今年是哈尔滨金融学院建校75周年，作为黑龙江省唯一一所金融院校，举办本次论坛旨在深入践行中央 金融工作会议"五篇大文章"战略部署。本次论坛主题为"数智赋能.产融共生：科技金融驱动新兴产业创 新发展"，国内知名专家学者、业界精英，通过主旨演讲、领军企业创投主题报告、圆桌论坛、学术前 沿主题报告、新兴产业创新主题报告、科技金融主题报告等十一个单元，围绕新兴技术开发、新场景新 业态、新模式创新、科技成果产业化、新兴产业培育壮大核心议题以及破解科技金融堵点难点的金融工 具制度政策系统性改革，为与会嘉宾呈现了《构建适应新质生产力发展的金融支持体系》等23场主题演 讲、进行了"未来产业生态元宇宙"发布会，围绕"双新融合推动创新要素向新兴产业聚集"开展圆桌论 坛，召开国家自然科学基金委员会管理科学部企业技术创新管理"十五五"发展规划研讨会，论坛形式多 样，内容异彩纷呈，与会嘉宾围绕主题充分探讨、深度交流。既凝聚了推动产业升级共识，也为各领域 创新发展提供了兼具理论高度与实操价值的路径参考。本次论坛共探科技金融驱动新兴产业创新发展的 理论方法、成功实践和政策建议，以创新驱动发展，为构建现代化产业体系，真正实现科技金融引领赋 ...

Group 1 - The company, Tongding Interconnection (002491), is actively investing in the solid-state battery sector through its stake in Shanghai Yili Lithium New Energy Technology Co., Ltd., holding 2.36% as of September 29, 2025 [1] - The company is continuously monitoring the dynamics and development opportunities in emerging industries to support sustainable development [1]

Group 1 - The core idea of the article is the establishment of a sub-fund under the Shaoxing Industrial Fund to promote the integration of education, technology, and industry innovation, focusing on emerging industries such as integrated circuits, low-altitude economy, biomedicine, energy equipment and materials, robotics, artificial intelligence, and software information [1] - The Shaoxing Industrial Fund was established in March 2022 with a subscribed scale of 15 billion RMB, aiming to accelerate technological innovation and industrial transformation in Shaoxing [1][2] - The sub-fund must have a minimum scale of 1 billion RMB and will be selected through a public recruitment process [2][3] Group 2 - The Shaoxing Industrial Fund can invest up to 40% of a single sub-fund's scale, with a maximum investment of 80 million RMB [4] - The sub-fund must be registered in Shaoxing and have a lifespan of no more than 15 years, extendable by 2 years with partner agreement [5][6] - Management fees during the investment period cannot exceed 2% of the sub-fund's paid-in scale per year [8] Group 3 - The investment direction of the sub-fund focuses on emerging industries, including integrated circuits, low-altitude economy, biomedicine, energy equipment and materials, robotics, artificial intelligence, and software information [9] - The sub-fund will establish an investment decision-making committee to oversee major investment and exit decisions, with the Shaoxing Industrial Fund having the right to appoint an observer [10] - The distribution mechanism follows a principle of returning capital first, with a minimum return threshold of 6% per year [11] Group 4 - The exit strategies for the sub-fund's investments include IPOs, equity transfers, buybacks by major shareholders, and mergers and acquisitions [12] - Investment amounts in eligible enterprises must not be less than 70% of the sub-fund's paid-in scale, with specific criteria for eligible investments [12] - The sub-fund must invest at least 1 times the amount contributed by Shaoxing in local enterprises, and the management institution must return at least 1.2 times the amount contributed by Shaoxing [13] Group 5 - The management institution must be legally established and registered with the China Securities Investment Fund Industry Association, with a minimum registered capital of 10 million RMB [15][16] - The management team must include at least 10 full-time staff dedicated to investment, with at least 3 senior managers having over 3 years of equity investment experience [19] - The management institution must have managed a total of at least 500 million RMB in venture capital funds and have at least 3 successful investment cases in seed or early-stage technology enterprises [20]

Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in the market and the limited number of funds that have distributed dividends this year [4][5]. Summary by Sections Market Performance - The A-share market has seen a significant rise, with major indices reaching new highs. As of September 24, the Shanghai Composite Index has increased by approximately 15% year-to-date, while the Shenzhen Component Index and the ChiNext Index have risen by 28% and over 48%, respectively [4]. Dividend Distribution - As of September 21, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, accounting for less than 2% of the total [4]. - The total dividend amount for actively managed equity funds with a scale of over 1 billion yuan that have distributed dividends this year is 2.106 billion yuan, with 32 distributions [5]. Top Dividend Funds - The top three actively managed equity funds in terms of dividend distribution this year are: 1. E Fund's E Fund Kexun Mixed Fund (110029) managed by Liu Jianwei, with a total dividend of 530.63 million yuan and a year-to-date return of 78.24% [6][7]. 2. E Fund's E Fund Value Selection Mixed Fund (110009) managed by Bao Zhengyu, with a total dividend of 437.51 million yuan and a year-to-date return of 28.11% [6][7]. 3. Huashang Fund's Huashang Advantage Industry Mixed A (000390) managed by Zhang Mingxin, with a total dividend of 170.30 million yuan and a year-to-date return of 81.98% [6][7]. Fund Strategies and Outlook - The E Fund Kexun Mixed Fund focuses on emerging growth sectors such as artificial intelligence and innovative pharmaceuticals, with the manager optimistic about continued investment opportunities in the equity market [7][8]. - The Huashang Advantage Industry Mixed A fund's manager adjusted the portfolio significantly after market fluctuations, leading to strong performance [7][8]. Fund Performance by Scale - For funds with a scale of 5-10 billion yuan, the top three in dividend distribution are: 1. Penghua Fund's Penghua Shengshi Innovation LOF (160613) [9]. 2. Caitong Asset Management's Caitong Digital Economy Mixed Fund (017483) with a total dividend of 53.71 million yuan and a year-to-date return of 61.98% [11]. 3. Xinhua Fund's Xinhua Preferred Dividend Mixed A (519087) [9]. - For funds with a scale of 1-5 billion yuan, the top three are: 1. Southern Fund's Southern North Exchange Selection Two-Year Open Mixed Fund (014294) [13]. 2. Yinhua Fund's Yinhua Huixiang Three-Year Regular Open Mixed Fund (019597) [13]. 3. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed A (010779) with a total dividend of 42.69 million yuan [13]. - For funds with a scale of 1 million to 1 billion yuan, the top three are: 1. Hongta Hongtu's Hongta Hongtu Shengfeng Mixed A (013733) with a total dividend of 16.52 million yuan [16][17]. 2. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed C (010780) [16]. 3. West China Fund's West China Central Enterprise Preferred Stock A (022164) [16].

Core Viewpoint - The company is exploring opportunities in the solid-state battery sector and is committed to sustainable development through investments in emerging industries [1]. Group 1 - The company has a 2.36% stake in Shanghai Yili Lithium New Energy Technology Co., Ltd. as part of its strategy to enter the solid-state battery market, with the investment expected to last until September 2025 [1]. - The company is actively monitoring trends and development opportunities in emerging industries to enhance its business operations [1].

来源：市场投研资讯 （来源：富国基金） 目录 Part 1：A股市场分析 Part 2：港股市场分析 Part 3：下周宏观事件关注 Part 1 A股市场分析 本周A股市场主要指数大多收红，产业面刺激下芯片半导体带动科创50表现尤为亮眼，上证指数等大盘宽基类涨幅相对有限，成交额也边际回落，主要系 节前效应所致。从宽基指数看，本周上证指数上涨0.21%，创业板指上涨1.96%，沪深300上涨1.07%，中证500上涨0.98%，中证A50上涨1.17%，科创50上 涨6.47%。风格上，成长、周期表现相对较好，消费、稳定表现较差。从申万一级行业看，表现相对靠前的是电力设备（3.86%）、有色金属（3.52%）、 电子（3.51%）、环保（1.06%）、传媒（0.63%）；表现相对靠后的是社会服务（-5.92%）、综合（-4.61%）、商贸零售（-4.32%）、轻工制造 （-2.71%）、纺织服饰（-2.59%）。从Wind热门概念板块来看，表现相对靠前的是半导体硅片（13.06%）、半导体设备（11.22%）、晶圆产业 （9.27%）、半导体（8.10%）、国家大基金（7.75%）；表现相对靠后的是旅游出行（ ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with seven other departments, has issued a plan for the non-ferrous metals industry aimed at achieving an average annual growth of approximately 5% in value-added output from 2025 to 2026 [1] Group 1: Industry Growth Targets - The plan sets several key targets for the non-ferrous metals industry from 2025 to 2026, including an average annual production growth of about 1.5% for ten types of non-ferrous metals [1] - Significant progress is expected in the domestic resource development of copper, aluminum, and lithium, with recycled metal production projected to exceed 20 million tons [1] - The plan emphasizes the enhancement of high-end product supply capabilities and the continuous improvement of green, low-carbon, and digital development levels [1] Group 2: Key Measures for Industry Development - The plan outlines ten key measures focusing on improving resource security, enhancing effective supply capacity, promoting industry transformation, stimulating market consumption potential, and increasing international development levels [1] - It highlights the promotion of high-end product innovation, including breakthroughs in ultra-pure metals, copper alloy materials, and high-end rare earth new materials [1] - The plan aims to elevate the application levels of rare metals in emerging industries such as integrated circuits, industrial mother machines, and artificial intelligence [1] Group 3: Recycling and Resource Utilization - The plan supports the establishment of recycling bases for non-ferrous metals in qualified regions, emphasizing the comprehensive utilization of waste copper, waste aluminum, and new solid waste like used batteries and photovoltaic components [2] - It includes the acceleration of the formulation of import standards for recycled metals such as tungsten and supports the import of qualified recycled resources [2] - The Ministry of Industry and Information Technology will coordinate with relevant departments to enhance policy support and ensure the effective implementation of these measures [2]

Global Asset Performance - The global market is experiencing a divergence between safe-haven assets and risk assets, with gold prices continuing to rise while equities show mixed performance [5][50] - The S&P 500 and Nasdaq indices have seen declines due to strong U.S. economic data reinforcing expectations for sustained high interest rates, negatively impacting growth stocks [50][51] - The A-share market has demonstrated resilience amidst global volatility, with a slight increase in the index [50] Commodity Market - Gold prices reached a historical high of $3758.78 per ounce on September 22, with a weekly increase of 2.01%, driven by the market's reaction to the Federal Reserve's interest rate cuts [7][8] - The oil market is characterized by rising prices due to geopolitical risks, with WTI and Brent crude oil prices increasing by 4.85% and 5.17% respectively [12][13] Bond Market - U.S. Treasury yields unexpectedly rose following the Fed's rate cut, with the 10-year yield increasing to 4.20%, reflecting a "sell the fact" behavior among investors [18][19] - The Chinese bond market showed a slight upward trend in yields, influenced by liquidity conditions and the strong performance of the A-share market [20][22] Currency Market - The U.S. dollar index exhibited a strong performance, supported by robust U.S. economic data, while the euro weakened against the dollar due to widening economic data disparities between the U.S. and Europe [25][31] - The British pound declined against the dollar, driven by weak economic data from the UK and contrasting monetary policy signals from the Bank of England and the Federal Reserve [40][42] Equity Market - European stock markets, particularly the UK, Germany, and France, showed gains, while U.S. markets faced declines, highlighting a divergence in performance based on regional economic conditions [50][51] - The Japanese stock market benefited from domestic stimulus expectations and a weaker yen, supporting export-oriented companies [50]

Core Points - The South Korean government held its first core regulation rationalization strategy meeting to address challenges such as demographic changes, global uncertainties, and intensified competition in technological advantages [1] Group 1: Data Accessibility - The government plans to enhance data usability by establishing guidelines for the reasonable use of copyrighted works by November and clarifying the reasonable trading and compensation system for copyright data within the year [1] - Initiatives include creating a "Public Servant Exemption Guide" and an "Alias Information System Operation Innovation Plan" to promote timely public data disclosure from all public institutions, including court rulings and public works [1] Group 2: Legal and Regulatory Optimization - The government will allow the use of raw video data for autonomous driving learning and significantly expand the pilot areas for autonomous driving [1] - There will be a comprehensive overhaul of AI robot-related regulations, with special provisions added to the Personal Information Protection Act and the Autonomous Vehicle Act within the year [1] Group 3: Penalty System Reform - The government aims to simplify economic penalty measures and address overlapping obligations and penalties in laws such as the Fair Trade Act, Capital Market Act, and Commercial Act through expert consultations [1] - A regulatory sandbox will be established for emerging industries, with the chair of the Regulatory Reform Committee elevated from the Prime Minister to the President, and an increase in private sector membership [1]

Group 1 - The company aims to enhance its core competitiveness and achieve sustainable development through careful consideration of strategic layout [2] - The company plans to further strengthen research and investment in emerging industries in the future [2]