一个“稳稳的中国资本市场”已至？深交所沙雁：中国资产向上重估正在形成全球“共识”

Core Viewpoint - The 2025 Global Investor Conference highlighted the consensus among global investors regarding the upward revaluation of Chinese assets, driven by resilient listed companies, technological innovation, comprehensive market reforms, and an open investment environment [1]. Group 1: Resilient Listed Companies - A-share listed companies demonstrate strong resilience and adaptability despite international economic disruptions, with a total revenue of 20.82 trillion yuan in 2024, reflecting a compound annual growth rate of 8.55% since the 14th Five-Year Plan [2]. - In 2024, 2,443 listed companies in Shenzhen distributed dividends totaling 575.3 billion yuan, a year-on-year increase of 36% [2]. - The recovery in demand for sectors like automotive and home appliances, supported by policies such as "trade-in," has significantly boosted company performance, with the consumer sector in Shenzhen achieving a revenue of 5.68 trillion yuan, up 4% year-on-year [2]. Group 2: Technological Innovation - The launch of the domestic large model DeepSeek has garnered global attention, showcasing China's technological innovation capabilities and potential [3]. - In 2024, China's total R&D expenditure reached 3.6 trillion yuan, an increase of 8.3%, with over 570 Chinese industrial companies ranking among the global top 2,500 in R&D investment [4]. - In Shenzhen, 14% of companies have an R&D intensity exceeding 10%, with BYD investing 54.2 billion yuan and CATL investing 18.6 billion yuan in R&D, both surpassing their net profits [4]. Group 3: Market Reforms - Since 2024, significant reforms in the capital market, including the new "National Nine Articles," have been implemented, enhancing regulatory efficiency and creating a more coordinated investment and financing ecosystem [7]. - The Shenzhen Stock Exchange has seen a 214% year-on-year increase in major asset restructurings since September 2024 [8]. - The introduction of a registration-based IPO system has led to nearly 90% of new listings being high-tech companies, with a significant portion belonging to strategic emerging industries [7]. Group 4: Open Investment Environment - Following the Central Political Bureau meeting on September 26, 2024, foreign investment in Shenzhen's strategic emerging industries increased by 40%, with trading volume rising by 90% [11]. - The Shenzhen Stock Exchange has organized 14 global roadshows covering 107 listed companies, facilitating direct engagement between foreign investors and leading companies [11]. - Future initiatives include optimizing the Shenzhen-Hong Kong Stock Connect mechanism and conducting over 10 overseas roadshow events to enhance communication with foreign investors [12].