al Person = 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 米 張最 大堂硅谷总裁 岁聿云暮，春华始启。在技术演进与市场修复交织的2025年，我们看到创投行业正在 进入全方位回暖的通道，硬科技投资的主线愈发清晰。 随着科创板"成长层"设立及第五套上市标准重启，IPO市场活跃度复苏，为硬科技企 业的发展打开了更广阔的空间。在技术驱动层面，以大模型、具身智能、商业航天为 代表的未来产业加速发展，不仅激发了算力、高端材料、精密装备等底层基础设施的 持续投入，也推动资本进一步向产业链上游和早期阶段聚集。人工智能、机器人、半 导体、生物医药等硬科技赛道成为资金密集布局的重点，全年融资活跃度显著提升， 展现出科技创新与资本信心的同频共振。 2025年也是天堂硅谷成立的第25年。我们始终坚持"投资人第一，价值投资，行业聚 焦"的理念，在先进制造、智能科技、医疗健康三大方向稳步深耕。过去一年，我们 有4家所投企业成功上市，成为我们价值投资方法论的又一次集中体现：西安奕材与 禾元生物双双入选首批"科创 ...

Group 1: Private Jet Ownership in Australia - The COVID-19 pandemic has shifted perceptions about private jet ownership, making it a symbol of status and a necessity for business in Australia [2] - The Australian Civil Aviation Safety Authority (CASA) reports nearly 200 business jets owned by prominent Australian companies [2] - Notable owners include mining magnate Andrew Forrest and property developer John Gandel, both of whom own Bombardier Global 7500 jets, favored for their long range and comfort [2][3] Group 2: Popular Aircraft Models - The Bombardier Global 7500 is highly regarded for its impressive range of 14,260 kilometers and is chosen by several wealthy Australians [2] - Gina Rinehart, Australia's richest person, owns a Gulfstream G600, which can fly at near-supersonic speeds, significantly reducing travel time [2] - The CEO of the Australian Business Aviation Association notes that ultra-long-range jets are popular among local billionaires due to Australia's geographical isolation [2] Group 3: Market Trends and Future Outlook - Many of the jets were purchased during or after the pandemic, which is seen as a key factor in breaking the taboo around private jet ownership [2] - The trend indicates a growing acceptance and demand for private aviation among Australia's elite, reflecting broader changes in business travel preferences [2]

展望2026年——这个充满活力与希望的"马年"，我们认为中国经济将进入"高质量发展深化年"。一方 面，中央经济工作会议明确提出"把稳增长、稳就业、稳预期作为重中之重"，财政政策有望更加积极， 特别国债、地方专项债发行节奏前置，新基建、绿色转型、数字经济等领域将成为投资主战场；另一方 面，房地产风险化解取得阶段性成效，金融体系稳健性进一步增强，人民币资产的全球配置价值日益凸 显。 在此背景下，资本市场也将迎来结构性机遇。我们判断，2026年A股市场将呈现"震荡上行、风格轮 动"的特征。随着企业盈利逐步修复、估值处于历史低位，叠加资本市场"国九条"深化落实、上市公司 分红回购机制完善，权益资产的长期吸引力正在提升。与此同时，债券市场在"宽货币+稳信用"环境 下，仍将维持偏强格局，但需警惕海外通胀反复带来的利率波动风险。 债券市场作为合晟资产的核心深耕领域，我们持续发挥十四年积淀的信用研判与利率把控能力。当前债 券市场虽面临资金面边际波动，但中长期"稳增长、宽信用"的政策基调未变，我们会继续通过精细化信 用评级体系筛选优质标的，把握信用债机会；同时动态调整久期策略，在利率波动中捕捉交易性机会， 坚守合晟债券投资的核 ...

Core Insights - The strong resurgence of Hong Kong IPOs in 2025 is a central theme for the global capital markets, with nearly HKD 300 billion raised, reclaiming the top position in global IPO fundraising [2][7] - The Hong Kong IPO market has experienced a significant increase in both quantity and quality, with new listings up nearly 70% year-on-year and fundraising doubling compared to the previous year [2][3] Market Dynamics - The traditional dominance of internet and financial real estate sectors has been disrupted, with hard technology, advanced manufacturing, and biomedicine emerging as the three main pillars supporting the market [3][4] - Key sectors such as new energy, semiconductors, smart vehicles, and high-end equipment are now prominently represented in the Hong Kong market, enhancing its manufacturing base [3][4] Notable IPOs - Significant companies that went public in 2025 include: - CATL (宁德时代), raising approximately HKD 41 billion with a market cap of about HKD 920 billion and a PE ratio of around 18x [3] - Hengrui Medicine (恒瑞医药), a leader in innovative drugs, with a market cap of approximately HKD 320 billion and a PE of about 32x [3] - Sanhua Intelligent Control (三花智控), with a market cap of around HKD 180 billion and a PE of about 24x [3] - Haitian Flavoring and Food (海天味业), with a market cap of approximately HKD 420 billion and a PE of about 30x [3] - Chery Automobile (奇瑞汽车), with a market cap of around HKD 190 billion and a PE of about 12x [4] A+H Listing Trend - 2025 marked a significant year for A+H dual listings, with leading companies opting for this model to enhance global liquidity and valuation recovery [5][6] - The A+H model has become a standard for industry giants, reinforcing Hong Kong's position as the preferred overseas listing location for Chinese enterprises [6] Future Outlook - The recovery of the Hong Kong IPO market is seen as a result of multiple cyclical factors, including improved global liquidity, long-term valuation recovery, and the increasing demand for high-quality assets from mainland China [6][7] - Moving forward, the focus of the Hong Kong IPO market is expected to shift from quantity expansion to quality prioritization, with a stronger emphasis on industry logic over speculative trading [6][7]

Core Insights - The article highlights a surge in investment activities across various regions in China, with multiple new funds being established to support strategic industries and innovation [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24] Group 1: Fund Establishments - Jiangsu Province launched a strategic emerging industry mother fund with a total scale of 69.1 billion yuan, contributing to a total fund cluster of 275.6 billion yuan [2] - The 100 billion yuan Zijinshan International Science and Technology Innovation Mother Fund was announced, focusing on the advanced manufacturing cluster in Nanjing [3] - Hunan Province unveiled a 100 billion yuan fund aimed at aerospace and marine industries, marking a significant investment in military-civilian integration [4] - Suqian City initiated a 65 billion yuan mother fund to support industrial development and smart manufacturing [5][6] - Nantong's Baoyuehu Science and Technology Innovation Mother Fund Phase II was established with a total scale of 50 billion yuan, focusing on AI and hard technology industries [7] Group 2: Sector-Specific Funds - Shandong Province registered a 10 billion yuan AI venture capital fund, targeting the new generation information technology industry [8] - Tianjin's first government investment fund in the Peace District was established with a scale of 300 million yuan, focusing on AI applications [9] - Shanghai's Zhang Keheng Phase II fund, with a target scale of 1 billion yuan, focuses on innovative pharmaceuticals and medical devices [10] - Jiangsu's Xuzhou New Emerging Industry Mother Fund, with a total scale of 3 billion yuan, aims to empower industries like integrated circuits and green technology [19] - The 80 billion yuan fund in Huai'an will focus on advanced manufacturing and strategic emerging industries [24] Group 3: Collaborative Efforts - The Xiangqiong Fund, with a total scale of 500 million yuan, aims to enhance cross-regional investment collaboration between Hunan and Hainan [11] - The Longjiang Huangshi Health Fund, with a scale of 300 million yuan, focuses on the biopharmaceutical and health industry [16] - The establishment of the Shanghai Futen Medical Fund marks a significant step in the healthcare investment landscape, with an initial fundraising of 410 million yuan [17]

郑建邦向台湾友人介绍了大陆经济社会发展取得的重大成就。他表示，过去一年，面对国内外经济环境 的复杂变化，中国国内生产总值首次跃上140万亿元台阶，人工智能、生物医药、商业航天等新兴产业 发展势头迅猛。相信有强大祖国做后盾，台湾经济发展的空间会更大，台湾同胞民生福祉会更好。 郑建邦表示，我们欣喜地看到过去一年两岸交流合作取得了积极成效，其中包含着郑旗生、蒋友松等台 湾友人的长期耕耘与付出，希望大家继续发挥在台胞台企中的桥梁纽带作用，依托能源绿色发展大 会、"华灿"品牌活动等平台开展交流合作，增进两岸同胞亲情福祉，为经济社会发展贡献力量。 （来源：团结报） 郑旗生、蒋友松介绍了在促进两岸交流交往、产业合作发展方面所做的工作，并表示愿同民革中央加强 联系、深化合作，共同推动两岸关系和平发展融合发展。 转自：团结报 民革中央联络部负责同志参加会见。 本报北京讯（记者 王恺强） 2月10日，全国人大常委会副委员长、民革中央主席郑建邦在民革中央机关 会见了来访的台湾两岸统合学会会长郑旗生和台湾光复纪念协会执行长蒋友松一行。民革中央副主席陈 星莺参加会见。 ...

我国科技创新成就显著，但依然存在原始创新能力不足、关键核心技术受制于人、科技成果转化不畅等 情况，创新链与产业链深度融合仍面临困难。对此，要从制度环境、创新策源、产业融合层面协同发 力，久久为功，实现高水平科技自立自强。 国家税务总局税收大数据分析显示，2025年，我国科技创新与产业创新加快融合，主要体现在科技成果 转化力度持续提升、战略性新兴产业茁壮成长、传统产业转型加快等方面。 2025年，我国科研技术服务业销售收入同比增长20.4%，科技含量较高的知识产权（专利）密集型产业 销售收入同比增长10.7%，反映出科技成果转化应用力度加大。同时，全社会研发经费投入强度稳步提 升，基础研究投入占比逐步提高，2025年全社会研究与试验发展经费投入达到39262亿元，稳居世界第 二位；研发经费投入强度达2.8%，比上年提高0.11个百分点，首次超过经济合作与发展组织（OECD） 国家平均水平。在战略性新兴产业方面，量子科技、生命科学、物质科学、空间科学等领域取得一批重 大原创性成果，集成电路、人工智能、量子技术、生物医药、新能源等领域关键核心技术攻关取得重要 进展，一批新型支柱产业快速崛起。 为强化战略科技力量，近 ...

Core Viewpoint - The news highlights the release of the "Modern Capital Urban Circle Spatial Coordination Plan (2023-2035)" aimed at enhancing the collaborative development of the Beijing-Tianjin-Hebei region through various reforms and innovations in land management, industry, and public services [1][2][4]. Group 1: Land Management and Planning - The Ministry of Natural Resources supports the establishment of a cross-regional construction land coordination mechanism among Beijing, Tianjin, and Hebei, allowing for greater local adjustment space in land management [3]. - A spatial access mechanism for major projects will be explored, enabling streamlined approval processes for projects that align with national land use planning [3]. Group 2: Industrial and Technological Development - The National Development and Reform Commission emphasizes the need to enhance the capital's functions, innovate development, and achieve breakthroughs in reform and opening up, focusing on key areas such as artificial intelligence, biomedicine, and cybersecurity [2]. - The plan aims to foster a collaborative innovation triangle among Beijing, Tianjin, and Hebei, enhancing technological cooperation and industrial synergy [4][5]. Group 3: Economic and Infrastructure Development - Tianjin aims to leverage its geographical and industrial advantages to implement the planning effectively, focusing on becoming a national advanced manufacturing research and development base and a core area for international shipping [5][6]. - Hebei is tasked with building a modern industrial system and promoting deep integration of innovation and industry, while also developing advanced manufacturing clusters [5][6].

Group 1 - The core viewpoint of the news is the announcement of the "Modern Capital Urban Circle Spatial Coordination Plan (2023-2035)" aimed at enhancing the collaborative development of the Beijing-Tianjin-Hebei region [1][4] - The plan emphasizes the need for a cross-regional construction land coordination mechanism and a spatial access mechanism for major projects to facilitate urban development [1][3] - The focus areas include optimizing the capital's functions, fostering innovation, achieving breakthroughs in reform and opening up, and enhancing public welfare [2][4] Group 2 - The plan aims to accelerate the construction of industrial clusters and strengthen the integration of key sectors such as artificial intelligence, biomedicine, and cybersecurity [2][5] - It supports comprehensive reforms in the Tianjin Binhai New Area and the exploration of land management reforms in Beijing's sub-center [2][3] - The initiative includes expanding cross-province administrative services and qualification recognition to improve convenience for businesses and citizens [2][3] Group 3 - The planning integrates various aspects such as industry, transportation, ecology, public services, cultural tourism, and safety resilience into a unified spatial framework [4][5] - Beijing aims to enhance the integration of education, technology, and talent development, while promoting collaborative innovation with Tianjin and Hebei [4][5] - Tianjin plans to leverage its geographical and resource advantages to implement the proposed plan effectively [4][5] Group 4 - Hebei's role in the urban circle plan includes accelerating the establishment of a modern industrial system and fostering deep integration of innovation and industry [5][6] - The region aims to create advanced manufacturing clusters and develop world-class airport and port groups to enhance connectivity with Beijing and Tianjin [6]

Group 1 - The core viewpoint of the news is the announcement of the "Modern Capital Urban Circle Spatial Coordination Plan (2023-2035)" aimed at enhancing the collaborative development of the Beijing-Tianjin-Hebei region [1] - The plan emphasizes the need for a coordinated mechanism for construction land management across the three regions, allowing for greater flexibility in land use and project approvals [3] - Key areas of focus include optimizing the capital's functions, fostering innovation, achieving breakthroughs in reform and opening up, and enhancing public welfare [2] Group 2 - The plan aims to integrate various development aspects such as industry, transportation, ecology, public services, cultural tourism, and safety resilience into a unified spatial framework [4] - There is a strong emphasis on technological innovation and industrial collaboration among Beijing, Tianjin, and Hebei, with initiatives to strengthen the innovation triangle in the region [4] - The plan includes specific goals for Tianjin to leverage its advantages in location, port facilities, and talent to support the implementation of the urban circle plan [5] Group 3 - The initiative also highlights the importance of building a modern industrial system in Hebei, focusing on deep integration of innovation and industry [6] - The development of advanced manufacturing clusters and high-level urban functions is prioritized to support the construction of a world-class city group in the Beijing-Tianjin-Hebei region [5][6]