专访厦门证监局：金融活水润鹭岛，“生态雨林”育创新

Core Insights - Xiamen's capital market has significantly contributed to the growth of innovative enterprises, with a total of 68 domestic listed companies and a market capitalization of 797 billion yuan as of August 2025 [1][2] - The city has seen a 50% increase in A-share listed companies since the implementation of the registration system in 2019, with 23 new companies added [1][2] - Xiamen's listed companies are primarily engaged in sectors such as electronic information, biomedicine, and new materials, with over one-third classified as specialized and innovative enterprises [2][3] Market Development - The capital market in Xiamen is in an accelerated development phase, with 16 new overseas listed companies and 565 companies in the pipeline for listing [1][2] - The total R&D expenditure of listed companies reached 11.25 billion yuan in 2024, marking a 2.2% year-on-year increase, with an average R&D intensity of 6.23% in the manufacturing sector [3][4] Financial Ecosystem - Xiamen has established a multi-tiered capital market system, including the main board, ChiNext, and regional equity markets, providing comprehensive financing services for enterprises at different stages [1][6] - The private equity market has also expanded, with 321 private fund managers managing 203.4 billion yuan, reflecting a 6.23% increase [6][7] Policy Support - The Xiamen Securities Regulatory Bureau has implemented various policies to support the high-quality development of the capital market, including measures for technology innovation and mergers and acquisitions [4][5] - The bureau has facilitated the listing of 102 specialized and innovative enterprises on the newly established board, enhancing the service and cultivation functions of the regional equity market [7][8] Future Outlook - The Xiamen Securities Regulatory Bureau aims to leverage the reform of the Sci-Tech Innovation Board to identify high-quality technology enterprises with significant breakthroughs and strong commercial prospects [5][8] - The city plans to continue enhancing its financial ecosystem to support the growth of innovative enterprises and improve the quality and quantity of listed companies [8]