智通财经APP获悉，方正证券发布研报称，十五五规划中新质生产力(新兴+未来产业)将成为主要发展 方向之一，相应有望得到完善的发展规划目标及支持，推动相应产业高速发展。展望十五五时期，商业 航天、人工智能、核聚变、具身智能、量子、脑机等兼具科技及新质生产力的新兴&未来产业蓄势待 发，有望得到完善的发展规划目标及实质性资金支持，推动相应产业高速发展。 方正证券主要观点如下： "十五五"规划着重强调科技自立自强重要性，新兴&未来产业得到大力发展支持 十五五时期经济社会发展的主要目标：高质量发展取得显著成效，科技自立自强水平大幅提高，进一步 全面深化改革取得新突破，社会文明程度明显提升等方向，科技方向在十五五主要发展目标排名前列， 未来5年内，科技有望成为国家的首要发展方向之一。同时，十五五规划首次提出加快建设航天强国， 体现商业航天与深空经济的政策倾向性，后续多项支持性政策有望持续下发，推动商业航天进入高速发 展阶段。 510亿元战略性新兴产业发展专项基金正式启动，众多新兴&未来产业将得到实质性财政支持 新兴产业方向 基金首期规模达510亿元，投资期为5年，管理和退出期为8年，其中投资期最多可延长2年，合计15年。 ...

Group 1 - The waste steel recycling and processing industry is experiencing growth opportunities due to the national green low-carbon transition strategy [1] - Liaoning Zhonghong Waste Steel Processing Co., Ltd. received a credit loan of 10 million yuan at a preferential interest rate of 2.6% to address financing difficulties [1] - The company, as a high-tech enterprise, provides tens of thousands of tons of quality recycled raw materials annually to large steel mills, contributing to carbon reduction in the steel industry [1] Group 2 - The loan aligns with the policy directive to develop green finance that supports the realization of ecological product value [2] - The funds will primarily be used for winter waste steel reserves, expected to increase raw material inventory by 20,000 tons and reduce carbon dioxide emissions by approximately 15,000 tons annually [2] - The bank has invested over 5 billion yuan in green circular industries in the province and plans to enhance support for strategic emerging industries and the private economy [2]

调研中，范波听取了苏州高新区战略性新兴产业整体情况汇报，要求梳理重点领域产业链，精准绘制产业图 谱，发挥高能级科研平台作用，加强与龙头企业对接合作，集中力量攻坚破解技术瓶颈、产业难题，"一链一 策"做好服务保障，全力以赴强链补链延链，加快构建现代化产业体系，努力打造发展新质生产力的重要增长极。 范波强调，当前，人工智能等新一代信息技术与先进制造技术加速融合，不断催生新产业、新模式、新动 能。各地各部门要抢抓人工智能发展等重大机遇，全面实施"人工智能+"行动，坚持创新驱动，突出应用导向，强 化要素支撑，营造一流环境，推动人工智能改造提升传统产业、培育壮大新兴产业、服务布局未来产业，打造具 有国际竞争力的战略性新兴产业集群，加快建设"人工智能+"城市。 市领导王飏、毛伟，苏州高新区主要负责同志参加。 倪黎祥 摄 12月1日，市委书记范波在苏州高新区调研战略性新兴产业发展工作。他强调，要深入学习贯彻党的二十届四 中全会精神和习近平总书记关于人工智能的重要论述，认真落实省委十四届十次全会精神，坚持以科技创新引领 新质生产力发展，推进人工智能赋能先进制造业，培育壮大战略性新兴产业集群，为苏州打造具有全球影响力的 产业科 ...

由中国经济信息社主办，广州市委金融委员会办公室、新华社广东分社支持的"2025广州投资顾问大会 暨财富管理转型发展会议"，于11月26日-27日在广州南沙隆重举行。 广州市副市长赖志鸿在致辞中表示，作为国家中心城市和粤港澳大湾区核心引擎城市，广州凭借得天独 厚的区位优势，形成了多元化的金融生态体系，居民财富积累持续提升。截至目前，广州金融业总资产 规模突破13万亿元，存贷款余额超18.5万亿元，境内外上市公司达241家，高净值家庭约7万户，位居全 国前列。与此同时，广州还具有坚实的产业基础，人工智能、生物医药、新能源汽车、高端装备制造等 战略性新兴产业加速崛起，更为投顾业态发展提供了丰富的应用场景。 赖志鸿表示，近年来，广州深入贯彻落实中央金融工作会议精神，在证监会《关于资本市场做好金 融"五篇大文章"的实施意见》和"南沙金融30条"等政策指引下，锚定"全国投顾第一城"建设目标，持续 提升金融服务实体经济质效。 在生态构建方面，广州持续深化与晨星中国、嘉信理财、万得基金等头部投顾机构的战略合作，首次在 广州金交会设立投顾展区；积极推动投顾课程进高校，不断壮大业界新力军。 （文章来源：新华财经） 据介绍，在政策 ...

Core Viewpoint - The company has effectively utilized its resources to support strategic emerging industries and ecological environmental sectors, investing over 25 billion yuan in the past three years to aid in enterprise relief and promote the development of the real economy [1] Group 1: Financial Support and Investment - The company has focused on technology finance, targeting the development strategies of new generation information technology, artificial intelligence, and new energy sectors, aligning its policies with enterprise needs to help technology companies overcome innovation and industrial upgrade bottlenecks [1] - The Jiangsu branch has implemented precise relief measures through equity investments in leading industrial gas companies and high-quality regional low-altitude economy enterprises, contributing to the high-quality development of frontier technology companies [2] - The Anhui branch has adopted a market-oriented debt-to-equity swap model to alleviate financial pressures and capacity release bottlenecks faced by leading semiconductor companies, resulting in over a 30% increase in production capacity since the project's implementation [2] Group 2: Sector-Specific Initiatives - The Hunan branch has utilized substantial restructuring and market-oriented debt-to-equity swaps to assist a leading agricultural technology company in reducing debt and increasing operational capacity, effectively supporting high-level agricultural technology self-reliance and safeguarding national food security [2] - The Sichuan branch has leveraged its professional advantages to support a global photovoltaic leader in reducing debt, thereby consolidating China's competitive edge and stability in the global photovoltaic industry [2]

Core Viewpoint - The establishment of the Anhui Conch Emerging Industry Equity Investment Fund aims to promote strategic emerging industries and enhance local economic development through targeted investments in key sectors [1]. Group 1: Fund Overview - The Emerging Industry Fund has a total scale of 1 billion yuan, managed by Conch Private Equity [1]. - The fund is a collaboration between Conch Capital, Wuhu Yijiang District, Anhui High-tech Investment, and Haitong Kaiyuan [1]. Group 2: Investment Focus - The fund focuses on strategic emerging industries such as new materials, new energy, energy conservation and environmental protection, and next-generation information technology [1]. - It aims to implement differentiated investment strategies to strengthen and extend the industrial chain, thereby releasing scale effects [1]. Group 3: Economic Impact - The fund is designed to facilitate dual empowerment and collaborative growth between local economic and industrial development [1].

Core Insights - China is signaling a shift away from subsidies for the electric vehicle (EV) industry, indicating a move towards market-driven development after years of government support [1][2][4] Industry Development - The recent five-year development plan for 2026-2030 does not include electric vehicles as a strategic industry for the first time in over a decade, suggesting that the government views the industry as mature and capable of standing on its own [2][5] - The omission of EVs from the strategic list reflects a strategic decision to reallocate resources to other technologies amid global trade and security tensions [3][4] Market Dynamics - Analysts believe that the fading of electric vehicle subsidies will lead to a greater role for market forces in determining which companies survive in the industry [4] - China has established itself as the world's largest new energy vehicle (NEV) market, with NEVs accounting for over 50% of total auto sales by July 2024, significantly ahead of initial government targets [6] Supply Chain and Competition - The rapid growth of the EV sector has resulted in an oversupply, with many domestic brands producing more vehicles than the market can absorb, driven by production targets rather than consumer demand [7] - Research indicates that 93 out of 169 automakers in China hold market shares below 0.1%, highlighting the intense competition and potential for market consolidation [7]

Fund Overview - A central enterprise strategic emerging industries development special fund, initiated by the State-owned Assets Supervision and Administration Commission (SASAC) and managed by China Reform Holdings Corporation Ltd (China Reform), has been launched [1] - The fund's first phase amounts to 51 billion yuan [1] - China Reform plans to invest approximately 15 billion yuan, representing about 29.4% of the initial fund size [1] - The fund has an investment period of 5 years and a management/exit period of 8 years, with a possible extension of the investment period by up to 2 years, totaling 15 years [1] Investment Focus - The fund will support central enterprises in strengthening weak links in the industrial chain and deploying cutting-edge innovations [1] - Key areas of support include strategic emerging industries like artificial intelligence, aerospace, high-end equipment, and quantum technology [1] - The fund will also target future industries such as future energy, future information, and future manufacturing [1]

Core Viewpoint - In August 2025, the Asset Management Association of China approved the registration of five new private equity and venture capital fund managers, marking a decrease of 11 from the previous month. Among these, four are state-owned institutions and one is a market-oriented entity [5]. Group 1: New Fund Managers - The five newly registered fund managers include: 1. Yangzhou Zhanzheng Private Fund Management Co., Ltd. (Yangzhou Zhanzheng) [8] 2. Suzhou Industrial Investment Private Fund Management Co., Ltd. (Suzhou Chuantou) [9] 3. Suzhou Yida Private Fund Management Co., Ltd. (Yida Fund) [10] 4. Taizhou Zhanzheng Private Fund Management Co., Ltd. (Taizhou Zhanzheng) [10] 5. High-tech Venture Capital (Shijiazhuang) Private Fund Management Co., Ltd. (High-tech Venture Capital) [10] Group 2: Fund Manager Details - Yangzhou Zhanzheng was established on August 8, 2024, with a registered capital of 16 million RMB, focusing on project incubation and attraction in cooperation parks [8]. - Suzhou Chuantou, established on May 21, 2025, is a key platform for industrial investment, focusing on strategic emerging industries [9]. - Yida Fund was founded in December 2024 with a registered capital of 10 million RMB, indicating a private institution [10]. - Taizhou Zhanzheng, established in February 2025, aims to strengthen key industries such as healthcare and new materials [10]. - High-tech Venture Capital was established on April 2, 2025, with a registered capital of 15 million RMB, fully owned by the Shijiazhuang High-tech Industrial Development Zone [10]. Group 3: Registration and Capital Analysis - Among the five new fund managers, two have a paid-in capital ratio of 100%, while Suzhou Chuantou and Taizhou Zhanzheng have a lower ratio of 50% [14]. - The average time taken for registration was 114.4 days, with the fastest being Suzhou Chuantou at 33 days and the slowest being Yangzhou Zhanzheng at 287 days [16]. Group 4: Legal Support - A total of five law firms were engaged for the registration process of the new fund managers, indicating a diverse legal support network [18].

Group 1 - Huawei, BYD, and Tencent ranked among the top ten in the 2025 China Private Enterprises 500 Strong list, with revenues placing them fourth, fifth, and sixth respectively [1] - The threshold for entry into the top 500 increased to 27.023 billion yuan, with total revenue of 4.305 trillion yuan, an average of 861.02 million yuan per company, reflecting a growth of 2.72% year-on-year [1] - The total assets of the top 500 private enterprises reached 51.15 trillion yuan, with an average of 1.023 billion yuan per company, showing a growth of 2.62% [1] Group 2 - The net profit of the top 500 private enterprises amounted to 1.8 trillion yuan, with an average of 360.5 million yuan per company, marking a growth of 6.48% [1] - The manufacturing sector within the top 500 saw revenue and asset growth of 7.66% and 7.92% respectively [1] - A total of 309 enterprises invested in 627 strategic emerging industry projects, including new materials, new energy, and high-end equipment manufacturing [1] Group 3 - Research and development expenses totaled 1.13 trillion yuan, with 1.1517 million R&D personnel, and an average R&D expenditure intensity of 2.77% [2] - The number of effective patents reached 721,600, indicating a strong focus on innovation [2] - The total tax contribution of these enterprises was 1.27 trillion yuan, with total employment reaching 11.0912 million [2] Group 4 - Over 65.4% of enterprises participated in the "Ten Thousand Enterprises Revitalize Ten Thousand Villages" initiative, contributing to rural revitalization [2] - The 2025 China Manufacturing Private Enterprises 500 Strong list included 20 Shenzhen enterprises, with Huawei and BYD ranking second and third respectively [2] - The 2025 China Service Industry Private Enterprises 100 Strong list featured 10 Shenzhen enterprises, with Tencent and SF Express ranking third and sixth respectively [2]