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]

第四是协同发力的稳市机制逐步完善。面对超预期的风险挑战，在党中央、国务院的统筹部署下，证监 会协同各方以及相关的市场参与主体，加强政策对冲、资金对冲和预期对冲，有效防范市场大幅波动和 系统性风险。"十四五"期间，A股市场韧性和抗风险能力明显增强，上证综指年化波动率15.9％，较"十 三五"下降2.8个百分点。 第五是公平公正的市场环境进一步形成。"十四五"期间对于财务造假、操纵市场、内幕交易这些案件的 相关责任方作出行政处罚2214份，罚没414亿元，较"十三五"分别增长了58%和30%。 吴清表示，"十四五"期间，我国资本市场实现了量的稳步增长和质的有效提升，也为"十五五"的高质量 发展打下坚实的基础，这些成绩取得离不开各有关方面各市场参与主体特别是广大投资者的共同努力和 大力支持，借这个机会也向大家表示衷心的感谢。 MACD金叉信号形成，这些股涨势不错！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月22日，在介绍"十四五"时期金融业发展成就时，中国证监会主席吴清在国新办新闻发布会上表示， 对资本市场来说，过去五年是极不寻常的五年，资本市场健康稳定发展的态势持续形成，并且不 ...