Following the launch of a package of policy measures, the China Securities Regulatory Commission recently announced that it will fully consider the current market situation and make arrangements for reasonable control of IPO and refinancing rhythms, including phased tightening of IPO rhythms, promoting dynamic balance between investment and financing, and optimizing refinancing supervision. The healthy development of the capital market is of great significance for maintaining the overall stability of the economy and society. To activate the capital market and boost investor confidence, it is necessary to make good use of policy space and find the right direction for growth. We should not only focus on the current situation, stabilize expectations, prevent risks, and quickly launch a batch of feasible and effective policy measures, but also focus on the long-term, adhere to reform and opening up, improve the basic system of the capital market, and strive to address both the root cause and root cause. The key focus of this round of policies can be summarized in one sentence: to comprehensively implement and coordinate efforts from investment, financing, trading, and other aspects to ensure that the Party Central Committee's major policies are fully implemented in the capital market. Making new arrangements for the pace of IPO and refinancing is a new measure to improve the basic system of financing, directly addressing market pain points, fully considering the affordability of the secondary market, and providing investors with the necessary sense of security and trust. Respect and stimulate market vitality, optimize market regulatory effectiveness, and the market immediately feels the warmth of care, triggering positive feedback. The financing and investment sides are one and two aspects of the capital market function, and the two complement each other. Without the stable operation of the secondary market, the financing function of the primary market is also difficult to effectively play. The sustainable development of the capital market cannot be achieved without effectively promoting the dynamic balance between investment and financing. The supporting details of relevant policies should be introduced as soon as possible, fully considering the current market situation, strengthening the balance between the primary and secondary markets, so that enterprises can have a more upright initial intention and rational pricing when IPO or refinancing, in order to effectively stabilize investor expectations and guide investors to make long-term and value investments. In the long run, in improving the basic system of the stock market, especially for institutional construction issues that involve a wide range, strong supporting capabilities, and complex interest relationships, it is necessary to effectively combine liberalization and management, improve market supervision and service capabilities through market-oriented and legal methods, truly stimulate market vitality, and strive to create a standardized, transparent, open, dynamic, and resilient capital market. At a time when external risks are rising and internal reform and development are entering a critical stage, it is necessary to have greater courage to further deepen reforms, better leverage the functions of capital market resource allocation, price discovery, risk management, and wealth management, continuously optimize the market ecosystem, effectively enhance market vitality, efficiency, and attractiveness, maintain a stable and positive development trend, and achieve positive interaction between the capital market and the real economy, Enhance the support capacity of the capital market for China's economy. (New News Agency)