钛媒体App 11月15日消息，最新数据显示，截至11月14日收盘，北京证券交易所市场总值超过9000亿 元，国家级专精特新"小巨人"企业占比过半，北交所已成为服务创新型中小企业主阵地。截至10月30 日，279家北交所公司已完成三季报披露，平均营业收入5.20亿元，同比增长6%；平均净利润3298.57万 元。从业绩情况看，230家公司实现盈利，盈利面达八成。在债券方面，北交所累计发行国债超13万亿 元，服务国家战略实施；服务地方政府债发行超9900亿元，支持区域经济发展。推出科创债、绿色债、 中小微企业支持债等10个专项债品种，落地全国首单中小微企业支持可续期公募公司债券等特色品种， 强化债券市场支持科技创新功能。（央视新闻） ...

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]

Core Insights - The Beijing Stock Exchange (BSE) has significantly grown since its inception four years ago, with the number of listed companies increasing from 81 to 282, and total market capitalization approaching 910 billion yuan [1][3][4] Group 1: Market Growth and Structure - The BSE has seen a steady increase in market scale, with a total market value exceeding 910 billion yuan, moving towards the "trillion club" [1] - The proportion of small and medium-sized enterprises (SMEs) listed on the BSE is nearly 80%, with over 50% being national-level specialized and innovative "little giant" enterprises [1][3] - The average daily trading volume has risen from less than 1 billion yuan to nearly 30 billion yuan, with a turnover rate of around 6% [1][2] Group 2: Institutional Participation - There are over 9.5 million qualified investors participating in the BSE, with public funds and social security funds accelerating their investments [2] - The performance of BSE-themed funds has been strong, with medium to long-term capital becoming a backbone of the market [2] Group 3: Financing and Support for SMEs - The BSE has facilitated over 60 billion yuan in cumulative financing, with 90% of listed companies receiving venture capital support [3] - The exchange has established a collaborative ecosystem to support the development of SMEs, including partnerships with various government departments [3][4] Group 4: Industry Coverage - The BSE has a broad coverage of new productive forces industries, with over 40% of listed companies in high-end equipment manufacturing [4] - The exchange has developed a unique path to serve specialized and innovative SMEs, providing direct financing support tailored to their characteristics [4] Group 5: Investor Returns and Governance - Over 90% of listed companies have distributed a total of 19.86 billion yuan in dividends since the exchange's inception, with 16 companies distributing more than their total fundraising amounts [6] - The BSE emphasizes investor protection and has implemented strict measures against financial fraud, enhancing corporate governance for SMEs [6] Group 6: Future Outlook - The BSE is set to expand its market structure, having already established a bond market that supports national and local government debt issuance, totaling over 13 trillion yuan [7] - Future initiatives will focus on enhancing services for innovative SMEs, as stated by the BSE chairman during the 2025 Financial Street Forum [7]

面对外部环境的冲击，2025年以来北证50指数逆势上涨超50%，未出现恐慌性波动。田轩认为，制度筑 基的严监管不仅为市场抵御风险提供保障，更印证了唯有完善制度、严格监管，才能保护投资者权益、 提升运行效率，实现资本市场长期健康发展。 赋能：多元工具 11月15日，北京证券交易所迎来开市四周年。四年间，这座资本市场服务创新型中小企业的"主阵地"从 蓝图落地走向成熟运营，尤其在复杂外部环境下，市场彰显强劲韧性与活力——北证50指数累计涨幅超 50%，流动性与企业估值同步提升。一套契合中小企业发展规律、覆盖全生命周期的制度供给体系持续 完善，为新质生产力培育注入源源不断的资本动能。 筑基：严监严管 提升公司质量 北交所的实践，为新兴市场平衡"规范"与"发展"提供了宝贵范式。自设立之初，北交所便将"严监管、 防风险"置于核心位置，坚守服务创新型中小企业定位，在上市审核、持续监管、交易机制等领域构建 起既尊重企业发展规律、又坚守合规底线的制度体系。 清华大学国家金融研究院院长田轩在接受证券时报记者采访时指出，北交所的监管并非"管卡压"，而是 通过清晰的"红绿灯"引导市场主体在合规框架内创新，将"严监管"转化为提升公司质 ...

Core Insights - The Beijing Stock Exchange (BSE) has demonstrated strong resilience and vitality over its four years of operation, with the North Exchange 50 Index increasing by over 50% despite complex external environments [1][3] - A comprehensive regulatory framework has been established to support the development of innovative small and medium-sized enterprises (SMEs), ensuring a balance between compliance and growth [2][3] Group 1: Regulatory Framework - The BSE prioritizes strict regulation and risk prevention, creating a system that respects the development of enterprises while maintaining compliance [2] - Nearly 80% of the 282 listed companies on the BSE are SMEs, with over half being national-level "specialized and innovative" enterprises [2] - The BSE has adopted a "zero tolerance" policy towards financial fraud, ensuring strict penalties and promoting corporate governance [2] Group 2: Financing Tools - The BSE has facilitated over 60 billion yuan in direct financing for listed companies, averaging 20 million yuan per company, addressing the financing challenges faced by SMEs [4] - The bond market has seen significant developments, with over 13 trillion yuan in national bonds issued and nearly 990 billion yuan in local government bonds, supporting regional economic growth [4] - A diverse financing system has been established, allowing companies to choose financing tools based on their development stages, marking a shift from merely providing a "listing channel" to offering comprehensive financial solutions [4][6] Group 3: Market Mechanisms - The BSE is exploring the introduction of after-hours fixed-price trading to reduce transaction costs and enhance market participation [5] - The anticipated launch of the North Exchange 50 ETF aims to provide convenient investment options for individual investors and long-term funds [5][6] Group 4: Ecosystem Development - The BSE is focused on building a collaborative ecosystem that supports long-term enterprise development, moving from a focus on "hard systems" to "soft ecosystems" [7] - Strategic partnerships with government agencies and local authorities are being established to enhance service quality for SMEs [7] - The BSE aims to attract long-term capital by optimizing the market's funding structure and ensuring that a significant portion of listed companies receive venture capital investment [7] Group 5: Future Outlook - The BSE has outlined four key development dimensions for the future, including optimizing listing standards, enhancing the quality of listed companies, and promoting digital trading solutions [8] - The establishment of a positive market ecosystem is emphasized, aiming for a market where participants are willing to invest and remain engaged [8]

本报记者 孟珂 2025年11月15日，北京证券交易所（以下简称"北交所"）迎来开市四周年。作为多层次资本市场体系的重要一环，北交所 四年来始终锚定"服务创新型中小企业主阵地"的核心定位，以制度创新为笔，以资本赋能为墨，在资本市场的画卷上书写了浓 墨重彩的篇章。 四年耕耘铸就辉煌：从吸引282家优质上市公司，到拥有950万合格投资者，一组组亮眼的数据，见证着北交所茁壮成长的 轨迹。四年来，北交所以精准的制度供给、高效的服务效能，架起资本与创新的桥梁，成为中小企业创新成长的坚实依托，也 是新质生产力发展动能得以充分释放的重要平台。 资本"活水"精准滴灌 企业质量显著提高 开市四年来，北交所市场规模呈现出稳步扩大的良好态势。 目前，北交所上市公司数量已达282家，其中，中小企业占比近八成，国家级专精特新"小巨人"企业占比超50%。这一数据 充分彰显了北交所服务中小企业的精准定位，为众多具有创新潜力和发展活力的中小企业提供了广阔的融资平台。 景顺长城基金管理有限公司总经理康乐在接受《证券日报》记者采访时表示，相较于开市初期，目前北交所上市公司数 量、总市值这两项核心指标均实现翻倍增长。在行业分布方面，北交所上市公司 ...

【编者按】11月15日，北交所将迎来开市四周年。四载深耕，北交所已成为经济高质量发展的重要引 擎，印证了"中小企业有活力，中国经济有韧性"的深刻逻辑。值此之际，大河财立方推出《北交四年 赋能向新》策划，展现北交所四载耕耘的亮眼成绩，传递资本市场支持中小企业创新的信心与力量。 【大河财立方 记者 史冰倩】11月15日，北京证券交易所将迎来开市四周年。从首批81家企业到282家上 市公司，总市值超9000亿元，这块资本市场"试验田"正展现出蓬勃生机。 4年来，北交所坚守"打造服务创新型中小企业主阵地"的战略定位，与沪深交易所错位发展、协同互 补，初步构建起覆盖创新型中小企业全生命周期的良性市场生态。 中国上市公司协会学术顾问委员会委员、中关村国睿金融与产业发展研究会会长程凤朝告诉大河财立方 记者："北交所已经成为中国多层次资本市场体系中不可或缺的重要一环。自2021年开市以来，北交所 制度创新稳步推进，改革试验功能凸显，形成了与沪深交易所错位发展的机制优势。" 282家企业成功登陆北交所 从融资情况来看，4年来，282家上市公司实现融资超540亿元，平均每家近2亿元。上市公司募集资金八 成以上投向绿色低碳、数字经 ...