中证报中证网讯（记者 刘英杰）自今年5月债券市场"科技板"正式落地以来，中国科技创新债券市场迅 速扩容，成为驱动科技创新的重要金融引擎。中国银河（601881）证券积极布局，通过构建全方位做市 服务体系、创新联动一二级市场模式，持续为科技创新领域注入金融"活水"，助力新质生产力发展。 市场数据显示，科创债已成为信用债市场重要的增量来源。据中国证券业协会统计，2025年前三季度， 共有75家证券公司作为科创债主承销商，合计承销金额达7051.8亿元，同比增长57.77%。 在服务科技创新企业的竞争中，头部券商的专业优势日益凸显。今年5月科创债发行主体扩容后，中国 银河证券等12家券商迅速披露了公开发行科技创新公司债券的公告。相关科创债募集资金除直接投向科 技创新领域业务外，部分券商还将募集资金用于科创债的做市承销等业务。业内人士表示，券商不仅能 提供高质量承销服务，更能在股权、债权、投资及做市等方面为科创企业提供全方位支持。 随着市场深化，科创债发行主体日益多元化。此前，中国银河证券作为牵头主承销商，成功支持君联资 本发行了债券市场"科技板"启动后全国首批、北京首单民营股权投资机构科创债。 中国银河证券相关负责 ...

12月24日，据"网信北京"消息，截至12月24日，北京市新增两款已完成备案的生成式人工智能服务，其中高德地图旗下的北京 高德云图科技有限公司的"高德云际"产品在列。据悉，北京市累计已完成205款生成式人工智能服务备案。 | 2 | 阳光智行 | 北京假日阳光环球旅行社 有限公司 | Beijing-YangGuangZhiXing-20 2511150171 | | --- | --- | --- | --- | | 序号 1 | 模型名称 高德云际 | 备案单位 北京高德云图科技有限公司 | 备案编号 Beijing-GaoDeYunJi-20251115 0163 | 来源：网信北京 同日，据"网信上海"消息，截至12月24日，上海市新增9款已完成登记的生成式人工智能服务，累计已完成139款生成式人工智 能服务登记。 ...

Market Performance - The A-share market experienced an upward trend, with the Shanghai Composite Index rising by 0.53%, marking six consecutive days of gains; the Shenzhen Component Index increased by 0.88%; and the ChiNext Index rose by 0.77% [1] Commercial Aerospace Sector - The commercial aerospace sector showed the strongest performance, driving significant gains in related industries such as military electronics, satellite navigation, and aviation engines [3] - The 2025 Third Commercial Aerospace Development Conference and the Fourth Zhongguancun Commercial Aerospace Conference will be held on December 24 in Beijing, focusing on creating a new ecosystem for aerospace and exploring new industrial models [3] - According to Zhongtai Securities, the commercial aerospace industry is entering a new phase of rapid development, with over 600 companies in China and a total of 25 launch sites (18 operational and 7 under construction) [3] - CITIC Securities noted that with the mass launch phases of China Star Network and G60 Qianfan Constellation, along with the operationalization of the Hainan commercial aerospace launch site, the industry is set to enter a new era characterized by high capacity and low costs, opening up a trillion-level market opportunity [3] Computing Power Industry - The computing power industry chain continues to strengthen, with sectors such as PCB, optical modules, liquid cooling, and power equipment seeing increases [4] - Leading stocks like Zhongji Xuchuang reached a historical high, with a market capitalization surpassing 700 billion, reaching 704.9 billion [4] - According to Industrial Securities, by 2026, the overseas computing power chain is expected to enter a new phase of "in-flight refueling," with sustained high growth in capital expenditure from North American cloud vendors and a positive feedback loop in cloud revenue [4] Other Sectors - Additionally, sectors such as new energy, consumer electronics, and semiconductors also experienced gains [5]

Core Insights - The article emphasizes the importance of skilled talent in supporting industrial upgrades and economic vitality in the context of high-quality development and employment-first strategies in China [1][6] Group 1: Employment and Skills Development - China Oriental Education has established a comprehensive employment support system that spans the entire process from learning to employment and development, tailored to different demographic needs [2] - The organization focuses on solidifying professional foundations and connecting students with high-end industry positions, exemplified by graduates from New Oriental Culinary Education successfully entering Michelin-starred restaurants [2] - For groups with potential for transformation, the company provides full-process support from skill development to resource connection, helping veterans transition into management roles in the culinary industry [2] Group 2: Entrepreneurial Support - The organization offers systematic support for young individuals seeking to realize personal value through skills, as demonstrated by a graduate who turned a passion for baking into a successful personal brand with annual revenue exceeding 2 million yuan [3] - The curriculum is market-oriented, providing comprehensive entrepreneurial guidance and sustainable resource connections to help students find development opportunities in niche fields [3] Group 3: Industry-Education Integration - China Oriental Education extends industry-education integration beyond talent cultivation to regional service and lifelong development, creating a sustainable ecosystem through collaboration with thousands of enterprises [4] - The organization actively participates in local industry planning and skill talent development, ensuring that educational supply dynamically matches regional development needs [4] - Alumni networks are leveraged to create localized employment opportunities, exemplified by graduates returning to mentor current students, enhancing the ecosystem's vitality [4] Group 4: Lifelong Development and Core Competencies - The ultimate goal of this ecosystem is to create a virtuous cycle of training, employment, and community service, focusing on transferable core competencies such as problem-solving and continuous learning [5] - This approach aims to ensure that graduates can adapt to industry changes and achieve sustainable career development, thereby injecting lasting vitality into regional economies [5] Group 5: Commitment to National Strategy - In alignment with national policies promoting employment and skill development, China Oriental Education translates macro strategies into effective practices that meet diverse employment needs [6] - The organization is committed to high-quality development in modern vocational education, continuously optimizing professional layouts and talent cultivation models in response to technological advancements and industry changes [7] - By adhering to the philosophy that vocational education is synonymous with employment education, the organization not only helps students realize personal value but also contributes to national strategies and economic development [7]

Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board, aiming to leverage the fifth set of listing standards, marking it as the first domestic company to have its ECMO system approved for market entry [1][2]. Financial Performance - Hanno Medical is experiencing rapid growth, with revenue projected to increase from 29.83 million yuan in 2023 to 49.31 million yuan in 2024, and 37.36 million yuan achieved in the first half of 2025. The company's losses have significantly narrowed from 341 million yuan in 2023 to 82.27 million yuan in the first half of 2025, indicating improved operational efficiency [2]. Fundraising and Investment - The company plans to raise 1.06 billion yuan through its public offering, which will be allocated to R&D centers, production bases, marketing network construction, and working capital, aligning with its long-term strategy and national policies promoting high-end medical equipment development [3]. Technological Innovation - Hanno Medical emphasizes independent innovation, having developed all key technologies in-house, maintaining a leading edge in the industry. The company has mastered seven core technologies and holds 38 authorized invention patents, establishing a strong competitive barrier [4]. Product Development - The core product, Lifemotion ECMO system, was approved for market entry in 2023, breaking foreign monopolies. It received EU CE MDR certification in early 2025, becoming the first domestic ECMO product to enter international markets [4]. Market Coverage - The company's products have been adopted by over 140 hospitals nationwide, including top-tier hospitals, and have achieved international orders in Europe, South America, and Africa, with ongoing product registration efforts in emerging markets [6][7]. Market Growth Potential - The ECMO industry is projected to grow significantly, with the Chinese market expected to expand from 960 million yuan in 2024 to 3.71 billion yuan by 2030, reflecting a compound annual growth rate of 25.2%. The global market is anticipated to reach 5.8 billion USD by 2035 [7]. Business Model - Hanno Medical has established a sustainable business model centered on "equipment first, consumables driven," ensuring predictable cash flow through the continuous consumption of high-value consumables associated with ECMO systems. This model is expected to replicate in broader international markets, contributing to long-term value [8].

Core Viewpoint - The company has signed a framework cooperation agreement with Duolong Mining to establish an integrated energy assurance project at the Tibet Duolong Copper Mine, investing 50 million yuan to set up a project company, aligning with national policies on clean energy development [1][2][3] Group 1: Project Overview - The Duolong Copper Mine is one of China's few undeveloped large-scale copper-gold mines, currently obtaining exploration rights and processing mining rights [2] - The project aims to address the weak power grid in the area, ensuring stable power supply during the construction and operation phases of the copper mine [2][3] - The project will implement a "new energy + mining" collaborative development model, providing a replicable solution for energy assurance in high-altitude regions [1][3] Group 2: Industry Context - The project aligns with national policies promoting the integration of energy sources, networks, loads, and storage, which is crucial for achieving carbon neutrality goals [4] - Compared to many similar projects that remain in planning stages, this project demonstrates significant policy alignment and practical breakthroughs [4] - The project will utilize abundant renewable energy resources in the Ali region, significantly reducing reliance on traditional energy and carbon emissions, thus providing valuable experience for the green transformation of large industrial projects in remote areas [5] Group 3: Company Transformation - The company has diversified its business to include rail transit, bridge components, and photovoltaic power generation, with significant revenue growth in its solar power business projected for 2023-2025 [6] - A major asset restructuring is underway, shifting the company's focus from traditional sectors to clean energy generation, including solar, wind, and hydropower, along with energy storage and sales [6][7] - The company aims to evolve into a comprehensive energy service provider, integrating green energy technology services and carbon-neutral ecosystem solutions [7]

Group 1 - The satellite industry is experiencing significant growth driven by policy support and commercial application advancements, with the satellite ETF Guangfa (512630) rising over 4% on December 24, 2023, and over 14% since the beginning of December [1][2] - The China Commercial Aerospace Development Conference held in Beijing released a report indicating that there have been 325 space launches globally, with China accounting for 87 launches (84 successful), and 23 of these by private commercial rocket companies, resulting in 324 satellites in orbit [1][2] Group 2 - The policy environment has emphasized the critical role of commercial aerospace and satellite internet in "new infrastructure" and "integrated space-ground networks," with the Ministry of Industry and Information Technology issuing satellite communication licenses to facilitate the transition from experimental to large-scale commercial use [2] - The global satellite internet market is projected to grow at a compound annual growth rate of 18.1% from 2025 to 2030, with China emerging as a significant growth driver due to supportive policies and technological advancements [2] - The CSI Satellite Industry Index has outperformed mainstream broad-based indices, rising over 35% in the past year, with constituent stocks primarily in defense, computer, electronics, and communication sectors, indicating high growth potential and technology intensity [2] - The satellite industry is viewed as a strong strategic investment opportunity, currently at a pivotal moment characterized by policy support, technological breakthroughs, and expanded applications, making it an ideal time to invest in the sector [2]

Core Viewpoint - The company plans to raise up to RMB 1.5 billion through a private placement of shares to fund the construction of large-scale wind power components and to supplement working capital [1] Group 1: Fundraising and Investment - The total investment for the construction project of 6MW and above large power wind turbine main bearings, yaw and pitch bearings, and components is RMB 1.42 billion, with RMB 1.1 billion to be funded by the raised capital [1] - The project aims to purchase various equipment including ring rolling machines, hydraulic presses, heat treatment furnaces, vertical CNC lathes, CNC forming gear milling machines, quenching machines, and bearing assembly testing facilities [1] - Upon reaching full production, the project will have an annual production capacity of 1,150 sets of main bearings and yaw and pitch bearings for 6MW and above wind turbines, as well as 250 large wind tower flanges [1] Group 2: Strategic Alignment and Market Outlook - The fundraising aligns with national industrial policies and industry development trends, closely related to the company's main business [1] - The investment in the project is expected to have a good market outlook and economic benefits, enhancing the company's core competitiveness and service capabilities [1] - The implementation of this project will strengthen the company's market position and enhance its overall strength [1]

Group 1 - The core announcement is that Zhuoran Co., Ltd. has signed a supplementary agreement under the original EPC contract for the annual production of 1.2 million tons of PBAT biodegradable polyester project, with a total order amount of approximately RMB 4.033 billion [1][2] - The project aims to establish the largest single PBAT biodegradable polyester production line in China, located in Wuhai City, Inner Mongolia, and aligns with the national "dual carbon" strategy to promote the transformation of the traditional chemical industry towards green and environmentally friendly practices [2] - Zhuoran Co., Ltd. will act as the equipment supplier for the project, while Shanxi Installation Group will serve as the lead contractor for the overall project [1][2]

Core Viewpoint - Northeast Pharmaceutical is enhancing shareholder engagement through a promotional event for its new beauty products, aiming to showcase its latest achievements in the health sector and establish a long-term shareholder return mechanism [1][2] Group 1: Shareholder Engagement Activities - The company plans a shareholder reward event from December 25 to December 28, 2025, to help shareholders understand its new beauty products [1] - Eligible shareholders must hold at least 500 shares as of December 8, 2025, and can participate in the event to receive exclusive offers [1] - Shareholders will enjoy a "buy 1 get 4" promotion along with a 10% discount on the total purchase, enhancing the value of their investment [1] Group 2: Business Development in Health Sector - Northeast Pharmaceutical is focusing on the health sector, launching the functional skincare brand "Qifangyuan" to integrate skin health with pharmaceutical technology [2] - The brand leverages the company's national-level technology center and collaborates with research institutes in Shenyang, Beijing, and Shanghai to create a coordinated R&D matrix [2] - The company is expanding into the food and health sector with products like medicinal biscuits, aiming to meet diverse health needs and strengthen its health product matrix [2]