2025年海南省科技成果转化大会举行 按照省科技厅印发的《以"先投后股"模式支持科技成果转化试点实施方案(试行)》总体布局，海口 国家高新技术产业开发区推出了"先投后股"相关政策并在大会上进行了宣介。 当天下午，大会围绕南繁与热带高效农业、海洋科技、航天与低空经济、绿色生态与新能源技术、 数字经济、生物制造与生命健康6个高精尖产业领域及国际科技合作方向，开设专题路演分会场，近60 个优质项目进行现场演示与对接洽谈，推动科技、产业与金融资本高效衔接。 现场达成多项合作 海南日报讯(海南日报全媒体记者 邱江华)12月21日，2025年海南省科技成果转化大会在海口举 办。大会以"协同提质生产力、转化增效强生态"为主题，旨在搭建产学研用精准对接的桥梁，推动科技 与产业"双向奔赴"。来自省内外高校、科研院所、重点园区、企业、协会及投融资机构的近200名代表 参会。 大会现场达成多项重要合作。如，海口国家高新区与海南大学签署产业创新融合发展合作协议;"海 南大学科技园成果转化基金"同步启动，并与6个项目签订首批投资意向;13项代表性科技成果转化项目 集中签约，覆盖南繁种业、海洋科技、绿色生态与新能源技术、生物制造与生命健 ...

最近，越来越多地区开始探索这项招商引资的新工具 ——"先投后股"。 我们关注到， "先投后股"作为财政资金创新支持方式的代表性举措，正成为各地推动科技成 果转化的重要手段与招商引资的新工具 。 "先投后股"是一种通过调整财政资金支持方式、分阶段持续助力科技成果转化与初创型科技企 业成长的创新机制。从支持对象看，该模式聚焦"有技术、缺资金"的初创企业，推动其将科研 成果转化为现实生产力；从支持阶段看，分为"先投"和"后股"两个环节。 在 "先投"阶段，财政资金以科技项目资助形式支持企业进行研发及成果转化，并预先约定未来 转股条件和比例；进入"后股"阶段后，若企业实现市场化融资或发展趋于稳定，财政资金按照 既定机制转为股权，并在企业进一步成长后，依据"适当收益"原则有序退出，实现财政资金的 回笼与再利用。 从支持方式看， "先投后股"既区别于传统无偿补贴，提升了财政资金的使用效率，又强化了管 理机构对企业全生命周期的跟踪与赋能，构建了财政资金可持续"循环使用"的长效机制；与政 府引导基金、种子基金、天使基金等早期股权投资工具相比，"先投后股"更像是一种"科技期 权"式支持工具。它不将年度经营业绩作为试点企业的刚性 ...

Core Insights - The article highlights the development of the Interconnected Baodi Binjiang Park in Baoshan, which has transformed from a spare parts warehouse into a hub for high-end new materials, housing numerous innovative enterprises and research institutions [1] Group 1: Industry Development - Baoshan has 170 new material enterprises with a total output value of 144.5 billion yuan in 2024, showcasing the area's focus on enhancing innovation and industrial density [1] - The Wu Song Materials Laboratory, led by academic leaders, is a key research institution focusing on new materials applications in various fields, including energy storage and biomedicine [2] - The introduction of high-level platforms is crucial for Baoshan to strengthen its innovation capabilities and produce leading research outcomes [2] Group 2: Company Initiatives - Shan Hai Hydrogen, founded by a professor from Fudan University, specializes in PEM electrolysis hydrogen production catalysts and membrane electrode manufacturing [3] - The establishment of Shanghai Emi Sanjiang New Materials Technology Co., a joint venture with a Beijing incubator, aims to foster new material startups in Baoshan [4] - The "first invest, then equity" policy in Baoshan provides critical funding for high-potential startups, allowing them to convert investment into equity during market financing [4][5] Group 3: Ecosystem and Collaboration - The park offers flexible leasing policies and free event spaces, enhancing support for resident companies [6] - Baoshan is actively promoting collaboration among enterprises and linking them with Baowu's demands, focusing on application scenarios and research partnerships [6] - The development strategy for Baoshan's new materials industry emphasizes advanced metal materials and aims to capture future trends in mesoporous materials and solid-state batteries [6]

Core Viewpoint - The article discusses the key technological innovations and reforms in the field of science and technology in Shaanxi Province, emphasizing the support for local enterprises and the promotion of significant technological equipment, particularly in mass spectrometry products [1]. Group 1: Key Technological Innovations - The article highlights the emergence of mass spectrometry products developed by local enterprises, supported by national policies over the past two years [1]. - It mentions the release of the first batch of key technological innovation reform tasks for 2026, focusing on expanding the scope of reforms and deepening exploration [2][4]. Group 2: Reform Tasks and Initiatives - The reform tasks aim to enhance the conversion of scientific achievements through three main reforms, focusing on cultivating high-quality innovative talents, strengthening high-quality technological supply, and promoting efficient results conversion [4]. - Specific initiatives include: - Supporting technology achievement conversion through a "first investment, then equity" model [8][9]. - Utilizing a "first use, then pay" model to activate existing patents [10][11]. - Establishing a "technology custody" platform to provide specialized services for technology achievement conversion [12]. - Promoting the management of job-related scientific achievement assets separately [13][14]. - Encouraging the establishment of joint R&D institutions led by enterprises [15][16]. Group 3: Funding and Investment Mechanisms - The article discusses the exploration of diversified funding for basic and applied research, including the establishment of special funds for basic research [17][18]. - It emphasizes the importance of rewarding technical managers and establishing a mechanism for selecting technology-related topics based on industry needs [19][22]. - The article also mentions the support for horizontal research project surplus funds to invest in technology achievement conversion enterprises [25][26]. Group 4: Collaboration and Innovation - The establishment of a collaborative innovation mechanism between laboratories and provincial enterprises is highlighted, aiming to enhance the service capabilities of laboratories [40][41]. - Simplifying the management process for key provincial scientific projects is also discussed to improve efficiency [42]. - The article concludes with the importance of creating a long-term stable support mechanism for basic research [46][47].

Core Insights - The recent investment roadshow by Wuchuang Spark Seed Fund focused on the "拨改投" project in Hongshan District, aiming to support early-stage projects through city-district collaboration and precise empowerment [1][3] - The event utilized a "roadshow + Q&A + investment decision" one-stop docking mechanism to create an efficient financing channel for sci-tech seed enterprises [1][3] Group 1 - Fourteen local enterprises from Hongshan District, including Wuhan Cidian Sensor and Yuni Low Carbon, presented their projects, covering three core areas: new energy and new materials, health and biotechnology, and digital economy and optoelectronic information [3] - The event featured an innovative mechanism for "instant communication, instant evaluation, and instant decision-making," significantly reducing communication cycles and enhancing the efficiency of capital and project matching [3] - Eleven enterprises stood out based on their quality projects and successfully advanced to the next stage of investment negotiations [3] Group 2 - Hongshan Capital is constructing an innovation and entrepreneurship ecosystem with systematic measures, aligning with the goal of building an innovation development belt around universities [3] - The company plans to deepen the effectiveness of its "pre-investment and post-equity" specialized technology funding and expand its early-stage fund pool to reach a scale of hundreds of billions [3] - Hongshan Capital is actively exploring a "investment-guarantee-loan linkage" service model to provide integrated financing solutions of "equity + debt" for technology enterprises [3]

Core Insights - The article discusses the achievements and future plans of Baoshan District in Shanghai during the "14th Five-Year Plan" period, emphasizing its role as a model for modernization and transformation in the context of Shanghai's development strategy [1][3]. Economic Development - Baoshan's GDP surpassed 210 billion yuan, with an annual growth rate of over 5.7% in retail sales [3][5]. - The district's industrial output reached 260 billion yuan, and fixed asset investment exceeded 240 billion yuan over four years, with industrial investment accounting for 20% [3][5]. - The average annual growth rate of revenue from the service industry was 6.1%, with service sector value added exceeding 70% of the economy [3][5]. Innovation and Technology - R&D investment intensity reached 4.69%, with a 20.3% annual growth in high-tech enterprises [3][4]. - Baoshan established 36 innovation and entrepreneurship incubation platforms and collaborated with major universities to create technology parks, resulting in nearly 300 technology achievements being commercialized [4][5]. Industrial Transformation - The district is focusing on six key industries, including high-end materials and robotics, aiming to create billion-yuan industrial clusters [5][6]. - By mid-2025, Baoshan aims to handle 51% of the national cruise ship arrivals and 70% of passenger traffic, with the launch of the domestically produced cruise ship "Aida·Modu" [5][6]. Urban Development - Baoshan is undergoing significant urban renewal, with projects like the Wu Song Innovation City and the integration of high-speed rail and urban development [7][8]. - The district is enhancing its cultural and recreational offerings, including the establishment of the first cruise-themed cultural complex in the city [7][9]. Social Welfare - Baoshan has been recognized as a national civilized city, improving public services and living conditions through urban digital transformation and community development projects [8][9]. - The district is committed to enhancing the quality of life for residents by focusing on beauty, convenience, culture, and safety [8][9]. Future Vision - By 2030, Baoshan aims to become a leading area for innovation and a vibrant, open, and livable international urban center, contributing to the Yangtze River Delta integration and serving as a strategic space for Shanghai's development [10].

Core Viewpoint - The articles emphasize the need to rectify local investment attraction irregularities and establish a unified national market, highlighting the importance of transparency and standardized practices in investment attraction [2][3][4]. Summary by Sections Local Investment Attraction - The focus is on addressing irregularities in local investment attraction, including the need for a national behavior checklist that specifies encouraged and prohibited actions [3][4]. - There is a call for stricter enforcement of regulations to prevent local governments from offering illegal tax, land, and electricity incentives, which contribute to unhealthy competition [3][4]. Market System and Competition - The current market system in China is described as underdeveloped, with issues such as distorted market mechanisms and disrupted competition still prevalent [2][3]. - The articles highlight the need for a correct performance view among local governments, discouraging short-termism and local protectionism [3][4]. Regulatory Framework - The implementation of the Fair Competition Review Regulation (Order No. 783) aims to standardize local investment practices and prevent preferential treatment without legal basis [4][5]. - The introduction of the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" emphasizes that government investment funds should not be established solely for investment attraction purposes [5][6]. Investment Fund Trends - The shift from tax and subsidy-based investment attraction to a "fund investment" model is noted, with local governments increasingly establishing specialized investment funds [4][5]. - The articles discuss the rise of "merger and acquisition investment" as a new strategy for local governments to attract investment, focusing on acquiring listed companies in line with local industrial needs [9]. Innovative Support Mechanisms - The "pre-investment and post-equity" model is introduced as a new fiscal support mechanism, allowing government funds to support R&D and later convert to equity based on pre-agreed conditions [10]. - This model aims to enhance the efficiency of fiscal fund usage and provide tailored support for startups, reflecting a shift towards more sustainable and patient capital [10].

Core Viewpoint - The Xi'an metropolitan area is celebrating its third anniversary as a national-level urban agglomeration, significantly contributing to the economic growth of Shaanxi Province, with a projected GDP share of 46.9% in 2024 [1] Infrastructure Development - Transportation integration is fundamental for the development of the Xi'an metropolitan area, with a focus on a comprehensive transportation network that includes air, rail, road, and urban transit systems [2] - The metropolitan area has established a one-hour commuting network, with a total of 11 subway lines covering 403 kilometers, achieving a daily passenger intensity of 12,200 passengers per kilometer in 2024 [2] - The total length of highways in the area is 13,474 kilometers, including 605 kilometers of expressways, forming a "two-ring and twelve-radiation" highway network [2] International Connectivity - As of July 2023, Xi'an Xianyang International Airport operates 49 international passenger routes and 13 international cargo routes, connecting to 42 major cities across 23 countries [3] - The railway network spans 601 kilometers, with high-speed rail reaching 374 kilometers upon completion of ongoing projects, enhancing connectivity to 29 provincial capitals and municipalities [3] Innovation and Technology - The Qin Chuang Yuan model in the Xi'an metropolitan area promotes collaborative development, exemplified by the establishment of the Copper Light Optoelectronics Company, which has achieved significant technological breakthroughs [4] - The Maxwell Medical Technology Company utilizes 3D printing and AI to address industry challenges in customized organ production, establishing a full-chain innovation path from research to industrialization [5] Public Services and Healthcare - The establishment of new hospitals in the region has improved access to healthcare services, with specialized medical alliances enhancing service capabilities across multiple cities [7] - Collaborative efforts in environmental governance have led to the signing of a framework agreement for air pollution control among the cities in the metropolitan area, promoting coordinated efforts in pollution management [8] Employment and Social Security - The metropolitan area has implemented a unified management system for urban employee pension insurance, facilitating employment information sharing and job fairs to enhance labor mobility [9] - Cross-regional cooperation in work injury recognition and education initiatives is being advanced, fostering a more integrated social security system [10]

Core Viewpoint - The article discusses the transformation of investment attraction strategies in China, emphasizing the shift from traditional tax incentives and subsidies to more regulated and innovative approaches such as government investment funds and merger acquisitions [1][2][6]. Group 1: Regulatory Changes - The implementation of the Fair Competition Review Regulations (Order 783) prohibits preferential tax treatments and selective financial rewards for specific operators without legal basis or government approval [1]. - The Central Committee's decision to further deepen reforms emphasizes the need to standardize local investment attraction regulations and prohibits illegal policy incentives [1][5]. - Many regions have begun to dissolve their investment promotion offices, replacing them with platform companies aimed at industrial development and economic growth [1][2]. Group 2: Emergence of New Investment Models - The traditional "tax incentive" and "reward-subsidy" models are being replaced by a "fund investment" model, where government investment funds are increasingly linked to investment and attraction efforts [2]. - The State Council issued guidelines to promote high-quality development of government investment funds, explicitly stating that these funds should not be established solely for investment attraction purposes [2][5]. - The "first investment, then equity" model is gaining traction, allowing fiscal funds to support R&D and later convert to equity based on pre-agreed conditions, enhancing the efficiency of fiscal fund usage [4][6]. Group 3: Investment Trends and Data - In Q2 2025, the total capital contribution from Limited Partners (LPs) reached 4270.2 million RMB, with state-owned capital contributing 2317.2 million RMB, accounting for 54.26% of the total [3]. - Government-guided funds accounted for 714.6 million RMB, representing 16.73% of the total contributions [3]. - The focus of investment attraction is shifting from external project recruitment to nurturing local industries, reflecting a more sustainable and localized approach to economic development [7]. Group 4: Mergers and Acquisitions as a New Strategy - The rise of "merger investment" is noted as a new strategy for state-owned enterprises to acquire listed companies, particularly in local specialty industries [8]. - This approach is seen as a way to discover new opportunities while ensuring more certainty in investment attraction [8]. - The emphasis on standardizing and increasing transparency in local investment attraction efforts is expected to continue [8].

Group 1 - The Tianjin Binhai High-tech Zone has introduced a management approach for technology achievement transformation, pioneering the "pre-research and post-equity" and "pre-investment and post-equity" models to support innovation projects [1] - The management approach features three highlights: first, it establishes a "pre-research and post-equity" system to bridge the gap in the technology innovation chain, allowing fiscal funds to support research teams and tech enterprises, converting project support funds into equity [1][2] - The approach aims to inject early-stage capital, providing up to 5 million yuan for individual tech projects and up to 50 million yuan for major innovation projects, addressing funding needs in seed and angel investment stages [2] Group 2 - The management approach innovates the operation of fiscal funds, transitioning from traditional subsidies to a circular innovation capital model, with a three-tier review mechanism ensuring quality project selection [2] - Tianjin OTC will collaborate with the Binhai High-tech Zone to promote policies and support the signing, registration, and custody of "equity subscription" agreements, enhancing the service for high-quality development of research projects and tech enterprises [3] - The OTC will explore additional service scenarios, such as "financial institutions + equity subscription" and "park services + equity subscription," to build a comprehensive service system for equity registration and valuation [3]