九方金融研究所：多部门最新发声，资本市场需关注的五大信号

Core Viewpoint - The article highlights the achievements of China's financial system during the "14th Five-Year Plan" period, emphasizing the effectiveness of supportive monetary policies, the enhancement of capital market technology content, and the overall stability of the financial system [1][5][6]. Group 1: Monetary Policy and Economic Support - The People's Bank of China has significantly improved financial services for the real economy, maintaining a supportive monetary policy stance that effectively lowers financing costs and alleviates debt pressure for enterprises and residents [2][5]. - The central bank's tools, such as reserve requirement ratio cuts and interest rate reductions, have kept liquidity reasonably ample, directly benefiting small and medium-sized enterprises [2][5]. Group 2: Capital Market Developments - The technology content in the capital market has increased, with over 90% of newly listed companies being technology-oriented, and the market capitalization of the technology sector exceeding 25% of the A-share market [3][5]. - The willingness of listed companies to return profits to investors has significantly increased, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the "13th Five-Year Plan" period [3][5]. Group 3: Market Resilience and Risk Management - The A-share market has shown enhanced resilience and reduced risk, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points during the "14th Five-Year Plan" [4][5]. - Key financial indicators such as non-performing loans and capital adequacy are stable and within a healthy range, with a more than 40% increase in the disposal of non-performing assets compared to the previous five-year period [4][5]. Group 4: Future Outlook - The financial system is expected to continue playing a crucial role in stabilizing the economy, promoting transformation, and safeguarding livelihoods during the "15th Five-Year Plan," supported by ongoing institutional reforms and the deepening of the positive cycle between resident wealth and corporate capital [6].