2025 is the year of planning and layout for the 15th Five Year Plan. According to the deployment of the Central Economic Work Conference, economic work in 2025 should adhere to the principles of seeking progress while maintaining stability, promoting stability through progress, upholding integrity and innovation, establishing before breaking through, integrating systems, coordinating and cooperating, enriching and improving policy toolboxes, and enhancing the forward-looking, targeted and effective macroeconomic regulation. Under the overall principle of pursuing progress while maintaining stability, how to further consolidate and enhance the positive trend of economic recovery, achieve stable and far-reaching economic development, has become a focus of attention for all parties in the market. This newspaper selected ten hot topics of market concern, including the opening of the capital market, the entry of medium and long-term funds, the protection of investors' rights and interests, the silver economy, and the development of real estate, and invited a number of deputies to the National People's Congress, CPPCC members, and industry experts to talk about new opportunities in China's economy from different perspectives. Since the beginning of this year, in order to promote the entry of medium and long-term funds into the market, the regulatory authorities have successively issued a series of policy documents such as the "Implementation Plan for Promoting the Entry of Medium and Long term Funds into the Market" and the "Action Plan for Promoting the High quality Development of Index based Investment in the Capital Market", aiming to accelerate the construction of a market ecosystem conducive to "long-term investment". Zhang Yichen, a member of the National Committee of the Chinese People's Political Consultative Conference and Chairman and CEO of CITIC Capital, stated in an interview with reporters that guiding the entry of medium and long-term funds into the market can help improve the supply and structure of capital market funds, and promote a virtuous cycle of maintaining and increasing the value of medium and long-term funds, stable and healthy operation of the capital market, and high-quality development of the real economy. Currently, policies and market environment provide strong support for the entry of medium and long-term funds into the market. There is still room for upward adjustment in the valuation of some high-quality assets in the A-share market, coupled with the downward trend of risk-free interest rates and the structural recovery in economic recovery, which provide a favorable window for the layout of medium and long-term funds Li Qiusuo, Chief Domestic Strategy Analyst of the Research Department of China International Capital Corporation, said. Li Qiusuo believes that medium and long-term funds have long-term attributes and investment patience, and are more capable and willing to invest in high-tech and high growth industries, support the development of innovative enterprises, promote China's industrial transformation and upgrading, and enhance core competitiveness. When it comes to how to further promote the accelerated entry of medium and long-term funds into the market, Li Qiusuo believes that firstly, we need to deepen the reform of the assessment mechanism and solve the dilemma of "long money and short investment". Promote the comprehensive implementation of long-term assessments of state-owned commercial insurance companies, social security funds, etc. for more than five years, reduce the weight of short-term performance, establish incentive mechanisms that match long-term investments, and guide funds to invest in long-term value targets. Secondly, improve the construction of the capital market system and enrich investment products. By deepening the reform of the capital market, we aim to enhance market transparency, liquidity, and attractiveness. In addition, tax incentives will be provided and investment ratio restrictions will be relaxed. Provide tax incentives to medium - and long-term investors to reduce their investment costs. On November 15, 2024, the China Securities Regulatory Commission issued the "Regulatory Guidelines for Listed Companies No. 10- Market Value Management", which further clarifies the regulatory requirements for market value management and provides policy guidance for listed companies to improve their own quality. Under policy guidance, the A-share market quickly sparked a wave of standardized stock market value management. On the one hand, leading enterprises take the lead in setting an example and actively release and implement market value management systems. According to Wind data, as of now, 66 listed companies have disclosed their market value management systems. Among them, 46 companies have a total market value of over 10 billion yuan. On the other hand, private enterprises actively respond by optimizing and improving their market value management mechanisms based on their own characteristics. Data shows that over 60% of the 66 companies mentioned above are private enterprises. Yang Weikun, deputy to the National People's Congress and president of Hebei Institute of Finance, told reporters that for listed companies, scientific market value management helps to enhance enterprise value and enhance market competitiveness; For investors, reasonable market value management can improve investment returns and enhance market confidence; For the capital market, a sound market value management mechanism helps optimize resource allocation, promote market stability and healthy development. However, current listed companies still face some challenges in market value management. Yang Weikun stated that firstly, some listed companies have failed to accurately grasp the intrinsic connection between market value management and high-quality development, excessively pursuing financial goals and short-term returns; Secondly, some listed companies have not correctly grasped the legitimacy boundary of market value management, and have manipulated the market and engaged in insider trading under the guise of market value management, seriously disrupting the fair order of the capital market. In this regard, Yang Weikun believes that adhering to high-quality development is the fundamental aspect of market value management. Listed companies should fully consider the interests and returns of investors in major decision-making processes such as corporate governance, daily operations, mergers and acquisitions, and financing. They should adhere to stable operations and avoid blind expansion. At the same time, they should do a good job in investor relations management and information disclosure, establish a smooth communication mechanism with investors, and continuously improve the transparency and accuracy of information disclosure. A favorable environment for investor protection is forming, and investors are the foundation of the market. In recent years, regulatory authorities have taken multiple measures to strengthen investor rights protection, including strict law enforcement, heavy compensation, and increased returns. Strictly crack down on illegal and irregular behaviors, maintain the "three public" order in the market, and provide a fair market environment for investors. Li Ming, Vice Chairman of the China Securities Regulatory Commission, recently stated that in recent years, the commission has adhered to the principle of abiding by the law, enforcing the law strictly, and holding those who violate the law accountable, effectively safeguarding the authority and dignity of capital market laws, and continuously enhancing the sense of security of investors. Last year, the China Securities Regulatory Commission handled 739 cases of various types, made 592 penalty decisions, and confiscated 15.3 billion yuan, which is twice as much as the previous year. Continuously improve the investor protection mechanism, smooth the channels for investor rights protection and litigation, and enable damaged investors to obtain tangible compensation. In terms of special representative litigation, two special representative lawsuits (Kangmei Pharmaceutical and Zelda Yisheng) have been filed, recovering losses of over 2.7 billion yuan for nearly 60000 investors. At the end of last year, two special representative lawsuits were initiated by Meishang Ecology and Jin Tongling. The first installment of funds was used for subrogation litigation to recover 240 million yuan of occupied funds; In the Zijing Storage advance compensation case, the intermediary agency compensated investors with approximately 1.086 billion yuan. This series of cases maximizes the relief of the rights of small and medium-sized investors. Improve the quality and investment value of listed companies, and enhance investors' sense of gain. Since last year, regulatory authorities have pushed listed companies to increase their dividend and repurchase efforts, further enhancing investors' sense of gain. Data shows that in 2024, listed companies implemented dividends of 2.4 trillion yuan and repurchases of 147.6 billion yuan, both reaching historical highs. Zhu Jiandi, a deputy to the National People's Congress and chairman of Lixin Certified Public Accountants, said in an interview that in recent years, China has introduced a series of laws, regulations and major policies, and the laws, regulations, policy guidelines and supporting measures to protect investors have gradually been established and improved. The capital market is entering a new stage of health, stability and vitality. The key to the next step is to implement it effectively and form a sound mechanism and environment to protect investors. In recent years, with the steady progress of high-level opening up of China's capital market, foreign investment has continued to increase its layout in the Chinese stock and bond markets, promoting high-quality development of the capital market through high-level opening up. The Global Capital Flow Report released by the Institute of International Finance (IIF) on February 18th shows that in January 2025, China's stock and bond markets achieved net inflows of foreign capital for the first time since August last year, attracting over 10 billion US dollars in foreign capital inflows that month. More foreign entities are participating in the A-share market. As of the end of last year, 866 QFII (Qualified Foreign Institutional Investors) had obtained investment qualifications, and foreign investors held a total market value of approximately 3 trillion yuan in A-shares through QFII and the Shanghai and Shenzhen Stock Connect channels. Thanks to the strong innovation capabilities demonstrated by Chinese technology companies, foreign institutions hold an optimistic attitude towards the investment value of Chinese assets. For example, Morgan Stanley's strategy team recently said that China's stock market will usher in a more sustainable rise thanks to the development of artificial intelligence in China. At the same time, the institutional opening-up of China's capital market is steadily expanding. The recently released "Action Plan for Stabilizing Foreign Investment in 2025" proposes to "encourage foreign investment in equity investment in China" and "guide more high-quality foreign investment to invest in Chinese listed companies in the long term". Fu Lichun, founding partner of Yuntai Capital, stated that guiding more high-quality foreign capital to invest in A-share listed companies for the long term will help enhance the internal stability of China's capital market and also help Chinese enterprises improve their international competitiveness. When it comes to the next direction of China's capital market opening up to the outside world, Wang Renping, the responsible partner for technology and quality management at ShineWing Group, believes that in terms of market and trading, risk management tools can be further enriched, futures and options tools can be effectively applied and managed, and the investment scope of QFII and RQFII (Renminbi Qualified Foreign Institutional Investors) can be expanded; At the institutional and regulatory levels, further integration with international rules, simplification of negative lists for foreign investment access, and strengthening international cooperation can be achieved. Low altitude economy will open Xintiandi and usher in new hope. In 2024, China's low altitude economy will enjoy a "bumper harvest" and make great progress in policies, institutional settings, industrial development, market vitality, investment and financing. In terms of institutional setup, the Low altitude Economic Development Department of the National Development and Reform Commission was officially established in December 2024, providing effective support for formulating and organizing the implementation of low altitude economic development strategies, coordinating major issues, and so on. In terms of market vitality, the number of operating entities focusing on low altitude economic business continues to increase, and many state-owned and private enterprises are optimistic about this new track, seizing development dividends through the establishment of new companies and other means. According to data from the Tianyancha App, there will be approximately 9000 newly registered low altitude economy related enterprises in 2024, a year-on-year increase of 21.4%. In terms of investment and financing, the low altitude economy maintained a strong ability to attract funds throughout last year. According to IT Orange data, in 2024, there were over 120 investment and financing cases in the low altitude economy sector, involving a total amount of approximately 20 billion yuan. On this basis, the low altitude economy will open up new growth opportunities in 2025. As one of the typical representatives of new quality productivity, with the support of digital technology and high-end manufacturing, the development pace of low altitude economy is expected to further accelerate in the future Huang Bingfen, deputy to the National People's Congress and general director of the Hong Kong Re departure Alliance, told reporters that, on the one hand, there are more and more low altitude economic infrastructure construction projects, and many places are accelerating the landing of general airports and takeoff and landing sites, creating good conditions for the low altitude economic industry to accelerate commercialization. This year, low altitude economy is expected to make new progress in the commercialization link; On the other hand, some places are planning to carry out low altitude economic cooperation between different provinces, cities, and regions, and the results that these collaborations may bring are worth looking forward to. The low altitude economy continues to receive widespread attention from all sectors of society Huang Bingfen believes that the more attention paid, the stronger the confidence of all parties in the low altitude economy in the market, which is conducive to the development of the low altitude economy. At the central economic work conference held at the end of last year, when the "two new" policy was being strengthened and expanded, it was clearly proposed to "increase the issuance of ultra long term special treasury bond, and continue to support the implementation of" two new "projects and" two new "policies". On January 8th, the National Development and Reform Commission and the Ministry of Finance issued a notice on the implementation of large-scale equipment updates and consumer goods trade in policies through increased funding, expanded support scope, and optimized implementation mechanisms in 2025, to implement the "two new" policies. Subsequently, with the release of a series of policies such as the "Notice on Doing a Good Job in Swapping Home Appliances for New in 2025" and the "Notice on Doing a Good Job in Swapping Cars for New in 2025", consumers have participated