最近的外卖大战可以说是热闹非凡。十年前的"双雄"格局演变成了更激烈的"三国杀"。一季度，京东包括外卖业务在内的新业务收入达到58亿元，给5月 26日即将发布一季报的美团不小压力。 面对京东奇袭，阿里搅局，风暴中心的美团一边忙着守擂，另一边却频繁落子硬科技。 今年2月，京东高调宣布进军外卖市场。一个月后，美团掌门人王兴首次向外界透露了AI"作战"策略——AI at work（AI在工作中的应用）、AI in products （AI在产品中的应用）以及构建美团内部大语言模型。 此时，美团的科技"暗线"已然变成了"明牌"。 其实，早在2020年美团就已经入场投资硬科技，彼时，美团战略也从"Food+Platform"转向"零售+科技"。之后更是火力全开，每年投资的硬科技项目占比 几乎都过半。 转向硬科技的这五年，美团都投了哪些项目？作为硬科技的隐秘投手，美团都有哪些"神来之笔"？ 从零售到科技 从2013年开始，美团围绕主业，聚焦本地生活，投资了猫眼娱乐、摩拜单车、K米、Manner咖啡、认养一头牛等项目，覆盖生活服务、文娱、餐饮企业服 务、旅游等行业。甚至早在2018年，美团还参与了饿了么D轮和E轮投资。 整体 ...

修订后的《重组办法》创多个"首次"，包括首次建立简易审核程序，首次调整发行股份购买资产的监管 要求，首次建立分期支付机制，首次引入私募基金"反向挂钩"安排。 近日，中国证监会正式对外公布实施修订后的《上市公司重大资产重组管理办法》(以下简称《重组办 法》)，在简化审核程序、创新交易工具、提升监管包容度等方面作出优化。 业内人士认为，监管部门在鼓励上市公司并购重组方面采取了一系列措施，《重组办法》作为上市公司 并购重组的"基本法"，优化后将在更大程度上提振市场各方信心、提升并购积极性，赋能上市公司高质 量发展。 多个"首次"进一步激发市场活力 《重组办法》积极回应市场关切，多个"首次"将进一步激发并购重组市场活力。 《重组办法》建立了重组股份对价分期支付机制：将申请一次注册、分期发行股份购买资产的注册决定 有效期延长至48个月；明确分期发行股份的，锁定期自首期股份发行结束之日起算；在计算是否构成重 组上市等相关指标时，将分期发行的各期股份合并计算。同时，《重组办法》要求在强制业绩承诺情况 下，明确上市公司与交易对方可以选择业绩补偿或者分期支付加业绩补偿等方式履行承诺义务；上市公 司分期发行股份支付购买资产对价的 ...

每日经济新闻 科创综指ETF华夏紧密跟踪上证科创板综合指数，聚焦硬科技领域，重点布局新一代信息技术、高端装备、生物医药、新能源、新材料及节能环保等国内战 略性新兴产业。 科创综指ETF华夏（589000），场外联接（华夏上证科创板综合ETF联接A：023719；华夏上证科创板综合ETF联接C：023720）。 截至5月19日收盘，上证科创板综合指数上涨0.16%，成分股三生国健涨停，纬德信息上涨13.00%，中邮科技上涨11.33%，爱科赛博上涨8.70%，兰剑智能上 涨8.68%。科创综指ETF华夏（589000）上涨0.21%，最新价报0.93元。流动性方面，科创综指ETF华夏盘中换手3.97%，成交1.08亿元。拉长时间看，截至5 月19日，科创综指ETF华夏近1月日均成交1.79亿元，排名可比基金第一。 消息面上，5月19日，业界瞩目的鸿蒙电脑正式发布，标志着智能终端全面开启鸿蒙时代。业内人士认为，国产电脑操作系统是至关重要的"数字底座"，不 仅关乎信息安全、产业自主可控，更是构建安全可靠数字生态的核心支撑。鸿蒙电脑的发展能够有效带动产业链自主化，增强技术自主发展韧性。在全球科 技竞争日益激烈、技术合 ...

Group 1 - Company Weili plans to transfer 100% equity of its wholly-owned subsidiary Dunhua Zhongneng Environmental Power Co., Ltd. to Chengfa Environment for a total consideration of approximately 323 million yuan, which includes a transfer price of 100 million yuan and shareholder loans of about 223 million yuan [3] - Company Wanrun New Energy has signed a business cooperation agreement with CATL to supply lithium iron phosphate products, with an estimated total supply of approximately 1.32 million tons from May 2025 to 2030, and a commitment for monthly procurement of at least 80% of the agreed supply [4] - Company Shouhua Gas intends to purchase bauxite resources through market-based methods, with a purchase amount not exceeding 30% of the latest audited total assets or 100% of net assets within 12 months [5] Group 2 - Company Gaon Environment received an administrative regulatory decision from the Beijing Securities Regulatory Bureau due to insufficient basis for goodwill impairment and inaccurate disclosure of related party transactions, resulting in a warning letter issued to the company and its key personnel [6] - Company Hongxin Electronics' subsidiary signed two contracts for computing power services and hardware procurement, with total contract amounts of 177 million yuan and 385 million yuan respectively, enhancing the company's market share in the AI business [7] - Company Shanghai Xinyang plans to invest 30 million yuan in the establishment of the Qixin Fund, focusing on investments in semiconductor, integrated circuits, AI, new materials, and advanced manufacturing sectors [8] Group 3 - Company Baiyunshan's subsidiary Guangzhou Pharmaceutical will be listed on the New Third Board starting May 20, 2025 [9] - Company Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, with a total contract value of approximately 805 million USD over a five-year period [11] - Company Dongzhu Ecology signed an EPC general contracting agreement worth approximately 3.5 billion yuan for a land consolidation project in Laos, with a contract duration of three years [12] Group 4 - Company Youa signed a strategic cooperation framework agreement with Changsha Guokong Capital and Tsinghua Electronics Institute to promote the semiconductor industry upgrade in Changsha [13] Group 5 - Company Wanfeng plans to reduce its shareholding by up to 1.75% through block trading [15] - Company Hexing Packaging intends to repurchase shares worth between 50 million to 100 million yuan for employee stock ownership plans, with a maximum repurchase price of 4.67 yuan per share [17] - Company Zhaoxun Media plans to repurchase shares worth between 100 million to 200 million yuan for employee stock ownership plans, with a maximum repurchase price of 14.8 yuan per share [18]

当前，股权投资行业正在加强投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科 技创新。 在此背景之下， 母基金研究中心（ www. china -f o f. c om，下同）正式开启2 0 2 5专项榜单评选 。母基金研究中心将根据已有的数据支撑与研究分析，于 7月发布2 0 2 5专项榜单，以此鼓励私 募股权母基金与基金行业的优秀机构与人才，促进股权投资行业的健康发展。 奖项包括： 2 0 2 5年以来，股权投资行业迎来众多政策利好。 今年的政府工作报告中特别提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 5月1 4日，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、 国务院国资委联合发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举 措》，提出发挥创业投资支持科技创新生力军作用，发挥"国 ...

Group 1 - The core viewpoint is that the issuance of technology innovation bonds has surged, with 89 bonds launched and raising 188.5 billion yuan since the new policy was introduced on May 7, indicating strong participation from banks, brokerages, technology companies, and investment institutions [2] - Technology innovation bonds are specifically designed for financing technology innovation enterprises, with funds required to be used for related purposes, making them more tailored to the needs of tech companies, especially small and medium-sized enterprises [2] - The new policy has expanded the range of issuers to include banks, brokerages, and financial investment companies, allowing equity investment institutions to raise funds through bond issuance for investing in early-stage technology projects [2] Group 2 - The enthusiasm for technology innovation bonds is driven by supportive policies that lower barriers and costs, encouraging financial institutions to participate [3] - These bonds facilitate the integrated development of debt, loans, and equity investments, enabling banks to raise low-cost funds through bonds and invest them in technology loans, while investment institutions can establish industry funds for early-stage tech companies [3] - The main challenge is not the availability of funds but the ability to deliver them accurately to the enterprises in need, which technology innovation bonds effectively address by aligning policy direction, market confidence, and enterprise demand [3]

周恒 制图 ◎记者 张欣然 邓贞 困扰股权投资机构多时的融资难题，现在有了新的解题方案。 近日，中国人民银行、中国证监会联合发布新规，明确支持股权投资机构和创业投资机构发行科技创新 债券，这为GP（普通合伙人）打开了一扇低成本、长周期的融资"新大门"。 长期限债券也为GP提供"耐心资本"。上海国投公司副总裁陆雯表示，科创债不仅拓宽了私募股权投资 机构的融资渠道，还提供了长期资本支持，这对资金需求大、回款周期长的GP而言尤为关键。"长期限 债券能有效缓解GP的退出压力，让他们有足够的时间和耐心等待投资项目的收益兑现，并撬动更多社 会资本进入。" 从首批发行案例来看，科创债的优势逐步显现。 5月12日，北京亦庄国际投资发展有限公司公告，计划发行2025年度第一期科技创新债券，发行金额上 限为5亿元，期限为5年，发行利率1.94%。据了解，本次利率为该机构发行债券以来同期限最低，有效 降低了融资成本。此外，所募集资金将全部用于发行人及下属子公司向科技创新领域相关基金的置换及 未来出资。 苏州天使母基金总经理孙远东表示，首批券商科创债的平均利率较低，同时通过引入信用保护工具、担 保机制等措施，不仅增强了债券信用等级， ...

Core Viewpoint - The article emphasizes the importance of incubators in supporting innovation and entrepreneurship in China, highlighting the need for a transition from quantity to quality in incubator development, particularly through enhanced integration with capital markets [1][2][3]. Group 1: Incubator Development - As of the end of 2024, over 300,000 technology-based enterprises have been incubated in China, with more than 5,000 of these being listed companies [1]. - One-third of the companies listed on the Sci-Tech Innovation Board are incubated enterprises, including leading tech firms like iFlytek, DJI, and Cambricon [1]. - The "Hangzhou Six Dragons," a group of prominent tech companies, includes several that have been nurtured by incubators [1]. Group 2: Policy Support - There is a call for stronger policy support to enhance the development of incubators, which is seen as a crucial backing for high-tech industries and the transformation of technological achievements [2]. - Local governments are encouraged to develop specific policies, such as tax incentives and financial subsidies, to support incubators [2]. - For instance, Anhui Province aims to establish around 10 top-tier incubators by 2029, with each incubator expected to nurture at least 50 technology-based enterprises [2]. Group 3: Financial Support - Financial support is identified as a critical factor for the growth of enterprises, with a focus on establishing early-stage investment funds to alleviate funding challenges [2]. - There is a need to guide "patient capital" towards early-stage tech companies and promote the transformation of technological achievements through "investment-incubation linkage" [2]. - Strengthening collaboration between incubators and financial institutions is essential to explore innovative financial service models and products, thereby providing diverse financing channels and risk protection for enterprises [2]. Group 4: Innovation Ecosystem - The article advocates for the formation of a comprehensive innovation ecosystem, where incubators collaborate closely with upstream and downstream tech enterprises, as well as academic institutions, to facilitate the transformation of technological achievements [3]. - Establishing a technology innovation platform system is crucial for integrating innovation resources, industry resources, and service resources, creating a diversified and professional full-chain technology innovation system [3]. - The high-quality development of incubators is expected to support the development of new productive forces and contribute to the construction of a modern industrial system, ultimately driving high-quality economic growth [3].

中国人民银行、中国证监会近日联合发布关于支持发行科技创新债券有关事宜的公告，多家企业、金融 机构等迅速响应，推动全国首批科技创新债券亮相。中国银行间市场交易商协会披露的数据显示，自5 月7日科技创新债券上线以来至5月14日，14家股权投资机构完成发行、11家股权投资机构开展注册，注 册发行金额合计约200亿元，发行人覆盖北京、上海、广东、江苏等区域。中国人民银行行长潘功胜近 期表示，初步统计，目前有近100家市场机构计划发行超过3000亿元的科技创新债券，预计后续还会有 更多机构参与。 支持三类主体聚焦"硬科技" 中信银行有关负责人介绍，由该行主承销的全国首批科技创新债券达15单，其中，该行发挥主导推动作 用的牵头承销项目9单，引导债市资金精准滴灌高端芯片、人工智能、新能源、先进制造、农业现代化 等战略关键领域。 《公告》落地后，沪深北交易所同日发布《关于进一步支持发行科技创新债券服务新质生产力的通 知》，银行间市场交易商协会发布《关于推出科技创新债券、构建债市"科技板"的通知》，进一步明确 了实施细则。 科技创新债券发行主体增量扩容是亮点之一。《公告》从丰富科技创新债券产品体系、完善科技创新债 券配套支持机 ...

Group 1: Core Insights - The Ministry of Industry and Information Technology (MIIT) is set to develop policies to promote the high-quality development of technology-based enterprise incubators, including management measures and tax policy support [1] - The MIIT aims to support incubators in establishing early-stage investment funds and collaborating with financial institutions to enhance financial services for technology innovation [1][2] - The technology service industry has seen a consistent annual revenue growth of 12.3% from 2019 to 2023, with a projected technology contract transaction value of 6.8 trillion yuan in 2024, marking an 11.2% year-on-year increase [2] Group 2: Industry Development - The technology service industry is characterized by high technology content, significant added value, and strong radiating effects, focusing on efficient conversion of technological achievements [2] - The MIIT will deepen the integration of technology and finance, emphasizing long-term capital investment in early-stage hard technology projects in sectors like biotechnology, artificial intelligence, and digital technology [2] - The MIIT plans to create a unified and efficient technology market by breaking down regional barriers and integrating dispersed technology resources and services [3] Group 3: Market Structure - The MIIT aims to establish a modern technology market with complete governance and competitive order, promoting standardized technology rights registration and transaction processes [3] - Current technology trading rules among major technology exchanges in China are not unified, which hampers cross-regional technology flow [3] - The MIIT is committed to building a national unified technology trading service platform to facilitate efficient technology transactions [3]