7月24日，人民币兑美元汇率中间价调升29个基点至7.1385，较月初累计调升149个基点，来到2024年11 月6日以来的最高水平。 7月以来，明显波动的美元指数走势，难以预测的美联储降息步调以及海外经贸形势变化，这些都未影 响到人民币汇率的平稳走势。美国经济数据的超预期表现并未扭转市场对"弱美元"预期的强化，我国在 持续向好的经济基本面支撑下，人民币汇率升值动能进一步积蓄。在受访专家看来，人民币汇率或稳中 趋升，应把握好人民币国际化的有利时机，进一步推进人民币的结算和计价功能。 "弱美元"预期持续强化 作为全球金融市场的风向标，美联储货币政策走向愈发扑朔迷离，但"弱美元"预期仍在强化。 美国经济数据的超预期表现并未有力推升美元升值——美元指数在7月上旬短暂反弹后，7月17日以来再 度走弱。截至7月23日，美元指数跌至97.20，相较年初累计贬值幅度接近11%。 关税政策对通胀的影响已成为掣肘美联储降息的主要因素之一。美联储6月发布的《货币政策报告》强 调，当前通胀压力仍存。美国国内钢铁和铝价相较于全球价格大幅上涨，关税政策带来的成本推动效应 是重要原因。 从美国与主要经济体的关税谈判近况看，虽然日美经贸谈 ...

在科技浪潮席卷全球的当下，科学家创业已成大势所趋，"投硬科技"已成为创投行业的集体共识。 面对高校科研成果向产业转化的大潮，南方科技大学副校长、商学院代理院长金李在接受证券时报记者 专访时指出，高校和科研院所是基础研究和复合型科创成果转化与创业投资人才培养的策源地，但在全 球创新驱动与资本赋能高度融合的趋势下，单纯的科技能力已难以满足成果转化与产业发展的需求。因 此，高校应当大力培养既懂科研逻辑,又具市场意识的创新型人才，加速科技成果转化进程。 （文章来源：证券时报） 金李表示，与一般商学院相比，南科大打造的科创商学院能够集全校之力，在科技创新领域推动管理实 践，实现商科与科技的深度交叉融合。"我们能够在内部打通商科与理、工、医、生等学科。我们商学 院的许多教授同时也是隔壁理学院或工学院的双聘教授。他们可能在企业联合实验室开展研究，从最初 的科技发现到成果转化，再到项目落地、公司上市，整个过程中的实践问题会直接带到商学院课 堂。"金李说，商学院培养的人才也会充实到这些科学家的项目组或未来公司中，从而打通商科教育与 科技创新的生态链。 在金李看来，当前的科技创新中，"科学家+企业家+金融家"这三个身份往往是割裂 ...

Core Insights - The number of securities firms participating in the underwriting of technology innovation bonds (科创债) has increased to 68 in the first half of 2025, up by 23 firms year-on-year, with a total underwriting amount of 381.39 billion yuan, representing a growth of over 50% compared to the previous year [1][4]. Group 1: Underwriting Statistics - In the first half of 2025, 68 securities firms acted as lead underwriters for 380 technology innovation bonds, totaling 381.39 billion yuan [3]. - The top five firms in terms of underwriting amount for technology innovation bonds were CITIC Securities (71.10 billion yuan), CITIC Jianzhong (63.17 billion yuan), Guotai Junan (48.43 billion yuan), CICC (29.92 billion yuan), and Huatai United (22.08 billion yuan) [4]. - The underwriting amount for technology innovation bonds has increased by 56.48% compared to the same period last year, where 45 firms underwrote 208 bonds totaling 243.73 billion yuan [4]. Group 2: Types of Bonds and Market Participation - The statistics from the China Securities Association cover various types of bonds, including green bonds, low-carbon transition bonds, and rural revitalization bonds, among others [2]. - In the first half of 2025, 40 firms underwrote 71 green bonds totaling 59.44 billion yuan, while 17 firms underwrote 14 low-carbon transition bonds totaling 8.35 billion yuan [3]. - The participation of 68 firms in local government bond issuance resulted in a total winning bid amount of 140.46 billion yuan across 28 regions [3]. Group 3: Policy Impact - The surge in participation and underwriting amounts for technology innovation bonds is attributed to new policies introduced in May 2025 by the central bank and the securities regulatory commission, which established a special underwriting evaluation system and market-making mechanism for these bonds [4]. - The new regulations have increased the weight of underwriting and market-making in the evaluation system for underwriters and market makers [4].

Core Insights - Shenzhen has emerged as a leading hub for venture capital in China, alongside Beijing and Shanghai, due to its early exploration and establishment of local venture capital practices and significant government-led funds [1][3] Group 1: Current Trends in Shenzhen's Venture Capital Industry - The number and scale of funds in Shenzhen have seen six consecutive increases, with 3,429 private equity venture capital funds registered by the end of 2024, managing a total of 410.34 billion yuan, which is a 2.25 times increase since 2018, reflecting an annual growth rate exceeding 20% [1] - The fundraising structure has improved, with long-term capital increasing its share; by 2024, government guidance funds, social security, and insurance capital contributed 238.11 billion yuan, a year-on-year increase of 16.74%, accounting for 59.01% of total investments [1] - The top 10% of institutions manage 74% of the fund size, with six funds exceeding 5 billion yuan in total size reaching 68.65 billion yuan, marking an 11.02% year-on-year growth [1] Group 2: Key Investment Areas - Prominent sectors attracting investment include semiconductors and hard technology (30%), new energy and energy storage (18%), and biomedicine and medical devices (20%), with artificial intelligence and robotics comprising 14% [2] - Emerging markets such as low-altitude economy and digital economy are also witnessing some trading activity [2] Group 3: Ecosystem and Strategic Initiatives - Shenzhen Venture Capital Association has developed a comprehensive venture capital ecosystem over 25 years, managing over 70% of the city's fund size and connecting over 100 high-growth tech companies, LP institutions, and professional service providers [2] - The association addresses fundraising challenges by hosting annual LP conferences to connect with 100 active market-oriented mother funds and government guidance funds, and organizes seminars on mergers and acquisitions to explore exit strategies [2] - The association has established a cross-border private equity investment fund committee to promote international development and orderly cross-border capital flow, facilitating connections with global resources [2] Group 4: Government Support and Policy Environment - The venture capital industry is receiving unprecedented attention and support from national and local governments, with a series of policies being introduced to foster development [3] - The successful issuance of the first batch of technology innovation bonds for venture capital institutions in June is seen as a significant institutional innovation, indicating a shift from debt capital to equity investment [3]

Core Insights - Shenzhen is leading the integration of technology and capital with a more open approach, marking a new stage of high-quality development in the venture capital industry [1] - The city has over 1,560 active venture capital institutions managing funds exceeding 1.5 trillion yuan, ranking among the top three in the country [1] - The private equity and venture capital sector in Shenzhen is experiencing a resurgence, with mid-to-long-term funds accelerating entry, leading to a comprehensive recovery in fundraising, investment, and exits [1] Group 1: Competitive Advantages - Shenzhen's venture capital ecosystem benefits from a diversified environment, with a unified national market providing opportunities for active market participants and efficient government services [2] - The city has a complete innovation ecosystem, characterized by a full chain from technology birth to capital incubation and industrial landing, supported by the "20+8" industrial cluster and international talent aggregation [2] - Innovative governance mechanisms are being developed to enhance risk management capabilities, including establishing trial-and-error mechanisms and improving intellectual property protection [2] Group 2: Support from Financial Institutions - The Shenzhen Financial Stability Development Research Institute aims to build an ecosystem for the venture capital industry by promoting financial services for the "20+8" industrial cluster [3] - The institute facilitates industry-finance collaboration through events like "Shenzhen Venture Capital Day," connecting government, financial institutions, and entrepreneurial enterprises [3] - It also provides intellectual support by organizing discussions on themes such as "innovation in technology finance" to aid the development of the venture capital industry [3]

参与了国内第一只创投基金管理、执笔起草了我国最早关于创业投资机制的政策与法规、推动设立创业 板助力创投顺畅退出……纵观湖南大学股权与创业投资研究院院长刘健钧的履历，其职业生涯与我国创 业投资行业紧密相连，他不仅是亲历者、见证人，更是创投体制机制的重要开拓者、推动者，持续为行 业的发展壮大鼓与呼。 退出是畅通"募投管退"良性循环的关键一环。在刘健钧看来，退出端的核心是推进注册制走深走实，疏 通多元退出渠道。"如能推进注册制走深走实，则优质企业便能形成稳定的上市融资预期，创投机构也 能形成稳定的资本退出预期。这样，创投机构便有了选择通过并购或是通过上市实现资本退出的主动 权，加之在真正的注册制下能够形成更加有效和公平的股价参照体系，故创投资本选择通过并购方式退 出也能与对手方处于相对平等的地位。"刘健钧表示。 （文章来源：证券时报） 在募资端，刘健钧认为应完善资本导入机制，拓宽多元长期资本来源。首先，应鼓励发展母基金。政府 有必要以适当资金发起设立完全市场化运作的创投母基金，吸引高净值个人、保险资金、企业闲置资金 等难以直接从事创投的资本进入。其次，要扭转政策性创投引导基金与国有商业性母基金混同运作，进 而导致" ...

Core Insights - Guangdong is a significant hub for venture capital in China, driven by a combination of supportive policies and market dynamics [1][2] - The Guangdong Provincial Venture Capital Association plays a crucial role in fostering the development of the venture capital industry by facilitating communication between enterprises and government, and enhancing resource integration [2][3] Group 1: Industry Development - Guangdong has become a breeding ground for hard technology investment opportunities, attracting capital from various regions, particularly as the nation emphasizes industrial transformation and upgrading [2] - The provincial government has implemented a series of policies since 2017 to promote venture capital development, establishing a solid policy framework for the industry [1] - As of the end of 2024, the total subscribed scale of government-guided funds in Guangdong has reached 491.3 billion yuan, ranking first in the country in both scale and number [1] Group 2: Role of the Association - The Guangdong Provincial Venture Capital Association has evolved into a vital part of the venture capital ecosystem, gathering resources and facilitating collaboration among stakeholders since its establishment in 2010 [2] - The association has developed a closed-loop system of "resource integration - project matching - financing services," currently serving over 2,300 startups through its network of more than 600 member units [2] - In 2024, the association assisted in completing 87 financing projects, amounting to 3.25 billion yuan, thereby empowering the development of the venture capital ecosystem [2] Group 3: Future Outlook - The association maintains a positive outlook for the future of the venture capital industry, anticipating increased market activity, enhanced policy support, clearer investment areas, and more diversified exit channels [3]

修正草案进一步明确了不正当价格行为认定标准。包括完善低价倾销的认定标准，规范市场价格秩序， 治理"内卷式"竞争；完善价格串通、哄抬价格、价格歧视等不正当价格行为认定标准；公用企事业单 位、行业协会等不得利用影响力、行业优势地位等，强制或捆绑销售商品、提供服务并收取价款；强化 对经营场所经营者价格行为的规范。 为贯彻落实党中央、国务院决策部署，国家发展改革委、市场监管总局研究起草了《中华人民共和国价 格法修正草案（征求意见稿）》，于24日向社会公开征求意见。 修正草案共10条，主要涉及完善政府定价相关内容、进一步明确不正当价格行为认定标准、健全价格违 法行为法律责任等三方面内容。 在完善政府定价方面，结合政府价格管理方式变化，明确政府指导价不局限于基准价及其浮动幅度的形 式；结合政府定价从定水平向定机制转变的实际，明确定价机关可通过制定定价机制，确定政府定价的 水平。 修正草案中，多条内容与"反内卷"相关。如经营者不得在依法降价处理鲜活商品、季节性商品、积压商 品等商品或者有正当理由降价提供服务外，为了排挤竞争对手或者独占市场，以低于成本的价格倾销， 或者强制其他经营者按照其定价规则以低于成本的价格倾销；不得采 ...

7月24日，在国新办新闻发布会上，国家医疗保障局副局长施子海在回应记者提问时表示，近期第11批 集采工作已经启动，国家医保局研究优化具体规则，在中选规则方面，优化价差的计算"锚点"，不再简 单地以最低报价作为参考，同时，对于报价最低的中选企业，要公开说明报价的合理性，并承诺不低于 成本报价。 业内人士认为，此次规则调整，意味着中国药品集采进入了"质价平衡"的新阶段，对于医药行业更加健 康发展有风向标作用。 从价格转向价值 发布会上，施子海表示，药品价格是社会各方面广为关注的一个重大问题。目前，除了麻醉和第一类精 神药品执行政府指导价以外，其他药品都是由企业自主定价，通过市场竞争形成。但实践中发现，一些 企业滥用自主定价权。国家医保局坚持市场决定价格的改革方向，尊重企业自主定价权，同时更好发挥 政府作用，提升药品价格治理能力，维护正常的市场秩序。 集采药品的价格波动曾引发各界争议。今年3月17日，上海阳光采购网公告称，间苯三酚注射液相关企 业四川海梦智森生物制药有限公司（以下简称"海梦智森"）和四川太极制药有限公司（以下简称"四川 太极"）被罚。此前，在第10批国采竞价现场，海梦智森（委托四川太极生产）报出0. ...

Core Viewpoint - The integration of digital and physical exhibition formats is providing Chinese companies with new opportunities in overseas exhibitions, with Miao Exhibition leading the way in this transformation [1][2]. Group 1: Company Overview - Miao Exhibition is the first listed company in China to engage in overseas exhibition operations, collaborating with Hannover Milan (Shanghai) to host the Indonesia Industrial Exhibition, marking a significant milestone in the industry [2]. - The company aims to transform Chinese exhibition brands from domestic organizers to global exhibition operators through innovative collaboration with top overseas exhibition brands [1][2]. Group 2: Business Model Innovation - Miao Exhibition has developed an "Exhibition Going Out Incubation Platform" to address challenges faced by domestic exhibition companies, such as high costs of organizing overseas buyers and lack of local operational experience [2][3]. - The collaboration with Hannover Milan employs a business model based on brand co-branding, resource exchange, and revenue sharing, enhancing the overall exhibition experience [2][3]. Group 3: Performance Metrics - The 2025 Indonesia Industrial Exhibition attracted over 1,000 exhibitors from China and other countries, with more than 90,000 pre-registered professional buyers and over 35,000 attendees, resulting in trade cooperation exceeding 100 million yuan [3]. - Miao Exhibition aims to establish 30-50 industry-specific Chinese brand exhibition platforms in the top ten global markets by 2025, increasing China's share in the global exhibition market [3]. Group 4: Technological Advancements - Miao Exhibition has developed the "AI Hui Zhan" system, integrating AI and big data to enhance overseas exhibition operations, making it a leader in the domestic exhibition industry [4][5]. - The AI system addresses common pain points in foreign trade exhibitions, such as memory confusion and language barriers, by automating information management and communication [5]. Group 5: Support for First-Time Exporting Companies - Miao Exhibition provides comprehensive support for first-time exporting companies, including market research, AI technology empowerment, and ongoing market development assistance [6][7]. - The company has assisted over 1.5 million Chinese enterprises in their first overseas exhibition, with significant reductions in customer acquisition costs and increased success rates in securing overseas orders [7][8].