上交所理事长邱勇：加快构建投融资，协调市场生态，进一步巩固市场回稳向好态势

Group 1 - The core viewpoint emphasizes the importance of the capital market as a hub for economic development and the need for continuous reforms to enhance its stability and functionality [1][3] - The Shanghai Stock Exchange (SSE) has a significant role in the bond market, with a bond custody volume reaching 18 trillion, making it the largest bond market among global exchanges [3] - The SSE aims to strengthen its market functions through measures such as deepening the STAR Market reforms, optimizing merger and acquisition mechanisms, and attracting long-term capital [1][4] Group 2 - The STAR Market has shown substantial growth, with total R&D investment in 2024 reaching 168.1 billion, which is 2.5 times the net profit, reflecting a year-on-year growth of 6.4% [3][4] - The number of disclosed asset restructuring cases in the Shanghai market reached over 700 in 2024, with significant growth in major asset restructurings, particularly in emerging industries like semiconductors and new energy [4][5] - The SSE's listed companies accounted for 70% of total market revenue and 80% of net profits, with the main board achieving a revenue of 49.6 trillion in 2024, showing a 2% year-on-year increase in net profit [5][6] Group 3 - The market is seeing a significant increase in long-term capital, with the ETF market value surpassing 3 trillion, doubling since the beginning of 2024, and long-term funds increasing their holdings in A-shares by 33% [5][6] - Future reforms will focus on maintaining market stability, enhancing the STAR Market's inclusivity, and improving the efficiency of merger and acquisition processes [6][7] - The SSE plans to promote the entry of long-term capital into the market by expanding product offerings and improving the ETF product layout, as well as developing green bonds and stock options [6][7]