Chairman of the Shanghai Stock Exchange, Qiu Yong: "The 15th Five-Year Plan" will focus on fostering new quality productive forces and guiding deep integration of capital and industrial innovation.

On November 12, at the 2025 Shanghai Stock Exchange International Investor Conference, Shanghai Stock Exchange Chairman Qiu Yong delivered a speech with the theme "Leading by Value, Empowering through Openness, and Creating a New Future for the Capital Market". He stated that looking forward to the "15th Five-Year Plan", the Shanghai Stock Exchange will accelerate the construction of a world-class exchange, focusing on fostering new productive forces, continuously optimizing key systems such as initial public offerings, refinancing, mergers and acquisitions, guiding capital towards cutting-edge technologies, advanced manufacturing, and future industries, and promoting deep integration of technological innovation and industrial innovation. Focusing on nurturing a market ecosystem for rational investment, value investment, and long-term investment, guiding more medium to long-term funds into the market, promoting coordinated development of investment and financing. Promoting listed companies to enhance governance levels and the quality of information disclosure, strengthening dividends and buybacks to enhance investment value with stable performance and sustained returns. Steadily expanding institutional opening up, expanding cross-border investment and financing channels, enriching international product systems, and enhancing global competitiveness and attractiveness. The original text is as follows: Leading by Value, Empowering through Openness, Creating a New Future for the Capital Market Speech by Qiu Yong, Chairman of the Shanghai Stock Exchange at the 2025 Shanghai Stock Exchange International Investor Conference Respected Vice Chairman Li Ming, Executive Deputy Mayor Wu Wei, Distinguished guests, ladies and gentlemen, friends: Good morning everyone! This year marks the seventh consecutive year that we have hosted the International Investor Conference. On behalf of the Shanghai Stock Exchange, I extend a warm welcome to all the honored guests and sincere greetings to both old and new friends! Recently, the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China deliberated and approved the proposals for the "15th Five-Year Plan", outlining a grand blueprint for the "15th Five-Year Plan" and indicating the direction for the capital markets. Today, we are gathered here to discuss the development opportunities for the "15th Five-Year Plan" around the theme of "Leading by Value, Empowering through Openness". This has great practical significance and far-reaching strategic significance. It is an opportunity to share a few points of understanding with all of you. 1. Continuously deepening market reforms, achieving new results in serving the real economy During the 14th Five-Year Plan period, the Shanghai Stock Exchange promoted major reforms such as the establishment of the Science and Technology Innovation Board and the registration system, and the market construction achieved steady growth in "quantity" and effective improvement in "quality". First, the market size continued to expand. During the 14th Five-Year Plan period, the total market capitalization of the stock market exceeded 60 trillion yuan, with a turnover of stocks reaching 54.6 trillion yuan, an increase of 40% and 96% respectively compared to the 13th Five-Year Plan period, ranking third and fourth globally; the custody volume of bonds reached 19.1 trillion yuan, an increase of 44%, making it the largest exchange bond market in the world; the total market value of the fund market was 4.2 trillion yuan, with a turnover of 13.3 trillion yuan, an increase of 359% and 221% respectively, and the market value and turnover of ETFs ranked second and first in Asia. The trading volume of Shanghai 50 ETF options and CSI 300 ETF options ranked at the forefront of similar products globally. Second, the reform effects of the Science and Technology Innovation Board continued to magnify. Further play the role of the Science and Technology Innovation Board as an "experimental field" for reform, actively implement the "Eight Measures for the Science and Technology Innovation Board" and the "1+6" reform policies of the Science and Technology Innovation Board. During the 14th Five-Year Plan period, 379 new companies were listed on the Science and Technology Innovation Board; 22 companies that were not profitable at the time of listing achieved profitability after listing; among the 22 companies listed under the fifth set of standards, 21 had core products listed, and 16 had operating income exceeding 100 million yuan. The companies on the Science and Technology Innovation Board have accumulated 120,000 patents, with a median R&D intensity of 12.6%. Currently, the total market value of the Science and Technology Innovation Board is about 10 trillion yuan, making it the preferred listing place and gathering place for China's "hard technology" companies. 2. Vigorously improving company quality, taking new steps in coordinated development of investment and financing During the 14th Five-Year Plan period, the Shanghai Stock Exchange continued to enhance the quality and investment value of listed companies through a series of reform and innovation measures such as "improving company quality, expanding products, and optimizing ecosystems". First, cultivating a group of high-quality listed companies. Deepen the special action of "enhancing quality, increasing efficiency, and returning profits" for listed companies, and Shanghai-listed companies have made steady progress in performance. During the 14th Five-Year Plan period, the average annual compound growth rates of operating income and net profit of Shanghai-listed companies were 3.8% and 4.6% respectively, making it the basic support for China's high-quality economic development. Since the release of the "Merger and Acquisition Guidelines", Shanghai has disclosed 1,061 asset restructuring cases and 114 major asset restructuring cases. Since 2025, the year-on-year growth rates were 11% and 78% respectively. Shanghai-listed companies' dividend and buyback amounts exceeded 7.6 trillion yuan, accounting for over 70% of the total market dividends, an increase of 51.2%, and the scale of dividends and buybacks was equivalent to 2.3 times the amount of stock financing during the same period. Second, building a new ecosystem for "long money and long-term investment". The index-based investment ecosystem of "index-indexed products-ETF options" is increasingly perfected, with around 3,500 newly compiled indexes during the 14th Five-Year Plan period. The scale of ETF products increased from 0.9 trillion yuan to 4.1 trillion yuan, with an annual growth rate of 35%. The product matrix is diversified and complete, with innovative products such as CSI 500 ETF options, Sci-Tech 50 ETF options, national debt ETFs, and Sci-Tech bond ETFs continuously landing. The investor structure has been continuously optimized, with the market value of Shanghai A-share circulation held by professional institutions increasing by 47%, and the trading volume ratio increasing by 12 percentage points. Third, promoting the concept of "three investments". Publishing the "Proposal on Rational Investment, Value Investment, and Long-term Investment in the Capital Market", nurturing patient and long-term capital. Introducing the shareholder meeting online voting service for listed companies, prompting over 650,000 investors to participate in voting, an 11-fold increase compared to before the service was launched. Enriching forms of investor protection work, producing over 3,000 audio and video investment education works, organizing over 1,600 sessions of investors "visiting Shanghai-listed companies". Facilitating channels for investor protection consulting, promoting the construction of an integrated platform for handling investor demands. Using "compensation" to promote "protection", cooperating to promote the establishment of precedent cases for advance compensation and the normalization of representative litigation. 3. Steadily advancing opening up, opening a new pattern of high-level institutional opening During the 14th Five-Year Plan period, the Shanghai Stock Exchange continued to deepen the interconnection mechanism, continuously enriching cross-border investment products, continuously improving internationalized service levels, and advancing high-level institutional opening to a new level. First, continually optimizing the interconnection mechanism. Promoting the inclusion of stock ETFs in the Shanghai-Hong Kong Stock Connect target scope, realizing mutual listing of ETFs in Shanghai-Hong Kong, China-Singapore, and China-Pakistan, and further optimizing the business mechanism for Global Depositary Receipts (GDR). During the 14th Five-Year Plan period, the cumulative turnover of the Shanghai-Hong Kong Stock Connect reached 10.3 trillion yuan, an increase of 288%; 10 new companies completed GDR issuance, with a total financing of 3.35 billion US dollars. Second, continuously enriching cross-border products. Continuously improving the "Chinese brand" index system, providing more options for international investors to invest in Chinese assets. Currently, the scale of cross-border index products exceeds 320 billion yuan, and its international influence continues to increase. Promoting qualified foreign institutional investors and RMB qualified foreign institutional investors to participate in Shanghai Stock Exchange stock option trading to meet the risk management needs of international investors. Third, steadily promoting international cooperation. Since 2019, holding the International Investor Conference annually, in-depth communication and extensive cooperation with overseas exchanges, foreign institutions, think tanks, universities, and other international institutions, attracting more international investors to layout in China's capital market. The participation of international investors in China's capital market investment is showing a diversified development trend. Looking forward to the 15th Five-Year Plan, the Shanghai Stock Exchange will thoroughly implement the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China and the Central Financial Work Conference, under the strong leadership of the China Securities Regulatory Commission, adhere to the mainline of preventing risks, strengthening supervision, and promoting high-quality development, adhering to innovation while maintaining stability, and accelerating the construction of a world-class exchange. We will focus on fostering new productive forces, continuously optimizing key systems such as initial public offerings, refinancing, mergers and acquisitions, guiding capital towards cutting-edge technologies, advanced manufacturing, and future industries, and promoting deep integration of technological innovation and industrial innovation. We will focus on nurturing a market ecosystem for rational investment, value investment, and long-term investment, guiding more medium to long-term funds into the market, promoting coordinated development of investment and financing. We will focus on promoting listed companies to enhance governance levels and the quality of information disclosure, strengthening dividends and buybacks to enhance investment value with stable performance and sustained returns. We will focus on steadily expanding institutional opening up, expanding cross-border investment and financing channels, enriching international product systems, enhancing global competitiveness and attractiveness. We will focus on better coordinating development and security, continuously strengthening supervision and service through technological empowerment, improving the risk monitoring, early warning, and disposal mechanism throughout the chain, and providing a solid guarantee for the stable operation of the market and the protection of investors' rights. Distinguished guests, dear friends! The 15th Five-Year Plan period is a key period to consolidate the foundation and make comprehensive efforts in achieving socialism modernization, playing an important role in the process of basic achievement of socialist modernization and a key stage for the capital market to move towards high-quality development. We will, with a more open and inclusive market ecosystem, a more diverse and rich product system, and more efficient and convenient service capabilities, expand broader cross-border investment opportunities for global investors. Currently, China's economy is at a critical stage of a new round of technological revolution and industrial transformation. We sincerely invite global investors to actively pay attention to and continuously allocate Chinese assets, jointly seize the new opportunities for international capital investment in the new era, and share the dividend of China's high-quality economic development. Finally, I wish this conference a complete success! Thank you all!