持续增强资本市场吸引力和包容性

Group 1 - The core viewpoint emphasizes that during the "14th Five-Year Plan" period, China's capital market has achieved steady quantitative growth and effective qualitative improvement, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] - The next reform direction for the capital market will focus on deepening comprehensive reforms in investment and financing, enhancing adaptability and inclusiveness across various aspects such as basic systems, market functions, and regulatory enforcement [1][2] - The capital market has undergone systematic restructuring of basic systems, significantly enhancing market resilience and vitality, and improving its ability to serve technological innovation and the real economy [1][2] Group 2 - The capital market's registration system reform has deepened, focusing on supporting technological innovation and the development of new productive forces, with over 90% of newly listed companies during the "14th Five-Year Plan" being high-tech enterprises [2] - The A-share technology sector now accounts for over 25% of the market capitalization, surpassing the combined market capitalization of the banking, non-bank financial, and real estate sectors [2] - The number of strategic emerging industry companies in the A-share market has exceeded half, with significant clustering effects observed in integrated circuits and biomedicine enterprises listed on the Sci-Tech Innovation Board [2] Group 3 - The capital market is identified as a key element in promoting the development of new productive forces, with a focus on enhancing the inclusiveness and adaptability of capital market systems to better meet the financing needs of technology and small enterprises [3] - Policies such as the "Sixteen Articles on Technology" and "Eight Articles on the Sci-Tech Innovation Board" are being implemented to better align with the requirements of new productive forces [3] Group 4 - The regulatory authorities have promoted coordinated development of investment and financing, with a series of stabilizing policies yielding positive results, allowing the A-share market to withstand multiple external shocks during the "14th Five-Year Plan" period [4] - The capital market's "1+N" policy system has been effectively implemented, continuously deepening reforms in key areas such as issuance, listing, mergers and acquisitions, trading, and delisting to enhance the market's inherent stability [4] Group 5 - There is a push to increase the inflow of medium- and long-term funds, with public funds currently holding over 7 trillion yuan in A-share market capitalization, becoming the largest professional institutional investor [5] - As of the end of August this year, various medium- and long-term funds held approximately 21.4 trillion yuan in A-share market capitalization, representing a 32% increase compared to the end of the "13th Five-Year Plan" [5] Group 6 - The capital market's long-term mechanism construction has accelerated during the "14th Five-Year Plan" period, with significant enhancement in policy coordination and the establishment of a stable and resilient modern capital market ecosystem being the focus for the "15th Five-Year Plan" period [6]