转自：成都日报锦观 从助企高效落户到助企技术落地 一年内150余家企业入驻天府软件园 天府软件园不仅为企业搭建资源桥梁，更开放场景助力技术落地。 作为全球顶尖游戏厂商法国育碧的在华分支机构之一，自2008年入驻天府软件园以来，育碧成都工作室从几十人的小团队成长到数百人规模， 从参与游戏小模块研发到扛起《彩虹六号》等全球知名游戏核心开发任务，成为育碧成都工作室全球布局的重要力量。 去年，因团队整合需要扩大办公空间，育碧再次向成都高新区及园区提出需求。从协调资源到推进筹备，园区始终以高效、专业的响应全程支 持。同年10月，全新办公区正式启用。"扎根成都17年，是最正确的选择。"育碧成都工作室总经理舒薪宇感慨。 值得一提的是，去年园区还推出一项贴心举措：为需要重新装修办公区的企业免费提供中转用房，减少园区企业成本、提升办公体验，实 现"零成本、零中断"的无缝过渡。 助力AI技术落地 打造全息智慧停车场 天府软件园不仅搭建资源桥梁，更开放场景助力技术落地。在AI创新中心，园区与新入驻的臻识科技联手打造了"全息智慧停车场"示范项目。 该项目集成视觉雷达与全息感知基座，构建起能精准感知全场动态的数字孪生系统，成为技术落地 ...

一、核心驱动因素：政策、流动性与行业共振 政策红利加速释放 全球流动性改善 中央经济工作会议将"科技创新"列为重点，工信部推动国产AI芯片采购（如华为、寒武纪纳入政府清单），设立1000亿元产业基金，并要求2025年关 键设备国产化率突破70%。 货币政策转向"适度宽松"，央行降准0.5个百分点释放1.2万亿元流动性，叠加金融监管总局下调保险公司长期持仓风险因子，释放约200亿资本，推动 增量资金入市。 港股通南向资金2025年初至今净流入超1.38万亿元，占比从47%提升至61%，科技板块成核心受益方向。 美联储降息周期启动，加拿大、欧央行降息预期增强，降低融资成本，提升港股估值修复空间。历史数据显示，美联储降息后A股与港股多呈上涨走 势，外资增配低配的H股，跑赢MSCI新兴市场指数。 行业与公司业绩强劲 恒生科技指数成分股：中芯国际二季度净利环比增近130%，理想汽车因新能源车零售渗透率首次超50%大涨超4%，技术硬件、媒体、零售业板块涨幅 居前，推动指数突破阻力位，交易量提升。 腾讯控股：2024年营收6603亿元，同比增长8%，净利润1940.73亿元，同比增长68%，日均盈利5.32亿元。游戏业务（ ...

Core Insights - The development of technology insurance is accelerating under the dual drive of policies and industries, showcasing its important value in supporting high-level technological self-reliance and innovation [1][3] - The core value of technology insurance lies in risk dispersion and providing certainty to reduce trial-and-error costs for technology innovation [3][5] Policy and Industry Support - Official data indicates that technology insurance premium income in China grew by 30% year-on-year in the first three quarters of 2025 [3] - The Chinese government has positioned technology insurance as a foundational tool in the technology financial system, with policies aimed at creating a comprehensive insurance product and service system covering the entire lifecycle of technology enterprises [3][4] Local Initiatives - Various local governments are actively supporting the implementation of technology insurance, with Shanghai introducing an innovative "Shanghai Science Points" system for precise pricing based on innovation capabilities [4] - In Beijing, a subsidy of up to 80% on premiums for major technological equipment insurance is available, with a maximum annual subsidy of 2 million yuan per enterprise [4] Product Innovation and Market Demand - Insurance institutions are responding to policy support by innovating products and upgrading services, leading to a broadening of coverage and enhancement of protection for technology enterprises [5] - New insurance products are emerging in cutting-edge fields such as artificial intelligence and biomedicine, with several "first orders" being issued [5] Challenges and Barriers - Despite progress, challenges remain, including weak awareness of insurance among technology enterprises and a lack of customized products for emerging technologies [6][7] - The industry faces issues with product homogeneity and insufficient risk assessment capabilities, particularly in new technology sectors [7] Future Directions - To overcome development bottlenecks, technology insurance needs to enhance its capabilities in talent, technology, products, and services [7][8] - Insurance companies should develop more adaptable and customized insurance products and explore collaborative risk-sharing platforms involving government, research institutions, and enterprises [8] Role Transformation - Insurance companies are encouraged to transition from being mere risk bearers to active risk managers, providing proactive risk reduction services to empower technology innovation [9] - Establishing deep collaborative mechanisms with cybersecurity firms and technology enterprises is crucial for integrating risk management into the development and operational processes of technology companies [9]

Core Viewpoint - The 9th World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting highlighted the positive development trajectory of Shaoxing, emphasizing high-quality growth and strategic initiatives to enhance regional advantages and innovation capabilities [3][8]. Economic Growth - Since the 14th Five-Year Plan, Shaoxing's economic growth has consistently ranked among the top three in Zhejiang Province and the Yangtze River Delta, with the GDP expected to reach approximately 900 billion yuan last year [3][8]. Regional Advantages - Shaoxing is enhancing its geographical advantages by planning the Hu-Hang-Shao Jin Railway, aiming to create a transportation network that allows for 30-minute access within the city, 30 minutes to Hangzhou, and 60 minutes to Shanghai [3][8]. Technological Innovation - The city has established itself as a national innovation hub and the first "three-in-one" high-quality development pilot zone for education and technology talent in Zhejiang, with 13 universities and a significant increase in R&D investment among industrial enterprises [3][4][8]. Industrial Transformation - Shaoxing's industrial transformation includes the recognition of the Hangzhou Bay modern textile and apparel cluster as a national advanced manufacturing cluster, with the integrated circuit industry generating around 90 billion yuan [4][9]. Business Environment - The implementation of the 5.27 "Love Enterprise Action" has led to over 820,000 market entities and 260,000 businesses, with 80 companies listed on the A-share market, ranking third among similar cities in China [4][9]. Future Directions - Looking ahead to the 15th Five-Year Plan, Shaoxing aims to cultivate new industrial formats, shape new urban forms, activate new population dynamics, and empower cultural vitality through eight major actions, striving to become a model city for integrated development [4][9].

Market Overview - The A-share market experienced a slight fluctuation and consolidation on Friday, January 16, with the Shanghai Composite Index facing resistance around 4140 points after an initial rise [1][2][4][6] - Industries such as consumer electronics, semiconductors, electronic components, and photovoltaic equipment performed well, while internet services, cultural media, energy metals, and mining sectors showed weaker performance [1][2][4][6] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 16.88 times and 53.38 times, respectively, indicating they are above the median levels of the past three years, suggesting suitability for medium to long-term investment [2][6] - The total trading volume on Friday was 30,568 billion yuan, above the median of the past three years, indicating increased market activity [2][6] - The trend of residents moving deposits to equity markets is providing ample liquidity, while the attractiveness of RMB assets is enhancing market risk appetite [2][6] - A slight increase in the CPI year-on-year for December 2025 indicates marginal improvement in domestic demand [2][6] - The current market environment, characterized by effective volume expansion, positive policy expectations, and continuous industrial catalysts, suggests that the ongoing market rally may continue [2][6] - It is recommended to focus on both technological innovation and the recovery of traditional industries in investment strategies, with short-term attention on opportunities in consumer electronics, semiconductors, electronic components, and photovoltaic equipment [2][6]

Core Viewpoint - The A-share market experienced significant fluctuations during the week of January 12-16, with an average daily trading volume exceeding 3 trillion yuan, but ultimately showed a trend of rising and then falling due to regulatory interventions [1][5]. Market Performance - The Shanghai Composite Index has shown notable volatility, having crossed the 4000 and 4100 points at the beginning of the year [2]. - The overall average stock price in the A-share market increased by 2.46% over the week, marking six consecutive weeks of gains [9]. Regulatory Actions - Regulatory measures included raising the margin requirements for financing, which was a significant action taken during the week [4]. - The China Securities Regulatory Commission (CSRC) emphasized the need for market stability and fair trading, with over 800 regulatory actions taken against abnormal trading and information disclosure issues [5][8]. Sector Trends - The commercial aerospace sector faced a continuous decline, with notable scrutiny on prominent investors like Chen Xiaoqun, indicating a targeted regulatory approach towards "pseudo-leaders" lacking fundamental support [5][8]. - Certain hot sectors, particularly in AI applications and commercial aerospace, saw significant declines, with indices related to these sectors dropping between 6.16% and 10.52% [12]. Investment Sentiment - Despite the regulatory "cooling" signals, the overall market response has been positive, with some investors interpreting the outflow of over 100 billion yuan from broad-based ETFs as a sign of "cooling" or "index suppression" [6][8]. - There is a shift in investment focus towards sectors that align better with regulatory expectations, indicating a potential reallocation of hot money [12]. Future Outlook - Analysts suggest that the commercial aerospace sector may continue to experience fluctuations similar to the new energy sector, driven by policy support and industry trends [14]. - The market is expected to remain resilient due to favorable liquidity conditions and ongoing positive policy stances, with potential for continued upward movement in the spring [15].

随着中长期资金配置共识的形成，张笑牧认为，2026年的核心投资机遇仍将锚定在科技创新领域，尤其 是自主可控的创新驱动产业。 人民财讯1月18日电，近日，富达基金的基金经理张笑牧表示，当前，中国资本市场正经历深刻的底层 重构。政策端持续发力"新质生产力"，研发投入与科技自立自强的加速，使经济新旧动能转换正在从预 期走向实质落地。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Fujian Province's capital market has achieved remarkable growth, with direct financing exceeding 2 trillion yuan, marking over a 50% increase compared to the "13th Five-Year Plan" period, and positioning itself as a leader in A-share IPO financing by 2025 [2][3]. Direct Financing and IPOs - Fujian's capital market has seen direct financing surpass 2 trillion yuan in the past five years, highlighting its role in supporting the real economy [3]. - In 2025, the province's direct financing reached a historical high of 500 billion yuan [4]. - A-share IPO financing amounted to 22.446 billion yuan, ranking first in the nation, with Huadian New Energy raising 18.17 billion yuan, becoming the largest IPO project of the year [5]. Company Performance and Quality - By 2024, Fujian's listed companies reported revenues of 3.1 trillion yuan and net profits of 206.1 billion yuan, reflecting increases of 31.59% and 66.41% respectively compared to the end of the "13th Five-Year Plan" [5]. - Average earnings per share reached 1.09 yuan, and average return on equity was 10.77%, significantly above national averages [5]. Market Structure and Industry Development - By the end of the "14th Five-Year Plan," Fujian had 177 listed companies, an increase of 32 from the previous period, with a total market capitalization of 5.4 trillion yuan, ranking sixth nationally [6]. - The province has seen a notable concentration of companies with market capitalizations exceeding 1 billion yuan, with 6 such companies and 75 companies exceeding 100 million yuan [6]. Mergers and Acquisitions - Fujian's regulatory bodies have promoted mergers and acquisitions to enhance resource allocation efficiency, with 69 listed companies engaging in such activities since 2025, involving a total of 35.957 billion yuan [7]. - The province has also seen significant cash dividends and buybacks, totaling 356.696 billion yuan, a 128.79% increase from the previous period [7]. Support for Innovation - Fujian has actively supported technology-driven enterprises, adding 24 new technology-oriented listed companies and facilitating over 200 billion yuan in innovative bond issuance [9]. - Private equity and venture capital funds have invested in 2,125 high-tech projects in Fujian, with a total investment of 83.358 billion yuan [9]. Regulatory Environment - Fujian's regulatory authorities have intensified risk monitoring and management, addressing high-risk areas and ensuring compliance among listed companies [10]. - The province has taken significant actions against market violations, imposing fines totaling nearly 500 million yuan and enhancing market order [10]. Future Outlook - The Fujian Securities Regulatory Bureau plans to continue implementing new policies to strengthen regulation and promote high-quality development in the capital market [11].

星展银行高级投资策略师邓志坚认为，随着美元指数走弱，美股科技板块高度集中，市场对多元化资产 配置的需求持续上升，包括中国在内的亚太市场成为全球投资者的核心关注区域。 "中国资产不可回避""外资投资策略展现出更长远的眼光"……近期多家国际金融机构表示，持续看好中 国经济基本面及中国资产表现，随着中国经济核心竞争力被国际资本重估，预计中国资产在全球投资组 合中的权重将系统性提升。 "对于中国资产，外资正转向更主动、更长期选择中国标的并参与交易。"在近日的一场媒体见面会上， 瑞银集团中国区总裁、瑞银证券董事长胡知鸷说。 "在近期港股IPO和再融资项目中，国际长线资金作为基石或者核心机构投资者的参与度明显提高。"胡 知鸷透露，一般来说，基石投资者要和发行人签订协议，必须要接受6个月锁定期限制，一些投资者对 成为基石往往存有顾虑。"但现在包括主权基金在内，大家都争着做基石投资者，生怕抢不到好标的。" 瑞银统计数据显示，2025年外资参与中国资本市场并购交易的活跃度明显提升，中国境内由外资参与的 并购交易年度总额已攀升至600亿元人民币，创10年新高。 在花旗集团大中华区首席经济学家余向荣看来，"中国资产不可回避"正在成 ...

Core Viewpoint - The construction of the Guojing Road project in Yangpu District is set to revitalize a historic road, enhancing regional transportation and supporting economic development and technological innovation [1] Group 1: Project Overview - Guojing Road, a "century-old road," dates back to the 1920s as part of the "Greater Shanghai Plan" [1] - The road will be approximately 390 meters long, connecting Minfu Road to Yinggao East Road, and will be widened to about 20 meters [1] - The project includes a 14-meter wide roadway and two 3-meter wide sidewalks [1] Group 2: Economic and Technological Impact - The Shanghai Kexin Source project, located on the west side of Guojing Road, covers a total construction area of approximately 146,000 square meters and will host headquarters for well-known companies in various fields [1] - The project aims to become a new landmark for technological innovation in the region, focusing on online new economy, cultural design, digital health, and dual-carbon economy sectors [1] Group 3: Project Timeline and Execution - The overall construction period for the Guojing Road project is approximately 9 months, with an expected completion and opening in the third quarter of this year [1] - The project is described as a crucial supporting initiative for regional economic development and technological innovation, emphasizing the urgency to progress [1]