一直以来，昆山农商银行致力于壮大"科创金融朋友圈"，与地方政府、投资机构、证券公司等其他非银 机构开展深入合作、协同服务，互补短板，互通信息，结对伴随科创企业成长。通过积极落实"科技企 业首贷贴息""智能制造贷款贴息""知识产权质押融资财政补贴"三项政策，该行协助企业申请各类贴息 与补贴，有效降低融资成本。同时，该行与苏创投、毅达资本、昆山工研院等建立稳定合作，通过"债 权+股权"双轮驱动，为企业对接长期战略资源。此外，该行还联合律师事务所、会计师事务所等专业 机构，构建覆盖知识产权保护、税务合规、治理优化与股权激励的多维服务体系，护航科创企业行稳致 远。 下一步，昆山农商银行将持续深化科技金融服务体系，拓宽综合化服务场景，全力支持区域内科技型企 业成长，为培育新质生产力、推动高质量发展注入更强劲的金融动能。 科技创新债券是专为支持科技创新领域融资而设计的债券品种，由金融机构、科技型企业、私募股权投 资机构等主体发行，募集资金通过贷款、股权投资等形式投向科技创新项目，重点服务高新技术产业、 战略性新兴产业及传统产业升级。2025年5月，中国人民银行与中国证监会联合发布关于支持发行科技 创新债券有关事宜的公告， ...

Core Viewpoint - The recent surge in new fund issuances reflects a positive market sentiment, but there are challenges related to the actual investment environment and the need for investor education to align with long-term strategies [1][5]. Group 1: Fund Issuance Trends - A total of 45 new funds entered the fundraising period from January 5 to 11, marking a 4-fold increase compared to the previous week and the highest issuance in nearly 12 weeks [2]. - Equity funds dominated the new issuances, with 30 out of 45 new funds being equity products, accounting for 66.67% of the total [2]. - The issuance of mixed funds was particularly active, with 18 new mixed funds launched, matching the peak seen in 2025 [3]. Group 2: Market Dynamics and Policy Support - The increase in fund issuance is attributed to both the traditional marketing cycles and the positive momentum in the capital market, encouraging fund companies to secure capital early in the year [2]. - The China Securities Regulatory Commission's recent policies aim to enhance the scale and proportion of equity investments in public funds, supporting the industry's development [3]. - The market environment is improving, with increased liquidity and a shift of household assets towards equities, further boosting the demand for new fund offerings [4]. Group 3: Investment Strategies and Challenges - Fund managers emphasize the importance of aligning new products with long-term growth narratives, particularly in technology and innovation sectors [4]. - The competitive landscape is shifting focus from initial fundraising size to long-term performance and risk management, highlighting the need for differentiated investment capabilities [5]. - Investors are advised to assess new products against their long-term financial goals and risk tolerance, avoiding the temptation to chase short-term trends [6].

【专家：#2025中国经济呈现三大亮点#】国家统计局数据显示，2025年中国经济增长5%。对此，中银 证券全球首席经济学家管涛在接受中国日报#智见中国#栏目独家专访时表示，2025年中国经济运行呈现 三大亮点：尽管面临内外部压力，主要经济指标实现年初预定目标；宏观叙事明显改变，消费复苏和科 技创新亮点纷呈；股市汇市顶住外部冲击，运行良好。他还指出，2026年要坚持政策支持和改革创新并 举，实施更加积极的宏观政策；中国扩大内需有助于增加进口需求，对全球经济具有积极意义。（记者 周兰序 欧阳诗嘉 视频 孙迟） ...

Group 1 - The core viewpoint of the article highlights that during the "14th Five-Year Plan" period, the annual growth rate of R&D expenditure in China is projected to be 10%, with basic research funding expected to reach a historical high of 7.08% by 2025 [1] - China has maintained its position as the world's leader in the number of top 100 technology innovation clusters for three consecutive years [1] - The innovation index in China is expected to increase by 25.5% from 2020 to 2024, with both the innovation environment and innovation output indices growing by 33.8% [1] Group 2 - The contribution of the "three new" economy to GDP has risen to 18%, while the value added by patent-intensive industries has increased to 13.38% of GDP [1] - The development of new-generation information technologies, such as artificial intelligence, is thriving, with the proportion of computer, communication, and electronic equipment in enterprise production processes increasing by approximately 1 percentage point, significantly higher than during the "13th Five-Year Plan" period [1] - By 2024, the value added of China's digital economy is projected to account for 33.1% of GDP, with the core industries of the digital economy contributing 10.5% [1]

Core Insights - The launch of the "Financial Street" platform aims to document the practice of financial services in supporting the real economy, focusing on the intersection of finance and technology as a key area for innovation and development [2][3]. Group 1: Policy Framework and Strategic Importance - The Central Economic Work Conference emphasizes "innovation-driven development" as a critical strategy, positioning "innovative technology financial services" as a key deployment alongside other major tasks [3]. - The development of a comprehensive policy framework for technology finance is expected to enhance resource allocation and promote a virtuous cycle between technology, industry, and finance [3][5]. Group 2: Financial Support for Technology Development - Technology finance is expected to provide crucial support for cutting-edge technology research and development, with a focus on differentiated credit support policies and multi-level capital market construction [4][6]. - The financial system is evolving to better serve the lifecycle of technology enterprises, from inception to maturity, fostering a positive feedback loop between financial support and industrial growth [4][6]. Group 3: Challenges and Solutions in Technology Finance - Despite significant progress, challenges remain in the technology finance sector, including structural deficiencies in product supply and a lack of effective market mechanisms [7][9]. - Recommendations include enhancing risk-sharing mechanisms, improving information sharing platforms, and developing specialized financial products for early-stage technology companies [8][9]. Group 4: Future Trends in Technology Finance - The "14th Five-Year Plan" period is expected to see the establishment of a multi-layered ecological system that aligns with the entire lifecycle of technological innovation, promoting synergy with national strategic tasks and emerging industries [10][11]. - Trends indicate a deeper collaboration between policy-driven and market-oriented tools, enhancing the financial service system to support technology enterprises throughout their growth trajectories [10][11].

2025年是"十四五"规划收官之年，在以习近平同志为核心的党中央坚强领导下，各地区各部门深入贯彻 落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整、准确、全面贯彻新发展理念，加快构 建新发展格局，实施更加积极有为的宏观政策，纵深推进全国统一大市场建设，国民经济运行总体平 稳，经济发展向新向优。 一、经济总量再上新台阶，全年增长目标圆满实现 三、国内需求不断释放，外贸韧性持续彰显 消费需求平稳增长。消费品以旧换新等提振消费政策协同发力，消费需求持续释放，消费市场保持平稳 增长。2025年，最终消费支出对经济增长贡献率为52.0%。其中，四季度最终消费支出对经济增长贡献 率为52.9%。 投资结构持续优化。"两重"建设加快推进，重点领域投资增长较快，积极发挥投资在扩内需、优供给、 惠民生方面的关键作用。2025年，资本形成总额对经济增长贡献率为15.3%。其中，四季度资本形成总 额对经济增长贡献率为16.0%。 净出口彰显较强韧性。面对复杂的外部环境，我国外贸结构持续优化，进出口实现平稳增长，对经济增 长的支撑作用较强。2025年，货物和服务净出口对经济增长贡献率为32.7%。其中，四季度货物和服务 净出 ...

Group 1 - The core viewpoint of the articles highlights a recent decline in the Hong Kong stock market's AI application sector, with the CSI Hong Kong Internet Index dropping by 1.8% and the Hang Seng Technology Index falling by 0.7% as of January 19 [1] - Despite the market's downturn, significant capital inflow has been observed in related products, with the E Fund Hong Kong Internet ETF (513040) and E Fund Hang Seng Technology ETF (513010) seeing net inflows exceeding 1 billion yuan over the past 10 and 8 trading days respectively [1] - Looking ahead, CITIC Securities suggests that the "14th Five-Year Plan" emphasizes the construction of a modern industrial system and the acceleration of high-level technological self-reliance, indicating potential policy support for strategic emerging industries such as new energy, new materials, aerospace, and quantum technology [1] Group 2 - The CSI Hong Kong Internet Index consists of 30 stocks related to internet businesses within the Hong Kong Stock Connect, with a high proportion of AI applications, while the Hang Seng Technology Index focuses on the largest 30 stocks related to technology themes, including robotics, software, internet, and intelligent driving [1] - Investors interested in the Hong Kong AI application and technology sectors can easily invest in leading companies through products like the E Fund Hang Seng Technology ETF (513010) and E Fund Hong Kong Internet ETF (513040) [2]

这一年，南方电网各项事业取得长足进步，在学习教育中砥砺作风，在巡视整改中淬炼党性，在多重考 验中挺膺担当，在复杂环境中稳进应变，在决战决胜中进位争先，建设世界一流企业第二阶段战略目标 如期实现、圆满达成。 这五年，"十四五"圆满收官，南方电网综合实力实现跨越式发展，服务大局发挥顶梁柱作用，"两型建 设"取得开创性进展，发展方式锻造系统性优势， 深化改革彰显示范田担当，业务布局取得全方位突 破，全面从严治党实现整体性重塑。 从一年看五年，极不寻常、极不平凡，南方电网在变革、斗争、担当的主旋律中，跑好了关键一程、铸 就了辉煌一章。 这一程牢记嘱托、勇担使命 将担当作为熔铸于国家发展大局 2026年1月1日，喜讯和新年的钟声一起传来——南方电网西电东送2025年送电量达2616亿千瓦时、创历 史新高。从"十四五"开局之年"2206亿"，到收官之年"首超2600亿"，西电东送电量的增长，映照出南方 电网守护万家灯火的初心。 于时代奋进处落笔 续写中国式现代化南网实践新篇 ——写在南方电网公司第四届职工代表大会第四次会议暨2026年工作会议之际 时代的坐标系上，刻印了发展的足迹。 刚刚走过的2025年，令人难忘，在南方 ...

从 JPM 和投融资看 26 年 CXO 投资机遇 20260118 摘要 CRO 板块因药明康德业绩优异和 JP 摩根会议的积极预期表现突出，预 计 2026 年将成为重点关注方向，具备业绩、估值、资金容纳量和科技 属性优势，值得投资者重点关注。 一级市场融资回暖显著，国内外 PE/VC 融资额均大幅增长，预示着生物 科技领域投资情绪升温，为相关企业发展提供资金支持，利好创新药和 CXO 公司。 二级市场 IPO 和再融资活动加速，尤其是在美股和港股市场，表明市场 对生物科技公司的认可度提高，为企业提供了更多融资渠道，促进创新 发展。 美股并购活动显著回暖，2025 年并购总金额同比翻倍，预示 2026 年 可能成为并购大年，将带动 BioTech 项目及其相关融资，为投资者带来 更多机会。 尽管 2025 年面临诸多挑战，但 CDMO 和 CRO 公司业绩表现良好，且 对 2026 年展望普遍乐观，主要得益于项目结构优化、运营效率提升和 客户需求增加。 Q&A 请简要总结一下医药板块在本周的表现及其原因。 本周医药板块的表现基本上是跟随市场趋势，上半周表现强劲，下半周则受到 政策影响有所回落。具体来看，前 ...

——访中国企业管理研究会副理事长赵永辉 赵永辉：从当前和今后一个时期看，中央企业在推动现代化产业体系建设过程中，既承担着服务国家战略的重大使命，也面临着前所未有的外部环境变化 和内在转型压力，主要体现在以下三个方面。 一是外部环境高度不确定，对产业链安全与战略布局提出更高要求。当前，单边主义、保护主义明显抬头，部分国家对我国实施科技封锁、投资限制和规 则排他，全球产业链供应链稳定性受到冲击。中央企业作为现代化产业体系的重要支撑力量，在关键原材料、核心装备、基础软件、高端芯片等领域仍存 在受制于人的短板弱项。一方面，跨国配置资源和参与国际分工的外部约束明显增多；另一方面，保障能源资源安全、产业链供应链自主可控的责任更加 凸显，中央企业在"稳链、补链、强链"中的系统性压力显著加大。 二是新旧动能转换加速，对科技创新和产业升级能力形成现实考验。建设现代化产业体系，本质上是以科技创新引领产业创新、以新质生产力重塑产业结 构。中央企业普遍资产规模大、产业链条长、历史包袱重，在推进关键核心技术攻关、推动科技成果高效率转化、培育战略性新兴产业和未来产业方面， 仍面临创新周期长、容错空间不足、机制灵活性不够等现实挑战，亟须在 ...