● 本报记者王雪青 "十五五"规划建议提出，加快高水平科技自立自强，引领发展新质生产力；培育壮大新兴产业和未来产 业；发展创业投资，建立未来产业投入增长和风险分担机制；加快建设金融强国；积极发展股权、债券 等直接融资。 让资本成为创新的底座，让耐心成为中国创新的底气。展望"十五五"，创投行业将迎来从"逐利资 本"到"战略资本"、从"项目投资"到"产业组织"的深刻转型，PE/VC将真正成为创新的"倍增器"和科技自 立自强的"底座"。 PE/VC作为链接资本与创新的关键节点，"十五五"规划建议对行业提出了更高层次的要求。PE/VC不仅 要继续发挥价值发现、支持创新的市场功能，更要成为推动科技自立自强、促进产业升级的战略性力 量。 使命升级：培育者、推动者、建设者 "十五五"规划承上启下，面对复杂国际环境与科技竞争新态势，PE/VC被赋予更高层次的战略使命。如 何理解"十五五"规划建议对PE/VC的战略要求？在推动科技自立自强、发展新质生产力等方面，PE/VC 将承担怎样的新使命？ 首先，PE/VC要成为新质生产力的培育者。国寿股权公司有关负责人表示，在新征程中，PE/VC要成为 硬科技攻坚的先行者与陪跑者，勇于投 ...

Core Insights - Institutional investors have intensified their research on listed companies following the third-quarter report disclosures, with nearly 770 companies receiving attention in November alone [1] - Luxshare Precision has emerged as the most favored target among institutions, receiving 222 institutional visits, while companies like BeiGene, Huichuan Technology, and Anji Technology also garnered significant interest [2] - The electronics and machinery sectors are the primary focus areas for institutional research, with expectations of structural opportunities driven by AI in the semiconductor industry and a prosperous outlook for machinery equipment [1][6] Company Highlights - Luxshare Precision's core competencies in the electrical connection field are highlighted, focusing on the team's deep understanding of system architecture and the ability to quickly adapt to new business opportunities [2] - BeiGene has received 202 institutional visits, with discussions centered around the competitive landscape of CDK4 [2] - Tonghui Electronics, a North Exchange listed company, has attracted 48 institutional visits, with a focus on maintaining revenue and profit growth and the demand for power semiconductors [3] Market Performance - Over half of the nearly 770 companies that received institutional research in November have seen positive stock performance, despite the overall high volatility in the A-share market [4] - Huasheng Lithium Battery, focused on lithium battery electrolyte additives, has seen its stock price surge nearly 190% in November, driven by strong demand in the power battery and energy storage sectors [4] - Other notable performers include Fuxiang Pharmaceutical, which has seen an over 80% increase in stock price, and several companies across various sectors with stock price increases exceeding 40% [4] Industry Outlook - The electronics sector remains a favorite among institutions, with 92 companies receiving attention, while the machinery equipment sector is also seeing significant interest [5] - Analysts predict that the semiconductor industry will experience structural opportunities characterized by capacity expansion and supply chain security, particularly in advanced processes and packaging [6] - The machinery equipment sector is expected to thrive, with investment strategies focusing on new technologies and beneficiaries of interest rate cuts and manufacturing capacity shifts [7]

Core Insights - The article discusses the strategic transformation of Zenlong Asset, a private equity firm, from fixed income investments to technology-driven and innovative investment strategies, emphasizing its commitment to social responsibility [1][2]. Group 1: Strategic Transformation - Zenlong Asset was established in 2014 and initially gained recognition in the private equity sector through fixed income investments, being rated among the top bond trading institutions for two consecutive years [2]. - The firm began building its stock and quantitative teams in 2021, indicating a proactive approach to transitioning towards technology and innovation [2]. - Zenlong Asset currently manages approximately 7.5 billion yuan, with a product line that includes bonds, stocks, and quantitative strategies, focusing on sectors like semiconductors, high-end manufacturing, and AI [2]. Group 2: Social Responsibility - Zenlong Asset integrates social responsibility into its business model, creating a unique "investment-empowerment-feedback" loop [3]. - The firm supports the growth of technology companies not only through financial investments but also by enhancing operational efficiency through specialized fund management [3]. - Zenlong Asset has initiated educational and mental health projects, such as the "Looking Up to the Stars Education Public Welfare Fund," aimed at promoting educational equity and mental health support in schools [4]. Group 3: Future Outlook - The firm anticipates significant advancements in AI and quantitative strategies, aiming for a 50% share of its total assets to be allocated to these areas within the next three years [6]. - Zenlong Asset views collaboration with brokerage firms as crucial for the scalable development of quantitative strategies, highlighting the importance of technological support [6]. - The "Starry Navigation Plan" is expected to foster a positive industry ecosystem by promoting private equity's role in supporting technological innovation and social responsibility [6].

● 本报记者 杨洁 差异化不是降低标准，而是适配需求。张晓燕强调，"北交所高质量扩容"与"提升上市公司质量"相辅相 成、辩证统一，"从监管与制度层面而言，北交所应聚焦专精特新属性，建立相应的多维度上市标准， 从源头确保新增上市公司具备创新成色与发展潜力。从上市公司层面而言，质量提升的关键在于夯实公 司治理和提高投资价值。应支持上市公司做精做深，强化关键少数责任，提升信息披露质量。还应督促 上市公司建立尊重、回馈投资者的股权文化，鼓励建立明确、稳定的分红政策，使投资者能真正分享企 业成长的收益。只有这样，才能在扩大市场规模的同时，实现企业价值、市场功能与投资者回报的协同 提升。" 提升技术赋能水平 "北交所成立四年来，为我国资本市场的健康、稳健和持续发展起到了连接枢纽的关键作用。"在北交所 开市四周年之际，清华大学五道口金融学院副院长、金融学讲席教授张晓燕接受中国证券报记者专访。 她表示，北交所的独特价值在于服务创新型中小企业，近年来北交所在服务中小企业创新发展、特别是 赋能科技创新企业方面取得了积极成效。 同时，张晓燕也指出，北交所亟待突破的瓶颈在于"市场流动性困境"与"制度供给错配"相互交织形成的 负向循环 ...

13万亿元——北交所累计发行国债超13万亿元，服务地方政府债发行超9900亿元。 90%——北交所开市以来，超九成上市公司实施分红，累计分红198.60亿元，16家公司的分红金额已超 过上市募集资金总额。 50%——2025年以来，北证50指数累计涨幅约50%。 950万户——北交所合格投资者较2024年初增长40%，总数近950万户，市场各方参与热情明显高涨。 300亿元——2025年上半年北交所日均成交额近300亿元，市场生态持续向好。 282家——北交所上市公司共有282家，截至11月14日收盘，总市值突破9000亿元。 600亿元——北交所上市公司累计融资超600亿元，平均每家融资约2亿元。 80%——北交所上市公司中，中小企业占比近八成，国家级专精特新"小巨人"企业占比超一半。 82.44%——2025年前三季度北交所公司平均营业收入5.2亿元，同比增长5.99%；平均净利润3298.57万 元，盈利面达82.44%。 本报记者 杨洁 整理 ...

11月15日，北京证券交易所迎来开市四周年。作为党中央部署设立的资本市场改革"试验田"，四年来北 交所坚守"服务创新型中小企业主阵地"的初心使命，紧扣防风险、强监管、促高质量发展的工作主线， 以制度创新破解发展瓶颈，推动市场规模、服务效能、生态质量同步跃升，成为培育新质生产力、践行 普惠金融的核心载体。 920代码"焕新"身份，282家上市公司齐聚一堂，国家级专精特新"小巨人"企业占比超过一半，战略性新 兴产业、先进制造业企业占比超过八成，北证50指数年内涨幅约50%，累计分红近200亿元……一组组 亮眼数据，见证着北交所四年来的跨越式发展；一个个成长故事，彰显着资本市场服务中小企业的制度 温度。站在面向"十五五"的新起点，北交所正以更开放的姿态、更完善的机制、更优质的服务，书写高 质量发展的新篇章。 ● 本报记者 杨洁 培育创新军团 夯实发展根基 清华大学五道口金融学院副院长张晓燕告诉中国证券报记者，近年来北交所在服务中小企业创新发展、 特别是赋能科技创新企业方面取得了积极成效，为我国资本市场的健康、稳健和持续发展起到了连接枢 纽的关键作用。 ——股债联动格局成型，服务创新功能增强。在推进股权融资的同时，北 ...

● 本报记者 马爽 期现融合：破局传统贸易的转型密码 近年来，在杭州这片创新的热土上，以热联集团、物产中大化工、嘉悦物产集团为代表的企业，正通过 将期现结合基因深度植入企业"血液"，完成从传统贸易商到现代产业服务商的蜕变。 作为浙江省属大型国有控股企业物产中大集团的核心成员，物产中大化工自2005年成立以来，始终深耕 化工、粮油、轮胎等领域的供应链与产业链服务。据公司交易管理部负责人高泉都介绍，作为国内期现 结合领域的创新实践者，物产中大化工自2007年涉足期货市场后，在集团及期货交易所的专业支持下， 走出了一条独具特色的发展道路。 "从最初单一期货套期保值的探索，到如今构建起涵盖基差贸易、场内外期权交易、虚拟工厂运营、产 业链加工费锁定等多元化业务模式，我们完成了从工具应用到体系构建的跨越。"高泉都如是说。 "没有风险管理的贸易是'裸露的冲锋'。"嘉悦物产集团有限公司总经理助理叶辰的这句话，道出了企业 将期现结合基因植入发展血脉的初心。作为专注能化、黑色、农产品等大宗商品领域的现代产业综合服 务商，嘉悦物产集团上游连接国内外生产商，下游服务中小型加工制造企业。 叶辰回忆，企业创立的契机源于对产业客户痛点的深 ...

Core Insights - The article discusses the challenges faced by real enterprises due to changes in the international environment and domestic structural adjustments, highlighting the increasing importance of the futures market as a tool for risk management and stable operations [1][2][3] Group 1: Challenges in the Current Environment - Enterprises are facing new operational challenges due to changes in the global trade environment, which affects demand expectations and investment confidence [1][2] - Profit distribution across the industrial chain is uneven, with upstream raw materials showing stable prices while downstream demand for steel is slowing due to adjustments in the real estate market [2] - The adjustment of demand-side expectations is pushing enterprises to adapt their operating models, requiring more refined operations in response to complex market conditions [2][3] Group 2: Role of Futures Market - The futures market is becoming a crucial tool for enterprises to stabilize expectations and manage risks, providing price signals and diverse hedging methods [2][3] - Two case studies illustrate the effectiveness of futures tools: - The "insurance + futures" project for pig farmers in Hubei, which provided over 3 million yuan in compensation to mitigate price drops [2] - A paper pulp trading company in Shanghai that utilized customized options to hedge against price fluctuations, achieving a profit of 1.246 million yuan [3] Group 3: Need for Enhanced Risk Management - Many enterprises struggle with the concept of integrated risk management, often viewing futures positions separately from their physical operations, leading to potential losses [3][4] - There is a mismatch between the diverse needs of enterprises and the standardized tools available in the futures market, creating challenges in risk management [3][4] Group 4: Expectations for Futures Services - Enterprises are seeking more in-depth, customized risk management solutions rather than generic analyses or simple trading advice [4][5] - The futures industry is innovating service models to better address the risk management needs of small and medium-sized enterprises, including tools that convert absolute price risks into more manageable basis risks [5][6] Group 5: Addressing Service Gaps - The futures market faces two main challenges: the homogeneity of services offered by institutions and the lack of understanding among enterprises regarding the use of futures tools [6][7] - To overcome these challenges, the industry must transition from being mere transaction facilitators to becoming risk management partners, providing tailored solutions for the entire operational process [6][7]

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●股东持股的基本情况： 截至本公告披露日，广州环投永兴集团股份有限公司（以下简称"公司"）股东科学城（广州）投资集团 有限公司（以下简称"科学城投资集团"）持有公司无限售条件流通股37,500,000股，占公司总股本的 4.17%，其股份来源为公司首次公开发行股份前取得。 ●减持计划的主要内容： 科学城投资集团在遵守有关法律法规及承诺的前提下，出于满足企业自身发展资金需求，拟通过集中竞 价的方式减持所持有的部分公司股票，减持数量不超过9,000,000股，即减持比例不超过公司总股本的 1%。减持期间为本计划披露之日起15个交易日后的3个月内，减持价格根据减持时的市场价格确定。 若在减持计划期间公司发生送股、资本公积金转增股本、配股等股本除权除息事项，上述减持股份数量 将相应进行调整。 一、减持主体的基本情况 ■ 上述减持主体无一致行动人。 二、减持计划的主要内容 ■ 预披露期间，若公司股票发生停牌情形的，实际开始减持的时间根据停牌时间相应顺延。 （一）相 ...

证券代码：600490 证券简称：鹏欣资源 公告编号：临2025-037 鹏欣环球资源股份有限公司 关于业绩承诺补偿事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1、应补偿股份及现金情况：经公司测算，交易对方应补偿股份数220,265,693股，现金414,317,270.05 元。 2017年10月25日，公司与姜照柏、姜雷签署了《鹏欣环球资源股份有限公司与姜照柏、姜雷关于宁波天 弘益华贸易有限公司之业绩承诺补偿协议》（以下简称"业绩承诺补偿协议"），本次交易的业绩承诺期 为2018年至2024年，业绩承诺期内的累计承诺净利润依据中审众环会计师事务所（特殊普通合伙）出具 的"众环专字（2017）230068号"《盈利预测审核报告》（以下简称"盈利预测审核报告"）为基础进行确 定，即194,386.08万元。 二、宁波天弘业绩承诺实现情况 根据中兴财光华会计师事务所（特殊普通合伙）出具的《鹏欣环球资源股份有限公司关于发行股份购买 资产并募集配套资金暨关联交易标的资产业绩承诺期届满的减值测 ...