沪深交易所齐发声：提高制度包容性，培育新质生产力

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market as a core theme in the "14th Five-Year Plan" and outlines the ongoing reforms and policies aimed at fostering a vibrant capital market ecosystem [1][8]. Group 1: Capital Market Reforms - The "14th Five-Year Plan" includes a focus on improving the inclusiveness and adaptability of the capital market, which is seen as essential for the reform and development of the capital market [1][8]. - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) are actively working on initiatives to enhance the capital market's inclusiveness and adaptability, particularly in supporting new productive forces [3][5]. - The SSE has implemented a multi-faceted issuance and listing system for the Sci-Tech Innovation Board, which includes policies that enhance the inclusiveness and adaptability of the capital market [3][9]. Group 2: Market Performance and Trends - The Chinese capital market has experienced a significant recovery, with the Shanghai Composite Index returning to 4000 points and the ChiNext Index rising over 40%, indicating a positive trend in asset price revaluation [3][5]. - The growth of high-tech enterprises on the ChiNext Board, which accounts for nearly 90% of its listings, reflects the market's focus on innovation and the development of strategic emerging industries [5][6]. - The cumulative R&D investment of ChiNext-listed companies exceeded 700 billion yuan, with a compound annual growth rate of over 11%, showcasing the commitment to innovation [5]. Group 3: Future Directions - The SSE plans to focus on nurturing new productive forces and enhancing the quality of listed companies, promoting sustainable development practices within corporate management [4][9]. - The SZSE aims to improve its service to new industries and technologies by advancing reforms on the ChiNext Board and optimizing the investment ecosystem to attract long-term capital [8][9]. - Both exchanges are committed to expanding cross-border investment mechanisms and enhancing the integration of international capital into the Chinese market [5][8].