多重金融工具注入强劲动能 筑牢海南自贸港资本根基丨决胜“十四五” 擘画“十五五”·地方资本市场高质量发展之海南篇

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase during the "14th Five-Year Plan" period, with a historic milestone of full island closure operations expected by December 18, 2025 [1] Financing and Market Growth - Hainan's capital market has achieved a remarkable performance with direct financing totaling 78.821 billion yuan over five years, and the total market value of listed companies has increased by 85% to 462.111 billion yuan [1][5] - The number of companies with a market value exceeding 100 billion yuan has expanded to 14, and the scale of mergers and acquisitions has surpassed 80 billion yuan, with cumulative dividends increasing by 86% [1][5] Capital Market Functionality - The capital market in Hainan has effectively utilized diverse financial tools such as equity financing, bond issuance, and mergers to channel funds into key sectors of the real economy, supporting the optimization and upgrading of industrial structures [5][6] - By the end of November 2025, Hainan's listed companies had a total share capital of 87.618 billion shares, reflecting a 70% increase in share capital compared to the end of the "13th Five-Year Plan" [5] Industry Integration and Innovation - During the "14th Five-Year Plan," Hainan's listed companies completed 106 mergers and acquisitions, involving a total of 80.5 billion yuan, with over 70% of companies focusing on technology innovation and green development [6] - Cumulative operating revenue for Hainan's listed companies reached 811.517 billion yuan from 2021 to the third quarter of 2025, marking a 30% increase compared to the "13th Five-Year Plan" period [6] Investor Returns and Engagement - Hainan's listed companies have enhanced their awareness of returning value to investors, with total dividends amounting to 5.789 billion yuan over five years, an 86% increase from the previous period [8] - Share buybacks and stockholder increases have been actively pursued, with 7 companies conducting buybacks totaling 869 million yuan, and significant stockholder increases amounting to 999.2 million yuan [8] Financial Innovation and Services - Hainan's capital market has expanded its financial product offerings and optimized service models, with the establishment of new public fund management companies and a growing number of private fund managers [10][11] - Innovative financial products, such as green bonds and asset-backed securities, have been introduced to support sustainable development and rural revitalization [10][11] Regulatory Framework and Risk Management - Hainan's regulatory body has strengthened its oversight mechanisms, implementing 137 regulatory measures and imposing fines totaling nearly 150 million yuan to combat financial misconduct [13] - Risk monitoring and assessment have been enhanced, with proactive measures taken to address potential risks in key sectors, including the restructuring of companies facing operational crises [13] Future Outlook - With the full island closure operation marking a new historical starting point, Hainan's capital market aims to align with high-standard development goals, focusing on improving the quality of listed companies and expanding cross-border asset management pilot projects [14]