● 本报记者刘丽靓 新兴产业是赢得未来发展的"必答题"，发展新兴产业已成为中央企业优化布局结构的"必选项"。 不少地方和中央企业系统梳理产业发展图谱，推动精准布局，开辟"第二曲线"：如招商局集团、国机集 团并购整合、项目直投布局生物制药、仪器仪表产业；中国通号、中国航信深耕低空经济细分领域；中 核集团新一代可控核聚变实现离子电子"双亿度"；国投探索"绿电+算力"融合互促新路径；中国国新发 起设立新兴产业发展专项基金；北京加快形成新一代信息技术、智能网联汽车两个千亿级规模产业；江 苏、浙江等地构建覆盖全链条基金群，支持战新产业（300832）发展…… 数据显示，"十四五"以来，中央企业在战略性新兴产业累计投资超过10万亿元，占总投资比重从"十四 五"初期的22%提升至40%以上。2025年，中央企业完成战略性新兴产业投资2.5万亿元、占总投资的 41.8%，中央企业战略性新兴产业营收规模超过12万亿元，连续三年实现了"每年1万亿"可喜增长。 国务院国资委科技创新局局长张剑龙近日在国新办新闻发布会上表示，2026年，国务院国资委将以高质 量编制实施"十五五"规划为契机，接续推动中央企业加快布局新兴产业，抢占未来竞 ...

Core Viewpoint - The Shanghai government report for 2026 indicates a GDP growth target of around 5% for the city, maintaining the same target set for 2025, reflecting a shift towards high-quality development and a focus on building a self-reliant industrial and supply chain system [2][6]. Economic Performance - In 2025, Shanghai's GDP reached 5.67 trillion yuan, growing by 5.4%, which was better than expected [1]. - The total retail sales of consumer goods in Shanghai grew by 4.6% in 2025, surpassing the national average growth rate of 3.7% and reversing a decline of 3.1% in 2024 [1][6]. Consumption and Retail Strategies - Shanghai implemented various initiatives to boost consumption in 2025, including the issuance of "Le Shanghai" service consumption vouchers and the promotion of night economy and cultural tourism events [5][7]. - The number of tax refund stores for outbound tourists increased to 1,837, a growth of 136%, contributing significantly to the retail sales growth [6]. Industrial Development - The three leading industries in Shanghai—integrated circuits, biomedicine, and artificial intelligence—surpassed a combined scale of 2 trillion yuan in 2025 [8]. - Shanghai's focus on high-end industrial structure is evident, with significant advancements in strategic emerging industries [2][8]. Innovation and R&D - In 2025, Shanghai's total R&D expenditure was approximately 4.5% of its GDP, with a target of increasing this to 4.6% in 2026 [9]. - The city aims to enhance its innovation capabilities by establishing high-quality incubators and concept verification platforms, and by promoting the integration of technology and industry [8][9].

Core Insights - During the "14th Five-Year Plan" period, Hebei State-owned Assets Supervision and Administration Commission (SASAC) has invested over 100 billion yuan in R&D, achieving 147 core results that are at the leading level both domestically and internationally [2][5][10]. R&D Investment and Achievements - Hebei SASAC's R&D investment intensity ranks among the top in the country for provincial-level state-owned enterprises [3][10]. - A total of 8,359 patents have been authorized, and 753 standards have been established during this period [5][12]. Technological Innovations - The development of the cold-rolled hot-formed corrosion-resistant steel C2101NS by Hebei Steel Group's Handan Steel Company has achieved a tensile strength of 1,500 MPa, making it suitable for automotive and agricultural machinery manufacturing [3][10]. - Tangshan Sanyou Group has developed a technology for the deep utilization of industrial wastewater, producing liquid salt and high-quality fresh water, contributing to the marine economy [4][11]. Strategic Emerging Industries - Hebei SASAC has launched a development action plan for strategic emerging industries, focusing on sectors such as new energy, new materials, biomedicine, and aerospace information, with a total investment of 90 billion yuan planned over five years [6][13]. - The Taiwei Aviation Technology's D-level full-motion simulator project, with a total investment of 3 billion yuan, is expected to generate an annual output value exceeding 1 billion yuan once operational [6][13]. R&D Platforms and Core Technologies - Hebei SASAC has established high-energy R&D platforms, including joint laboratories with international institutions, to focus on critical core technologies and frontier research [7][14]. - Currently, there are 181 high-tech enterprises and 50 specialized and innovative enterprises under Hebei SASAC, with 181 provincial-level or above R&D platforms created [8][15].

2026年北京经济技术开发区（北京亦庄）高质量发展大会在 近日召开，北京经开区工委副书记石 威发布2026年北京亦庄全球机遇清单，从空间支持、场景应用、基金引导、人才保障等四大维 度，聚焦战略性新兴产业和未来产业发布25个创新应用场景，开放83个高能级创新空间， 打造超 万亿元母基金集群，推出人才发展服务清单，抢占未来发展高地。 "这份清单突出时代脉动、注重前沿科技、强化数字变革、强调立体赋能，旨在更加立体护航企业 创新、做大创新红利。"石威表示。 北京经开区始终把人才作为发展新质生产力的源头活水，推出服务人才发展的"人才清单"。在为 国内外人才提供贴心服务方面，北京经开区亦庄建设的国际人才服务港，集中提供97个政务服务 事项和93个生活服务事项办理。同时，升级"亦城人才卡"，集成政务服务、金融服务、生活消 费、文体休闲等高频服务事项，实现"一卡通用、一网通办"；在支持人才创新创业方面，北京经 开区搭建青年人才孵化平台，配合首期2亿元人才基金，提供创新创业"第一桶金"。还认定15家 区级科技孵化器，每家孵化器为初创企业提供2000平方米创业空间；在青年人才住房保障方面， 提供"7天求职免费住，3个月实习免费短 ...

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund (referred to as "Guangdong-Hong Kong-Macao Fund") has officially begun the selection of sub-fund management institutions, marking a significant step in promoting innovation and investment in the region [1][2]. Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Fund has a target scale of 50.45 billion yuan, with a maximum duration of 20 years, managed by Shenzhen Capital Group [2]. - The fund aims to invest in early-stage and seed-stage technology companies in strategic emerging industries, focusing on original and disruptive technological innovations [2][3]. - The fund will operate under a "sub-fund + direct investment" model, with at least 70% of the sub-fund's investments directed towards seed and early-stage enterprises [2]. Group 2: Regional Impact - The establishment of the Guangdong-Hong Kong-Macao Fund is seen as a concrete measure to accelerate the construction of an international technology innovation center in the Greater Bay Area, leveraging Shenzhen's role as a reform and opening-up hub [3][5]. - Shenzhen has launched a three-year action plan for its state-owned capital fund matrix, emphasizing support for sectors such as semiconductors, artificial intelligence, and biomedicine [5]. Group 3: Market Trends - The venture capital market in China is experiencing a recovery, with 3,501 new funds raised in the first three quarters of 2025, representing an 18.3% year-on-year increase [7]. - The total amount raised reached 1,161.435 billion yuan, marking an 8.0% increase compared to the previous year [7]. - The year 2026 is anticipated to be a significant year for venture capital, with expectations for increased exit opportunities compared to 2025 [8].

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund (referred to as "Guangdong-Hong Kong-Macao Fund") has officially begun the selection process for sub-fund management institutions, marking a significant step in promoting investment in the region [5][6]. Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Fund has a target scale of 50.45 billion yuan, with a maximum duration of 20 years, managed by Shenzhen Capital Group [6]. - The fund aims to invest in early-stage and seed-stage technology companies in strategic emerging industries, focusing on original and disruptive technological innovations [6][7]. - The fund will operate under the principles of marketization and professionalism, ensuring a fair and open selection process for sub-fund management institutions [6][7]. Group 2: Regional Impact - The establishment of the Guangdong-Hong Kong-Macao Fund is seen as a concrete measure to accelerate the construction of an international technology innovation center in the Greater Bay Area [7]. - Shenzhen is positioned as a key base for this initiative, with the local government launching a three-year action plan to support sectors such as semiconductors, artificial intelligence, and biomedicine [8]. - The plan includes commitments from eight state-owned enterprises in Shenzhen to enhance support for early-stage technology projects [8]. Group 3: Market Trends - The venture capital industry in China is experiencing a recovery, with 3,501 new funds raised in the first three quarters of 2025, representing an 18.3% year-on-year increase [9]. - The total amount raised reached 116.14 billion yuan, marking an 8.0% increase compared to the previous year [9]. - The year 2026 is anticipated to be a significant year for venture capital, with expectations for increased exit opportunities compared to 2025 [10].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of focusing on major technological issues that affect national development security and long-term interests, advocating for independent and original innovation to foster emerging and future industries, thereby supporting the construction of a modern industrial system [1][2]. Group 1 - The meeting highlighted the need to develop strategic emerging industries and future industries, aiming to create a "second curve" of growth while integrating the development of these industries with the transformation and upgrading of traditional industries [2]. - It was stressed that technological innovation should be deeply integrated with industrial innovation, leveraging the advantages of state-owned enterprises (SOEs) to reshape the industrial chain through technological advancements [2]. - The meeting called for the implementation of national major scientific and technological projects, focusing on original innovation and tackling key core technologies to build national strategic scientific and technological capabilities [2]. Group 2 - There is a push to create an open and collaborative innovation ecosystem, encouraging SOEs to cooperate with national laboratories, universities, and research institutions to enhance the entire chain from basic research to technology development and industrialization [2]. - The meeting also emphasized the need for a more effective and coordinated policy toolset to support the transformation of the technology industry, ensuring that the regulatory framework aligns with the characteristics of SOEs [2].

Economic Overview - In 2025, Guangzhou's GDP reached 3203.946 billion yuan, with a year-on-year growth of 4.0% at constant prices [1] - The primary industry added value was 31.702 billion yuan, growing by 3.3%; the secondary industry added value was 771.027 billion yuan, growing by 1.6%; and the tertiary industry added value was 2401.217 billion yuan, growing by 4.8% [1] Consumer and Traffic Flow - In 2025, the total retail sales of consumer goods in Guangzhou reached 1103.238 billion yuan, with a year-on-year increase of 5.5% [2] - Daily average retail sales for key sectors included 375 million yuan for automobiles, 132 million yuan for communication equipment, 146 million yuan for clothing and footwear, and 106 million yuan for cosmetics, all achieving over 6% growth [2] - The city attracted 264 million tourists throughout the year, averaging 720,000 visitors daily, driven by major events and performances [2] - Passenger traffic reached 338 million, with a daily average of 930,000, marking a 1.8% increase [2] - Baiyun Airport's passenger throughput exceeded 80 million for the first time, totaling 83.588 million, a 9.5% increase [2] Financial and Investment Flow - By the end of December 2025, the balance of deposits and loans in financial institutions reached 18.3 trillion yuan, growing by 6.4% [3] - Fixed asset investment for the year totaled 806.162 billion yuan, with 2,916 new projects initiated [3] Industry Dynamics - The tertiary sector accounted for over 70% of Guangzhou's GDP, with the value added by the productive service industry making up 59% of the tertiary sector [4] - Industrial technology transformation investment grew by 3.0% in 2025, following two consecutive years of over 20% growth [4] - The "3+5" strategic emerging industries achieved a value added of 1,039.4 billion yuan, a 4.2% increase, representing 32.4% of the city's GDP [4] - The production of new energy vehicles accounted for 27.5% of the total, with significant growth in integrated circuits and biomedicine sectors [4] - A record 127 new national-level specialized and innovative "little giant" enterprises were recognized in 2025, contributing nearly 60% to the growth of the city's industrial output [4]

Core Insights - Gansu Province's state-owned enterprises (SOEs) are projected to achieve total assets of 1.9538 trillion yuan by 2025, reflecting a year-on-year growth of 6.01% [1] - The industrial output value is expected to reach 641.39 billion yuan, with a significant increase of 21.9% year-on-year [1] - Revenue from strategic emerging industries is anticipated to grow by 38.8%, reaching 108.29 billion yuan [1] Group 1: Financial Performance - Gansu SOEs completed 123 reform tasks as part of the deepening reform action plan [1] - The investment in industrial projects amounted to 55.31 billion yuan, marking a 10.6% increase year-on-year [1] - The total investment in "three transformations" projects reached 19.03 billion yuan, up 14.2% year-on-year [1] Group 2: Production and R&D - The total R&D expenditure for the year was 13.345 billion yuan, with a year-on-year increase of 10.32% [2] - Key technological breakthroughs included 11 core technologies and the successful commercialization of 33 major scientific achievements [2] - Production figures included 198,100 tons of electrolytic nickel, 2,014,400 tons of cathode copper, and 396,600 tons of zinc ingots [2] Group 3: Infrastructure and Capacity - The Gansu Electric Power Investment Group's Changle Power Plant became the largest peak-shaving thermal power plant in the country with six 1 million kilowatt coal-fired units [2] - The establishment of four national-level intelligent manufacturing demonstration factories and 31 green factories/mines was achieved [1] - The strategic emerging industries saw a remarkable investment growth of 95.3%, contributing to the revenue increase of 38.8% [1]

近日，执中数据科技(苏州)有限责任公司(以下简称"执中ZERONE")发布2025年私募股权投资行业出资 全景数据，全年LP(有限合伙人)出资金额达1.82万亿元，同比增长超40%，行业出资结构进一步明晰， 国资性质资金稳居主导地位，金融机构则成为出资端的活跃主体。 在业内人士看来，国资主导地位的持续强化，是由政策支持、产业导向调整等多方面因素驱动。同时， 银行、保险等金融机构在私募股权投资中逐渐扮演着更加积极和重要的角色。 LP结构仍由国资主导 行业出资结构方面，纵览近年数据，国资性质资金占比稳居主导地位，且呈现持续攀升态势。2021年至 2025年，国资性质资金占比逐年分别为78.9%、80.0%、85.7%、88.8%和90.2%。 整体来看，保险业机构和银行业机构出资笔数和出资金额居前。2025年，保险业机构作为有限合伙人 (LP)向私募股权基金出资114笔，金额合计达1145亿元，同比分别增长约107%、58%；银行业机构向私 募股权基金出资130笔，同比增长约195%，出资金额为729亿元，较2024年微降0.04%。事实上，自2024 年9月份AIC(金融资产投资公司)股权投资试点扩围以来，银行 ...