Pushing forward the coordinated advancement of investment and financing reforms, the capital market continues to be steadily improving.

Since September 2024, guiding opinions and implementation plans to promote the entry of medium and long-term funds into the market have been successively introduced, and a series of targeted measures, such as long-term assessment, pilot projects for long-term stock investment by insurance funds, have been implemented. At the same time, the "Action Plan for Promoting the High-quality Development of Public Funds" was introduced, aiming to continuously improve investor returns while attracting more long-term funds. Data shows that by the end of 2025, various types of medium and long-term funds collectively held approximately 23 trillion yuan in A-share market capitalization, an increase of 36% from the beginning of the year. The scale of equity funds has increased from approximately 8.4 trillion yuan at the beginning of 2025 to around 11 trillion yuan.