Core Viewpoint - Norkang has developed China's first domestically produced cochlear implant, significantly reducing costs and benefiting thousands of hearing-impaired individuals. The company aims to make cochlear implants affordable for more patients through technological breakthroughs [4][8]. Product Development - Norkang's latest cochlear implant, CS-30A, is the first in China to be fully compatible with 3.0T MRI scans, addressing a long-standing issue for patients [5]. - The company has introduced an integrated speech processor, "Qingting," which combines multiple components into a single device, improving user experience and addressing traditional device limitations [6]. - Norkang has developed a unique Chinese tone recognition algorithm, C-Tone, which enhances the recognition rates for Mandarin Chinese, achieving a 13.7% improvement for single syllables and an 18.6% improvement for double syllables [6]. Market Impact - Norkang's cochlear implants have been sold in nearly 30 countries, achieving a global market share ranking of third, with over 20,000 patients benefiting from the technology [4]. - The initial pricing of Norkang's cochlear implants was set at 78,000 yuan, significantly lower than imported alternatives, which has pressured foreign competitors to reduce their prices [8]. Supply Chain and Production - Norkang's cochlear implants have achieved a 95% localization rate in production, although some raw materials are still sourced from abroad. The company is actively working to establish a domestic supply chain for these materials [9]. - The company is collaborating with Zhejiang University to overcome challenges in material production, aiming for complete domestic sourcing within the next one to two years [9]. Future Innovations - Norkang is exploring advanced products, including a new auditory brainstem stimulator designed for patients with damaged auditory nerves, which has completed 30 clinical trials and is expected to launch next year [9]. - The company emphasizes the importance of continuous innovation and aims to maintain its leadership in the neuro-electronic technology sector [11].

摘要 在2025年11月24日至11月28日当周，第一财经研究院中国金融条件日度指数均值为-2.29，较前一周上升0.06。从指数的分项指标来看，上周货币、债券、 股市指标均指向紧缩。从货币指标来看，上周银行间市场资金面受月末因素影响小幅收紧，11月 最后一个交易日质押式回购成交量大幅下降。从债券指 标来看，上周信用债收益率与信用利差同步走高。从股市指标来看，上周市盈率与成交量同步下滑。 11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。会议强调，明年是"十五五"开局之年，要发挥好科技创新和技术改 造再贷款政策作用，高质量建设债券市场"科技板"，促进私募股权投资和创业投资"募投管退"循环，强化科技保险高质量发展，引导和推动金融资源科学 高效配置，加强对金融机构"五篇大文章"工作成效评估，完善融资对接、信息共享、知识产权转化运用等配套机制，助力高水平科技自立自强。 中国金融条件指数概况 在2025年11月24日至11月28日当周，第一财经研究院中国金融条件日度指数均值为-2.29，与前一周相比，指数上升0.06。从年内看，指数下降0.9。 正文 从指数的分项指标来看，上周货币、债券 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何漪）12月3日，第二十五届中国股权投资年度大会正式召开。会上，毅达 资本董事长应文禄表示，回顾2025年，在全球供应链、创新链与资本链加速重构的大背景下，一级市场 投资逐步活跃，二级市场迎来科技引领的结构性行情，科技资产价值得到重估；同时，支持科技创新的 资金愈发充沛，首批民营创投科创债成功落地，为产业创新注入了强劲的金融活水。 如何判断优秀企业？应文禄进一步谈到，必须坚持企业家画像，研究企业家是否完成了从"技术偏科 生"到"全面领航者"的蜕变，是否具备全球化格局、精细化管理能力及强大的供应链整合能力。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何漪）12月3日，第二十五届中国股权投资年度大会正式召开。会上，毅达 资本董事长应文禄表示，回顾2025年，在全球供应链、创新链与资本链加速重构的大背景下，一级市场 投资逐步活跃，二级市场迎来科技引领的结构性行情，科技资产价值得到重估；同时，支持科技创新的 资金愈发充沛，首批民营创投科创债成功落地，为产业创新注入了强劲的金融活水。 如何判断优秀企业？应文禄进一步谈到，必须坚持企业家画像，研究企业家 ...

我们GP的"本分"到底是什么？ 报道/投资界PEdaily 一年一度创投圈盛会如约而至。2 0 2 5年1 2月2 - 5日，由清科控股（0 1 9 4 5 .HK）、投资 界主办，汇通金控、南山战新投联合主办的第二十五届中国股权投资年度大会在深圳举 行 。 本 届 大 会 集 结 逾 千 位 顶 尖 投 资 人 、 领 军 企 业 家 ， 打 造 兼 具 深 度 洞 察 与 互 动 活 力 的"创·投嘉年华"，致力成为观察中国科技创新的窗口。 今天会上，毅达资本董事长应文禄发表了《GP的灵魂拷问：是随波逐流，还是回归市 场化初心？》主题演讲。 以下为演讲实录， 经投资界（ID: p e d a i l y 2 0 1 2）编辑： 大 家 下 午 好 ！ 非 常 荣 幸 能 与 各 位 相 聚 在 清 科 2 5 周 年 的 盛 会 ， 共 同 探 讨 " 向 未 来 · 赋 新 生"这一时代命题。 站在这个承前启后的历史节点，我不禁思考：在创投行业经历深刻变革的今天，我们究 竟该如何"向未来"？又该如何"赋新生"？这不仅关乎投资策略，更关乎我们作为GP的 立身之本。今天，我想与各位分享的核心思考就是： 坚守 ...

Core Viewpoint - Foreign investment continues to show optimism towards Chinese assets, particularly in the A-share market, with expectations of profit growth accelerating in the coming years [1][2][4]. Group 1: A-share Market Outlook - UBS analyst Meng Lei forecasts that the overall profit growth of A-shares is expected to rise from 6% this year to 8% by 2026, driven by improved nominal GDP growth and narrowing PPI declines [2][3]. - Several foreign institutions, including Morgan Stanley, JPMorgan, HSBC, and Goldman Sachs, have expressed positive views on the A-share market's performance in the upcoming year [1][6]. - The UBS global strategy team anticipates that global tech stocks will continue to rise in 2026, with recent data indicating a decrease in trading concentration in large tech stocks, alleviating concerns about overcrowding in the sector [2][4]. Group 2: Investment Themes and Strategies - Key investment themes for 2026 include technological self-reliance, consumer spending driven by corporate profit acceleration, and opportunities arising from Chinese companies expanding globally [3]. - In terms of style allocation, growth stocks are expected to outperform value stocks, while cyclical stocks may outperform defensive stocks due to ongoing policy support and profit recovery in industrial enterprises [3][6]. - The balance between large-cap and small-cap stocks is projected to remain stable, with small-cap stocks facing challenges in gaining excess liquidity, while large-cap industry leaders benefit from the growth of ETFs [3][4]. Group 3: Foreign Investment Trends - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of 2025, significantly surpassing the $11.4 billion for the entire year of 2024, with a focus on the technology sector [4][6]. - Recent data shows substantial inflows from both domestic and foreign investors into the Chinese stock market, with foreign inflows amounting to $2.257 billion in the past week alone [4][6]. - Analysts predict that as China's economic innovation momentum strengthens, the trend of foreign investment in Chinese tech stocks is likely to continue [6][7].

外资持续看好中国资产。 瑞银全球策略团队认为，2026年全球科技股有望进一步上行。此外，近期大型科技股的交易占比已回落至今年均 值水平以下，且融资规模有所下滑，显示科技板块交易拥挤的担忧已得到缓解。 在此基础上，孟磊认为，2026年值得关注的投资主题包括：科技自立自强；全年来看企业盈利提速将逐步带动居 民收入和销售费用提升，下半年可择时布局消费；在"反内卷"持续推进的背景下，优选高潜力板块，把握中国企 业出海与提升全球竞争力的机遇。 在风格配置方面，孟磊认为由于市场中期展望向好，成长风格可能跑赢价值风格。随着"反内卷"的持续推进推动 PPI跌幅收窄且工业企业利润提速，周期风格有望跑赢防御风格。 在大小盘方面，孟磊预计，两者会在2026年维持一个相对均衡的态势。市场成交额进一步大幅跃升的可能性较 低，因此小盘股难以获得超额流动性进一步的加持，而ETF大规模发展也有利于市值较大的行业龙头。在行业偏 好方面，在战术上看好受益于中国创新火花、充足市场流动性以及PPI跌幅收窄的行业。 近日，瑞银证券中国股票策略分析师孟磊发表中国股票策略观点指出，2026年全部A股盈利增速有望从今年的6% 进一步升至8%。此前，已有摩根 ...

Group 1 - The core viewpoint emphasizes the importance of accelerating high-level technological self-reliance and promoting new quality productivity as key strategies for high-quality development [1][5] - The "14th Five-Year Plan" period has seen significant achievements in China's technological innovation, with R&D investment reaching 3.63 trillion yuan in 2024, and a 70% increase in basic research funding compared to 2020 [3][4] - The integration of technological innovation and industrial innovation is accelerating, with the added value of high-tech manufacturing increasing by 42% since the end of the "13th Five-Year Plan" [4] Group 2 - The "15th Five-Year Plan" period is identified as a critical phase for building a strong technological nation, with a focus on enhancing self-reliance in technology and leading new quality productivity [5][6] - Key deployments in the "15th Five-Year Plan" include strengthening original innovation, promoting deep integration of technology and industry, and advancing digital China initiatives [6][8] - The establishment of a collaborative innovation system involving enterprises, academia, and research institutions is essential for achieving seamless integration of innovation and industrial chains [7][8] Group 3 - Policies to promote the development of education, technology, and talent are being formulated to enhance the synergy between these areas and support high-quality development [9][10] - The focus will be on aligning higher education disciplines with technological innovation and industry development, as well as improving talent evaluation and incentive systems [9][10] - Future efforts will include strengthening the planning and coordination of technology and education, enhancing the role of technological innovation in talent development, and reforming the institutional mechanisms governing education and technology [10]

郭永航强调，要深入学习贯彻习近平总书记重要讲话重要指示精神，全面贯彻落实党中央、国务院决策 部署及省委、省政府工作要求，强化使命担当、胸怀"国之大者"，加快把广州国家实验室建设成为世界 一流实验室，积极参与共建粤港澳大湾区国际科技创新中心，努力抢占科技发展制高点，为实现高水平 科技自立自强、建设世界科技强国作出新的更大贡献。要在着力解决影响制约国家发展和长远利益的重 大科技问题上勇挑重担，坚持"四个面向"，充分发挥实验室"总平台、总链长"作用，强化原始创新和关 键核心技术攻关，推进集成创新和继承创新，建好用好人类细胞谱系大科学研究设施、高等级生物安全 实验室等重大平台，以人工智能引领科研范式变革，努力产出更多战略性、关键性重大科技成果。要在 推动科技创新成果高效转化应用上先行示范，坚持产学研深度融合，强化应用牵引科技研发，加快概念 验证、应用验证平台建设，完善全链条中试体系，强化成果转化服务供给，推动研发、生产、金融等各 环节密切融合，促进重点在研项目早日就地转化，有力支撑广州建设全球生物医药科技创新策源地和产 业发展新高地。要在加快建设一流国家战略科技力量上当好标杆，完善更加积极、开放、有效的人才政 策，加 ...

Core Viewpoint - The article emphasizes the importance of accelerating high-level technological self-reliance and innovation to lead the development of new productive forces, as highlighted by Xi Jinping and the 20th Central Committee of the Communist Party of China [1][5]. Group 1: Achievements in Technological Innovation - During the 14th Five-Year Plan period, China has made historic achievements in technological innovation, with R&D investment reaching 3.63 trillion yuan in 2024, an intensity of 2.69%, and the highest number of R&D personnel globally [3]. - Basic research funding has increased to 250.09 billion yuan, over 70% growth since 2020, with significant original achievements and leading positions in international patent applications and high-level journal publications [3]. - The national comprehensive innovation capability ranking improved from 14th in 2020 to 10th in 2024, with Shenzhen-Hong Kong-Guangzhou becoming the top global innovation cluster [3]. Group 2: Integration of Technological and Industrial Innovation - The added value of high-tech manufacturing industries increased by 42% compared to the end of the 13th Five-Year Plan, with the "three new" economies contributing 18% to GDP [4]. - Major technological achievements include the operational normalization of the "Tiangong" space station, successful lunar sample return by "Chang'e 6", and the large-scale application of 5G technology [4]. - China leads the world in the production and sales of new energy vehicles, with significant advancements in high-speed rail technology and the commissioning of the world's first fourth-generation nuclear power plant [4]. Group 3: Strategic Goals for the 15th Five-Year Plan - The 15th Five-Year Plan aims to significantly enhance the level of technological self-reliance and innovation, recognizing its critical role in modernizing the economy and society [5][6]. - Key strategies include strengthening original innovation, promoting deep integration of technological and industrial innovation, and advancing digital China initiatives to harness new technological revolutions [6][7]. Group 4: Policies for Education, Technology, and Talent Development - The government plans to implement policies that promote the integration of education, technology, and talent development, ensuring that talent cultivation aligns closely with technological innovation and industrial needs [9][10]. - Emphasis will be placed on improving the evaluation and incentive systems for talent, facilitating talent mobility, and fostering a conducive environment for innovation [9][10].

产业层面，强化战略统筹与系统布局。推动"南繁硅谷"等科研基地升级为集科研攻关、成果转化、 应用推广于一体的国家种业创新策源地。聚焦关键核心技术攻关，集中力量突破基因编辑、合成生物学 等前沿领域，加快构建国家级育种大数据中心和基因资源共享体系，推动数字化技术与生物技术融合应 用。积极拓展国际合作，结合共建"一带一路"倡议，建设开放共赢的全球种业创新网络，增强我国在国 际种业科技格局中的影响力与话语权。 企业层面，充分发挥创新主体作用，构建高效协同的产业创新体系。通过财政补贴、税收优惠和金 融支持等，鼓励企业加大在基因编辑、智能设计育种等前沿领域的研发投入，形成持续稳定的创新投入 机制。深化产学研融合，建立以企业为核心的联合创新平台，带动中小企业配套协同，形成"链主引 领、专精配套"的产业组织体系。推动企业间的创新协作，减少重复性研发，提升行业整体创新效率， 加快从"跟跑"向"并跑""领跑"的跨越。 日前，农业农村部召开全国推进种业振兴行动现场会，总结种业振兴行动进展成效并强调，增强深 入实施种业振兴行动责任感，集中力量破难题、补短板、强优势、控风险，推进"十五五"期间种业高质 量发展，加快实现种业科技自立自强、 ...