多层次资本市场

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首单!陕西省三四板对接“绿色通道”项目正式落地
Zheng Quan Shi Bao Wang· 2025-09-30 07:13
下一步,陕西股权交易中心将在省委金融办、省工业和信息化厅、陕西证监局的指导下,持续深化与全 国股转公司、北交所西北基地协同机制,同时在省金控集团的统筹协调下,发挥集团协同优势,以"分 层培育、精准服务、数字赋能"为核心抓手,着力构建覆盖企业"股改—培育—挂牌—上市"全生命周期 的综合服务体系,继续优化三四板对接机制,完善新三板"绿色通道"服务体系,推动更多优质中小企业 对接更高层次资本市场,为我省企业上市培育工作高质量发展贡献力量!(秦声) 陕西股权交易中心在省委金融办、省工业和信息化厅、陕西证监局的支持下,立足重要的地方金融基础 设施功能,针对其经营现状与发展规划,为洛科电子提供了一揽子精准、深入的培育服务。一是规范培 育。联合北交所西北基地、国投证券、会计师事务所、律师事务所以及行业专家把脉问诊,帮助企业提 升规范治理水平。二是融资对接。举办"一月一链"投融资路演活动并提供路演辅导,基于企业精准画像 定制融资方案,联动银行、投资公司精准对接融资支持。三是资本市场对接。组织企业参加"走进交易 所"活动实地研学,并与全国股转系统专家进行一对一面诊,明确挂牌路径,系统解决企业新三板挂牌 的难点堵点。在申报过程中 ...
多层次资本市场筑牢枢纽功能 科创成色越擦越亮
Zheng Quan Shi Bao· 2025-09-23 18:07
Group 1: Capital Market Development - The capital market in China has achieved steady growth in quantity and effective improvement in quality during the "14th Five-Year Plan" period, with a more complete multi-level and widely covered market system [1] - The total financing through stock and bond markets reached 57.5 trillion yuan over the past five years, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [2] - The market share of technology companies in A-shares has exceeded 25%, significantly higher than the combined market share of banking, non-banking financial, and real estate sectors [2] Group 2: Support for Technology Innovation - The establishment of the Beijing Stock Exchange has created a tailored system for small and medium-sized enterprises, with nearly 80% of listed companies in strategic emerging industries and advanced manufacturing [3] - Private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Beijing Stock Exchange, highlighting their role in supporting technology innovation [5] - The total management scale of private equity and venture capital funds reached 14.4 trillion yuan, with 15,000 projects under investment [5] Group 3: Bond Market and Financial Products - The bond market has seen a diversification of products, with the issuance of Sci-Tech bonds exceeding 57 billion yuan this year, driven by policy guidance and market demand [4] - The number of futures and options products has reached 157, covering major sectors of the national economy, enhancing price discovery and risk management capabilities [7] - The total funds in the futures market have surpassed 1.9 trillion yuan, marking a historical high [7] Group 4: Policy Support and Market Accessibility - The government has introduced policies to promote the development of equity and venture capital investments, with the "17 Measures for Venture Capital" set to enhance the investment environment [6] - The proportion of institutional clients in the futures market has reached 65.34%, an increase of 7.94 percentage points since 2020, indicating the growing importance of futures in business operations [8] - The number of futures products available for foreign investment has expanded, with 24 specific products and 95 options for qualified foreign investors [8]
天津市“知识产权专板”开板 首批34家企业成入板
Zheng Quan Ri Bao Wang· 2025-09-17 10:48
据悉,"知识产权专板"具有显著的三大优势:其一,为企业提供知识产权相关"全链条""全生命周期"的 高品质服务,让企业获取知识产权服务触手可及;其二,帮助企业深度挖掘知识产权价值潜力,以知识 产权为"关键变量",助力企业朝着上市目标稳步迈进;其三,全力打通政府知识产权惠企政策切实落地 运用的"最后一公里",让企业对知识产权政策"一键可达",帮助企业充分用足用好惠企政策,尽享政策 红利。专板的设立,实现了多层次资本市场与知识产权的深度融合,为市知识产权局服务企业开辟了全 新路径,有力推动了我市知识产权运营转化体系的完善,充分凸显知识产权在企业上市培育过程中的关 键作用。 9月17日,记者从天津滨海柜台交易市场(简称"天津OTC")获悉,"知识产权专板暨首批企业挂牌仪式"召 开,这标志着天津市"知识产权专板"正式扬帆起航,首批34家企业成功登陆专板。 知识产权专板是天津OTC科创专板特色子板块,由天津市知识产权局统筹指导,天津市知识产权保护中 心、天津市滨海新区知识产权保护中心协同天津OTC作为专板建设的承担单位。其中,双保护中心为专 板提供基础性知识产权公益服务,天津OTC负责专板的日常运行与管理等工作。 天津O ...
北交所启动存量股票代码切换 独立市场定位进一步强化
Huan Qiu Wang· 2025-09-14 02:52
业内分析认为,此次调整不仅是技术层面的升级,更是北交所深化改革、服务创新型中小企业的关键一步。自 2021年开市以来,北交所已汇聚超240家上市公司,覆盖高端装备、新能源、生物医药等战略新兴产业,其中国家 级"小巨人"企业占比超六成。独立代码的启用将进一步提升北交所品牌辨识度,吸引更多中长期资金入市,助力 专精特新企业成长。 【环球网财经综合报道】近日,北京证券交易所宣布,存量上市公司证券代码切换工作已准备就绪,将于10月9日 正式启用新代码。此次调整覆盖全部248只存量股票。 根据安排,自10月9日起,北交所存量股票的证券代码将由原新三板挂牌代码(如"83""87"开头)统一变更为 以"9"开头的新代码。投资者进行交易委托、行情查询等操作时,需使用新代码,但持仓权益、历史交易记录等不 受影响。北交所相关负责人表示,代码切换是开市以来对市场基础制度的"最重大调整之一",旨在通过统一标识 体系,强化与新三板创新层、基础层的层级区分,凸显北交所独立市场属性。 为保障切换平稳推进,北交所已联合中国结算、证券公司等完成多轮全市场测试,并制定应急预案。多家券商表 示,投资者无需担忧操作风险,交易软件将自动更新代码,市场 ...
国务院批复全国部分地区要素市场化配置综合改革试点实施方案 粤港澳大湾区内地九市纳入试点
Shen Zhen Shang Bao· 2025-09-11 23:25
【深圳商报讯】(驻京记者 宋华)9月11日,国新办举行国务院政策例行吹风会,介绍全国部分地区实 施要素市场化配置综合改革试点有关情况。国家发展改革委副主任李春临在会上介绍,国务院发布关于 全国部分地区要素市场化配置综合改革试点实施方案的批复,同意自即日起2年内开展北京城市副中 心、苏南重点城市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九市、重庆 市、成都市等10个要素市场化配置综合改革试点。 其中,粤港澳大湾区内地九市要素市场化配置综合改革试点实施方案共分为七大方面,22条内容。试点 范围包括广东省广州市、深圳市、珠海市、佛山市、江门市、肇庆市、惠州市、东莞市、中山市全域。 主要内容包括: 探索土地管理制度改革。创新绿地用地规模管理模式,探索特大城市、超大城市大片绿地等连片开敞空 间依法办理用地手续但不纳入城乡建设用地规模管理。按照国家明确的范围、标准和规则,开展城乡建 设用地增减挂钩节余指标调剂。 优化产业用地供应方式。鼓励采用长期租赁、先租后让、租让结合、弹性年期供应等方式供应产业用 地。优化工业用地出让年期,完善弹性出让年期制度。推动产业用地实施"标准地"出让,建立健全投资 强度、容 ...
广西举行政金企融资对接大会 优化升级金融惠企政策
Zhong Guo Xin Wen Wang· 2025-08-30 00:39
Core Viewpoint - The Guangxi government is enhancing financial services for the real economy by facilitating private capital investment and improving credit demand to promote a healthy economic and financial cycle [1][3]. Group 1: Financing Initiatives - The Guangxi government held a financing matchmaking conference where 22 key project credit agreements were signed, amounting to 91.9 billion RMB, covering strategic emerging industries such as new energy, artificial intelligence, low-altitude economy, and advanced manufacturing [3]. - A mechanism was announced to promote projects to private capital and coordinate service guarantees, aimed at improving the financing accessibility for private enterprises [3]. Group 2: Policy and Support Measures - The conference included policy interpretations regarding the three-year action plan for financial benefits to enterprises, as well as updates on the financing matchmaking mechanism in the region [3]. - The Guangxi government plans to optimize financial policies, enhance the connection between financial policies and other sectors like technology, industry, and taxation, and improve financial services for major projects and key industries [3]. Group 3: Focus on Small and Micro Enterprises - There is an emphasis on increasing financial supply in weak areas and coordinating financing efforts for small and micro enterprises, with a goal to direct credit funds quickly to these market entities [3]. - The government aims to cultivate a multi-tiered capital market and promote direct financing for enterprises, utilizing various industrial investment funds to further broaden financing channels [3].
石景山发布企业上市培育“领航计划”,60家企业纳入“白名单”
Xin Jing Bao· 2025-08-19 01:39
Group 1 - The core viewpoint of the news is the launch of the "Navigation Plan" by Shijingshan District, aimed at providing comprehensive support for local enterprises to go public from 2025 to 2028 [1][2] - The plan includes establishing a "whitelist" of companies categorized into four levels: Basic, Key, Tackling, and Navigation, with dedicated service teams for each level [1] - Currently, 60 enterprises have been included in the "whitelist" under the Navigation Plan [1] Group 2 - Shijingshan District has developed a four-in-one service model combining "Base + Fund + Credit + Listing" to enhance pre-listing support for enterprises [2] - The district has facilitated the listing process by assigning a dedicated listing officer to each enterprise, providing tailored support during critical stages such as inspections and approvals [2] - Since the 14th Five-Year Plan, Shijingshan District has successfully listed 6 enterprises in domestic and international markets, expanding the listing scale by 42% [2]
全市场注册制渐行渐近 金融活水浇灌创新之花
Xin Hua Wang· 2025-08-12 06:30
Group 1 - The upcoming National Two Sessions are expected to discuss the implementation of a stock issuance registration system, which will significantly support technological innovation in the capital market [1] - Experts believe that the registration system will expand direct financing and enhance the capital market's efficiency in serving the innovative economy, providing more financial resources for technology companies [1][2] - As of mid-February, the number of companies in the new generation information technology sector on the Sci-Tech Innovation Board reached 142, with initial financing of 244.3 billion yuan [2] Group 2 - The capital market's role in promoting the formation of technology innovation capital and optimizing resource allocation has been increasingly recognized, with over 10 trillion yuan raised through stock and bond financing in 2021 [2][3] - The proportion of new listings on the Sci-Tech Innovation Board and the Growth Enterprise Market accounted for over 70% of the total market increment, indicating a shift of resources towards technology innovation [3] - The introduction of green bonds and other innovative financial tools has led to the issuance of over 410 billion yuan in green bonds, supporting low-carbon development [3] Group 3 - There is a need for further enhancement of the capital market's support for technology innovation, particularly in terms of depth and breadth [4] - The registration system is expected to improve market inclusivity, especially for technology and innovation-driven enterprises, by refining listing criteria [4] - Strengthening the connection between multi-level capital markets and enhancing the support for the entire lifecycle of technology companies is essential for fostering innovation [4] Group 4 - The investment evaluation for technology companies should focus on the feasibility of technological paths and reassess the value of data and innovation elements based on new investment philosophies [5] - A new framework for the efficient circulation of technology and capital is being proposed, emphasizing the need for a robust support system for technology innovation [7] - Recommendations include improving market mechanisms for private equity investment and enhancing the professional management of funds to support the growth of technology companies [8]
中证1000股指期货和期权交易获批
Xin Hua Wang· 2025-08-12 06:20
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the China Financial Futures Exchange (CFFEX) to launch the CSI 1000 stock index futures and options trading, with the contracts officially listed on July 22, 2022 [1] Group 1: Product Details - The CSI 1000 index consists of 1000 stocks ranked by market capitalization, positioned after the stocks in the CSI 300 and CSI 500 indices, serving as a broad-based cross-market index [1] - The trading code for the CSI 1000 stock index futures is IM, with a contract multiplier of RMB 200 per point, resulting in a contract value of approximately RMB 1.4 million based on the current index level of around 7000 points [1][2] - The initial margin requirement for trading one contract of CSI 1000 stock index futures is approximately RMB 210,000, which is 15% of the contract value [2] Group 2: Options Details - The CSI 1000 stock index options have a contract multiplier of RMB 100 per point, leading to a contract value of about RMB 700,000, which is slightly higher than the CSI 300 stock index options [2] - The margin adjustment coefficient for the CSI 1000 stock index options is set at 15%, with a minimum guarantee coefficient of 0.5 [2] Group 3: Trading Rules - The maximum order size for limit orders in CSI 1000 stock index futures is 20 contracts, while for market orders it is 10 contracts; for options, the limit is also 20 contracts [3] - The single-sided position limit for a client in a specific month for the CSI 1000 stock index options is 1200 contracts, calculated across different members [3] Group 4: Market Impact - The introduction of CSI 1000 stock index futures and options is seen as a significant step in enhancing the multi-tiered capital market system and promoting sustainable development in the capital market [4] - The CSRC emphasizes that stock index futures and options are essential risk management tools in capital markets, and their launch will help meet investor hedging needs and stabilize the stock market [3][4]
北交所设立一周年 打造服务创新型中小企业主阵地初见成效
Xin Hua Wang· 2025-08-12 06:19
Core Viewpoint - The establishment of the Beijing Stock Exchange (BSE) has successfully created a platform to support innovative small and medium-sized enterprises (SMEs) in China, demonstrating initial achievements in enhancing the market ecosystem for these companies [1][2][4]. Group 1: Market Development and Achievements - As of September 2, 2022, the BSE has listed 110 companies, with 77% being SMEs and 90% being private enterprises, covering various innovative sectors such as advanced manufacturing and healthcare [2][3]. - The BSE has facilitated over 23 companies recognized as national "little giant" enterprises, with an average R&D intensity of 4.6%, significantly higher than the average of large-scale enterprises [2][3]. - Cumulative financing through public offerings has exceeded 23.5 billion yuan, averaging 2.1 million yuan per company, effectively supporting technological advancements and core competitiveness [2][3]. Group 2: Institutional Framework and Market Mechanisms - The BSE has established a unique institutional framework tailored to the characteristics of innovative SMEs, guided by a pilot registration system [2][3]. - The BSE has implemented a flexible financing mechanism, allowing companies to conduct multiple rounds of targeted financing, thereby reducing financing costs and alleviating cash flow pressures for SMEs [5][6]. Group 3: Market Connectivity and Ecosystem - The BSE has created a connection with regional equity markets, facilitating the flow of listing resources and enhancing the overall market ecosystem for SMEs [3][4]. - The number of qualified investors has increased to over 5.13 million, nearly tripling since the establishment of the BSE, with significant participation from public funds and venture capital [3][4]. Group 4: Market Performance and Future Outlook - The BSE has maintained reasonable liquidity and valuation levels, with 83% of listed companies having a market capitalization below 1.5 billion yuan [6][7]. - The average daily trading volume since the opening has reached 1.029 billion yuan, reflecting a 167.17% increase compared to the previous phase [7]. - Future plans for the BSE include reducing transaction costs, launching a BSE index, and continuing to innovate trading mechanisms to enhance market liquidity and efficiency [8].