从"纸上"到"场上" 北京"专精特新"专板 构建企业成长新生态 ◎年悦 记者 张雪 开板两年，专板已构建起三层梯度培育体系：孵化层234家、规范层509家、培育层157家。在这900家企 业中，有500家被认定为专精特新中小企业，其中138家更是晋级为国家级专精特新"小巨人"企业；此 外，板块内还有194家创新型中小企业。 "近六成企业的研发投入超过行业平均水平，2024年整体研发强度接近24%。"北股交相关负责人告诉上 证报记者，"其中有185家企业，年研发投入超过2000万元。" 2024年，专板企业平均营收规模达到7425.62万元，营收破亿的企业有171家。 中科宇图是新入驻专板的企业之一。这家成立于2001年的空天信息与生态环境智能化服务商，属于国家 级"小巨人"企业。"我们来专板，最看重的是它提供的上市培育服务和绿色通道机制。"中科宇图公司董 秘陈龙对上证报记者坦言，"我们正在启动挂牌与上市阶段，这方面的服务机制让我们非常受用。" 多元服务构建企业成长生态 在北京亦庄电擎科技的实验室内，一套国产兆瓦级高功率密度航空发电系统正在接受严苛测试。 "在300千瓦等级上，我们的进度比美国确实落后两到三年。 ...

9月21日，安徽省与上市公司产业对接会座谈现场 ◎记者 刘一枫 9月21日上午，安徽省与上市公司产业对接会在合肥举行。安徽省省长王清宪与上市公司代表座谈。安 徽省副省长范付中参加座谈并主持对接会。 今年8月，新华社旗下的上海证券报社与安徽省委金融办、省政府驻沪办在合肥签署合作备忘录，深化 三方合作，常态化推动上市公司等走进安徽。时隔一个月，上证报再次组织80多家上市公司、优强企业 和金融投资机构赴皖，参加2025世界制造业大会，并赴淮南市考察调研。 王清宪对上市公司代表一行表示欢迎。他说，安徽推动科技创新与产业创新深度融合，创新链产业链资 金链人才链融合互动、高效对接的创新生态生机勃勃，正吸引越来越多海内外投资者的目光。希望通过 这次考察对接，双方建立更加紧密的交流合作机制，共同拥抱科技和产业变革中的安徽机遇，落地更多 合作成果。安徽将持续营造市场化、法治化、国际化一流营商环境，为大家投资兴业提供更好服务。 上海证券报社党委书记、董事长叶国标表示，上证报接连两次组织上市公司、优强企业、金融投资机构 的董事长来安徽考察交流，是受这片创新高地、创业热土的感召和吸引。安徽既有实力活力，更有潜质 潜力。创新，始于科技 ...

魏凡杰 上海未来产业基金总经理魏凡杰： "未来启点社区"应运而生 构建催动创新"涌现"生态 ◎记者 邓贞 9月21日，在2025浦江创新论坛We Start创业投资大会主论坛上，由上海市科委指导，上海国有资本投资 有限公司旗下上海未来产业基金联合两家顶级科学家社区发起设立的上海未来启点社区（简称"未来启 点社区"）成立。 当前，全球正处在新一轮科技革命的关键节点，多学科交叉与融合成为推动创新的重要途径。在这一背 景下，未来启点社区应运而生，旨在构建一个能够持续催动颠覆性创新"涌现"的生态系统。 而实现人才、认知与范式高效整合的关键在于"连接"。魏凡杰表示，未来启点社区将借鉴高速光模块的 设计理念，极力减少协作过程中的摩擦与延迟，实现资源与需求的高效匹配。 紧密协同上海未来产业基金 魏凡杰表示，上海未来启点社区并非孤立运作，而是与上海国投公司旗下的上海未来产业基金紧密协 同，形成"基金-社区"双轮驱动的创新飞轮效应。上海未来产业基金凭借其子基金矩阵及丰富的生态资 源，为社区提供坚实的资本与资源支撑，共同开展三项系统性工程，将"涌现"生态的蓝图转化为现实行 动。 第一项是"造系统"。未来启点社区正在开发一套名为" ...

Core Viewpoint - The article discusses the recent recovery of quantitative private equity and raises questions about its sustainability, governance, and role in the capital market, suggesting a need for rational reference for industry regulation and sustainable development [1] Group 1: Performance and Market Trends - In the first half of the year, quantitative strategies showed significant excess returns, with over 40 private equity firms managing over 10 billion yuan, and the average new issuance scale exceeding 3 billion yuan [2][5] - However, by August, the performance of quantitative private equity began to decline, with only 19.9% of index-enhanced private equity products achieving positive excess returns [3][4] - The market style switch and the concentration of funds in small-cap stocks contributed to the negative excess returns observed in quantitative strategies [4][3] Group 2: Industry Adjustments and Strategies - Following the lessons from 2024, quantitative private equity firms are reducing leverage and limiting style exposure to avoid repeating past mistakes [2][7] - Many firms are enhancing their risk management systems, implementing multi-dimensional restrictions to ensure proper risk thresholds and real-time monitoring of market conditions [8] - The industry is increasingly focusing on long-term strategy stability, with a shift towards AI and machine learning to improve the efficiency of alpha factor extraction and optimize trading execution [10][11] Group 3: Future Outlook - The ongoing active trading volume in the market is seen as a crucial support for the current recovery of quantitative private equity, with expectations that liquidity shocks will not reoccur [9] - Firms are diversifying their strategies and assets to enhance portfolio stability, exploring multi-strategy approaches and utilizing derivatives to ensure steady asset appreciation [11] - The competition in the quantitative space is expected to shift from short-term performance to long-term adaptability of strategies, emphasizing patience and thoroughness [11]

惠州大亚湾，科翔股份总部生产基地一片繁忙。成批成批的精密印制电路板（PCB）正从生产线上下 来，售往全球，应用于智能手机、新能源汽车，乃至最前沿的AI服务器领域。 在接受上海证券报记者专访时，科翔股份董事长郑晓蓉语气坚定："AI算力爆发驱动高端服务器产业格 局重塑，我们必须抓住这次机遇。公司已经制订了清晰的战略规划，不仅要实现技术创新，也要借助资 本市场做大做强，回报投资者信任。" 拐点将至：营收增长经营向好 科翔股份正在迎来它的业绩拐点。 今年上半年，科翔股份实现营收18.06亿元，同比增长16.04%；净利润亏损6203.42万元，较去年同期减 亏36.96%。 这一数据背后，传递出公司业绩好转的积极信号。不难看出，当前公司正处于一个关键的转型期。 2022年到2024年，科翔股份营业收入持续增长，从26.37亿元增至33.96亿元，但净利润却承受压力； 2025年一季度起，已经显示出向好迹象，营收达8.72亿元，同比增长36.84%，净利润亏损减至3326.43 万元，同比减亏51.79%。 郑晓蓉坦言："近年来，公司一直处于扩产投入期，给经营带来了一些压力。"现在，江西九江、赣州、 上饶生产基地的产能 ...

去年9月26日召开的中央政治局会议部署了一揽子增量政策。一年来，推动中长期资金入市、公募基金 改革、"并购六条"、科创板"1+6"等一批标志性政策落地，资本市场持续深化投融资综合改革，进一步 拓展制度包容性和适应性，不断提升对科技创新的精准支持力。其间，资本市场经受住了超预期的外部 冲击，市场韧性增强、预期改善，回稳向好态势不断巩固。 业内人士认为，一系列政策落地显效，既体现了资本市场投融资两端改革的放大效应，也折射出政策鼓 励向新兴产业倾斜的导向。未来，资本市场有望继续引导中长期资本流入硬科技领域，持续提升服务实 体经济、支持科技创新的能力。 引导资源加快向"新"集聚 科创板第五套标准重启，禾元生物成为首批受益者；创业板"激活"第三套上市标准，迎来首单未盈利 IPO项目大普微；蓝箭航天、屹信航天、中科宇航等相继启动上市辅导，拉开商业航天"IPO第一梯 队"冲刺序幕…… 近一年时间，一批具有代表性的科技创新企业，正借助资本市场多个路径获得发展新动能。随着资本市 场制度包容性不断提高，各类要素资源正加快向"新"集聚。 ——保险资金配置转向。上海等地开展保险资金长期股票投资试点，目前三批保险资金长期投资改革试 点 ...

Group 1 - Guanzhong Ecological is planning a change in control and will suspend trading from September 22, 2025, for up to two trading days [1] - Sunflower intends to acquire 100% equity of Xipu Materials and 40% equity of Beid Pharmaceutical, with trading resuming on September 22, 2025 [1] - Jintou City Development is adjusting its major asset restructuring plan [1] - Zhongke Tongda has terminated its major asset restructuring project [1] Group 2 - Huitian Co., Ltd. and other companies are planning to list in Hong Kong [2] - Taotao Automotive has approved its application for an initial public offering of H shares in Hong Kong [2] - Longxun Co., Ltd. is also planning to issue H shares and apply for listing in Hong Kong [2] Group 3 - Four companies will receive risk warnings, including Fudan Fuhua, which will change its stock name to ST Fuhua and be subject to a 5% price limit [3][4] - Juewei Food will also change its stock name to ST Juewei and be subject to a 5% price limit [3] - Chuangyi Information will change its stock name to ST Chuangyi and be subject to a 20% price limit [4] - Sikui will change its stock name to ST Sikui and be subject to a 20% price limit [4] Group 4 - Multiple companies are undergoing executive personnel changes, including China Petroleum, where Huang Yongzhang has resigned as president [6] - Huashan City A has seen the resignation of its chairman and vice chairman due to retirement and job changes [6] - China Ruilin's chairman has resigned due to age reasons [6] Group 5 - Sunflower is planning a major asset restructuring involving the acquisition of Xipu Materials and Beid Pharmaceutical, focusing on high-end semiconductor materials [9] - Jintou City Development is adjusting its major asset restructuring plan to sell real estate assets while retaining property management [10] - Zhongke Tongda has terminated its planned acquisition of a technology company due to failure to reach agreement on key terms [11] Group 6 - ST King Kong has been accepted for reorganization by the court, and its stock will be subject to additional delisting risk warnings [12] - ST New Power is under investigation by the China Securities Regulatory Commission for information disclosure violations [14] - Zhenlei Technology's chairman is under detention but the company states that control has not changed [14] Group 7 - Guotai Environmental has had its chairman's detention lifted, allowing him to resume duties [15] - Pingming Technology is planning a major matter that may lead to a change in control, resulting in continued suspension of trading [15] Group 8 - Shunhao Co., Ltd. plans to repurchase shares with a total amount between 100 million and 200 million yuan [16] - Baoli International is considering an investment in semiconductor testing equipment company Hongtai Technology [16] - Jindi Co., Ltd. is acquiring control of Guangzhou Yuni Precision Co., Ltd. [17] Group 9 - SF Holding reported a revenue of 24.787 billion yuan in August 2025, a year-on-year increase of 7.86% [18] - China Oil Engineering signed an EPC contract worth 513 million USD for a gas pipeline project in the UAE [18] - Linyang Energy is a recommended candidate for a procurement project with a total expected amount of approximately 142 million yuan [19] Group 10 - Wuzhou Transportation's major shareholder plans to increase its stake with a loan commitment of up to 153 million yuan [21] - Shanxi Fenjiu's shareholder plans to reduce its stake by up to 16.2006 million shares [21][22]

Core Viewpoint - The market is expected to continue its upward trend, with a focus on investment opportunities in the semiconductor and large aircraft sectors due to the increasing competitiveness of China's technology industry [1][2]. Investment Framework - The investment framework consists of four dimensions: cycle, growth, theme, and market style, which helps in selecting industries and stocks from an alpha perspective [1]. - The cycle dimension serves as the foundation, while the growth dimension addresses investment space. The theme and market style dimensions enhance investment efficiency [1]. Investment Strategy - Left-side positioning should not be blind bottom-fishing; it requires balancing time cost and return space, focusing on short-term profit improvement indicators [2]. - The semiconductor industry is highlighted for its growth potential due to domestic substitution, offering greater return space compared to traditional cyclical industries [2]. Specific Investment Directions - The semiconductor sector is favored due to the combination of cycle turning points and domestic substitution, along with AI empowerment opening new opportunities [3]. - The large aircraft industry is expected to enter a performance release phase as domestic production accelerates and delivery volumes increase [3]. - The innovative drug sector is gaining attention as international pharmaceutical companies frequently acquire rights to domestic new drugs, indicating the rising global competitiveness of Chinese innovative drugs [3]. - Cyclical industries and certain consumer sectors are anticipated to reach turning points as policies gradually take effect [4].

Group 1: Industry Trends - The Chinese public fund industry is accelerating its internationalization process, showcasing a trend of "multiple breakthroughs and deep cooperation" [1] - The industry is expected to demonstrate the long-term investment value of Chinese assets to the world as high-level opening-up continues [1] Group 2: Developments in Overseas Subsidiaries - Huatai-PB Asset Management (International) Limited, a subsidiary of Huatai-PB Fund, has obtained licenses for securities trading, providing advice on securities, and asset management in Hong Kong [2] - E Fund has received approval from the China Securities Regulatory Commission to establish a company in Macau, aiming to provide asset management services to investors in the region [2] - Xingsheng Global Asset Management (Singapore) Limited has been approved to expand its business capabilities in overseas markets [2] - Bosera International has established a business network across Asia, North America, Europe, and Africa, with asset management scale exceeding 100 billion HKD [2] - Southern Fund's subsidiary has launched over 60 ETFs and leveraged inverse products in Hong Kong and Singapore, serving as a bridge for overseas investors to access Chinese assets [2] Group 3: Collaborations with Overseas Institutions - Huaxia Fund signed a memorandum of cooperation with representatives from Oman, expanding its collaboration with the Oman government and local investors [3] - E Fund has established a strategic cooperation memorandum with Thailand's leading asset management firm, enhancing local investors' access to Chinese investment opportunities [3] - In May, a memorandum of cooperation was signed between a subsidiary of Fuguo Fund and the Malaysian stock exchange, indicating ongoing international partnerships [4] Group 4: Industry Representation and Events - The Chinese public fund industry showcased its internationalization at the 25th China International Investment and Trade Fair, emphasizing its role in high-level opening-up and supporting various economic sectors [5][6] - The China Securities Investment Fund Industry Association held its first internationalization exchange meeting, facilitating discussions on global resource integration and enhancing the global appeal of Chinese assets [6] - Schroders' CEO expressed strong confidence in the long-term investment value of China, indicating ongoing support for the development of China's financial market [6]

Core Viewpoint - The article highlights the investment strategy of Shen Kun, a fund manager who emphasizes balanced investment and risk control while pursuing quality growth and reasonable valuations [4][9]. Investment Strategy - Shen Kun adopts a GARP (Growth at a Reasonable Price) investment strategy, focusing on selecting growth companies that are reasonably valued or undervalued [4][9]. - The investment approach involves a balanced allocation across multiple industries, such as computing power, consumer electronics, new consumption, and lithium batteries, to mitigate risks associated with over-concentration in a single sector [6][9]. - The fund manager emphasizes the importance of holding quality growth stocks and avoiding chasing market trends, which can lead to poor performance [5][9]. Performance Metrics - Shen Kun's fund, the Fuanda Advantage Growth Mixed Fund, has achieved over 90% returns in the past year, attributed to a forward-looking approach in selecting individual stocks [7]. - The maximum drawdown for the funds managed by Shen Kun has remained below 20% over the past year, showcasing effective risk management [9]. Market Outlook - The article discusses the positive performance of Chinese assets in 2023, driven by advancements in technology and increased government support for the capital market [11]. - Shen Kun believes that the AI sector is poised to lead the fourth industrial revolution, presenting numerous investment opportunities in the coming years [11].