决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之天津篇：四大维度提质增效 续写津沽大地资本新篇章

Core Viewpoint - The article discusses the development of Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing the importance of systemic reforms and the alignment with the city's development strategy to achieve high-quality growth in the capital market [1]. Group 1: Scale Expansion - During the "14th Five-Year Plan," the capital market in Tianjin has seen steady expansion, with the number of listed companies increasing to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [2]. - By November 2025, the total market capitalization of listed companies is projected to reach approximately 1.66 trillion yuan, an 80% increase [2]. - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [2]. Group 2: Structural Optimization - The capital market in Tianjin has integrated deeply with technological innovation, with 14 new companies listed on the A-share market, 80% of which are technology-oriented [3]. - Over the past five years, listed companies have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" [3]. - The overall R&D intensity of key industry chain listed companies reached 7.64%, with companies on the "Two Innovation Boards" at 13.53% and those on the Sci-Tech Innovation Board at 28.16% [3]. Group 3: Function Enhancement - The Tianjin capital market has facilitated direct financing of 1.6 trillion yuan over the past five years, 1.6 times the total financing during the "13th Five-Year Plan" [6]. - Among the new listed companies, 11 out of 14 utilized the registration system for their listings, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [6]. - The public fund fee reform has been fully implemented, with Tianhong Fund's equity fund scale reaching 213.4 billion yuan, a 173% increase compared to the "13th Five-Year Plan" [6]. Group 4: Investment Returns - Listed companies in Tianjin have distributed over 170 billion yuan in cash dividends, 7.5 times that of the "13th Five-Year Plan" period, with an average annual dividend yield of 3.08% [7]. - Approximately 45% of listed companies have maintained continuous dividends for five years, while over 60% have done so for three years [7]. - In 2024, 20 companies repurchased shares totaling nearly 3.8 billion yuan, with 11 companies utilizing share repurchase financing tools to stabilize market expectations [7]. Group 5: Ecological Improvement - The regulatory framework for the capital market has been established, with a "1+N" policy system guiding further reforms [8]. - In November 2024, a joint initiative was launched to enhance the quality of listed companies and promote the development of private equity funds [8]. - The Tianjin Securities Regulatory Bureau has established over 50 collaborative mechanisms with various departments to strengthen enforcement and regulatory practices [9].