四大维度齐发力！一图读懂天津资本市场“十四五”升级攻略

Core Viewpoint - The article discusses the comprehensive reforms and developments in Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing risk prevention, regulatory strength, and high-quality development [35]. Group 1: Market Expansion - The number of listed companies increased from 60 to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [6]. - The total market value of listed companies rose from 920.3 billion yuan to 1,656.6 billion yuan, an 80% increase compared to the end of the "13th Five-Year Plan" [6]. - The number of companies listed on the New Third Board reached 118, with 39 in the innovation layer, a 1.29 times increase year-on-year [7]. - The bond market's outstanding scale reached 12.8 trillion yuan, ranking among the top in the country [8]. - The total assets of eight securities, fund, and futures institutions reached 113.7 billion yuan, with net assets growing by 22% and 20% respectively compared to the end of the "13th Five-Year Plan" [8][9]. Group 2: Structural Optimization - The focus is on enhancing quality and efficiency, with a strong emphasis on technology innovation and industrial upgrades [10]. - There are 49 high-tech and specialized new listed companies in Tianjin, accounting for 69% of the total, with a total market value share of 78% [12]. - Cumulative R&D investment by listed companies exceeded 100 billion yuan, an 80% increase compared to the "13th Five-Year Plan" [12]. - The overall R&D intensity of listed companies is projected to be 3.01% in 2024, with key industry chain companies at 7.64% [12]. Group 3: Capital Market and Industry Renewal - 40 listed companies belong to key industrial chains in Tianjin, accounting for nearly 70% of the total market value [14]. - Six listed companies have undergone major asset restructuring to eliminate inefficient assets and transition to emerging industries [14]. - Nearly 20% of listed companies are expanding production or investing in weak links of the industrial chain through refinancing [14]. - The amount of mergers and acquisitions by listed companies exceeded 26 billion yuan after the release of the "Six Merger Guidelines" in September 2024 [14]. Group 4: Asset Activation - Two public REITs were issued, with one revitalizing 220,000 square meters of industrial park assets and another raising 2.5 billion yuan for highway expansion projects [17]. - The outstanding scale of ABS products in the region reached 72.1 billion yuan, ranking among the top in the country [18]. Group 5: Function Enhancement - Over the past five years, the region has utilized multi-level capital markets to finance 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [21]. - Among 14 new listed companies, 11 were issued through the registration system, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [21]. - The wealth management scale of capital market institutions in the region exceeded 2.2 trillion yuan [23]. Group 6: Ecological Improvement - The regulatory framework for the capital market has been established, guiding further comprehensive reforms [26]. - The implementation of the "New National Nine Articles" and the "1+N" policy has led to the introduction of various supportive measures for high-quality development [28]. - A specialized working group has been established to implement capital market reform policies and coordinate high-quality development of listed companies [29].