继今年上半年首批完成发行后，第二批集中运用风险分担工具发行科技创新债券的4家民营股权投 资机构11月24日启动路演活动。这是创新融资机制持续显效、为科技创新架设起更为稳固高效"金桥"的 一个缩影。 值得一提的是，"十四五"期间，科创板、创业板改革纵深推进，北交所设立并高质量建设，新三板 改革持续深化，结构合理、功能互补的多层次股权市场服务科技创新的逻辑也在同步加固。下半年以 来，科创板"1+6"改革持续落地，服务于未盈利企业的科创板科创成长层迎来首批新注册企业上市；深 化创业板改革将启动实施；开市已满4年的北交所，不断强化服务创新型中小企业主阵地的功能定位。 当前，我国金融体系服务科技创新的深层次矛盾依然存在。如为了规避风险，从债券和股权投资人 到银行信贷，均倾向于投向已经成熟的高新技术企业，而急需资金的种子期、初创期企业，往往因为风 险识别难而面临融资困境。此外，在实践中，政府风险补偿基金的缺位，已成为提升科创企业融资可获 得性的核心堵点。由于其规模有限，无法为市场机构提供足够的风险缓冲，致使债券投资人和银行通过 提高利率、设置严苛条款等方式来管理不确定性，这使科创企业的融资成本居高不下。 当前，全球新一轮 ...

大会期间，福建金投和华福证券还组织近50家优质企业和地方国资委、财政部门等开展"走进深交所"活 动，聚焦创新债券产品的发行实务等，深化企业对多层次资本市场的认识，助力企业有效拓宽融资渠 道。同时，组织开展赴港上市培训专场，特邀港交所、华福国际、中银国际、建银国际等机构资深专家 联袂授课，吸引200余位企业代表踊跃参与，为福建企业赴港上市与跨境资本合作提供战略规划和操作 建议。 11月18日，以"汇聚金融资本 赋能实体经济"为主题的福建省资本与产业对接会在深圳举办。福建省人 民政府副省长林瑞良在会上致辞，并与股权投资机构代表深入交流。深圳证券交易所副理事长王红出席 并致辞。来自全国各地的250多家金融机构、头部私募机构，与福建省及大湾区300多家优质企业代表参 加了活动。 活动上半场，福建金投、华福证券、工商银行福建省分行、中国银行福建省分行、福建省投资集团、兴 业银行、兴业证券依次上台推介特色金融服务和专场活动亮点；思坦集成、汉联济世、华清电子、星宸 科技（301536）、纵腾网络等5家企业先后路演，分享最新项目计划及融资需求。下半场，围绕生物医 药+新材料、人工智能+高端装备制造、集成电路+新一代信息技术、 ...

智通财经记者 | 张一诺 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"《建议》"）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调 的资本市场功能。积极发展股权、债券等直接融资，稳步发展期货、衍生品和资产证券化。 日前，大成律师事务所董事局副主席李寿双在接受界面专访时表示，"健全投资和融资相协调的资本市场功能"，意味着资本市场在为实体经济供给资金、提 供融资服务的同时，也必须能够为投资者创造投资渠道，使投资者获取投资回报。 "从法治角度来说，不仅要有有利于提升上市公司质量的规则，比如建立一套有利于优质上市公司再融资的游戏规则，还要有出清劣质上市公司的规则，比 如不断完善退市制度，再有就是监管机构始终强调严厉打击资本市场违法行为，保护投资者利益。当然，最根本的是培育资本市场的法治环境，让资本市场 基于法治精神运行，树立参与主体的信心尤为重要。"李寿双说。 在采访中，他还建议，利用现有的澳门金融资产交易所，设置澳门股票交易所，吸引无法满足港股上市要求的公司到澳门上市。 李寿双说，通常讲鼓励中国企业到境外上市，其实主要是指在中国香港和美国等主流资本市场上市。但由于中美博弈加剧，美国 ...

Core Insights - Beijing Stock Exchange (BSE) has marked its fourth anniversary, focusing on serving innovative small and medium-sized enterprises (SMEs) and becoming a crucial part of China's multi-tiered capital market [1][4] Group 1: Market Performance - As of November 14, BSE has 282 listed companies, with over 80% being SMEs and nearly 90% being private enterprises [1] - More than half of the listed companies are recognized as national-level specialized and innovative "little giant" enterprises [1] - The average revenue of 279 companies that disclosed their Q3 reports is 520 million yuan, reflecting a year-on-year growth of 6%, while the average net profit is approximately 32.99 million yuan [1] Group 2: Institutional Arrangements - BSE has established a set of institutional arrangements tailored to the characteristics of SMEs, including precise and inclusive market access, ongoing regulatory support, and diverse trading mechanisms [1][2] - The exchange has introduced market-making trading mechanisms and launched indices such as the BSE 50 Index and the Specialized and Innovative Index [1] Group 3: Bond Market Development - BSE has formed a stock-bond linkage market structure, issuing over 13 trillion yuan in national bonds and supporting local government bond issuance exceeding 990 billion yuan [2] - The exchange has launched various specialized bond products, including technology innovation bonds and green bonds, enhancing the bond market's support for technological innovation [2] Group 4: Financing and Investment Coordination - BSE aims to improve the quality of listed companies and strengthen the full-chain regulatory mechanism, ensuring strict listing standards and ongoing supervision [3] - The exchange encourages listed companies to utilize financing tools effectively and promotes long-term capital investment, targeting the development of public funds focused on small and medium-sized stocks [3] Group 5: Collaborative Ecosystem - BSE emphasizes collaboration with government departments and market institutions to create a supportive ecosystem for SMEs [4] - The exchange has actively guided the implementation of inclusive financial concepts, with over 90% of listed companies distributing dividends and a total of over 9.5 million qualified investors participating in the market [3][4]

合计总市值超9000亿元 四年时间，北交所市场规模呈现出显著增长态势，北交所现有上市公司282家，截至11月13日收盘，上 市公司总市值合计约9125.82亿元。 从北交所开市周年个股数量来看，截至2022年11月15日、2023年11月15日、2024年11月15日，北交所个 股分别为123只、229只、257只。北交所第四周年上市新股数量为25只，年内上市新股数量为20只。 从282只个股市值排名来看，截至11月13日收盘，贝特瑞以418.5亿元的总市值居于首位，锦波生物以 274.2亿元的总市值排在第二位，曙光数创、开发科技、天工股份、星图测控、艾融软件、同力股份6股 总市值则在100亿—200亿元，北交所共孕育8只超百亿市值个股。 个股股价方面，锦波生物、并行科技、万达轴承3股挤进百元股阵营，股价最高的是锦波生物，截至11 月13日收盘，公司股价收涨2.24%，报238.31元/股。 11月15日，北交所将迎来开市四周年。四年前的11月15日，北交所正式开市，首批81家上市公司集体亮 相。作为多层次资本市场的重要一环，北交所设立以来锚定"服务创新型中小企业"的定位，开市四年时 间，北交所已有282家上 ...

11月15日，北交所将迎来开市四周年。四年前的11月15日，北交所正式开市，首批81家上市公司集体亮相。作为多层次资本市场的重要一环，北交所设立以 来锚定"服务创新型中小企业"的定位，开市四年时间，北交所已有282家上市公司，总市值合计已超9000亿元，冲击万亿大关。"后备军"方面，目前还有170 家IPO公司正在排队北交所。对于北交所建设，在2025金融街论坛年会上，北交所董事长鲁颂宾也透露了未来发力方向，包括加快推出北证50ETF，研究引 入盘后固定价格交易等。 合计总市值超9000亿元 四年时间，北交所市场规模呈现出显著增长态势，北交所现有上市公司282家，截至11月13日收盘，上市公司总市值合计约9125.82亿元。 从北交所开市周年个股数量来看，截至2022年11月15日、2023年11月15日、2024年11月15日，北交所个股分别为123只、229只、257只。北交所第四周年上 市新股数量为25只，年内上市新股数量为20只。 从282只个股市值排名来看，截至11月13日收盘，贝特瑞以418.5亿元的总市值居于首位，锦波生物以274.2亿元的总市值排在第二位，曙光数创、开发科技、 天工股份、星图测 ...

Group 1: Market Dynamics - The equity market can temporarily operate independently of the real economy due to policies, liquidity, and market sentiment, but long-term sustainability requires fundamental support[1] - Historical analysis shows that markets can deviate from fundamentals during specific periods, but ultimately return to fundamental values[1] - In the 2003-2005 bear market, despite strong GDP growth (cumulative increase of 69% from 2001 to 2005), the Shanghai Composite Index fell from 2245 points to 998 points, indicating a significant disconnect between market performance and economic growth[9][11] Group 2: Policy and Economic Conditions - The 2014-2015 bull market was driven by loose monetary policy and capital market reforms, despite weak economic fundamentals, with the A-share market rising by 52% in 2014[22][25] - In 2025, the market is expected to experience a "technology bull" phase, driven by structural transformation and risk preference improvements, despite potential challenges from US-China relations[35] - The report anticipates that by 2026, "extraordinary counter-cyclical policies" may gradually decline, focusing on high-quality development, while still supporting a bull market driven by risk preferences[35] Group 3: Risk Factors - Potential risks include unexpected US-China tensions that could disrupt market risk preferences, and external trade pressures that may lead to preemptive domestic demand policies[37] - A shift in monetary policy towards tightening could significantly suppress market liquidity, negatively impacting the bull market environment[37]

Group 1 - The core viewpoint of the article emphasizes the launch of the reform of the ChiNext board, which aims to provide more precise and inclusive financial services for innovative enterprises in emerging industries, aligning with China's "14th Five-Year Plan" for technological self-reliance and innovation [2][4][5] - The reform is seen as a crucial step in enhancing the capital market's ability to support technological innovation and economic high-quality development, facilitating the gathering of resources towards innovation sectors [4][6] - The reform will establish listing standards that better match the characteristics of innovative enterprises, thereby improving financing channels for emerging industries [5][6] Group 2 - The article highlights that the ChiNext reform is part of a broader effort to improve the multi-tiered capital market system, which will enhance the efficiency of capital allocation and support the growth of high-quality innovative companies [6][10] - It is noted that the reform will help attract more patient capital and international investors, thereby increasing the international standing of China's capital market [6][10] - The article discusses the differentiation and complementary roles of various market segments, including the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange, which together will cover the financing needs of different types of technology enterprises [9][10][12] Group 3 - The investment value of the ChiNext is highlighted, with a significant recovery in earnings reported for the third quarter, particularly in emerging industries such as new energy, semiconductors, and biotechnology [14][16] - The article states that the ChiNext's net profit growth rate is the fastest among A-share segments, indicating strong resilience in growth-oriented companies [16][17] - The current valuation of the ChiNext is considered relatively low compared to historical levels, suggesting potential for long-term investment value as earnings improve and reform policies take effect [18][19] Group 4 - The article notes a significant increase in institutional investment in the ChiNext, with a reported allocation weight of 19.29% in the third quarter, reflecting a shift towards high-tech and strategic emerging industries [21][22] - It emphasizes that sectors such as artificial intelligence, semiconductors, and renewable energy are expected to drive future economic growth and investment opportunities [22][23] - The article also mentions the ongoing innovation in ChiNext-themed funds, which have shown strong performance, with an average return of 40% year-to-date [24][26]

Core Viewpoint - The Beijing Stock Exchange (BSE) is experiencing significant market activity and reform momentum, with the BSE 50 Index showing a year-to-date increase of nearly 50% as of October 30, 2023, indicating the effectiveness of recent market reforms [2][5]. Group 1: Market Performance - The BSE 50 Index opened with an upward trend, rising over 2% during the day, following a substantial increase of 8.41% the previous day, with a trading volume approaching 35 billion yuan [1]. - The index's year-to-date performance reflects a broader recovery in the A-share market, showcasing a strong rebound in investor sentiment [2]. Group 2: Policy Support - Recent policies from Beijing aim to enhance mergers and acquisitions and promote long-term capital inflow, contributing to a more dynamic financial ecosystem [1][7]. - The China Securities Regulatory Commission (CSRC) is committed to the high-quality development of the BSE, positioning Beijing as a key hub for capital market reform [1][6]. Group 3: Institutional Developments - The BSE has focused on serving innovative small and medium-sized enterprises (SMEs), with over 80% of its listed companies being SMEs and nearly 90% being private enterprises [5]. - The BSE is exploring new pathways for supporting the development of startup and growth-stage companies, establishing a framework for transitioning companies through various market levels [5]. Group 4: Future Outlook - The BSE plans to enhance market functions and financial services for critical sectors, with an emphasis on long-term funding mechanisms to improve liquidity and market attractiveness [6][8]. - Key areas of anticipated reform include optimizing listing standards, particularly for unprofitable enterprises, and improving inter-market connectivity to reduce transaction costs [8].

Group 1: Capital Market Development - The capital market is facing new demands and expectations due to profound changes in the global landscape and technological innovation trends [1] - The 2025 Financial Street Forum focused on how multi-level capital markets can empower the high-quality development of small and medium-sized enterprises (SMEs) through innovation and international cooperation [1] Group 2: Brokerage Firms' Service Innovations - Financial institutions like Caifeng Securities are adopting a "1+3" model to innovate service delivery, emphasizing a customer-centric approach and full lifecycle support for SMEs [2] - Dongwu Securities highlights the strategic value of specialized SMEs in the economic landscape, proposing three core strategies: regional focus, specialized services, and market-oriented performance assessments [3] Group 3: Small Brokerage Firms' Strategies - Kaiyuan Securities is implementing a "specialized + differentiated" strategy to serve SMEs, focusing on a complete service chain from early investment to capital listing [4] - The firm has established a dedicated fund for specialized and innovative SMEs, achieving significant rankings in the New Third Board market [4] Group 4: Role of Public Funds - Public funds play multiple roles in the market, including providing liquidity, engaging in price discovery, and participating in corporate financing [5] - In the context of the North Exchange market, public funds face liquidity, fundamental volatility, and resource allocation risks, with strategies proposed to mitigate these issues [6] Group 5: Challenges and Opportunities for Enterprises - National-level specialized SMEs face challenges such as talent acquisition and long-term capital investment, with patient capital being crucial for their development [7] - Companies like Hezhong Weiqi have successfully navigated financing challenges through innovative approaches, gaining recognition and support from major banks after listing on the New Third Board [8]