决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之黑龙江篇：金融养分滋润黑土地 孕育产业振兴“龙江之花”

Core Insights - The capital market in Heilongjiang has become an essential driving force for regional economic development during the "14th Five-Year Plan" period, aligning closely with national strategic needs and local industrial characteristics [5][6] Group 1: Market Structure and Performance - The number of companies listed on the Science and Technology Innovation Board and the Growth Enterprise Market increased by 50% compared to the "13th Five-Year Plan" period, with over half of the top 10 companies by market value being technology or high-tech enterprises [9] - The total revenue of listed companies reached 1,843.44 billion yuan, with a net profit of 1680.06 billion yuan, reflecting a significant increase in operational performance [1] - The total tax contribution from companies rose from 500.69 billion yuan during the "13th Five-Year Plan" to 579.42 billion yuan in the current period, marking a 15.72% increase [4] Group 2: Financing and Investment - Heilongjiang's listed companies achieved a total of 357.23 billion yuan in equity financing and 323.7 billion yuan in debt financing during the "14th Five-Year Plan," highlighting direct financing as a key engine for economic growth [6] - The financing structure is characterized by a predominance of refinancing, with 279.64 billion yuan raised through methods such as additional share issuance and convertible bonds, which is three times the amount raised through IPOs [6][7] - The total R&D investment by listed companies reached 51.83 billion yuan in 2024, a more than 52% increase from 2020, with R&D intensity rising from 2.03% to 2.81% of revenue [3][9] Group 3: Regulatory Environment and Governance - The regulatory framework emphasizes strong oversight while providing quality services, with measures implemented to enhance the quality of listed companies and prevent financial fraud [10][11] - The Heilongjiang Securities Regulatory Bureau has taken significant actions against various violations, including nearly 20 cases of legal enforcement related to information disclosure and insider trading [11] - The focus on improving corporate governance and compliance has strengthened the operational standards of market participants, contributing to a healthier market ecosystem [11][12]