5月9日下午2:30分，北京金融资产交易所人头攒动，科技创新债券上线暨集中路演活动(以下简称"活动")正在此举行，新希望、西科控股等8家发行人面向 现场几十家投资机构开展了一场集中路演。随着"科创未来金融护航"的蓝色横幅缓缓拉开，至此，银行间债券市场"科技板"正式上线。 党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。近日，中国人民银行、中国证监会联合发布关于支 持发行科技创新债券有关事宜的公告(中国人民银行中国证监会公告〔2025〕8号)。 银行间债券市场随即响应。5月7日，中国银行间市场交易商协会(以下简称"交易商协会")发布《关于推出科技创新债券构建债市"科技板"的通知》(以下简 称《通知》)，推出科技创新债券，市场反响热烈，多家机构积极参与注册发行。 以科技创新债券为桥梁 推动更多金融活水涌向创新高地 当前我国债券市场规模已经超过了180万亿元，稳居全球第二大债券市场。"科技创新债券的推出不仅是市场的一次重要创新，也是加快我国多层次债券市 场建设的一次关键机遇。"在活动上，中国人民银行金融市场司副司长曹媛媛关于各市场主体参与科技创新债券提出了四点倡议。 她表示 ...

Core Viewpoint - The Shenzhen Municipal Bureau of Local Financial Supervision and the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission jointly issued the "Shenzhen Action Plan for Leveraging Capital Markets to Build an Industrial Financial Center (2025-2026)" focusing on nurturing patient capital to support the development of new productive forces [1] Group 1 - The plan emphasizes the cultivation and expansion of patient capital to serve the development of new productive forces [1] - It targets key industries and sectors, particularly artificial intelligence, new energy, and biomedicine, under the "20+8" industrial framework [1] - The initiative aims to continuously improve support policies for long-term investments, particularly in hard technology [1] Group 2 - The plan encourages the standardized development of angel investment, venture capital, and private equity investment [1] - It promotes state-owned and government investment funds to become more responsible long-term, patient, and bold capital [1] - The initiative seeks to guide multi-level social financial capital to establish long-cycle performance assessments, incentive constraints, and error-tolerance mechanisms [1] Group 3 - The plan advocates for diverse entities to participate in venture capital and supports "chain master" enterprises in conducting corporate venture capital (CVC) [1] - It aims to improve multi-exit mechanisms and actively carry out pilot projects for the transfer of private equity and venture capital shares [1] - The initiative supports government funds and social capital in establishing merger funds and private equity secondary market funds to promote a virtuous cycle of "technology-industry-finance" [1]

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 355 million, which remained flat year-on-year, while net profit attributable to shareholders was 25.2 million, a decrease of 16.47% [4] - The decline in profit was primarily due to the recognition of employee stock incentive expenses and increased depreciation from new projects [4] - The company's asset-liability ratio rose to over 70% in Q1 2025, but short-term solvency is not expected to be affected due to sufficient liquidity and strong asset turnover [4] Group 2: Strategic Goals and Market Position - The company aims to enhance market share and sales volume in the industrial gas sector by launching new projects and focusing on two major specialty gas industrial parks [2][3] - The long-term strategic goals remain unchanged despite short-term challenges, aligning with national development needs for emerging industries [3] - The company is targeting a revenue goal of 5 billion for the 14th Five-Year Plan period, although progress has been slower than planned [3] Group 3: Industry Outlook and Growth Drivers - The industrial gas market in China is projected to grow from 238.1 billion in 2024 to 284.2 billion by 2026, with a compound annual growth rate of approximately 10% [9] - The company is focusing on the semiconductor, display panel, and photovoltaic sectors, which are expected to drive demand for specialty gases [9] - The company has signed a nitrogen supply contract with Yichang Bangpu Times for 40,000 cubic meters per hour, which is anticipated to positively impact 2025 performance [8] Group 4: Operational Challenges and Responses - The company is addressing the challenges of declining prices in the bulk industrial gas market by enhancing customer service and optimizing operational processes [7] - The management is committed to improving profitability and operational efficiency through the stable production of products from the two major industrial parks [5][8] - The company plans to increase R&D expenditure to approximately 50 million in 2024, reflecting a year-on-year increase of 28.71% [6]

Core Insights - The rapid establishment of the sodium-ion battery production project by Sichuan Xingkong Sodium Battery Co., Ltd. in Dazhou highlights the effectiveness of industrial transfer initiatives in China [1] - The 2024 China Industrial Transfer Development Matching Event in Sichuan aims to attract high-quality industrial projects and core enterprises in strategic emerging industries [5][10] Group 1: Industrial Transfer Initiatives - The 2024 event is part of a series of national industrial transfer activities aimed at optimizing production capacity and facilitating orderly industrial transfer across regions [3][4] - Sichuan's unique advantages, including a complete industrial chain and strong manufacturing capabilities, position it as a key player in attracting industrial transfers [3][4] Group 2: Project Developments - The sodium-ion battery project is expected to begin production by the end of May 2024, following a successful trial run [1] - Sany Silicon Energy has invested in a 2GW high-efficiency crystalline silicon photovoltaic component production base in Sichuan, leveraging the region's comprehensive industrial chain [4][12] Group 3: Government Support and Ecosystem - The local government provides comprehensive support to projects, including free office space, environmental assessments, and connections with leading enterprises [13] - Sichuan's approach emphasizes a collaborative ecosystem between government and enterprises to enhance industrial development [8][10] Group 4: Future Prospects - Companies like Xingkong Sodium Battery plan to expand their application scenarios and increase production capacity to 50GW [14] - The event has attracted over 1,000 participating companies, indicating strong interest in Sichuan as a destination for industrial transfer [15]

甘忠如带领团队开启了艰苦卓绝的研发征程，历经三年不懈努力，成功攻克基因重组人胰岛素技术难 题。1998年，中国首支拥有自主知识产权的第二代胰岛素惊艳问世，这一突破让我国成为全球第三个掌 握该技术的国家，不仅打破了国际垄断的坚冰，更将胰岛素价格降低了近40%，让无数患者受益。2005 年，他创立的甘李药业再接再厉，率先研发出第三代长效、速效胰岛素类似物，进一步填补了国内技术 空白。如今，甘李药业已成长为亚洲最大的胰岛素生产基地，产品畅销全球30多个国家，年销售额超过 40亿元。 凭借在胰岛素研发领域的卓越贡献，甘忠如被誉为"中国胰岛素之父"，并荣获国家科学技术进步奖、中 国医药产业十大人物等众多殊荣。 此次捐赠的1亿元资金，将精准投入到多个关键领域。在科研教学设施升级方面，用于改造生命科学大 楼实验室，引进国际顶尖的仪器设备，为科研人员打造更加先进、高效的实验环境；在青年人才培养计 划上，设立"甘忠如科研创新基金"，激励年轻学子在科研道路上勇攀高峰；同时，资助学生参与国际学 术交流活动，让他们有机会前往顶尖学府深造，拓宽国际视野；此外，还将搭建学科交叉融合平台，推 动生物技术与人工智能、大数据等前沿领域的协同创 ...

Group 1 - The establishment of the Shandong Enterprise Annuity Development Alliance aims to enhance the quality of enterprise annuities and promote collaboration among government, enterprises, and financial institutions [1] - Starting from January 1, 2025, the scope of talent annuities in Shandong will expand from seven pilot cities to the entire province, covering high-tech industries and startups, thus optimizing the talent ecosystem and enhancing employee pension security [1] - Shandong Bank actively supports the policy by integrating industry resources through mechanisms like the "Annuity Alliance" to improve annuity services [1] Group 2 - Shandong Bank has developed a comprehensive approach to pension finance, covering enterprise annuities, personal pensions, and pension service finance, serving nearly 1,000 enterprises and 245,000 individuals in the province [2] - As one of the first commercial banks approved to offer personal pension services, Shandong Bank has provided personal pension account services to over 769,000 individuals by the end of March [2] - The bank has launched the "Zhongyin Silver Age" pension service brand, offering comprehensive solutions for clients throughout their retirement lifecycle [2] Group 3 - Shandong Bank focuses on supporting the province's strategy for high-level talent in key industries such as artificial intelligence and renewable energy by introducing a "Talent Exclusive Annuity Plan" [3] - The bank aims to enhance the long-term compensation attractiveness for high-level talents through a combination of enterprise contribution incentives and personal tax benefits [3] - Moving forward, Shandong Bank will strengthen cooperation with the Shandong Human Resources and Social Security Department and other alliance members to optimize the enterprise annuity service system and innovate pension products [3]

Group 1 - The global economic landscape is shifting, with China emerging as a new capital haven amidst rising distrust in U.S. economic policies due to the tariff war and increasing credit risks associated with U.S. assets [1][2][4] - The U.S. national debt has surged to $36.2 trillion, with approximately $9.2 trillion maturing by 2025, raising concerns about fiscal sustainability [2][3] - Foreign investors' holdings of U.S. Treasury bonds have decreased from nearly 50% in 2014 to an expected 30% by the end of 2024, indicating growing apprehension about U.S. fiscal health [3] Group 2 - Foreign capital is increasingly recognizing the stability and innovation potential of the Chinese market, with significant investments from sovereign funds and family offices [4][5][10] - The Saudi Public Investment Fund has signed a $50 billion cooperation agreement with six major Chinese financial institutions, highlighting the importance of the Chinese market [3][4] - The establishment of local offices and participation in RMB fund raising by foreign LPs indicates a shift towards deeper integration into the Chinese market [9][11] Group 3 - The rise of Chinese technology companies and favorable policy environments are prompting foreign LPs to reassess the investment value of the Chinese market [5][10] - The introduction of policies such as the QFLP pilot program is facilitating foreign investment in China's private equity market, with over fifty regions implementing these policies [7][10] - Foreign LPs are increasingly participating in local projects and government partnerships, reflecting a strategic shift from mere observation to active engagement in the Chinese market [11][12] Group 4 - The interest of foreign LPs in China is transitioning from "reassessment" to "reallocation," as they recognize the unique value of RMB assets in global asset allocation [12] - The ongoing technological innovations and policy optimizations in China are attracting long-term capital from regions like Southeast Asia, the Middle East, and Europe [12] - The trend indicates that China is evolving from being the "world's factory" to becoming a "world innovator," enhancing its position in the global capital market [12]

Core Points - The meeting emphasized the importance of integrating technological and industrial innovation to strengthen key industrial chains and enhance the new quality of production capacity in Hangzhou [1][2] - The city aims to become a hub for advanced manufacturing by 2025, focusing on high-quality industrial economic development and encouraging investment in strategic emerging industries such as artificial intelligence and biomedicine [2] - A signing event for advanced manufacturing projects in the Fuyang area of the East Smart Manufacturing Corridor was held prior to the meeting [3] Group 1 - The meeting was chaired by Mayor Yao Gaoyuan, who highlighted the need to deepen the integration of technology and industry innovation [1] - The city government and various districts are tasked with optimizing industrial space and enhancing overall capacity through the East Smart Manufacturing Corridor [1][2] - The focus will be on attracting high-quality manufacturing projects and improving the quality of investment structures [2] Group 2 - The city aims to lead in high-quality industrial economic development and set specific goals for 2025 [2] - There is a strong emphasis on supporting small and private enterprises to increase their investment in technological innovation [2] - The meeting also stressed the importance of maintaining safety in production while pursuing high-quality development [2]

Group 1 - The Supreme People's Procuratorate has released the "Intellectual Property Procuratorial Work White Paper (2024)", emphasizing the legal protection of key core technologies [1] - The focus is on new generation information technology, artificial intelligence, high-end equipment, biomedicine, and integrated circuits, highlighting the judicial protection of intellectual property in high-tech and emerging industries [1] - In 2024, national procuratorial agencies accepted and reviewed 163 cases of commercial secret infringement involving 385 individuals, with a year-on-year increase of 12.4% in case numbers [1] Group 2 - The Supreme Procuratorate has guided regions such as Shanghai, Zhejiang, and Guangdong in handling significant cases related to artificial intelligence, chip manufacturing, and power batteries, which have a major impact in innovation-intensive fields [1]

Group 1 - The core viewpoint emphasizes the role of youth in driving technological innovation and addressing national strategic needs through initiatives like youth commando teams and innovation workstations [1][6][7] - Over 300 youth commando teams have been cultivated in the technology innovation sector, and nearly 200 youth innovation workstations have been established at municipal and district levels, focusing on key areas such as quantum computing, artificial intelligence, biomedicine, and high-end equipment manufacturing [1][6][7] - The youth commando teams have achieved significant milestones, including over 600 patents and more than 50 international awards, demonstrating their capability in achieving key technology autonomy in seven strategic fields [3][6] Group 2 - The youth innovation workstations have been instrumental in incubating new production capacities, exemplified by the first low-temperature multi-effect seawater desalination project in China, which saves over ten million yuan in material costs [4][5] - The establishment of youth innovation workstations has evolved into a comprehensive ecosystem for youth scientific and technological talent, serving as incubators, demonstration benchmarks, and radiation sources for innovation [5][6] - The "one team, one station" model has proven effective in maintaining the dynamic nature of youth innovation activities while fostering a sustainable innovation ecosystem [7]