“六大提升”积厚成势、向新而行——深交所回顾“十四五”、启航“十五五”概述

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has made significant progress during the "14th Five-Year Plan" period, focusing on risk prevention, strong regulation, and promoting high-quality development, thereby enhancing market functions and supporting China's modernization journey [1][11]. Group 1: Support for New Productive Forces - During the "14th Five-Year Plan," SZSE facilitated direct financing for the real economy exceeding 12 trillion yuan, a 22% increase compared to the "13th Five-Year Plan" [2]. - The number of newly listed companies reached 649, with IPO fundraising amounting to 602.3 billion yuan, a 58% increase from the previous period [2]. - R&D investment by listed companies rose from 461.3 billion yuan to 772.7 billion yuan, with an average annual growth rate of 13.76% [2]. Group 2: Market Resilience - The average annual compound growth rate of revenue for listed companies was 9.1%, with cash dividends exceeding 2.2 trillion yuan, a 103% increase from the "13th Five-Year Plan" [3]. - The total scale of ETF products reached 1.79 trillion yuan, an 8-fold increase compared to the beginning of the "14th Five-Year Plan" [3][14]. - Institutional investors' holdings in SZSE A-shares increased by 30%, with the annualized volatility of the Shenzhen Composite Index at 22.1%, down 1.7 percentage points from the previous period [3][14]. Group 3: Regulatory Quality Improvement - SZSE implemented stricter regulations, resulting in 1,222 disciplinary actions, a 50.68% increase from the "13th Five-Year Plan" [4][14]. - The number of companies delisted reached 117, surpassing the total number of delistings in the previous twenty years [5][14]. - Enhanced monitoring systems were established to detect financial fraud, with 135 cases of financial misconduct being addressed [4][14]. Group 4: Bond and REITs Innovation - The bond market facilitated over 10 trillion yuan in direct financing, a 52% increase from the "13th Five-Year Plan" [6][15]. - The issuance of innovative bond products totaled 1.8 trillion yuan, a 70% increase compared to the previous period [6][15]. - The number of listed REITs in SZSE reached 26, promoting asset revitalization and new investments [6][15]. Group 5: Continuous Improvement in Openness - The total transaction volume of the Shenzhen-Hong Kong Stock Connect reached 110 trillion yuan, a 3.5-fold increase from the "13th Five-Year Plan" [7][16]. - Nine companies successfully issued Global Depositary Receipts (GDRs), raising 3.008 billion USD [7][16]. - Cross-border cooperation has been enhanced, with multiple memorandums of understanding signed with international exchanges [7][16]. Group 6: Enhanced Market Service Capability - SZSE has accelerated the improvement of market service levels, conducting 1,326 various investor service activities [8][17]. - The number of participants in online voting increased tenfold compared to the "13th Five-Year Plan" [8][17]. - The establishment of a "market-friendly" regulatory framework has streamlined over 70% of regulatory rules for listed companies [8][17].