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 balance of 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 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, marking a comprehensive coverage of different scales and development stages [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 varieties like Sci-Tech bonds and green bonds have expanded, with a total outstanding scale exceeding 1,300 billion yuan [3] - Hebei attracted 1,200 private equity projects with an investment of 1,400 billion yuan, reflecting external capital confidence in Hebei's industrial development potential [3] Group 3: Policy Support and Capacity Building - Hebei has established a comprehensive policy support system to facilitate capital and industry integration, 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 has been developed to nurture companies, with 75% of the newly listed companies in strategic emerging industries, raising a total of 170 billion yuan [5][6] Group 4: Quality Enhancement and Corporate Governance - Hebei's capital market has focused on improving the quality of listed companies through various initiatives, including the "Leading Goose" cultivation program and customized services [7] - By the end of October 2025, the total market value of listed companies in Hebei reached 14.3 trillion yuan, a 33.2% increase from the end of the "13th Five-Year Plan" [7] - Hebei has implemented measures to enhance shareholder return concepts, with total cash dividends reaching 95.53 billion yuan from 2021 to 2024, a 33.5% increase compared to the previous period [9] Group 5: Regulatory Framework and Market Ecology - 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" [10] - A collaborative mechanism with public security and judicial departments has been established to enhance market ecology [10] - Investor protection mechanisms have been improved, including educational initiatives in universities and the establishment of a mediation committee for capital market disputes [10] 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 capital market development [12]