相较之下，创业板指作为新质生产力的强引擎，聚焦于研发驱动的高成长性新兴产业，创新发展势 头更为强劲。三季报数据显示，新一期样本公司2025年前三季度营业收入、净利润同比分别增长16%、 24%，其中，高端装备制造、新能源产业净利润同比分别增长60%、54%。 据悉，本次调整将于12月15日正式实施，深证成指将更换17只样本股，调入主板公司7家、创业板 公司10家；创业板指将更换8只样本股；深证100将更换7只样本股，调入主板公司4家、创业板公司3 家；创业板50将更换5只样本股。 "强引擎"推动新质生产力发展 目前，深市上市公司已整体呈现出业绩稳中向好、战略性新兴产业增长强劲、科技创新驱动特征显 著的态势，是新质生产力发展的重要策源地。据统计，调整后的创业板指战略性新兴产业权重占比将达 93%。根据今年三季报数据，新一期样本公司前三季度研发费用同比增速为13%，研发费用占营业收入 比重为5%，其中30家公司研发强度超10%。 与此同时，本次调整后，深证100新质蓝筹属性将更为突出，战略性新兴产业权重提升至81%，先 进制造、数字经济、绿色低碳等重点领域权重提升至79%；创业板50战略性新兴产业权重则达到98% ...

Core Insights - The issuance of the "Jiaoyin CSI Selected Hong Kong-Shenzhen Technology 50 ETF" aims to provide investors with an efficient tool for exposure to hard technology sectors, including semiconductors and AI, as performance in these areas accelerates due to supportive policies [1][2] - The investment logic in the technology sector is shifting from "concept narrative" to "performance-driven," with policies enhancing financing channels for tech innovation and emphasizing high-level technological self-reliance as a core goal [1][2] - The long-term investment value of the technology sector is highlighted by the dual effects of policy support and industry uplift, despite challenges such as market volatility and stock selection difficulties for ordinary investors [1][2] Product Overview - The "Jiaoyin CSI Selected Hong Kong-Shenzhen Technology 50 Index" is the first strategy-based technology index covering the Hong Kong, Shenzhen, and Shanghai markets, focusing on strategic emerging industries [2] - The index emphasizes core areas such as electronic semiconductors, communications, innovative pharmaceuticals, and advanced manufacturing, selecting high-quality companies with strong R&D capabilities and growth potential [2] - The index features a cross-market structure with over 80% A-share representation, focusing on leading companies in electronics, machinery, and power equipment, while including Hong Kong stocks that provide rare assets in smart terminals and innovative pharmaceuticals [2] Index Characteristics - The index's balanced industry layout enhances its resilience against market volatility, with the top three sectors accounting for only 65% as of September 30, 2025, making it more robust in a fluctuating market [3] - The index employs a rigorous selection mechanism, requiring a minimum R&D expenditure ratio of 5% to filter for genuinely high R&D companies, and uses dual-dimensional indicators for growth potential [2][3] - The management team of Jiaoyin Fund has extensive experience in index investment, aiming to minimize tracking deviation and capture excess returns through a collaborative management approach [3]

在具体实践中，西部证券融合黄河文化、渭水文化中的"诚信朴实"基因，传承"解放思想、实事求是"的 延安精神内核，提出"金融至诚、价值致远"的企业宗旨，并通过开展定期、系统化的培训教育活动，持 续强化员工的诚信认知与责任担当意识，将诚信文化深度融入公司经营管理全过程。公司还通过举 办"守正行稳、合规致远"系列专题培训，持续开展适当性管理、廉洁从业、反洗钱等主题教育活动，系 统性培育全员合规意识，推动合规文化深入人心。 徐朝晖表示，"五要五不"从道德基石、价值内核、经营准则、发展动力到制度保障，层层递进、有机贯 通，系统构建起中国特色金融文化的完整体系，为全面提升服务实体经济质效、坚定不移走好中国特色 金融发展之路提供了强大的价值引领和精神动力。 推动金融服务精准直达 徐朝晖认为，金融文化的生命力在于实践。西部证券以"回归本源、服务实体"为根本导向，在乡村振 兴、区域协调、科技创新等重点领域开展了一系列卓有成效的实践。 在全面建设社会主义现代化国家新征程的关键时期，党的二十届四中全会对金融高质量发展作出重要部 署，中国特色金融文化正成为推动金融机构行稳致远的内在力量。"十五五"规划建议也指出，要扎实推 进文化强国建 ...

苏州重大产业发展基金投资会以直投为主，投资方向关注苏州终端链主企业及在关键环节掌 握稀缺资源、核心技术的重点企业项目。 苏州继500亿社保基金落地后，又一百亿基金有了动作。 具体来看，"链主"是苏州重大产业发展基金的"关键词"。据苏州国投集团董事长翟俊生此前表示，苏州 重大产业发展基金投资会以直投为主，单一项目投资额不低于5亿元，投资方向关注苏州终端链主企业 及在关键环节掌握稀缺资源、核心技术的重点企业项目。 同时，服务国家、省级战略布局，积极引导央企在苏产业布局；前瞻布局人工智能等具备颠覆性技术潜 力的重大产业项目，深化与大院大所合作，推动前沿技术成果转化与产业化突破。 去年开始，苏州着重开展了"链主"企业培育工作，2024年累计推动272家企业进入"链主"企业培育库， 新增3个国家先进制造业集群、5个省级中小企业特色产业集群。 苏州本地区属国资告诉《科创板日报》记者，本地国资母基金已经形成了和链主企业共同发起子基金的 常态化模式， 通过标杆引领带动产业链上下游企业发展壮大。 智通财经创投通-执中数据显示，12月1日，苏州市重大产业发展私募投资基金合伙企业（有限合伙）成 立，出资额40亿元，由苏州产业投资私 ...

在全面建设社会主义现代化国家新征程的关键时期，党的二十届四中全会对金融高质量发展作出重要部 署，中国特色金融文化正成为推动金融机构行稳致远的内在力量。"十五五"规划建议也指出，要扎实推 进文化强国建设。作为扎根西部的国有上市券商，西部证券（002673）深刻把握"五要五不"核心要义， 将文化建设融入发展战略、经营管理和服务体系，走出了一条以文化软实力提升服务实体经济质效的特 色路径。 西部证券党委书记、董事长徐朝晖日前在接受中国证券报记者专访时表示，公司以"诚信、专业、规 范、创新"为核心价值观，推动中国特色金融文化内化于心、外化于行，在服务国家战略、支持实体经 济中展现责任担当，为金融强国建设贡献西部力量。 ● 本报记者 徐昭 刘英杰 筑牢高质量发展价值根基 "践行'五要五不'，不仅是证券行业守住风险底线的立身之本，更是提升服务实体经济质效的必然选 择。"徐朝晖表示，西部证券将"诚实守信、以义取利、稳健审慎、守正创新、依法合规"的理念全面融 入公司治理，通过制度建设、教育培训和考核激励，推动文化从理念认同转化为行动自觉。 在践行"以义取利"方面，西部证券构建了立体化帮扶长效机制。近年来，公司拨付自有资金50 ...

走出杭州萧山国际机场，不到20分钟车程就能到达欧美同学会海归小镇(杭州.数字医药)。日前，欧美同 学会第四届"双创"大赛全国总决赛在这里落下帷幕，本届大赛以"海归智汇新时代、聚力创赢新发展"为 主题，按产业划分为光电信息产业、数字医药产业、航空航天卫星产业、新一代信息技术产业、新能源 产业等5个赛区进行比赛。 比拼技术"硬实力" 毕业于瑞典哥德堡大学的周凯，拥有十几年的神经疾病药物研发与战略规划经验，还曾在知名外企工 作。本届"双创"大赛中，他带来的项目"儿童神经精神疾病创新药物与AI辅助诊断技术的研发及产业 化"获得创业组一等奖。 国科科技创新投资有限责任公司常务副总经理、欧美同学会留英分会副会长兼秘书长蒋磊在接受本报记 者采访时表示，初创团队常常会面对融资方面的困难，这正是"双创"大赛为留学人员搭台建桥时发挥的 重要价值之一。在一定程度上，此类赛事可以解决早期科创项目"发现难、评价难、落地难、成长难"的 痛点，降低了"投早"的风险、明确了"投长"的耐心、构建了"退出"的通道。 创业期间，周凯团队参加过不少路演，也举行过许多公益性讲座，在家长眼中看到的期盼，让周凯难以 忘怀。"每一个孤独症儿童背后，都是一个 ...

同花顺（300033）数据显示，截至12月2日，年内A股上市公司披露4290单并购项目，为去年同期的1.78 倍。 深圳市前海排排网基金销售有限责任公司研究员隋东告诉《证券日报》记者，并购市场活跃是政策、产 业与资本三重因素共同作用的结果。政策层面，多部委及地方积极鼓励围绕主业与新兴产业的并购，通 过简化程序、降低融资门槛及推动央企优质资源注入，为并购创造了有利环境。企业层面，无论是传统 企业突破增长瓶颈，还是科技企业补强研发短板，均将并购作为整合产业链、获取新技术、布局新赛道 以培育新增长点的关键手段。资本层面，各地产业并购基金的设立，以及现金收购、发行股份等灵活的 交易方式为并购提供了坚实的资金支持与资本结构优化方案，共同助推企业实现外延式增长。 并购火热的背后，一些新的特征已经显现。"活跃度显著提升；产业链纵向整合成为主流，企业更多地 通过并购补齐技术短板、贯通供应链或拓展新市场；市场对'硬科技'领域未盈利资产的包容度提升，支 付工具与业绩承诺也更趋灵活。"珠海黑崎资本投资管理合伙企业(有限合伙)首席战略官陈兴文告诉 《证券日报》记者，2025年并购市场呈现出诸多新变化。 在陈兴文看来，今年的并购市场出 ...

齐鲁晚报·齐鲁壹点 连宁燕 聚焦创新驱动，完善激励保障机制。一是落实落细各项税费支持政策，特别是研发费用加计扣除、高新 技术企业税收优惠等，切实减轻企业创新负担，激励企业加大研发投入。二是综合运用后补助、以奖代 补等方式，支持企业建设技术创新中心、重点实验室等研发平台，对承担重大科技项目的企业给予配套 支持。三是发挥政府引导基金撬动作用，吸引社会资本共同投向战略性新兴产业和关键核心技术领域。 截至2025年6月底，市级财政共出资14.1亿元用于市级引导基金投资，通过吸引撬动金融资本、国有资 本和其他社会资本，投资我市初创期、成长期等优质企业，基金总规模达207.4亿元，累计参与投资项 目196个，投资金额86.2亿元。 聚焦主体培育，优化企业发展环境。一方面，加大对中小微企业的纾困帮扶力度，通过贷款贴息、融资 担保降费奖补、政府采购预留份额等方式，帮助企业缓解融资难、融资贵问题。另一方面，支持优化营 商环境，保障"亩产效益"评价、人才引进等政策落实，为企业发展创造良好条件。 精准发力，构建多元化政策支持体系 紧紧围绕全市产业发展规划，着力构建了"目标明确、重点突出、方式多元"的政策支持体系，主要体现 在"三个 ...

Economic Growth Outlook - The GDP growth target for China in 2026 is expected to remain around 5%[4] - The contribution of final consumption expenditure to GDP growth is projected to be 53.5% in 2025, up from 44.5% in 2024[26] - The anticipated growth rate of social retail sales is around 4% in 2026, with final consumption expenditure growth expected to exceed 5%[51] Export Performance - China's export share is projected to continue its upward trend, with an expected growth rate of 4-5% in 2026[21] - As of July 2025, China's export share reached 15.1%, up from 14.9% in 2024, indicating strong global competitiveness[14] Investment Stability - Real estate investment is expected to stabilize, with a projected decline of around 10.2% in 2026, a significant improvement from previous years[55] - Infrastructure investment growth is anticipated to rebound significantly in 2026, supported by new policy tools and long-term special bonds[74] Inflation and Price Trends - CPI is expected to rise to around 0.6% in 2026, driven by food prices, while PPI is projected to recover from a decline of -2.8% in 2025[95][116] - The core CPI is expected to maintain a higher level of around 0.8-1% in 2026, reflecting improved consumer confidence and spending[110] Fiscal Policy Outlook - The narrow deficit ratio is projected to increase to 4-4.3% in 2026, with a special bond issuance of approximately 1.5 trillion yuan[127] - New local special bonds are expected to be in the range of 5-5.5 trillion yuan, marking an increase from 2025[128]

Core Insights - The Shenzhen Stock Exchange announced a periodic adjustment to several indices, including the Shenzhen Component Index and the ChiNext Index, effective December 15, 2025 [1] Group 1: Index Adjustments - The Shenzhen Component Index will replace 17 constituent stocks, adding 7 from the main board and 10 from the ChiNext [1] - The ChiNext Index will replace 8 constituent stocks [1] - The Shenzhen 100 Index will replace 7 stocks, with 4 from the main board and 3 from the ChiNext [1] - The ChiNext 50 Index will replace 5 constituent stocks [1] Group 2: Industry Weightings and Financial Performance - After the adjustments, the strategic emerging industries will account for 93% of the ChiNext Index, with a 13% year-on-year increase in R&D expenses among the new sample companies [1] - The Shenzhen 100 Index will see an increase in the weight of strategic emerging industries to 81%, with key sectors like advanced manufacturing and digital economy reaching 79% [1] - The ChiNext 50 Index will have a strategic emerging industry weight of 98%, with the new generation information technology sector, including AI and chips, making up 45% [1] Group 3: Manufacturing and Financial Metrics - The Shenzhen Component Index will have a manufacturing company weight of 76%, the highest among Chinese capital market indices, with over 30% being manufacturing champions [2] - The new sample companies in the ChiNext Index reported a 16% increase in revenue and a 24% increase in net profit year-on-year, with high-end equipment manufacturing and new energy sectors seeing net profit growth of 60% and 54%, respectively [2] - Over 80% of the Shenzhen 100 Index sample companies have expanded their business internationally, with a compound annual growth rate of 17% in overseas revenue over the past three years [2] Group 4: Corporate Actions and ESG Ratings - Nearly 60% of the new sample companies in the Shenzhen Component Index have implemented "quality return dual enhancement" action plans, and over 30% have initiated stock buyback programs [2] - Among the new sample companies in the ChiNext Index, 64 have an ESG rating of A or above, representing 79% of the index [2] - The Shenzhen 100 Index companies have distributed a total of 302.2 billion yuan in dividends this year, accounting for 55% of the total dividends in the Shenzhen market, with a rolling net asset return rate of 12% over the past year [2]