上交所“十四五”期间“起承转合” 稳步推进世界一流交易所建设

Group 1: Direct Financing and Market Development - The Shanghai Stock Exchange (SSE) has effectively enhanced its direct financing capabilities, with initial public offering (IPO) financing in the stock market increasing by 16% during the 14th Five-Year Plan compared to the previous period [1] - The bond market's total issuance reached 31 trillion yuan, a 42% increase from the previous five years, with over 10 trillion yuan in industrial bonds and asset-backed securities (ABS) [1] - The SSE has actively promoted the construction of the REITs market, achieving 51 initial listings and 4 expansions, raising 140.5 billion yuan, which accounts for nearly 70% of the market [1] Group 2: Mergers and Acquisitions - The SSE supports listed companies in revitalizing assets and enhancing core competitiveness through mergers and acquisitions, with notable cases such as China Shipbuilding's acquisition of China Shipbuilding Industry Corporation [1] - Since the introduction of the "Six Merger Guidelines," the SSE has disclosed 996 asset restructuring cases, a 20% increase year-on-year, and 114 major asset restructuring cases, up 138% [1] Group 3: Long-term Investment Ecosystem - The SSE has promoted a long-term investment ecosystem, advocating for rational, value, and long-term investment principles [2] - The number of new indices has reached approximately 3,500, with the scale of ETF products growing from 900 billion yuan to 4 trillion yuan, an increase of nearly 3.5 times [2] - The SSE has launched the first batch of science and technology innovation bond ETFs, with a scale of nearly 160 billion yuan [2] Group 4: Corporate Responsibility and Market Structure - There has been a noticeable shift in the awareness of corporate responsibility among listed companies, with a 51.2% increase in total dividend announcements amounting to 7.32 trillion yuan over the past five years [3] - The average annual compound growth rates for operating income and net profit of SSE-listed companies were 3.8% and 4.6%, respectively [3] - The proportion of professional institutions holding A-share market value has increased by 47% since the end of the previous five-year plan [3] Group 5: International Cooperation and Market Openness - The SSE has actively integrated into the national strategy for opening up, with the cumulative transaction volume of the Stock Connect program reaching 99 trillion yuan, a 275% increase from the previous five years [4] - The SSE has facilitated the issuance of Global Depositary Receipts (GDRs) for 10 companies, raising a total of 3.35 billion USD [4] - The SSE has established capital market cooperation with the Middle East, hosting international investor conferences for five consecutive years [4] Group 6: Investor Protection and Market Ecology - The SSE has implemented strict regulations to maintain market fairness, with nearly 800 disciplinary actions taken against violations, including over 170 cases of financial fraud [5] - The SSE has encouraged listed companies to implement dividend policies, achieving an average annual dividend yield of nearly 2.5% during the 14th Five-Year Plan [6] - The SSE has enhanced investor education and protection mechanisms, with a focus on matching investors with suitable products [6] Group 7: Service Improvement and Market Satisfaction - The SSE has launched initiatives to improve market services, resulting in a cumulative fee reduction of approximately 4 billion yuan over three years [7] - The SSE has streamlined its rules, reducing the number of disclosure documents by over 50% [7] - The SSE has significantly increased the number of online services, enhancing convenience for users and improving investor participation in shareholder meetings by 11 times [7]