决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之浙江篇： 资本为翼、科创为核 “凤凰行动”牵引浙江产业跃升

Core Viewpoint - Zhejiang's capital market has achieved significant growth during the "14th Five-Year Plan" period, focusing on high-quality development through the "Phoenix Action" plan, enhancing enterprise cultivation, industrial empowerment, and ecological optimization, leading to a dual increase in scale and quality [1] Group 1: Capital Market Development - Zhejiang's capital market has seen a substantial increase in the number of listed companies, with 192 new domestic IPOs, bringing the total to 607, ranking second in the country [2] - The total market capitalization of listed companies in Zhejiang grew from 5.51 trillion yuan at the end of 2020 to 7.54 trillion yuan by the end of 2025, marking a 36.8% increase [2] - The coverage rate of listed companies in county areas increased from 71% at the end of the "13th Five-Year Plan" to 85% [2] Group 2: Financing Growth - From early 2021 to October 2025, Zhejiang's capital market generated a total of 24,364.5 billion yuan in new equity and debt financing, accounting for 7% of the national total [3] - New IPO financing in Zhejiang reached 1,647.3 billion yuan, representing 10.1% of the national new IPO financing total [3] - The merger and acquisition market in Zhejiang has been active, with 308 listed companies completing 532 mergers and acquisitions, disclosing a total amount of 1,294.10 billion yuan [3] Group 3: Strategic Emerging Industries - By December 2025, Zhejiang had 194 listed companies in strategic emerging industries, ranking second nationally [5] - The proportion of new listed companies in strategic emerging industries increased from 55.71% in 2021 to 100% by 2025 [5] - Strategic emerging industry companies in Zhejiang achieved a total revenue of 2,960.88 billion yuan and a net profit of 202.71 billion yuan in the first three quarters of 2025, with a net profit growth rate of 12.15% [6] Group 4: Financial Ecosystem - The bond market in Zhejiang expanded steadily, with a cumulative issuance of corporate bonds and asset-backed securities (ABS) reaching 22,771.6 billion yuan during the "14th Five-Year Plan" [7] - By the end of November 2025, the outstanding scale of bonds and ABS in Zhejiang reached 15,743.23 billion yuan, ranking fourth nationally [7] - The development of public REITs in Zhejiang has made significant progress, with five REITs issued, raising 12.62 billion yuan, accounting for approximately 6.5% of the national total [9] Group 5: Future Outlook - The "15th Five-Year Plan" emphasizes the need to enhance the financial service system to support technological innovation and industrial transformation [9] - Zhejiang aims to leverage its capital market to cultivate high-quality listed companies in emerging industries and promote active mergers and acquisitions [9]