Group 1 - The core viewpoint emphasizes the importance of high-level innovation platforms in driving technological advancements and industrial upgrades in the Binzhou Economic and Technological Development Zone [1][9] - The development zone is focusing on building a comprehensive innovation system that includes high-level talent, integrated production clusters, and a high-quality innovation ecosystem [1] - The zone is actively promoting the construction of five key areas and leveraging existing industrial foundations to attract investments in specialized industries such as new energy vehicle components, aerospace, and biomedicine [1][2] Group 2 - Binzhou has established the largest aluminum industry cluster globally, with the development zone serving as a key area for high-end aluminum and equipment manufacturing [2] - The establishment of the Shandong Province Advanced Manufacturing Laboratory for aluminum industry marks a significant milestone in technological innovation and green development [2] - The zone has also seen the approval of several key laboratories and engineering centers, enhancing its research capabilities in advanced manufacturing [2] Group 3 - The development zone is committed to supporting the growth of technology-based enterprises by facilitating project approvals and funding applications, with over 2 million yuan allocated for various projects [3] - It has initiated a technology and finance service program to alleviate financing challenges for small and medium-sized tech enterprises, with expected loan amounts reaching 64 million yuan [3] - The zone is also focused on building innovation platforms and guiding enterprises in applying for key laboratory constructions [3] Group 4 - The industrial upgrade is seen as a backbone for high-quality development, with a focus on smart manufacturing and technological transformation [4] - The development zone has cultivated a modern industrial system centered on high-end aluminum and automotive components, alongside emerging industries like aerospace and new energy [4] - The success of Dyson Wheel Technology Co., which has implemented numerous smart upgrades, exemplifies the positive impact of technological innovation on production efficiency [4][5] Group 5 - The introduction of advanced robotic systems in manufacturing processes has significantly improved efficiency and product quality while reducing waste and costs [5][6] - The company has developed lightweight aluminum wheels through innovative design and advanced manufacturing techniques, enhancing performance and meeting industry demands [6] - Dyson Wheel Technology has received multiple accolades for its technological advancements and product quality, establishing itself as a leader in the industry [6][7] Group 6 - The development zone is recognized for its exemplary smart manufacturing practices, with several projects and companies being acknowledged as provincial champions [7] - The zone plans to implement numerous technical transformation projects and enhance the integration of artificial intelligence with manufacturing processes [7] - The focus on cultivating high-quality projects and expanding the influence of smart manufacturing is expected to drive further industrial advancements [7] Group 7 - The integration of industry, academia, and research is crucial for transforming technological innovations into productive forces, fostering a cycle of innovation and industrial development [8] - Successful projects in aluminum-based composite materials and semiconductor materials highlight the effectiveness of this collaborative approach [8] - The development zone aims to create a conducive environment for talent development, technology research, and the commercialization of innovations [8] Group 8 - The Binzhou Economic and Technological Development Zone is positioned to continue its growth trajectory by leveraging innovation and industrial integration [9][10] - The zone's achievements in securing funding and project approvals underscore its leadership in technological advancement and industrial transformation [9][10] - Future initiatives will focus on deepening the integration of technological innovation with industrial upgrades to enhance productivity and economic growth [9][10]

在人类文明的长河中，总有一些时刻，一条看似寻常的决策注定在未来掀起壮阔的波澜；而这样的决 策，往往由一群相信未来的人所选定。 二十世纪末，就在开发建设不久的苏州工业园区这片被一些人视为"科技文化荒漠"的土地上，一群富有 远见的开拓者，以近乎直觉的勇气与超前的规划，郑重地埋下了一粒名叫"苏州国际科技 园"（SISPARK）的"种子"。 今天，当我们回望这粒"种子"在四分之一世纪的破茧成长的轨迹，可以发现，它已不再仅仅是关于一个 产业园区的故事，而是一部关于科技创新的微缩史诗，这粒"种子"所改变的，远不只是一片土地的风 貌，而是正在深刻改写苏州这座城市的产业基因。 站在科技园的高楼上凭栏远眺，苏州工业园区早期科技产业的决策人之一、曾任园区党工委副书记的杨 建中充满感慨。他反复提及科技园这粒"种子"开启了园区科技创新产业（300832）的先河。 "这粒'种子'意义非凡，它为探索苏州工业园区培育科技创新的体制、机制闯出了一条路子，有力带动 了全区科创产业的蓬勃兴起。"杨建中说，"从苏州国际科技园的实践中，园区总结出一套'专业招商队 伍+公共技术平台+科研院所支撑+创业人才+天使投资'五位一体的科技创新发展模式，通过成 ...

作为经济大省，"十五五"开好局、起好步至关重要。 12月22日，省委经济工作会议召开，总结2025年经济工作、分析当前经济形势，系统部署2026年任 务，在全省经济界持续引发热烈反响。 大家一致表示，省委分析形势深刻精准，目标设定科学合理，部署任务清晰明确，新的一年，坚决 扛好经济大省挑大梁的责任，勠力同心、真抓实干，以扎实有效的工作确保"十五五"良好开局，为全国 大局多作贡献。 把握战略机遇，因地制宜发展新质生产力 党中央决定将上海国际科技创新中心扩围至长三角，对江苏而言，既是重大机遇也是重大责任。省 委经济工作会议上"因地制宜发展新质生产力"的部署，得到经济界热烈响应。 省国信集团党委书记、董事长吴本辉表示，作为全省能源保供的主力军和金融服务的排头兵，省国 信集团将坚定不移深入贯彻落实省委部署要求，把握战略机遇，服务发展大局，做强做优主业，准确识 变、科学应变、主动求变，充分发挥好国有资本投资运营功能，统筹谋划一批重大平台、重大项目、重 大改革，着力开辟投资增量空间、强化创新主体地位、提升产业支撑作用、深化体制机制改革，为全省 国有经济布局优化和结构调整展现更大作为。 "省委经济工作会议为我们做好下一步工 ...

Core Insights - The A-share private placement market has shown significant profitability since 2025, with 52 private equity firms investing nearly 6 billion yuan and achieving a floating profit of over 2.7 billion yuan [1][4][7] - The electronic industry is the most favored sector for private placements, with substantial investments and high floating profits observed [4][5][8] Investment Trends - In 2025, the A-share private placement market rebounded significantly, with 158 companies conducting private placements, raising over 850 billion yuan, a year-on-year increase of more than 400% [4] - Private equity firms have shown high enthusiasm for participating in private placements, with a total allocation amounting to 5.98 billion yuan, a 23.48% increase from the previous year [4][5] - The electronic sector attracted the most investment, with private equity firms allocating 2.03 billion yuan across 10 electronic companies, accounting for 33.98% of total allocations [4][5] Profitability Analysis - As of December 23, 2025, the overall floating profit from private placements reached 2.72 billion yuan, with a floating profit ratio of 45.55% [7] - Among the 58 stocks involved in private placements, 54 are currently in a floating profit state, with 9 stocks showing a floating profit ratio exceeding 100% [8] - Notable performers include Demingli, with a floating profit ratio of 274.19%, contributing nearly 441 million yuan in floating profit [8] Private Equity Firm Performance - Large private equity firms have adopted a more conservative investment style, while smaller firms have favored growth-oriented strategies, achieving higher floating profits [9][10] - Smaller private equity firms, particularly those managing between 5 billion and 20 billion yuan, have reported floating profit ratios exceeding 100% [10][11] - Overall, 50 out of 52 private equity firms involved in private placements have achieved floating profits, with over 30% of firms reporting floating profit ratios above 50% [11] Market Dynamics - The surge in private placement investments is attributed to a combination of market stabilization, policy benefits, and the inherent discount advantages of private placement projects [13][14] - Private equity firms leverage their stock selection capabilities and negotiation advantages to secure excess returns in structural market conditions, further driving their participation in the private placement market [14]

Core Insights - The Shanghai-Suzhou innovation cluster ranks sixth globally in the "Top 100 Global Innovation Clusters" list for 2025, as reported by the World Intellectual Property Organization, highlighting its strong intellectual property and innovation capabilities [1] - The integration of Shanghai and Suzhou's innovation resources is significantly enhancing collaborative effects, contributing to high-quality development in the Yangtze River Delta region [1][2] Group 1: National Strategy and Innovation Collaboration - The Central Economic Work Conference emphasizes the construction of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area, providing new opportunities for Suzhou to deepen its integration with Shanghai [2] - Suzhou has become a prominent area for the release of urban synergy effects, actively aligning with Shanghai to accelerate their integration and collaborative innovation efforts [2] Group 2: Innovation Ecosystem Development - The G60 Science and Technology Innovation Corridor and the Yangtze River Delta industrial innovation belt are crucial links for deepening collaboration between Shanghai and Suzhou [3] - The establishment of various innovation alliances and joint ventures, such as the "Large Size Silver-Free Battery Full Chain Technology and Equipment Innovation Alliance," showcases the commitment to overcoming key technological challenges [3] Group 3: Economic Performance and Innovation Capacity - By 2024, the combined GDP and industrial output of Shanghai and Suzhou are expected to exceed 8 trillion yuan, reflecting the maturity of the "Shanghai R&D + Suzhou Transformation" model [4] - As of October 2025, there are over 42,500 national high-tech enterprises and nearly 2,000 specialized "little giant" enterprises in the region, indicating a robust innovation capacity [4] Group 4: Resource Sharing and Ecosystem Integration - The collaboration between Suzhou and Shanghai has evolved from project-based interactions to a shared innovation ecosystem, exemplified by the establishment of the Shanghai Jiao Tong University Suzhou Innovation Institute [5] - The new Shanghai Jiao Tong University Suzhou Advanced Research Institute aims to integrate academic resources with local industry, fostering innovation and talent development [5] Group 5: Strategic Innovations and Infrastructure - The establishment of the COMAC Taicang Research Center marks a significant step in integrating Suzhou into the aircraft design and research chain, enhancing the local aerospace industry [6] - Kunshan is actively integrating into Shanghai's innovation ecosystem, implementing initiatives like the "Hu-Kun Technology Innovation Voucher" to facilitate cross-regional collaboration [6] Group 6: Cross-Regional Collaboration and Efficiency - The launch of the "Shanghai Airport-Suzhou Pre-Positioning Cargo Station" has significantly improved logistics efficiency, reducing costs and time for high-tech product exports [7][8] - The development of a comprehensive financial service system for high-tech enterprises in Suzhou has led to 57 companies successfully listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [8] Group 7: Future Directions - The Shanghai-Suzhou innovation cluster is poised to further integrate into the international technology innovation center framework, focusing on deepening collaborative development and enhancing new productive forces [9]

保护知识产权就是保护创新。锚定打造具有全球影响力的产业科技创新中心目标，江苏省先行探索以知 识产权助力产业强链工作。近年来，江苏省知识产权局深入实施"知识产权助力产业强链"产才对接行 动，为重点产业重大创新主体精准对接高层次人才团队，为区域科技创新和产业创新融合发展提供有力 支撑。 链群协同搭建产才对接桥梁 护航企业自主创新、产品突破关键技术、跻身国际舞台，完善全链条知识产权工作不可或缺。2025年12 月16日，14家物联网产业重点企业与知识产权相关专家相聚无锡，就专利导航、决策、支撑等内容深度 交流，现场形成多个"一对一"后续咨询意向。 这是江苏"知识产权助力产业强链"产才对接行动的一次现场活动。该行动始于2021年，目前已开展了五 轮，聚焦江苏"1650"产业体系和"51010"战略性新兴产业集群，通过"规模+创新"双维度遴选，已重点锁 定21家产业龙头企业、16个先进制造业集群和20家省级以上重点实验室，开展"定制化""精准化"对接服 务。 企业是创新的主体。截至目前，产才对接行动已累计向重点企业、重点实验室提供咨询服务450余次， 现场对接180余次，聚焦产业集群需求和前沿技术领域，累计出具产业专利 ...

Group 1: Capital Market Development - Qingdao's capital market has shown resilience and vitality, contributing significantly to regional economic development during the 14th Five-Year Plan period [1] - The number of listed companies in Qingdao increased by 33 to a total of 86, marking a 46% growth compared to the end of the 13th Five-Year Plan [2] - The direct financing scale reached a new high, with over 600 billion yuan raised through various capital market instruments [6] Group 2: Manufacturing Sector Growth - The total market value of listed companies in Qingdao has steadily increased, with the securities rate rising from 52% to 65% [4] - In 2024, the operating revenue of listed companies reached 649.1 billion yuan, and net profit was 45 billion yuan, representing growth of 50% and 54% respectively compared to 2020 [4] - The manufacturing sector dominates, with 47 out of 65 listed companies operating in this field, covering 18 sub-sectors [4] Group 3: Innovation and Financing - R&D spending by listed companies doubled from 10.2 billion yuan to 21.7 billion yuan over five years [6] - The issuance of innovative bonds, including technology innovation bonds, reached a total of 13.9 billion yuan, supporting the development of tech enterprises [6] - The total financing through various capital market channels exceeded 600 billion yuan, a growth of over 70% compared to the previous five-year period [6] Group 4: Investor Returns - Listed companies in Qingdao distributed over 70 billion yuan in dividends, doubling the amount from the previous five-year period [8] - The number of companies paying dividends reached a historical high in mid-2025, with total amounts nearing 4.5 billion yuan, 2.5 times that of the previous year [8] - Share buybacks and loan policies have been implemented, benefiting 13 listed companies [8] Group 5: Wealth Management and Financial Services - The wealth management scale in Qingdao's securities, fund, and futures industry surpassed 1.6 trillion yuan, more than doubling since the end of the 13th Five-Year Plan [10] - The establishment of new financial institutions, including the first new futures company in over 20 years, has enhanced the financial service system [9] - The number of private equity fund managers exceeded 300, with a management scale of over 220 billion yuan, ranking highly among provinces [10]

□ 本报评论员 经济工作千头万绪，抓住关键，就能做到纲举目张，以重点带动全局。日前召开的江苏省委经济工作会 议，深入学习贯彻落实中央经济工作会议精神，紧密结合省情实际和发展阶段性特征，系统部署了八项 重点任务，为我省做好明年经济工作明确了主攻方向。 促进城乡区域协调发展，是拓展高质量发展新空间的重要举措。要联动推进长三角一体化发展和长江经 济带发展，深化"1+3"重点功能区建设，做好区域互补、跨江融合、南北联动大文章。同时，必须更好 统筹发展和安全，守牢安全稳定底线。着力稳定房地产市场，稳妥化解地方政府债务风险，深化安全生 产整治，确保社会大局和谐稳定。 凡事有其要，执其要者事成。全省各地各部门要深刻领会省委经济工作会议精神，紧扣八项重点任务， 将其实化细化为抓经济工作的具体举措，以实际行动体现"走在前、做示范"的责任担当。 要有效释放内需潜力，在保障和改善民生中扩大消费需求。当前，经济运行中供需矛盾较为突出，这要 求我们一方面扩大优质商品和服务供给，增强供需适配性；另一方面把民生关切作为扩大内需的着力 点，通过实施城乡居民增收计划、健全社会保障体系、优化公共服务供给，切实提升居民消费能力和意 愿。同时，要切 ...

● 本报记者 王宇露 银河基金坚持在科技创新领域深耕细作，持续加强研究深度与投资布局。组建科技行业投研团队，紧跟 政策导向，深入开展理论学习，加强实地调研。聚焦科技前沿产业开展前瞻性、系统化、全景式研究， 形成低空经济、人工智能产业等新质生产力系列专题报告。基于多年在科技赛道的研究积淀，银河基金 立足全产业链，在半导体、AI、机器人、信创、新能源等领域前瞻布局，形成了较为全面的投资体 系，积极陪伴有潜力的科技企业成长。同时，以银河高端装备混合发起式、银河新材料股票发起式、银 河中证机器人指数等科技细分赛道基金产品为依托，充分发挥公募基金对科技领域的价值发现作用，持 续服务新质生产力发展，推动"科技-产业-金融"深入一体融合，深化"科技银河"特色品牌。 牢记金融为民 在履行社会责任中展现形象 "十五五"规划建议把"坚持人民至上"作为经济社会发展必须遵循的重要原则。《推动公募基金高质量发 展行动方案》强调要坚持以投资者为本，牢固树立以投资者最佳利益为核心的经营理念。银河基金表 示，公募基金要牢记金融为民的初心，积极践行中国特色金融文化，将履行社会责任和企业经营发展深 度融合，不断增强人民群众获得感、幸福感。 银河 ...

葛小波 ◎记者 汤立斌 "近年来，资本市场一系列政策举措，从拓宽融资渠道、降低融资成本、优化市场环境等多方面，持续 提升科创企业的融资效力，促进了区域经济的协同发展。"国联民生总裁葛小波在接受上海证券报记者 专访时表示，在此背景下，证券公司需要深度嵌入产业链协同与区域创新生态，塑造与科创企业共生共 长共荣的关系，共筑新质生产力竞争壁垒。 在葛小波看来，资本市场在推动科技创新和产业创新融合发展的过程中发挥着重要枢纽功能，随着市场 制度的包容性与适应性不断提高，证券公司服务科技创新也被赋予了新的内涵和要求。 "首先是融资需求，企业在发展的不同阶段，需要不同类型的资金，如何助力其实现高效、便捷和低成 本的融资战略，是证券公司服务的主要内容。"葛小波表示，"其次是战略合作需求，证券公司帮助企业 融资仅仅是最基本的服务，更重要的是通过融资与战略伙伴建立起股权纽带关系。最后是并购需求，科 技企业通过并购实现规模扩张，构建第二发展曲线和产业链整合。" "在新形势下，只有在服务新质生产力和推动科技创新方面发挥出作用，形成自身的经营特色和服务能 力，证券公司才能在未来的竞争中立于不败之地。"葛小波说。 2024年4月，中国证监 ...