决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之河北篇：梯度资本融合培育 共促燕赵产业聚力新质航向

Core Viewpoint - During the "14th Five-Year Plan" period, Hebei's capital market has made significant progress in serving the real economy, optimizing industrial structure, and preventing market risks, achieving a remarkable increase in both quantity and quality [1] Group 1: Market Expansion and Quality Improvement - Hebei's capital market has embraced the stock issuance registration system reform, leading to a dual breakthrough in direct financing scale and quality [2] - A total of 24 new companies were listed during this period, with a diverse representation across various boards, including 5 on the main board, 1 on the Sci-Tech Innovation Board, 9 on the Growth Enterprise Market, and 9 on the Beijing Stock Exchange [2] - By the end of October 2025, the total number of listed companies in Hebei reached 84, a 37.7% increase from the end of the "13th Five-Year Plan" [2] Group 2: Direct Financing and Investment - Over 4,800 billion yuan was raised through direct financing in the capital market, with 172 billion yuan specifically directed towards strategic emerging industries such as new energy vehicles and new materials [3] - Innovative bond products like Sci-Tech bonds and green bonds have expanded, with a total outstanding scale exceeding 1,300 billion yuan [3] - The public infrastructure securities investment funds have successfully raised 10.2 billion yuan through the issuance of REITs [3] Group 3: Policy Support and Capacity Building - Hebei has established a comprehensive support system for companies aiming to go public, including the formation of a provincial enterprise listing leadership group and the issuance of supportive policies [4] - Special actions have been taken to provide targeted training for over 700 enterprises, enhancing their understanding of the listing process [4] - A structured approach to nurturing companies has been implemented, with 75% of the newly listed companies in strategic emerging industries [5][6] Group 4: Quality Enhancement and Corporate Governance - The focus on improving the quality of listed companies has been emphasized through initiatives like the "Leading Goose" program, which supports top companies in stabilizing and growing their operations [7] - By the end of October 2025, the total market value of Hebei's 84 listed companies reached 14.3 trillion yuan, a 33.2% increase from the end of the "13th Five-Year Plan" [7] - Hebei has actively encouraged companies to adopt market value management practices, with 14 companies receiving stock repurchase loan support [8] Group 5: Regulatory Framework and Risk Management - The Hebei Securities Regulatory Bureau has prioritized regulatory enforcement and risk prevention, addressing 30 cases and imposing fines exceeding 1.7 billion yuan during the "14th Five-Year Plan" [9] - A collaborative mechanism with law enforcement has been established to enhance market integrity and investor protection [9] - Continuous efforts have been made to improve investor education and establish effective complaint resolution channels [9] Group 6: Future Outlook - The "15th Five-Year Plan" period is seen as crucial for enhancing the quality and functionality of the capital market, with a focus on aligning Hebei's strategic advantages with high-quality development [10][11] - The plan includes fostering a high-quality group of listed companies and enhancing the effectiveness of regulatory enforcement [11]