"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 Insights - The Chinese Securities Regulatory Commission (CSRC) is accelerating investment reforms to establish a "long money long investment" policy framework, with significant achievements in promoting long-term capital into the market as of August 2023 [1][4] Group 1: Investment Reforms - The CSRC has implemented a comprehensive fee reduction reform in the public fund industry, achieving a significant breakthrough with a three-phase fee reduction plan that has been fully rolled out [2] - The third phase of the fee reduction reform is expected to save investors approximately 30 billion yuan annually, with an overall reduction of about 34% in sales fees [2] - Cumulatively, the three phases of the public fund fee reform are projected to save investors around 51 billion yuan each year, exceeding the initial reduction targets [2] Group 2: Public Fund Industry Growth - The public fund industry in China has reached a record high, surpassing 35 trillion yuan by the end of August 2023, indicating its growing importance in the capital market [3] - The successful implementation of the fee reduction reform marks a new phase of high-quality development for the public fund industry [3] Group 3: Long-term Capital Investment - Long-term capital plays a crucial role in stabilizing the market and mitigating short-term volatility, with a reported increase of 6.4 trillion yuan in the A-share market's circulating value held by various long-term funds, representing a year-on-year growth of 42.7% [4] - As of August 2023, various long-term funds collectively held approximately 21.4 trillion yuan in A-share circulating market value [4] Group 4: ETF Development - The CSRC has proposed establishing a fast-track approval process for ETF index funds to enhance the scale and proportion of equity funds, with ETF assets exceeding 5 trillion yuan by August 2023 [5] - The development of innovative ETF products has catered to diverse investment needs, contributing to the high-quality growth of the industry [5] - Central Huijin has significantly increased its holdings in ETFs, with a total value of 1.28 trillion yuan by mid-2025, accounting for nearly 30% of the total ETF market [5]

Core Viewpoint - The Chinese government is accelerating investment reforms to promote long-term capital investment in the capital market, with significant achievements reported in the entry of medium- and long-term funds into the market [1][4]. Group 1: Investment Reforms - The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage medium- and long-term funds to enter the market, with a total of approximately 21.4 trillion yuan in A-share market value held by various medium- and long-term funds as of the end of August this year [1][4]. - The comprehensive fee reduction reform for public funds has been fully implemented, with a projected annual reduction of approximately 510 million yuan for investors, exceeding the initial targets [2][3]. Group 2: Public Fund Industry - The public fund industry in China has reached a record high, surpassing 35 trillion yuan in total assets by the end of August, marking a significant milestone in the industry's development [3]. - The fee reduction reform is seen as a critical step towards high-quality development in the public fund sector, with the third phase of the reform focusing on reducing sales fees and benefiting investors [2][3]. Group 3: Role of Medium- and Long-Term Funds - Medium- and long-term funds are crucial for stabilizing the capital market and mitigating short-term volatility, with a year-on-year increase of 42.7% in the market value held by these funds [4]. - The government has implemented measures to facilitate the entry of social security, insurance, and pension funds into the market, enhancing the overall investment landscape [4]. Group 4: ETF Development - The scale of Exchange-Traded Funds (ETFs) has surpassed 5 trillion yuan, with new innovative products launched to meet diverse investment needs [5]. - Central Huijin has played a significant role in boosting market confidence by increasing its holdings in ETFs, with a total value reaching 1.28 trillion yuan by mid-2025 [5].

每经记者｜王砚丹 每经编辑｜彭水萍 一年前，2024年9月24日，国新办新闻发布会重磅推出"降准降息+股市支持工具"组合拳，以系统性政策力量砸开A股三年调整的坚冰，为中国资本市场注 入关键动能。 一年后的今天，这场被命名为 "9·24行情" 的变革，已然开启A股史上具有深远意义的慢牛征程：沪深总市值从81.8万亿跃升至116.6万亿（首破百万亿大 关）；寒武纪取代贵州茅台成 "股王"；外资从连续两年减持转为净流入超百亿美元；上市公司上半年研发投入超8100亿元…… 所有数据的背后，是政策从 "托底" 到 "制度建设" 的升华，是资金从 "小票博弈" 到 "龙头集中" 的转向，是市场从 "融资优先" 到 "投资-融资良性循环" 的 质变。 站在一周年节点回望，"9·24行情"是投资者信心恢复与市场生态重塑的重要里程碑，更是A股市场高质量发展的全新起点——一个以科技为主线、以龙头 为核心、以慢牛为特征的全新资本市场，正承载着经济转型的使命，成为中国科技创新与产业升级的 "孵化器"。 政策筑基：多维度举措构建市场支撑体系 回溯2024年9月24日，中国人民银行、金融监管总局、证监会在国新办新闻发布会上联合出台"稳地 ...

Core Viewpoint - The Chinese capital market has undergone significant reforms since the introduction of a series of financial support measures on September 24, 2024, leading to improved market confidence and stability, with A-shares experiencing substantial inflows of medium to long-term funds [1][2][3]. Group 1: Market Stability - The introduction of structural monetary policy tools has provided ample liquidity, with over 1 trillion yuan in swap operations initiated by the central bank and more than 500 listed companies utilizing loans for stock repurchases, totaling over 120 billion yuan [2]. - The capital market has seen a notable increase in medium to long-term funds, with a total market value of approximately 21.4 trillion yuan held by various long-term investors as of August 2023 [3]. Group 2: Support for Technological Innovation - The capital market has actively supported technological innovation, with over 90% of newly listed companies being technology-oriented, and the technology sector now accounting for more than 25% of the A-share market capitalization [5]. - Regulatory bodies have implemented various reforms to enhance the adaptability and inclusiveness of the capital market, facilitating the growth of innovative enterprises through improved financing mechanisms [4][5]. Group 3: Regulatory Environment - The regulatory framework has been strengthened to combat financial fraud and market manipulation, with significant penalties imposed on violators, including fines totaling 4.1 billion yuan for major financial misconduct cases [6][7]. - A comprehensive accountability system has been established to enhance the effectiveness of regulatory enforcement, creating a market environment where fraudulent activities are deterred [7].

Group 1: Core Insights - Financial regulatory authorities announced a series of measures to stabilize the capital market, which have shown effectiveness over the past year [1] - A-shares market capitalization surpassed 100 trillion yuan for the first time in August, indicating the success of capital market reforms [1] - The capital market is transitioning from being "policy-driven" to "internally driven," enhancing its ability to support high-quality economic development [1] Group 2: Long-term Capital Inflow - Regulatory bodies have been promoting the entry of long-term capital into the market, with new guidelines and implementation plans issued to facilitate this process [2] - The scale of equity funds has exceeded 10 trillion yuan, and ETF products have become a preferred tool for asset allocation, with a scale surpassing 5 trillion yuan [2] - The total market value held by long-term funds in A-shares increased from 16.7 trillion yuan at the beginning of the year to 21.4 trillion yuan by the end of August, a growth of 28% [3] Group 3: Improving Company Quality and Investment Value - Regulatory measures are being implemented to enhance the quality and investment value of listed companies, including stricter enforcement against illegal activities [5] - The number of disclosed asset restructuring cases has increased significantly, with over 1,300 cases reported this year, a 1.4 times increase compared to the same period last year [5] - Companies are encouraged to adopt value management practices, with 1,568 companies having established value management systems by mid-year [6] Group 4: Capital Market Ecosystem Optimization - The capital market ecosystem is continuously improving, with increased trading activity and a financing scale exceeding 2.42 trillion yuan [8] - The influx of long-term capital has led to a positive shift in market sentiment, increasing investor participation [8] - Future reforms will focus on enhancing the multi-level bond market and improving the regulatory framework for futures [9]

长钱"活水"涌流，投资者有了"稳"的底气。2025年1月，多部门联合印发《关于推动中长期资金入市工 作的实施方案》，重点引导商业保险资金、社保基金、养老金等加大入市力度。"引长钱、促长投"的改 革逻辑，正在从政策文本转化为市场动能。当保险资金长期股票试点规模突破2200亿元，当公募基金总 规模稳稳站上35万亿元台阶，这些数字背后不是冰冷的统计，而是为资本市场注入"稳得住、走得好"的 坚实底气。以往普通投资者面对市场波动时的焦虑感，正随着中长期资金的持续入市被慢慢稀释。 融资端"精准滴灌"，市场有了"新"的活力。2024年9月底，"并购六条"优化审核规则，一年时间内披露 230单重大资产重组，有力支持了上市公司产业整合。债券市场"科技板"今年5月落地，为创新型企业打 开了新的融资通道，助力科技企业"新苗"拔节生长。当更多深耕芯片、生物医药、新能源的科技企业通 过资本市场获得发展资金，不仅推动了产业升级，也让投资者有机会分享中国创新发展的红利，这 种"产业-市场-居民"的良性循环，让财富增长有了坚实的产业支撑。 上市公司"提质去芜"，市场有了"净"的生态。对于普通投资者而言，上市公司的质量直接决定了财富 的"安全 ...

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) highlighted significant achievements in the capital market during the "14th Five-Year Plan" period, emphasizing the market's resilience and its role in supporting the real economy [2][8]. Group 1: Achievements of the Capital Market - The total scale of the capital market has surpassed 100 trillion yuan, with continuous optimization of its structure and enhanced legal foundations [2]. - The securities industry has made five notable achievements, including a more complete multi-layered market system and improved coordination between investment and financing functions [6][5]. - 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% [6]. Group 2: Market Resilience and Risk Management - The A-share market's resilience and risk resistance have significantly improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [7]. - The CSRC has implemented robust risk prevention and regulatory measures, maintaining a low default rate of around 1% [10][9]. - Over 700 cases of financial fraud and market manipulation have been referred to law enforcement, with significant penalties imposed on major offenders [11][12]. Group 3: Regulatory and Institutional Reforms - The regulatory framework has been systematically improved, with over 60 supporting rules introduced following the "New National Nine Articles" [3]. - The stock issuance registration system has transitioned from pilot to full implementation, enhancing the market's operational efficiency [17]. - The CSRC has made strides in opening up the capital market, including the removal of foreign ownership limits and the establishment of a more comprehensive overseas listing system [21][22]. Group 4: Future Directions - The CSRC plans to enhance the adaptability of the multi-layered market system, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [25]. - There will be a continued emphasis on improving the quality and investment value of listed companies, alongside stricter regulatory measures [27]. - The capital market aims to attract global capital to share in China's development opportunities, supporting the modernization agenda [29].

长江期货 | 鄂证监期货字[2014]1 号 研究咨询部 金融组 | 彭博 Z0021839 F3080600 年 月 日国新会点评：政策定调明朗，股指震荡上行可期 一、发布会核心要点：从"成就总结"到"改革深化"的政策信号 年 月 日，国务院新闻办公室举行"高质量完成'十四五'规划"新闻发布会， 中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清等金融监管部门主 要负责人出席。本次会议与去年 月 日"增量政策密集出台"的发布会风格迥异，更侧重 于"总结成效、稳定预期、明确方向"，传递出三大核心信号。 （一）资本市场"量稳质升"的五年答卷：制度根基与市场活力的双重夯实 吴清主席用"极不寻常的五年"总结资本市场发展，重点强调了五大成就： 制度体系成熟化：以新证券法为核心，期货和衍生品法、私募基金监管条例等历经多年打 磨的法规相继落地，新"国九条"及 余项配套规则重构基础制度，法治化"四梁八柱"成 型，为资本市场的规范运行提供了坚实的法律保障。 投融资功能协调：近五年股债融资合计 57.5 万亿元，直接融资比重提升至 31.6%；科技 企业成上市主力，新上市企业九成以上为科技或高技术企业，A 股科 ...