高投毅达研究院研讨会 五年来，在省委、省政府及省国资委的坚强领导下，高投集团牢牢把握"做政府实施产业转型升级的专 业化抓手和市场化有竞争力的品牌投资机构"这一战略定位，以深化改革激发内生动力，以政策性引 导、专业化落地与市场化运作的有机统一把握发展航向，坚定立足私募股权与创业投资主业，全力实 施"一二三四五"发展战略，筑牢防控"六大风险"的堤坝。五年间，集团核心功能显著增强，核心竞争力 稳步提升，高质量发展的步履铿锵有力，为"强富美高"新江苏现代化建设注入了澎湃的资本动能。 锻强综合实力 在服务大局中彰显专业价值 时间是伟大的书写者，记录下开拓者奋进的历程。"十四五"以来，高投集团整体经营实现量质齐升的稳 健增长。 截至目前，集团资产规模达615.75亿元，净资产495.59亿元，累计管理资本规模达3107亿元，分别较"十 三五"末大幅增长219.31%、341.27%和276%。这不仅是一组跃动的数字，更是集团综合实力与市场地位 跨越式提升的鲜明注脚。集团在2022年、2023年、2024年连续3年荣获全省高质量发展综合考核（省属 企业）第一等次，这既是省委、省政府对集团服务全省发展大局成效的充分肯定，也是 ...

Group 1 - The total output value of the non-ferrous metal new materials industry cluster in Jinchang has reached 119.75 billion yuan from January to November, showing a year-on-year growth of 21.5% [14] - Since the "14th Five-Year Plan," Jinchang has restructured its industrial layout with a full industry chain approach, achieving a breakthrough in the industry chain and releasing cluster effects [14] - The output value of this industry cluster exceeded 105 billion yuan last year, with a year-on-year increase of 155.7% compared to 2021, and an average annual growth rate of 36.7% [14] Group 2 - The industry has established a complete industrial system covering nickel, copper, cobalt, precious metals, and titanium, focusing on core strategies of "optimizing nickel, strengthening copper, increasing cobalt, expanding precious metals, and promoting titanium" [14] - In the nickel industry chain, Jinchuan Group has formed a matrix of four major categories with over 20 enterprises, aiming for an electrolytic nickel output of 200,000 tons in 2024, accounting for 35% of the national total [14] - The copper industry chain is expected to produce 1 million tons of cathode copper annually, with 6-micron ultra-thin copper foil filling domestic gaps, significantly supporting the development of the new energy and chip industries [14] Group 3 - The cobalt industry chain focuses on the new energy track, achieving an output of 7,000 tons of electric cobalt and 100,000 tons of ternary precursors last year, with a local supply rate of over 80% for battery materials [15] - The precious metals industry chain, leveraging resource advantages, produces 10 tons of platinum group metals and 100 tons of gold annually, with rare metal production capacity ranking among the top in the country [15] - The titanium industry chain has formed a closed loop of "titanium metallurgy + titanium processing + titanium chemical," with products directly supplied to the aerospace sector [15] Group 4 - Technological innovation has injected strong momentum into industrial upgrades, with 36 new products achieving mass production and the Jinchuan Group's carbonyl metallurgy pilot platform being selected as one of the first key cultivation platforms by the Ministry of Industry and Information Technology [15] - Smart manufacturing has made new breakthroughs, with the 5G smart mining project being recognized as a national typical case, improving human-machine collaboration efficiency by 30% [15] - The Jinchang nickel-cobalt-copper new materials and application cluster has been upgraded to a national advanced manufacturing cluster [15]

Group 1 - The meeting emphasized the need to further standardize the operation and management of government investment guidance funds, focusing on key aspects such as fundraising, investment, management, and exit strategies [1] - It highlighted the importance of adhering to market-oriented, legal, and professional operations to enhance the competitiveness of the funds in the market, thereby better serving national strategies and provincial development [1] - The meeting called for precise investments in key areas and weak links related to innovation development and the construction of a modern industrial system in Shaanxi, aiming to attract more social capital participation [1] Group 2 - Strict management measures were discussed, including the need for comprehensive management of government investment funds across the province, optimizing establishment procedures, and establishing sound investment decision-making and risk constraint mechanisms [1] - The meeting also focused on improving post-investment management mechanisms, including risk warning, performance evaluation, and exit strategies to promote a virtuous investment cycle [1]

"十四五"时期，有着"苏大强"之称的江苏，交出了分量十足的资本市场成绩单：全省新增上市公司257 家，其中约九成为科技企业或科技含量较高的企业；全省上市公司总数达到721家，累计完成首发融资 2259.71亿元、再融资3852.79亿元，为企业技术迭代、产能扩张提供了充足资金"弹药"。 江苏上市公司群体既担负着引领传统行业转型破局的任务，又承载着科技创新和产业创新深度融合的希 望。展望"十五五"，当地将继续鼓励上市公司不断做优做强，为"经济大省挑大梁"提供坚实支撑。 "江苏军团"规模效益双优 "十四五"时期，江苏上市公司群体实现了从"量的积累"到"质的飞跃"，成为稳定区域经济大盘的重要力 量。 截至2025年12月29日，全省境内上市公司家数达721家，数量占全国的1/8，形成了全国规模领先的上市 公司集群；总市值攀升至8.9万亿元，较"十三五"末增长46%，千亿市值龙头企业从7家增至11家，行业 引领作用持续凸显。直接融资渠道持续畅通，"十四五"时期累计完成首发融资2259.71亿元、再融资 3852.79亿元，为企业技术迭代、产能扩张提供了充足资金"弹药"，有力支持了江苏经济发展。 2025年上半年，全省 ...

Core Viewpoint - Yunnan's unique highland geography, diverse climate, and rich biodiversity have fostered a distinctive agricultural industry, focusing on high-quality development through technological innovation and financial support, aiming for a transformation from scale expansion to quality and efficiency in key agricultural sectors like flowers, medicinal herbs, and coffee [1][2][6]. Agricultural Industry Development - Yunnan's agricultural strategy emphasizes the development of 14 key highland specialty agricultural industries, with a projected total output value exceeding 2.7 trillion yuan in 2024 [1]. - The province is a leading producer of fresh-cut flowers, tea, and rubber, with significant contributions to the economy and rural income [1][2]. Technological Innovation - Technological innovation is identified as the core engine driving the high-quality development of highland specialty agriculture, with a focus on seed innovation and the integration of research and industry [7][8]. - Yunnan has made significant advancements in breeding new varieties, particularly in flowers and medicinal herbs, with over 1,280 new flower varieties applied for and 800 authorized [7]. Financial Support and Investment - Yunnan has established a diversified financial service system to support agricultural development, with a total of 4.398 trillion yuan allocated to agricultural and rural development over five years [11]. - The province has set aside 135.172 billion yuan for highland specialty agriculture, with significant investments in key projects and financial support for farmers and enterprises [11][12]. Industry Structure and Collaboration - The agricultural sector in Yunnan comprises 173,000 agricultural enterprises and 69,800 farmer cooperatives, creating a development pattern led by large enterprises and supported by cooperatives [13]. - Collaborative platforms between enterprises, research institutions, and farmers have been established to ensure seamless integration of research outcomes into market demands [8][9]. Future Goals - Yunnan aims to strengthen its position as a highland specialty agricultural powerhouse by enhancing resource advantages, promoting technological innovation, and improving financial services [14].

Core Insights - Dongguan's economy has reached new milestones during the "14th Five-Year Plan" period, surpassing 1 trillion yuan and achieving over 1.2 trillion yuan in total economic output [1] - The city focuses on building a modern industrial system characterized by "8+8+4" and emphasizes the development of new productive forces, with industrial investments nearly doubling over five years [1] - Dongguan has seen over 8,500 small enterprises upgrade to regulated status, leading the province in growth, and 70% of regulated industrial enterprises have implemented digital transformation [1] Group 1: Economic Development - Dongguan's total economic output has crossed the 1 trillion yuan mark and reached over 1.2 trillion yuan during the "14th Five-Year Plan" [1] - The city has established a modern industrial system with a focus on manufacturing, aiming to enhance its industrial investment significantly [1] - The number of small enterprises upgrading to regulated status has exceeded 8,500, marking the highest growth in the province [1] Group 2: Technological Innovation - Dongguan has built a comprehensive technology innovation system, with over 10,000 national high-tech enterprises and a research and development intensity of 4.01% [2] - The city ranks 23rd nationally in the evaluation of innovation capabilities for innovative cities in 2024 [2] - Dongguan has received 594 national natural science fund projects, which is 2.8 times the total from the "13th Five-Year Plan" period [2] Group 3: Financial Support for Innovation - The city has issued 198 million yuan in loan risk compensation, facilitating a total of 40.72 billion yuan in bank loans benefiting 4,536 enterprises [2] - Dongguan has established a 1 billion yuan angel investment fund, which has already invested in 24 startup technology projects in its first year [2] - The establishment of national innovation platforms has been further enhanced, with significant projects like the Songshan Lake Science City being included in the Greater Bay Area's national science center [2]

央视网消息（新闻联播）：记者从财政部了解到，2026年，我国将连续第二年实施更加积极的财政政 策，着力扩内需、优结构、增动能、惠民生。将扩大财政支出盘子，确保必要支出力度，优化政府债券 工具组合，提高转移支付资金效能，持续优化支出结构，加强财政金融协同，放大政策效能。 2026年，更加积极的财政政策将坚持内需主导，支持建设强大国内市场，大力提振消费，深入实施提振 消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。积极扩大有效投资，加 大对新质生产力、人的全面发展等重点领域投入。同时，规范税收优惠、财政补贴政策。 此外，2026年，更加积极的财政政策还将支持科技创新和产业创新深度融合，推进城乡融合和区域联 动，进一步加强民生保障，推动经济社会发展全面绿色转型等，增强经济发展后劲和百姓获得感。 ...

Core Viewpoint - The cooperation between Guiyang Gui'an and Central South University aims to enhance local economic and social development through talent cultivation, medical service improvement, and technological innovation [1][2]. Group 1: Cooperation Goals - Guiyang Gui'an and Central South University are focusing on building a high-quality talent team by leveraging the university's strengths in education and healthcare [1]. - The partnership will enhance the quality of local medical services by increasing support for Guiyang Gui'an's medical institutions [1]. - There is an emphasis on digital empowerment, aiming to deepen collaboration in areas such as computing power, data, scenarios, and security [1]. Group 2: Areas of Focus - The collaboration will prioritize talent training, clinical technology application, medical big data, and scientific innovation [2]. - Both parties will seek innovative cooperation models and pathways to accelerate the development of their partnership [2]. - The establishment and utilization of the Central South University Guizhou Research Institute and other innovation platforms will be crucial for the transformation of scientific achievements in Guiyang Gui'an [1].

Core Viewpoint - Water Jiufang aims to contribute to Chengdu's high-quality development by focusing on six key areas as it transitions into the "15th Five-Year Plan" period, aligning its growth strategy with the city's development goals [4]. Group 1: Industry Development - The "15th Five-Year Plan" emphasizes the optimization and enhancement of traditional industries, with Chengdu aiming to build a modern industrial system centered around advanced manufacturing [5]. - Water Jiufang, as a leading enterprise in Chengdu's liquor production, is strategically expanding its production bases, integrating traditional brewing techniques with modern technology, and investing over 6.8 billion yuan in its Qionglai production base [5]. - The company is creating a micro-ecosystem that covers the entire production chain, enhancing efficiency while preserving traditional craftsmanship [5]. Group 2: International Engagement - Water Jiufang is positioned as a key player in Chengdu's goal to become a national center for international exchanges, leveraging its unique advantages from foreign partnerships [6]. - Since its acquisition by Diageo in 2013, Water Jiufang has integrated international management practices, enhancing its global market presence and confidence among foreign investors [6]. Group 3: Consumer Trends - The company is responding to changing consumer preferences by focusing on quality upgrades and emotional consumption, aligning with Chengdu's goal of becoming a major international consumption center [7]. - Water Jiufang's dual-brand strategy, featuring the main brand and the high-end "Diyifang," caters to different consumer segments, reinforcing its market position [7][8]. Group 4: Cultural Integration - Water Jiufang is actively contributing to Chengdu's cultural development by transforming its historical heritage into a vibrant cultural brand, supported by its status as a national cultural heritage site [9]. - The company has launched a unique cultural tourism route that connects its museum with other city landmarks, enhancing public engagement with its heritage [9]. Group 5: Technological Innovation - The "15th Five-Year Plan" highlights the importance of technological innovation, which Water Jiufang is addressing through research collaborations focused on microbial communities in traditional brewing [10]. - The company is utilizing smart manufacturing technologies to enhance production processes, ensuring that traditional techniques are preserved while improving efficiency [10][11]. Group 6: Sustainability Initiatives - Water Jiufang has integrated sustainability into its core strategy, establishing a comprehensive ESG framework and setting quantifiable goals for carbon reduction and resource recycling [12][13]. - The Qionglai production base exemplifies the company's commitment to green practices, achieving significant energy savings and waste recycling, and receiving international green building certifications [12][13].

Core Viewpoint - The public fund industry is returning to its roots, with equity investment presenting new development opportunities, as emphasized by Zhang Xun, Assistant General Manager and Equity Research Director of Pengyang Fund [1] Group 1: Investment Philosophy - Zhang Xun emphasizes an "absolute return mindset + discipline" in investment, reflecting a deep understanding of regulatory guidance and a focus on investor interests [2] - The shift in investment philosophy includes a greater emphasis on performance benchmarks, safety margins in research, and a comprehensive consideration of tracking errors alongside returns in portfolio management [2] Group 2: Active Management Value - Active equity funds are seen as irreplaceable in capital markets, with Zhang Xun arguing that active and passive investments complement each other [3] - Active fund managers play a crucial role in value discovery and asset pricing through in-depth research and analysis, guiding market funds towards quality enterprises [3] - The current economic transition in China presents structural opportunities for active equity funds to leverage their stock-picking advantages [3] Group 3: Investment Focus Areas - Zhang Xun identifies four key areas with high "cost-performance" potential: leading manufacturing companies benefiting from the "anti-involution" trend, adjusted consumer sectors, traditional industries with solid competitive advantages, and resilient "going abroad" sectors [5] - The investment strategy focuses on technology, reform, international expansion, and security, while also considering the high-quality development of traditional industries and the strengthening of emerging sectors [4] Group 4: Market Outlook - The market's future drivers will stem from both macroeconomic factors, such as global monetary policy and advancements in AI, and microeconomic factors, particularly the performance of listed companies [4] - The past year's market dynamics have centered around technology and liquidity expectations, leading to high valuations for many stocks, necessitating careful evaluation moving forward [4]