全球第三大股票市场、全球最大交易所债券市场、亚洲第二大ETF市场 “起承转合”看上交所“十四五”成绩单

Core Insights - The Shanghai Stock Exchange (SSE) has focused on high-quality development during the 14th Five-Year Plan, becoming the world's third-largest stock market and the largest bond market [1][2] - The proportion of technology innovation companies in the SSE has increased from 32% to 41%, with their market capitalization rising from 27% to 32% [2] - The SSE has implemented significant reforms, including the establishment of the Sci-Tech Innovation Board, which has supported the listing of 376 new companies, including 37 unprofitable firms [2][3] Group 1: Market Development - The SSE's stock initial public offering (IPO) financing increased by 16% compared to the previous five-year period, while the bond market issuance reached 31 trillion yuan, a 42% increase [4] - The SSE has actively promoted the REITs market, with 51 new listings and 1,405 billion yuan raised, accounting for nearly 70% of the market [4][5] - The number of mergers and acquisitions (M&A) has increased, with 996 asset restructuring disclosures, a 20% increase, and 114 major asset restructurings, a 138% increase [5] Group 2: Innovation and R&D - R&D investment by SSE companies rose from 640 billion yuan to 1.07 trillion yuan, a 66% increase, accounting for nearly 40% of national R&D investment [3] - Sci-Tech Innovation Board companies have generated 120,000 patents, with a median R&D intensity of 12.6%, leading the A-share market [3] Group 3: Investor Protection and Market Integrity - The SSE has implemented a robust regulatory framework, issuing nearly 800 disciplinary actions against violations, with over 30% being severe penalties [8] - The SSE has established a three-tier investor education and protection mechanism, enhancing the suitability management system for investors [8][9] - The SSE has improved market accessibility, with a significant increase in online services and investor participation in shareholder meetings [9][10] Group 4: Internationalization and Cross-Border Cooperation - The SSE has integrated into the national opening-up strategy, with the Shanghai-Hong Kong Stock Connect achieving a cumulative transaction volume of 99 trillion yuan, a 275% increase [7] - The SSE has facilitated the issuance of Global Depositary Receipts (GDRs) for 10 companies, raising a total of 3.35 billion USD [7]