On October 19, Chairman Wu Qing of the Securities Regulatory Commission delivered a keynote speech at the opening ceremony of the 2026 Financial Street Forum Annual Meeting. Liu Chenming, chief strategy analyst at GF Securities, said that in line with the current state of operation of China's equity market, the institutional dividends released in the speech will consolidate the medium- to long-term positive foundation for A-shares in three dimensions, and the value of China's asset allocation is expected to continue to stand out. First, the structure and quality of listed companies have been further optimized, and new quality productivity has been gathered at an accelerated pace. The speech emphasized implementing detailed “two innovation boards” reforms, improving technology enterprise identification and screening mechanisms, studying and promoting more inclusive and adaptable issuance, listing, mergers, acquisitions and restructuring systems; and at the same time speeding up the introduction of regulations to supervise listed companies. Second, the capital structure has been further optimized, and the role of medium- to long-term capital as a “ballast stone” has been strengthened. The speech proposed improving the long-term assessment mechanism adapted to long-term investments, expanding medium- and long-term funding sources, channels, and market entry methods, and agreeing to register the first batch of 18 active ETFs. Liu Chenming believes that increasing the share of medium- to long-term power such as insurance capital and passive ETFs will help iron out fluctuations, reshape the valuation system, and guide the shift of capital from short-term games to long-term allocation. Third, the policy environment is more scientific, strong, inclusive and open, and the market ecology continues to be purified.

On October 19, Chairman Wu Qing of the Securities Regulatory Commission delivered a keynote speech at the opening ceremony of the 2026 Financial Street Forum Annual Meeting. Liu Chenming, chief strategy analyst at GF Securities, said that in line with the current state of operation of China's equity market, the institutional dividends released in the speech will consolidate the medium- to long-term positive foundation for A-shares in three dimensions, and the value of China's asset allocation is expected to continue to stand out. First, the structure and quality of listed companies have been further optimized, and new quality productivity has been gathered at an accelerated pace. The speech emphasized implementing detailed “two innovation boards” reforms, improving technology enterprise identification and screening mechanisms, studying and promoting more inclusive and adaptable issuance, listing, mergers, acquisitions and restructuring systems; and at the same time speeding up the introduction of regulations to supervise listed companies. Second, the capital structure has been further optimized, and the role of medium- to long-term capital as a “ballast stone” has been strengthened. The speech proposed improving the long-term assessment mechanism adapted to long-term investments, expanding medium- and long-term funding sources, channels, and market entry methods, and agreeing to register the first batch of 18 active ETFs. Liu Chenming believes that increasing the share of medium- to long-term power such as insurance capital and passive ETFs will help iron out fluctuations, reshape the valuation system, and guide the shift of capital from short-term games to long-term allocation. Third, the policy environment is more scientific, strong, inclusive and open, and the market ecology continues to be purified.