深圳证券交易所历史简介

The Shenzhen Stock Exchange (SZSE) is more than just a place where stocks are bought and sold; it is a symbol of China’s rapid transformation from an agrarian society to a global technological powerhouse.

深圳证券交易所（SZSE）不仅仅是一个买卖股票的场所；它是中国从农业社会向全球科技强国飞速转型的象征。

Located in the "Silicon Valley of China," the SZSE has evolved from a small experiment in a coastal village into one of the most active and influential financial hubs in the world.

深交所坐落于“中国硅谷”，已从沿海小镇的一个小实验演变为全球最活跃、最具影响力的金融中心之一。

The Experimental Beginnings (1980s – 1990)

实验性起步 (1980年代 – 1990)

The story of the Shenzhen Stock Exchange begins in the late 1980s, shortly after Shenzhen was designated as China's first Special Economic Zone (SEZ).

深圳证券交易所的故事始于 20 世纪 80 年代后期，就在深圳被指定为中国第一个经济特区后不久。

At the time, China was just beginning its "Reform and Opening-up" policy. There were no formal stock exchanges, but a few pioneering companies in Shenzhen began issuing shares to raise capital.

当时，中国刚刚开始实施“改革开放”政策。那时还没有正式的证券交易所，但深圳的一些先锋公司开始通过发行股票来筹集资金。

In these early days, trading was primitive. Investors would literally trade paper stock certificates in the streets or in small, crowded temporary offices.

在早期，交易方式非常原始。投资者真的会在街头或狭小拥挤的临时办公室里交易纸质股票凭证。

There was no electronic system, and prices were often written on chalkboards.

当时没有电子系统，价格通常写在黑板上。

By 1989, the local government realized that this growing "equity fever" needed a formal structure to prevent chaos.

到 1989 年，当地政府意识到，这种日益高涨的“股权热”需要一个正式的架构来防止混乱。

The SZSE was trial-opened on December 1, 1990.

深交所于 1990 年 12 月 1 日开始试营业。

Interestingly, it actually began operations a few weeks before the Shanghai Stock Exchange, though the two were developed simultaneously as "test sites" for Chinese capitalism.

有趣的是，它实际上比上海证券交易所早几周开始运行，尽管两者是作为中国资本主义的“试验田”同时开发的。

At its launch, the exchange featured the "Old Five" stocks—five local companies that were the first to be publicly traded.

开业之初，该交易所拥有“老五股”——即首批公开交易的五家本地公司。

Growth Pains and the 1992 Frenzy

成长的烦恼与 1992 年的狂热

The early 1990s were marked by incredible volatility and high drama. In August 1992, an event known as the "8/10 Incident" occurred.

20 世纪 90 年代初的特点是剧烈的波动和极高的戏剧性。1992 年 8 月，发生了著名的“8·10 事件”。

Millions of people from across China flocked to Shenzhen to buy "subscription forms" that gave them a chance to buy new stocks.

来自中国各地的数百万人涌向深圳购买“认购证”，以获得购买新股的机会。

The demand was so overwhelming, and the distribution process so fraught with rumors of corruption, that it led to massive protests and social unrest.

需求如此巨大，而发放过程又充斥着腐败传闻，以至于引发了大规模的抗议和社会动荡。

This was a turning point. The Chinese government realized that the "wild west" era of the markets had to end.

这是一个转折点。中国政府意识到，市场“野蛮生长”的时代必须结束。

Shortly after, the China Securities Regulatory Commission (CSRC) was established to provide national oversight.

此后不久，中国证券监督管理委员会（证监会）成立，负责全国性的监管。

This period taught the SZSE a hard lesson: for a market to survive, it needed strict rules, transparency, and reliable technology.

这段时期给深交所上了深刻的一课：市场若要生存，就需要严格的规则、透明度和可靠的技术。

Defining a Unique Identity (2000 – 2004)

定义独特身份 (2000 – 2004)

For a while, there was a debate about whether China needed two exchanges. Some suggested that Shenzhen should focus only on small companies while Shanghai handled the giants.

有一段时间，关于中国是否需要两个交易所存在争议。有人建议深圳应只关注小公司，而上海则负责巨头企业。

In 2000, the SZSE took a bold step by pausing new listings on its main board to prepare for something new.

2000 年，深交所迈出了大胆的一步，暂停主板新股上市，为新事物做准备。

In May 2004, the SME Board (Small and Medium Enterprises Board) was launched. This was a pivotal moment because it defined the SZSE's niche.

2004 年 5 月，中小企业板（SME Board）启动。这是一个关键时刻，因为它定义了深交所的市场定位。

While Shanghai became the home for massive, state-owned banks and oil companies, Shenzhen became the home for private, nimble, and fast-growing businesses.

上海成为了大型国有银行和石油公司的所在地，而深圳则成为了私营、灵活且快速成长的企业的摇篮。

It became the destination for entrepreneurs who were building the "New China."

它成为了那些建设“新中国”的企业家的首选目的地。

The Launch of ChiNext: China’s NASDAQ (2009)

创业板启动：中国的纳斯达克 (2009)

If 2004 was about small businesses, 2009 was about the future. In October 2009, after years of planning, the SZSE launched ChiNext.

如果说 2004 年关乎中小企业，那么 2009 年则关乎未来。经过多年筹划，深交所于 2009 年 10 月推出了创业板（ChiNext）。

This board was designed specifically for high-growth, high-tech startups.

该板块专门为高成长、高科技的初创企业设计。

ChiNext changed the game. It allowed companies in fields like biotechnology, renewable energy, and advanced manufacturing to raise money even if they weren't yet massive conglomerates.

创业板改变了游戏规则。它允许生物技术、可再生能源和先进制造等领域的公司进行融资，即使它们还不是大型企业集团。

This fueled the rise of China's tech sector. Many of the companies that provide the components for the world’s smartphones and electric vehicles today got their start or find their funding on the ChiNext board.

这推动了中国科技行业的崛起。今天许多为全球智能手机和电动汽车提供零部件的公司，都是在创业板起步或获得资金支持的。

Global Integration and the Stock Connect (2016)

全球整合与深港通 (2016)

For decades, the SZSE was largely closed to everyday international investors. That changed in December 2016 with the launch of the Shenzhen-Hong Kong Stock Connect.

几十年来，深交所基本上不对普通的国际投资者开放。这种情况在 2016 年 12 月随着“深港通”的启动而改变。

This program created a "financial bridge" between the two cities.

该计划在两座城市之间建立了一座“金融桥梁”。

For the first time, international investors sitting in New York, London, or Hong Kong could buy shares in Shenzhen-listed tech companies directly through the Hong Kong exchange.

国际投资者第一次可以在纽约、伦敦或香港，通过香港交易所直接购买深圳上市科技公司的股票。

Conversely, mainland investors gained easier access to the Hong Kong market.

反之，内地投资者也更容易进入香港市场。

This move was a massive vote of confidence in the maturity of the SZSE and helped integrate China's tech-heavy market into the global financial system.

这一举措是对深交所成熟度的巨大信任投票，并有助于将中国以科技为主的市场融入全球金融体系。

Modernization and the 2021 Reform

现代化与 2021 年改革

As the 2020s began, the SZSE underwent its most significant structural change in decades. In April 2021, the exchange merged its "Main Board" and its "SME Board."

进入 21 世纪 20 年代，深交所经历了数十年来最重要的结构性变革。2021 年 4 月，交易所合并了“主板”和“中小板”。

The goal was to simplify the market structure. Now, the exchange is split into two clear pillars:

其目标是简化市场结构。现在，交易所分为两个清晰的支柱：

• The Main Board: For established, large-scale companies.

  主板：面向成熟的大型企业。

• ChiNext: For innovative startups and high-growth technology firms.

  创业板：面向创新型初创企业和高成长科技公司。

Around the same time, the SZSE moved toward a registration-based IPO system.

大约在同一时间，深交所开始推行注册制 IPO 体系。

Previously, the government had a heavy hand in "approving" which companies could go public, a process that could take years.

此前，政府在“审批”哪些公司可以上市方面拥有很大的话语权，这个过程可能耗时数年。

The new system shifted the responsibility to the market and the exchange, focusing on disclosure and transparency rather than government permission.

新制度将责任转移到了市场和交易所，侧重于信息披露和透明度，而非政府许可。

This has made the IPO process faster and more aligned with international standards like those of the NYSE or NASDAQ.

这使得 IPO 流程更快捷，并且与纽约证券交易所或纳斯达克等国际标准更加接轨。

The SZSE Today: A Tech-First Powerhouse

今日深交所：科技优先的强国引擎

Today, the Shenzhen Stock Exchange is one of the top ten largest stock exchanges in the world by market capitalization.

如今，按市值计算，深圳证券交易所是全球十大证券交易所之一。

It is famous for its high trading volume—often exceeding that of the Shanghai Stock Exchange—because its retail-heavy investor base is highly active.

它以高成交量闻名——经常超过上海证券交易所——因为其以散户为主的投资者群体非常活跃。

The exchange is housed in a stunning, futuristic skyscraper designed by the famous architect Rem Koolhaas.

交易所总部位于一座由著名建筑师雷姆·库哈斯（Rem Koolhaas）设计的惊艳且具有未来感的摩天大楼内。

The building features a massive "floating podium" that is meant to represent the lift and energy of the market.

这座建筑拥有一个巨大的“悬浮平台”，旨在代表市场的拉升和活力。

This mirrors the companies listed inside: many are leaders in 5G, artificial intelligence, green energy, and semiconductors.

这反映了内部上市的公司：许多公司是 5G、人工智能、绿色能源和半导体领域的领导者。

From paper certificates traded on the sidewalk to a digital powerhouse processing billions of dollars in seconds, the SZSE's timeline is a map of China’s economic journey.

从人行道上交易的纸质凭证到秒级处理数十亿美元的数字中心，深交所的时间线是中国经济旅程的地图。

It remains the primary engine for the country's private sector, proving that the small "experiment" of 1990 was one of the most successful financial ventures in modern history.

它仍然是国家私营部门的主要引擎，证明了 1990 年那个小小的“实验”是现代史上最成功的金融投资之一。