The implementation of a series of deepening reform measures, such as fully implementing the stock issuance registration system, improving the multi-level capital market system, improving the quality of listed companies and expanding high-level two-way opening, will further stimulate the power of high-quality development of capital market services. So today, Bian Xiao is here to sort out the stock-related knowledge for everyone. Let's have a look!

The structure of listed companies has undergone profound changes.

In the past ten years, companies with market value of "hundreds of billions" and "trillions" have emerged in the A-share market, which not only reflects the improvement of the overall quality of listed companies, but also witnesses the optimization of China's industrial structure, and sends a signal that the capital market supports scientific and technological innovation and promotes high-quality economic development. A remarkable change is that in recent years, enterprises in the "new economy" field are gradually becoming the "main force" among A-share companies with large market capitalization.

"In the past ten years, the operating income of Zhongwei Company has been growing at an average annual rate of more than 35%. 2065438+July 2009, the company was fortunate to be one of the first 25 listed companies in the science and technology innovation board. " Yin Zhiyao, Chairman and General Manager of Zhongwei Company, recently introduced it at the third anniversary meeting of the Science and Technology Innovation Board.

Founded in 2004, Zhongwei Company has been deeply involved in the fields of chip manufacturing, etching and MOCVD equipment, and its market value once exceeded 1000 billion yuan, reaching this level earlier among the first batch of 25 science and technology innovation board companies. The semi-annual report recently released by Zhongwei Company shows that in the first half of 2022, the company realized the deduction of non-net profit of 44 1 100 million yuan, a year-on-year increase of 6 15.26%.

Founded on 20 1 1, Contemporary Ampere Technology Co., Ltd., with its deep cultivation in the field of new energy technology, created the record of the first GEM company with a market value of one trillion yuan. Contemporary Ampere Technology Co., Ltd. is now the third largest company in the A-share market, and the first "hardcore technology stock" with a market value exceeding one trillion yuan in the history of A-shares. Its rise has become a microcosm of the structural changes of A-share listed companies.

"Listed companies play a more prominent role as the' basic disk' of the real economy and the' leading' of transformation and development." Yi Huiman, Chairman of China Securities Regulatory Commission introduced that by the end of June 2022, there were more than 2,200 listed companies in A-share strategic emerging industries, and the market value of new-generation high-tech industries such as information technology and biomedicine increased from about 20% at the beginning of 2065 and 438+07 to about 37%, and the R&D investment of listed companies accounted for more than half of the national R&D expenditure.

According to the experience of mature market development, with the continuous improvement of China's multi-level capital market system, more "100 billion market value" and "trillion market value" companies will emerge in the market. In this process, the size of the A-share market will expand.

In the past ten years, in the process of rushing to the market value of 10 billion, the structure of listed companies in the A-share market has undergone profound changes, and listed companies have increasingly become an important power source for economic transformation and upgrading; In the future, in the process of transforming into an innovative economy dominated by high-tech industries, the capital market will continue to contribute to the high-quality economic development.

"Whether it's BYD in A shares, Contemporary Ampere Technology Co., Ltd., Longji Green Energy, or Tesla, NVIDIA and Amazon in US stocks,

A number of scientific and technological enterprises are leading the change of human life style, subverting the original industrial structure, and further highlighting the main line of scientific and technological progress throughout previous industrial revolutions. Zhang Wei, chairman of Cornerstone Capital, said that technological innovation is inseparable from the support of capital, and the capital market plays an important role in promoting the high-level circulation of technology, capital and the real economy.

Institutional investors continue to grow.

20 16 years 10 month 1 100 million, 200 million in February 2022? By July 2022, the number of investors in the domestic securities market has reached 207 million. In the past ten years, while the number of investors has successively crossed the 1 billion and 200 million mark, the trading structure of investors in the A-share market has also undergone profound changes.

"In 20021year, the proportion of individual investors' transactions fell below 70% for the first time, and the concepts of value investment, long-term investment and rational investment were gradually established." Li Chao, vice chairman of China Securities Regulatory Commission, said recently.

It is understood that in the past ten years, the total assets of China's securities and futures institutions have increased by about 5.5 times, the management scale of Public Offering of Fund has increased to 26.79 trillion yuan, an increase of about 8 times, and the industry strength has been greatly enhanced. At present, the proportion of domestic professional institutional investors and overseas positions in circulation market value has increased from 20 15.8% at the beginning of July to 23.5%.

In the future, the proportion of institutional investors in the A-share market will increase, which is the general trend. He Tao, head of the investment advisory team of soochow securities Wealth Management Department, said that the market pricing power has shifted from retail investors to institutional investors. Since 20 16, the proportion of shares held by public offerings, private equity funds and foreign investors has steadily increased, and this trend will continue in the future.

"Compared with previous years, the investment style of individual investors gradually tends to be rational and long-term. The investment field is dominated by growth stocks and core assets, and the trading frequency is gradually decreasing. " Xue Kaiqiang, senior investment consultant of open source securities, said in combination with customer analysis.

Gong Fang, director of policy and development research at Shenwan Hongyuan Research Institute, said that the systematic reform of the capital market has greatly promoted the development of professional investment institutions, and the shareholding ratio has risen from about 15% ten years ago to the current level of 20% to 25%. Public offering, foreign investment, private placement and insurance have become the "four pillars", accounting for more than 90% of the shares held by professional investment institutions.

In the past ten years, the strength of professional institutional investors has continued to grow, and the concepts of value investment, long-term investment and rational investment have been gradually established; In the future, with the strengthening of the investment side of the capital market, it will promote a healthy investment culture and maintain a benign market ecology.

Compared with the equity market in overseas developed countries, the A-share market is in the process of institutionalization, and institutional funds will remain an important variable in the future. "The relocation of residents' deposits and the development of Public Offering of Fund have provided basic support for the long-term development trend of institutionalization, and follow-up pensions may become an important connecting force." Chen Guo, chief strategy officer of CITIC Construction Investment, said.

The ecology of survival of the fittest has been accelerated.

While the structure of listed companies and investors is gradually optimized, the "entrance" and "exit" of the A-share market are continuously unblocked, the degree of marketization is improved, and the function of resource allocation is enhanced, which is also one of the remarkable changes in the A-share market in the past decade.

On the "entrance", with the steady progress of the registration system reform, debt financing has grown steadily in the past decade. According to statistics, from 20 17 to 202 1, the total amount of initial public offering (IPO) and refinancing was 5.2 trillion yuan, and the exchange bond market issued 33.9 trillion yuan. Among them, the total amount of IPO and refinancing of 202 10.5 trillion yuan, as well as the total amount of financing in the bond market of the stock exchange exceeded10 trillion yuan, all hitting record highs.

Liu Feng, chief economist of china galaxy Securities, said that in the past ten years, the legalization, marketization and internationalization of the capital market have been continuously strengthened, and the direct financing function of the stock and bond markets has been brought into full play, which has solved the current situation of "no shortage of funds and no shortage of capital" in the China market from the source.

At the "export end", the delisting system has been further improved, and the market ecology of orderly advance and retreat and survival of the fittest has gradually taken shape.

Talking about the perfection of the delisting mechanism, Chen Lishen, chief economist and director of the research institute of Chuancai Securities, was deeply touched. He introduced that since 20 12, the standard for delisting at face value has been formulated, and the financial, trading and standardized delisting index system has basically taken shape. By 20 14, the system of voluntary delisting will be improved, and the mandatory delisting system for major violations will be clearly implemented. 20 18 Improve the mandatory delisting system for major violations of laws, and then issue the Implementation Plan for Improving the delisting mechanism of listed companies. In the past ten years, delisting has been normalized.

Guo Jun, deputy director of the listing department of the CSRC, said recently that the CSRC will promote the improvement of merger and reorganization rules, strengthen corporate governance supervision, strictly implement the delisting system, support listed companies to do a solid job in fine merger and reorganization, and help stabilize the macroeconomic market.

In the past ten years, the effect of the survival of the fittest in the market has accelerated, and the benign ecology of "there is progress and there is progress" has accelerated; In the future, the capital market will be ready to start again, and a new round of "deep reform" will continue to exert its strength in the reform of registration system, the implementation of strict delisting system, and the cultivation and development of institutional investors.

"The CSRC will solidly promote the full implementation of the reform of the stock issuance registration system, take the reform of the registration system as the traction, and make overall plans to promote key reform tasks such as the construction of the basic system of the capital market, the improvement of the rule of law system, regulatory transformation and capacity improvement, and further enhance the adaptability and inclusiveness of the basic system, continuously optimize the market structure and ecology, and give full play to the functions of capital formation and resource allocation." For the next step of reform and development, Yi Huiman's words are sonorous, and the direction of deepening the reform of the capital market will not change.