Core Insights - The new materials market is valued at 1.3 trillion yuan and is growing at a rate exceeding 10% annually over the past decade [1] - There are significant material gaps in the market, with an overall self-sufficiency rate of less than 60% [1] - Major global players include Syensqo, BASF, Celanese, and Toray, while domestic companies like Kingfa Technology and Water Technology have a broader layout but still lag in product line and stability [1] - High-performance materials such as advanced polyolefins, engineering plastics, high-performance fibers, functional film materials, and electronic chemicals have self-sufficiency rates between 65% and 80%, indicating a heavy reliance on imports [1] - The profitability of general plastics has been marginal, while specialty engineering plastics maintain high profit margins, positioning them as "invisible champions" in the materials sector [1] - The rapid rise of nine strategic emerging industries and six future industries, including humanoid robots, quantum computing, 6G equipment, and brain-computer interfaces, will drive demand for high-performance materials, with an expected annual consumption growth rate of over 10% during the 14th Five-Year Plan period [1] Market Projections - The market size is projected to reach 1.8 trillion yuan by 2027 [2] - Challenges to seizing this opportunity include R&D innovation, core technology, talent shortages, process collaboration, international competition, and funding risks [2]

深入理解实践要求 未来产业代表着新一轮科技革命和产业变革方向，是经济增长最活跃的力量，有望培育发展成先导性支 柱产业，是形成新质生产力的重要支撑。习近平总书记在主持召开部分省区市"十五五"时期经济社会发 展座谈会时强调，"'十五五'时期，必须把因地制宜发展新质生产力摆在更加突出的战略位置，以科技 创新为引领、以实体经济为根基，坚持全面推进传统产业转型升级、积极发展新兴产业、超前布局未来 产业并举，加快建设现代化产业体系"。需深刻认识发展未来产业的重要意义，把握发展未来产业的科 学方法论和实践要求，加强前瞻性、引领性布局，积极培育发展未来产业，开辟新领域新赛道，为培育 壮大新质生产力注入强劲动力。 把握产业发展实质 发展是党执政兴国的第一要务，是解决我国一切问题的基础和关键。在世界百年未有之大变局加速演 进、我国加快建设现代化产业体系进入关键时期的背景下，超前布局未来产业是牢牢把握发展主动权的 战略选择，实质是一个发展命题。 这是打造经济增长新引擎的重要动力。未来产业的发展过程，说到底是由技术革命性突破催生、进而加 速实现产业化的过程。当前，已有大量处于成熟期的传统产业和进入成长期的新兴产业。超前布局建设 未来 ...

Core Viewpoint - The "Create the Future" public roadshow in Beijing aims to promote investment in potential youth talent enterprises focused on future industries, driving financial support for hard technology and innovation [2][3]. Group 1: Event Overview - The event was held on September 29, 2025, in the Beijing Economic and Technological Development Zone, featuring nearly 100 financial investment institutions, incubators, and innovative enterprises [2]. - The roadshow is part of a broader initiative by the Beijing Municipal Bureau of Economy and Information Technology to establish a growth mechanism for future industry investments [3]. Group 2: Government Initiatives - The Beijing Municipal Bureau of Economy and Information Technology has released 16 measures to support the development of future industries, emphasizing the importance of market-driven growth for potential enterprises [3]. - The event serves as a bridge for investment institutions and innovative talents to foster long-term cooperation and support early-stage investments in hard technology [3][4]. Group 3: Future Industry Development - Future industries are transitioning from "technical concepts" to "industrial practices," with a focus on technology innovation, talent cultivation, AI empowerment, policy support, and financial backing [4]. - The Beijing Economic and Technological Development Zone aims to create a globally influential innovation hub for future industries, contributing to high-quality development in the capital [4]. Group 4: Participating Companies - Fourteen innovative companies, including Shouxing Technology, Lingxin Qiaoshou, Nuowei Technology, and Panshengzi Gene, presented their technological innovations and practical applications during the roadshow [5].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - The 25th China International Industry Fair highlighted the need to cultivate emerging industries and create new growth drivers, focusing on technology innovation, large-scale development, and application scenario construction [2][5] - Key areas of investment opportunity include the entire quantum technology industry chain, particularly quantum system platforms and applications, as well as the brain-computer interface industry chain and its downstream applications [2][10] Summary by Sections Event Description - The report discusses the opening of the 25th China International Industry Fair in Shanghai, emphasizing the importance of nurturing emerging industries and establishing a growth mechanism for future industries [5] Industry Evolution - The report notes that quantum technology and brain-computer interfaces are transitioning from laboratory research to practical applications, with significant advancements in hardware materials [10] - In the medical field, brain-computer interfaces can assist paralyzed patients in controlling exoskeletons through thought, while in consumer technology, they may change interactions with electronic devices [10] Policy Support - The report indicates that supportive policies are being implemented to promote future industries, with a focus on systematic layout at the national strategic level [10] - The report cites a joint opinion issued by multiple government departments aimed at fostering innovation and development in future industries [10] Future Industry Potential - The report highlights that future industries such as humanoid robots, brain-computer interfaces, the metaverse, and quantum information are still in their early stages, presenting significant growth potential [10] - It suggests that with strong policy support, these industries are expected to accelerate their development and become important components of China's economy [10]

Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in the market and the limited number of funds that have distributed dividends this year [4][5]. Summary by Sections Market Performance - The A-share market has seen a significant rise, with major indices reaching new highs. As of September 24, the Shanghai Composite Index has increased by approximately 15% year-to-date, while the Shenzhen Component Index and the ChiNext Index have risen by 28% and over 48%, respectively [4]. Dividend Distribution - As of September 21, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, accounting for less than 2% of the total [4]. - The total dividend amount for actively managed equity funds with a scale of over 1 billion yuan that have distributed dividends this year is 2.106 billion yuan, with 32 distributions [5]. Top Dividend Funds - The top three actively managed equity funds in terms of dividend distribution this year are: 1. E Fund's E Fund Kexun Mixed Fund (110029) managed by Liu Jianwei, with a total dividend of 530.63 million yuan and a year-to-date return of 78.24% [6][7]. 2. E Fund's E Fund Value Selection Mixed Fund (110009) managed by Bao Zhengyu, with a total dividend of 437.51 million yuan and a year-to-date return of 28.11% [6][7]. 3. Huashang Fund's Huashang Advantage Industry Mixed A (000390) managed by Zhang Mingxin, with a total dividend of 170.30 million yuan and a year-to-date return of 81.98% [6][7]. Fund Strategies and Outlook - The E Fund Kexun Mixed Fund focuses on emerging growth sectors such as artificial intelligence and innovative pharmaceuticals, with the manager optimistic about continued investment opportunities in the equity market [7][8]. - The Huashang Advantage Industry Mixed A fund's manager adjusted the portfolio significantly after market fluctuations, leading to strong performance [7][8]. Fund Performance by Scale - For funds with a scale of 5-10 billion yuan, the top three in dividend distribution are: 1. Penghua Fund's Penghua Shengshi Innovation LOF (160613) [9]. 2. Caitong Asset Management's Caitong Digital Economy Mixed Fund (017483) with a total dividend of 53.71 million yuan and a year-to-date return of 61.98% [11]. 3. Xinhua Fund's Xinhua Preferred Dividend Mixed A (519087) [9]. - For funds with a scale of 1-5 billion yuan, the top three are: 1. Southern Fund's Southern North Exchange Selection Two-Year Open Mixed Fund (014294) [13]. 2. Yinhua Fund's Yinhua Huixiang Three-Year Regular Open Mixed Fund (019597) [13]. 3. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed A (010779) with a total dividend of 42.69 million yuan [13]. - For funds with a scale of 1 million to 1 billion yuan, the top three are: 1. Hongta Hongtu's Hongta Hongtu Shengfeng Mixed A (013733) with a total dividend of 16.52 million yuan [16][17]. 2. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed C (010780) [16]. 3. West China Fund's West China Central Enterprise Preferred Stock A (022164) [16].

Core Viewpoint - The Jinan Start-up Zone is undergoing significant development, focusing on industrial growth, innovation, and improving living conditions, positioning itself as a "future city" along the Yellow River [1][2][9] Economic Development - The Jinan Start-up Zone prioritizes industrial economy as its "number one project," with a focus on 23 manufacturing projects, including artificial intelligence and high-end equipment, aiming for rapid production and effectiveness [2] - From January to July, the industrial added value above designated size grew by 38.9%, with ten major economic indicators ranking at the top of the city [2] - The zone is developing a "5+2" leading industry system, focusing on new energy equipment, high-end CNC machine tools, robotics, specialized equipment, artificial intelligence, energy supply, and nuclear technology applications [2] Innovation and Technology - The area is home to 122 national high-tech enterprises and 157 national technology-based SMEs, with over 30 provincial-level technology project approvals [3][4] - The establishment of the Sino-Singapore Green Technology Research Institute and collaborations with universities aim to accelerate the transfer and transformation of international scientific achievements [3][6] Infrastructure and Transportation - The completion of the Jinan Yellow River Tunnel and other major bridges enhances connectivity between the main urban area and the start-up zone, with a total of 21 planned river-crossing channels [7] - The current infrastructure includes ten bridges and one tunnel, significantly improving transportation efficiency [7] Community and Living Standards - Over 25,000 residents have been relocated, with plans for 238 million square meters of housing to be completed by 2024, benefiting 89,000 people [8][9] - The development of ideal communities focuses on enhancing living conditions, with facilities like community service centers and sports complexes being established [8][9] International Cooperation - The establishment of the Sino-Singapore Jinan Future Industry City marks a new phase of international collaboration, focusing on future industries and smart city development [5][6] - Ongoing initiatives include project matchmaking and cooperation opportunities with Singaporean enterprises, aiming to build a "3+X" future industry system [6]

Core Viewpoint - Shanghai Future Industry Fund has expanded its scale from 10 billion to 15 billion yuan, with 8 billion yuan already paid in, indicating a strong commitment to investing in future industries [5][6]. Group 1: Fund Expansion and Investment Strategy - The Shanghai Future Industry Fund plans to invest in six sub-funds, marking a total of 18 sub-funds announced this year, showcasing an aggressive investment pace [5][8]. - The fund aims to support disruptive innovation and early-stage investments in high-risk, high-reward technologies, focusing on fields like quantum computing and AI [7][9]. - The fund has broken registration location restrictions, allowing investments in sub-funds registered outside Shanghai, including in Suzhou, Tianjin, and Hangzhou [8]. Group 2: Future Industry Definition and Goals - Future industries are defined as emerging sectors driven by cutting-edge technologies, currently in the early stages of development, with significant strategic and disruptive potential [9]. - Shanghai aims to achieve a future industry output value of around 500 billion yuan by 2030, with many sectors still in the early stages requiring substantial financial support [9]. Group 3: Supporting Infrastructure and Initiatives - The establishment of innovation clusters in areas like Yangpu and Minhang is complemented by various initiatives, including incubators and public technology research platforms [10]. - The launch of the "Young Plan" by the Xuhui Artificial Intelligence Youth Entrepreneurship Fund, with a scale of 2 billion yuan, aims to support early-stage innovative enterprises [10].

Core Viewpoint - The 18th China (Dongying) International Petroleum and Petrochemical Equipment and Technology Exhibition emphasizes the theme "Green Innovation for the Future, Connecting the World," focusing on low-carbon transformation in the traditional energy sector and fostering new productive forces through technological innovation [1][6]. Group 1: Exhibition Overview - The exhibition lasts for three days and covers an area of over 40,000 square meters, with more than 400 exhibitors and buyers, and an expected attendance of over 60,000 visitors [1]. - There are five exhibition areas, including specialized zones for central and state-owned enterprises, oilfield supply chain companies, international exhibits, and outdoor displays of large oil equipment and drones [1]. Group 2: Participation and Exhibitors - The exhibition features a diverse range of exhibitors from the oil and gas industry, with 69% of participants being from outside the region, including renowned companies like Baker Hughes, Caterpillar, and Total [3]. - A record number of World Fortune 500 and central enterprise exhibitors are present, with several companies participating for the first time, including Baker Hughes and the China National Petroleum Corporation [3]. Group 3: Special Topics and Events - The exhibition includes over 20 high-profile meetings focusing on four main topics: "Going Global Together," "International Procurement," "Future Industries," and "New Product Launches," featuring nearly 100 experts and representatives [5]. - The "Going Global Together" topic aims to provide a platform for sharing overseas market opportunities and industry trends, while the "International Procurement" section facilitates efficient procurement connections [5]. Group 4: Historical Significance and Impact - The exhibition has been successfully held for 17 consecutive years and is recognized as the second oil equipment exhibition in China to receive UFI certification, playing a crucial role in promoting green transformation and technology cooperation in the petroleum and petrochemical equipment industry [6]. - It serves as an international platform for upgrading the petroleum and petrochemical equipment industry, enhancing trade, investment, and technology collaboration, and showcasing new technologies and products [6].

（原标题：今年，上海这只母基金密集出手！） 上海百亿国资母基金又有新动作。 9月25日，上海未来产业基金发布公告，拟参与投资6只子基金。这是继4月、8月先后出资布局12家子基 金后，该基金的又一次集中发力，至此其已累计锁定18只子基金。 据记者梳理，2025年以来，上海国资母基金出资活跃度持续攀升：不仅上海未来产业基金频频落子子基 金，上海三大先导产业母基金也已完成超10笔出资，累计出资金额超70亿元。值得关注的是，作为上海 国资母基金阵营的"先锋力量"，这两类基金在出资条件上均实现优化升级，体现了市场化运作的思路。 上海未来产业基金密集出手 此次上海未来产业基金拟出资的6只子基金分别为：上海智友雅瑞投资合伙企业（有限合伙）（暂定 名）、上海创智数链一期创业投资合伙企业（有限合伙）、上海相辉一号创业投资合伙企业（有限合 伙）（暂定名）、嘉定光电天使股权投资合伙企业（有限合伙）（暂定名）、国网新型电力系统创业投 资基金合伙企业（有限合伙）（暂定名）、杭州元璟新创中小创业投资合伙企业（有限合伙）。 今年以来，该基金投资决策节奏明显加快：早在4月18日，上海未来产业基金就已公示，拟参与投资6只 子基金，覆盖脑科学、 ...

Core Viewpoint - The Sichuan Provincial Government is actively promoting Chengdu as a hub for high-quality development and innovation, particularly in artificial intelligence and advanced manufacturing, aiming to strengthen its role as a key center in Western China [1][2]. Group 1: Government Initiatives - The Sichuan Provincial Government has issued opinions to support Chengdu in enhancing its core functions and accelerating high-quality development, focusing on building three centers and one base: Western Economic Center, Western Science and Technology Innovation Center, Western Foreign Exchange Center, and a National Advanced Manufacturing Base [1]. - Chengdu is designated as a regional technology innovation center, alongside cities like Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area, as part of the national strategy [2]. Group 2: Innovation and Research Capacity - Chengdu ranks 8th in the national technology innovation competitiveness, with approximately 70% of the province's innovation platforms and 60% of its research institutions located in the city [3]. - The city has established a high-energy innovation system, including 1 national laboratory, 4 national innovation centers, and 10 large scientific devices, contributing to significant breakthroughs in various scientific fields [4]. Group 3: Future Industry Development - Chengdu is focusing on nurturing future industries, particularly in low-altitude economy, satellite internet, and biomedicine, with a strategic plan to develop 24 sub-sectors [8][9]. - The city has launched a future industry fund with an initial scale of 112 billion yuan, targeting key areas such as humanoid robots, flying cars, and quantum technology [9]. Group 4: Support for Technology Enterprises - Chengdu has established a comprehensive service system for technology enterprises, including an online platform for project and funding matching, and a physical innovation hub for technology transfer [7]. - The city promotes a scene innovation center to provide diverse scenarios for technology companies, facilitating rapid iteration of new products and business models [6].