“十五五”规划建议之资本市场展望

Group 1 - The "15th Five-Year Plan" outlines a blueprint for China's economic and social development, emphasizing the importance of capital markets in achieving these goals [1][2] - The plan highlights the need for a well-functioning capital market that supports direct financing through stocks and bonds, as well as the development of futures, derivatives, and asset securitization [1][2] - The capital market is expected to play a crucial role in serving the real economy and providing quality financial services to key strategic areas and weak links [3] Group 2 - The overall goal for the capital market in the next five years is to establish a high-quality development framework, improve investor protection mechanisms, and enhance the quality and structure of listed companies [4] - Key reform areas include enhancing the capital market's inclusiveness and adaptability, focusing on serving the real economy, and promoting the development of a multi-tiered bond market [4][5] - The plan aims to create a more attractive environment for long-term capital investment and improve the structure of market funding sources [5][6] Group 3 - The capital market is expected to undergo significant changes, leading to a new balance in investment and financing, with a focus on new economic sectors [7] - By mid-2025, the proportion of strategic emerging industry companies in the A-share market is projected to reach 32.78%, with over 90% of IPOs coming from these sectors [7] - The market is anticipated to see an increase in institutional and long-term capital, with a reported 21.4 trillion yuan in long-term funds held by A-shares as of August 2025, marking a 32% increase from the end of the 13th Five-Year Plan [8] Group 4 - The diversification of financial tools and services is expected to meet the varying needs of different investment and financing entities, with an emphasis on inclusive products for individual investors [9] - The capital market is set to benefit from the comprehensive reform of investment and financing mechanisms, which is anticipated to enhance market activity and investor engagement [12] - The ongoing AI technology wave and global monetary system reshaping are expected to contribute to the revaluation of Chinese assets, providing a solid foundation for future capital market growth [13]