决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之深圳篇： 解码资本培育深圳实践：从“单点突破”迈向“集群共进”

Core Insights - Shenzhen is positioned as a core engine city in the Guangdong-Hong Kong-Macao Greater Bay Area, serving as an innovative hub for new business models and a key trade center, with a capital market that ranks among the top in China [1][2] - During the 14th Five-Year Plan period, Shenzhen's capital market achieved over 400 billion yuan in equity financing, with a leading proportion of technology companies listed, and a significant increase in overall R&D intensity [2][3] - Looking ahead to the 15th Five-Year Plan, Shenzhen aims to establish itself as a globally influential industrial financial center, focusing on high-quality capital market development [1][6] Group 1: Capital Market Development - Shenzhen's capital market has increasingly supported the real economy, with equity financing exceeding 400 billion yuan during the 14th Five-Year Plan, facilitating advanced manufacturing projects [2][3] - The proportion of companies listed on the Growth Enterprise Market and the Sci-Tech Innovation Board accounts for 50.24% of total listed companies in the region, the highest among major cities in China [2] - R&D expenditure of listed companies in Shenzhen is projected to reach 210.34 billion yuan in 2024, a 91.35% increase from 2020, with BYD leading at 54.16 billion yuan [2] Group 2: Market Performance and M&A Activity - In the first three quarters of 2025, Shenzhen's listed companies reported cumulative revenues of 5.2 trillion yuan and net profits of 457.797 billion yuan, with growth rates of 7.36% and 3.98%, respectively, surpassing national averages [3] - Shenzhen has seen 497 mergers and acquisitions since the introduction of the "M&A Six Guidelines," with transaction amounts exceeding 90 billion yuan, enhancing corporate competitiveness [3] - Over 60% of Shenzhen's listed companies are involved in overseas business, generating 580.14 billion yuan in revenue, marking an 18.11% year-on-year increase [3] Group 3: Investor Engagement and Protection - During the 14th Five-Year Plan, Shenzhen's listed companies implemented cash dividends totaling nearly 990 billion yuan, significantly exceeding equity financing amounts [4] - A total of 598 companies executed share buybacks amounting to nearly 46 billion yuan, with 40 companies receiving approval for stock buyback loans totaling 5.771 billion yuan [4] - The regulatory environment has been strengthened, with 131 cases handled by the Shenzhen Securities Regulatory Bureau, resulting in 88 administrative penalties totaling over 500 million yuan [5] Group 4: Future Directions and Strategic Goals - The Shenzhen government aims to accelerate the establishment of a globally influential industrial financial center, focusing on high-quality development across various financial sectors [6][7] - Key initiatives include enhancing the resilience of the capital market, promoting a high-level opening-up, and strengthening investor protection mechanisms [7] - The focus will be on developing new productive forces, guiding funds towards high-tech and high-quality projects, and improving the multi-tiered capital market structure [6][7]