建设高质量资本市场 服务“十五五”战略全局

Core Viewpoint - The "14th Five-Year Plan" period marks a significant milestone in the development of China's capital market, which has undergone systematic restructuring to support high-quality development of the real economy through registration system reforms, promoting technological innovation, balanced investment and financing, and improving institutional ecology [1][2]. Group 1: Systematic Restructuring During the "14th Five-Year Plan" - The capital market has achieved a total financing scale of 57.5 trillion yuan, with the direct financing ratio increasing to 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [3]. - The market's liquidity has improved, with an average daily trading volume of 1.67 trillion yuan and a turnover rate of 4.10% from September 2024 to September 2025, indicating enhanced pricing efficiency and resource allocation [4]. - The establishment of a differentiated development pattern among various boards, such as the Sci-Tech Innovation Board focusing on "hard technology," has provided comprehensive listing services for innovative enterprises [6]. Group 2: Enhancements in Investment Stability - The annualized volatility of the Shanghai Composite Index decreased to 15.9%, down by 2.8 percentage points compared to the "13th Five-Year Plan" period, reflecting improved market resilience [7]. - The capital market has seen significant stock price increases, with the Shanghai Composite Index rising by 39.58% and the ChiNext Index by 101.16% from September 2024 to September 2025, showcasing the market's strong performance [6]. Group 3: Institutional Reforms and Market Ecology - A total of 207 companies achieved smooth delisting during the "14th Five-Year Plan," with the delisting rate increasing from 0.28% in 2019 to 0.97% in 2024, indicating a more effective resource allocation mechanism [8]. - The new "National Nine Articles" established stricter regulations on share reduction, leading to a significant increase in cash dividends and share buybacks, totaling 10.6 trillion yuan over five years, an increase of over 80% compared to the "13th Five-Year Plan" [9]. Group 4: Future Role of the Capital Market in the "15th Five-Year Plan" - The capital market will play a crucial role in supporting the cultivation of new productive forces and the construction of a modern industrial system, acting as a hub for resource allocation and a catalyst for innovation [12][13]. - Key areas for reform include enhancing financing efficiency, improving resource allocation efficiency, strengthening market stability, and building a transparent legal environment [20].