深圳辖区A股上市公司达424家 总市值突破11万亿元 规模位居全国第二 前三季度，辖区上市公司实现营业收入5.20万亿元、净利润4577.97亿元，同比分别增长7.36%和 3.98%，展现出强劲的发展韧性和活力。 在"十四五"规划收官之年 深圳资本市场 交出了一份亮眼的成绩单 最新数据显示 截至三季度末 深圳市场主体的创新活力和竞争力在"十四五"期间得到全面提升。上市公司群体规模量质齐升，总市值 突破11.5万亿元，2024年全年实现营业收入超6.8万亿元、净利润超4800亿元。研发投入大幅增长，2024 年深圳上市公司研发投入达2103亿元，较2020年增长91.35%，其中比亚迪研发投入超540亿元，位居全 国上市公司首位。 今年前三季度，辖区24家证券公司实现营业收入超1000亿元、净利润超450亿元，均居各辖区第一；31 家公募基金管理公司（经营地口径）资产管理规模达到12.30万亿元，公募基金管理规模达到8.36万亿 元，位列全国第二；14家期货公司实现营业收入、净利润分别居各辖区第二、第三。此外，截至8月 底，辖区私募基金管理人2953家，管理基金规模1.97万亿元，数量及管理规模均居全国第三。 ...

Core Insights - Shenzhen's capital market has shown remarkable performance in the "14th Five-Year Plan" period, with a total of 424 A-share listed companies and a market capitalization exceeding 11 trillion yuan, ranking second nationwide [1][6] - The direct financing scale in Shenzhen has reached a historic high of over 2.8 trillion yuan, marking a more than 50% increase compared to the "13th Five-Year Plan" period, positioning it third among major cities in China [3] - The innovation and competitiveness of market entities in Shenzhen have significantly improved, with total market capitalization surpassing 11.5 trillion yuan and projected revenues exceeding 6.8 trillion yuan for 2024 [6] Financing and Investment - The cumulative equity financing in Shenzhen has exceeded 400 billion yuan, with 110 companies raising over 110 billion yuan through IPOs [3] - The bond market financing, including ABS, has surpassed 2.4 trillion yuan, with public REITs leading in fundraising [3] - Shenzhen's private equity and venture capital fund scale is expected to reach nearly 1.37 trillion yuan by September 2025, supporting over 13,800 small and medium-sized enterprises [4] Market Dynamics - The R&D investment of Shenzhen-listed companies is projected to reach 210.3 billion yuan in 2024, a 91.35% increase from 2020, with BYD leading the investment at over 54 billion yuan [6] - In the first three quarters of this year, 24 securities companies in Shenzhen achieved revenues exceeding 100 billion yuan, while 31 public fund management companies managed assets totaling 12.3 trillion yuan [6] Financial Innovations and Investor Protection - Shenzhen has made significant strides in financial innovations, with over 800 billion yuan raised through technology-themed public funds and more than 5 trillion yuan in total assets for these funds [8] - The city has implemented various investor protection mechanisms, with nearly 990 billion yuan in cumulative dividends distributed by listed companies during the "14th Five-Year Plan" period [9] Future Outlook - Looking ahead to the "15th Five-Year Plan," Shenzhen aims to focus on developing new productive forces, deepening reforms, enhancing financial services for the real economy, and protecting investors' rights [10]

21世纪经济报道记者 黄子潇 深圳报道 二是打造全球一流的创新资本形成中心，重点打造四个一流：世界一流交易所——支持深交所发展成为 服务全国战略性新兴产业的多层次债券市场，支持深圳股权交易中心加快推动PE/VC份额转让试点；一 流投行——培育引导证券机构坚持功能型、集约型、专业化、特色化发展方向，坚持服务科技创新、支 持辖区头部证券机构通过并购重组等做大做优做强；一流投资机构——坚持投资者利益优先，坚持价值 投资，打造更具竞争力的投研体系，全面提升机构核心竞争力；一流的配套服务——高水平打造香蜜 湖、前海、深圳湾西丽湖风投创投集聚区，发挥深圳创投日等产融对接。 11月19日上午，第十九届深圳国际金融博览会（深圳金博会）举行开幕式。 会上，深圳市人民政府副秘书长吴坤生表示，面向"十五五"新征程，深圳将以建设全球重要影响力的产 业金融中心为目标，重点聚焦六个方面发力。 分别为：打造全球一流的科技产业金融互促发展高地、打造全球一流的创新资本形成中心、打造全球一 流的金融科技中心、打造全球一流的跨境人民币服务高地、打造全球一流的财富管理中心、打造全球一 流的金融安全示范地。 今年2月，2025年深圳市政府工作报告首次 ...

编者按：2025年是"十四五"规划收官与"十五五"规划谋篇布局的交汇节点。本报即日起推出"决胜'十四五' 擘画'十五五'·地方资本市场高质量发展"系列报 道，展现"十四五"期间各地多层次资本市场建设成果、对地方经济和产业的赋能作用，展望"十五五"规划，为经营主体凝聚信心，为高质量发展注入奋进 力量。敬请关注。 深圳作为粤港澳大湾区核心引擎城市和中国特色社会主义先行示范区，既是新业态培育、产业孵化的创新高地，也是联通海内外的贸易枢纽，更是稳居中国资本市 场"第一梯队"的核心重镇。"十四五"期间，深圳资本市场累计实现股权融资超4000亿元，科技类上市公司占比全国领先，企业整体研发强度达到世界领先水平，累 计分红规模位居全国大中城市第二。 回顾"十四五"发展经验与成果，深圳持续推动资本市场各项改革落地见效，多举措筑牢风险防控底线，多维度提升投资者获得感，为资本市场高质量发展提供了可 借鉴的"深圳实践"；展望"十五五"，深圳将以打造具有全球重要影响力的产业金融中心为核心目标，力争构建形成适配深圳经济社会高质量发展、优质创新资本集 聚的高质量资本市场。 深化服务实体经济 历经三十余年改革发展，深圳资本市场功能日渐齐备、 ...

11月13日，深圳市人民政府副秘书长吴坤生在第十九届深圳金博会新闻发布会上表示，今年金博会的功 能定位进行了全新的升级，致力于打造金融机构，集中发布新产品、新服务、新解决方案的首发平台， 持续为行业创新注入强劲动力。 "展会期间，我们将重磅发布深港携手打造全球金融科技中心相关政策，集中展示资本市场对科创项目 的赋能案例，推动深化科技-产业-金融一体化"发展之路。"吴坤生表示。 据悉，本届金博会以"产业金融新高地，科创赋能向未来"为主题，共设置持牌金融机构、金融科技、跨 境金融、科创金融、产融对接、财税服务等九大特色主题展区。展览面积达1.5万平方米，吸引来自全 球多个国家和地区的288家机构参展，预计将迎来超1万名专业观众。 21世纪经济报道记者 黄子潇 李金萍 深圳报道 11月19日至21日，第十九届深圳国际金融博览会（简称"深圳金博会"）将于深圳会展中心（福田）9号 馆举行。 黄宇表示，在"十四五"期间，着力推动"科技—产业—金融"的良性循环，金融业保持稳健增长，年均增 速达6.45%。2025年前三季度，金融业增加值实现3987.6亿元，同比增长14.5%；"十四五"以来，深圳培 育了超过1300家专精 ...

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]