中国上市公司协会党委委员、副会长余辉：上市公司创新应“增动能、固根基、谋长远”

Core Viewpoint - The annual conference emphasizes the theme "Reform and Innovation in Capital Markets" and highlights the resilience and growth of China's capital market under the leadership of the China Securities Regulatory Commission [1][2]. Group 1: Market Resilience and Growth - China's capital market has demonstrated significant resilience, effectively supporting economic and social development, with the number of listed companies exceeding 5,000, doubling over the past decade [1]. - The total market capitalization and industry coverage of listed companies have continuously expanded, reflecting a steady improvement in profitability and a more rational financing structure [1]. Group 2: Innovation and Technological Advancement - The conference discusses the importance of technological innovation as a core driver of new productive forces, with listed companies leading in high-end manufacturing, biomedicine, digital economy, and green transformation [2]. - R&D investment in the market reached 1.16 trillion yuan in the first three quarters of 2025, marking three consecutive years of exceeding one trillion yuan, with strategic emerging industries showing a research intensity of 5.21% [2]. Group 3: Governance and Shareholder Returns - Governance innovation is crucial for long-term development, with a shift from compliance to effective governance, as reflected in the new corporate governance guidelines aimed at enhancing transparency and value creation [3]. - The willingness of listed companies to return value to shareholders is increasing, with cash dividends reaching a historical high of 2.4 trillion yuan in 2024, and 426 companies distributing dividends exceeding their initial fundraising amounts [3]. Group 4: Sustainable Development and Global Integration - The long-term value of listed companies is rooted in their contributions to environmental, social, and governance (ESG) factors, aligning with national strategies and enhancing their global competitiveness [4]. - By the end of 2024, nearly 70% of A-share companies had overseas operations, generating over 9.5 trillion yuan in revenue, particularly in the manufacturing sector, showcasing their ability to navigate global markets [4]. Group 5: Role of the China Listed Companies Association - The China Listed Companies Association serves as a bridge connecting various stakeholders and is committed to enhancing the quality and investment value of listed companies [5]. - The association aims to foster a high-level service system for listed companies, contributing to the overall quality improvement of China's capital market [5].