资本市场在金融运行中具有牵一发而动全身的作用。"十四五"时期，山东辖区（不含青岛，下同）资本市场与地方经济发展同频共振，规模稳步 扩容、结构持续优化、活力充分迸发，书写了互促共赢的精彩篇章。 从医疗科技龙头借上市募资攻克高端耗材技术壁垒，到半导体企业凭资本助力成长为全球细分市场领军者；从传统制造企业依托资本市场完成绿色转型，到区域特 色企业借助股权融资实现规模化扩张，再到期货市场、私募基金等多元资本业态精准赋能实体经济发展，山东辖区资本市场正全方位、多维度助力科技、资本、产 业良性循环，为全省经济高质量发展注入强劲动能。 债券市场表现亮眼，融资规模大幅增长。"十四五"时期，辖区企业累计发行交易所市场债券约1.45万亿元，债券存续规模首次突破万亿元。其中，科创债、绿色 债、乡村振兴债等特色品种债券融资1372.78亿元，3只基础设施公募REITs发行规模合计超60亿元，国泰君安济南能源供热REIT更是全国首单市政基础设施公募 REITs，有效盘活存量资产。 期货市场稳健发展，服务实体成效显著。截至2025年10月底，辖区共有186家期货交割库；期货投资者开户数44.21万户，客户保证金余额488.38亿元，较" ...

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。 ...

五年来，深圳资本市场展现了较强的韧性，不仅实现直接融资规模稳步扩容、结构持续优化，更以多元 融资渠道与高效资本配置能力，为实体经济高质量发展注入强劲动力。 "十四五"时期，深圳企业直接融资规模约2.8万亿元，较"十三五"期间增长超50%，融资规模稳居全国大 中城市第三；深圳辖区创业板和科创板IPO企业数量占同期深圳IPO企业家数逾八成；截至目前，深圳 创业板与科创板上市公司数量超200家，在辖区上市公司中占比过半……一系列数据表明，资本市场促 进科技、资本和产业高水平循环的枢纽作用进一步增强。 除IPO外，深圳资本市场通过并购重组、债券创新、私募创投等多元渠道协同发力，形成全链条、全生 命周期的科技金融创新体系。 ● 本报记者黄灵灵 深圳创业板和科创板IPO企业数量占同期深圳IPO企业家数逾八成；企业直接融资规模较"十三五"期间 增长超50%；企业累计实现交易所债券融资超2.4万亿元……"十四五"时期，深圳资本市场以其韧性与活 力，交出了一份服务实体经济高质量发展的亮眼答卷。 记者了解到，"十五五"期间，深圳资本市场将聚焦发展新质生产力、进一步深化改革开放、做好金 融"五篇大文章"、强化投资者合法权益保护四方 ...

● 本报记者 黄灵灵 深圳创业板和科创板IPO企业数量占同期深圳IPO企业家数逾八成；企业直接融资规模较"十三五"期间 增长超50%；企业累计实现交易所债券融资超2.4万亿元……"十四五"时期，深圳资本市场以其韧性与活 力，交出了一份服务实体经济高质量发展的亮眼答卷。 记者了解到，"十五五"期间，深圳资本市场将聚焦发展新质生产力、进一步深化改革开放、做好金 融"五篇大文章"、强化投资者合法权益保护四方面重点发力，助力深圳建设具有全球重要影响力的产业 金融中心。 服务实体经济成效显著 五年来，深圳资本市场展现了较强的韧性，不仅实现直接融资规模稳步扩容、结构持续优化，更以多元 融资渠道与高效资本配置能力，为实体经济高质量发展注入强劲动力。 "十四五"时期，深圳企业直接融资规模约2.8万亿元，较"十三五"期间增长超50%，融资规模稳居全国大 中城市第三；深圳辖区创业板和科创板IPO企业数量占同期深圳IPO企业家数逾八成；截至目前，深圳 创业板与科创板上市公司数量超200家，在辖区上市公司中占比过半……一系列数据表明，资本市场促 进科技、资本和产业高水平循环的枢纽作用进一步增强。 除IPO外，深圳资本市场通过并购重组 ...

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]

Core Insights - The Beijing Stock Exchange (BSE) has surpassed a market capitalization of 900 billion yuan, with national-level specialized and innovative "little giant" enterprises accounting for over half of the listings [1] - As of November 14, the BSE has 282 listed companies, with over 80% being small and medium-sized enterprises (SMEs) and nearly 90% being privately owned [1] - The average operating income 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 stands at 32.99 million yuan [1] - Approximately 230 companies are profitable, indicating a profitability rate of 80% [1] Market Structure and Support - The BSE has established a regulatory framework tailored to the characteristics of SMEs, with an inclusive market access mechanism that supports growth-stage and unprofitable companies in their listing endeavors [1] - Continuous regulation aligns with practical realities, balancing the compliance costs for SMEs [1] Bond Market Developments - The BSE has issued over 13 trillion yuan in government bonds, contributing to the implementation of national strategies [1] - It has also facilitated the issuance of over 990 billion yuan in local government bonds, supporting regional economic development [1] - The exchange has introduced various specialized bond types, including sci-tech bonds, green bonds, and bonds supporting small and micro enterprises, enhancing the bond market's role in supporting technological innovation [1]

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]