昨日，中国上市公司协会发布2026年1月境内股票市场统计月报。数据显示，截至1月31日，全市场上市 公司总数达5484家，境内股份总市值达到114.5万亿元，多层次资本市场规模稳步扩容、结构持续优 化，服务实体经济质效进一步提升。 从板块布局看，沪深北三大交易所协同发展，沪市、深市、北交所上市公司分别为2306家、2886家、 292家，形成覆盖不同发展阶段、不同类型企业的市场体系。股份结构方面，仅发行A股公司5233家， A+H、A+B等多股份类型公司244家，仅发B股公司7家，A股主导、多元融资的格局稳固，市场国际化 水平稳步提高。 1月，全市场新增首发上市公司9家，首发募资90.53亿元，其中制造业企业占8家，资本精准流向先进制 造、实体经济关键领域。退市环节实现突破，当月退市2家，其中1家为北交所除转板外首例退市公司， 标志着常态化退市机制向全板块延伸，"有进有出、优胜劣汰"的市场生态加速成形。文/本报记者 朱开 云 MACD金叉信号形成，这些股涨势不错！ ...

昨天（2月25日），深圳市创业投资同业公会发布消息： 2026年2月24日，原深圳市创业投资同业公会常务副会长兼秘书长、中国投资协会创业专业委员会副会 长兼高级顾问王守仁先生，因病医治无效，在深圳逝世，享年84岁。 文章称，王守仁先生一生与中国改革开放和深圳特区建设紧密相连。深圳创投公会评价他是深圳创投 业"大管家"、中国创投行业"布道者"，并获评清科"中国股权投资市场二十年杰出贡献奖"。他参与筹建 中国领先的创投机构深圳市创新科技投资有限公司，是深圳市创业投资同业公会成立的主要参与者，并 呼吁设立创业板市场。他凭借深厚经济学功底、敏锐市场洞察力和无私奉献精神，为中国创投行业的规 范与发展作出自己的贡献。 早年求学与南下深圳： 从理论探索到实践开拓 文章介绍道，王守仁先生1942年出生于山西长治。在那个物质匮乏的年代，他凭借顽强的毅力，刻苦攻 读，于1967年大学本科毕业。1982年，他获得中国人民大学经济学硕士学位，深厚的经济学理论功底为 他日后在创投领域的实践奠定了坚实的基础。 1984年初，深圳经济特区建设如火如荼。当时在中央部委工作的王守仁先生，怀揣着对改革开放前沿阵 地的向往，毅然南下深圳，参与深圳 ...

据深圳市创业投资同业公会消息，2月24日晚，深圳市创业投资同业公会原副会长兼秘书长王守仁因病医治无效在深圳逝 世，享年84岁。 在他的积极参与下，深圳创投公会已成为国内成立最早、最活跃、深具凝聚力和影响力的地方性创业投资行业自律组织之 一。截至目前，全市创投机构1600多家，管理基金数量7500多只，管理基金规模达1.5万亿元，无论是基金数量、管理基金 规模均位居全国前三位，深圳也因此成为中国本土创投的发源地和重要集聚地。 图片来源：深圳市创业投资同业公会 王守仁一直认为，"多层次资本市场是创业投资的生命线"。他深知，没有完善的退出机制，创投行业就难以持续发展。因 此，他长期致力于呼吁创业板市场的设立。 2009年10月23日，创业板终于正式启动。王守仁感慨道："我们期待了整整10个年头的创业板终于启动。"创业板的设立， 为中国高新技术产业的发展注入了强大的资本动力。 对于王守仁的离世，深圳市创业投资同业公会原会长蒋玉才表示"非常惋惜"。他在接受上证报记者采访时表示，王守仁对 创投行业满怀热爱且有着深刻理解，更是一位极为执着的践行者，始终身体力行地推动行业发展。在创投行业发展早期， 他坚定地将创投定位为推动创 ...

Core Insights - The integration of the New Third Board and regional equity markets has created a clear "fast track" for specialized and innovative enterprises to go public, effectively supporting national strategies and regional economic development [1][2] Group 1: Green Channel Mechanism - By the end of 2025, the National Equities Exchange and Quotations (NEEQ) has signed green channel regulatory cooperation memorandums with 33 regional equity markets [1] - In 2025, NEEQ opened green channels for seven regional markets, resulting in 101 enterprises from these markets applying through the green channel, which accounted for over 30% of the total applications for the year [1] - The efficiency of the green channel has been validated, with average review cycles for green channel enterprises significantly shorter than the overall level, leading to a substantial increase in listing efficiency [1] Group 2: Impact on Enterprises - Listing on the New Third Board allows enterprises to "pre-study" the strict requirements of public companies, enhancing their governance structure and innovation capabilities [2] - The deepening integration of the third and fourth boards is a significant breakthrough in the construction of a multi-level capital market, systematically incorporating regional enterprise cultivation into a unified national system [2] Group 3: Future Development - Recommendations for future development include transitioning from "channel construction" to "ecological empowerment" and innovating financial tools such as equity incentives [3] - NEEQ plans to further implement the "14th Five-Year Plan" to enhance the unified national market and optimize regional economic layouts, while continuing to leverage the advantages of the third and fourth board integration [3]

Core Insights - The article emphasizes the increasing role of finance in supporting agricultural technology innovation as part of China's agricultural modernization efforts [1][2][3] Group 1: Financial Support Mechanisms - Policy and commercial finance are working together to create a multi-layered support system for agricultural technology innovation, with policy banks providing low-cost, long-term funding for key projects [1][2] - Capital markets are becoming more involved, with initiatives like the "specialized, refined, distinctive, and innovative" green channel at the Beijing Stock Exchange facilitating financing for hard-tech companies in agriculture [2] - Financial technology is enhancing resource allocation efficiency through tools like big data and AI, enabling precise credit assessments for agricultural tech enterprises [2][3] Group 2: Challenges and Recommendations - Current challenges include low conversion rates of agricultural technology achievements, financing difficulties for small enterprises, and insufficient "patient capital" [2][4] - Recommendations include establishing a national agricultural innovation guiding fund to direct investments into critical areas, and expanding pilot programs for funding models that alleviate financial pressure on research institutions and startups [3][4] - Strengthening financial technology infrastructure is crucial, including creating a unified database for agricultural tech enterprises to improve risk identification and support [3][4] Group 3: Risk Management and International Cooperation - There is a need for innovative risk-sharing and incentive mechanisms, such as expanding agricultural technology innovation insurance and developing specialized insurance products for various risks [4] - Enhancing international financial cooperation and aligning with global agricultural technology governance is essential, including supporting the issuance of green bonds by qualified agricultural tech companies [4]

Core Insights - The total number of companies listed on the New Third Board has decreased to 5,973 from a peak of over 10,000, indicating a shift towards the concentration of quality enterprises [1] - By 2025, over 50% of the companies listed are expected to be national-level specialized and innovative "little giant" enterprises, reflecting a transformation in the attractiveness and selection function of the New Third Board [1] - Since 2020, the New Third Board has supplied over 670 companies to the A-share market, becoming a crucial reserve for A-share listed companies [1] Group 1 - The New Third Board is evolving into an important "nursery" and "incubator" for high-quality enterprises, facilitating their preparation for higher-level capital markets [1] - The board has become a pre-class for innovative and growth-oriented SMEs, with many companies aiming for higher regulatory standards from the outset [1] - The ultimate goal of this "seedling" process is to "transplant" and "grow into a forest," indicating a long-term vision for enterprise development [1] Group 2 - Since the opening of the Beijing Stock Exchange in November 2021, it has accepted 292 companies from the New Third Board, becoming the primary platform for nurturing high-quality firms [2] - Notable companies like Pop Mart, which started on the New Third Board, exemplify the successful transition to larger markets, achieving significant brand exposure and financing [2] - The New Third Board is focusing on quality over quantity, aiming to cultivate high-quality enterprises and establish a complete growth pathway through efficient connections with major exchanges [2]

其中，自2021年11月开板以来，北交所已接纳292家源自新三板的公司，成为最主要的承接平 台，培育了贝特瑞、锦波生物、星图测控、曙光数创等市值过百亿元的优质公司；沪深交易所作 为成熟的主阵地，持续吸纳来自新三板的成长型企业，例如今年A股首只新股陕西旅游，以及 2025年上市的天溯计量、信通电子、禾元生物、华新精科等；港股、美股则为新三板企业展现多 元路径，泡泡玛特、西普尼、健康160、经纬天地等在港股上市后大放异彩。 数据显示，2025年挂牌的公司中，国家级专精特新"小巨人"企业占比超过50%。这标志着新三板 的吸引力与筛选功能正在发生转变，越来越多的创新型、成长型中小企业将其作为规范发展、对 接更高层次资本市场的"预科班"。众多具备专精特新特质的企业明确将新三板挂牌视为迈向公开 资本市场的重要一步。这些企业从挂牌伊始便倾向于以更高的规范性要求进行自我准备，从而整 体提升质量基底。 "育苗"的最终目的是"移栽"与"成林"。数据显示，自2020年以来，新三板已累计向A股市场（含 沪深北交易所）输送670多家企业，成为A股上市公司最重要的后备军之一。这一输送通道的持续 畅通，体现了我国多层次资本市场层层递进、有 ...

因不同市场结构和功能定位，新三板市场操纵的认定，需与A股市场作出差异化处理，实现法治监管与市场特性的动态平衡。 作者丨刘新辉 张璨 黎木章 操纵证券市场，是行为人以不正当手段，利用资金、持股、信息等优势，故意干预证券价格形成机制与交易秩序，人为制造证 券价格波动、交易量虚假繁荣等异常现象，误导投资者基于错误市场信号作出交易决策，进而谋取不正当利益或转嫁投资风险 的违法犯罪行为。 此类行为本质上是对证券市场三公原则（公平、公正、公开）的违背：一方面扭曲市场供求关系与价格发现功能；另一方面侵 害广大中小投资者的知情权与财产权，是证券市场健康发展的"毒瘤"，历来为法律所严格禁止并被监管部门重点打击。 新三板股票市场主要服务于创新型、创业型、成长型中小企业，市场层级分为基础层、创新层、精选层（已于2021年平移至北 京证券交易所），侧重于为中小企业提供灵活的融资渠道和成长空间，允许企业在不同发展阶段，根据自身需求选择合适的融 资方式和交易机制。因此，新三板实行低准入门槛、高投资门槛模式，导致新三板股票市场的低流动性、多元交易机制、小股 本等独特生态。这使得小额交易在成交量占比、价格影响上被放大——即便行为人无操纵意图 ...

Group 1 - Tianjin aims to utilize multi-level capital markets to raise 314 billion yuan by 2025, with a strong focus on supporting the local economy and enhancing the development of the real economy [1] - The successful issuance of 5.04 billion yuan in ABS by China State Construction's commercial property marks the fourth successful issuance of institutional REITs in Tianjin, highlighting the city's growing capital market [1] - By the end of 2025, six institutional REITs in Tianjin were approved, with four successfully issued, raising a total of 4.5 billion yuan, positioning Tianjin among the top in the nation for issuance scale [1] Group 2 - In 2025, Tianjin's capital market supported technological innovation, with Dana Biotechnology becoming the first company listed through the Beijing Stock Exchange's direct review mechanism [2] - The year saw a significant increase in financing through innovative debt instruments, with 32.3 billion yuan raised through tech and green bonds, a 60% increase year-on-year [2] - The establishment of the first futures bonded delivery warehouse in Tianjin and the addition of six new delivery warehouses contributed to the efficient operation of idle resources [2] Group 3 - By the end of December 2025, the total market capitalization of 71 listed companies in Tianjin reached nearly 1.64 trillion yuan, a 15% year-on-year increase [3] - The scale of bonds issued by 110 issuers in the exchange market exceeded 1.32 trillion yuan, reflecting a 13% year-on-year growth [3] - The combined wealth management scale of eight securities, fund, and futures companies, along with 307 private fund managers, surpassed 2.12 trillion yuan, marking a 3% year-on-year increase [3]

多方协同，加速建设 多层次资本市场体系 一直以来，云南省委、省政府高度重视多层次资本市场建设与发展。"十四五"时期，针对上市公司发展，云南组织多部门协力合作，连续实施企业上市倍 增三年行动和提高上市公司质量行动。 云南证监局坚决贯彻相关政策，落实证监会的各项部署，会同相关部门从推动企业上市、提高治理水平、引导做优做强、解决突出问题、形成工作合力等 方面持续发力，上市公司治理能力、竞争能力、创新能力、抗风险能力、回报能力持续提升，与云南经济发展水平基本匹配。 "十四五"时期，云南辖区新增境内上市公司6家。截至2025年末，全省共有境内上市公司39家。其中沪市15家（均为主板）、深市22家（主板16家、创业 板6家）、北交所2家，总股本700.26亿股。香港上市公司5家，新三板挂牌公司45家，拟上市辅导备案企业9家。 云南区域性股权市场的发展也取得了突破。 云南，地处我国西南边陲。近年来，云南充分利用其独特的地理位置，立足自身资源优势培育绿色能源、文旅等特色产业，取得了优异成绩。 "十四五"时期，云南的经济体量进一步跃升，2023年历史性突破3万亿元，2024年达3.15万亿元；2025年达到3.28万亿元，同比 ...