Group 1: Capital Market Development - The capital market in China has achieved steady growth in quantity and effective improvement in quality during the "14th Five-Year Plan" period, with a more complete multi-level and widely covered market system [1] - The total financing through stock and bond markets reached 57.5 trillion yuan over the past five years, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [2] - The market share of technology companies in A-shares has exceeded 25%, significantly higher than the combined market share of banking, non-banking financial, and real estate sectors [2] Group 2: Support for Technology Innovation - The establishment of the Beijing Stock Exchange has created a tailored system for small and medium-sized enterprises, with nearly 80% of listed companies in strategic emerging industries and advanced manufacturing [3] - Private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Beijing Stock Exchange, highlighting their role in supporting technology innovation [5] - The total management scale of private equity and venture capital funds reached 14.4 trillion yuan, with 15,000 projects under investment [5] Group 3: Bond Market and Financial Products - The bond market has seen a diversification of products, with the issuance of Sci-Tech bonds exceeding 57 billion yuan this year, driven by policy guidance and market demand [4] - The number of futures and options products has reached 157, covering major sectors of the national economy, enhancing price discovery and risk management capabilities [7] - The total funds in the futures market have surpassed 1.9 trillion yuan, marking a historical high [7] Group 4: Policy Support and Market Accessibility - The government has introduced policies to promote the development of equity and venture capital investments, with the "17 Measures for Venture Capital" set to enhance the investment environment [6] - The proportion of institutional clients in the futures market has reached 65.34%, an increase of 7.94 percentage points since 2020, indicating the growing importance of futures in business operations [8] - The number of futures products available for foreign investment has expanded, with 24 specific products and 95 options for qualified foreign investors [8]
多层次资本市场筑牢枢纽功能 科创成色越擦越亮
Zheng Quan Shi Bao·2025-09-23 18:07