Group 1 - The core viewpoint emphasizes that during the "14th Five-Year Plan" period, China's capital market has achieved steady quantitative growth and effective qualitative improvement, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] - The next reform direction for the capital market will focus on deepening comprehensive reforms in investment and financing, enhancing adaptability and inclusiveness across various aspects such as basic systems, market functions, and regulatory enforcement [1][2] - The capital market has undergone systematic restructuring of basic systems, significantly enhancing market resilience and vitality, and improving its ability to serve technological innovation and the real economy [1][2] Group 2 - The capital market's registration system reform has deepened, focusing on supporting technological innovation and the development of new productive forces, with over 90% of newly listed companies during the "14th Five-Year Plan" being high-tech enterprises [2] - The A-share technology sector now accounts for over 25% of the market capitalization, surpassing the combined market capitalization of the banking, non-bank financial, and real estate sectors [2] - The number of strategic emerging industry companies in the A-share market has exceeded half, with significant clustering effects observed in integrated circuits and biomedicine enterprises listed on the Sci-Tech Innovation Board [2] Group 3 - The capital market is identified as a key element in promoting the development of new productive forces, with a focus on enhancing the inclusiveness and adaptability of capital market systems to better meet the financing needs of technology and small enterprises [3] - Policies such as the "Sixteen Articles on Technology" and "Eight Articles on the Sci-Tech Innovation Board" are being implemented to better align with the requirements of new productive forces [3] Group 4 - The regulatory authorities have promoted coordinated development of investment and financing, with a series of stabilizing policies yielding positive results, allowing the A-share market to withstand multiple external shocks during the "14th Five-Year Plan" period [4] - The capital market's "1+N" policy system has been effectively implemented, continuously deepening reforms in key areas such as issuance, listing, mergers and acquisitions, trading, and delisting to enhance the market's inherent stability [4] Group 5 - There is a push to increase the inflow of medium- and long-term funds, with public funds currently holding over 7 trillion yuan in A-share market capitalization, becoming the largest professional institutional investor [5] - As of the end of August this year, various medium- and long-term funds held approximately 21.4 trillion yuan in A-share market capitalization, representing a 32% increase compared to the end of the "13th Five-Year Plan" [5] Group 6 - The capital market's long-term mechanism construction has accelerated during the "14th Five-Year Plan" period, with significant enhancement in policy coordination and the establishment of a stable and resilient modern capital market ecosystem being the focus for the "15th Five-Year Plan" period [6]

Group 1 - The core theme of the press conference was to introduce the achievements of the financial industry during the "14th Five-Year Plan" period, focusing on medium to long-term perspectives without discussing short-term policy adjustments [19] - The overall financial system in China is stable, with healthy financial institutions and smooth market operations [4][18] - The banking and insurance sectors have seen total assets exceed 500 trillion yuan, with an annual growth rate of 9% over the past five years [21] Group 2 - The A-share market has shown significant resilience and risk resistance, with the proportion of technology companies in the top 50 by market capitalization increasing from 18 to 24 during the "14th Five-Year Plan" [2][26] - A total of 10.6 trillion yuan has been distributed to shareholders through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" [2][26] - The annualized volatility of the Shanghai Composite Index decreased by 2.8 percentage points to 15.9% during the "14th Five-Year Plan" [2][27] Group 3 - The financial regulatory authority has taken strict measures against financial irregularities, including the dismissal of over 3,600 illegal shareholders and the resolution of several illegal financial groups [3][36] - The regulatory framework has been significantly restructured, with over 60 supporting rules introduced following the new "National Nine Articles" [2][25] - The financial regulatory authority has imposed penalties on 20,000 institutions and 36,000 individuals, with fines totaling 21 billion yuan [23][28] Group 4 - The stock issuance registration system has transitioned from a pilot program to full implementation, with various measures introduced to optimize the listing and financing processes [5][42] - The total market capitalization of the A-share market surpassed 100 trillion yuan for the first time in August [26] - The proportion of direct financing in the capital market has increased by 2.8 percentage points to 31.6% compared to the end of the "13th Five-Year Plan" [26] Group 5 - The foreign capital holding in A-shares is currently 3.4 trillion yuan, with 269 companies listed overseas [6] - The central bank's monetary policy stance is supportive, implementing moderately loose monetary policies to stabilize the economy [7][8] - The modern monetary policy framework in China has been initially formed and continuously improved, effectively promoting reasonable growth in financial totals and optimizing credit structures [9][33]

21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 9月22日下午，国新办举办"介绍'十四五'时期金融业发展成就"新闻发布会，证监会主席吴清做客发布会并演讲。 新"国九条"发布，配套规则持续完善，基础制度全方位夯实。 亮点二：多层次资本市场体系更趋完善 科创板、创业板改革深化，北交所成功设立并高效运行； A股总市值突破100万亿元，结构合理、功能互补的生态基本形成。 亮点三：投融资相协调的市场功能不断健全 近五年股债融资总额57.5万亿元，直接融资比重稳步提升，较"十三五"末提高2.8个百分点； A股科技企业市值占比超25%，上市公司通过分红回购向投资者派发的"红包"合计达10.6万亿元，较"十三五"增长超八成，相当于同期股票IPO和再融资金额 的2.07倍。 亮点四：协同发力的稳市机制逐步完善 2025年是"十四五"规划收官之年，五年以来，资本市场砥砺前行，顶住压力，稳中提质，交出一份亮眼答卷！ 亮点一："四梁八柱"的资本市场法律制度体系基本建成 新证券法落地实施，期货和衍生品法、私募投资基金监管条例等重磅法规出台； 上证综指年化波动率为15.9%，较"十三五"期间下降2.8个百分点； 协同稳市机制有 ...

塑造"放得活"又"管得住"的资本市场秩序，吴清最新发声，一图速览>> 9.22 | 发布会纪要 第二师经 国新办"十四五"时期 44 金融业发展成就发布会 塑造 放得活又管得住的 资本市场秩序 B 吴清 中国证监会主席 。近五年上市公司派发"红包"10.6万亿 这5年上市公司通过分红、回购派发"红包"合计达到 10.6万亿元,比"十三五"增长超过8成,相当于同期 股票IPO和再融资金额的2.07倍。 。A股科技板块市值占比明显高于金融、房地产 目前A股科技板块市值占比超1/4,已明显高于银行、 非银金融、房地产行业市值合计占比。 。上证综指年化波动率较"十三五"下降 。中长期资金持有A股流通市值约21.4万亿元 截至今年8月底,各类中长期资金合计持有A股流通市 值约21.4万亿元,较"十三五"末增长32%。 。207家公司平稳退市 严格出清"害群之马""空壳僵尸","十四五"时期 共207家公司平稳退市。 。执法震慑进一步增强 对财务造假、操纵市场、内幕交易等案件作出行政处罚 2214份. 罚没414亿元. 较"十三五"分别增长58% 和30%。 。3家未盈利企业在重启科创板第五套标准后完成 IPO注册 目前 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has reported significant achievements in the capital market over the past five years, emphasizing a focus on risk prevention, strong regulation, and high-quality development [3][4][8] Regulatory Framework - A comprehensive regulatory framework has been established, with the implementation of the new Securities Law and the introduction of various regulations, enhancing the legal system of China's capital market [3][4] - The market system has become more complete, with reforms in the Science and Technology Innovation Board and the establishment of the Beijing Stock Exchange [3][4] Market Performance - The total market capitalization of A-shares surpassed 100 trillion yuan in August 2023, indicating robust market growth [3] - The combined financing through stock and bond markets reached 57.5 trillion yuan over the past five years, with direct financing's proportion increasing to 31.6% [4] Investor Engagement - Companies have shown a significant increase in returning value to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the previous five-year period [4] - The proportion of technology companies among the top 50 by market capitalization has risen from 18 to 24 [4] Market Integrity - The CSRC has intensified enforcement against financial fraud and market manipulation, issuing 2,214 administrative penalties and imposing fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively [5][9] Reform Initiatives - Major reforms have been implemented to enhance the investment side, including the establishment of a high-quality development action plan for public funds and measures to facilitate long-term capital inflow [6][10] - The financing side has also seen continuous improvement, with new policies supporting the development of innovative enterprises [6][10] Risk Management - The CSRC has maintained a focus on risk management, with a low bond default rate of around 1% and the successful clearing of approximately 7,000 zombie institutions in the private equity sector [8][9] Future Directions - The CSRC plans to enhance the adaptability and inclusiveness of the capital market, focusing on multi-level market systems and improving the quality of listed companies [10][11]

Core Insights - The past five years have been unusual for the capital market, with a continuous improvement in the coordination of investment and financing functions [2] - Total financing through stock and bond markets reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% compared to the end of the 13th Five-Year Plan [2] - Over 90% of newly listed companies in recent years are technology enterprises or have high technological content, with the market capitalization of the A-share technology sector exceeding 25% [2] - Listed companies have significantly increased their awareness of returning value to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks, which is over 80% higher than during the 13th Five-Year Plan [2] Financing and Market Trends - The capital market has accelerated its service to technological innovation, with a notable increase in the proportion of technology-related companies [2] - The market capitalization of technology companies is now significantly higher than that of banking, non-banking financial, and real estate sectors combined [2] - The China Securities Regulatory Commission is actively working to improve the capital formation mechanism and encourage long-term capital inflows into the market [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining stability in financial markets during the 14th Five-Year Plan period, highlighting the resilience of the foreign exchange, bond, and capital markets [1] Foreign Exchange Market - The PBOC asserts that the market plays a decisive role in the formation of exchange rates, maintaining the basic stability of the RMB despite a volatile external environment [1] - The maturity of market participants and the widespread use of exchange rate hedging tools contribute to the resilience of the foreign exchange market [1] Bond Market - The PBOC monitors and evaluates the bond market from a macro-prudential perspective, enhancing regulatory coordination and timely risk alerts to market participants [1] - The bond default rate remains low, indicating overall stability in market operations [1] Capital Market - The PBOC is exploring monetary policy tools to maintain stability in the capital market, collaborating with the China Securities Regulatory Commission (CSRC) to create swap facilities and stock repurchase lending tools [1] - Support for the Central Huijin Investment Ltd. to act as a "stabilization fund" is emphasized, aiming to continuously improve the long-term support mechanisms for the capital market [1]

9月22日，中国证监会主席吴清在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介 绍，目前A股科技板块市值占比超过1/4，市值前50名公司中科技企业从"十三五"末的18家提升至当前的 24家；吴清同时指出，上市公司发"红包"更"大方"——"十四五"期间上市公司通过分红、回购10.6万亿 元，比"十三五"增长超8成，相当于同期股票IPO和再融资金额的2.07倍。 9月22日，在介绍"十四五"时期金融业发展成就时，吴清在国新办新闻发布会上表示，国务院去年出台 新"国九条"，中国证监会又会同相关方面相继出台了60余项配套规则，基础制度和监管底层逻辑得到全 方位重构，为资本市场稳定发展打下制度基础。 今年8月，A股市场的总市值首次突破了100万亿元。吴清表示，中国资本市场产品日趋丰富，公募 REITs、科创债、资产证券化等创新品种也在加快发展。全市场期货期权品种达到157个，广泛覆盖了 国民经济的主要产业领域。 同时，上市公司主动回报投资者的意识明显增强。吴清表示，这5年上市公司通过分红、回购派发"红 包"合计10.6万亿元，比"十三五"增长超8成，相当于同期股票IPO和再融资金额的2.07倍。 "十四 ...

Group 1 - The core viewpoint is that the Chinese capital market has achieved significant stability and development during the "14th Five-Year Plan" period, supported by a robust regulatory framework and market mechanisms [1][2][3] - A comprehensive regulatory system has been established, with over 60 supporting rules introduced following the new "National Nine Articles," laying a solid foundation for market stability [1] - The multi-layered market system has been enhanced, with the A-share market's total market value surpassing 100 trillion yuan in August, and a diverse range of financial products being developed [1][2] Group 2 - The coordination between investment and financing functions has improved, with total financing through stock and bond markets reaching 57.5 trillion yuan over the past five years, and the direct financing ratio increasing by 2.8 percentage points [2] - The technology sector's market capitalization now accounts for over 25% of the A-share market, with the number of technology companies in the top 50 increasing from 18 to 24 [2] - Companies have shown a stronger commitment to returning value to investors, with over 10.6 trillion yuan distributed through dividends and buybacks, an increase of over 80% compared to the previous five-year period [2] Group 3 - The market environment has become fairer, with 2,214 administrative penalties issued for financial misconduct, resulting in fines totaling 41.4 billion yuan, reflecting increases of 58% and 30% respectively compared to the previous five-year period [3] - The resilience and risk resistance of the A-share market have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [2][3] - The achievements during the "14th Five-Year Plan" period are seen as a solid foundation for high-quality development in the "15th Five-Year Plan" [3]

Group 1 - The core viewpoint is that the Chinese capital market has undergone significant reforms and improvements during the "14th Five-Year Plan" period, laying a solid foundation for future high-quality development [1] - The China Securities Regulatory Commission (CSRC) has implemented over 60 supporting rules following the "National Nine Articles" introduced by the State Council, fundamentally restructuring the regulatory framework for stable market development [1] - During the "14th Five-Year Plan," listed companies distributed over 10.6 trillion yuan through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan," and this amount is 2.07 times the total of IPOs and refinancing during the same period [1] - The resilience and risk resistance of the A-share market have significantly improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [1] - The achievements in the capital market during the "14th Five-Year Plan" are attributed to the collective efforts and strong support from various market participants, especially investors [1]