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]

Core Viewpoint - Jilin Chancheng Investment Management Group successfully issued the first phase of its non-public offering of technology innovation corporate bonds, marking a significant achievement for a state-owned enterprise in Northeast China [1] Group 1: Bond Issuance Details - The bond, named "25 Jichan K1" with code "281094.SH," was issued on December 23, 2025, with a total scale of 1 billion yuan and a maturity of 5 years [1] - The coupon rate is set at 2.40%, with a subscription multiple of 4.56 times, establishing a new low for similar bonds issued by local state-owned enterprises in Northeast China [1] - This issuance represents the largest fundraising scale and highest subscription multiple for technology innovation bonds in Jilin Province [1] Group 2: Impact and Significance - The successful issuance reflects the high recognition of the capital market towards the group, achieving an AAA credit rating within one year of establishment [1] - The funds raised will primarily be used for contributions to technology innovation industry funds and investments in technology projects, targeting strategic emerging industries such as new materials, optoelectronic information, and commercial aerospace [1] - This initiative is a strong measure to implement the provincial government's state-owned enterprise reform and is seen as a significant step towards high-quality industrial development in Jilin [1]

本次大会以"山海奔赴星未来"为主题，汇聚党政机关、创投及金融服务机构、企业代表等400余位领导 嘉宾，共话创投新生态，共绘发展新蓝图。 与张赛深耕工业机器人制造不同，山蓝资本合伙人顾胜寒跨省而来是为登台签约医疗投资基金，他认为 这种"国资领投+民资补充"的模式，有益于更多民间资本跨域而来，民营企业落地生根，促进区域经济 健康高质量发展。 "台州是一座因民营而兴、因创业而强、因产业而盛的奋斗之城。"台州市委书记沈铭权在大会致辞中表 示，该市将进一步推动台州从先进制造基地迈向"智造高地"，汇集高端要素、广纳优质企业，构建一流 的开放生态、创投环境。 在主题推介环节，大会详细解读了《台州市促进创业投资高质量发展的若干意见》，全面推介了滨江总 部创新港的独特优势与发展活力，介绍了台州未来产业基金和并购母基金。 浙江台州创投大会：民企民资跨域而来 中新网台州12月23日电(张益聪)"我带领企业来到这里，将开始新生产、新生活、新生意。"22日，山海 星辰·台州创投大会在浙江省台州市举行，在圆桌对话环节，翼菲科技董事长张赛现场分享了将公司跨 省域落地在台州的心路历程，为台州"开放包容、拥抱创投"的营商环境揭开了帷幕一角。 ...

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，是集团贯 彻落实省委、省政府国企改革部署的有力举措，是"一年破题、两年显效"的生动体现，有力助推了吉林 产业高质量发展，标志着集团在资本市场的首次亮相取得圆满成功。 本期债券募集资金作为吉林省近年来引入的较大新增债券市场融资，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。(燕云) 2025年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科技创新公司债券(第一期)(债券 简称：25吉产K1，债券代码：281094.SH)在上海证券交易所成功发行，是东北省属国企首单科技创新 公司债券，由东兴证券、东北证券和华福证券等八家券商担任主承销商。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，吉林省科技 创新公司债券募集规模最大、倍数最高，充分彰显了资本市场对集团的高度认可。 ...

每日观点 今日沪深三大指数震荡收涨，创业板指微涨0.41%，两市成交较昨日放量至1.92万亿。昨日国务院"十五 五"规划《纲要草案》编制工作领导小组召开会议，深入研究《纲要草案》编制工作。会议紧扣高质量 发展主题，核心驱动力从要素投入转向科技创新，政策上体现了长短结合的政策思路，既锚定现代化产 业体系等长期目标，也注重通过有效投资即时扩大内需、稳定预期，强调改革创新，聚焦打通体制机制 堵点，形成组合放大效应。明年是十五五开局之年，根据中央经济工作会议精神，明年财政政策力度或 与今年大致相仿。今年外需在关税的考验下展现了韧性，明年在中美经贸关系阶段性缓和的情况下，或 将维持较好表现；内需方面，消费品以旧换新政策逐步退坡，支持服务性消费政策继续形成支撑。供给 方面，或将继续维持反内卷和产能管控的政策，有利于改变供强需弱的格局。对于国内权益市场，明年 或在流动性相对充裕的情况下，逐步得到企业盈利修复的支撑。 消息面 12月22日，国务院总理李强主持召开国务院"十五五"规划《纲要草案》编制工作领导小组会议，深入研 究《纲要草案》编制工作。李强指出，要谋划一批能够带动全局的重大工程、重大项目、重大载体，既 为未来发展积 ...

Group 1 - The Central Economic Work Conference proposed significant measures to enhance enterprise development, including strengthening the innovation role of enterprises and expanding the supply of quality goods and services [1] - The conference emphasized the importance of "Artificial Intelligence+" to accelerate the integration of AI technology into industries, enhancing product iteration speed and manufacturing efficiency [2][4] - The establishment of international technology innovation centers in key regions like Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is expected to facilitate resource sharing and reduce innovation costs for companies [4] Group 2 - Financial support is crucial for enterprises, with recent policies enhancing financial backing for technological innovation; as of September, the proportion of new technology loans reached 30.5% of total new loans, with a 22.3% year-on-year increase in loans to tech SMEs [5] - The conference prioritized domestic demand, aiming to build a strong domestic market as a key task for the upcoming year, which is essential for enterprise production activities [6] - The conference's focus on expanding the supply of quality goods and services is expected to drive companies to enhance product adaptability and better meet consumer needs, especially in the context of rising domestic consumption [7] Group 3 - The conference's initiatives to improve the business environment include the establishment of a unified national market and the promotion of fair competition, which are expected to enhance industry governance and reduce irrational competition [10] - Measures to clear government debts to enterprises are set to improve the business environment, with a target to resolve all debts under 500,000 yuan by the end of 2025 [10] - The conference's focus on optimizing the market environment and supporting platform enterprises aims to boost market confidence and stimulate high-quality development across various sectors [11]

Core Insights - The Guangzhou Innovation and Entrepreneurship Competition has been held for ten years since its inception in 2015, introducing several innovative reforms, including a "market + government" collaborative competition model and partnerships with Hong Kong, Macau, and Taiwan, enhancing resource integration and outreach [1] - Over the past decade, the competition has produced 13 unicorn companies, approximately 205 national specialized and innovative "little giant" enterprises, and around 3,647 high-tech enterprises, with the number of high-tech companies in Guangzhou exceeding 13,500, more than seven times the figure in 2015 [1] - The competition has facilitated 55 companies to enter the capital market, with 14 successfully listed, establishing a complete innovation chain from cultivation to growth to listing [1] Financial Support and Resources - The competition has established a Guangzhou Science and Technology Innovation Fund with a scale of 10 billion yuan, which includes specialized sub-funds for key industries such as intelligent connected vehicles, low-altitude economy, and biomedicine, focusing on early-stage investments in hard technology and future innovations [2] - Regular industry chain resource matching meetings are organized to connect leading enterprises and research institutions, providing technical support, market channels, and supply chain resources for participating projects [2] - A diversified financial system of "awards, investments, and loans" has been set up to assist companies in equity financing and bank credit, with over 1,000 companies receiving nearly 50 billion yuan in equity financing and about 1,800 companies obtaining approximately 16 billion yuan in bank credit [2]

Market Overview - The overall market shows a "weak Shanghai, strong Shenzhen" pattern, with the Shanghai Composite Index slightly up by 0.07%, while the Shenzhen Component Index rose by 0.27%, the ChiNext Index by 0.41%, and the STAR Market 50 Index by 0.36%, indicating a preference for growth styles [2] - A-share trading volume reached 1.9 trillion yuan, with a cumulative annual trading volume exceeding 405 trillion yuan, marking a historical high, reflecting increased market activity and liquidity depth [2] Structural Analysis - The performance of the Shenwan first-level industry indices reveals clear capital flows, with leading sectors such as power equipment (+1.12%), building materials (+0.88%), and electronics (+0.58%) showing gains, while consumer sectors like social services (-2.07%) and beauty care (-1.65%) faced significant adjustments [3] - The leading sectors benefit from clear industrial policies, improved economic cycles, or expectations of valuation recovery, while the consumer sector's adjustment reflects a reassessment of short-term recovery strength and valuation [3] Focus on Lithium Battery Industry - The lithium battery supply chain has seen a comprehensive surge, with significant increases in sub-indices for lithium battery electrolyte, lithium hexafluorophosphate, and lithium battery separators, driven by solid underlying logic rather than speculative trading [4] Market Outlook - The index is likely to maintain a volatile trend, but structural opportunities will continue to emerge, supported by a friendly policy environment, ample liquidity, gradually recovering corporate earnings, and reasonable market valuations [4] - A forward-looking judgment suggests that the "spring excitement" market in 2026 may start earlier than expected, driven by strong policy expectations, improving economic fundamentals, and a favorable global liquidity environment [4] - Key market themes are expected to revolve around technology innovation (AI applications, semiconductors, robotics), cyclical recovery (improving supply-demand dynamics in non-ferrous metals and chemicals), and balanced allocation (low-valuation sectors benefiting from market activity) [4] Summary of Market Sentiment - The market has conducted a concentrated "vote" through clear sector differentiation, indicating that funds are currently favoring directions aligned with long-term policy guidance and improving economic conditions [5] - The central economic work conference has positioned new energy as a strategic emerging industry, with potential support from special government bonds, providing clear backing for long-term industry development [5] - In a context of ample market liquidity, growth sectors attract high-risk preference funds, as evidenced by significant trading volumes in related thematic indices, indicating institutional capital's collective layout rather than retail speculation [5] - Marginal improvements in the fundamentals are noted, with a stable trend in the penetration rate of new energy vehicles and signs of price stabilization for key materials after prolonged declines, correcting pessimistic profit expectations in the supply chain [5]

（文章来源：每日经济新闻） 科创债凸显独特投资价值。科创债ETF（551880）既能凭借高等级信用债底色抵御债市短期波动，又能 依托政策持续加码的红利，为投资者分享科技创新领域长期发展机遇，成为平衡风险与收益的优质配置 选择。 华泰证券表示，展望明年，供给端来看，预计科创债ETF仍持续扩容；需求端来看，目前年金、理财机 构是科创债ETF的主要买盘之一，由于科创债ETFT+0、可质押、低费率等优势，叠加公募赎回新规影 响下，预计市场对科创债ETF持续扩充需求。 ...

第二届"京沪论坛"日前举办。论坛以"未来产业发展"为主题，由上海财经大学、中国人民大学、上海国 有资本投资有限公司共同主办。 上海市政协副主席肖贵玉表示，要着力打造高端产业集群，有效促进科技创新和产业创新的融合发展， 助推有效市场和有为政府相结合；要增进京沪两地在产业和创新方面的交流合作，聚焦跨越科创"死亡 之谷"等共性问题务实研讨，更加有效推动区域发展和产业协同的深度融合。他希望以本次论坛为契 机，持续提升智库服务能力和质量，更好发挥智库参谋作用，存真知、建真言、出良策。 上海财经大学党委书记许涛表示，上海财经大学正通过三大举措助力未来产业发展：打造思想高地与战 略瞭望塔，与上海国投共建未来产业发展研究院；担当价值评估者与机遇预见者，凭学科积淀破解前沿 科技投资估值难题；搭建科技与资本的加速器，培育"耐心资本"，畅通"科技—产业—金融"循环。 上海市科学技术委员会主任骆大进表示，上海已形成项目经理团队主责、重点任务清单突破、未来产业 基金赋能、集聚区支撑的"四位一体"系统培育体系。面向未来，上海将"营造生态、聚变赋能"，将着力 打造前沿基础研究"思想策源地"、构建产业垂直整合"超级试验场"、营造顶尖创新人才 ...