Core Insights - The Chairman of the China Securities Regulatory Commission, Wu Qing, stated that during the "14th Five-Year Plan" period, the resilience and risk resistance capability of the A-share market have significantly improved [1] - The annualized volatility of the Shanghai Composite Index is 15.9%, which is a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" period [1]

Core Viewpoint - The resilience and risk resistance capability of the A-share market have significantly improved during the "14th Five-Year Plan" period, as indicated by a decrease in the annualized volatility of the Shanghai Composite Index to 15.9%, which is a reduction of 2.8 percentage points compared to the "13th Five-Year Plan" period [1] Group 1 - The A-share market's resilience has been highlighted as a key improvement during the "14th Five-Year Plan" [1] - The annualized volatility of the Shanghai Composite Index is reported at 15.9% [1] - The decrease in volatility by 2.8 percentage points compared to the previous five-year period indicates enhanced market stability [1]

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing reforms in capital market regulations, increased market resilience, and significant financing activities. Group 1: Capital Market Reforms - The fundamental system and regulatory logic of the capital market have been comprehensively restructured, laying a solid institutional foundation for stable development [1] - Over 60 supporting rules were introduced following the new "National Nine Articles" policy [1] Group 2: Financial Achievements - Listed companies distributed over 10.6 trillion yuan through dividends and buybacks in the past five years, representing an increase of over 80% compared to the "13th Five-Year Plan" period, which is 2.07 times the amount raised through IPOs and refinancing [2] - The total financing in the stock and bond markets reached 57.5 trillion yuan in the last five years, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% [4] Group 3: Market Resilience - The resilience and risk resistance of the A-share market have significantly improved, with the Shanghai Composite Index showing an annualized volatility of 15.9%, a decrease of 2.8 percentage points from the "13th Five-Year Plan" [3] - The China Securities Regulatory Commission (CSRC) issued 2,214 administrative penalties during the "14th Five-Year Plan," with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous period [5] Group 4: Market Structure and Innovation - A more complete multi-layered and widely covered market system has been established, with significant advancements in the Sci-Tech Innovation Board, Growth Enterprise Market, and the establishment of the Beijing Stock Exchange [6] - The total market capitalization of the A-share market surpassed 100 trillion yuan for the first time in August, with a growing variety of bond market products and the introduction of public REITs and other innovative financial instruments [6]

Core Insights - During the "14th Five-Year Plan" period, the resilience and risk resistance capability of the A-share market have significantly improved, as stated by the Chairman of the China Securities Regulatory Commission, Wu Qing [1] Summary by Categories - **Market Performance** - The annualized volatility of the Shanghai Composite Index is reported at 15.9%, which is a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" period [1]

Core Viewpoint - The resilience and risk resistance capability of the A-share market have significantly improved during the "14th Five-Year Plan" period, 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" period [1] Group 1 - The A-share market's resilience has been highlighted as a key improvement during the "14th Five-Year Plan" [1] - The annualized volatility of the Shanghai Composite Index is reported at 15.9% [1] - There is a noted decrease in volatility of 2.8 percentage points compared to the previous five-year plan [1]

Core Insights - During the "14th Five-Year Plan" period, the resilience and risk resistance capability of the A-share market have significantly improved [1] - The annualized volatility of the Shanghai Composite Index is 15.9%, which is a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" period [1]