资本市场实现跨越式发展

Group 1 - The establishment of the Shanghai and Shenzhen Stock Exchanges in December 1990 marked the birth of China's capital market, characterized by centralized stock trading [1] - As of December 18, 2025, there are 5,460 listed companies in A-shares, with the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange having 2,296, 2,878, and 286 companies respectively, and a total market capitalization of approximately 106.37 trillion yuan [1] - The number of A-share investors has surpassed 240 million, reflecting significant growth in participation over 35 years [1] Group 2 - Over the past 35 years, listed companies in China have raised over 20 trillion yuan through the capital market, with initial public offerings (IPOs) totaling 52,627.92 billion yuan and refinancing reaching 154,754.09 billion yuan [2] - The total operating revenue of listed companies has dramatically increased from 932 million yuan in 1990 to 71.98 trillion yuan in 2024, with nearly 60% of companies reporting positive revenue growth [2] - In 2024, 5,091 listed companies contributed approximately 39,727 billion yuan in actual tax payments, accounting for about 22.7% of the national tax revenue [2] Group 3 - China's capital market has evolved from a single market of stocks and bonds to a comprehensive market that includes stocks, bonds, funds, and futures derivatives, with public fund management scale nearing 37 trillion yuan as of October this year [3] - As of November, there are over 160 listed futures and options products in China, indicating a diversification of financial instruments [3] - Overall, the number of listed companies and total market capitalization have shown an upward trend, demonstrating significant achievements in serving the real economy and enhancing the innovation and competitiveness of listed companies [3]