Recently, the "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks to Promote High Quality Development of the Capital Market" (referred to as the "New Nine Articles") were released. This is another version of the "National Nine Articles" issued by the State Council, following the two "National Nine Articles" in 2004 and 2014. What are the new changes and priorities of the new "National Nine Articles"? What impact will it have on A-shares? China New Finance and Economics has noticed that compared to the previous two "National Ninth Articles", the series of "strict" expressions in the new "National Ninth Articles" are particularly prominent, and the information on strong regulation of the capital market is more clear. In terms of "strict control over listing", the new "National Ninth Article" requires raising the listing standards for the main board and the ChiNext board, improving the evaluation standards for the science and technology innovation attributes of the Science and Technology Innovation Board, and consolidating the primary responsibility of issuers and the "gatekeeper" responsibility of intermediary institutions; In terms of strict mandatory delisting, strict delisting execution is required, and illegal activities such as financial fraud and market manipulation that maliciously evade delisting are severely cracked down on. "A series of strengthened regulatory measures are one of the biggest highlights of the new 'National Nine Measures'." Yang Delong, Chief Economist of Qianhai Open Source Fund, said in an interview with China News Finance that the relevant arrangements are conducive to fundamentally improving the quality of listed companies, significantly increasing the cost of illegal activities for enterprises, and promoting high-quality development of the capital market. ". It is worth noting that on the evening of the 12th, the Shanghai Stock Exchange and Shenzhen Stock Exchange publicly solicited opinions on business rules such as the "Review Rules for Stock Issuance and Listing". This involves moderately increasing the financial indicators for listing on the main board, strengthening dividend constraints for listed companies, and significantly reducing the standards for major illegal delisting due to financial fraud. The new "National Nine Measures" to resolutely rectify the worship of money also emphasize strengthening the supervision of securities and fund institutions, promoting the industry to return to its roots, become better and stronger. In the eyes of industry insiders, this is a prescription for phenomena such as high salaries and flaunting wealth among financial professionals for a period of time. The new "National Nine Articles" clearly state that it is necessary to actively cultivate a good industry culture and investment culture. Improve the compensation management system in the securities fund industry that is suitable for business performance, business nature, contribution level, compliance risk control, and social culture. We will continue to carry out comprehensive governance of industry culture, establish and improve a system for classifying and listing employees, and establish a mechanism for managing professional reputation. We will resolutely rectify bad practices such as materialism, extravagance, seeking quick success, and flaunting wealth. The Macro Strategy Department of Boshi Fund believes that promoting the industry to return to its roots, establishing correct business concepts, and handling the relationship between functionality and profitability are key considerations for strengthening supervision, as well as specific manifestations of grasping the political and people-oriented nature of financial work. At the same time, cultivating a good industry culture and investment culture, based on effective regulation, is conducive to reducing regulatory costs, enhancing investor trust in the asset management industry, and ultimately improving investor returns. Enhancing the inherent stability of the capital market and promoting development also requires risk prevention. The new "National Nine Articles" clearly strengthen transaction supervision. Improve regulatory standards for abnormal trading and market manipulation. Introduce procedural trading supervision regulations and strengthen the supervision of high-frequency quantitative trading. Develop operational rules for private securities funds. Strengthen bottom line thinking and improve response measures for extreme situations. Serious investigation and punishment of manipulation