上交所“十四五”改革发展情况回顾：含“科”量不断提升 制度包容性显著增强

Core Insights - The Shanghai Stock Exchange (SSE) has become the third-largest stock market globally, the largest exchange bond market, and the second-largest ETF market in Asia during the "14th Five-Year Plan" period [2][3] - The SSE has established a robust institutional framework to support high-tech enterprises, with a significant increase in the proportion of technology innovation companies listed [3][4] Group 1: Market Position and Growth - SSE's stock market initial public offering (IPO) financing increased by 16% compared to the previous five-year period [4] - The bond market's total issuance reached 31 trillion yuan, a 42% increase from the previous five years [4] - The number of technology innovation companies in the Shanghai market rose from 32% to 41% in terms of quantity and from 27% to 32% in market capitalization over five years [3][4] Group 2: Industry Development - The number of integrated circuit companies reached 140, forming a complete semiconductor chip industry chain [3] - The SSE has become the third-largest listing venue for biopharmaceutical companies globally, with 224 biopharmaceutical firms listed [3] - The number of high-end manufacturing and new energy companies has nearly doubled compared to the previous five-year period, with 260 and 61 companies respectively [3] Group 3: Innovation and R&D - R&D investment by companies in the Shanghai market increased from 640 billion yuan to 1.07 trillion yuan, a 66% growth, accounting for nearly 40% of the national total [3] - Companies listed on the Science and Technology Innovation Board (STAR Market) have accumulated 120,000 patents, with a median R&D intensity of 12.6% [3] Group 4: Market Functionality and Investor Engagement - The SSE has actively promoted the REITs market, with 51 initial public offerings and 1,405 billion yuan raised, capturing nearly 70% of the market [4] - The SSE has implemented a multi-faceted delisting mechanism, resulting in 93 companies being delisted, including 70 through mandatory delisting [7] - The average dividend yield in the SSE approached 2.5% during the "14th Five-Year Plan" period, with a strong emphasis on investor education and protection [7] Group 5: Future Directions - The SSE aims to continue supporting China's modernization and financial strength, focusing on new requirements and tasks [8]