回望“十四五”| 更具吸引力和包容性——用数据丈量资本市场的量质升级

Group 1 - The core viewpoint of the articles highlights the profound institutional reforms and structural optimization in China's capital market during the "14th Five-Year Plan" period, emphasizing the transition towards a more market-oriented, legal, and internationalized system [2][3][5] - The implementation of the new securities law and the introduction of the registration system have significantly enhanced market efficiency and attractiveness, allowing for a more diverse range of companies, including unprofitable and special equity structure firms, to access the capital market [3][4][5] - The proportion of high-tech enterprises among newly listed companies has exceeded 90%, indicating a strong focus on strategic emerging industries, particularly in sectors like integrated circuits and biomedicine [4][5] Group 2 - The total market capitalization of A-shares surpassed 100 trillion yuan, reflecting a historic breakthrough and increased investor confidence, with daily trading volumes reaching over 2 trillion and 3 trillion yuan [7][8] - The capital market's structure is undergoing significant changes, with long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [8][9] - The direct financing ratio has steadily increased, reaching 31.6%, with a total of 57.5 trillion yuan raised through stock and bond financing in the past five years, indicating a robust support for the real economy [9][10] Group 3 - Regulatory bodies have implemented over 60 supporting rules since the release of the new "National Nine Articles," enhancing the stability of the capital market and promoting high-quality development [10][11] - The number of asset restructuring cases has increased significantly, with a 40% rise in total disclosures and a 150% increase in major restructurings, indicating a shift towards resource allocation towards new productive forces [11] - The market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the "13th Five-Year Plan" period [11]