来源：上海证券报·中国证券网 证监会有关司局负责同志参加座谈。 上证报中国证券网讯 据中国证监会9月30日消息，中国证监会党委书记、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。 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。 座谈中，大家一致认为，"十四五"时期，我国资本市场实现了量质齐升，特别是新"国九条"和资本市 场"1+N"政策体系发布实施以来，资本市场基础制度和监管底层逻辑得到全方位重构，多层次市场体系 ...

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: Achievements and Reforms - During the "14th Five-Year" period, China's capital market has seen 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 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 [2]. Group 2: Suggestions for the "15th Five-Year" Plan - Participants suggested further deepening reforms in areas such as issuance and listing, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to enhance the capital market's appeal [2]. - There is a call for greater support for listed companies to improve their quality and investment value, including encouraging higher dividend payouts and share buybacks [2]. - The need to support high-quality securities and fund companies in building first-class investment banks and institutions was emphasized, alongside promoting the high-quality development of intermediary institutions like accounting and law firms [2]. Group 3: Strategic Emphasis - The CSRC Chairman, Wu Qing, highlighted the importance of adhering to the principles of comprehensive leadership, prioritizing people, and promoting high-quality development in the upcoming capital market planning [3]. - The focus will be on deepening comprehensive reforms in financing and investment, particularly through the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. - The expectation is for listed companies and industry institutions to enhance their professional capabilities and market reputation while fostering a culture that respects and rewards investors [3].

【大河财立方消息】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。 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。 座谈中，大家一致认为，"十四五"时期，我国资本市场实现了量质齐升，特别是新"国九条"和资本市 场"1+N"政策体系发布实施以来，资本市场基 ...

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，"十四五"时期，我国资本市场实现了量质齐升，特别是新"国九条"和资本市 场"1+N"政策体系发布实施以来，资本市场基础制度和监管底层逻辑得到全方位重构，多层次市场体系更加完 备，市场功能不断健全，市场韧性明显增强，市场生态持续净化。会上，大家围绕如何做好"十五五"资本市场 规划、进一步全面深化资本市场改革提出了具体意见建议。主要包括：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，不断增强资本市场的吸引力和包容性；更大力度支持上市公司做优做强， 引导上市公司加大分红回购力度，进一步发挥机构投资者在上市公司治理中的作用，不断提升上市公司质量和 投资价值；支持优质证券基金公司等行业机构打造一流投资银行和投资机构，推动会计师、律师事务所等中介 机构高质量发展，加快提升综合实力和国际竞争力；进一 ...

Core Viewpoint - The article emphasizes the importance of high-quality planning for the "15th Five-Year" capital market, building on the achievements of the "14th Five-Year" period, and outlines specific recommendations for further reforms and improvements in the capital market [1][2][3]. Group 1: Achievements and Developments - 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 [2]. - 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 [2]. Group 2: Recommendations for the "15th Five-Year" Plan - Suggestions include deepening reforms in areas such as issuance and listing, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to enhance the attractiveness and inclusiveness of the capital market [2]. - There is a call for greater support for listed companies to improve their quality and investment value, including encouraging higher dividend payouts and share buybacks [2]. - The need to support high-quality securities and fund companies in building top-tier investment banks and institutions is highlighted, along with promoting the high-quality development of intermediary institutions like accounting and law firms [2]. Group 3: Strategic Focus and Governance - The article stresses the importance of adhering to the principles of comprehensive leadership, prioritizing people, and pursuing high-quality development in the planning and implementation of the "15th Five-Year" capital market strategy [3]. - It encourages listed companies, industry institutions, and intermediaries to focus on their core businesses, enhance their functions, and improve governance to elevate their professional capabilities and market reputation [3].

Core Viewpoint - The article emphasizes the importance of high-quality planning for the "15th Five-Year" capital market strategy, aligning with the directives from the central government and the recent political bureau meeting [2][4]. Group 1: Achievements and Developments - During the "14th Five-Year" period, China's capital market has experienced significant growth in both quantity and quality, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [3]. - 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 [3]. Group 2: Recommendations for Future Planning - Suggestions for the "15th Five-Year" capital market planning include deepening reforms in areas such as issuance, refinancing, and mergers and acquisitions, while improving policy execution mechanisms to enhance market attractiveness and inclusivity [3]. - There is a call for greater support for listed companies to improve their performance, encouraging increased dividend payouts and share 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 highlighted, along with the importance of improving the quality and international competitiveness of intermediary institutions like accounting and law firms [3]. Group 3: Market Product and Service Enhancements - Recommendations also include enriching the A-share market product and service system, such as indices, ETFs, and derivatives, to better serve the preservation and appreciation of residents' wealth [3]. - There is an emphasis on improving cross-border investment and financing convenience, as well as enhancing the level of institutional openness in the capital market [3]. Group 4: Governance and Cultural Development - The article stresses the importance of companies, industry institutions, and intermediaries focusing on their core businesses, enhancing governance, and improving professional capabilities and market reputation [5]. - It advocates for fostering a market culture that respects and rewards investors, aiming for high-quality development within the capital market reform [5].

Group 1 - The core message emphasizes the importance of adhering to the upcoming spirit of the 20th Central Committee of the Communist Party, focusing on comprehensive leadership, people-oriented principles, high-quality development, and deepening reforms [1] - The meeting highlighted the need to leverage the "Two Innovation Boards" (Sci-Tech Innovation Board and ChiNext) as a means to deepen comprehensive reforms in investment and financing [1] - There is a call for listed companies, industry institutions, and intermediaries to enhance their core functions, governance, and professional capabilities while fostering a market culture that respects and rewards investors [1] Group 2 - The meeting aims to improve the attractiveness, inclusiveness, and competitiveness of the capital market through a new round of reforms and opening-up [1] - Participants are encouraged to focus on their main business areas and continuously enhance their market reputation [1] - The overall goal is to achieve high-quality development within the capital market reform and development framework [1]

Core Viewpoint - During the "14th Five-Year Plan" period, China's capital market has achieved steady growth in quantity and effective improvement in quality, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] Group 1: Market Growth and Development - The total market value of the A-share market surpassed 100 trillion yuan for the first time in August this year [2] - The number of futures and options products reached 157, covering major sectors of the national economy, with new products like public REITs and asset securitization accelerating development [2] - The market's function of coordinating investment and financing has been continuously improved, with the technology sector's market capitalization exceeding 25% of the A-share market [2] Group 2: Regulatory and Legal Framework - A comprehensive regulatory framework has been established, including the implementation of the Futures and Derivatives Law and the Private Fund Supervision Regulations [1][4] - The number of administrative penalties for financial fraud and market manipulation increased significantly, with 2,214 cases and fines totaling 41.4 billion yuan, reflecting enhanced enforcement and market transparency [3] Group 3: Reform and Opening-up Initiatives - Major breakthroughs in investment-side reforms have been achieved, with long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [4] - The stock issuance registration system has been fully implemented, and the mechanism for promoting high-quality development of listed companies has been continuously improved [4] Group 4: Risk Management and Investor Protection - The A-share market's resilience and risk resistance have significantly improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points from the "13th Five-Year Plan" [3] - A comprehensive investor protection system has been established, enhancing regulations on share reduction, quantitative trading, and margin trading [6] Group 5: Future Directions - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises across various sectors [6] - There is a focus on increasing the role of long-term funds as stabilizers and ensuring that more global capital invests in China [6]

Core Insights - The Chinese financial sector has made significant progress during the "14th Five-Year Plan" period, with comprehensive reforms and improvements in financial institutions, markets, and products [2][4][5] Group 1: Support for the Real Economy - Financial institutions have provided an additional 170 trillion yuan to the real economy over the past five years, with annual growth rates of 27.2% for scientific and technological loans, 21.7% for manufacturing medium- and long-term loans, and 10.1% for infrastructure loans [2] - The balance of inclusive loans to small and micro enterprises has reached 36 trillion yuan, which is 2.3 times that at the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [2] Group 2: Capital Market Developments - In the past five years, the total financing through stock and bond markets has reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% [3] - Over 90% of newly listed companies are technology firms or have high technological content, with the market capitalization of the A-share technology sector exceeding 25% [3] Group 3: Financial Reforms and Openings - The financial supply-side structural reform has been continuously promoted, enhancing the multi-level financial market and optimizing the financial structure [4] - The People's Bank of China has focused on establishing a dual-pillar regulatory framework for monetary and macro-prudential policies, supporting the construction of a strong financial nation [5] Group 4: Risk Prevention and Control - Significant progress has been made in preventing and resolving financial risks, with a focus on managing high-risk institutions and addressing real estate and local debt risks [6] - The bond default rate in the exchange market has been maintained at around 1%, reflecting effective risk control measures [6] - The regulatory capacity and risk prevention capabilities have been enhanced, successfully addressing multiple external shocks and improving the resilience of the foreign exchange market [6]

Core Insights - 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" [1] Market Development - The regulatory framework has been significantly enhanced, with the establishment of a comprehensive legal system for the capital market, including the implementation of the Futures and Derivatives Law and Private Fund Supervision Regulations [3] - The A-share market's total market value surpassed 100 trillion yuan for the first time in August, indicating a more complete multi-level and widely covered market system [3] - The market for public REITs, Sci-Tech bonds, and asset securitization has accelerated, with a total of 157 futures and options products covering major sectors of the national economy [3] Investment and Financing Coordination - The capital market has increasingly supported technological innovation, with the market capitalization of the A-share technology sector exceeding 25% [4] - Over the past five years, listed companies have returned a total of 10.6 trillion yuan to investors through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" [4] Risk Management and Regulation - The A-share market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [5] - The regulatory environment has become more transparent, with a significant increase in administrative penalties for financial fraud and market manipulation, totaling 2,214 cases and 41.4 billion yuan in fines [5] Reform and Opening-up - The reform to attract long-term capital has shown significant results, with various types of long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [6] - The stock issuance registration system has been fully implemented, and the mechanisms for promoting high-quality development of listed companies have been continuously improved [7] Future Outlook - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises across various sectors [10] - There is a focus on increasing the role of long-term funds as stabilizers in the market, encouraging more global capital to invest in China [11] - Continuous efforts will be made to improve the quality and investment value of listed companies, ensuring a stable and vibrant market foundation [12]