Core Insights - The article discusses the importance of future industries as a core competitive arena for countries to seize technological leadership and cultivate new growth drivers, as outlined in China's 15th Five-Year Plan [10][11][12]. Group 1: Global Competition in Future Industries - Future industries such as quantum technology, bio-manufacturing, and brain-computer interfaces are seen as key areas for countries to gain competitive advantages and enhance national strength [10][11]. - The global R&D expenditure as a percentage of GDP has increased significantly from 2013 to 2022, indicating strong resilience in technology investment despite economic downturns [10]. Group 2: China's Progress in Future Industries - China is transitioning from technology catch-up to proactive layout in future industries, with strengths in quantum communication, 6G, brain-computer interfaces, hydrogen energy, and nuclear fusion [13][14]. - By 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with R&D intensity reaching 2.69%, surpassing the EU average [14]. Group 3: Funding Support for Future Industries - Future industries require substantial investment and long-term capital support, necessitating a multi-faceted funding structure that includes government, state-owned, and social capital [20][21]. - The establishment of a future industry fund in Shanghai, with a total scale of approximately 15 billion yuan, aims to support the growth of future industries through a structured investment approach [21]. Group 4: Application Scenario Innovation - Application scenarios are crucial for connecting technology with market needs, serving as testing grounds for new technologies and driving industrialization [24][25]. - The Ministry of Industry and Information Technology emphasizes the need for scenario-driven innovation to accelerate the commercialization of future industries [24].

面向未来产业，应构建探索导向、范式突围、融合驱动的探索型人才生态。可依托国家实验室设立"未 来科学家预备计划"，为具有非主流思维、跨界潜质与颠覆性问题意识的青年人才提供长周期、高容错 的成长环境，打造以范式跃迁为导向的新质人才预备梯队。 中经记者 杜丽娟 北京报道 大力发展未来产业，是引领科技进步、带动产业升级、发展新质生产力的战略选择。培育和壮大未来产 业，关键在于创新人才。如何紧抓新一轮科技革命和产业变革机遇，建立未来产业投入增长机制，统筹 教育科技人才促进未来产业创新发展备受关注。 同时，设立"未来技术英才种子工程"，建设与未来产业对接的实验班或拔尖创新学院，嵌入数理逻辑、 工程建模、脑智科学等跨学科教育课程，引入挑战性科研项目与导师制，打通中学、本科、研究生乃至 博士后的连续培养通道，形成新质人才"潜能识别—结构化培养—科研实践"的系统性成长路径。 蓝皮书指出，面向战略性新兴产业，应构建"工程导向—任务牵引—场景育人"的桥接型人才培养模式。 建议依托国家制造业创新中心和优势工科高校，将关键技术攻坚等任务转化为嵌入式培养项目，在真实 产业场景中培养系统集成与成果转化能力。 首都经济贸易大学与社会科学文献 ...

深圳商报·读创客户端记者 张国锋 12月30日，由《瞭望东方周刊》主办的2025企业家幸福感营商对话活动在江苏太仓举行，发布了"企业 家幸福感年度致敬城市"，深圳市南山区等20个城市和城区当选。 这是南山区第三次上榜。这一荣誉的背后，是超60万市场主体、218家上市公司的"用脚投票"，更是"广 东经济第一区"将提升企业家获得感、幸福感作为首要任务，视企业家为驱动发展的最强引擎，系统性 构建温情与硬核兼具的国际一流营商环境的最佳注脚。 创新服务让企业家"近悦远来" 作为全国知名的经济大区、科技强区、创新高地，南山区2025年前三季度GDP达到7428.12亿元，同比 增长5.8%，预计全年将突破万亿元，成为全国首个GDP突破万亿元的区县级行政区。亮眼的经济数据 背后，是持续优化营商环境、激发市场主体活力的系统作为。 如今的南山，不仅以"南山荔枝"闻名，更以"企业家"汇聚而瞩目。截至目前，全区商事主体突破60万， 相当于每3名常住人口中就拥有1个市场主体；上市公司密度居全国首位，每平方公里超过1家。企业蓬 勃生长，成为城区最具活力的"新名片"。 这里的企业家"浓度"何以如此之高？答案在于南山打造了一套贯穿企业发展 ...

Group 1 - The core viewpoint of the articles highlights the accelerated influx of insurance capital into the primary market, driven by regulatory guidance and a low-interest-rate environment, with insurance institutions contributing significantly to private equity funds [1][2] - In 2025, insurance institutions contributed a total of 1,097.56 billion yuan to private equity funds, marking a 55.85% increase compared to the same period in 2024 [1] - The top three insurance companies in terms of contributions to private equity funds in 2025 were China Pacific Life Insurance (205.99 billion yuan), Ping An Life Insurance (150 billion yuan), and Sunshine Life Insurance (114.88 billion yuan) [2] Group 2 - Insurance capital's participation in the primary market is facilitated through various investment methods, including fund-of-funds, direct investment funds, and proprietary capital [3] - In the first half of 2025, insurance asset management institutions registered equity investment plans totaling approximately 268 billion yuan, reflecting a year-on-year growth of 188% [3] - The significant performance of insurance capital in the primary market is attributed to three main factors: the need to address "asset scarcity," supportive regulatory policies, and the natural alignment of insurance capital characteristics with equity investments [3] Group 3 - Insurance capital is primarily directed towards future industries and new productive forces, promoting a shift towards more rational and patient value investing in the market [4] - Notable investments include a 50 billion yuan fund initiated by China Life Asset Management focused on hard technology, and a 100 billion yuan fund established by PICC aimed at modernizing industrial systems [4][5] - Insurance capital is characterized as "patient capital," favoring long-term investments in sectors aligned with national strategies, such as hard technology, AI, and healthcare [5] Group 4 - Despite the growing scale of insurance capital investments, not all general partners (GPs) are favored; insurance capital has stringent requirements for GP selection based on management scale, historical performance, and team capabilities [6] - Preferred GPs include those with insurance or state-owned backgrounds, as well as top-performing market-oriented GPs [6] - The collaboration between insurance capital and GPs is influenced by the need for alignment in long-term interests and risk management strategies [6][7]

2025年，中国经济顶压前行，向新向优。 新质生产力稳步发展，民生保障更加有力。 透过本刊梳理的十二个热词，我们共同回望2025年的中国经济。 "十五五"规划建议 2025年10月23日，党的二十届四中全会通过《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》。从基本实现社会主义现代化的历史进程看，"十五五"时期起着"承前启后"的重要作用。 党的二十大作出全面建成社会主义现代化强国"两步走"战略安排，其中第一步是到2035年基本实现社会 主义现代化。通过实施"十四五"至"十六五"三个五年规划，我们就能完成这第一步的历史任务。 从基本实现社会主义现代化的目标要求看，"十五五"时期是"夯实基础"的重要阶段。 从现在起到2035年，只有10年时间，前5年发展好了才能为后5年乃至更长远的未来争取更大主动。"十 五五"时期，加紧巩固拓展优势、破除瓶颈制约、补强短板弱项，正是要为2035年基本实现社会主义现 代化奠定更加坚实的基础。这是"夯实基础"的重要意义所在。 九三阅兵 9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场隆重举行。在盛 大阅兵仪式上，所有受阅武器装备都是国产现 ...

Core Viewpoint - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund aims to support strategic emerging industries and innovative technology enterprises, enhancing the region's technological self-reliance and innovation capabilities [2][3] Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Fund has a total scale of 50.45 billion yuan and is part of the National Venture Capital Guidance Fund, which has a registered capital of 100 billion yuan [2] - The fund will focus on seed and early-stage technology companies in strategic emerging industries, supporting original and disruptive technological innovations [2] - The fund's management is undertaken by Shenzhen Capital Group, with a structure that includes a "fund company - regional fund - sub-fund" model [2] Group 2: Local Impact and Collaboration - The investment of 200 million yuan by Jiangmen City Investment Co., Ltd. is part of a broader strategy to link high-quality innovation resources in the Greater Bay Area and support local economic development [3] - Jiangmen aims to attract core elements such as capital, technology, and talent to key industries, accelerating the transformation of technological achievements into productive forces [3] - The city plans to deepen collaboration with fund management institutions and other cities to guide fund resources towards local quality SMEs, enhancing the industrial ecosystem [3]

Core Insights - The "14th Five-Year Plan" period prioritizes the construction of a modern industrial system, marking a strategic shift from single-point technological breakthroughs to systematic industrial upgrades [6][19]. - The new energy industry is transitioning from a focus on installed capacity to building a "source-grid-load-storage" collaborative system, emphasizing dynamic balance between production and consumption [7]. - The aerospace sector is developing a dual-driven model of national engineering and commercial space, with large aircraft industrialization and commercial space driving the scale and capability of the industry chain [8]. - Future industries such as 6G and quantum technology place China in the global leading tier of R&D, aiming to seize the high ground in technology standards and industrial ecosystems through forward-looking layouts [9]. - The transformation of traditional industries emphasizes not only greening and intelligentization but also explicitly promotes "service-oriented manufacturing," guiding the manufacturing sector to extend services throughout the product lifecycle [10]. Group 1: Modern Industrial System - The construction of a modern industrial system is the primary task of the "14th Five-Year Plan," highlighting its core position as a foundation for new era development [19][20]. - The modern industrial system consists of three parts: upgrading traditional industries, developing emerging pillar industries, and strategically laying out future industries [20]. Group 2: Emerging Pillar Industries - The cultivation of emerging pillar industries is positioned as the strategic core of the modern industrial system, providing a strong new growth engine for high-quality development [23]. - Key emerging pillar industries include new energy, new materials, aerospace, and low-altitude economy, which are expected to drive explosive growth in multiple trillion-level markets [23]. Group 3: New Energy - The new energy sector has evolved into a comprehensive ecosystem encompassing "production, storage, transmission, and application," with a strategic significance in ensuring national energy security and achieving carbon neutrality [24]. - As of the end of 2024, China's cumulative installed capacity of new energy reached 1.41 billion kilowatts, maintaining a global leading position [25]. - The annual new installed capacity during the "14th Five-Year Plan" period is expected to remain around 30 million kilowatts [25]. Group 4: New Materials - The new materials industry in China has rapidly grown, with total output value exceeding 8 trillion yuan in 2024, but still faces structural challenges with about 30% of key high-end materials relying on imports [34]. - Significant breakthroughs are being made in various fields, including third-generation semiconductor materials and high-end alloys for aerospace applications [39]. Group 5: Aerospace - The aerospace sector has formed a dual-driven model of national major projects and commercial markets, with the C919 large aircraft and commercial space rapidly developing [42]. - The market size of China's aerospace manufacturing industry is expected to reach 601.7 billion yuan by 2025, with a compound annual growth rate of approximately 14.05% [42]. Group 6: Low-altitude Economy - The low-altitude economy, driven by various manned and unmanned aerial vehicles, is expected to reach a scale of 505.95 billion yuan in 2023, with a year-on-year growth of 33.8% [50]. - The market is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 29.6% from 2021 to 2026 [50]. Group 7: Future Industries - Future industries represent cutting-edge technological and industrial development directions, including quantum technology, biomanufacturing, hydrogen energy, and brain-computer interfaces [61]. - The quantum technology sector is expected to grow significantly, with the industry scale projected to reach approximately 80 billion USD by 2024 and potentially near 1 trillion USD by 2035 [64].

这不仅是一组组数据的跃升，更是一场关乎产业格局、经济动能、全球竞争力的深刻变革。当下的每一 项技术突破、每一次产业升级、每一笔资本投入，都在书写中国经济的新叙事——以创新为核心密码， 以新兴产业为核心载体，中国正在全球产业链、价值链中抢占更高位置，为下一个周期的持续增长注入 源源不断的澎湃动能。而这，正是理解当前中国经济转型与资产价值重估的关键所在。 历史的车轮滚滚向前，经济的浪潮始终向着创新的方向奔涌。"十五五"规划建议将"建设现代化产业体 系，巩固壮大实体经济根基"摆在战略任务的第一条，明确提出"培育壮大新兴产业和未来产业"，为未 来五年发展锚定方向。当中国经济转型不断深入，传统增长动能平稳换挡，新兴产业与未来产业的加速 崛起恰是对"十五五"规划方向的精准呼应，以战略性新兴产业为支撑、未来产业为先导的新增长极逐步 成型，凭借持续加码的研发投入、多点爆发的赛道活力、全球领先的技术突破，重塑中国经济的核心竞 争力。 ...

2025年即将谢幕，回顾这一年，安徽资本市场交出了一份亮眼答卷。从年初星图测控登陆北交所实 现"开门红"，到奇瑞汽车、金岩高岭新材相继叩响港交所大门；从在全国率先出台"市值管理十条"稳预 期，到富乐德创下省内最大规模再融资纪录，安徽资本市场在企业上市、融资扩容、政策创新等多领域 实现突破。境内上市公司数量稳居中部地区第一，优化营商环境指标得分跻身全国前三，再叠加"十五 五"规划建议对未来产业的前瞻布局，多重利好共振下，安徽资本市场活力持续迸发。 12月30日，《每日经济新闻》记者结合公开资料梳理2025年安徽资本市场的关键节点，回望这一年的成 长与突破。 一、星图测控登陆北交所，实现2025年资本市场"开门红" 1月2日，安徽迎来2025年资本市场发展"开门红"，中科星图测控技术股份有限公司（星图测控）公开发 行股票并在北交所成功上市，成为2025年整个A股市场第一家新增上市公司，同时也是北交所商业航天 第一股。 四、奇瑞汽车港交所挂牌上市 9月25日，奇瑞汽车股份有限公司在香港联合交易所主板正式挂牌上市，填补了中国自主品牌"五大车 企"资本版图的最后一块拼图。上市首日，奇瑞汽车开盘价34.2港元/股，较发行 ...

Core Viewpoint - Xiong'an New Area is rapidly developing as a model for high-quality urban development in China, with significant investments and growth in GDP, showcasing its strategic importance and innovative potential [1][23]. Investment and Economic Growth - Since the 14th Five-Year Plan, Xiong'an New Area has maintained an annual investment scale of 200 billion yuan, with an average annual GDP growth rate of 17.1% [1]. - The area serves as a concentrated hub for the relocation of non-capital functions from Beijing and aims to set a national standard for high-quality development [1]. Infrastructure and Urban Development - The Xiong'an New Area's startup zone covers 38 square kilometers and is crucial for the implementation of the first batch of Beijing's non-capital function relocation projects [3]. - Key infrastructure includes the China Sinochem Building, which serves as the headquarters for China Sinochem Holdings, and the China Star Network headquarters, the first central enterprise registered in Xiong'an [5][6]. - The Xiong'an City Computing Center, known as the "city brain," integrates operational data for the entire city [30]. Ecological and Smart City Initiatives - Xiong'an prioritizes ecological value in its development, integrating green spaces and water bodies into urban planning, exemplified by the "Thousand-Year Show Forest" and Baiyangdian Lake [14]. - The area is advancing smart city technologies, including underground utility tunnels for essential services and intelligent traffic systems with smart poles and autonomous vehicles [31][38]. Community and Social Development - Xiong'an is enhancing community engagement in urban governance, ensuring that 169,000 relocated residents and 37,900 new residents have access to quality living conditions [39]. - The area is focused on creating a high-quality living environment, with facilities such as smart dining halls and community centers [40][41]. Innovation and Future Industries - Xiong'an is positioning itself as a hub for future industries, with initiatives to foster innovation and entrepreneurship, including the establishment of over 200 tech companies in the Zhongguancun Science Park [28]. - The first "Xiong'an-made" satellite is set to be produced, marking a significant milestone in the commercial satellite manufacturing industry [25][26].