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 the upcoming "15th Five-Year Plan" [1][9]. Group 1: Capital Market Reform and Development - The "15th Five-Year Plan" aims to create a standardized, inclusive, and vibrant capital market ecosystem, with a series of precise policies to drive innovation and transform economic momentum [1]. - The Shanghai and Shenzhen Stock Exchanges are actively working to improve the inclusiveness and adaptability of capital market systems to better serve new productive forces [1][3]. Group 2: Performance of Stock Exchanges - The Shanghai Stock Exchange is leveraging the Sci-Tech Innovation Board to accelerate high-level technological self-reliance, while the Shenzhen Stock Exchange highlights the resilience and vitality of listed companies in response to external changes [3][5]. - The capital market has seen significant recovery, with the Shanghai Composite Index returning to 4,000 points and the ChiNext Index rising over 40%, indicating a strong narrative of asset price revaluation [3][5]. Group 3: Support for New Productive Forces - The Shanghai Stock Exchange has implemented a multi-faceted issuance and listing system to support the growth of Sci-Tech enterprises, enhancing the inclusiveness and adaptability of the capital market [4][10]. - The Shenzhen Stock Exchange reports that nearly 90% of its listed companies are high-tech firms, with significant R&D investments exceeding 700 billion yuan during the "14th Five-Year Plan" period, reflecting a compound annual growth rate of over 11% [5][10]. Group 4: Future Directions and Strategies - The article outlines future strategies for capital market reform, including enhancing the adaptability of the system to better serve new industries and technologies, and promoting long-term investment [9][10]. - The focus will also be on optimizing the investment ecosystem and expanding cross-border investment opportunities, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [10].