Group 1 - Longgang District participated in the "Million Talents Gathering in South Guangdong" recruitment fair, showcasing 23 leading enterprises and 5 higher education institutions, offering over 1,000 high-paying positions [1] - The recruitment event attracted nearly 2,000 job seekers, with 1,300 resumes submitted and 606 hiring intentions reached, including 41 PhDs, 273 master's degree holders, and 292 bachelor's degree holders, resulting in a total of 51.8% of candidates holding advanced degrees [1] - Positions with annual salaries exceeding 500,000 yuan were introduced, covering emerging fields such as artificial intelligence, biomedicine, and drones, with participation from companies like Huawei and Hong Kong Chinese University (Shenzhen) [1][2] Group 2 - Longgang District has been ranked first in the "National Industrial Hundred Strong District" for seven consecutive years, hosting 47 listed companies and over 3,600 national high-tech enterprises, indicating a thriving strategic emerging industry [2] - The district has established a comprehensive policy support system for talent development, offering financial incentives such as a maximum subsidy of 30,000 yuan for new undergraduate entrants, 50,000 yuan for master's degree holders, and 100,000 yuan for PhDs [2] - Longgang District plans to conduct over 20 recruitment events throughout the year, focusing on attracting talent in advanced manufacturing, digital economy, and high-end services, along with providing various talent subsidies and housing policies [3]

据悉，"科创板八条"发布后，科创板行业主题ETF投资标的持续丰富， 已覆盖人工 智能、芯片、新材料、生物医药、新一代信息技术、新能源等主题。 上证报中国证券网讯（记者 何昕怡）最新数据显示，截至目前，科创板芯片ETF规 模合计近300亿元；今年以来陆续上市的6只科创板人工智能ETF规模较发行规模增长近三 倍。 投资有风险,入市需谨慎!本栏目内容仅为投资者 教育之目的,介绍业务知识,揭示投资风险,不构 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 些信息的准确性或完整性不作保证,亦不对因使用 该等信息而引发或可能引发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 免责声明 ...

首先，从制度创新来看，新型举国体制构建科技创新的制度基石。从举国攻关到"揭榜挂帅"，我国形成 了基础研究到产业转化的全链条体系。2024年我国全社会研究与试验发展(R&D)经费支出超过3.6万亿 元，持续保持高强度研发经费投入，基础研究占比持续提升。政府引导与市场主导的协同模式，在人工 智能、生物医药、商业航天等新质生产力赛道屡创"中国速度"与"中国奇迹"。 从人才战略来看，人才强国为全球科技发展竞争注入中国智慧。从1995年科教兴国战略奠基到新时代人 才强国系统演进，我国构建了自主培养战略科学家、科技领军人才、青年科技人才、卓越工程师的多层 次体系，人才红利从规模优势迈向质量效能引领的新阶段。 杨林表示，党的二十大确立了到2035年实现高水平科技自立自强、建成科技强国的战略目标。国家的高 度重视和支持带来中国科技的破浪崛起，逐步实现从科技自立自强到科技自信。 中国科技体系化创新成果斐然，重塑全球竞争格局。从量子通信的突破到人工智能的领先，科技不仅推 动着生产力的巨大进步，更深刻地影响着国家间的竞争格局。世界知识产权组织数据显示，我国是10年 来创新力上升最快的经济体之一，2024年我国创新指数排名较2023 ...

Core Viewpoint - The establishment of Chongqing's first S fund, the Chongqing Yuchuang Galaxy Relay Private Equity Investment Fund, aims to support strategic emerging industries in the region with a target scale of 3.6 billion yuan [1] Group 1: Fund Details - The Yuchuang Galaxy S fund is co-managed by China Galaxy Investment's Galaxy Xingbang and Chongqing Sci-Tech Investment's Chongqing Industrial Guidance Fund [1] - The initial scale of the fund is set at 600 million yuan [1] Group 2: Background and Focus - The Chongqing Industrial Guidance Fund, established in 2014, is a market-oriented mother fund under the Chongqing Science and Technology Innovation Investment Group [1] - The fund focuses on strategic emerging industries supported by the Chongqing government, including artificial intelligence, big data, intelligent manufacturing, biomedicine, new materials, and energy conservation and environmental protection [1]

Report Investment Rating No investment rating for the industry is provided in the report. Core Views The report provides a comprehensive analysis and forecast of the futures market, including stock index futures, treasury bond futures, precious metal futures, base metal futures, energy futures, and agricultural product futures. Through macro - fundamental and technical analysis, it predicts the price trends, support, and resistance levels of various futures contracts on April 1, 2025, and also gives the expected trends for April 2025 in some cases [2][4][5]. Summary by Directory 1. Futures Market Forecast for April 1, 2025 - **Stock Index Futures**: Expected to oscillate and consolidate. For example, IF2506 has resistance at 3886 and 3902 points, and support at 3833 and 3808 points [2]. - **Treasury Bond Futures**: Ten - year T2506 and thirty - year TL2506 are likely to oscillate strongly, with specific resistance and support levels provided [3][4]. - **Precious Metal Futures**: Gold futures AU2506 will likely oscillate strongly and reach new highs, while silver futures AG2506 will likely oscillate weakly [4]. - **Base Metal Futures**: Copper, aluminum, lead, nickel, and other base metal futures are mostly expected to oscillate weakly, while zinc futures will oscillate and consolidate, and tin futures will oscillate strongly [4][5]. - **Energy Futures**: Crude oil and fuel oil futures will likely oscillate strongly, while natural rubber and 20 - number rubber futures will likely oscillate weakly [10]. - **Other Futures**: PTA, PVC, glass, and soda ash futures are expected to oscillate strongly, while steel - related futures such as rebar and hot - rolled coil are expected to oscillate weakly [5][7][9][10]. 2. Macro Information and Trading Tips - **Domestic Macro News**: China's economic recovery signs are more obvious, with the manufacturing PMI, non - manufacturing PMI, and comprehensive PMI rising in March. The government will take measures to reduce corporate burdens, and the central bank has carried out open - market operations [12]. - **International Macro News**: Trump plans to announce a tariff policy, which has affected the Asian - Pacific stock markets. Goldman Sachs has raised the probability of a US economic recession and lowered the GDP growth forecast. The global economic outlook may be slightly revised downward, but there are no signs of recession [14][15]. 3. Futures Market Analysis and Forecast for March 31, 2025 - **Stock Index Futures**: Most stock index futures contracts closed down on March 31, with increased short - term downward pressure [19][20][21]. - **Treasury Bond Futures**: Ten - year and thirty - year treasury bond futures had different trends on March 31, with the ten - year showing a slight decline and the thirty - year showing a slight increase [43][46]. - **Precious Metal Futures**: Gold futures closed up, reaching a new high, while silver futures closed slightly down [49][52]. - **Base Metal Futures**: Most base metal futures closed down on March 31, with varying degrees of downward pressure [59][64][73][77][79]. - **Energy Futures**: Crude oil and fuel oil futures closed down on March 31, with increased short - term downward pressure [110][112]. - **Other Futures**: Steel - related futures such as rebar and hot - rolled coil closed down, while glass and soda ash futures also closed down, with increased downward pressure [87][90][104][106]. 4. Expected Trends for April 2025 - **Stock Index Futures**: IF, IH, IC, and IM are expected to oscillate weakly in April 2025, with specific support and resistance levels provided [24][25]. - **Precious Metal Futures**: Gold and silver futures are expected to oscillate strongly in April 2025, with expected resistance and support levels [49][52]. - **Base Metal Futures**: Copper, aluminum, and other base metal futures have different expected trends in April 2025, such as copper oscillating strongly and aluminum having a wide - range oscillation [59][64]. - **Energy Futures**: Crude oil futures are expected to oscillate strongly in a wide range in April 2025 [110].

Group 1 - Recent policies and upgrades in the biopharmaceutical industry in China have led multiple multinational pharmaceutical companies to increase their investments in the country [1][2] - Pfizer has officially opened its third research and development center in China, aiming to accelerate the global synchronized development of innovative drugs to meet the growing demand from an aging population [1] - AstraZeneca announced a $2.5 billion investment to establish a global strategic R&D center in China, which will be its second in the country and sixth globally [1] Group 2 - AstraZeneca has also revealed several R&D collaborations with Chinese biotech firms, including a strategic investment of $105 million in Hengrui Medicine to co-develop next-generation multi-specific antibody therapies [2] - Other multinational companies like Eli Lilly and Takeda have also expressed intentions to strengthen their presence in the Chinese market, with Eli Lilly reporting a 9% growth in its business in China for 2024 [2] - The Chinese government's ongoing high-level opening-up policies and measures to simplify approval processes are expected to release policy dividends, providing ample growth opportunities for multinational pharmaceutical companies [2][3] Group 3 - The talent and R&D environment in China are highly attractive to multinational pharmaceutical companies, with the digital healthcare system and innovative industry clusters offering broader market space for development [3]

Capital Market News - The March LPR remains unchanged, with a potential interest rate cut window opening in the second quarter. The one-year LPR is at 3.1% and the five-year LPR is at 3.6%, both unchanged from the previous month. This stability aligns with market expectations, as banks face net interest margin pressures and lack motivation to lower LPR quotes [10][11] - The central bank has conducted a series of reverse repos totaling 2,685 billion yuan, signaling a commitment to support liquidity in the market. This week, the net injection reached 4,055 billion yuan, indicating a marginal improvement in liquidity expectations [11] Industry News - The first batch of leveraged and inverse products for individual stocks in Asia will be launched in Hong Kong on March 24, 2025. These products will track the daily performance of selected stocks, including Nvidia and Tesla, with a leverage of two times. This marks Hong Kong as the first Asian market to offer such products, providing local investors with easier access to U.S. stocks without the need for overnight trading [12] - The Ministry of Science and Technology announced that the 2025 Zhongguancun Forum will focus on cutting-edge technologies and open cooperation, featuring discussions on AI, quantum technology, and more. The event aims to foster collaboration among government, industry, academia, and research institutions [13][15] - The National Energy Administration reported that the cumulative installed power generation capacity in China reached 3.4 billion kilowatts, a year-on-year increase of 14.5%. Solar power capacity grew by 42.9% to 930 million kilowatts, while wind power capacity increased by 17.6% to 530 million kilowatts [14][15] Market Performance - On March 20, 2025, the Shanghai Composite Index fell by 0.51%, while the ChiNext Index dropped by 1.00%. The North Exchange A-share sector had a total of 264 constituent stocks with an average market capitalization of 2.818 billion yuan. The trading volume for the sector reached 35.313 billion yuan, down 13.16% from the previous trading day [16] - In the North Exchange, 31 companies saw their stock prices rise, with notable increases from Lifan Holdings (up 17.26%), Dayu Biology (up 9.50%), and Wantong Hydraulic (up 8.63%). Conversely, companies like Kunlun Technology and New Weiling experienced significant declines [17]

魏沁蕊 野村东方国际证券资产管理部FOF业务总监 cace 這里 TELL e and r 790 Tranely n "DeepSeek在全球人工智能领域脱颖而出，不仅使AI行业深受震撼，也让世界对中国科技创新能力有 了新的认识，带动了中国资产价值重估。"在今年的全国两会上，中国证监会主席吴清表示。在注册制 改革深化、科技创新突破与全球资本再平衡的多重共振下，中国资产正迎来系统性重估机遇。科技领 域不断取得突破性进展，对实体经济赋能进一步加速，新的经济增长点进一步显现，"中国资产的价值 重估"也成为了投资机构热议的焦点。 如何理解当前市场 热议的"中国资产重估"？ Q 魏沁蕊： 中国经济的转型升级是一个持续的过程，科技创新、产业升级、消费升级等将不断推动中国 经济的发展，从而为资产价值的提升提供支撑。政策层面正在持续发力，为经济的高质量发展和资产 重估创造良好的环境。同时，科技发展将继续成为重要的驱动因素，人工智能、新能源、生物医药等 新兴技术领域的快速发展将为外资提供更多的投资机会。随着中国在全球产业链和供应链中的地位不 断提升，外资持有中国资产的信心将进一步增强。 中国资本市场的制度性支撑，为海外投资提 ...

Core Viewpoint - The article discusses the ample policy reserves of the central government and the establishment of a National Venture Capital Guiding Fund to support innovation and technology development in key areas [1][8]. Group 1: Central Government Policy Reserves - The Ministry of Finance has reserved sufficient policy tools and space to address potential uncertainties, including consumer subsidies such as childcare allowances, which could benefit approximately 15.5 million children, leading to an annual subsidy scale of around 150 billion [3]. - Another consumer subsidy involves expanding the "trade-in" program, which has a multiplier effect of approximately 2.2 times. The government has allocated 300 billion in special bonds for this program, which could significantly boost consumption in various sectors [4]. - Investment-driven policies may include issuing special bonds for major projects, with the possibility of increasing bond issuance to support the construction of significant projects in response to rising uncertainties [5][6]. Group 2: National Venture Capital Guiding Fund - The National Development and Reform Commission announced the establishment of a National Venture Capital Guiding Fund, focusing on investment in cutting-edge fields such as artificial intelligence, quantum technology, future energy, and biomedicine [8][9]. - This fund aims to support seed and early-stage enterprises, similar to the DARPA model in the U.S., which has successfully driven technological breakthroughs through market-oriented funding and support mechanisms [9][10]. - The initiative is part of a broader strategy to leverage the advantages of a new type of national system to enhance key technology research and development [10].

Group 1 - The Supreme People's Court and the Supreme People's Procuratorate presented their work reports during the National People's Congress, highlighting key achievements and ongoing challenges in the judicial system [1][2]. - The Supreme People's Court concluded 40,000 telecom network fraud cases, with a year-on-year increase of 26.7%, and emphasized strict punishment for cross-border telecom fraud crimes [9]. - The Supreme People's Procuratorate prosecuted 78,000 individuals for telecom network fraud, marking a significant year-on-year increase of 53.9% [10]. Group 2 - The Supreme People's Court actively guided the restructuring of 657 struggling enterprises and corrected 46 wrongful property rights cases, resulting in 13 individuals being acquitted [13]. - The Supreme People's Procuratorate prosecuted 137,000 individuals for crimes disrupting the socialist market economy, reflecting a year-on-year increase of 13% [14]. - The Supreme People's Court established a specialized intellectual property court, adjudicating nearly 20,000 technology-related IP appeals, with strategic emerging industry cases reaching 1,233, accounting for 32.3% in 2024 [17]. Group 3 - The Supreme People's Court adjudicated 2.66 million financial cases, showing a year-on-year decrease of 12.3%, while also addressing illegal financial activities with 25,000 cases involving illegal fundraising and money laundering [21]. - The Supreme People's Procuratorate prosecuted 25,000 individuals for financial fraud and related crimes, including 825 for securities fraud and 3,032 for money laundering involving virtual currencies [22]. Group 4 - The Supreme People's Court resolved 5.483 million civil cases related to education, elderly care, and healthcare, with a year-on-year increase of 1.7% [24]. - The Supreme People's Procuratorate prosecuted 15,000 individuals for crimes endangering food and drug safety, and supported laborers in recovering 1.57 billion yuan in unpaid wages through civil litigation [25]. Group 5 - The Supreme People's Court handled 219,000 environmental resource cases, with a year-on-year decrease of 5.4%, while the compensation for ecological damage reached 9.6 billion yuan, reflecting an increase of 87.5% [30]. - The Supreme People's Procuratorate initiated evidence guidelines for environmental pollution cases, prosecuting 36,000 individuals for environmental crimes and handling 57,000 public interest lawsuits [31].