长城国瑞证券：资本市场将为中国经济高质量发展注入持续动力

Core Insights - The recent press conference by the State Council highlighted significant achievements in the financial sector over the past five years, particularly in the capital market, which has seen a dual leap in scale and structure, with the total market value of A-shares surpassing 100 trillion yuan and a notable increase in the proportion of direct financing [1][2] - The implementation of new securities laws and key regulations has marked a transformative period for the capital market, enhancing its institutional foundation and facilitating a more robust multi-tiered market system [1][2] - The capital market has shifted towards high-quality development, with over 90% of newly listed companies being technology firms, indicating a significant structural optimization [2][3] Market Performance - The stock and bond financing scale in the exchange market reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% compared to the end of the 13th Five-Year Plan, showcasing enhanced market resilience [2] - The market has seen a substantial increase in the number of technology companies among the top 50 by market value, rising from 18 to 24, and the market capitalization of the technology sector now accounts for over 25% [2] Future Outlook - The capital market is expected to continue its role in supporting technological innovation and optimizing resource allocation, contributing to high-quality economic development in China [3] - The focus will remain on maintaining a safe, transparent, and resilient market environment, with ongoing reforms aimed at enhancing market vitality and regulatory measures to ensure market integrity [2][3]