吴清：上证综指年化波动率15.9%，较“十三五”下降2.8个百分点

Core Viewpoint - The resilience and risk resistance of the A-share market have significantly improved during the "14th Five-Year Plan" period, with a decrease in annualized volatility of the Shanghai Composite Index by 2.8 percentage points compared to the "13th Five-Year Plan" period [1] Group 1: Market Performance and Regulation - The China Securities Regulatory Commission (CSRC) has imposed 2,214 administrative penalties related to financial fraud, market manipulation, and insider trading during the "14th Five-Year Plan," with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the "13th Five-Year Plan" [1] - The total financing through stock and bond markets in the past five years reached 57.5 trillion yuan, with the proportion of direct financing steadily increasing by 2.8 percentage points to 31.6% compared to the end of the "13th Five-Year Plan" [3] - The basic systems and regulatory logic of the capital market have been comprehensively restructured, supported by over 60 accompanying rules introduced by the CSRC following the new "National Nine Articles" issued by the State Council [4] Group 2: Sectoral Insights - The technology sector now accounts for over one-quarter of the A-share market's total market capitalization, with the number of technology companies among the top 50 by market capitalization increasing from 18 at the end of the "13th Five-Year Plan" to 24 currently [2]