capital market investment ecology. Guide listed companies to increase share repurchases and implement multiple dividends a year policies. Promote listed companies to increase their use of share repurchases, holdings, and refinancing tools. Public funds, commercial insurance funds, basic pension insurance funds, enterprise (employment) annuity funds, bank financial management, etc. are allowed to participate in the private placement of listed companies as strategic investors. Bank financial management, insurance asset management and public funds will be given the same policy treatment in terms of participation in new stock subscription, private placement of listed companies, and identification standards for placards. Further expand the scale of swap facilities for securities, funds and insurance companies.