"十四五"期间，从股票发行注册制全面推开到多层次资本市场体系不断完善，从服务科技创新到加强投 资者保护，资本市场改革开放迈出坚实步伐。 让我们回顾这五年，梳理资本市场高质量发展的"成绩单"。 注册制改革全面推开 资本市场迎"关键一跃" "十四五"期间，资本市场注册制改革深入推进。 近五年，交易所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升2.8个百 分点，达到31.6%。 设立北交所 着力稳市场、稳预期 "十四五"期间，证监会始终把维护资本市场稳定放在突出位置。 具体举措： 抓好新"国九条"及资本市场"1+N"政策体系落地见效，不断深化发行、上市、并购重组、交易、退市等 关键领域基础制度改革创新，增强市场内在稳定性。 打造服务创新型中小企业主阵地 "十四五"期间，证监会持续推进一系列改革创新，发布《关于高质量建设北京证券交易所的意见》，推 动北交所和新三板建设取得新成效。 数据显示： 北交所现有上市公司276家，新三板累计服务企业超1.4万家。 坚持北交所与新三板协同发展，与沪深市场、四板市场既分工协作、又互联互通，新三板已向沪深北交 易所输送上市企业超740家。 北交所债券市 ...

Core Viewpoint - The Chinese capital market has achieved steady growth in quantity and quality during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the future [6]. Group 1: Achievements in Capital Market Development - A comprehensive regulatory framework has been established, with significant reforms including the implementation of the new Securities Law and the introduction of over 60 supporting rules, enhancing the legal system for the capital market [3]. - The multi-tiered market system has been improved, with the A-share market's total market value surpassing 100 trillion yuan, and a diverse range of financial products being developed [3]. - The coordination between investment and financing has been strengthened, with direct financing's proportion increasing to 31.6%, and over 90% of newly listed companies being technology-oriented [4]. - A robust market stabilization mechanism has been developed, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [5]. - A fair and transparent market environment has been fostered, with a significant increase in administrative penalties for financial misconduct, enhancing market integrity [5]. Group 2: Key Reforms and Initiatives - Major breakthroughs in investment reforms have been achieved, including the establishment of a high-quality development action plan for public funds and the promotion of long-term capital market participation [7]. - Continuous deepening of financing reforms has been noted, with the stock issuance registration system fully implemented and various measures introduced to support innovative enterprises [8]. - Mechanisms for promoting high-quality development of listed companies have been improved, with a focus on information disclosure and corporate governance [8]. - The capital market has seen a steady expansion of institutional openness, with the removal of foreign ownership limits and the establishment of a more comprehensive overseas listing system [9]. Group 3: Investor Protection and Risk Management - The capital market has faced complex challenges, leading to a focus on maintaining market stability and enhancing regulatory measures to prevent systemic risks [11]. - Efforts to mitigate risks in key areas have been effective, with a low bond default rate of around 1% and the closure of numerous fraudulent institutions [12]. - Regulatory enforcement has been strengthened, with significant penalties imposed for financial fraud, enhancing the deterrent effect against misconduct [13]. - A comprehensive investor protection framework has been established, addressing concerns related to share reductions and fraudulent activities, thereby improving the quality of investor rights protection [14]. Group 4: Future Directions - The focus will be on enhancing the adaptability of the multi-tiered market system and supporting innovative enterprises through reforms [15]. - Efforts will be made to attract more long-term capital and improve the quality and value of listed companies [15]. - Regulatory precision and effectiveness will be prioritized, ensuring a balance between market vitality and regulatory oversight [16].

文/梧桐小编 9月22日，中国证监会发布《中共中国证券监督管理委员会委员会关于二十届中央第三轮巡视整改进展情况的通报》。针对巡视反馈重点问题整改落实情 况，《通报》指出：坚持目标导向、问题导向，推动股票发行注册制走深走实。严把发行上市准入关。压实中介机构责任，配合制定关于规范中介机构为 公司公开发行股票提供服务的规定，修订保荐机构执业质量评价办法，对从事IPO业务的中介机构开展常态化滚动式现场检查。优化新股发行定价机制， 修订证券发行承销管理办法及配套细则。聚焦服务新质生产力发展，强化资本市场功能发挥。抓好"科技十六条""科创板八条"的落地实施，支持优质科技 型企业发行上市。多措并举活跃并购重组市场，发布"并购六条"，推动典型案例落地。 根据中央统一部署，2024年4月15日至7月20日，中央第八巡视组对中国证券监督管理委员会（以下简称中国证监会）党委开展了常规巡视。2024年10月19 日，中央巡视组向中国证监会党委反馈了巡视意见。按照巡视工作有关要求，现将巡视整改进展情况予以公布。 一、党委履行巡视整改主体责任情况 中国证监会党委坚持把中央巡视整改作为重大政治任务，深入学习贯彻习近平总书记在听取二十届中央 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability, reducing risks in key areas, enhancing regulatory effectiveness, and protecting investors' rights during a recent press conference. Group 1: Market Stability - The CSRC has focused on maintaining stable market operations by implementing early warning systems and enhancing cross-market risk prevention mechanisms, which have improved investor confidence and market expectations [1] - The bond default rate in the exchange market has been kept at a low level of around 1%, indicating effective risk control measures [1] Group 2: Risk Management - The CSRC has successfully cleared approximately 7,000 zombie institutions in the private equity sector and has effectively curtailed the risks associated with "pseudo-private equity" [1] - All 27 identified "pseudo-gold exchanges" have had their qualifications revoked, and hundreds of similar institutions have been cleaned up [1] Group 3: Regulatory Enforcement - The CSRC has significantly enhanced the effectiveness and deterrence of regulatory enforcement, focusing on financial fraud and establishing a comprehensive punishment and prevention system [2] - Notable penalties have been imposed, including a record fine of 4.175 billion yuan on Evergrande and 325 million yuan on its auditing firm for financial fraud [2] Group 4: Investor Protection - The CSRC has improved investor protection mechanisms by refining regulations related to share reductions, quantitative trading, and short selling, and has established a robust compensation system for investors [3] - Landmark cases have resulted in significant compensation for investors, including approximately 2.46 billion yuan for the Kangmei Pharmaceutical case and 1.09 billion yuan for the Zijing Storage case [3]

Core Insights - The press conference highlighted significant achievements in the financial sector during the "14th Five-Year Plan" period, particularly in capital market reforms and investor protection measures [1][3][5]. Group 1: Public Fund Reforms - The China Securities Regulatory Commission (CSRC) announced the completion of a three-phase fee reduction reform for public funds, which began in July 2023 and will conclude in September 2025, aiming to save investors approximately 45 billion yuan annually [3][4]. - The first two phases of the reform have already led to reductions in management fees, custody fees, and transaction commission rates for public funds [3][4]. - The reforms are designed to shift the focus of public funds from "scale" to "returns," enhancing the quality of development in the public fund sector [4][5]. Group 2: Private Fund Risk Management - The CSRC reported the successful clearance of around 7,000 "zombie" private fund institutions, effectively mitigating new risks in the private fund sector [4][5]. - Since the beginning of 2025, 853 private funds have been deregistered, with 451 voluntarily and 332 by the association, indicating a proactive approach to risk management [4][5]. - The implementation of new regulations, including the Securities Law, has contributed to a more robust legal framework for the capital market [4][5]. Group 3: Investor Protection Measures - The CSRC has introduced various measures to strengthen investor protection, including advance compensation systems and strict accountability for intermediaries [6][7]. - Notable cases, such as the compensation of approximately 2.46 billion yuan to investors in the Kangmei Pharmaceutical case, demonstrate the effectiveness of these protective measures [6][7]. - The regulatory environment has seen increased scrutiny of brokerage firms, with 76 regulatory letters issued in the past year addressing violations in initial public offerings [7]. Group 4: Market Openness and Future Outlook - The "14th Five-Year Plan" period has seen the removal of foreign ownership limits in the financial sector, enhancing the openness of China's capital markets [7]. - The CSRC has approved 13 foreign-controlled securities and fund institutions to operate in China, expanding the market's global reach [7]. - The press conference served to boost investor confidence in the capital market's current and future development, with expectations for continued reforms in the upcoming "15th Five-Year Plan" [7].

Core Viewpoint - The news highlights the achievements and ongoing reforms in China's financial industry during the "14th Five-Year Plan" period, emphasizing the enhancement of regulatory frameworks and the promotion of financial stability. Group 1: Financial Regulatory Enhancements - The Financial Regulatory Administration has made significant progress in improving the modern financial enterprise system during the "14th Five-Year Plan" period, including the implementation of a mechanism linking preset interest rates to market rates and dynamic adjustments [3] - The revision of important financial laws, such as the Banking Supervision Law and the Insurance Law, is accelerating, with 171 regulatory documents issued over the past five years to enhance the regulatory framework [4] - Regulatory effectiveness has been significantly improved through a focus on substantial risks and practical issues, with a tiered regulatory approach applied to 41 key institutions while delegating regulatory authority to 112 small and medium-sized insurance institutions [4] Group 2: Financial Stability and Risk Management - The China Securities Regulatory Commission (CSRC) emphasizes maintaining market stability by implementing early warning systems and enhancing cross-market risk prevention mechanisms [6] - The bond default rate in the exchange market remains low at around 1%, with significant progress in the rectification of private equity funds, resulting in the clearance of approximately 7,000 zombie institutions [7] - A comprehensive deterrent system has been established to combat financial fraud, with over 700 cases and leads transferred to law enforcement agencies in the past five years [7] Group 3: Investor Protection Initiatives - The introduction of new regulations has improved investor protection, including measures for compensation in cases of fraud and the establishment of a structured investor protection system [7][8] - Landmark cases, such as the compensation of approximately 2.46 billion yuan for investors in the Kangmei Pharmaceutical case, demonstrate the effectiveness of investor rights protection efforts [8]

Core Viewpoint - The Chinese capital market has achieved steady quantitative growth and effective qualitative improvement during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1]. Group 1: Market Development and Regulation - The China Securities Regulatory Commission (CSRC) has promoted risk prevention, strengthened regulation, and encouraged high-quality development, resulting in a sustained and solid market development trend [2]. - A comprehensive regulatory framework has been established, with the implementation of new laws such as the Securities Law and the Futures and Derivatives Law, enhancing the legal system of the capital market [2]. - The multi-tiered market system has been improved, with significant reforms in the Science and Technology Innovation Board and the establishment of the Beijing Stock Exchange, leading to a total A-share market capitalization exceeding 100 trillion yuan [3]. Group 2: Financing and Investment - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with the direct financing ratio increasing by 2.8 percentage points to 31.6% [3]. - The proportion of technology companies among newly listed firms has increased, with over 90% being tech-related, and the market capitalization of the technology sector now exceeds 25% of the total A-share market [3]. - Listed companies have significantly increased their return to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks, an increase of over 80% compared to the previous five years [4]. Group 3: Risk Management and Enforcement - The CSRC has enhanced market resilience and risk management, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [4]. - A total of 2,214 administrative penalties were issued for violations such as financial fraud and insider trading, with fines totaling 41.4 billion yuan, marking a 58% increase in cases and a 30% increase in fines compared to the previous five years [4]. - The CSRC has implemented measures to protect investors, including improvements in regulations related to share reductions and quantitative trading, and has established a comprehensive investor protection system [10]. Group 4: Future Directions - The CSRC aims to enhance the adaptability and inclusiveness of the capital market, focusing on reforms that support innovation and the growth of high-quality enterprises [12]. - The commission plans to improve the quality and investment value of listed companies, emphasizing corporate governance and information disclosure [13]. - Continuous efforts will be made to ensure effective regulation and risk prevention, promoting a stable and vibrant capital market environment [13].

"回望过去五年，大家一起交出了一份沉甸甸的答卷，可以说是硕果累累。展望未来五年，我们也是信心满满，更有着沉甸甸的责任"，9月22日，在介绍"十 四五"时期金融业发展成就时，证监会主席吴清在国新办新闻发布会上表示。当日，吴清在会上详细介绍了五年来资本市场发展的"成绩单"。近五年，交易 所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升2.8个百分点，达到31.6%。资本市场服务科技创新跑出"加速度"，资本市 场含"科"量进一步提升。另外，五年来，上市公司通过分红、回购派发"红包"合计达到10.6万亿元，比"十三五"增长超过八成，相当于同期股票IPO和再融 资金额的2.07倍。"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿元，269家企业境外上市。一系列数据 表明，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，我国资本市场的"朋友圈"越来越大，也为"十五五"高质量发展打下了坚实基础。 A股韧性和抗风险能力增强 吴清在会上表示，"十四五"期间，A股市场韧性和抗风险能力明显增强，上证综指年化波动率15.9%，较"十三五"下降2 ...

四是扎牢织密投资者保护"安全网" 。积极回应投资者关切，先后完善了股份减持、量化交易、融券 等一些相关的监管规则，推动出台了先行赔付、当事人承诺、欺诈发行责令回购等一系列制度，明确 了申报即担责、中介机构执业质量评价等硬性监管要求，事前事中事后有序衔接的投保体系持续健 全。近年来， 特别代表人诉讼首单康美药业案赔偿投资者约24.6亿元，紫晶存储案、泽达易盛案分 别赔付投资者10.9亿元和2.8亿元， 一批标志性案例在各方共同努力下得以落地，提升了投资者合法 权益保护工作的质效。 9月22日下午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 介绍"十四 五"时期金融业发展成就， 中国证监会主席吴清在会上作了相关发布。 吴清表示，过去五年资本市场面临的环境发生了复杂深刻变化， 外部输入性风险挑战可以说是风高 浪急，国内部分领域风险"水落石出"， 资本市场作为各类风险交汇地和敏感带首当其冲。 中央金融工作会议强调要加快打造"安全、规范、透明、开放、有活力、有韧性"的资本市场，"安 全"打头，凸显了防风险、强监管的重要性。证监会始终坚持稳中求进，统筹发展与安全，筑牢监管 防线，严守风险底线。 ...

Core Viewpoint - The article discusses the achievements and developments of China's financial industry during the "14th Five-Year Plan" period, highlighting the progress in capital market reforms, regulatory frameworks, and the overall stability and growth of the market [2][3][4]. Regulatory Framework - A comprehensive regulatory framework has been established, with the implementation of the new Securities Law and the introduction of over 60 supporting rules, enhancing the legal system of the capital market [3][4]. - The "National Nine Articles" issued by the State Council has further strengthened regulatory measures to promote high-quality development in the capital market [3]. Market Structure - The multi-tiered market system has been improved, with significant advancements in the Sci-Tech Innovation Board, Growth Enterprise Market, and the establishment of the Beijing Stock Exchange [4]. - As of August, the total market capitalization of A-shares has surpassed 100 trillion yuan, indicating robust market growth [4]. Investment and Financing - In the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with a direct financing ratio increasing by 2.8 percentage points to 31.6% [5]. - The technology sector has seen a significant increase in market capitalization, with over 90% of newly listed companies being tech-related, and the market cap of tech companies now exceeds 25% of the total A-share market [5]. Market Stability Mechanisms - A collaborative mechanism for market stability has been developed, enhancing the resilience and risk management capabilities of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [6]. Fair Market Environment - A fair and just market environment has been fostered, with a significant increase in administrative penalties for financial misconduct, including a 58% rise in penalties for financial fraud [7]. Capital Market Reforms - Major breakthroughs in investment-side reforms have been achieved, including the implementation of a high-quality development action plan for public funds and the promotion of long-term capital market participation [8][9]. - The financing-side reforms have seen the full rollout of the stock issuance registration system, facilitating the listing of innovative companies [9][10]. Risk Management - The regulatory body has focused on maintaining market stability and preventing risks, with a low bond default rate of around 1% and the closure of numerous fraudulent financial institutions [12][13]. - Enhanced enforcement measures have been implemented to combat financial fraud, with significant penalties imposed on major offenders [13][14]. Future Outlook - The regulatory body aims to continue enhancing the adaptability and inclusiveness of the capital market, focusing on supporting high-quality enterprises and improving the overall market environment [16][17].