吴清：衷心感谢广大投资者

Core Insights - The "14th Five-Year Plan" period has seen steady growth in China's capital markets, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1][3] Regulatory Framework - A comprehensive regulatory framework has been established, with significant reforms including the implementation of the new Securities Law and the introduction of over 60 supporting regulations, enhancing the legal system of China's capital markets [3][4] Market Structure - The market structure has become more complete with the successful establishment of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, leading to a total A-share market capitalization exceeding 100 trillion yuan [4][5] Financing and Investment - In the past five years, total financing through stock and bond markets reached 57.5 trillion yuan, with direct financing's share increasing to 31.6%, and over 90% of newly listed companies being technology-oriented [5][6] Market Stability - A collaborative mechanism for market stability has been gradually improved, resulting in enhanced resilience and risk resistance in the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [6][7] Market Environment - A fair and just market environment has been further established, with a significant increase in administrative penalties for financial misconduct, enhancing market transparency and ecological integrity [6][7]