决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之重庆篇： 打造资本市场“重庆样本” 助推西部金融中心建设

Core Viewpoint - The Chongqing capital market has achieved significant growth and quality improvements during the "14th Five-Year Plan" period, driven by policy collaboration, entity cultivation, functional upgrades, and risk prevention, contributing to the high-quality development of the local economy [1][2]. Market Scale and Growth - The number of listed companies in Chongqing is projected to reach 78 by the end of December 2025, a 36.84% increase from 57 at the end of 2020. The total market capitalization is expected to be approximately 1.2 trillion yuan, reflecting a 23.94% growth [2]. - Chongqing enterprises have raised a total of 9,719.86 billion yuan through equity and debt financing, with equity financing amounting to 876.57 billion yuan and debt financing at 8,843.29 billion yuan, marking substantial growth compared to the "13th Five-Year Plan" period [2]. Policy Framework - The Chongqing Securities Regulatory Bureau has implemented a multi-departmental collaboration mechanism and launched initiatives such as the "Thoroughbred Action" to facilitate company listings and promote infrastructure REITs [3]. Industry Structure Optimization - Since 2021, 91.67% of the 24 newly listed companies in Chongqing are technology-oriented, with 9 tech companies going public in 2023, leading the western region [4]. - R&D spending by listed companies in Chongqing is expected to reach 27.715 billion yuan in 2024, a 143.32% increase from 2020, with the number of effective patents rising to 31,600, a 182.14% increase [4]. Private Equity Investment - The number of equity investment funds focusing on high-tech and startup companies in Chongqing has increased from 373 to 607, with total investment reaching 31.066 billion yuan, a 145% increase from 2021 [5]. Mergers and Acquisitions - Since 2021, listed companies have completed 10 major asset restructurings with a total transaction value of approximately 54.45 billion yuan, including significant projects like the 8.164 billion yuan acquisition by Seres [6]. Quality Improvement of Listed Companies - By the end of 2024, the total assets of 78 listed companies in Chongqing are expected to reach 3.78 trillion yuan, a 27.15% increase from 2020, with total revenue for the first three quarters of 2025 projected at 572.185 billion yuan, a 57.64% increase [7]. - Listed companies in Chongqing have distributed a total of 90.122 billion yuan in cash dividends, with 35 companies maintaining a four-year consecutive dividend payout [7]. Social Responsibility - Since 2021, listed companies in Chongqing have paid a total of 222.064 billion yuan in taxes and created 361,400 jobs, demonstrating their commitment to social responsibility [8]. Support for Western Financial Center Development - The Chongqing Securities Regulatory Bureau has enhanced institutional strength and service systems, providing over 330 billion yuan in financing services during the "14th Five-Year Plan" period [9]. - The Chongqing Equity Transfer Center has been approved as an innovative pilot in the central and western regions, facilitating financing for small and micro enterprises [9]. Integration into Major Strategies - Chongqing's financial institutions have supported 176 key projects with a loan balance of 26.5 billion yuan, contributing significantly to the development of the Chengdu-Chongqing economic circle [10]. Future Development Plans - In the "15th Five-Year Plan," Chongqing's capital market aims to continue supporting the real economy and industrial upgrades, focusing on advanced manufacturing and green low-carbon industries [11][12].