Shandong has added 108 new listed companies in five years, and the proportion of science and technology innovation enterprises is more than 90%
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In China's economic map, Shandong has always been a "ballast stone" image. However, a significant signal is being released at the crossing point from the "14th Five-Year Plan" to the "15th Five-Year Plan": this former traditional industrial province is "vacating cages for birds" through the capital market. The completion of a " Shandong's GDP officially entered the "10 trillion club", and the coordinate system of the capital market was also reshaped. At this time, Shandong's capital market is no longer just the expansion of scale, but the qualitative change of quality. At the beginning
of 2026, a set of data flooded the screen in the financial circle: during the "14th Five-Year Plan" period, 108 new listed companies were added in Shandong, of which more than 90% were science and technology innovation enterprises; the number of listed enterprises in strategic emerging industries increased three times in five years; Enterprises issued Kechuang bonds to raise more than 320 billion yuan. In the past five years, the total R & D investment of listed companies in Shandong has reached 389.3 billion yuan, accounting for
more than 3.90%, which means that during the "14th Five-Year Plan" period, the scientific and technological innovation power of Shandong capital market has doubled.
For a long time, the outside world's impression of Shandong's capital market often stays in "heavy industry, old state-owned enterprises, big men". However, when you open the latest list of listed companies in Shandong, you will find that the scenery has changed quietly. By the end of 2025, among the listed companies in Shandong Province, the number of A-share strategic emerging industry listed companies increased from 26 at the end of the 13th Five-Year Plan to 88, and the proportion of "specialized, special and new" enterprises continued to rise.
This transformation is not only the superposition of quantity, but also the reconstruction of productivity logic. In the Outline of the Fifteenth Five-Year Plan,
Shandong clearly put forward that we should insist on key breakthroughs and coordinated promotion, carry out market-oriented and differentiated reform of factor allocation, promote the smooth flow and efficient allocation of various factor resources, and establish a mechanism for the agglomeration of production factors to new quality productive forces. This indicates that the capital market is no longer just a financing channel, but an "accelerator" and "navigator" for industrial upgrading.
From "old trees sprout" to "new trees become forests"
, new productivity is not produced out of thin air, it is often rooted in the deep soil of traditional industries.
In the traditional diesel engine field, Weichai has become the global hegemony. Through the continuous operation of the capital market, Weichai has been in the high-power "first" and "only" is the high-intensity R & D investment of Weichai Power, which precisely guides the "green hydrogen" track through fixed increase and debt financing. This is not only the switching of energy forms, but also the productivity transition from traditional manufacturing to "high-end equipment manufacturing + new energy solutions".
If Weichai represents the evolution of key and core technology, then Zhongji Xuchuang represents Shandong's position in the AI computing infrastructure track. Under the wave of
generative AI explosion, optical module, as the "nerve fiber" of computing power network, has become the core factor of production. Zhongji Xuchuang continued to increase the market share of 800 G optical modules through mergers and acquisitions and multiple fixed capital raising. 1. Data show that in 2025, Zhongji Xuchuang will occupy more than 40% of the market share of 800 G optical modules, ranking first in the world. 1.
New quality productivity emphasizes the improvement of "total factor productivity". The significance of Zhongji Xuchuang lies in bringing Shandong optical communication industry from traditional manufacturing to the core supply side of the global AI computing power competition through capital ties. Zhongji Xuchuang has also changed from a small motor factory in Longkou to the "first brother" of global optical modules. At the end of April, its market value once exceeded trillion yuan, becoming the first A-share enterprise in Shandong with a market value of trillion yuan, completely rewriting the value pattern of Shandong's capital market.
If large enterprises are the "aorta" of new quality productivity, then tens of thousands of "specialized, special and new" enterprises distributed in counties and parks throughout the province are the most active "capillaries".
In Jinan, Tianyue Advanced, a semiconductor "seed player", has completed the leap from technological breakthrough to global leadership through key capital actions. From 2022 A-share listing to 2025 Hong Kong stock bell ringing, Tianyue's advanced global market share soared to 28%, the market share of conductive substrates ranked first in the world, and the patent scale ranked first in the domestic silicon carbide subdivision field.
In Yantai, Yuelong Technology, which was listed on March 30, set the "fastest record" for the listing of Shandong enterprises on the Beijiao Stock Exchange. It takes only 8 months from the acceptance of counseling to the approval of registration. The capital market cast a vote of confidence for the "invisible champion" who has been deeply engaged in the field of high-end fluid transmission flexible pipelines for nearly 37 years, doubling its share price on the first day of listing and soaring nearly 184% at the opening.
Looking at Shandong, it has formed a unique "reserve bank for listing".
Shandong Province is the only province with all 41 industrial categories in China, with strong industrial foundation and distinct clusters. By the end of 2025, Shandong Province will have 274 national champions in manufacturing industry, ranking first in the country; 1356 national specialized, special and new "Little Giant" enterprises, ranking fourth in the country; 1.
Shandong Provincial Government Guidance Fund is transformed into "patient capital", which supports a number of science and technology enterprises in the seed stage and start-up stage. During the "14th Five-Year Plan" period, the provincial government investment fund invested in nearly 560 unicorn enterprises, gazelle enterprises and specialized, special and new enterprises in the province; implemented the "sailing blue ocean capital escort" action and supported the merger and reorganization of listed companies. In the past five years, 62 specialized, special and new enterprises were listed on the A-share market, and more than 600 mergers and acquisitions were carried out, accelerating the formation of industrial chain and supply chain clusters.
For a long time, Shandong has implemented the "100000" plan for the cultivation of listed resources, carried out the special action of "accelerating the running of capital market directly to enterprises", deeply excavated and cultivated the reserve resources of "key and core technology", and formed the work pattern of pushing forward the listing. At present, Shandong Province has screened out 25 "sprinters", 114 "seed players" and 1147 "main players", totaling 1286, of which more than 80% are science and technology enterprises. Although
these "little giants" are not as big as the giants, they are "invisible champions" in some links of the industrial chain. The injection of capital has enabled them to get rid of "extensive" growth and move rapidly towards standardization, scale and internationalization. It is
not only "blood transfusion", but also "symbiosis"
. New productivity is not a tree without roots.In addition to the "whole industry chain", Shandong also has a continuous optimization of the "system supply", as well as the closed-loop of talent and innovation. The R & D cycle of
new quality productivity is long and risky, which requires the company of "patient capital". Here is a set of data worth reviewing: in 2025, Shandong promoted the first national agricultural and commercial bank science and technology innovation bond, the first national five-year credit risk mitigation certificate for private enterprises, and the first national Shanghai Clearing House trusteeship bond counter pledge business, which effectively enhanced the bond market's ability to serve science and technology innovation.
Not only is it the first order in China, but since the launch of the "Science and Technology Board" in the bond market in May 2025, the issuance of science and technology innovation bonds in Shandong Province has blossomed in many ways. By the end of 2025, Shandong has successfully promoted 34 enterprises and institutions to issue technology innovation bonds in the inter-bank market 649.
These financial terms, which sound a little dry, are actually the rain of irrigation innovation and development. This means that Shandong's capital market has established a multi-dimensional evaluation system: not only to see how much money you can make now, but also to see whether your technology is leading, whether the process is green, and whether the potential is huge.
In addition, in Shandong capital market, more and more science and technology enterprises implement the core employee stock ownership plan, which deeply binds talent incentives with equity structure, which greatly stimulates people's innovative vitality. A number of Shandong enterprises, such as Geer Stock, Nanshan Zhishang, Shengquan Group and Jerry Stock, have established a multi-level incentive system through employee stock ownership plans, and employees have changed from "workers" to "masters" to stimulate enterprise innovation efficiency. Looking forward to the future
in 2026, the new productivity of Shandong's capital market will be more abundant. We look forward to seeing more "Shandong" leading enterprises on the future industrial track of hydrogen energy industry chain, low-altitude economy, quantum information and so on. Of course, challenges remain: how to further enhance the activity of private equity investment funds in the province? How to attract more first-line investment banks in Shandong? How to let the spring breeze of the capital market blow more "specialized, special and new" enterprises?
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