“十四五”资本市场制度重塑，锚定下一个五年改革突破口| “十四五”规划收官

Group 1: Core Insights - The "14th Five-Year Plan" is approaching its conclusion, with the A-share market returning to 3700 points and total market capitalization exceeding 100 trillion yuan, marking a nearly ten-year high [2] - The capital market has undergone a systematic transformation over the past five years, with the implementation of a registration system and the establishment of a multi-tiered capital market framework [2][3] - The transition towards high-quality development has revealed shortcomings, including structural imbalances in financing, insufficient service innovation, and the need for improved company quality and investor structure [2][3] Group 2: Market Developments - Significant reforms have occurred during the "14th Five-Year Plan," including the establishment of the Beijing Stock Exchange and the full implementation of the registration system, which replaced the approval system [3] - A total of over 5.64 trillion yuan in equity financing was raised in the A-share market during this period, with IPOs exceeding 1400 and raising 1.62 trillion yuan, a 30% increase compared to the previous five-year period [3][4] - The fundraising scale of the Sci-Tech Innovation Board and the Growth Enterprise Market has significantly increased, with the former raising over 800 billion yuan and the latter over 1 trillion yuan [4] Group 3: Investor Structure and Protection - The proportion of domestic institutional investors in the A-share market has increased, reaching 18.46% by the first quarter of 2025, up from 16.59% in early 2021 [4] - The total cash dividends paid by A-share listed companies exceeded 8 trillion yuan during the "14th Five-Year Plan," an increase of nearly 80% compared to the previous period [6] - Regulatory measures have been strengthened to combat financial fraud and insider trading, with the China Securities Regulatory Commission handling 2668 cases of securities and futures violations from 2021 to 2024 [6] Group 4: Challenges and Future Directions - Despite progress, challenges remain in financing for small and medium-sized enterprises (SMEs) and the need for improved services for innovative companies [8][9] - The capital market's service to the real economy and technological innovation faces issues such as inadequate financial service systems and a lack of support for the entire lifecycle of technology companies [8] - Recommendations include enhancing the construction of the Growth Enterprise Market and Sci-Tech Innovation Board, simplifying listing processes for SMEs, and improving the regulatory framework to monitor fund flows effectively [9][12]