Group 1 - The number of companies in strategic emerging industries listed on the Shanghai and Shenzhen stock exchanges is approaching 2,700, accounting for over 40% of the market capitalization [1] - More than 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange in 2024 will belong to strategic emerging industries or high-tech enterprises [1] - The conditions for technology companies to go public have become more accommodating, with multiple listing paths established for unprofitable companies, red-chip companies, and those with special voting rights [1] Group 2 - Since the introduction of the "merger and acquisition six guidelines," listed companies have actively planned mergers and acquisitions, resulting in over 1,400 disclosed asset restructurings, a year-on-year increase of over 40% [1] - The number of major asset restructurings has exceeded 170, showing a year-on-year increase of over 220% [1] - Approximately 650 asset restructurings have been disclosed by companies in strategic emerging industries, with over 80 being major restructurings [1] Group 3 - Since the implementation of the registration system reform, 90% of companies listed on the Sci-Tech Innovation Board and Beijing Stock Exchange, and over half of those on the Growth Enterprise Market, have received investments from private equity and venture capital funds [2] - The scale and proportion of investments from private equity and venture capital funds in strategic emerging industries continue to rise, with over 100,000 projects currently funded and total investment exceeding 4 trillion yuan [2] - The bond market has become an important channel for direct financing for technology companies, with cumulative issuance of Sci-Tech bonds reaching 1.2 trillion yuan [2] Group 4 - In 2024, 539 Sci-Tech bonds were issued, with a total issuance scale of 610 billion yuan, representing a year-on-year increase of 64% [2] - The funds raised are primarily directed towards cutting-edge fields such as semiconductors, artificial intelligence, new energy, and high-end manufacturing [2]

值得关注的是，筹备北交所上市的挂牌公司实力突出，近两年（2023年至2024年）营业收入和净利润平均复合增长率分别 为9.76%和7.56%。其中，约半数为国家级专精特新"小巨人"企业，近两成属于高端装备制造、生物医药等战略性新兴产业。 本报记者 孟珂 5月21日，国家金融监督管理总局等八部门联合印发的《支持小微企业融资的若干措施》提出，支持小微企业开展股权融 资。支持符合条件的小微企业在新三板挂牌，规范成长后到北交所上市，引导社会资本更多向创新型中小企业聚集，带动同行 业、上下游小微企业共同成长。 北京利物投资管理有限公司创始人、合伙人常春林对《证券日报》记者表示，明确支持小微企业股权融资，能够吸引更多 有潜力的公司在新三板挂牌，从而有效扩充北交所的后备企业队伍，为北交所贡献大批量优质"生源"。对中小企业而言，有利 于其更好地利用资本市场发展壮大，提升规范治理水平，进而增强抗风险和抗周期能力。 "此次政策导向明确，有助于强化多层次资本市场功能：一方面，该政策通过拓宽小微企业股权融资渠道，可缓解其长期 面临的融资难题，降低对传统信贷的依赖；另一方面，引导资本向创新型企业聚集，形成'投资—培育—退出'良性循环， ...

Core Viewpoint - The Chinese government is enhancing support for venture capital and private equity to boost technological innovation, as outlined in the recent policy measures introduced by multiple regulatory bodies [3][5]. Group 1: Policy Measures - The new policy measures focus on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets, proposing 15 specific initiatives [5]. - A "National Venture Capital Guiding Fund" will be established to encourage early, small, long-term, and hard technology investments [5]. - The measures aim to streamline the entire venture capital process from fundraising to investment management and exit strategies [5]. Group 2: Bond Market Innovations - A "Technology Board" will be established in the bond market to address fundraising challenges for equity investment institutions [6]. - The People's Bank of China will provide low-cost refinancing and risk-sharing tools to support the issuance of technology innovation bonds by equity investment institutions [6][7]. - Nearly 100 institutions have registered or issued technology innovation bonds, with total funding exceeding 250 billion yuan [7]. Group 3: Market Activity and Trends - The number of projects supported by private equity and venture capital funds has surpassed 100,000, with total invested capital exceeding 4 trillion yuan [9]. - Since the introduction of the "Merger Six" policy, over 1,400 asset restructuring cases have been disclosed by listed companies, marking a year-on-year increase of over 40% [8]. - The focus on strategic emerging industries has led to significant activity in mergers and acquisitions, with over 650 restructuring cases reported in this sector [8][9].

本报讯 （记者苏诗钰）近日，国家开发投资集团有限公司（以下简称国投集团）最新数据显示，截至 2025年3月，国投系基金累计投资1175个项目，助力296家企业登陆资本市场，其中科创板上市143家， 突破323项关键核心技术，培育319家国家级"小巨人"企业。 "国投集团以基金投资践行国有资本功能使命的高质量发展路径，在服务国家战略、构建现代产业体 系、培育战略性新兴产业等方面彰显了国有资本的独特价值。"国投集团党组成员、总会计师柴艳丽 说。 国投集团作为央企，在不少明星企业的成长过程中都发挥着不容忽视的作用。截至目前，旗下在管基金 共50只，基金管理规模超过2700亿元，其中国家级政府投资基金有11只，规模超过2300亿元，占比 84%。 此外，国投系基金围绕国家重大专项，278亿元重仓集成电路全产业链，从芯片设计、芯片制造、芯片 封装到下游应用，累计投资拓荆科技、中微公司、寒武纪、粤芯半导体等336个项目，助力突破"卡脖 子"技术，加速国产替代进程。 今年年初，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（以下简称《指导意 见》），《指导意见》提出7方面25条措施，旨在构建更加科学高效的政府 ...

近日，科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政部、 国务院国资委等七部门联合印发了《加快构建科技金融体制 有力支撑高水平科技自立自强的若干 政策举措》（后简称《政策举措》）。5月22日，国务院新闻办公室举行新闻发布会，介绍科技金 融政策有关情况。 中国证监会首席风险官、发行监管司司长严伯进在发布会上介绍，"投早、投小、投长期、投硬科 技"这样的市场生态正逐步形成。 其次，新上市公司的科技含量不断提升。沪深北交易所上市公司中，战略性新兴产业的上市公司数量已接近 2700家，市值占比超过4成。2024年，科创板、创业板、北交所新上市公司当中，超过9成属于战略性新兴产 业或高新技术企业。在新一代信息技术、高端装备、新能源等领域，都形成上市公司集群，一批关键核心技 术攻关领域的代表性"硬科技"企业实现上市融资。 再次，科技企业并购重组更加活跃。目前，沪深上市公司披露资产重组的有1400余单，同比增长超过40%，其 中重大资产重组170余单，同比增长超过220%。在这当中，战略性新兴产业的上市公司披露资产重组约650 单，重大资产重组超过80单。 再就是私募股权创投基金支持科技创新持续 ...

此外，债券市场直接融资作用也在不断凸显。目前，交易所债券市场已经成为科技企业直接融资的一个 重要渠道，科创债累计发行1.2万亿元，其中2024年一共发了539只，发行规模0.61万亿元，同比增长了 64%，募集资金主要投向半导体、人工智能、新能源、高端制造等前沿领域。 期货日报网讯（记者 杨美）5月22日下午3时，国务院新闻办公室举行新闻发布会，介绍科技金融政策 有关情况。中国证监会首席风险官、发行监管司司长严伯进在会上表示，2024年以来，证监会陆续出台 了"科创板八条""科技十六条""并购六条"，还有《资本市场做好金融"五篇大文章"的实施意见》等一系 列政策文件，优化支持科技创新的政策体系和市场生态，推动创新链产业链人才链金融链加快深度融 合。 严伯进介绍，新上市公司的科技含量不断提升。沪深北交易所上市公司中，战略性新兴产业的上市公司 数量已接近2700家，市值占比超过了4成。2024年，科创板、创业板、北交所新上市公司当中，超过9成 属于战略性新兴产业或高新技术企业。私募股权创投基金支持科技创新也在持续发力。私募股权创投基 金投向战略性新兴产业的规模和占比持续提升，目前在投项目超过了10万个，在投本金超 ...

Core Insights - The technology content of newly listed companies in China is continuously improving, with nearly 2,700 companies in strategic emerging industries listed on the Shanghai, Shenzhen, and Beijing stock exchanges, accounting for over 40% of the market capitalization [1] - In 2024, more than 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange will belong to strategic emerging industries or high-tech enterprises, highlighting the focus on key core technology sectors [1] - A number of representative hard-tech companies in critical core technology fields have successfully gone public, indicating a trend towards innovation-driven growth in the market [1]

Core Viewpoint - The Shanghai Municipal Government Office has released opinions aimed at further deepening reform and innovation to accelerate the high-quality development of the technology service industry [1] Group 1: Focus Areas - The initiative emphasizes the development of key areas such as frontier technology, future industries, and strategic emerging industries [1] - A systematic layout mechanism is proposed, which includes "future industry funds + high-quality incubators + concept validation centers + agglomeration areas" [1] Group 2: Objectives - The goal is to enhance the role of concept validation in promoting the development of future industries [1]

智通财经5月22日电，上海市人民政府办公厅发布关于进一步深化改革创新 加快科技服务业高质量发展 的若干意见。聚焦前沿科技、未来产业和战略性新兴产业发展重点领域，建立"未来产业基金+高质量 孵化器+概念验证中心+集聚区"体系化布局机制，提高概念验证对未来产业发展的促进作用。建立市场 化运营、风险共担和利益共享机制，强化技术与市场可行性"双验证"功能，打通概念验证、中试熟化、 创业孵化与产业化的关键环节，提升技术创新效能。 上海：聚焦前沿科技、未来产业和战略性新兴产业发展重点领域 建立"未来产业基金+高质量孵化器+概 念验证中心+集聚区"体系化布局机制 ...

Core Viewpoint - A strategic restructuring wave is reshaping the layout of state-owned capital in China, focusing on "three concentrations" as a core goal [1] Group 1: Characteristics of Current Mergers and Acquisitions - The current round of central enterprise mergers and acquisitions is characterized by three main features: strategic focus, market-oriented guidance, and deep integration of the industrial chain [3][4][5] - Over 80% of restructuring cases are concentrated in strategic emerging industries, with State Power Investment Corporation enhancing its coal power capacity from 48 million tons to 63 million tons through the integration of Baiyin Hwa coal power [3] - The integration model of "traditional energy supply + new energy transition" is becoming a benchmark for energy state-owned enterprises [3] Group 2: Policy Support for Mergers and Acquisitions - The regulatory environment is becoming more favorable, with the China Securities Regulatory Commission (CSRC) increasing valuation inclusivity for light asset technology companies [4] - Local policies are fostering competition, with Shanghai aiming to cultivate 10 leading enterprises and achieve a merger scale of 300 billion yuan over three years [7] - The CSRC has introduced a "small and fast" review mechanism, reducing the restructuring review cycle to 45 working days, a 60% reduction from traditional processes [7] Group 3: Notable Companies and Their Strategies - Yuan Da Environmental Protection, a subsidiary of State Power Investment Corporation, plans to acquire equity in Wiling Power and Changzhou Hydropower, potentially becoming a platform for integrating hydropower assets [8] - Datang Power, under Datang Group, is integrating coal power assets in Inner Mongolia and Shanxi, while promoting the synergy between coal power and new energy projects [9] - Hongdu Aviation is optimizing asset allocation within the Aviation Industry Group through asset swaps, positioning itself for future military asset integration [9] - Electric Power Investment Finance is set to acquire 100% equity in State Power Investment Nuclear Power Co., becoming a key player in the nuclear power sector's restructuring [9] Group 4: Major Asset Integration Targets - The 3.8 trillion yuan asset integration of the State Grid is highlighted as a primary restructuring target, with significant recent developments including the acquisition of energy-saving businesses and assets from nine provincial power companies [10] - Recent corporate governance changes, including the resignation of the chairman and amendments to the company charter, indicate strategic shifts within the company [10] - The stock has shown strong trading volume and net inflows, suggesting potential upward momentum in the near future [10]