资本三城记：京沪深上市企业全景图鉴（一）

Group 1: Shenzhen's Capital Landscape - As of December 18, 2025, Shenzhen has 592 listed companies, with 15 new additions in 2025, including 424 A-share companies across various exchanges [1] - Shenzhen's A-share companies have a total market capitalization of 11.34 trillion yuan, accounting for 10.83% of the national total, with a year-on-year growth of 36.82% [1] - The total revenue of Shenzhen's A-share companies reached 3.2955 trillion yuan, a year-on-year increase of 5.96%, contributing to 9.43% of the national revenue [1] Group 2: R&D Investment in Shenzhen - In the first half of 2025, Shenzhen companies disclosed R&D expenses exceeding 102.57 billion yuan, a year-on-year increase of 14.60%, representing 13.9% of the national A-share R&D expenses [2] - The R&D intensity of Shenzhen companies stands at 3.11%, leading other major cities, with manufacturing firms accounting for 90.95% of R&D spending [2] - Over 60% of A-share companies in Shenzhen have overseas revenue totaling 553.33 billion yuan, with significant contributions from manufacturing [2] Group 3: Beijing's Capital Dynamics - By December 2025, Beijing is expected to have over 800 listed companies, leading the nation, with approximately 480 A-share companies and a total market capitalization exceeding 35 trillion yuan [3] - R&D expenses for Beijing's A-share companies are around 120 billion yuan, the highest in the country, with a focus on foundational research and original innovation [3] - The Beijing Stock Exchange plays a crucial role in supporting innovative SMEs, with about 18% of its listed companies being from Beijing [3] Group 4: Shanghai's Capital Environment - Shanghai has around 680 listed companies, with approximately 430 A-share companies and a total market capitalization of about 13 trillion yuan [4] - The Shanghai Stock Exchange's Sci-Tech Innovation Board features 110 companies, accounting for 22% of the national total, with a market capitalization of about 2.8 trillion yuan [4] - Over 50% of Shanghai's Sci-Tech companies have more than 30% of their revenue from overseas, indicating a strong international presence [4] Group 5: Comparative Analysis of the Three Cities - Beijing's capital structure is characterized by state-owned enterprises contributing over 65% of its total market value, while Shanghai has a balanced multi-industry layout [5] - Shenzhen focuses on rapid industrialization and iteration, while Beijing emphasizes foundational research and Shanghai prioritizes application and internationalization [5] - The financial sector in Beijing is heavily regulated, while Shanghai's financial services are market-oriented, and Shenzhen's financial sector is closely integrated with manufacturing [5] Group 6: Complementary Capital Ecosystem - The three cities are forming a complementary capital ecosystem, with Beijing evolving into an "innovation source," Shanghai solidifying its "capital hub" status, and Shenzhen enhancing its role as an "industrial innovation arena" [6] - Investment from Beijing's venture capital firms in Shenzhen's tech companies increased by 31% year-on-year, indicating growing inter-city capital flow [6] - The differences in company numbers and market values reflect the strategic positioning and resource endowments of each city, contributing to a resilient national innovation system [6]