中证金融研究院院长毛寒松：完善资本市场功能 需抓住“四个”着力点

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need for a more inclusive and adaptable capital market system, aiming to enhance the coordination between investment and financing functions in the capital market [1] Group 1: Key Focus Areas for Capital Market Improvement - The first focus is to deepen the reform of multi-tiered capital market segments, including advancing the "1+6" reform of the Sci-Tech Innovation Board and improving mechanisms for identifying and pricing technology innovation enterprises [2] - The second focus is to accelerate the balance of investment and financing in the capital market, enhancing the coordination between primary and secondary markets and improving corporate governance to foster a culture of respect and return for investors [2] - The third focus is to promote the development of long-term and patient capital by addressing barriers for long-term funds entering the market and enhancing the attractiveness of long-term investment products [3] - The fourth focus is to build first-class investment banks and institutions, encouraging specialized development of small and foreign brokerages while prioritizing service to the real economy over mere profit expansion [3] Group 2: Achievements During the "14th Five-Year Plan" - The capital market has seen steady growth in both quantity and quality, with the total market capitalization of A-shares reaching 123 trillion yuan by the end of 2025, significantly increasing from the end of the "13th Five-Year Plan" [4] - The number of listed companies has increased to 5,469 by the end of 2025, with improvements in profitability and governance structures, particularly in strategic emerging industries [4] - The financing functions of the capital market have strengthened, with the proportion of direct financing rising by 2.8 percentage points to over 30%, and a total of 58 trillion yuan raised in the stock and bond markets over the past five years [5] - By the end of 2025, the total market value of A-shares held by various long-term funds reached 23 trillion yuan, a 36% increase from the end of the "13th Five-Year Plan" [5]