吴清强调，要深入学习贯彻即将召开的党的二十届四中全会精神，坚持党的全面领导，坚持人民至上， 坚持高质量发展，坚持全面深化改革，坚持有效市场和有为政府相结合，坚持统筹发展和安全，高质量 谋划和实施好"十五五"资本市场规划相关工作。以科创板、创业板"两创板"改革为抓手，进一步深化投 融资综合改革，全面推进实施新一轮资本市场改革开放，不断提升市场的吸引力、包容性和竞争力。上 市公司、行业机构和中介机构作为资本市场的重要参与主体，希望大家聚焦主业、强化功能、完善治 理，努力提升专业能力和市场声誉，持续涵养尊重投资者、回报投资者的市场文化，在资本市场改革发 展中实现自身高质量发展。 证监会有关司局负责同志参加座谈。 来源：证监会发布 （文章来源：上海证券报） 证监会召开"十五五"资本市场规划上市公司和行业机构座谈会 为认真贯彻习近平总书记有关"十五五"规划编制工作的重要指示精神和9月29日中央政治局会议精神， 高质量做好"十五五"资本市场规划思路和举措谋划工作，证监会党委书记、主席吴清在北京召开专题座 谈会，与部分上市公司、行业机构和中介机构代表、中国资本市场学会会员深入交流，充分听取意见建 议。 座谈中，大家一致认为 ...

Group 1 - The core viewpoint emphasizes the need for high-quality planning and implementation of the "14th Five-Year" capital market plan, focusing on the reforms of the Sci-Tech Innovation Board and the ChiNext Board to enhance market attractiveness, inclusiveness, and competitiveness [1] - The meeting highlighted that during the "14th Five-Year" period, China's capital market achieved both quantitative and qualitative improvements, particularly after the implementation of the new "National Nine Articles" and the "1+N" policy framework, which restructured the foundational systems and regulatory logic of the capital market [1] - Participants agreed on the importance of enhancing the professional capabilities and market reputation of listed companies, industry institutions, and intermediaries, while fostering a market culture that respects and rewards investors [1] Group 2 - Recommendations for the "15th Five-Year" capital market plan include deepening reforms in areas such as issuance and listing, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to enhance market attractiveness and inclusiveness [2] - There is a call for greater support for listed companies to improve their quality and value, encouraging them to increase dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [2] - The plan also aims to support the development of high-quality securities firms and fund companies, promote the high-quality development of intermediary institutions like accounting and law firms, and enhance their comprehensive strength and international competitiveness [2]

Core Viewpoint - The meeting emphasized the need for high-quality planning for the "15th Five-Year" capital market strategy, building on the achievements of the "14th Five-Year" period, and focusing on comprehensive reforms in the capital market [1][2]. Group 1: Achievements and Developments - During the "14th Five-Year" period, China's capital market experienced significant growth in both quantity and quality, particularly after the implementation of the new "National Nine Articles" and the "1+N" policy framework [1]. - The foundational systems and regulatory logic of the capital market have been comprehensively restructured, leading to a more complete multi-level market system and enhanced market resilience [1]. Group 2: Proposed Reforms and Strategies - Suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while enhancing policy execution mechanisms to increase market attractiveness and inclusivity [2]. - There is a call for greater support for listed companies to improve their performance, encouraging them to increase dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [2]. - The development of high-quality securities and fund companies is encouraged to create top-tier investment banks and institutions, alongside promoting the high-quality development of intermediary institutions like accounting and law firms [2]. - The proposal includes enriching the A-share market product service system with more indices, ETFs, and derivatives to better serve the preservation and appreciation of residents' wealth [2]. - Enhancing cross-border investment and financing convenience and increasing the institutional openness of the capital market are also highlighted as key areas for reform [2]. Group 3: Leadership and Governance - The importance of adhering to the Party's comprehensive leadership and prioritizing high-quality development and effective market governance is emphasized [2]. - Listed companies, industry institutions, and intermediaries are urged to focus on their core businesses, enhance their functions, and improve governance to elevate their professional capabilities and market reputation [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality planning and implementation of the "14th Five-Year" capital market strategy, focusing on reforms to enhance market attractiveness and competitiveness [1] Group 1: Capital Market Planning - The CSRC held a seminar on the "14th Five-Year" capital market planning involving listed companies and industry institutions [1] - CSRC Chairman Wu Qing highlighted the need for comprehensive reforms in the capital market, particularly through the Sci-Tech Innovation Board and the Growth Enterprise Market [1] Group 2: Market Reforms - The reforms aim to deepen investment and financing integration, promoting a new round of capital market reform and opening up [1] - The focus is on enhancing the market's appeal, inclusiveness, and competitiveness [1] Group 3: Stakeholder Responsibilities - Listed companies, industry institutions, and intermediaries are encouraged to concentrate on their core businesses, strengthen functions, and improve governance [1] - There is a call for these entities to enhance their professional capabilities and market reputation while fostering a culture that respects and rewards investors [1]

Group 1 - The core viewpoint of the article emphasizes the importance of high-quality planning for the "15th Five-Year" capital market, following the guidance of Xi Jinping and the recent Central Political Bureau meeting [1][2] - During the discussions, participants acknowledged that the "14th Five-Year" period saw significant improvements in China's capital market, particularly after the implementation of the new "National Nine Articles" and the "1+N" policy framework, which restructured the foundational systems and regulatory logic of the capital market [1][2] - Suggestions for the "15th Five-Year" capital market planning included deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, enhancing policy execution mechanisms, and increasing the attractiveness and inclusiveness of the capital market [2] Group 2 - There is a call for greater support for listed companies to enhance their quality and investment value, including encouraging higher dividend payouts and share buybacks, and enhancing the role of institutional investors in corporate governance [2] - The article highlights the need for high-quality development of industry institutions, such as securities and fund companies, and improving the capabilities and international competitiveness of intermediary institutions like accounting and law firms [2] - Emphasis is placed on enriching the product service system of the A-share market, including indices, ETFs, and derivatives, to better serve the preservation and appreciation of residents' wealth [2] Group 3 - Wu Qing, the chairman of the China Securities Regulatory Commission, expressed the hope that listed companies, industry institutions, and intermediaries would focus on their core businesses, enhance their functions, and improve governance to achieve high-quality development in the capital market [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality development and comprehensive reform in the capital market during the "14th Five-Year Plan" period, focusing on enhancing market attractiveness and competitiveness through specific reforms and initiatives [1][2]. Group 1: Key Points from the Meeting - The CSRC Chairman, Wu Qing, highlighted six principles for advancing the "14th Five-Year Plan" for the capital market, including adherence to the Party's leadership and promoting high-quality development [1]. - The meeting discussed the need to deepen reforms in areas such as issuance, refinancing, and mergers and acquisitions to enhance the capital market's appeal and inclusivity [1]. - There is a call for listed companies to improve their quality and investment value by increasing dividend payouts and buybacks, while also enhancing the role of institutional investors in corporate governance [1]. Group 2: Future Directions for the Capital Market - Participants agreed that during the "14th Five-Year Plan," China's capital market has seen both scale and quality improvements, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [2]. - The meeting proposed supporting high-quality securities and fund companies to develop into top-tier investment banks and institutions, while also promoting the high-quality development of intermediary institutions like accounting and law firms [1]. - There is an emphasis on enriching the A-share market product system, including indices, ETFs, and derivatives, to better serve the wealth preservation and appreciation needs of residents [1].

吴清同时明确，要以科创板、创业板"两创板"改革为抓手，进一步深化投融资综合改革，全面推进新一 轮资本市场改革开放，持续提升市场的吸引力、包容性与竞争力。 针对上市公司、行业机构及中介机构，吴清提出新的期望：聚焦主业、强化功能、完善治理，不断提升 专业能力与市场声誉，持续培育尊重投资者、回报投资者的市场文化，在资本市场改革发展中实现自身 的高质量发展。 值得关注的是，座谈会上与会代表围绕"十五五"资本市场规划及进一步全面深化改革，提出了一系列具 体建议，主要集中在以下四大方面： 一是进一步深化发行上市、再融资、并购重组等领域改革，完善政策执行机制，持续增强资本市场的吸 引力和包容性； 21世纪经济报道 记者 崔文静 根据证监会9月30日官网消息，证监会在京召开"十五五"资本市场规划上市公司和行业机构座谈会，座 谈会由证监会党委书记、主席吴清主持，部分上市公司、行业机构、中介机构代表及中国资本市场学会 会员参会并深入交流。 会上，吴清主席强调了六个"坚持"，即坚持党的全面领导、坚持人民至上、坚持高质量发展、坚持全面 深化改革、坚持有效市场与有为政府更好结合、坚持统筹发展与安全，以此高质量推进"十五五"资本市 场规 ...

Core Viewpoint - The article discusses the planning and reform strategies for China's capital market during the "15th Five-Year Plan" period, emphasizing the need for high-quality development and comprehensive reforms in various sectors of the capital market [1][3]. Group 1: Capital Market Achievements and Reforms - During the "14th Five-Year Plan" period, China's capital market experienced significant growth in both quantity and quality, particularly after the implementation of the new "National Nine Articles" and the "1+N" policy framework [2]. - The meeting highlighted the need for further reforms in areas such as issuance and listing, refinancing, and mergers and acquisitions, aiming to enhance the attractiveness and inclusiveness of the capital market [2]. Group 2: Recommendations for Future Development - Participants suggested increasing support for listed companies to improve their performance and encourage higher dividend payouts and share buybacks [2]. - There is a call to enhance the role of institutional investors in corporate governance to improve the quality and investment value of listed companies [2]. - The need to develop high-quality securities and fund companies, as well as to improve the capabilities of intermediary institutions like accounting and law firms, was emphasized [2]. Group 3: Strategic Focus and Governance - The article stresses the importance of adhering to the principles of comprehensive leadership, prioritizing people, and promoting high-quality development in the capital market [3]. - It encourages listed companies and industry institutions to focus on their core businesses, enhance their functions, and improve governance to elevate their professional capabilities and market reputation [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on high-quality planning for the "14th Five-Year" capital market strategy, emphasizing the need for comprehensive reforms and improvements in the capital market to enhance its attractiveness and inclusivity [1][2]. Group 1: Capital Market Achievements - During the "14th Five-Year" period, China's capital market has seen significant improvements in both quantity and quality, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [1]. - The foundational systems and regulatory logic of the capital market have been comprehensively restructured, resulting in a more complete multi-level market system and enhanced market resilience [1]. Group 2: Recommendations for the "15th Five-Year" Plan - Suggestions include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to boost the capital market's attractiveness and inclusivity [2]. - There is a call for greater support for listed companies to enhance their quality and investment value, including encouraging higher dividend payouts and share buybacks [2]. - The development of high-quality securities and fund companies is encouraged to create top-tier investment banks and institutions, alongside improving the capabilities of intermediary institutions like accounting and law firms [2]. - Enhancing the product service system of the A-share market, including indices, ETFs, and derivatives, is recommended to better serve the wealth preservation and growth needs of residents [2]. - Increasing the convenience of cross-border investment and financing, as well as improving the level of institutional openness in the capital market, is also highlighted [2]. Group 3: Emphasis on Governance and Market Culture - The CSRC emphasizes the importance of adhering to the principles of comprehensive leadership, prioritizing the people, and pursuing high-quality development in the planning and implementation of the "15th Five-Year" capital market strategy [3]. - The focus is on leveraging the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market to further deepen comprehensive reforms in investment and financing [3]. - Listed companies, industry institutions, and intermediaries are encouraged to concentrate on their core businesses, enhance governance, and improve their professional capabilities and market reputation [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on the "14th Five-Year Plan" for capital market development, emphasizing high-quality growth, comprehensive reform, and enhancing market attractiveness and competitiveness through the "Two Innovation Boards" reform [1][4]. Group 1: Capital Market Planning - The CSRC is conducting discussions to gather opinions on the "15th Five-Year Plan" for capital markets, aiming to align with the directives from the Central Political Bureau [2]. - Participants noted that during the "14th Five-Year" period, China's capital market experienced significant growth in both quantity and quality, particularly after the implementation of the "New National Nine Articles" and the "1+N" policy framework [3]. Group 2: Reform Suggestions - Suggestions for the "15th Five-Year Plan" include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while enhancing policy execution mechanisms to boost market attractiveness and inclusivity [3]. - There is a call for greater support for listed companies to improve their performance, including encouraging higher dividend payouts and buybacks, and enhancing the role of institutional investors in corporate governance [3]. - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is emphasized, alongside promoting the high-quality development of intermediary services like accounting and law firms [3]. Group 3: Market Development Goals - The CSRC aims to enrich the product service system of the A-share market, including indices, ETFs, and derivatives, to better serve the wealth preservation and appreciation needs of residents [3]. - Enhancing cross-border investment and financing convenience is a priority, along with increasing the level of institutional openness in the capital market [3].