In the near future, we will also introduce policies and measures to deepen the reform of the Science and Technology Innovation Board and the GEM to provide more suitable and inclusive institutional support for enterprise innovation and growth. Second, listed companies pay more attention to rewarding investors. In 2024, A-share listed companies implemented a total dividend of 2.4 trillion yuan and share repurchases of 147.6 billion yuan, all of which reached record highs. More and more companies paid dividends more than once a year. The dividend rate of the Shanghai and Shenzhen 300 Index was close to 3.6%, further enhancing the stability and predictability of returns to investors. Currently, the valuation level of A-shares is still relatively low. The price-earnings ratio of the Shanghai and Shenzhen 300 is 12.6, which is significantly lower than the main indices in overseas markets, and the allocation value is further highlighted. Last weekend, we issued the revised “Administrative Measures on Major Asset Restructuring of Listed Companies” to increase support for asset restructuring of listed companies. Next, we will continue to guide listed companies to actively enhance investment value through cash dividends, repurchases, acquisitions and restructuring, etc., and continue to build a high-quality and dynamic group of listed companies to provide global investors with more high-quality investment targets.

In the near future, we will also introduce policies and measures to deepen the reform of the Science and Technology Innovation Board and the GEM to provide more suitable and inclusive institutional support for enterprise innovation and growth. Second, listed companies pay more attention to rewarding investors. In 2024, A-share listed companies implemented a total dividend of 2.4 trillion yuan and share repurchases of 147.6 billion yuan, all of which reached record highs. More and more companies paid dividends more than once a year. The dividend rate of the Shanghai and Shenzhen 300 Index was close to 3.6%, further enhancing the stability and predictability of returns to investors. Currently, the valuation level of A-shares is still relatively low. The price-earnings ratio of the Shanghai and Shenzhen 300 is 12.6, which is significantly lower than the main indices in overseas markets, and the allocation value is further highlighted. Last weekend, we issued the revised “Administrative Measures on Major Asset Restructuring of Listed Companies” to increase support for asset restructuring of listed companies. Next, we will continue to guide listed companies to actively enhance investment value through cash dividends, repurchases, acquisitions and restructuring, etc., and continue to build a high-quality and dynamic group of listed companies to provide global investors with more high-quality investment targets.