Group 1: Core Objectives of the Action Plan - The action plan aims to leverage the capital market's role in building an industrial financial center in Shenzhen by establishing a high-quality capital market that meets the demands of high-quality economic and social development [1][2] - It emphasizes the cultivation of patient capital and the optimization of financing mechanisms for technology-driven enterprises, including support for bond financing for "high-tech" and "strategic emerging" companies [1][2] Group 2: Enhancing Listed Company Quality - The action plan outlines measures to improve the quality of listed companies by tightening listing criteria, enhancing governance standards, and increasing investment value [2] - As of now, Shenzhen has 584 listed companies, ranking third nationally, with a total market capitalization of approximately 8.61 trillion yuan [2] Group 3: Industry Institution Development - The plan supports leading institutions in enhancing their capabilities through mergers and acquisitions and encourages differentiated development among smaller institutions [2] - It also promotes the international expansion of major securities firms and the establishment of high-quality professional service institutions in Shenzhen [2] Group 4: Capital Market Ecosystem - The action plan advocates for the Shenzhen Stock Exchange to deepen the construction of a multi-tiered capital market, enhancing the stock and bond market structure [3] - It aims to strengthen cross-border cooperation with the Hong Kong Stock Exchange and implement various capital market collaboration measures [3] Group 5: Risk Prevention and Control - The plan emphasizes a proactive approach to risk management, focusing on early identification, warning, exposure, and resolution of risks [3] - It aims to enhance the stability of Shenzhen's capital market and prevent systemic risks [3]

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau and the China Securities Regulatory Commission have issued an action plan to enhance the role of the capital market in building an industrial financial center, aiming to support Shenzhen's leadership in China's modernization efforts by 2025-2026 [1] Group 1: Capital Market Development - The action plan includes 20 specific measures to create a high-quality capital market that meets the needs of high-quality economic and social development, focusing on innovation capital aggregation [1] - It emphasizes the cultivation of patient capital to support new productive forces, particularly in key sectors like artificial intelligence, new energy, and biomedicine [2] - The plan encourages the development of angel investment, venture capital, and private equity, while promoting long-term capital from state-owned and government investment funds [2] Group 2: Quality of Listed Companies - As of May 9, 2025, Shenzhen has 423 A-share listed companies, with 211 on the Sci-Tech Innovation Board and Growth Enterprise Market, leading among major cities [3] - The action plan aims to enhance the quality of listed companies through stricter entry requirements, continuous supervision, and improved governance [4] - It promotes the idea of increasing investor returns and enhancing transparency in listed companies, including cash dividend regulations and market manipulation oversight [5] Group 3: Industry Institutions - The action plan outlines the need for industry institutions to focus on compliance and long-term investor returns, enhancing their operational capabilities [6] - It aims to create top-tier investment banks and institutions while encouraging smaller firms to develop unique business models [6] - The plan also supports the establishment of high-quality professional service institutions in Shenzhen, emphasizing risk-oriented practices [7] Group 4: Capital Market Ecosystem - The action plan supports the Shenzhen Stock Exchange in developing a multi-tiered capital market and enhancing the bond market to support technological innovation [8] - It emphasizes comprehensive regulatory measures to ensure effective oversight across various market functions and institutions [8] - The plan includes mechanisms for cross-border regulatory cooperation and enhancing investor protection [9] Group 5: Risk Prevention and Control - The action plan stresses the importance of early risk identification and prevention, enhancing collaboration between central and local authorities [10] - It aims to maintain market stability through a robust risk management framework, including measures for mergers, acquisitions, and bankruptcy [10] - The plan highlights the need for ongoing monitoring of key sectors to prevent systemic risks [10]

Core Viewpoint - Shenzhen has officially proposed the establishment of an "Industrial Financial Center" in its government work report, with the release of the "Action Plan" outlining 20 measures to achieve this goal by 2026 [1][2]. Group 1: Action Plan Objectives - The main goal of the Action Plan is to fully implement the capital market's role in supporting high-quality economic development by 2026, focusing on creating a high-quality capital market that meets innovative capital aggregation needs [2]. Group 2: Capital Formation Mechanism - The Action Plan emphasizes the need to embrace new productive forces and establish a first-class innovative capital formation mechanism, encouraging state-owned and government investment funds to act as long-term, patient, and bold capital [3]. - Shenzhen is the first in the country to propose "bold capital," allowing for a maximum loss of 100% for qualifying projects to ease the assessment of state-owned funds [3]. Group 3: Bond Market Development - The Action Plan includes improving the bond financing service system, supporting high-tech and innovative enterprises in bond financing, and promoting the issuance of technology innovation bonds [3]. - Two Shenzhen companies are among the first to issue technology innovation bonds, with a total of 20 million yuan planned [3]. Group 4: Attracting Long-term Capital - The Action Plan aims to attract long-term capital into the market by promoting insurance funds to invest in private equity and venture capital funds [4]. - Shenzhen has introduced significant funds, including a 5.1 billion yuan special fund for technology innovation [4]. Group 5: Enhancing Listing Quality - To improve the quality of listed companies, the Action Plan proposes measures such as enhancing regulatory mechanisms and ensuring strict oversight of major shareholders and executives [6]. - Shenzhen currently has 584 listed companies with a total market capitalization of approximately 8.61 trillion yuan [6]. Group 6: Mergers and Acquisitions - The Action Plan encourages listed companies to engage in mergers and acquisitions to strengthen industry integration and create leading enterprises [7]. - Shenzhen has previously introduced supportive measures for mergers and acquisitions, with a resource pool of 425 potential acquisition targets [7]. Group 7: Capital Market Ecosystem - The Action Plan aims to build a multi-tiered capital market ecosystem, enhancing the service capabilities of Shenzhen's stock exchange and regional equity markets [8]. - The "Specialized, Refined, Characteristic, and Innovative" board has been established, with 301 companies listed, 80.73% of which are small and medium-sized enterprises [8]. Group 8: Cross-border Financial Cooperation - The Action Plan emphasizes deepening cross-border financial cooperation, including enhancing connectivity between Shenzhen and Hong Kong stock exchanges [8]. - Since the launch of the "Cross-border Wealth Management Connect" 2.0, Shenzhen has seen significant growth in personal investors and cross-border transactions [9].

Core Viewpoint - The Shenzhen government aims to enhance the stability of its capital market and maintain smooth market operations through a comprehensive action plan for 2025-2026 [1] Group 1: Market Stability Measures - The action plan includes establishing a normalized risk disposal mechanism to address market risks effectively [1] - It emphasizes increasing cross-departmental collaboration to manage risks in the capital market [1] - Various measures such as mergers and acquisitions, judicial restructuring, and bankruptcy liquidation will be utilized to mitigate risks [1] Group 2: Accountability and Responsibility - A risk prevention and accountability mechanism will be established to ensure that all departments are responsible for risk resolution in listed companies [1] - The plan aims to stimulate the internal stability of listed companies, encouraging them to contribute to market stability [1] Group 3: Role of Financial Institutions - Industry institutions are encouraged to play a leading role in maintaining the healthy operation of the market [1] - The initiative aims to promote the role of medium- and long-term funds as stabilizers in the market [1]