Since 2025, "stabilizing the stock market" has been repeatedly mentioned in important conferences and for the first time included in the overall requirements of economic and social development in government work reports. In the first half of the year, the international market experienced severe turbulence, which briefly impacted China's capital market. Under the overall coordination of the central government, multiple departments have launched a package of "combination punches" to stabilize the market and maintain stock price stability. At the same time, the reform of the capital market continues to deepen, promoting the integrated development of technological innovation and industrial innovation: the reform of public funds has enhanced the precise support ability of the funding side for technological innovation, major mergers and acquisitions mechanisms have strengthened industrial integration and risk sharing, and institutional systems such as the Science and Technology Innovation Board's "1+6" have further expanded institutional inclusiveness and service capabilities for the entire cycle of technological innovation... Experts believe that through a series of systematic reforms, the capital market is continuously accelerating the transformation of scientific and technological achievements, better assisting in the cultivation of new quality productivity, and building a modern industrial system. Stabilizing the market: Maintaining market stability has always been the top priority of regulatory work. In early April this year, the US tariff policy disrupted the international financial market, bringing considerable pressure to China's capital market. In this context, the stable and healthy development of the capital market has become a top priority, as several important meetings have been scheduled and deployed. The National Standing Committee meeting held on April 18th pointed out the need for sustained stability in the stock market. The Central Politburo meeting held on April 25th once again emphasized the need for "sustained stability and active capital markets". Under the overall coordination of the central government, multiple departments quickly took action to jointly strike a package of "combination punches" to stabilize the market from policy hedging, fund hedging, expectation hedging, and other aspects. At the same time, Central Huijin Company took decisive action, and the national social security fund, securities fund institutions, banking and insurance institutions, as well as various investors, remained confident and actively invested. A large number of listed companies adopted various methods such as repurchasing and increasing holdings to maintain stock price stability. Zhang Jun, Chief Economist of China Galaxy Securities, stated in an interview with Shanghai Securities News that a series of policy signals demonstrate the top-level re examination and enhancement of the strategic position of the capital market. Stabilizing the stock market is not only a bottom line requirement for preventing systemic risks, but also a key lever for boosting confidence and stabilizing expectations. With the normalization of the expression 'active capital market', the policy focus has shifted towards structural efficiency enhancement, emphasizing the release of endogenous market forces through deepening reforms. In Zhang Jun's view, in the past six months, the China Securities Regulatory Commission has continued to promote the regulatory tone of "strengthening capital and foundation, strict supervision and management", combined with the new "National Nine Articles" and supporting policies, focusing on improving the quality and institutional transparency of listed companies, and consolidating the institutional foundation for the long-term healthy operation of the capital market. According to data, based on the issuance date, the total number of IPO projects in the first half of 2025 is 48, an increase of 5 compared to the same period last year; The financing scale is about 380.2 billion yuan, a year-on-year increase of over 25%, and the A-share IPO market is releasing vitality in a stable manner. The Party Committee of the China Securities Regulatory Commission recently held an expanded meeting to once again clarify that maintaining market stability should always be the primary task of regulatory work, promoting the improvement of normalized market stability mechanism arrangements, and creating a better environment for the high-quality development of the capital market. Promoting reform: greater support for the integrated development of technological innovation and industrial innovation. Since the beginning of this year, the capital market has focused on improving the inclusiveness and adaptability of the system, taking deepening the reform of the Science and Technology Innovation Board and the Growth Enterprise Market as the starting point, focusing on developing diversified equity financing, and striving to create a more attractive and competitive market system and product service matrix, accelerating the construction of a capital market ecosystem that is more conducive to supporting comprehensive innovation. The China Securities Regulatory Commission has released the "Action Plan for Promoting High Quality Development of Public Funds", which aims to continuously improve investor returns while making greater efforts to "attract long money" and enhance the precise support capability of the fund side for technological innovation; The implementation of policies such as the "Six Measures for Mergers and Acquisitions" and the revised "Management Measures for Major Asset Restructuring of Listed Companies" has shown significant effectiveness, further enhancing the activity of A-share mergers and acquisitions, and supporting the growth and strengthening of technology enterprises; The introduction of the "1+6" policy measures to deepen the reform of the Science and Technology Innovation Board will once again enhance institutional inclusiveness and the service capabilities for technology enterprises throughout their entire lifecycle. Recently, the second batch of 11 innovative floating rate fund products based on performance comparison benchmarks have been reported. Among the first batch of 26 new model floating rate products approved earlier, 24 products have completed fundraising and been established, raising a total of 22.68 billion yuan. According to Wind data, in the first half of this year, over 1400 A-share listed companies proposed merger and acquisition restructuring plans, of which more than 100 constituted significant asset restructuring. In addition, after the restart of the fifth set of standards on the Science and Technology Innovation Board, Heyuan Biotechnology's IPO was recently approved by the Shanghai Stock Exchange; The first batch of 10 Sci Tech Innovation Bond ETFs were also launched for issuance recently. Tian Lihui, Dean of the Institute of Financial Development at Nankai University, stated that through institutional innovation, market opening, and regulatory upgrading, not only can we provide full lifecycle support for technological innovation, but we can also seize the opportunity in international technological competition. Boosting Value: Pushing Listed Companies to Leap towards "Re valuation" At the beginning of this year, DeepSeek stood out in the global artificial intelligence field, driving the re valuation of Chinese assets. In the past six months, the capital market has taken increasing the investment value of listed companies as an important lever, promoting listed companies to strengthen investor returns, actively implementing dividends and repurchases, and building more stable return expectations for medium and long-term investors. In the first quarter of this year, nearly 50% of companies' R&D investment increased year-on-year, and "attaching importance to R&D" and "increasing R&D investment" have become high-frequency terms in the financial reports of companies listed on the Science and Technology Innovation Board. According to Wind data, in the first half of this year, more than 430 A-share companies disclosed their dividend plans, with a total amount of approximately 430 billion yuan, and repurchase amounts exceeding 84 billion yuan. In addition, among the listed companies that recently disclosed their performance forecasts for the first half of 2025, technology track enterprises have strong growth momentum, and companies such as Lier Chemical, Guangxun Technology, and Yinglian Shares are expected to achieve significant year-on-year growth in net profit attributable to shareholders. As the macroeconomic trend gradually becomes clear, the cost-effectiveness advantage of A-shares in global asset allocation is expected to continue to be released. ”Zhang Jun believes that the investment value of China's technology enterprises is undergoing a transition from "repairing expectations" to "re evaluating value". In the next stage, it is necessary to further optimize the long-term capital supply structure, increase the proportion of equity investment in "patient funds" such as insurance and pension funds, and increase resource investment in basic research and source innovation, truly promoting technology enterprises to move from "application catching up" to "source leading", and consolidating the sustainable foundation of long-term value reassessment in the technology sector. Forging Ecology: Promoting the Construction of a Market Ecology with Standardized, Orderly and Benign Development Since the beginning of this year, the China Securities Regulatory Commission has collaborated with multiple departments to continuously strengthen the institutional foundation of judicial protection in the capital market and promote the construction of a market ecology with standardized, orderly and benign development. In February, the China Securities Regulatory Commission and the Supreme People's Procuratorate jointly held a press conference, disclosing the first batch of four administrative law enforcement guidance cases, demonstrating the capital market's "zero tolerance" and strict supervision and management concept. In May, the China Securities Regulatory Commission (CSRC) and the Supreme People's Court jointly issued the "Guiding Opinions on Strict and Fair Law Enforcement and Judicial Services to Ensure the High Quality Development of the Capital Market", further strengthening the coordination between judiciary and administration, and enhancing the protection of investors' rights and interests. In the past six months, the capital market has frequently dealt heavy blows to companies and individuals engaged in illegal fraud, causing counterfeiters to pay a painful price. Delisting and delisting "is not a" gold medal of exemption ". 43 responsible parties, including Li Zhaoting, the then chairman of Dongxu Group, were fined a total of 1.7 billion yuan; Involving significant financial fraud, the * ST Puli case has been severely punished, and Eastern Group has been resolutely cleared. Many people have also received billions of yuan in fines for manipulating the market. Yang Bo and Xie Yong were fined 280 million yuan and 177 million yuan respectively for manipulating stocks; He Kunru's illegal gains of 147 million yuan were confiscated and he was fined an equivalent amount; Jin Suichun's market manipulation behavior was serious and he was heavily fined 106 million yuan. In the eyes of industry insiders, a series of data reflect the strict attitude of regulatory authorities towards illegal and irregular behavior, highlighting the significant effectiveness of cracking down on fraud. The capital market is building a comprehensive and three-dimensional punishment and prevention system to create a safe investment environment for investors. Recently, the China Securities Regulatory Commission disclosed the punishment for Yuebo Power and for the first time held accountable those who cooperated with the fraud. In the future, the China Securities Regulatory Commission will comprehensively strengthen the accountability of those who cooperate with counterfeiters, and work together with all parties to shape a good market ecology. (New Society)