十大维度透视“十四五”资本市场新变化，这份“成绩单”亮眼！

Core Insights - The capital market reforms during the "14th Five-Year Plan" period have made significant progress, including the full implementation of the registration system for stock issuance and the enhancement of investor protection [1][3][21]. Group 1: Registration System Reform - The registration system reform has been deeply advanced, with total financing in the stock and bond markets reaching 57.5 trillion yuan, and the proportion of direct financing increasing by 2.8 percentage points to 31.6% compared to the end of the "13th Five-Year Plan" [3]. Group 2: Establishment of Beijing Stock Exchange - The China Securities Regulatory Commission (CSRC) has promoted the establishment of the Beijing Stock Exchange (BSE) to serve innovative small and medium-sized enterprises, with 276 companies currently listed on the BSE and over 14,000 companies served by the New Third Board [4][5]. Group 3: Market Stability and Investor Protection - The CSRC has prioritized maintaining market stability, implementing new policies and reforms in key areas such as issuance, listing, mergers and acquisitions, trading, and delisting [7][8]. - The cash dividends from A-share listed companies reached 10.6 trillion yuan over the past five years, which is 2.07 times the amount raised through IPOs and refinancing during the same period [8]. Group 4: Support for Technological Innovation - Over 90% of newly listed companies during the "14th Five-Year Plan" period are high-tech enterprises, with strategic emerging industries now accounting for over half of the A-share market [10]. - The market capitalization of technology companies among the top 50 companies has increased from 18 to 24 since the end of the "13th Five-Year Plan" [11]. Group 5: Growth of ETF Products - The number of listed ETFs has grown from 370 to 1,282, with total assets increasing from 1.1 trillion yuan to over 5 trillion yuan, making it the largest ETF market in Asia [14]. Group 6: Long-term Capital Inflows - By the end of August this year, various long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, a 32% increase compared to the end of the "13th Five-Year Plan" [15]. Group 7: High-level Opening Up - The capital market has seen significant progress in high-level institutional opening up, with the number of foreign-controlled institutions increasing and the investment scope for qualified foreign institutional investors expanding [21][22][23]. - By the end of August 2025, 907 foreign institutions had obtained qualified foreign institutional investor status, holding a total of 949.3 billion yuan [26].