交易所市场股债融资合计57.5万亿元，直接融资比重稳中有升；累计发行各类债券超52.4万亿元，企业 债与公司债协同发展；期货期权品种达157个，覆盖国民经济主要产业领域……"十四五"期间一系列亮 眼数据，印证了多层次市场体系对资本市场功能发挥的关键支撑。 在业内人士看来，从科创板、创业板纵深发展到深化新三板改革、设立北交所，从丰富交易所债券市场 产品到健全期货期权市场品类，"十四五"期间资本市场稳步构建起结构合理、功能互补的多层次市场体 系，提升制度包容性和运行效率，有力促进资源高效配置，更好发挥资本市场枢纽功能。 今年首批10只科创债ETF上市后整体规模快速突破1100亿元大关，近期第二批产品相继上市，市场参与 主体持续扩容。汪毅建议，下一步应继续加快科创债ETF的推出，并积极发展可交换债、可转债等股债 结合产品，进一步丰富投资品类。 "十四五"期间，期货市场日益发挥重要功能。一方面，新上市了61个期货期权品种，品种总数达157 个，广泛覆盖农业、制造业、金融、航运等国民经济主要领域，使价格发现和风险管理功能惠及千厂万 企、千家万户。另一方面，期货市场服务实体经济能力和价格影响力稳步提升。截至今年8月底，期 ...

Core Viewpoint - 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] Regulatory Framework - The regulatory framework has been significantly enhanced, with the implementation of the new Securities Law prompting a systematic overhaul of related regulations, including the introduction of the Futures and Derivatives Law and Private Fund Supervision Regulations [1] - Over 60 supporting rules have been issued following the State Council's opinions on strengthening regulation and preventing risks, fundamentally restructuring the basic system and regulatory logic of the capital market [1] Market Structure - The multi-layered and widely covered market system has been improved, with the successful establishment and high-quality development of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and Growth Enterprise Market [2] - As of August this year, the total market value of the A-share market has surpassed 100 trillion yuan, with a diverse range of bond market products and 157 futures and options varieties covering major sectors of the national economy [2] Investment and Financing Coordination - In the past five years, the total financing through the exchange market reached 57.5 trillion yuan, with the proportion of direct financing increasing to 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [3] - Over 90% of newly listed companies are technology-related, with the market capitalization of the technology sector now exceeding 25% of the total A-share market, significantly higher than the combined market capitalization of the banking, non-banking financial, and real estate sectors [3] Market Stability Mechanisms - A collaborative market stability mechanism has been gradually improved, with the China Securities Regulatory Commission (CSRC) working with various departments to strengthen policy, funding, and expectation hedging to effectively prevent significant market fluctuations and systemic risks [3] - The resilience and risk resistance of the A-share market have notably 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" [3] Market Environment - A fair and just market environment has been further established, with the CSRC enhancing its regulatory framework and increasing penalties for financial fraud, market manipulation, and insider trading, resulting in 2,214 administrative penalties and 41.4 billion yuan in fines during the "14th Five-Year Plan" period [4] - The series of market stabilization policies have yielded positive results, with the A-share market demonstrating resilience against external shocks and maintaining stable performance of major stock indices [4]