决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之厦门篇：金融活水润泽鹭岛产业 两岸协作深化资本融合

Core Viewpoint - Xiamen's capital market has experienced significant growth over the past five years, becoming a driving force for local economic transformation and upgrading, with notable increases in the number of listed companies, total market value, and private equity fund scale [1][2]. Group 1: Market Expansion - During the "14th Five-Year Plan" period, Xiamen's capital market has accelerated development, with 14 new A-share listed companies, bringing the total to 70 by the end of 2025, accounting for nearly 40% of the province [2]. - The total market value has surpassed 903 billion yuan, a 43% increase from the end of 2020 [2]. - The number of securities and futures institutions has optimized, with 184 branches, placing Xiamen among the top in the nation for financial intermediary density [2]. Group 2: Economic Contribution - The capital market has raised a total of 403.2 billion yuan during the "14th Five-Year Plan," contributing to economic transformation and urban modernization [4]. - In the first three quarters of 2025, listed companies in Xiamen reported total revenue of 1.33 trillion yuan and a net profit of 220.96 billion yuan, reflecting a year-on-year growth of 8.43% [3]. - The average dividend payout ratio of listed companies in Xiamen ranks fourth among planned separate cities in the country, with 650.01 billion yuan in cash dividends [3]. Group 3: Innovation and Industry Development - Xiamen has established a multi-layered capital service system, with 317 registered private equity fund managers and a scale of 214.4 billion yuan, 2.37 times that of the end of 2020 [2]. - The city has focused on nurturing technology innovation enterprises, expanding the reserve of potential listed companies to 597 [4]. - Xiamen's capital market has catalyzed the development of strategic emerging industries, particularly in semiconductors and integrated circuits, with several companies successfully listing on the stock market [5]. Group 4: Cross-Strait Financial Integration - Xiamen has made significant strides in cross-strait financial openness, with 7 Taiwan-funded listed companies, representing 10.61% of the total Taiwan-funded enterprises listed in mainland China [7]. - The establishment of the first cross-strait capital market service base has facilitated the growth of Taiwan-funded private equity funds, with a total scale of 6.778 billion yuan [7]. Group 5: Risk Management - Xiamen has strengthened its risk prevention mechanisms, conducting 499 inspections and imposing administrative penalties totaling 293 million yuan during the "14th Five-Year Plan" [8]. - The city has maintained a stable market environment, achieving zero defaults in corporate bonds and significantly reducing risks in private equity funds [8]. Group 6: Future Outlook - The Xiamen Securities Regulatory Bureau aims to continue stabilizing and activating the capital market, focusing on implementing policies to boost market growth and supporting listed companies in enhancing their market value management [9].