图说|2025年资本市场大事记

Group 1 - The core viewpoint of the article highlights the significant improvements in investor confidence and expectations in the A-share market, with total market capitalization exceeding 100 trillion yuan in 2025, and a growing preference for hard technology assets [1][9]. Group 2 - In January, a plan was introduced to promote the entry of medium- and long-term funds into the market, aiming to enhance the investment ratio and stability of commercial insurance funds in A-shares, optimize the investment management mechanisms of national social security and basic pension funds, and increase the scale and proportion of equity funds [2]. Group 3 - The government work report for 2025 emphasizes the development of new productive forces and the integration of technological and industrial innovation, with the China Securities Regulatory Commission (CSRC) deepening reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange to enhance the inclusiveness and adaptability of the system [3]. Group 4 - On April 8, the Central Huijin Investment Company reaffirmed its role as a stabilizing force in the capital market, akin to a "stabilization fund," with the People's Bank of China supporting it in increasing stock market index fund holdings and providing sufficient re-lending support when necessary [4]. Group 5 - On May 7, the CSRC issued an action plan to promote the high-quality development of public funds, proposing 25 specific measures to shift the industry focus from "scale" to "returns" by optimizing the fee structure of actively managed equity funds and strengthening the alignment of interests between fund companies and investors [5]. Group 6 - On May 16, the CSRC announced modifications to the major asset restructuring management measures, introducing a phased payment mechanism for restructuring shares, a simplified review process for restructuring, and clarifying lock-up period requirements for mergers, leading to a significant increase in mergers and acquisitions activity, with 279 major restructurings recorded in A-shares by the end of the reporting period, nearly doubling from the previous year [6]. Group 7 - On June 18, the CSRC implemented reforms to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the establishment of a growth tier, pilot introduction of experienced institutional investors, and the resumption of the fifth set of standards for listing unprofitable companies [8]. Group 8 - By August, the total market capitalization of A-shares surpassed 100 trillion yuan, with a notable structural change in the market, as various medium- and long-term funds collectively held approximately 21.4 trillion yuan of A-share circulating market value, reflecting a 32% increase compared to the end of the 13th Five-Year Plan [10]. Group 9 - On October 27, the CSRC released an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, proposing 11 measures across six areas to enhance access management, facilitate investment operations, expand investment scope, clarify policy expectations, and enrich service support [11]. Group 10 - On October 28, the Shanghai Composite Index broke the 4000-point mark for the first time in over a decade, driven by factors such as the release of DeepSeek-R1, renewed recognition of Chinese companies' technological innovation capabilities, a low-interest-rate environment, and global capital reallocation [12].