从事信息技术服务的四川乐政科技已在北京、上海成立分公司，在深圳建立工作站。 新华社北京12月23日电 题：从中央经济工作会议看企业发展新机遇 新华社记者 "强化企业创新主体地位""扩大优质商品和服务供给""制定全国统一大市场建设条例"……日前召开的中 央经济工作会议，提出一系列与企业发展息息相关的重大部署、重要举措，为企业发展释放红利、注入 动力。 向新向优，推动产业转型升级 冬日的贵阳，贵州翰凯斯智能技术有限公司内，技术人员正对刚下线的无人驾驶小巴进行测试。不久 后，这些产品将销往30多个国家和地区。 "人工智能已经融入我们设计、自动驾驶和云端调度等环节，成为提升产品迭代速度与制造效率的关 键。"公司创始人喻川格外关注中央经济工作会议提出的深化拓展"人工智能+"。他认为，这将加速推动 AI技术从概念走向产业、从单点突破走向系统赋能，为企业发展注入强劲动能。 围绕"坚持创新驱动，加紧培育壮大新动能"，会议作出一系列部署。其中，"建设北京（京津冀）、上 海（长三角）、粤港澳大湾区国际科技创新中心"备受关注。 "城市更新不仅增进民生福祉，还能激活内需潜力。"公司董事长王守武说，会议明确"高质量推进城市 更新"，无 ...

2025年的A股市场，日交投屡破2万亿元大关，结构性行情不断演绎，科技创新渐成叙事主线。截至12月23日收盘，上证指 数、深证成指、创业板指年内分别上涨16.95%、28.37%、49.65%。 作为上市公司数量与总市值均位居全国前列的区域板块，广东上市公司的市场表现提供了观察A股市场的一个视角。 截至上周五收盘，年内广东上市公司市值加权涨幅跑赢全市场平均水平逾 5 个百分点。 从上市公司数量、市值结构到行业分布与成长弹性，广东上市公司群体在A股市场中形成了一种兼具规模、结构与活力的 样本形态，为观察资本市场的估值偏好提供了一个较为完整的切面。 在整体市场回暖、结构性机会占优的背景下，上市公司群体在市值结构、企业梯队以及产业分布等指标都颇具观察价值。 从规模维度看，截至12月19日收盘，北京以超30万亿元的市值排名第一，广东合计近19万亿元，排名全国第二，上海市、 浙江省、江苏省分列三到五位。 2025年的A股，走出了以科技为主线的慢牛走势。截至12月19日收盘，创业板指（399006.SZ）年内涨幅为45.79%，科创50 指数（000688.SH）年内涨幅达32.32%。 观察市值排名可以发现，广东拥有独 ...

Core Insights - The company is focusing on becoming a source of original technology, undertaking 19 projects, including the development of domestically produced key equipment such as DC measurement devices and standard meters [50][48]. - The company is participating in 8 major projects related to the smart grid for 2025 and 2030, with new business directions in large-scale renewable energy transmission and micro-coordination [50][48]. - Four products, including domestically produced DC control protection equipment, have been included in the National Energy Administration's list of major equipment, supporting the safety and controllability of the power equipment supply chain [50][48]. Power Electronics Sector - The world's first 6.5 kV / 3 kA IGBT soft rectifier valve has successfully been connected to the grid, and the HCC converter valve has won the bid for the Lingbao project [54]. - The static synchronous compensator has won its first bid for the Yan'an project, and a modular PCS-based energy storage solution has been successfully implemented in the Guyana solar-storage project [54]. Protection Automation Sector - The offshore wind power secondary integration business has achieved breakthroughs at the State Power Investment Corporation's Dalian Huayankou [58]. - The first domestically produced wide-area protection and control system has been put into operation at the Kunming Railway Bureau, providing solid support for public safety [58]. Measurement and Testing Sector - The company has made breakthroughs in domestic high-precision analog-to-digital conversion technology, with the domestically produced standard meter now in trial operation at the State Grid Measurement Center [62]. Smart Distribution Sector - A 40.5 kV / 4000 A gas-insulated switch has been successfully put into operation in Ningxia, achieving global firsts in rated current and breaking capacity [65]. - The first domestic 27.5 kV intelligent mobile high-voltage room has been officially put into operation at the Yan'an substation of the Xi'an Railway Bureau [65]. New Business Development - The company has successfully passed acceptance for the first two sets of 300 MVA pulse power supply equipment for the "Torch Project," laying a crucial foundation for the large-scale application of fusion energy [69]. - The integrated management platform for source-network-load-storage has been successfully implemented in the first national data center green electricity direct connection project in Ulanqab, Inner Mongolia [69].

Group 1: Industrial Transformation - Yunnan Yukun Steel Group has completed technological upgrades and green low-carbon transformations, achieving an annual capacity of 4.56 million tons of iron and 5.15 million tons of crude steel, with products used in major projects and exported to South Asia and Southeast Asia [1][2] - The company has become a model for traditional industrial transformation, showcasing how technology can revitalize traditional industries [2] - The city of Yuxi has seen the emergence of new industries such as biomedicine, CNC machine tools, and green food processing, with an industrialization rate of 36.64%, the highest in the province [4] Group 2: Sports and Events - Yuxi High-Altitude Sports Center has hosted nearly 107,200 training sessions in the first 11 months of the year, with 342 events held, generating a consumption boost of 1.253 billion yuan [6][8] - Major events have integrated over 110 local businesses, creating a consumption cluster that enhances the local economy [8] - The total revenue from 17 major events reached 25.81 million yuan, demonstrating the deep integration of sports events with urban consumption [8] Group 3: Tourism and Living - The village of Mafang has developed a rural tourism model, attracting long-term visitors and enhancing local economic development through homestays [8][9] - Yuxi has received 201,100 external tourists from January to November, with a growth rate of 58.8%, ranking fourth in the province [9] - The city aims to develop a comprehensive tourism industry, including rural, vacation, and wellness tourism, supported by a newly established tourism industry association with 39 member units [9][10]

Core Viewpoint - The essence of current great power competition is technological competition, with China's technological innovation being a crucial driver as the country approaches the GDP levels of moderately developed nations [1][2]. Group 1: Technological Innovation in China - By 2025, China is expected to showcase remarkable achievements in technological innovation, including the launch of the DeepSeek R1 model and a rise in the global innovation index ranking [1]. - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has ranked first among global innovation clusters, highlighting China's growing influence in various future industries such as 6G, quantum computing, and biomedicine [1][3]. - The emphasis on technology and innovation in China's economic development is underscored by the frequent mentions of these terms in the 14th Five-Year Plan [1]. Group 2: Domestic and International Context - The shift towards high-quality economic growth in China necessitates technological innovation, as previous cost advantages are no longer sufficient for further economic expansion [3][4]. - China has transitioned from relying on imported technologies to achieving original innovations, establishing a robust industrial chain in various technology sectors [4][5]. - The concentration of global technological capacity is primarily in the U.S. and China, with other economies struggling to compete at scale due to high costs and resource requirements [5][6]. Group 3: Challenges and Opportunities - The rapid growth of technology sectors may lead to issues such as redundancy and market saturation, but competition will ultimately determine the successful players [8]. - The acceptance of new technologies in Chinese society provides fertile ground for innovation, emphasizing the importance of an effective market, proactive government, and a supportive social environment [9][10]. - The need for a balance between "open" and "closed" innovation strategies is highlighted, with a long-term view favoring open approaches for sustained progress [10]. Group 4: Role of Enterprises in Innovation - The increasing prominence of enterprises in technological innovation is evident, as they focus on practical and application-driven research, contrasting with the more theoretical approach of universities [12][13]. - The recognition of private sector scientists as academicians reflects a significant shift in China's perception of innovation, indicating a growing role for businesses in foundational research [12][13]. - The cultivation of "technology brokers" who understand both technology and market dynamics is essential for enhancing the conversion of research into practical applications [14]. Group 5: Future Directions and Policy Recommendations - There is a call for institutional reforms to align production relations with new productive forces, particularly in the innovative pharmaceutical sector [15]. - Support for high-tech startups and specialized small and medium enterprises is crucial, with a focus on creating a fair competitive environment and avoiding monopolistic practices by larger firms [16][17]. - The establishment of a collaborative ecosystem among cities like Guangzhou, Shenzhen, and Hong Kong is proposed to facilitate the internationalization of innovative outcomes [15][16].

本期债券募集资金作为吉林省近年来引入的较大规模新增债券市场融资，主要用于科创类产业基金出资 和科创类项目投资，将吸引更多社会资本投向新材料、光电信息、商业航天等核心战略性新兴产业，助 力科技成果转化与产业转型升级，形成推动区域科技创新的强大合力。 中证报中证网讯(记者宋维东)12月23日，吉林产投管理集团2025年面向专业投资者非公开发行的科技创 新公司债券(第一期)在上交所成功发行。这是东北省属国企首单交易所科技创新公司债券，由东兴证券 担任牵头主承销商和簿记管理人。本期债券发行规模10亿元，期限5年，票面利率2.40%，全场倍数4.56 倍，创东北三省地方国企同期限公司债券利率新低及吉林省科技创新公司债券募集规模最大、倍数最高 等纪录，充分彰显了资本市场对吉林产投管理集团的高度认可。 吉林产投管理集团组建一年即获得AAA主体信用评级并成功发行10亿元科技创新公司债券，是其贯彻 落实吉林省委、省政府国企改革部署的有力举措，是"一年破题、两年显效"目标落地的生动体现，有力 助推吉林产业高质量发展。本次发行标志着吉林产投管理集团在资本市场首次亮相圆满成功。 ...

过去一周（ 12 月 15 日 -12 月 19 日）， A 股市场走出了一波"先抑后扬"的震荡行情。 周一、周二市场连续调整，沪指一度下探至 3815 点附近，周三 市场强势反弹，周四至周五则震荡上涨。全周来看，上证指数微涨 0.03% ，但其余股指多数下跌。分行业来看， 大消费板块（如零售、免税、海南自贸区概 念）在政策利好带动下强势崛起，而前期热门的科技成长赛道（如电子、电力设备）则出现回调。市场成交保持相对活跃，日均成交额约 1.76 万亿元。 可转债市场逆势上涨，估值继续修复。 中证转债指数全周累计上涨 0.48% ，转债等权指数小幅上涨 0.60% ，涨幅小于转债正股等权指数（上涨 1.39% ）。转债市场各类指数呈现普涨，高价低溢价率转债和小盘转债表现相对占优，转债大盘指数表现相对落后。转债平价中位数上涨 1.08% 至 100.67 元，而 转债价格中位数上涨 0.75% 至 131.77 元，转股溢价率中位数拉升 0.63pct 至 33.34% 。 预计 12 月剩余时间，转债市场将维持震荡整固，为后续反弹蓄力，展望 2026 年 1 月，有望逐步转向跨年行情预热阶段。 从政策端来看，中央 ...

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange has led to significant achievements among participating companies, enhancing their operational quality and investor returns, thereby establishing benchmarks in the capital market [1][8]. Group 1: Overview of the Initiative - As of November 2025, 471 companies in the Shenzhen market have disclosed their action plans for the "Dual Improvement" initiative, focusing on core business enhancement, innovation, and investor returns [1]. - These companies represent a substantial portion of the market, with 293 being part of the Shenzhen Component Index and 88 in the CSI 300 Index, collectively accounting for about 50% of the total market capitalization [2]. Group 2: Company Performance and Characteristics - The participating companies exhibit a tiered market capitalization structure, with 366 companies valued over 10 billion and 43 over 100 billion, highlighting the leading role of major enterprises [2]. - The initiative covers a wide range of industries, including electronics, power equipment, and pharmaceuticals, and spans all 31 provinces and municipalities in China, ensuring both industry representation and regional balance [2]. Group 3: Focus on Innovation and Development - Companies are enhancing their core business and international presence, with examples like Mindray Medical investing heavily in R&D and global expansion, and Shenghong Technology acquiring a leading manufacturer to boost competitiveness [3]. - R&D investment is a key focus, with companies like BYD spending 54.2 billion on R&D in 2024, and others like Guangli Micro dedicating over 50% of their revenue to R&D, reinforcing their technological barriers [3]. Group 4: Governance and Communication - Corporate governance and information disclosure quality have improved, with companies like Anker Innovations enhancing their governance structures and transparency to build market trust [4]. - Companies are actively engaging with investors through various communication channels, ensuring transparency and responsiveness to market needs [5]. Group 5: Financial Performance and Returns - The participating companies reported a total revenue of 7.5 trillion in the first three quarters of 2025, reflecting a 6.9% year-on-year growth, and a net profit of 651.3 billion, up 10.8% [7]. - Dividend levels have increased significantly, with a compound annual growth rate of 10% from 2022 to 2024, and 378 companies maintaining consistent dividends over the past three years [7]. Group 6: Market Impact and Future Outlook - Since the initiative's launch, the average stock price of the participating companies has risen by 77.2%, significantly outperforming the Shenzhen Component Index [8]. - The total market capitalization of these companies reached 21.2 trillion, an increase of 8.1 trillion since the initiative began, indicating a positive trend in market structure and performance [8].

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance company quality and investor returns, with significant progress observed by November 2025 [1][10]. Group 1: Overview of the Initiative - As of November 2025, 471 companies in the Shenzhen market have disclosed their action plans under the "Dual Improvement" initiative, focusing on core business enhancement, innovation, and investor returns [1]. - These companies represent approximately 50% of the total market capitalization of the Shenzhen market, with 293 being part of the Shenzhen Component Index and 88 in the CSI 300 Index [3]. Group 2: Company Performance and Characteristics - The participating companies show a tiered market capitalization structure, with 366 companies valued over 10 billion and 43 over 100 billion [3]. - The initiative covers 30 industries, including electronics, power equipment, and pharmaceuticals, with a broad geographical representation across 31 provinces [3]. - Nearly 70% of the participating companies are private enterprises, highlighting their crucial role in driving high-quality development in the capital market [3]. Group 3: Focus Areas for Development - Companies are enhancing their core business and international presence, with examples like Mindray Medical investing heavily in R&D and global expansion [5]. - There is a strong emphasis on technological innovation, with companies like BYD increasing R&D spending to 54.2 billion yuan in 2024 [6]. - Governance and information disclosure standards are improving, with nearly 60% of companies receiving an A-grade in the 2024 information disclosure assessment [3][6]. Group 4: Investor Engagement and Returns - Companies are increasing dividend payouts and share buybacks, with a compound annual growth rate of 10% in total dividends from 2022 to 2024 [11]. - 378 companies have maintained continuous dividends over the past three years, representing about 80% of the participants [12]. - The average stock price increase for these companies from February 2024 to November 2025 was 77.2%, significantly outperforming the Shenzhen Component Index [12]. Group 5: ESG and Sustainable Practices - Many companies are integrating ESG principles into their business strategies, with Longyuan Power linking ESG performance to management incentives [9].

Group 1: Innovation in Hydrogen Energy - Fujian has prioritized the development of the hydrogen energy industry, establishing innovation laboratories and conducting forward-looking research since 2019 [2][3] - Fuzhou University has made significant breakthroughs in hydrogen storage and transportation, creating a new low-temperature catalyst for ammonia decomposition, which represents a disruptive innovation in hydrogen storage methods [2] - The establishment of Fujian University Zijin Hydrogen Energy Technology Co., Ltd. marks the first major industrial innovation platform for "ammonia-hydrogen" energy in China, successfully developing the country's first ammonia-hydrogen fuel cell power station and a hydrogen fuel cell bus [2] Group 2: Support for Technological Innovation Platforms - Fujian supports the establishment of high-level technological innovation platforms led by private enterprises, addressing the shortage of such platforms and promoting deeper integration of industry and academia [4] - The provincial government offers a one-time reward of up to 10 million yuan for approved national-level technological innovation platforms, fostering continuous industry innovation [4] - The rapid development of new products by CATL, such as the world's first sodium battery and a 9MWh energy storage system, is attributed to the establishment of the CATL Innovation Laboratory in collaboration with the local government [5] Group 3: Development of the Biopharmaceutical Industry - Fujian has focused on the biopharmaceutical industry, recently launching the first domestically developed nine-valent HPV vaccine, significantly improving vaccine accessibility [6][7] - The establishment of the Xiang'an Innovation Laboratory aims to accelerate the transformation of biopharmaceutical innovations into practical applications, enhancing the success rate of technology transfer from early research to production [7] - The Fujian Provincial Science and Technology Department plans to optimize the organization of major technological innovations and strengthen the supply of high-quality technology to promote the transformation of scientific achievements into productive forces [7]