本篇报告是由和恒咨询发布，《2024年报专精特新上市公司市值战略研究报告》主要聚焦于专精特新上市公司在市值管理方面的表现和战略建议。 作为我国广大中小企业的领头羊，下游需求收缩不可避免地传导至专精特新企业，使其面临的内卷压力逐步加大。专精特新企业，尤其是上市公司，是研 究"科技创新如何引领经济走出内卷"的最佳样本之一，更是观察新质生产力发展路径的重要窗口——这正是本报告希望呼应的核心命题。 从趋势来看，专精特新上市公司数量呈持续增长态势,其在A股的数量占比较2022年的31.44%提升了2.92个百分点；但市值规模占比有所波动,较2023年的 14.99%小幅下降0.83个百分点。 2024年报 专精特新上市公司 市值战略 研究报告 2025年8月 | 一、专精特新 2024年整体情况概览 . | | --- | | 1.1 重要历史使命 . | | 1.2 指数持续大幅跑赢大盘中盘 . | | 1.3 估值溢价高,但明显分层 | | 二、科学的市值管理战略方法论 . | | 2.1 市值管理的本质是"做价值涨预期" . | | 2.1.1 价值创造 . | | 2.1.2 价值塑造 . | | 2.1.3 ...

Core Viewpoint - Zhejiang province is focusing on building a strong innovation ecosystem in key areas such as artificial intelligence, life health, and new materials and energy, with a significant increase in technology innovation investment planned by 2027 and 2030 [1][2]. Group 1: Investment Goals - By 2027, total technology innovation investment in Zhejiang is expected to exceed 900 billion yuan, with R&D expenditure surpassing 360 billion yuan, accounting for over 3.4% of GDP [1]. - By 2030, total technology innovation investment is projected to reach over 1.1 trillion yuan, with R&D expenditure exceeding 450 billion yuan, accounting for over 3.5% of GDP [1]. Group 2: Innovation Entities - The implementation plan encourages various innovation entities, including government, enterprises, and research institutions, to increase their technology innovation investments [2]. - Government investment in technology innovation is set to steadily increase, with a principle of not reducing budget allocations [2]. - Enterprises are encouraged to enhance the quality and quantity of high-tech enterprises, with a target of recognizing over 5,000 new high-tech enterprises annually [2]. Group 3: Financial Support - Zhejiang will enhance financial support for technology innovation, leveraging the "4+1" special fund to attract social capital for early, small, long-term, and hard technology investments [3]. - A three-year action plan will be implemented to promote financial support for technology innovation, including pilot projects for technology enterprise mergers and acquisitions [3]. - Innovative financial products such as "concept verification loans" and "pilot loans" will be developed to support technology achievements [3].

科技兴则民族兴，科技强则国家强。"十四五"时期，面对全球新一轮科技革命和产业变革带来的激烈竞 争，我国深入实施创新驱动发展战略，加快推进高水平科技自立自强，基础前沿研究实现新突破，战略 高技术领域迎来新跨越，科技体制改革打开新局面，新质生产力在实践中逐步形成并展示出对高质量发 展的强劲推动力、支撑力。 科技迈上新台阶 "'十四五'时期，我国科技创新基础性制度框架基本确立，国家创新体系整体效能不断提升，推动我国 科技事业不断迈上新台阶。"中国科学技术发展战略研究院科技与产业发展研究所所长陈志表示。 从研发投入看，我国把创新提高到前所未有的重要位置，2024年全社会研发经费投入规模比"十三五"时 期末增长近50%，增量达到1.2万亿元，研发投入强度提高到2.68%，接近OECD（经济合作与发展组 织）国家平均水平，企业研发投入占比超过77%。 从创新成果看，我国因地制宜发展新质生产力，推动科技创新和产业创新深度融合，创新从点状突破到 系统集成加速推进，站上了一个又一个"大国重器"的创新制高点。 仰望星空，中国空间站"天宫"全面建成并转入常态化运营，"嫦娥六号"从月背带回"土特产"；俯瞰大 地，全球第一座第四代核电 ...

Core Viewpoints - The central bank has introduced the phrase "detailed moderate easing" in its monetary policy, emphasizing that the structure of monetary policy is more important than the total amount [3][5] - Compared to the first quarter, the central bank has reiterated the need to "prevent fund idling," indicating concerns about potential systemic risks due to increased leverage in the asset market [3][6] - Future financial services will focus on supporting technological innovation and expanding consumption, with enhanced credit support and diversified financing channels [3][8] Group 1: Structure Over Total Amount - The change in expression from "implementing moderate easing" to "implementing detailed moderate easing" reflects a greater focus on the structure of monetary policy [5][13] - The understanding of moderate easing includes maintaining ample liquidity and ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [5][14] - The current situation shows an increase in social financing and M2, suggesting that the structure of monetary policy is currently more critical than the total amount [5][14] Group 2: Interest Rate Transmission - The definition of fund idling refers to the behavior of funds moving from real to virtual investments, which can reduce the efficiency of fund usage [6][15] - The recent rise in the stock market and non-bank deposits may lead to asset price fluctuations, attracting funds to shift towards virtual investments, potentially increasing systemic risks [6][15] - The central bank may take measures to curb fund idling, which could disrupt the bond market, although the impact on equity assets may be limited due to the source of funds being from household deposits [6][7] Group 3: Financing Perspective - The central bank aims to continue serving the real economy by focusing on major national strategies, particularly in technological innovation and consumption expansion [8][18] - Support for technological innovation will involve both strengthened credit support and improved financing channels [8][18] - For expanding consumption, policies will focus on enhancing service consumption, broadening financing channels for businesses, and improving residents' consumption capacity and willingness through strategic initiatives [8][18]

Core Viewpoint - Guangdong is focusing on technology innovation as a key variable to drive economic growth amidst global economic challenges, emphasizing the need for a robust innovation ecosystem involving funding, talent, and institutional support [1][5][6]. Group 1: Innovation and Economic Growth - Guangdong has maintained the top position in regional innovation capability for eight consecutive years, with the "Shenzhen-Hong Kong-Guangzhou" tech cluster ranking second globally in innovation index for five years [1][3]. - As of February 2025, Guangdong has over 90,200 enterprises holding 703,200 invention patents, accounting for 86.98% of the province's effective invention patents [3]. - The province has cultivated over 50,000 innovative SMEs and more than 2,700 specialized and innovative SMEs, with 2,089 "little giant" enterprises leading nationally [3]. Group 2: Challenges and Responses - The province faces challenges such as insufficient market demand, pressure on innovation investment, and a talent gap in key industries like automotive and semiconductor [5][6]. - In response, Guangdong's government departments are exploring new organizational models for technology innovation and enhancing the autonomy of high-level talent in areas like compensation and technology transfer [2][8]. Group 3: Sector-Specific Developments - In advanced manufacturing, Guangdong's value-added output grew by 5.9% and high-tech manufacturing by 6.0% in the first half of 2025, outpacing the average growth of industrial output [4]. - The production of high-tech products, including new energy vehicles and industrial robots, saw significant increases, with growth rates of 14.7%, 42.2%, and 34.0% respectively [4]. Group 4: Future Directions - Guangdong aims to strengthen the integration of technology, industry, and finance to create a new triangular cycle that supports innovation [2][10]. - The province plans to enhance the supply of high-quality technology and implement the "Zhuo Yue" plan for basic research, focusing on achieving breakthroughs from "0 to 1" [8][10].

Core Viewpoint - Meituan's "Qingshan Plan" has made significant progress in promoting green development and environmental protection over the past eight years, with a focus on reducing waste and enhancing recycling efforts [1][2]. Group 1: Progress and Achievements - As of July 2025, over 2.6 million merchants have established "Merchant Qingshan Profiles," and more than 520 million Meituan takeaway users have utilized the "no utensils" feature, resulting in over 10 billion related orders [1]. - The "Qingshan Plan" was initiated in August 2017, aligning with the 20th anniversary of the "Green Mountains and Clear Waters are Invaluable Assets" concept, aiming to drive the green development of the industry [1]. - The plan has implemented a "no utensils" feature in Meituan's takeaway service and established a system to support merchants that effectively reduce food waste by providing small portion meals [1]. Group 2: Recycling Initiatives - The "Qingshan Plan" launched the "Box Fusion" initiative for large-scale recycling of plastic takeaway boxes, utilizing big data to optimize collection site selection and support infrastructure for collection and recycling [1]. - As of now, the large-scale recycling project has been implemented in 24 cities across 20 provinces, successfully recycling 37,000 tons of takeaway boxes [1]. Group 3: Technological Innovation and Future Plans - The "Qingshan Plan" encourages technological innovation in environmental research through the "Qingshan Science and Technology Award," which has awarded 39 young scientists with 1 million yuan each [2]. - The initiative aims to establish a socialized recycling and high-value utilization system for takeaway boxes, with plans to address the challenges of recycling beverage cups and enhance recycling efficiency through technological advancements [2].

以下文章来源于中新经纬 ，作者周奕航 近日，中新经纬以投资者身份走访了北京市西城区方正证券、国都证券、国泰海通证券和中信证券的营业部。从 8月7日的走访情况来看，多家券 商营业部并未出现大排长龙的现象。不过，据各网点工作人员透露，最近因为行情较好，咨询开户、存量客户找回密码以及开通交易权限的客户较 之前多了一些。 8月7日下午，中新经纬到达国都证券营业部时，一位大爷正在请工作人员查询股票账户的收益情况。"我忘了账户里面有什么股票，过来看 看。"据大爷透露，他在21年前就开了户，目前账户里面还有一只基金和一只股票。其中3万元本金的基金收益为23万元，另一只股票的本金是45 万元，赔了18万元，但大爷并未透露基金和股票的名称。 在中信证券营业部，一位客户经理正和客户电话沟通开户的注意事项， "您带着身份证原件和银行卡来营业部就可以，如果时间紧张也可以线上开 户。"据工作人员透露，该用户表示近期会到营业部开户。 "最近上证指数突破新高，身边的朋友们都在讨论股市，我有一种再不进场就晚了的紧迫感。"北京的李女士向中新经纬表示，行情这么好，她也想 抓住这波机会，赶紧上车。 虽然李女士于 7月30日开户，至今尚不足一月 ， ...

人民日报记者 李波 李蕊 近日，记者在山东省滨州市采访时发现，从田间"出发"的一粒小麦，"走过"加工流水线，能"变 身"600多种产品。这个故事，从一片曾经荒芜的盐碱地开始，走出了一条科技赋能、全链增值、反哺土 地的路径。 从"一粒种"到"万亩田"—— 定向培优促丰产增收 在滨州市滨城区肖家村的田野里，村民肖军正在劳作。这片土地冬夏种小麦，秋天种玉米，今年夏 收小麦亩产近1200斤。然而十几年前，这里的景象截然不同。"搁以前，这片地的苗稀稀拉拉，风一吹 就趴窝；有的地块碱泛得厉害，苗都枯死了。"肖军回忆。 滨州有120多万亩盐碱地，如今"不毛之地"变良田，靠啥？ "不仅要改地，更要从根源上寻突破——选育耐盐碱品种适应盐碱地。"滨州中裕食品有限公司育种 研发中心主任李恒钊说。 然而，盐碱滩上育种，难度很大。 "头一道难关，就是盐碱地'脾气'难捉摸。即使是同一块地，其盐碱度也不一样，拿普通种子在这 儿试，如同盲人摸象。"李恒钊说。 李恒钊和团队另辟蹊径，将选育的种子种在人工模拟的盐碱池里，在一次次人工配比的"咸水浴"中 进行定向培优。"这就像练兵选将，只留下那些挺过盐碱'拷打'的硬骨头，逼着种子们不断'强筋壮 骨 ...

转自：华夏银行 日升月恒十五载，江淮激荡华夏声。 2010年8月16日，华夏银行合肥分行在时代浪潮中扬帆启航，将根脉深植于生机勃勃的江淮沃土。自 此，一段与安徽发展同频共振、共生共荣的壮丽史诗，在皖山皖水间磅礴展开。 光阴流转，不仅标记着前行的刻度，更如椽巨笔般铭刻下奋斗者的铿锵足迹，丈量着追梦征程的辽阔疆 域。 十五载砥砺奋进，胸怀"国之大者"。华夏儿女高擎信仰的"火炬"，自觉融入国家战略宏图，从合肥一域 到遍及全省，在安徽高质量发展的浩荡洪流中，以金融之力服务大局、赋能实体，镌刻下服务国家战 略、助力地方腾飞的坚实印记。 十五载深耕不辍，聚焦创新脉搏。紧扣安徽打造"科技创新策源地"的时代强音，华夏儿女精准发力金 融"五篇大文章"，倾力浇灌创新沃土，矢志成为安徽创新经济崛起不可或缺的"同行者"与澎湃动能 的"助燃剂"。 十五载初心如磐，情系"民之盼者"。以行动诠释责任担当，用真情守护万家灯火，华夏儿女持续擦 亮"有温度银行"的金字招牌，将金融服务的暖流注入民生福祉的细壤微澜。 江河奔涌，见证创新不息；金融赋能，步履愈加铿锵。 站在十五周年的崭新起点，华夏银行合肥分行将坚定锚定国家战略导向，深入贯彻落实总行部 ...

Core Insights - The People's Bank of China (PBOC) has increased support for the financial "five major articles," with loans in technology, green finance, inclusive finance, elderly care, and digital economy sectors accounting for approximately 70% of new loans this year [1][2] Group 1: Loan Growth by Sector - Technology loans grew by 12.5% year-on-year, with a total balance of 44.1 trillion yuan, outpacing the overall loan growth by 5.8 percentage points [1] - Green loans increased significantly, with a balance rising from 9.9 trillion yuan at the end of 2019 to 36.6 trillion yuan by the end of 2024, averaging over 20% annual growth [1] - Inclusive finance for small and micro enterprises reached a loan balance of 65 trillion yuan, with its share of corporate loans increasing from 30.4% in 2014 to 38.2% [2] Group 2: Future Directions - The PBOC plans to steadily advance the construction of the elderly finance system and enhance financing support for the elderly care industry, while also enriching the product system for elderly finance [2]