Core Insights - A research team led by Princeton University has observed an unusual chiral quantum state in a topological material known as KV3Sb5, using a newly developed scanning photocurrent microscope [1] - This discovery addresses a long-standing debate regarding the spontaneous formation of chiral quantum states in topological materials and provides crucial insights for the development of future quantum technologies [1] Summary by Categories Research Findings - The study published in the journal Nature Communications highlights the direct observation of a chiral symmetry breaking phenomenon hidden behind charge density waves in KV3Sb5 [1] Implications for Quantum Technology - The findings are significant as they offer key clues for the advancement of new quantum technologies, potentially influencing future research and applications in the field [1]

此文为融中特别策划·《投资人:快答2025》系列报道第十六篇。 2025年，全球科技与产业格局正在经历一场深刻的变革。从人工智能的垂直突破到量子技术的悄然崛起，从制造 业的智能化升级到生物制造的未来图景，每一个领域都在孕育着新的机会与挑战。作为投资人，如何在不确定性 中捕捉确定性？如何在激烈的竞争中找到下一个爆发点？联想之星王明耀的思考为我们提供了一份清晰的路线 图。 政府资金的深度介入正在重塑创投生态。过去两年，政府引导基金成为科技项目的重要资金来源，地方产业链的 争夺战愈演愈烈。各地政府不再满足于简单的招商引资，而是试图通过打造产业闭环，形成区域竞争优势。这种 变化不仅为创业者提供了更多资源，也让投资机构在募资和退出策略上有了新的思路。从S基金到并购市场，退 出路径的多元化正在打破IPO的单一依赖。 与此同时，新一代创业者正在崛起。他们不仅拥有过硬的技术背景，还具备强大的学习能力和资源整合能力。在 制造业升级、新能源、新材料、创新药等赛道上，这些创业者正在用硬核技术和商业化能力撕开市场裂缝。而文 化自信的回归，也让哪吒、黑悟空等中国元素成为新的投资热点。 前言： 2025年，以一副猝不及防的形态出现，国防 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the first batch of 36 technology innovation bonds in the national bond market, with Muyuan Foods Co., Ltd. being one of the first issuers [1] - Muyuan Foods issued technology innovation bonds with a scale of 300 million yuan, a term of 270 days, and a coupon rate of 1.95%, marking the first issuance of "technology board" bonds in the province [1] - The "technology board" in the bond market aims to provide more financing channels for financial institutions, technology enterprises, and equity investment institutions, focusing on supporting key technology industries such as artificial intelligence, big data, quantum technology, and biotechnology [1] Group 2 - The People's Bank of China, Henan Branch, plans to implement actions to enhance the quality and quantity of bond financing in the province, prioritizing technology enterprises and equity investment institutions that meet policy conditions for inclusion in a "white list" for the "technology board" [2] - Financial institutions will be organized to provide regular bond issuance guidance, and relevant departments will be encouraged to offer risk-sharing and credit enhancement support [2]

Core Viewpoint - Guoxin Technology aims to focus on two main directions: trusted computing and information security, as well as automotive electronics and industrial control by 2025, while integrating AI and quantum technologies into its product offerings [1] Financial Performance - In 2024, Guoxin Technology achieved revenue of 574 million yuan, a year-on-year increase of 27.78%, but reported a net loss of 181 million yuan attributable to shareholders [1] - For Q1 2025, the company reported revenue of 87.27 million yuan, with a net loss of 34.75 million yuan, primarily due to extended production cycles for custom chips [3] Business Segments - The trusted computing and information security segment generated revenue of 140 million yuan, a decrease of 3.9% year-on-year [1] - The automotive electronics segment saw significant growth, with revenue of 75.78 million yuan, an increase of 87.17% year-on-year [1] - The industrial control chip segment reported revenue of 17.58 million yuan, a decrease of 47.47% year-on-year [1] - AI and advanced computing services generated revenue of 341 million yuan, an increase of 48.41% year-on-year, driven by custom chip services [1] Product Development - In the automotive electronics sector, Guoxin Technology has achieved full series coverage of automotive MCU and DSP chip product lines, enhancing competitiveness [2] - The company launched new high-end MCU chips suitable for advanced driver-assistance systems (ADAS) and is expanding its market presence among major automotive manufacturers [2] - In the quantum security chip field, Guoxin Technology has developed leading domestic quantum security chips and modules, which are already in limited use by clients [3] Strategic Focus - Guoxin Technology plans to reduce unnecessary expenses, optimize personnel structure, and enhance production cost control to improve efficiency [3] - The company aims to drive growth through a dual strategy of self-developed chips and custom chip services, with a focus on edge AI technology and quantum security solutions [3]

Core Viewpoint - The Chinese government is introducing a comprehensive financial policy package aimed at stabilizing the market and expectations, including a new relending tool for service consumption and elderly care [1][3]. Group 1: Service Consumption and Elderly Care Relending - The People's Bank of China has established a relending tool for service consumption and elderly care with a total quota of 500 billion yuan, aimed at encouraging commercial banks to increase credit support for these sectors [1][3]. - This new policy tool expands and upgrades the previous inclusive elderly care relending policy, which had a quota of 40 billion yuan and was initially piloted before being rolled out nationwide [3]. Group 2: Impact of New Policy Tool - Experts believe this initiative will invigorate the service consumption and elderly care markets, enhancing domestic service consumption potential and supporting the development of the elderly care industry [3]. - The policy is expected to stimulate both the supply and demand sides of service consumption, ultimately releasing residents' consumption potential over a longer term [3]. Group 3: Insurance Company Investment Regulation - The Financial Regulatory Administration has announced a 10% reduction in the risk factor for insurance companies' solvency regulations regarding stock investments, encouraging them to increase their market participation [4][6]. - The previous adjustment in September 2023 saw the risk factor for investments in the CSI 300 index drop from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [6]. Group 4: Bond Market "Technology Board" - The bond market "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, aligning with national technology strategies [9]. - The design of the "Technology Board" includes targeted arrangements for the issuance process to meet the needs of issuers, aiming to enhance market investment enthusiasm [11]. - Financial institutions and asset management companies are encouraged to actively participate in investments related to technology innovation bonds, with plans to create indices linked to these bonds to broaden the investor base [11].

全球军贸交易需求保持活跃，欧洲主流防务企业新增订单及积压订单均创新高，欧盟产能优先供给自身需求的背 景下，类比俄乌冲突后俄罗斯武器装备出口出现的空缺，#原采购欧盟防务产品的国家的军贸需求有望显著外溢。 #军贸推动企业穿越价格及需求周期，重视本轮我国军工企业内外需双轮驱动的#产能价值重估。 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢可期。 全球军贸交易需求保持活跃，欧洲主流防务企业新 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢 ...

Core Viewpoint - The People's Bank of China is preparing to launch a "Technology Board" in the bond market, which aims to enhance financing for technology innovation and support the national technology strategy [1][5]. Group 1: Market Overview - China's bond market has a total scale of 183 trillion yuan, ranking second in the world, characterized by large fundraising capacity, low costs, and long durations, making it suitable for providing efficient and low-cost funding for technology innovation [3]. - The introduction of the "Technology Board" is expected to create a comprehensive support system that links equity and debt financing, effectively matching the financing needs of technology innovation enterprises at various stages [5]. Group 2: Investment Encouragement - Financial institutions, asset management institutions, social security funds, corporate annuities, insurance funds, and pension funds are encouraged to actively participate in investments, with a focus on creating products linked to technology innovation bond indices [7]. - The initiative aims to broaden the investor base and increase market investment enthusiasm [7]. Group 3: Focus Areas - The "Technology Board" will focus on financing support for key technology industries, including artificial intelligence, big data and cloud computing, integrated circuits, industrial mother machines, quantum technology, and biotechnology [9]. Group 4: Risk Mitigation Tools - The People's Bank of China, in collaboration with the China Securities Regulatory Commission, is creating risk-sharing tools for technology innovation bonds, which will provide low-cost re-lending funds to purchase these bonds [11]. - These risk-sharing tools, along with local governments and market-based credit enhancement institutions, will implement diverse credit enhancement measures to share the default loss risks of bond investors, effectively reducing the financing costs for equity investment institutions [11].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have introduced a risk-sharing tool for technology innovation bonds to support long-term financing for equity investment institutions in the "Technology Board" [1][8]. Group 1: Policy Announcements - The announcement includes 13 specific measures aimed at enriching the product system for technology innovation bonds and improving supporting mechanisms [1]. - The Shanghai and Shenzhen Stock Exchanges have issued notifications to further support the issuance of technology innovation bonds, supplementing the measures outlined in the announcement [1][2]. Group 2: Market Response and Scale - Nearly 100 market institutions have planned to issue over 300 billion yuan in technology innovation bonds, indicating strong market response [2]. - The total scale of China's bond market is 183 trillion yuan, ranking second globally, which can provide efficient and low-cost funding for technology innovation [2]. Group 3: Focus Areas and Support Mechanisms - The "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology [3]. - The new policies aim to reduce reliance on government funding and enhance investment efficiency by establishing a comprehensive support system for technology innovation bonds [3][4]. Group 4: Risk Management and Evaluation - The announcement includes measures to improve the risk-sharing mechanism for technology innovation bonds, allowing financial institutions to engage in credit protection tools and risk mitigation [6][8]. - A national evaluation mechanism for the effectiveness of financial institutions' technology financial services will be established to encourage investment in technology innovation bonds [3][6]. Group 5: Innovation in Bond Issuance - Issuers can innovate bond terms, including options for collateral and linking interest rates to project performance, enhancing the attractiveness of technology innovation bonds [7]. - The introduction of risk-sharing tools by the People's Bank of China aims to lower financing costs for equity investment institutions and support the issuance of longer-term bonds [8].

Core Viewpoint - The introduction of the "Technology Board" in the bond market aims to enhance financing support for technology innovation, allowing various market participants to issue technology innovation bonds and creating risk-sharing tools to mitigate financing risks [1][2]. Group 1: Policy and Market Response - The People's Bank of China and the China Securities Regulatory Commission jointly announced support for financial institutions, technology enterprises, and equity investment institutions to issue technology innovation bonds, with nearly 100 market entities planning to issue over 300 billion yuan in bonds [1][2]. - The "Technology Board" is designed to better match the financing needs of technology innovation, addressing the gap between financial supply and demand in this sector [2]. Group 2: Financing Mechanisms and Structures - The "Technology Board" allows issuers to choose flexible issuance methods and innovate terms related to rights structures, payment, and interest, simplifying disclosure rules and establishing rating methods suitable for technology innovation [2][3]. - The board encourages participation from various financial institutions and asset management entities, aiming to enhance the trading activity of technology innovation bonds [3]. Group 3: Support for Key Industries - The "Technology Board" focuses on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, promoting the issuance of bonds by mature and growth-stage private technology enterprises [4][5]. - The policy allows equity investment institutions to issue technology innovation bonds, addressing the "short debt, long investment" dilemma in the equity investment sector [4]. Group 4: Risk Mitigation and Credit Enhancement - The introduction of risk-sharing tools and collaboration with local governments and market-based credit enhancement agencies aims to diversify credit enhancement measures and share part of the default risk of bonds [6][7]. - The risk-sharing tool, supported by the central bank, provides low-cost refinancing to purchase technology innovation bonds, effectively lowering the financing costs for equity investment institutions [6]. Group 5: Future Developments - Future expansions may include broader government guarantees, a national credit rating system for technology innovation, and the introduction of credit insurance products to enhance the bond market's pricing ability for intangible assets [7].

Core Viewpoint - The People's Bank of China (PBOC) is preparing to launch a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology companies, and private equity firms, with nearly 100 market institutions planning to issue over 300 billion yuan in such bonds [1][2]. Group 1: Policy and Mechanisms - The PBOC and the China Securities Regulatory Commission (CSRC) have created a risk-sharing tool for technology innovation bonds, allowing for low-cost refinancing and diverse credit enhancement measures to lower financing costs for private equity firms [2][3]. - The announcement includes 13 specific measures to support the issuance of technology innovation bonds, focusing on enriching the product system and improving support mechanisms [2][3]. - The issuance process for technology innovation bonds will be optimized, allowing for flexible terms and simplified disclosure rules to enhance financing efficiency [3][4]. Group 2: Market Response and Participation - Major financial institutions and exchanges have responded positively, with the Shanghai and Shenzhen stock exchanges implementing measures to support the issuance of technology innovation bonds [4][5]. - The interbank market has announced a full waiver of transaction fees for technology innovation bonds from 2025 to 2027, encouraging participation [4][5]. Group 3: Investment Opportunities and Market Dynamics - The introduction of the "Technology Board" is expected to alleviate funding challenges for private equity firms and stimulate long-term investments in hard technology sectors, potentially attracting more social capital into the technology innovation field [10][11]. - The policy aims to enhance market confidence and encourage private enterprises to strengthen independent innovation, particularly in sectors like artificial intelligence and biotechnology [10][11]. - The development of a comprehensive support system involving bonds, loans, equity, and insurance is anticipated to provide extensive funding support for technology enterprises [7][10]. Group 4: Credit Rating and Risk Assessment - The establishment of a tailored credit rating system for technology innovation bonds is crucial, focusing on the unique characteristics of technology companies and private equity firms [8][12]. - Rating agencies are encouraged to enhance their methodologies and incorporate forward-looking indicators to better assess the creditworthiness of technology innovation entities [8][12].