● 本报记者 罗京 近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进新芝生物。2022年，新 芝生物登陆北交所成为"生命科学仪器第一股"，公司总经理张思远接受中国证券报记者专访时表示，北 交所始终聚焦创新型中小企业的核心需求，不仅为企业注入资金活水，更提升了品牌影响力，助力公司 在产品研发、市场拓展与组织能力上实现全面跃升。 上市三年 全链布局 自主攻坚 逐步出海 新芝生物是国内较早专注生命科学仪器研发、生产与销售的企业之一，目前已拥有超声波细胞粉碎机、 真空冷冻干燥机、工艺流程温控系统、超声波清洗机、微生物生长曲线分析仪、全自动洗瓶机、基因导 入仪、基因枪等20多条产品线、200多个产品型号，覆盖生物样品处理、分子生物学与药物研究、实验 室自动化与通用设备三大类产品领域。 2022年登陆北交所，成为新芝生物发展的关键里程碑。张思远介绍，上市三年来，公司不仅在超声波处 理、冷冻干燥、恒温控制等传统优势产品上持续迭代，更不断拓展新产品线，推动从实验室设备供应商 向覆盖"实验—中试—量产"全流程的综合服务商转型。 例如，在传统超声领域，公司通过大功率、数字化电源及部件小型化等技术突破，开 ...

尽管CCUS应用提速，但产业化进程仍面临不少"拦路虎"。受访人士坦言，资金问题是最突出的瓶 颈，"高校团队的实验室技术可能已迭代十余年，数据表现优异，但要进入工业场景验证，却很难找到 资助方。" 经过五年打磨，安第斯公司完成了产业化探索：通过对微生物作用机制的研究，筛选出优化高效菌株， 再通过实验室小试、温室中试以及多场景田间试验，一步步验证技术的稳定性与适用性，最终研发出种 子包衣剂、沟施肥料等便于农民操作的产品，并建立多指标核查体系，确保每一份固碳效果都可测量、 可审计。该技术无需新建设备、不改变土地用途，适配玉米、大豆、小麦等主流作物，已进入早期商业 化阶段。目前团队累计移除25万吨经核查二氧化碳，可口可乐、拜耳等有减碳需求的企业成为其付费客 户。 CCUS项目扩容 在第二期"碳寻计划"项目中，中国矿业大学与中国科学院武汉岩土力学所的研究团队，利用肯尼亚当地 的玄武岩和硅藻土制造出"捕碳"材料，并通过生物酶加速将二氧化碳"锁"进岩石。香港城市大学研发的 HYCARK系统，能将钢铁厂烟气中捕获的二氧化碳转化为甲烷。随后，甲烷通过液态金属催化，可生 成用于炼钢的高纯度氢气。SEERSTONE公司开发出一种新 ...

● 本报记者 杨洁 核心逻辑破局 跳出"卖算力"思维 "很多同行把精力放在'堆卡'上，但这恰恰搞错了方向。"在采访中，陈健最常提及"用户视角"一词，在 他看来，算力服务的本质不是硬件堆砌，而是价值交付——用户需要的从来不是GPU、CPU本身，而是 在算力上跑通的应用、训练好的模型、落地的业务成果。 陈健自身便是算力的用户。1993年，陈健进入清华大学就读流体力学专业，流体力学风洞等实验恰恰需 要大量的高性能计算来通过精细建模逼近真实物理过程，陈健与算力领域的缘分也就此展开。 "计算机专业人士更关心的可能是我做得好不好，但用户更关心的其实是我用得爽不爽。并行科技发展 18年以来，整个业务逻辑就是用户用得爽不爽、是不是让计算更简单。"陈健认为，算力行业本质上是 服务业。 不是建好算力设施等待需求，而是为客户需求匹配合适的算力。"我们搭建算力服务平台，用户仅需五 分钟即可完成开户，提交计算任务。我们负责把程序有关的所有问题，包括选什么算力最合适、什么算 力性价比最高、应用在算力上跑的性能如何提高，所有这些事情全包了。用户只管用，我们叫'可用、 好用、降本'，这些都做到之后，用户为什么要离开我们？你是找不到理由的。" ...

构建核心竞争力 "气体检测行业正处于技术快速变革阶段，人工智能、物联网、大数据等技术的深度融合，推动行业从 被动防护向主动安全转型。"徐卫锋表示。 在此背景下，创新能力成为企业长期发展的重要支撑。徐卫锋认为："一家企业的研发能力，是其未来 发展有没有爆发力、有没有后劲的重要支撑。"基于这一认知，驰诚股份长期重视研发投入，研发投入 占比持续保持在6.5%以上，逐步构建起从传感器研发到传感仪表制造、再到平台开发的完整技术链。 在技术攻坚层面，公司以技术积累为基础，对标国际先进水平，突破关键领域。徐卫锋介绍："我们基 于气体传感、气体检测、物联网平台等核心技术积累，在高端气体监测仪表、高性能火焰探测器等关键 领域，加速实现技术的自主可控与迭代创新，这不仅打破了技术壁垒，更是在塑造引领行业的硬实 力。" 智能仪表是气体检测行业的核心元器件，为夯实企业核心竞争力，驰诚股份进军上游传感器领域，2019 年成立河南森斯科传感技术有限公司，专门研发生产给智能仪表提供初始信号的传感器产品。"仪表在 工作过程中，难免传感器灵敏度会出现衰变，通过参与仪表生产，我们可以真正掌握住传感器的衰变规 律，通过终端和前端的技术融合、相互促进 ...

Core Insights - ESG has become a significant factor influencing corporate valuation, with many companies estimating their ESG ratings in preparation for IPOs to attract capital [1][2] - The integration of ESG into corporate value management has established a new paradigm for Chinese enterprises, emphasizing the importance of ESG in risk mitigation and long-term value growth [1][3] ESG Rating Impact on Corporate Value - Companies are increasingly seeking pre-IPO ESG ratings from agencies like S&P and MSCI to attract international investors and enhance stock liquidity [2] - High ESG ratings can lead to better financing opportunities and capital allocation, as evidenced by research showing a positive correlation between ESG ratings and market pricing [2][4] - Regulatory frameworks in China are incorporating ESG into value management, with guidelines emphasizing the alignment of board compensation with sustainable development [3] Pathways of ESG Influence - ESG influences corporate value primarily through ratings and public perception. High-rated companies signal lower risk and sustainable practices, attracting investment, while low-rated companies may be excluded from indices, negatively impacting their value [4] - Negative public sentiment from ESG-related incidents can lead to short-term value fluctuations, while positive ESG initiatives can enhance investor confidence and stabilize valuations [4] Sector-Specific ESG Focus - Different industries should prioritize specific ESG dimensions: high-energy sectors like steel and chemicals should focus on environmental issues, while consumer sectors should emphasize social dimensions such as product quality and consumer rights [8][9] - Financial institutions should enhance governance and compliance, while tech companies should focus on data security and employee rights [8][9] Activating Value Management through ESG - Companies are encouraged to treat ESG as a strategic priority, integrating it into daily operations and decision-making processes [9][10] - Establishing a dedicated sustainability committee and a robust ESG data management system can enhance transparency and reliability in ESG reporting [9][10] - Proactive communication with stakeholders about ESG performance can help convert ESG efforts into tangible value, ultimately leading to risk reduction and capital attraction [10]

● 本报记者 齐金钊 11月14日至11月16日，以"科技赋能产业 融合共创未来"为主题的第二十七届中国国际高新技术成果交 易会在深圳举行。据悉，本届高交会累计入场突破45万人次，现场发布新产品新成果5000余项，共促成 1023项供需对接和投融资项目签约，意向成交与投融资金额突破1700亿元；本届高交会汇聚了全球100 多个国家和地区的5000多家知名企业及相关国际组织参展。 科技创新成果集中展示 本届高交会规模40万平方米，重点围绕国际科技发展前沿、我国高水平创新成果、深圳"20+8"产业集 群，精心设置了国之重器重大装备、人工智能与机器人、半导体与集成电路、消费电子、低空经济与商 业航天等22大展区，全面呈现各行业尖端产品、创新技术与解决方案，助力中国科技创新实现跨越式发 展，推动全球前沿成果加速落地。 在高交会上，全球首款"摄像"磁共振系统亮相。这套系统通过首创的LIVE Imaging技术，可实现磁共振 从"摄影"到"摄像"的转变。基于该技术开发出的新一代3T磁共振系统uMR Ultra，能够捕捉胃肠道蠕动 过程，精准刻画胃肠壁结构。该成果可为消化系统疾病临床诊断提供精准技术支持。 诸多贴近民生领域 ...

11月16日，由中铁十局承建的济（南）青（岛）高铁潍东上行联络线跨省道222和潍坊市蓝天路连续梁 顺利合龙。据悉，潍东上行联络线是连接济青高铁和（天）津潍（坊）高铁的关键纽带，将为鲁北地区 和山东半岛地区的互联互通注入强劲动力。 新华社图文 图为11月16日由中铁十局承建的济（南）青（岛）高铁潍东上行联络线跨潍坊市蓝天路连续梁完成合龙 施工。 ...

● 本报记者 王舒嫄 随着自贸协定持续升级，中国开放的领域正从传统货物贸易向服务贸易领域延伸，数字贸易、绿色贸易 等成为新的增长点。 商务部介绍，在中国-瑞士自贸协定升级第三轮谈判中，中瑞双方就货物贸易、服务贸易、投资以及原 产地规则、竞争、电子商务、环境与贸易、经济技术合作等议题开展深入磋商，谈判取得积极进展。 在绿色贸易方面，商务部国际贸易谈判代表兼副部长李成钢表示，在已经签署的自贸协定中，我国推动 纳入了贸易与环境的相关内容。"比如，在10月28日签署的中国-东盟自贸区3.0版升级议定书中，就设 立了绿色经济专章，并将绿色贸易列为优先合作领域。"他说。 推动商签更多经贸协定 中国-瑞士自贸协定升级第三轮谈判举行，《关于结束〈中国和格鲁吉亚自由贸易协定〉升级谈判的谅 解备忘录》签署，中国-东盟自由贸易区3.0版升级议定书正式签署……近段时间，我国在推进自贸协定 提质升级方面取得诸多进展，不断扩大高水平对外开放，与世界共享发展机遇。 搭建互惠共赢平台 近期，专做水产出口的企业象山君泰贸易有限公司出口至泰国的冻鲭鱼凭借中国-东盟自贸区原产地证 书，享受了5%的关税减免。"一张证书就能实实在在节省成本，让我们在 ...

Core Viewpoint - The implementation of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" has led to a significant increase in the use of various market value management tools by listed companies, including cash dividends, share buybacks, mergers and acquisitions, and equity incentives, to enhance investment value and return to investors [1][2]. Group 1: Market Value Management Tools - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox, with companies encouraged to establish clear mechanisms for share repurchase and to develop and disclose medium- to long-term dividend plans [1][2]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 share buyback plans for 2025, with a total buyback amount of 92.3 billion yuan, of which 36% was funded by self-owned capital and 26% was for cancellation [2]. - The total cash dividend amount across the market reached 734.9 billion yuan, with 89 companies distributing over 1 billion yuan in dividends within the year [2]. Group 2: Mergers and Acquisitions - The past year has seen a vibrant M&A market, particularly in the "hard technology" sector, with notable cases such as the acquisition of 72.33% of Chip Alliance's shares and the merger of Haiguang Information with Zhongke Shuguang [3]. - State-owned enterprises are also actively engaging in professional integration, exemplified by China Shenhua's plan to consolidate 13 energy companies and Guotai Junan's merger with Haitong Securities [3]. - Policy support has been a key driver for the active M&A market, with various reforms and guidelines aimed at enhancing the efficiency and vitality of mergers and acquisitions [3]. Group 3: Equity Incentives - Equity incentives have been highlighted as a significant market value management tool, with companies encouraged to establish long-term incentive mechanisms [4][5]. - By mid-2023, nearly 3,500 listed companies had implemented equity incentive or employee stock ownership plans, representing 64% of all A-share listed companies [5]. - The recognition of equity incentives as a market value management strategy has deepened, with more companies expected to adopt these tools to enhance long-term value [5].

Core Insights - The article emphasizes the critical role of insurance funds as "patient capital" in supporting the growth of technology innovation enterprises, aligning with their long-term financing needs [1][2][3] - It highlights the increasing importance of insurance capital in the context of China's "14th Five-Year Plan," which aims to accelerate high-level technological self-reliance and innovation-driven development [1][2] - The article discusses the diverse investment strategies employed by insurance institutions, including equity, debt, and alternative investments, to support technology innovation [3][4] Investment Characteristics - Insurance funds are characterized by their long duration, large scale, and stability, making them well-suited to meet the financing needs of technology innovation enterprises [2][4] - The total balance of insurance funds in China exceeds 36 trillion yuan, providing substantial resources for systematic investment in frontier fields [2][4] Investment Strategies - Insurance funds are diversifying their investment tools to cover various sectors, including artificial intelligence, semiconductors, advanced manufacturing, new materials, and renewable energy [3][4] - Different investment strategies are recommended for enterprises at various stages of development, from seed and startup phases to growth and maturity phases [4][5] Research and Assessment Framework - There is a need for insurance investment institutions to develop research and assessment frameworks that align with the characteristics of "early, small, and hard technology" investments [5][6] - The establishment of a three-part research system focusing on policy research, technology decoding, and value discovery is suggested to enhance the valuation and pricing capabilities for technology innovation enterprises [6][7] Regulatory and Taxation Recommendations - Suggestions include adjusting risk factors for investments in strategic emerging industries and expanding tax incentives for technology innovation investments [7] - The article advocates for the development of a secondary market for private equity and systematic improvements in transaction mechanisms to enhance transparency and efficiency [7]