决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之辽宁篇：资本引领凝心聚力 辽沈大地全面振兴展新颜

Core Viewpoint - The capital market in Liaoning Province has experienced significant development during the "14th Five-Year Plan" period, enhancing its financing functions and service systems to support the region's economic revitalization and high-quality development [2][4]. Group 1: Capital Market Development - Liaoning's capital market saw the addition of 11 new listed companies, raising 18.164 billion yuan, marking increases of 83.33% and 511.99% respectively compared to the "13th Five-Year Plan" period [2]. - The total financing from equity and debt reached 63.634 billion yuan, with equity refinancing from listed companies amounting to 12.501 billion yuan, aiding industry consolidation and structural optimization [2]. - The bond market's outstanding scale reached 32.555 billion yuan by the end of 2025, with over 90% being industry bonds, highlighting its role in supporting the real economy [2]. Group 2: Service System Enhancement - The establishment of service bases by the Shanghai and Shenzhen stock exchanges, along with the Northeast Capital Market Academy in Shenyang, has improved the service capabilities for enterprises [3]. - The Liaoning Equity Trading Center launched specialized boards for high-growth companies, increasing the number of listed and displayed companies to 2,970, a net increase of 635 since the end of 2020 [3]. Group 3: Financial Support for Regional Economy - Liaoning's capital market has improved the quality of listed companies, with cumulative cash dividends reaching 22.529 billion yuan and buybacks totaling 3.791 billion yuan, reflecting a growth of 73.7% and 61.59% respectively compared to the "13th Five-Year Plan" [4]. - The total revenue of listed companies reached 2.04 trillion yuan, contributing 77.304 billion yuan in taxes, reinforcing the economic foundation of the region [4]. Group 4: Innovation and R&D Investment - R&D investment by listed companies in Liaoning reached 45.934 billion yuan, a 43.28% increase from the "13th Five-Year Plan" period, indicating a strong focus on innovation [5]. - Over 70% of the top 10 listed companies by market value are technology or high-tech firms, showcasing a robust trend towards innovation-driven development [5]. Group 5: Risk Management and Regulatory Measures - Liaoning's capital market has implemented effective risk management strategies, achieving zero defaults in the bond market and ensuring no systemic risks occurred [7]. - Regulatory authorities have taken over 160 measures to address potential risks, maintaining a strong stance against major violations with over 20 administrative penalties issued [8].