多重金融工具注入强劲动能 筑牢海南自贸港资本根基｜决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之海南篇

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase, with the full island closure operation set for December 18, 2025, marking a historical milestone for the region [1]. Financing and Market Growth - Over the past five years, Hainan has achieved direct financing of 78.821 billion yuan, with the total market capitalization of listed companies increasing by 85% to 462.111 billion yuan, and the number of companies with a market value exceeding 10 billion yuan rising to 14 [1][5]. - The financing methods included 26.299 billion yuan from equity financing and 52.522 billion yuan from bond financing, significantly supporting enterprise transformation and international development [5]. Capital Market Development - Hainan's capital market has improved its multi-tiered system, with service bases established by major stock exchanges, and a dedicated board for specialized and innovative enterprises launched to facilitate capital access for tech SMEs [6]. - A total of 106 mergers and acquisitions were completed, involving 80.5 billion yuan, enhancing core competitiveness and focusing on key sectors such as technology innovation and green development [6]. Investor Returns and Protection - Listed companies in Hainan have increased their cash dividends to 5.789 billion yuan, an 86% increase compared to the previous five-year period, with share buybacks and stakeholder increases enhancing investment value [8]. - Investor protection mechanisms have been strengthened, with over 5,000 educational activities conducted, reaching more than 10 million investors [8]. Financial Innovation and Cross-Border Investment - Hainan has introduced innovative financial products, including the first green rural revitalization bonds and clean energy ABS, supporting sustainable development [10]. - Cross-border financial innovations have been implemented, allowing foreign investors to access various financial products, thereby enhancing the region's attractiveness for financial institutions [11]. Regulatory Environment - The Hainan Securities Regulatory Bureau has focused on strict enforcement and risk prevention, taking regulatory actions against 137 entities and imposing fines totaling nearly 150 million yuan to maintain market integrity [13]. Future Outlook - Looking ahead, Hainan's capital market aims to align with high standards for the Free Trade Port, focusing on improving the quality of listed companies and expanding cross-border asset management pilot businesses [14].