Core Viewpoint - The Shenzhen Municipal Bureau of Local Financial Supervision and the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission jointly issued the "Shenzhen Action Plan for Leveraging Capital Markets to Build an Industrial Financial Center (2025-2026)" focusing on nurturing patient capital to support the development of new productive forces [1] Group 1 - The plan emphasizes the cultivation and expansion of patient capital to serve the development of new productive forces [1] - It targets key industries and sectors, particularly artificial intelligence, new energy, and biomedicine, under the "20+8" industrial framework [1] - The initiative aims to continuously improve support policies for long-term investments, particularly in hard technology [1] Group 2 - The plan encourages the standardized development of angel investment, venture capital, and private equity investment [1] - It promotes state-owned and government investment funds to become more responsible long-term, patient, and bold capital [1] - The initiative seeks to guide multi-level social financial capital to establish long-cycle performance assessments, incentive constraints, and error-tolerance mechanisms [1] Group 3 - The plan advocates for diverse entities to participate in venture capital and supports "chain master" enterprises in conducting corporate venture capital (CVC) [1] - It aims to improve multi-exit mechanisms and actively carry out pilot projects for the transfer of private equity and venture capital shares [1] - The initiative supports government funds and social capital in establishing merger funds and private equity secondary market funds to promote a virtuous cycle of "technology-industry-finance" [1]

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 355 million, which remained flat year-on-year, while net profit attributable to shareholders was 25.2 million, a decrease of 16.47% [4] - The decline in profit was primarily due to the recognition of employee stock incentive expenses and increased depreciation from new projects [4] - The company's asset-liability ratio rose to over 70% in Q1 2025, but short-term solvency is not expected to be affected due to sufficient liquidity and strong asset turnover [4] Group 2: Strategic Goals and Market Position - The company aims to enhance market share and sales volume in the industrial gas sector by launching new projects and focusing on two major specialty gas industrial parks [2][3] - The long-term strategic goals remain unchanged despite short-term challenges, aligning with national development needs for emerging industries [3] - The company is targeting a revenue goal of 5 billion for the 14th Five-Year Plan period, although progress has been slower than planned [3] Group 3: Industry Outlook and Growth Drivers - The industrial gas market in China is projected to grow from 238.1 billion in 2024 to 284.2 billion by 2026, with a compound annual growth rate of approximately 10% [9] - The company is focusing on the semiconductor, display panel, and photovoltaic sectors, which are expected to drive demand for specialty gases [9] - The company has signed a nitrogen supply contract with Yichang Bangpu Times for 40,000 cubic meters per hour, which is anticipated to positively impact 2025 performance [8] Group 4: Operational Challenges and Responses - The company is addressing the challenges of declining prices in the bulk industrial gas market by enhancing customer service and optimizing operational processes [7] - The management is committed to improving profitability and operational efficiency through the stable production of products from the two major industrial parks [5][8] - The company plans to increase R&D expenditure to approximately 50 million in 2024, reflecting a year-on-year increase of 28.71% [6]

"没想到，真是没想到！"项目落地四川省达州市一年多，四川星空钠电电池有限公司（简称星空钠 电）董事长李用成操着地道的东北方言感叹道。让他连声感叹"没想到"的，是项目横跨大半个中国落地 的速度。 2024年3月底，在2024中国产业转移发展对接活动（四川）上，李用成带着钠离子电池生产链项目 与达州东部经开区正式签约。今年1月，项目一期已进入试运行；预计5月底，测试产品将从钠离子电池 组装生产线下线。 作为全国具有重要影响力的产业转移示范平台，去年的产业转移发展对接活动现场签约项目达157 个、总投资超2300亿元。5月8日至10日，2025中国产业转移发展对接活动（四川）在成都举办。 时隔一年多举办的活动将为四川带来什么？紧抓产业转移机遇，四川探索出什么路径？ 接得准，充分发挥优势 去年以来，四川、宁夏、内蒙古、黑龙江、云南、甘肃、湖南……一系列"国字号"产业转移发展对 接活动在各地举办。 密集举办的背后，是产业转移的迫切需要。 党的二十届三中全会强调，完善产业在国内梯度有序转移的协作机制，推动转出地和承接地利益共 享。今年《政府工作报告》提出，深化东、中、西、东北地区产业协作，推动产业有序梯度转移，为进 一步 ...

甘忠如带领团队开启了艰苦卓绝的研发征程，历经三年不懈努力，成功攻克基因重组人胰岛素技术难 题。1998年，中国首支拥有自主知识产权的第二代胰岛素惊艳问世，这一突破让我国成为全球第三个掌 握该技术的国家，不仅打破了国际垄断的坚冰，更将胰岛素价格降低了近40%，让无数患者受益。2005 年，他创立的甘李药业再接再厉，率先研发出第三代长效、速效胰岛素类似物，进一步填补了国内技术 空白。如今，甘李药业已成长为亚洲最大的胰岛素生产基地，产品畅销全球30多个国家，年销售额超过 40亿元。 凭借在胰岛素研发领域的卓越贡献，甘忠如被誉为"中国胰岛素之父"，并荣获国家科学技术进步奖、中 国医药产业十大人物等众多殊荣。 此次捐赠的1亿元资金，将精准投入到多个关键领域。在科研教学设施升级方面，用于改造生命科学大 楼实验室，引进国际顶尖的仪器设备，为科研人员打造更加先进、高效的实验环境；在青年人才培养计 划上，设立"甘忠如科研创新基金"，激励年轻学子在科研道路上勇攀高峰；同时，资助学生参与国际学 术交流活动，让他们有机会前往顶尖学府深造，拓宽国际视野；此外，还将搭建学科交叉融合平台，推 动生物技术与人工智能、大数据等前沿领域的协同创 ...

Group 1 - The establishment of the Shandong Enterprise Annuity Development Alliance aims to enhance the quality of enterprise annuities and promote collaboration among government, enterprises, and financial institutions [1] - Starting from January 1, 2025, the scope of talent annuities in Shandong will expand from seven pilot cities to the entire province, covering high-tech industries and startups, thus optimizing the talent ecosystem and enhancing employee pension security [1] - Shandong Bank actively supports the policy by integrating industry resources through mechanisms like the "Annuity Alliance" to improve annuity services [1] Group 2 - Shandong Bank has developed a comprehensive approach to pension finance, covering enterprise annuities, personal pensions, and pension service finance, serving nearly 1,000 enterprises and 245,000 individuals in the province [2] - As one of the first commercial banks approved to offer personal pension services, Shandong Bank has provided personal pension account services to over 769,000 individuals by the end of March [2] - The bank has launched the "Zhongyin Silver Age" pension service brand, offering comprehensive solutions for clients throughout their retirement lifecycle [2] Group 3 - Shandong Bank focuses on supporting the province's strategy for high-level talent in key industries such as artificial intelligence and renewable energy by introducing a "Talent Exclusive Annuity Plan" [3] - The bank aims to enhance the long-term compensation attractiveness for high-level talents through a combination of enterprise contribution incentives and personal tax benefits [3] - Moving forward, Shandong Bank will strengthen cooperation with the Shandong Human Resources and Social Security Department and other alliance members to optimize the enterprise annuity service system and innovate pension products [3]

在全球经济格局深刻调整的当下，"东升西落"不再仅是中国内部的战略共识，而是逐渐成为全球资本市 场的现实写照。美国对中国发起的关税战不仅未能遏制中国的发展，反而在全球范围内引发了对美国经 济政策的不信任。与此同时，美债收益率的飙升和美股高估值的持续，使得美元资产的信用风险日益凸 显。在这样的背景下，中国以其稳健的经济增长和日益完善的投资环境，成为全球资本寻求避风港的新 选择。外资LP们开始悄然布局中国市场，寻找新的增长点和投资机会。这一趋势不仅体现了全球资本 对中国市场的重新评估，也标志着中国在全球资本流动中的角色正在发生深刻变化。 外资重新"认识"中国 今年4月以来美国对全球，尤其是中国，发起的关税战引发了广泛的国际抵制。曾被视为"避风港"的美 元资产，如今正面临信任危机。美债收益率飙升、美股高估值泡沫、以及对华关税战的持续升级，使得 投资者开始重新审视美国资产的安全性。与此同时，中国市场以其稳定的政策环境和科技创新能力，逐 渐成为全球资本的避风港。 美国国债市场一直被视为全球最安全的投资标的。然而，美国联邦债务总额激增至36.2万亿美元，其中 约9.2万亿美元将在2025年到期，占GDP的近31% 。这一庞 ...

Core Points - The meeting emphasized the importance of integrating technological and industrial innovation to strengthen key industrial chains and enhance the new quality of production capacity in Hangzhou [1][2] - The city aims to become a hub for advanced manufacturing by 2025, focusing on high-quality industrial economic development and encouraging investment in strategic emerging industries such as artificial intelligence and biomedicine [2] - A signing event for advanced manufacturing projects in the Fuyang area of the East Smart Manufacturing Corridor was held prior to the meeting [3] Group 1 - The meeting was chaired by Mayor Yao Gaoyuan, who highlighted the need to deepen the integration of technology and industry innovation [1] - The city government and various districts are tasked with optimizing industrial space and enhancing overall capacity through the East Smart Manufacturing Corridor [1][2] - The focus will be on attracting high-quality manufacturing projects and improving the quality of investment structures [2] Group 2 - The city aims to lead in high-quality industrial economic development and set specific goals for 2025 [2] - There is a strong emphasis on supporting small and private enterprises to increase their investment in technological innovation [2] - The meeting also stressed the importance of maintaining safety in production while pursuing high-quality development [2]

Group 1 - The Supreme People's Procuratorate has released the "Intellectual Property Procuratorial Work White Paper (2024)", emphasizing the legal protection of key core technologies [1] - The focus is on new generation information technology, artificial intelligence, high-end equipment, biomedicine, and integrated circuits, highlighting the judicial protection of intellectual property in high-tech and emerging industries [1] - In 2024, national procuratorial agencies accepted and reviewed 163 cases of commercial secret infringement involving 385 individuals, with a year-on-year increase of 12.4% in case numbers [1] Group 2 - The Supreme Procuratorate has guided regions such as Shanghai, Zhejiang, and Guangdong in handling significant cases related to artificial intelligence, chip manufacturing, and power batteries, which have a major impact in innovation-intensive fields [1]

Group 1 - The core viewpoint emphasizes the role of youth in driving technological innovation and addressing national strategic needs through initiatives like youth commando teams and innovation workstations [1][6][7] - Over 300 youth commando teams have been cultivated in the technology innovation sector, and nearly 200 youth innovation workstations have been established at municipal and district levels, focusing on key areas such as quantum computing, artificial intelligence, biomedicine, and high-end equipment manufacturing [1][6][7] - The youth commando teams have achieved significant milestones, including over 600 patents and more than 50 international awards, demonstrating their capability in achieving key technology autonomy in seven strategic fields [3][6] Group 2 - The youth innovation workstations have been instrumental in incubating new production capacities, exemplified by the first low-temperature multi-effect seawater desalination project in China, which saves over ten million yuan in material costs [4][5] - The establishment of youth innovation workstations has evolved into a comprehensive ecosystem for youth scientific and technological talent, serving as incubators, demonstration benchmarks, and radiation sources for innovation [5][6] - The "one team, one station" model has proven effective in maintaining the dynamic nature of youth innovation activities while fostering a sustainable innovation ecosystem [7]

2025年4月30日，通化东宝(600867.SH)发布2025年第一季报。截至2025年4月30日，共有14个机构投资 者披露持有通化东宝A股股份，合计持股量达9.07亿股，占通化东宝总股本的46.33%。其中，前十大机 构投资者包括东宝实业集团股份有限公司、天津桢逸股权投资合伙企业(有限合伙)、阿布达比投资局、 中国银行股份有限公司-招商国证生物医药指数分级证券投资基金、香港中央结算有限公司、中国农业 银行股份有限公司-中证500交易型开放式指数证券投资基金、上海银行股份有限公司-银华中证创新药 产业交易型开放式指数证券投资基金、中信建投证券股份有限公司-天弘国证生物医药交易型开放式指 数证券投资基金、通化吉祥创赢投资管理中心、九泰久睿量化A，前十大机构投资者合计持股比例达 46.31%。相较于上一季度，前十大机构持股比例合计上涨了0.48个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括创新药、天弘国证生物医药ETF，持 股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计2个，包括南方中证500ETF、招商国证 生物医药指数A，持股减少占比达0.15%。本期较上一季度新披露的公 ...