Core Insights - The Shanghai Stock Exchange (SSE) has made significant progress in supporting high-quality development and has become a leading global exchange, evidenced by a 16% year-on-year increase in IPOs and a 138% increase in major asset restructurings [1][4]. Group 1: Technology Innovation and Market Growth - Nearly 70% of new listings are technology innovation companies, reflecting the rise of new productive forces [1]. - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41%, with their market capitalization rising from 27% to 32% over five years [2]. - R&D investment by companies in the Shanghai market grew from 0.64 trillion yuan to 1.07 trillion yuan, a 66% increase, accounting for nearly 40% of national R&D investment [2]. Group 2: Market Functionality and Financing - The total financing amount from stock IPOs in the Shanghai market increased by 16% during the "14th Five-Year Plan" period [4]. - The bond market's total issuance reached 31 trillion yuan, a 42% increase, with over 10 trillion yuan in industrial bonds and ABS products [4]. - The scale of ETF products grew from 0.9 trillion yuan to 4 trillion yuan, a nearly 3.5 times increase, becoming a significant channel for long-term capital [5]. Group 3: Mergers and Acquisitions - The SSE has seen a 20% increase in disclosed asset restructurings and a 138% increase in major asset restructurings since the introduction of new regulations [5]. - The number of major asset restructuring projects on the Sci-Tech Innovation Board in 2024 has already exceeded the total from the previous five years [5]. Group 4: Reform and Market Structure - The average annual compound growth rate of operating income and net profit for listed companies was 3.8% and 4.6%, respectively, with total announced dividends reaching 7.32 trillion yuan, a 51.2% increase [6]. - The proportion of professional institutions holding A-share market capitalization increased by 47%, with long-term capital holdings rising by 55% [6]. Group 5: Investor Protection and Market Ecology - The SSE has implemented a new regulatory system to combat fraud and financial misconduct, resulting in nearly 800 disciplinary actions [8]. - The SSE has reduced fees and provided benefits totaling approximately 4 billion yuan over the past three years, enhancing market communication and service [9].

● 本报记者黄一灵 上海证券交易所10月17日就"十四五"时期改革发展情况发文称，"十四五"时期，上交所深入贯彻落实党 中央、国务院的决策部署，与市场各方一道，锚定高质量发展首要任务，主动融入国家经济社会发展大 局，稳步推进世界一流交易所建设。 目前，上交所已成为全球第三大股票市场、全球最大交易所债券市场、亚洲第二大ETF市场，期权交易 量也稳居全球同类产品前列。上交所称，下一步将紧紧围绕新要求新任务，坚定不移走好中国特色金融 发展之路，为中国式现代化和金融强国建设提供有力支撑。 "起"势：服务新质生产力聚点成面 以设立科创板并试点注册制、全面注册制等重大改革为牵引，上交所支持高科技企业发行上市和持续发 展的制度体系基本成形，服务国家高水平科技自立自强、培育新质生产力势"起"新章。 含"科"量不断提升。五年来，沪市科技创新公司数量占比从32%升至41%，市值占比从27%升至32%， 期间新上市公司中近7成为科技创新企业。一批技术领军企业从无到有、汇聚成势，成为国家战略重要 支撑；传统型、支柱型企业也因地制宜发展新质生产力，以产业跃升夯实经济基本盘。 创新动能积厚成势。五年来，沪市公司研发投入从0.64万亿元升 ...