新财观 | 财信证券袁闯：以高质量的资本市场推动经济高质量发展

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the significant progress in capital market development and its contribution to high-quality economic growth [1] Group 1: Investment Side - The attractiveness of Chinese assets has significantly increased due to accelerated institutional development, including the implementation of the registration system across A-shares and the introduction of the "New National Nine Articles" [2] - From September 23, 2024, to September 21, 2025, major indices such as the Shenzhen Component Index, Hang Seng Index, and Shanghai Composite Index saw substantial gains of 61.87%, 45.38%, and 39.58% respectively, outperforming major overseas equity indices [2][3] Group 2: Financing Side - The proportion of direct financing has steadily increased, with total financing through stock and bond markets reaching 57.5 trillion yuan over the past five years, raising the direct financing ratio by 2.8 percentage points to 31.6% [5] - The efficiency of financing has improved, with stricter listing standards introduced to ensure quality over quantity in IPOs, resulting in 59 successful equity financing cases in the electronics sector alone, totaling 691.87 billion yuan [6] Group 3: Market Participants - The market has seen a continuous optimization of participants, with 207 companies successfully delisted during the "14th Five-Year Plan" period, indicating an increasing delisting rate from 0.28% in 2019 to 0.97% in 2024 [7] - There is a growing awareness among companies to return value to shareholders, with total dividends and buybacks amounting to 10.6 trillion yuan over the past five years, an increase of over 80% compared to the "13th Five-Year Plan" [8] Group 4: Future Outlook - The "15th Five-Year Plan" period is expected to further solidify the foundation for high-quality development in China's capital markets, focusing on strong regulation, risk prevention, and promoting high-quality growth [9] - The emphasis on technological innovation and the integration of capital markets with industry and technology will be crucial for achieving breakthroughs in key technology areas and enhancing economic quality during the "15th Five-Year Plan" [10]