"十四五"期间，从股票发行注册制全面推开到多层次资本市场体系不断完善，从服务科技创新到加强投 资者保护，资本市场改革开放迈出坚实步伐。 让我们回顾这五年，梳理资本市场高质量发展的"成绩单"。 注册制改革全面推开 资本市场迎"关键一跃" "十四五"期间，资本市场注册制改革深入推进。 近五年，交易所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升2.8个百 分点，达到31.6%。 设立北交所 着力稳市场、稳预期 "十四五"期间，证监会始终把维护资本市场稳定放在突出位置。 具体举措： 抓好新"国九条"及资本市场"1+N"政策体系落地见效，不断深化发行、上市、并购重组、交易、退市等 关键领域基础制度改革创新，增强市场内在稳定性。 打造服务创新型中小企业主阵地 "十四五"期间，证监会持续推进一系列改革创新，发布《关于高质量建设北京证券交易所的意见》，推 动北交所和新三板建设取得新成效。 数据显示： 北交所现有上市公司276家，新三板累计服务企业超1.4万家。 坚持北交所与新三板协同发展，与沪深市场、四板市场既分工协作、又互联互通，新三板已向沪深北交 易所输送上市企业超740家。 北交所债券市 ...

Group 1 - The core viewpoint emphasizes the importance of attracting and retaining long-term capital in creating a high-quality market ecosystem, with regulatory measures aimed at addressing the imbalance between short-term assessments and long-term goals [1] - The China Securities Regulatory Commission (CSRC) has implemented a series of policies to enhance the weight of long-term assessments for state-owned insurance companies and to shift pension fund evaluations from current yield to cumulative yield over three years, thereby promoting active engagement of long-term capital [1] - As of August 2025, the market value of A-shares held by long-term capital is projected to reach 21.4 trillion yuan, reflecting a 28% increase from the beginning of the year [1] Group 2 - The active participation of private equity and venture capital funds is highlighted as a significant aspect of the optimized investment environment during the 14th Five-Year Plan period, with these funds supporting early-stage innovation [2] - By the end of Q2, the scale of private equity and venture capital funds in China reached 14.4 trillion yuan, with 74% of investments directed towards small and medium-sized enterprises and 50% towards high-tech enterprises [1][2] - The optimization of the investment environment is seen as a release of institutional dividends, with measures such as the establishment of the Sci-Tech Innovation Board and improvements in the ETF product ecosystem enhancing market attractiveness [2] Group 3 - The CSRC is focusing on improving the quality of listed companies through a new three-year action plan aimed at combating financial fraud and enhancing corporate governance [3] - Since the beginning of 2023, there has been a one-third increase in the number of financial fraud leads reported, and companies have been mandated to repurchase shares in cases of illegal selling [3] - The reforms are creating a virtuous cycle of resource allocation efficiency, with significant advancements in sectors like artificial intelligence and commercial aerospace, and the ETF market becoming the largest in Asia [3]

Core Viewpoint - The awareness of listed companies in China regarding returning value to investors has significantly increased during the "14th Five-Year Plan" period, with a total of 10.6 trillion yuan distributed through dividends and buybacks, representing an over 80% increase compared to the "13th Five-Year Plan" period, and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Group 1: Policy Ecosystem - The explosive growth in dividends and buybacks is attributed to systematic upgrades in the capital market's foundational systems during the "14th Five-Year Plan" period [2] - The regulatory framework has shifted from sporadic encouragement to a comprehensive institutional framework, including restrictions on major shareholders' sell-offs for companies with low or no dividends [2] - Policies have evolved from merely requiring returns to facilitating and cultivating a culture of returns, establishing a solid institutional foundation for a normalized dividend mechanism [2] Group 2: Listed Company Ecosystem - The concept of sharing profits has transitioned from merely accumulating funds, with dividends moving from passive compliance to active return [3] - In 2024, nine companies are expected to distribute over 50 billion yuan in dividends, and 33 companies over 10 billion yuan, indicating a significant increase in dividend scale [3] - The behavior of listed companies has evolved, with a notable increase in share buybacks aimed at enhancing per-share earnings, reflecting a collective awareness among companies regarding shareholder value [3] Group 3: Investor Ecosystem - The surge in dividends and buybacks corresponds with a shift in investor structure and philosophy, with a growing preference for high-dividend assets [4] - Investors are increasingly focused on returns, prompting companies to establish long-term shareholder return plans with higher-than-historical dividend rates [4] - The transformation from speculative trading to value sharing has led to a more rational market environment, enhancing the stability of the capital market [4]

长钱"活水"涌流，投资者有了"稳"的底气。2025年1月，多部门联合印发《关于推动中长期资金入市工 作的实施方案》，重点引导商业保险资金、社保基金、养老金等加大入市力度。"引长钱、促长投"的改 革逻辑，正在从政策文本转化为市场动能。当保险资金长期股票试点规模突破2200亿元，当公募基金总 规模稳稳站上35万亿元台阶，这些数字背后不是冰冷的统计，而是为资本市场注入"稳得住、走得好"的 坚实底气。以往普通投资者面对市场波动时的焦虑感，正随着中长期资金的持续入市被慢慢稀释。 融资端"精准滴灌"，市场有了"新"的活力。2024年9月底，"并购六条"优化审核规则，一年时间内披露 230单重大资产重组，有力支持了上市公司产业整合。债券市场"科技板"今年5月落地，为创新型企业打 开了新的融资通道，助力科技企业"新苗"拔节生长。当更多深耕芯片、生物医药、新能源的科技企业通 过资本市场获得发展资金，不仅推动了产业升级，也让投资者有机会分享中国创新发展的红利，这 种"产业-市场-居民"的良性循环，让财富增长有了坚实的产业支撑。 上市公司"提质去芜"，市场有了"净"的生态。对于普通投资者而言，上市公司的质量直接决定了财富 的"安全 ...

中经记者 孙汝祥 夏欣 北京报道 当日，吴清在国新办"高质量完成'十四五'规划"新闻发布会上指出，下一步，证监会将以深化投融资综 合改革为牵引，不断提升基础制度、市场功能、监管执法等各方面的适应性、包容性，促进资源更加高 效配置。 接受《中国经营报》记者采访的专家认为，"十四五"期间，中国资本市场在制度建设、监管执法等多方 面均取得了显著成效，资本市场服务科技创新能力显著增强。 专家建议，"十五五"期间，资本市场应在巩固既有改革成果基础上，进一步深化基础性制度改革，强化 功能发挥，提升服务国家战略能力。同时，监管执法在保持高压态势的基础上，应进一步发力。 过去五年制度建设成效显著 在总结过去五年资本市场的成就时，吴清表示，证监会与各方面一体推进防风险、强监管、促高质量发 展，合力稳市场、稳预期、稳信心，推动市场健康稳定发展的态势持续形成并不断巩固。 吴清指出，"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"高质量发 展打下了坚实基础。 "'十四五'期间，中国资本市场在多方面取得了重要成就，其中值得重点关注的亮点包括，制度建设与 监管改革成效显著、多层次市场体系更加完善、资本市场服务 ...

长江期货 | 鄂证监期货字[2014]1 号 研究咨询部 金融组 | 彭博 Z0021839 F3080600 年 月 日国新会点评：政策定调明朗，股指震荡上行可期 一、发布会核心要点：从"成就总结"到"改革深化"的政策信号 年 月 日，国务院新闻办公室举行"高质量完成'十四五'规划"新闻发布会， 中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清等金融监管部门主 要负责人出席。本次会议与去年 月 日"增量政策密集出台"的发布会风格迥异，更侧重 于"总结成效、稳定预期、明确方向"，传递出三大核心信号。 （一）资本市场"量稳质升"的五年答卷：制度根基与市场活力的双重夯实 吴清主席用"极不寻常的五年"总结资本市场发展，重点强调了五大成就： 制度体系成熟化：以新证券法为核心，期货和衍生品法、私募基金监管条例等历经多年打 磨的法规相继落地，新"国九条"及 余项配套规则重构基础制度，法治化"四梁八柱"成 型，为资本市场的规范运行提供了坚实的法律保障。 投融资功能协调：近五年股债融资合计 57.5 万亿元，直接融资比重提升至 31.6%；科技 企业成上市主力，新上市企业九成以上为科技或高技术企业，A 股科 ...

潘功胜：截至今年6月末，中国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位 居世界第二；外汇储备规模连续20年位居世界第一。"十四五"时期，科技型中小企业贷款、普惠小微、 绿色贷款年均增速超过20%。 我国金融风险总体可控，金融体系稳健运行，为经济高质量发展提供了有力支持。 金融监管总局局长李云泽：5年来，银行业保险业通过信贷、债券、股权等多种方式，为实体经济 提供新增资金170万亿元。科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27.2%、21.7%、 10.1%。 央广网北京9月23日消息（记者邢斯嘉）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 国务院新闻办公室22日举行"高质量完成'十四五'规划"系列主题新闻发布会，金融管理部门相关负责人 介绍，"十四五"时期，我国金融事业取得了新的重大成就。 证监会主席吴清表示，资本市场服务科技创新跑出"加速度"。 中国人民银行行长潘功胜介绍，"十四五"期间，金融体系总体稳健，金融服务实体经济质效显著提 升。 吴清：目前A股科技板块市值占比超过1/4，市值前50名公司中科技企业从"十三五"末的18家提升至 当前的24家。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), and Shenzhen Stock Exchange (SZSE) have released updates on the progress of the third round of inspections by the 20th Central Committee, emphasizing the importance of continuous reform and improvement in the capital market [1][3][4]. Group 1: Regulatory Reforms - The CSRC aims to deepen reforms in the Sci-Tech Innovation Board, ChiNext, and Beijing Stock Exchange, enhancing the issuance and listing mechanisms to cultivate patient capital [4][5]. - The focus is on accelerating the implementation of comprehensive capital market reforms, particularly in service to new productive forces and expanding the multi-level bond market [4][5]. Group 2: Risk Management and Supervision - There is a commitment to enhance risk resolution and regulatory enforcement capabilities, promoting the entry of various long-term funds into the market and improving the effectiveness of inspections [5][6]. - The establishment of a comprehensive regulatory system covering "entry—ongoing supervision—exit" is emphasized to better manage daily oversight and enforcement [5][6]. Group 3: Party Leadership and Governance - The importance of maintaining the Party's comprehensive leadership over the capital market is highlighted, with a focus on implementing Xi Jinping's thoughts and directives [4][8]. - The SSE and SZSE are tasked with ensuring that the Party's leadership is integrated into all aspects of market policy formulation, regulatory enforcement, and internal governance [8][12]. Group 4: Long-term Rectification and Accountability - The exchanges are required to develop long-term mechanisms for rectification, ensuring that reforms are sustained and effective over time [6][10]. - Regular assessments of completed and ongoing rectification tasks will be conducted to prevent regression and ensure accountability [6][10]. Group 5: Development of Investment Channels - The SZSE emphasizes the need to develop equity funds and facilitate channels for long-term capital to enter the market, supporting the growth of quality technology innovation enterprises [11][12]. - The focus is on maintaining a stable market environment and enhancing the quality and investment value of listed companies [12][13].

"十四五"时期，金融部门围绕为经济社会发展提供高质量服务，全面深化金融体制改革，提升金融治理 能力，健全金融机构、市场与产品体系，增强了金融业国际竞争力和影响力。截至今年6月末，我国银 行业总资产近470万亿元，位居世界第一，股票、债券市场规模位居世界第二；外汇储备规模连续20年 位居世界第一。 "十四五"期间，我国金融服务实体经济的能力与质效大幅提升。以服务实体经济作为根本，通过深化金 融供给侧结构性改革与金融创新发展，打造现代金融机构和市场体系，有效疏通资金进入实体经济的渠 道，把更多金融资源用于促进科技创新、先进制造、绿色发展和中小微企业等，做好科技金融、绿色金 融、普惠金融、养老金融、数字金融五篇大文章。 统计显示，5年来，银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供新增资金170万亿 元，科研技术贷款、制造业中长期贷款、基础设施贷款年均增长27.2%、21.7%、10.1%。普惠型小微企 业贷款余额36万亿元，是"十三五"末的2.3倍。 我国金融体系着眼于支持科技创新的能力、强度和水平，积极满足科技型企业不同生命周期阶段的融资 需求。近年来，新上市企业中九成以上都是科技企业或者科技含量 ...

■ 李 文 9月22日，在国务院新闻办公室举行的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会 主席吴清细数了"十四五"期间资本市场的改革成就，其中有一组数据十分亮眼：截至2025年8月末，各 类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长了32%。 笔者认为，这一数据，不仅标志着中国资本市场"引长钱、促长投"的结构性改革取得关键成果，为资本 市场的稳健运行构筑了"压舱石"，也为实体经济的高质量发展注入了源头"活水"。一座长效联动的桥梁 已然架设，资本市场与实体经济之间的良性循环正在形成，可以从三个视角来观察。 第一，引"长钱"，系统性改革推动"长钱"加速入市。 我国资本市场中的中长期资金构成丰富多元，涵盖社保基金、基本养老保险基金、企业年金、职业年 金、公募基金、保险资金等。然而，要让这些资金充分释放入市潜力，需构建通畅的入市通道。 在政策框架搭建方面，从2024年新"国九条"确立"长钱长投"的顶层设计到2025年《关于推动中长期资金 入市工作的实施方案》的出台，进一步细化了政策措施。一系列政策举措的落地，标志着中长期资金入 市的制度框架已基本成型，为资金流入提供了"硬性 ...