瑞普生物做LP 导读： 上市公司密集设立并购基金，又一家LP入场。 作者丨黄蓉 时隔一年，瑞普生物又出手了。 2月12日，瑞普生物发布公告，称公司与海通并购（上海）私募基金管理有限公司、 海通开元投 资有限公司、高邮市产业引导基金（有限合伙）及关联方天津瑞晟私募基金管理有限公司签署《江 苏国泰海通瑞普并购产业基金合伙企业（有限合伙）之合伙协议》，拟共同出资设立江苏国泰海通 瑞普并购产业基金合伙企业（有限合伙）。 根据公告，该基金总规模为人民币10亿元。其中，瑞普生物作为有限合伙人以自有资金及自筹资 金出资人民币2.95亿元，占合伙企业认缴出资总额的 29.50%。 此外， 作为有限合伙人， 海通开元出资2.05亿元，占认缴出资总额20.5%。高邮市产业引导基 金认购4.9亿元，占比49%。海通并 购（上海）私募基金管理有限公司作为基金普通合伙人和执 行事务合伙人，与 天津瑞晟私募基金管理有限公司各认缴500万元，占比0.5% 本基金投资期为5 年，退出期为2年。退出期后仍有存续项目的， 经合伙人会议同意可延长， 每 次不超过一年，最多不超过一次。 从投资方向看，此次产业并购基金主要以支持实体产业发展为导向，重 ...

（来源：党的文献） 2026年2月11日，《人民日报》刊登了《党的文献》2025年第6期目录。 10 2026年2月11日 星期三 国年味里的新质生产力 开栏的话 官员代进女机温变,演讲"赶集",对副驻爱: L 机械 & 冷无限花,永先发变,出面白利 壁,合山胶图,无声传播,不良 上智能根据，会心脏根、天空体育；不来进上看带动/ 武方华装带头,如"诗"十天,休出习"；中宁天赋中的 上朴在鱼杆,这也是我,未解大学;着种放永留力"元素 电力",就选事时,声动员无 储间到本调 从精量 刻以同,要因木,的创意、新模式就管理要过海的方式 ar 最重要人们的事好在没的动作 d 小年，这款有三次的角程。 列第三十年都会的 ·波音们一起為安邦登風在半味里的台 FFE E | , 中國 新与产业最近 对我断来说,马商是一同应看尽着的静花起市,故理 百合 ..详情梗-糖尿治-大花唐当-酵球 临近春节,斗南日均供货量 600万校以上,最高单日 值逼近700万枝,较去年同期上演迁 30%。"生意特别火爆, 云会花卉伯费人表面豪分析,为应对销售任举,公司用工机 模从1290人扩至4000余人,全辅24小时三班图,鲜花48小 时内可退达 ...

Core Insights - The article highlights the resilience and growth of China's economy in 2025, marking a significant year as it concludes the "14th Five-Year Plan" and begins the "15th Five-Year Plan" [1][2] Economic Performance - China's GDP is expected to exceed 140 trillion yuan, showcasing improvements in economic strength, technological capabilities, and overall national power [1] - The macroeconomic environment in 2025 is characterized by stability, progress, innovation, and resilience, with effective policies supporting growth, employment, and price stability [2] Consumer and Investment Trends - The consumer market is recovering, driven by strong domestic demand, with cultural and tourism sectors thriving and "Guochao" consumption becoming a key growth driver [2] - Investment structures are optimizing, with rapid growth in new infrastructure and high-end manufacturing, supported by major projects like the Tianwen-1 mission and the commissioning of advanced naval vessels [2] Technological Innovation - There is a deep integration of technological innovation and industry, with significant advancements in AI, chip development, and new business models such as humanoid robots and drones [2][4] - Emerging industries like AI, semiconductor chips, and renewable energy are gaining attention and investment, benefiting from policy support and technological breakthroughs [4][5] Capital Market Dynamics - The capital market in 2025 experienced fluctuations but also opportunities, with active trading in A-shares and significant daily transaction volumes [3][4] - Structural trends in the market show strong performance in sectors like technology, high-end manufacturing, and renewable energy, despite some short-term adjustments [4] Future Outlook - The year 2026 is anticipated to bring more opportunities and challenges, with a focus on high-quality development and long-term investment strategies [5] - Key sectors expected to thrive include technology innovation, green industries, and consumer sectors, driven by rising household wealth and consumption demand [5]

Group 1 - The core viewpoint of the articles emphasizes the growing adoption of electric vehicles (EVs) in China, with a significant increase in charging demand and infrastructure development to support this trend [1][2] - The National Grid predicts that the peak daily charging volume for EVs will exceed 34 million kilowatt-hours, representing a 17% year-on-year increase [1] - Nearly one in two new cars sold in China is an electric vehicle, indicating a robust market for EVs and related services [1] Group 2 - The diverse energy replenishment methods for EVs, such as supercharging, fast charging, and battery swapping, are flourishing, with NIO's battery swap service surpassing 100 million instances and over 3,700 battery swap stations established nationwide [2] - The integration of infrastructure, including power grids, highways, and communication systems, is facilitating collaboration across industries and regions, enhancing overall economic synergy [4][6] - The collaboration between NIO and the National Grid to explore vehicle-to-grid technology aims to alleviate grid pressure and improve energy utilization, transforming vehicles into energy nodes within smart cities [5] Group 3 - The fusion of technological and industrial innovation is accelerating, with advancements in AI and robotics leading to increased productivity and efficiency across various sectors [7] - The upcoming Central Economic Work Conference in December 2025 aims to achieve significant breakthroughs in quality improvement, highlighting the importance of leveraging large-scale markets, infrastructure support, and technological integration for high-quality development [7]

Group 1: Humanoid Robotics in Shenzhen - Shenzhen is aiming to become the "first city of humanoid robots," with advancements showcased by a humanoid robot capable of serving popcorn in cinemas, working 14 hours a day and completing over 1,000 servings without errors [2][3] - The robot's development faced challenges in coordination of vision, decision-making, and precise manipulation, which were overcome through extensive testing and algorithm improvements [2] - The company, Yuejiang Technology, has achieved a self-research component rate of over 90% and a localization rate of 100%, reflecting the growth of the humanoid robotics industry in Shenzhen [3] Group 2: Green Chemistry in Shanghai - Shanghai's chemical industry is transitioning towards high-end, green, and digital production, exemplified by the recycling of wind turbine blades into reusable materials by Kubei Chemical [4][5] - Kubei Chemical has developed a recyclable epoxy resin that meets international standards, addressing the environmental issues associated with traditional disposal methods [5] - The transformation of Shanghai's chemical industry highlights the importance of innovation and green technology in creating new business models and enhancing productivity [5] Group 3: AI in Manufacturing in Suzhou - Suzhou's Hengtong Fiber Technology has implemented AI and digital technologies in its manufacturing processes, significantly reducing the need for manual labor while increasing efficiency [6][7] - The factory utilizes a smart control center to manage the entire production process, ensuring quality control and adaptability to environmental changes [7] - By 2025, Suzhou's industrial output is projected to reach 4.9 trillion yuan, showcasing the city's commitment to integrating AI into its manufacturing sector [7] Group 4: Metal Wire Innovation in Hebei - Hebei's Anping County is advancing its metal wire industry by developing ultra-fine stainless steel wires previously reliant on imports, addressing supply chain vulnerabilities [8][9] - Collaborative efforts among local enterprises and government support have led to the establishment of a shared innovation base, focusing on high-end material development [9] - The initiative reflects a broader trend of traditional industries embracing innovation to enhance competitiveness and productivity [9] Group 5: Biopharmaceutical Development in Chengdu - Chengdu's Baiyu Pharmaceutical has invested over 150 million yuan annually in R&D, leading to the development of innovative drugs for cardiovascular diseases [10][11] - The company has established a robust research team and incentivized talent retention through equity sharing, enhancing its innovation capabilities [10] - Chengdu's supportive policies and ecosystem have facilitated the growth of over 650 biopharmaceutical companies, contributing to the region's industrial advancement [11] Group 6: Green Steel Production in Rizhao - Rizhao Steel has adopted advanced ESP technology, significantly reducing energy consumption and carbon emissions in steel production [12][13] - The company has established multiple innovation centers to overcome technological challenges and enhance production efficiency [13] - The shift towards green and intelligent manufacturing in the steel industry is seen as a key driver for high-quality economic development in Rizhao [14] Group 7: Data Center Development in Ningxia - Ningxia's Zhongwei has become a hub for data centers, leveraging its favorable climate for energy-efficient operations [15][16] - The region has attracted significant investments, with a projected growth in the information technology sector, including a 14.9% increase in value-added services by 2025 [15] - Zhongwei's transformation from a desert city to a center for digital innovation illustrates the potential of new industries in driving regional development [16] Group 8: Intelligent Manufacturing in Shanxi - Shanxi's Dingxiang County is enhancing its flange manufacturing industry through digital and intelligent technologies, improving production efficiency and safety [17][18] - The integration of smart systems allows for real-time monitoring and control of production processes, significantly reducing labor requirements [18] - The county's focus on innovation and collaboration among enterprises is aimed at transforming traditional manufacturing into a more competitive and sustainable sector [19]

Group 1: Core Views - Two state-owned listed companies, Zhongcheng Co. and Xiamen Port, received approval for significant restructuring on the same day [1][7] Group 2: Zhongcheng Co. Restructuring - Zhongcheng Co. plans to acquire 100% of Zhongji Jiangsu Clean Energy Co. through a share issuance and raise up to 151 million yuan in supporting funds [3] - The China Securities Regulatory Commission (CSRC) approved the issuance of 13.5356 million shares for the acquisition and the fundraising [4] - The transaction aims to extend Zhongcheng Co.'s business into energy storage and green energy, improving its financial metrics [4] Group 3: Xiamen Port Restructuring - Xiamen Port intends to acquire 70% of Xiamen Container Terminal Group through share issuance and cash payment, with a fundraising cap of 3.5 billion yuan [8] - The CSRC approved the issuance of 797 million shares for the acquisition [11] - This restructuring is expected to enhance Xiamen Port's business structure, making it a comprehensive modern port logistics service provider [11] Group 4: Industry Trends - The trend of mergers and acquisitions among state-owned listed companies is supported by recent policies encouraging industry consolidation and transformation [15] - A report indicates that the total transaction volume in China's M&A market is expected to grow by 47% year-on-year by 2025, with state-owned enterprises leading many large transactions [16] - The focus of future mergers will be on strategic and specialized integration, particularly in key industries related to national security and public services [17]

转自：新华财经 编辑：赵鼎 近日，招商银行南昌分行成功为江西省某龙头产业客户发放参股型并购贷款，实现招商银行系统内与江 西省内银行机构双"首笔"突破。这是招商银行南昌分行服务"十五五"规划开局起步的重要创新实践，也 是该行持续深化金融服务、支持现代化产业体系建设的又一标志性成果。 作为服务实体经济的重要金融工具，参股型并购贷款打破传统业务框架，支持并购方在不谋求控制权的 前提下参股目标企业，这一调整有利于覆盖产业协同整合、新兴赛道布局、地方招商引资等多元融资需 求，为商业银行支持实体经济、培育新质生产力提供了明确的政策依据和金融工具。 此次落地的参股型并购贷款，打破了传统并购贷款以控制权收购为主的业务框架，为企业开展非控股型 战略投资提供了合规、高效的融资支持。招商银行南昌分行组建专业团队前瞻性研判政策方向，主动对 接区域内优质企业的并购融资需求，提前储备业务资源。针对此次龙头产业客户的非控股型战略投资诉 求，该行组建由并购专家、信贷专家、行业专家及法律专家构成的专项服务团队，依据新规要求开展全 方位风险评估与方案设计。在严守风险底线的基础上，该行优化审批流程、压缩办理时限，最终实 现"政策发布即响应、需求对 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 汇丰晋信基金总经理李选进送来新春祝福。他表示，展望2026年，在中国经济持续修复和国家综合竞争 力不断增强的支持下，我们或许有望看到市场迎来"万马奔腾"，涌现出更为丰富的投资机遇。汇丰晋信 基金也将始终秉持"长期投资，汇见未来"的理念，不断升级投研体系，为广大投资者提供更为丰富的资 产配置解决方案。祝愿各位投资者朋友们在新的一年里，马到成功、龙马精神、阖家幸福、万事如意！ 祝福全文如下： 各位尊敬的投资者朋友，大家新年好！ 展望2026年，在中国经济持续修复和国家综合竞争力不断增强的支持下，我们或许有望看到市场迎 来"万马奔腾"，涌现出更为丰富的投资机遇。 汇丰晋信基金也将始终秉持"长期投资，汇见未来"的理念，不断升级投研体系，为广大投资者提供更为 丰富的资产配置解决方案。尤其是在养老金和多元资产配置领域，汇丰晋信基金将充分借鉴海外市场的 成熟经验，通过 ...

Core Viewpoint - The meeting emphasized the importance of implementing the spirit of the 20th National Congress of the Communist Party of China and the directives of General Secretary Xi Jinping regarding party building and state-owned enterprises, aiming to enhance the political responsibility of central enterprise party committees in governance and ensure high-quality development through effective party leadership [1][2][3]. Group 1: Party Building Responsibilities - Central enterprise party committee secretaries reported on their responsibilities and identified key issues, with a focus on improving governance and accountability [2]. - Zhang Yuzhuo highlighted the need for party committee secretaries to take responsibility for party governance and to ensure the implementation of strict party discipline [2][3]. Group 2: Achievements and Progress - Over the past year, central enterprise party committees have effectively implemented directives from the central government, strengthening the leadership system and enhancing the political awareness of party members [2]. - The commitment to high-quality development and service to national goals has been reinforced, providing a strong guarantee for the successful completion of the 14th Five-Year Plan [2]. Group 3: Future Directions - The focus for the upcoming year will be on deepening the integration of party leadership into corporate governance and enhancing the effectiveness of political supervision [3]. - There is a call for continuous improvement in the management of enterprise leadership teams and the promotion of a correct view of performance [3][4]. - The meeting stressed the importance of aligning party building with operational activities to leverage the political and organizational advantages of the party for innovation and development [3].

Group 1 - The signing ceremony between Suzhou Xiangcheng High-tech Zone and Suzhou Rail Transit Group marks the launch of the Yangcheng Bay·Cheng Keting and Yangtze River Delta International Transformation Community TOD urban industrial project with a total investment of 1 billion yuan [1] - Suzhou Rail Transit Group's wholly-owned subsidiary, Suzhou Rail Transit Asset Management Co., has extensive experience in TOD comprehensive development, aiming to create demonstration projects along rail transit lines that integrate various aspects of urban life [3] - The Yangcheng Bay·Cheng Keting project is located in the Yangcheng Lake urban reception area, leveraging ecological advantages to create a model area for quality living, cultural leisure, and higher education [3] Group 2 - The Yangtze River Delta International Transformation Community is a key component of the Xiangcheng High-tech Zone's new energy vehicle and automotive electronics ecosystem, focusing on building a complex innovative ecological community and an international industrial transformation hub [4] - The project covers approximately 92.8 acres with a total construction area of about 106,000 square meters, planning to establish a common technology platform driven by data, serving as a benchmark for "TOD + urban industry" integration [4] - The two TOD projects aim to achieve synergistic development of transportation, industry, and urban areas, providing strong support for technological and industrial innovation in Xiangcheng High-tech Zone [4]