Interface News Reporter |
Interface News Editor |
With the deepening of globalization and capital markets, the listing activities of Chinese enterprises in the A-shares, Hong Kong stocks, and U.S. stocks have become increasingly frequent, and the number and market value of listed companies have continued to expand. At the same time, under the guidance of the strategy of complementary and coordinated development of regional economic advantages, the industrial structure, industrial innovation and industrial transformation of each region have their own characteristics, and listed companies have obvious regional characteristics. As the leader and vane of the economy, the regional distribution, industry distribution, performance and market performance of listed companies not only reflect the vitality and potential of economic development in various regions, but also reflect the industrial structure, resource allocation and policy orientation of each region.
The "Regional Atlas of Listed Companies" series of reports launched by Jiemian Think Tank aims to help policymakers, investors and researchers understand and evaluate the economic development level, advantageous industrial layout, and degree of industrial agglomeration and correlation of each region through the study of multi-dimensional data such as the number, market value, industry composition and financial indicators of listed companies in different time dimensions in different regions (including 31 provincial administrative regions and subordinate prefecture-level cities).
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In the eleventh part of the series of reports on the "Regional Atlas of Listed Companies", the interface think tank describes the basic information such as the number and market value of listed companies in various regions from the perspective of cities. As the twelfth article in a series of reports, this article will analyze the industrial layout of the top 30 cities in terms of the number of listed companies and market capitalization, and try to show the advantageous industries of different cities. Data as of December 31, 2023.
Through the analysis of the top 30 listed companies, it is found that the number and market value of the capital goods industry still rank high, and the performance of the southeastern cities is more prominent; some cities in Guangdong Province are outstanding in the technology hardware and equipment industry, in addition, the development of Suzhou and Wuhan in this field should not be underestimated, it should be pointed out that they are not driven by a single large company; in addition, the pharmaceutical, biotechnology and life science industries in Taizhou and Wuxi are also worth paying attention to, which also echoes their policy orientation.
From the comparison of the list of the top 30 cities in terms of the number of listed companies and the market capitalization, the 4 cities of Zunyi, Ningde, Kunming and Yibin entered the top 30 in the market capitalization list, while the 4 cities of Dongguan, Nantong, Zhengzhou and Zhuhai in the top 30 in the number list failed to enter the top 30 in the market capitalization list. The four cities of Zunyi, Ningde, Kunming and Yibin have one thing in common, all of which have a large listed company, most notably Zunyi, which has taken sixth place in the list by market capitalization by relying on the food, beverage and tobacco industry, mainly due to Kweichow Moutai.
1. Suzhou and Wuhan are prominent in the technical hardware and equipment industry, and Beijing and Guangzhou are outstanding in the software and service industry
Among the 24 industries classified by Wind Level 2, there are 862 listed companies in the capital goods industry in the top 30 cities, accounting for an average of 21.3% of each city. Among them, there are three cities accounting for more than 30%, namely Nantong (43.4%), Wuxi (31.2%), and Ningbo (30.1%). Capital goods belong to the industrial category of the primary industry, and from the perspective of subdivisions, they mainly cover electrical equipment, aerospace and defense III., machinery, building products III., construction and engineering III., trading companies and industrial products distributors III., comprehensive III and other fields.
Among the top 30 cities, there are 493 listed companies in the technology hardware and equipment industry, accounting for an average of 10.2% in each city, of which Dongguan (30.1%), Wuhan (28.6%), Shenzhen (25.8%), Fuzhou (21.0%), Zhuhai (20.8%), Suzhou (19.9%) These six cities performed outstandingly. It should be noted that, in absolute terms, Wuhan has 26 listed companies in the industry, which is far lower than Shenzhen (142 in total) but has surpassed Dongguan by 4 and Zhuhai by 16. In addition, Suzhou has 49 listed companies in the technology hardware and equipment industry, second only to Shenzhen in absolute terms.
Among the top 30 cities, there are 447 listed companies in the materials II industry, accounting for an average of 12.1% in each city, which is higher than that of the technology hardware and equipment industry. From the perspective of specific cities, Material II accounted for 32.0% and 25.9% respectively in Jiaxing and Yantai, which is far more important than other industries in the same city. In addition, the industry accounted for 12.4% of Chongqing, ranking first with automobiles and auto parts and capital goods, which shows that the industry is also more important to Chongqing. Materials II mainly include chemicals, building materials III, metals, non-metals and mining, containers and packaging, paper and forest products.
Among the top 30 cities, there are 445 listed companies in the software and services industry, accounting for an average of 6.4% of each city. In terms of the proportion of the software and service industry, Beijing (22.7%), Xiamen (15.3%), Fuzhou (14.5%), and Guangzhou (12.2%) are the top two cities in terms of industry proportion, among which Beijing and Guangzhou are the most prominent, surpassing the capital goods industry to rank first.
Among the top 30 cities, there are 301 listed companies in the pharmaceutical, biotechnology and life sciences industries, accounting for an average of 6.0% of each city. It is worth noting that the industry accounts for 18.3% in Taizhou, ranking first among the 30 cities. At present, Taizhou has become the only export base of chemical APIs in the country, the largest agglomeration area of the chemical API and pharmaceutical intermediates industry in China, and is known as the "supermarket" of API procurement in the world. In addition, the "Taizhou Lingang Industrial Belt Development Plan" issued by the Taizhou Municipal People's Government in 2022 also clearly pointed out that it is necessary to diversify the layout of medical devices, introduce the biological products industry, develop the traditional Chinese medicine industry with characteristics, and gradually form a new pharmaceutical and health industry system of "raw materials + devices + traditional Chinese medicine + biological drugs", accelerate the construction of a national life and health science and technology innovation highland, and build a world-class high-end pharmaceutical manufacturing center.
In addition to Taizhou, the pharmaceutical, biotechnology and life sciences sectors also performed well in Suzhou and Chengdu, accounting for 8.9% and 11.3% respectively. In absolute terms, Suzhou has 22 listed companies in the pharmaceutical, biotechnology and life sciences sectors, ranking third behind Beijing and Shanghai, followed by Chengdu in fourth place with 16 listed companies.
Cities 2 and 4 rely on a single large company to squeeze into the top 30 in market capitalization, and the pharmaceutical, biotechnology and life science industries in Wuxi and Taizhou attract attention
Compared with the list of the top 30 cities in terms of quantity, 4 cities in Zunyi, Ningde, Kunming and Yibin entered the top 30 list in terms of market capitalization, while 4 cities in the top 30 cities in the list of Dongguan, Nantong, Zhengzhou and Zhuhai failed to enter the top 30 in terms of market capitalization.
From the perspective of the market value ranking of specific industries, it is also different from the ranking of the number of industries. In terms of the total of the top 30 cities by market capitalization, the top five industries by market capitalization are banks (8,884.7 billion yuan), capital goods (8,838.2 billion yuan), software and services (7,061.4 billion yuan), technology hardware and equipment (5,644.4 billion yuan), and food, beverage and tobacco (4,805 billion yuan).
For the banking industry, since most of the leading listed banks are concentrated in Beijing, it is logical that the market value of the industry in Beijing is prominent, but it is interesting to note that the banking industry accounts for 38.3% of Fuzhou City.
From the perspective of the average market value of the 30 cities, the top five industries are capital goods (17.7%), materials II (10.9%), food, beverage and tobacco (10.2%), pharmaceuticals, biotechnology and life sciences (7.5%), and technology hardware and equipment (7.4%).
CATL is a standout performer in the capital goods sector, which accounts for 98.2% of CATL's market capitalization, all thanks to CATL. The performance of such a dominant company in the food, beverage and tobacco industry is also obvious, one is Zunyi, where Kweichow Moutai is located, and the high market value of Kweichow Moutai has sent Zunyi to the sixth place in the list of top 30 cities in terms of market capitalization, and the other is Yibin, where Wuliangye is located, the market value of the food, beverage and tobacco industry accounts for 97.4%, but Yibin is only in the 27th position in the list of top 30 cities in terms of market capitalization.
In the materials II industry, Jiaxing, Yantai and Jinan are worth paying attention to. Among them, the market value of Material II in Jiaxing accounted for 65.1%, the market value in Yantai accounted for 46.6%, and the market value in Jinan accounted for 23.1%, mainly representing listed companies such as Follett, Wanhua Chemical, and Shandong Gold.
Of interest in pharmaceutical, biotechnology and life sciences are Wuxi, Kunming and Taizhou, which account for 27.9% of the market capitalization in Wuxi, and Wuxi is part of Jiangsu, a strong province in the pharmaceutical industry, according to the "Three-Year Action Plan for the Development of Biomedical Industry Clusters in Wuxi (2023-2025)" It is mentioned that by the end of 2025, the city will build more than 2.5 million square meters of biomedical industry carriers, build about 10 biomedical industry characteristic functional parks, and gather more than 2,500 biomedical enterprises. For Kunming, the industry accounts for 23.2% of the market value in Kunming, mainly driven by listed Chinese medicine companies led by Yunnan Baiyao. It accounts for 22.9% in Taizhou City, and the number of listed companies in Taizhou City in this industry is also relatively bright, and the two complement each other, which once again shows that Taizhou City is moving towards a new medical and health city.
The market value of the technology hardware and equipment industry in Wuhan and Suzhou accounted for 34.2% and 22.5% respectively, and the two cities have one thing in common, that is, the number of listed companies and the market value go hand in hand, and there is no single dominance, and the development of the industry is relatively balanced.
In addition to the above five industries, the consumer durables and clothing industry also has two cities worth paying attention to, the industry in Foshan and Qingdao accounted for 46.2% and 31.7% respectively, and the corresponding representative listed companies were Midea Group and Haier Smart Home. In addition, Chongqing's automobiles and auto parts (30.7%), Hangzhou's retail (27.3%), Shenzhen's software and services (24.9%), Kunming's utilities II (24.7%), and Tianjin's semiconductors and semiconductor production equipment (20.9%) are also among the city's brighter industries.