解码资本培育深圳实践：从“单点突破”迈向“集群共进”｜决胜“十四五” 擘画“十五五”·地方资本市场高质量发展

Core Viewpoint - Shenzhen's capital market has significantly contributed to the local economy during the "14th Five-Year Plan" period, achieving over 400 billion yuan in equity financing and leading in technology company listings, while aiming to establish itself as a globally influential industrial financial center in the upcoming "15th Five-Year Plan" [1][3][14]. Group 1: Economic Contributions - During the "14th Five-Year Plan," Shenzhen's capital market facilitated over 400 billion yuan in equity financing, supporting advanced manufacturing projects [3]. - The total revenue of Shenzhen-listed companies reached 6.88 trillion yuan in 2024, a 30.55% increase from 5.27 trillion yuan in 2020 [20]. - Shenzhen's listed companies achieved a total market capitalization of 12.71 trillion yuan by the end of Q3 2025, up 25.22% from 10.15 trillion yuan at the end of 2020 [17]. Group 2: Innovation and R&D - Shenzhen's listed companies' R&D expenditure reached 210.34 billion yuan in 2024, a 91.35% increase from 109.92 billion yuan in 2020 [29]. - The proportion of companies listed on the ChiNext and Sci-Tech Innovation Board reached 50.24%, the highest among major cities in China [25]. Group 3: Investor Engagement and Protection - Shenzhen-listed companies distributed nearly 990 billion yuan in cash dividends during the "14th Five-Year Plan," ranking second among major cities in China [31]. - A total of 1,486 companies implemented cash dividends, with 598 companies repurchasing shares worth nearly 46 billion yuan [6][31]. Group 4: Market Expansion and Globalization - By November 3, 2025, Shenzhen had 424 domestic listed companies, a 35.03% increase from 314 at the end of 2020 [15]. - Over 60% of Shenzhen's listed companies engaged in overseas business, generating 580.14 billion yuan in revenue in the first half of 2025, a 178.58% increase from 208.25 billion yuan in the first half of 2020 [22]. Group 5: Future Directions - The Shenzhen government aims to accelerate the establishment of a globally influential industrial financial center, focusing on high-quality development in banking, securities, insurance, and venture capital [9][10]. - The capital market will emphasize the development of new productive forces, deepen reforms, and enhance investor protection mechanisms [10][11].