文 |《财经》记者 张欣培 郭楠 编辑 | 陆玲 11月12日，上海证券交易所国际投资者大会正式开幕，本次大会主题为"价值引领开放赋能——国际资本投资并购新机遇"，吸引来自海外知名 投资机构近400名代表注册参会。 中国证监会副主席李明、上海市常务副市长吴伟、上交所理事长邱勇作开幕致辞。李明表示，证监会将深化投融资综合改革，着力提升资本市 场制度的包容性、适应性。同时强调，强化战略性力量储备和稳市机制建设，提升资本市场内在稳定性，坚决防止市场大起大落，急涨急跌。 此外，李明强调，强化战略性力量储备和稳市机制建设，提升资本市场内在稳定性，坚决防止市场大起大落，急涨急跌。 李明表示，将更大力度优化上市公司结构，提高上市公司投资价值。一方面抓好"并购六条"上市公司重大资产重组等落实见效，进一步拓宽并 购重组支持渠道，促进上市公司产业整合做优做强，助力培育更多世界一流企业；优化公司治理、信息披露、市值管理等制度机制，督促上市 公司以稳健业绩筑牢价值根基，增强分红稳定性、持续性、可预期性，继续通过回购增持等回报投资者。另一方面，巩固深化常态化退市机 制，畅通多元退市渠道，进一步健全进退有序优胜劣汰的市场形态。 对外开放 ...

Group 1: Market Opening and Investment Opportunities - The Shanghai Stock Exchange (SSE) is committed to creating a more open and inclusive market ecosystem, expanding cross-border investment opportunities for global investors [1][2] - The China Securities Regulatory Commission (CSRC) emphasizes the steady expansion of high-level institutional opening in the capital market, aiming to create a favorable investment environment for international investors [1][3] - Global asset management firms express increasing confidence in the long-term value of investing in China, driven by a stable macroeconomic environment and ongoing policy optimization [1][2] Group 2: Capital Market Reforms - The "15th Five-Year Plan" suggests a steady expansion of institutional opening, providing guidance for capital market cooperation [2] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of capital market systems [2][4] - The SSE aims to optimize key systems related to issuance, refinancing, and mergers and acquisitions to guide capital towards advanced technologies and future industries [4] Group 3: Mergers and Acquisitions (M&A) Trends - The A-share market has entered a new active cycle for mergers and acquisitions, with over 1,000 disclosed transactions since the release of new M&A reform opinions [5] - M&A activities reflect profound changes in China's economic development dynamics, with emerging industries accelerating their layout through acquisitions [5][6] - International investors are presented with new opportunities in the M&A market, particularly in technology and advanced manufacturing sectors [6][7] Group 4: Long-term Capital Investment Strategies - Long-term capital is increasingly being allocated to equity assets, with a focus on high-dividend assets in a low-interest-rate environment [9][10] - The importance of maintaining a long-term investment perspective is emphasized, particularly in the context of high volatility in technology stocks [9][10] - The need for a systematic approach to enhance the integration of long-term capital into the market is highlighted, including improving the stability of dividend mechanisms among listed companies [10][11] Group 5: Future Outlook - Experts predict that China's stock market is attractive for long-term investors, driven by manufacturing, innovation, and talent [11] - The capital market is expected to enter a golden development period amid ongoing reforms and innovations [11] - Current conditions present a significant opportunity for strategic investments in China's high-quality development [11]

11月5日，科创板迎来宣布设立七周年，与会嘉宾还高度肯定了上交所在服务科技创新和新质生产力发 展方面取得的积极进展。此外，上交所股票、债券、基金、衍生品、REITs市场协同发展，绿色金融市 场建设卓有成效，高水平对外开放不断取得实质性突破，这些成果进一步增强了外资长期投资中国市场 的信心。本次大会还围绕人工智能、新消费、生物医药和高端制造等新质生产力代表行业，举办多场圆 桌讨论和企业调研活动。同时，大会还专门设置了并购专场，围绕境内外并购市场发展、并购基金运作 及A股公司跨境并购、科技并购、产业并购等话题深入探讨，进一步促进境内外投资者高质量参与上市 公司并购。上交所同日发布《上市公司跨境并购典型案例汇编》，服务市场主体更好开展跨境并购。 近年来，我国资本市场发展的内外部环境面临深刻复杂变化，世界百年变局加速演进，新一轮科技革命 和产业变革快速突破，机遇与挑战并存。"十五五"规划建议明确提出要稳步扩大制度型开放，为资本市 场开放合作提供了方向指引。在新形势下，上交所将深入贯彻党中央、国务院决策部署，在中国证监会 指导下，系统谋划"十五五"时期发展思路，抓住开放合作的有利时机，不断增强市场制度的包容性、适 应性 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance its global competitiveness and attractiveness by focusing on risk prevention, strong regulation, and high-quality development in line with national policies [1] Group 1: Strategic Focus Areas - SSE will optimize key systems such as issuance, refinancing, and mergers and acquisitions to guide capital towards cutting-edge technologies and future industries [1] - SSE emphasizes the cultivation of a market ecosystem that promotes rational, value, and long-term investments, encouraging more long-term capital to enter the market [1] - SSE plans to enhance corporate governance and information disclosure quality among listed companies, reinforcing dividend repurchase practices to increase investment value through stable performance and continuous returns [1] Group 2: Internationalization and Risk Management - SSE is committed to gradually expanding institutional openness, broadening cross-border investment channels, and enriching its international product system [1] - SSE will strengthen technology-enabled regulation and services, improving risk monitoring, early warning, and disposal mechanisms to ensure market stability and protect investor rights [1]

11月12日，一年一度的上海证券交易所国际投资者大会在上海开幕，今年的会议主题为"价值引领开放赋能——国际资本投资并 购新机遇"。 21世纪经济报道记者杨娜娜上海报道 以稳健业绩和持续回报增强投资价值；聚焦稳步扩大制度型开放，拓展跨境投融资渠道，丰富国际化产品体系，提升全球竞争 力与吸引力。同时，也将聚焦更好地统筹发展和安全，持续强化科技赋能监管和服务，完善全链条风险监测预警与处置机制， 为市场平稳运行和投资者权益保护提供坚实保障。 今年以来，上交所持续深化国际化业务布局，通过完善国际投资者对接机制、打造国际路演品牌、拓展全球路演活动等举措， 不断提升对国际投资者的服务水平，便利跨境资本投融资合作，推动制度型开放走深走实。 上海市常务副市长吴伟指出，站在"十四五"收官与"十五五"开局的交汇点上，上海将携手各界共同推动上海国际金融中心建设 再上新台阶。 "上海将通过高质量改革创新激发市场活力，做实金融'五篇大文章'，进一步提高金融服务实体经济质效；以更高水平对外开放 集聚全球投资者，深入打造市场化、法治化、国际化的一流营商环境，积极吸引更多境内外机构来沪展业；将更好地统筹开放 和安全，积极参与国际金融监管交流协 ...

Group 1 - The core viewpoint of the article emphasizes five new key tasks for China's opening-up strategy as outlined in the report of the 20th National Congress of the Communist Party of China, focusing on institutional opening, service trade, Belt and Road Initiative, free trade, and the internationalization of the Renminbi [1][2][3] Group 2 - The first task is to achieve the integration of internal and external circulation mechanisms, ensuring that the rules and standards for imports, exports, and domestic sales are consistent, thereby creating a unified trade system [1] - The second task is to increase the proportion of service trade in China's overall trade, highlighting that a strong service trade sector is essential for becoming a true trade power [1] - The third task involves enhancing the Belt and Road Initiative to promote coordinated opening among different regions of China, addressing the disparity between coastal and inland areas through improved trade routes [2] - The fourth task is to advance free trade by transforming China's free trade zones from isolated points into a network that covers over 30 provinces and cities, laying the groundwork for future economic cooperation with the US, Japan, and Europe [2] - The fifth task is to orderly promote the internationalization of the Renminbi, indicating that there is significant potential for growth in its international status, which requires further efforts in cross-border trade and the development of offshore markets [3]

Core Points - The Shanghai Stock Exchange (SSE) is focusing on fostering new productive forces by optimizing key systems such as issuance, refinancing, and mergers and acquisitions to guide capital towards cutting-edge technologies and future industries, promoting deep integration of technological and industrial innovation [3] - The SSE aims to cultivate a rational, value-oriented, and long-term investment ecosystem, encouraging more medium to long-term capital to enter the market and promoting dynamic balance in investment and financing [3] - The SSE is committed to enhancing corporate governance and information disclosure quality among listed companies, strengthening dividend and buyback policies to enhance investment value through stable performance and continuous returns [3] - The SSE plans to steadily expand institutional openness, broaden cross-border investment and financing channels, enrich the international product system, and enhance global competitiveness and attractiveness [3] - The SSE emphasizes better coordination of development and security, continuously strengthening technology-enabled regulation and services, and improving comprehensive risk monitoring, early warning, and disposal mechanisms to ensure market stability and protect investor rights [3]

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance its role as a world-class exchange by focusing on risk prevention, strong regulation, and high-quality development, while promoting technological and industrial innovation [1] Group 1: Development Goals - SSE will optimize key systems such as issuance, refinancing, and mergers to direct capital towards advanced technologies and future industries [1] - The exchange will foster a rational, value-oriented, and long-term investment ecosystem to attract more medium to long-term capital [1] - SSE plans to improve corporate governance and information disclosure quality, emphasizing dividends and buybacks to enhance investment value [1] - The exchange will expand institutional openness and cross-border investment channels, enriching its international product system [1] Group 2: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, the total market value of the stock market exceeded 60 trillion yuan, with trading volume reaching 546 trillion yuan, marking increases of 40% and 96% respectively compared to the previous five-year period [2] - The Science and Technology Innovation Board (STAR Market) saw 379 new listings, with 22 previously unprofitable companies achieving profitability post-listing [2] - The STAR Market has become a preferred listing destination for hard-tech companies, with a total market value of approximately 10 trillion yuan [2] Group 3: Cross-Border Investment and Connectivity - SSE has deepened its cross-border investment mechanisms, enhancing international service levels and optimizing the Stock Connect program [3] - The Stock Connect program recorded a cumulative trading volume of 103 trillion yuan, a 288% increase from the previous five-year period [3] - The exchange has expanded its cross-border product offerings, with the scale of cross-border index products exceeding 320 billion yuan, increasing international influence [3]

Group 1 - The Shanghai Stock Exchange (SSE) aims to build a world-class exchange by focusing on risk prevention, strong regulation, and promoting high-quality development in line with the directives from the 20th Central Committee and the Central Financial Work Conference [1] - SSE will optimize key systems such as issuance, refinancing, and mergers and acquisitions to guide capital towards cutting-edge technologies, advanced manufacturing, and future industries, promoting deep integration of technological and industrial innovation [1] - SSE is committed to fostering a rational, value-oriented, and long-term investment ecosystem, encouraging more long-term capital to enter the market to promote dynamic balance in investment and financing [1] Group 2 - SSE will enhance the governance level and information disclosure quality of listed companies, strengthen dividend and buyback policies, and enhance investment value through stable performance and continuous returns [1] - SSE plans to gradually expand institutional openness, broaden cross-border investment and financing channels, enrich the international product system, and improve global competitiveness and attractiveness [1] - SSE emphasizes the importance of balancing development and security, continuously strengthening technology-enabled regulation and services, and improving risk monitoring, early warning, and disposal mechanisms to ensure market stability and protect investor rights [1][2]

责编：叶舒筠 校对： 杨立林 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 邱勇表示，将优化发行上市、再融资、并购重组等关键制度。 1 1月12日，在上交所国际投资者大会上，上交所理事长邱勇表示，展望"十五五"，上交所将深入贯彻党的二 十届四中全会、中央金融工作会议精神，在中国证监会的坚强领导下，紧扣防风险、强监管、促高质量发展主 线，坚持守正创新、稳中求进，加快建设世界一流交易所。 邱勇透露，上交所将聚焦催生新质生产力，通过优化发行上市、再融资、并购重组等关键制度，引导资本投向 前沿技术、先进制造和未来产业，推动科技创新和产业创新深度融合；聚焦培育理性投资、价值投资、长期投 资的指数化投资生态，引导更多中长期资金入市，促进投融资动态平衡；聚焦推动上市公司提升治理水平和信 息披露质量，强化分红回购，以稳健业绩和持续回报增强投资价值；聚焦稳步扩大制度型开放，拓展跨境投融 资渠道，丰富国际化产品体系，提升全球竞争力与吸引力。同时，也将聚焦更好统筹发展和安全，持续 ...