中经记者 郝亚娟 夏欣 上海、北京报道 近日，第十九届上海金融服务实体经济洽谈会（以下简称"金洽会"）圆满收官。《中国经营报》记者采 访了解到，本届"金洽会"开展系列"园区行"专场活动，已在黄浦、静安、徐汇、普陀、虹口、闵行、金 山、青浦、奉贤、崇明10个区成功举办12场"园区行"专场融资对接活动。 中国人民银行、工业和信息化部、国家发展改革委、财政部、金融监管总局、中国证监会、国家外汇局 联合印发《关于金融支持新型工业化的指导意见》提出，发挥金融机构资金托管、对接撮合、财务管理 等专业优势和科技服务能力，推动中小企业融入产业链发展生态。 田利辉分析，在"政府+园区+金融"联动模式下，政府主要通过机制、数据和服务来发挥信用增进和风 险分担作用。一是相关工作需要机制化，如赣州经开区设立风险缓释资金池，实现"信用+担保"双模 式；二是相关工作需要数据化，如"虔融信服"平台汇聚企业信用信息，为银行精准画像；三是相关工作 需要服务化，通过"企业服务日"、产融对接会等形式，让银行"进园区、入企业"。上海金洽会"园区 行"活动就是政府引导金融机构下沉园区，真正让金融活水直达实体经济"毛细血管"。 打造中小微企业融资新路径 ...

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission emphasizes the importance of high-quality development in the securities industry, advocating for regulatory adjustments to support both large and small institutions while ensuring strict oversight of problematic firms [2][3][5]. Group 1: Regulatory Adjustments - The securities industry should leverage its resources and enhance its ability to integrate resources, aiming to create several investment institutions with significant international influence during the "14th Five-Year Plan" period [2]. - Regulatory policies will encourage differentiated supervision, particularly easing capital space and leverage restrictions for high-quality institutions to improve capital efficiency [2]. - Strict regulation will be enforced on problematic small and foreign securities firms to ensure fairness and compliance [3]. Group 2: Market Performance - The A-share market has seen reasonable growth in volume and effective improvement in quality, with total market capitalization exceeding 100 trillion yuan since August [4]. - Total assets of securities companies reached 14.5 trillion yuan, with net assets around 3.3 trillion yuan, reflecting growth of over 60% and 40% respectively over four years [4]. - The industry structure is continuously optimizing, with notable mergers like Guotai Junan and Haitong, indicating a trend towards differentiation and specialization [4]. Group 3: Industry Competitiveness - The securities industry must enhance its adaptability and competitiveness by focusing on risk prevention, strong regulation, and promoting high-quality development [5]. - There is a need to improve overall strength, professional level, and innovation capabilities within the industry, as well as to strengthen compliance and risk management systems [5]. Group 4: Mission and Responsibilities - Securities companies are tasked with several key responsibilities, including better serving the real economy, optimizing asset allocation for investors, and promoting high-level institutional openness [6]. - The industry must connect capital markets with real enterprises, supporting innovation and integration in sectors like artificial intelligence, biomedicine, and green energy [8]. Group 5: Product Development - Securities firms should provide products that favor long-term and value investments, catering to diverse investor needs based on risk preferences and investment horizons [9]. - The industry is shifting from a focus on scale and profit to prioritizing functionality and value, emphasizing the importance of maintaining market order and practicing value investment principles [10]. Group 6: Innovation and Technology - The securities industry is at the forefront of market economy and must innovate financial products while managing risks effectively [12]. - Financial technology innovations are reshaping the market ecosystem, and firms should actively explore and apply technologies like AI, big data, and blockchain in capital markets [12].

吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增长和质的 有效提升。 吴清：A股实现了量的合理增长和质的有效提升 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表致辞。 吴清指出，要把握"十五五"时期证券行业的使命责任，投资银行、证券公司应该发挥重要作用：一是服 务实体经济和新质生产力发展方面强化使命担当；二是更好服务投资者，在服务居民资产优化配置方面 强化使命担当；三是在加快建设金融强化方面强化使命担当；四是在促进高水平制度性开放方面强化使 命担当。 吴清：证券行业要更好服务实体经济和新质生产力 吴清指出，以人工智能、生物医药、绿色能源等为代表的新一代科技革命加速突破，在此过程中，企业 创新主体的地位更加突出，证券公司连接资本市场和实体企业，具有扎实完备的研究体系、专业化的价 值评估和风险定价能力，证券公司在发现企业创新潜力、匹配投融资发展需要、支持产业并购整合等方 面发挥着不可替代的作用，构成了资本市场价格发展、资源配置和功能发挥的微观基础，服务实体经济 和新质生产力是时代赋予证券行业的使命。 吴清：证券公司要提供有利于长期投资、 ...

12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发 表致辞。 吴清：A股实现了量的合理增长和质的有效提升 吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增 长和质的有效提升。 吴清表示，证券机构是资本市场链接投融资各方最重要的桥梁，对市场功能和生态完善发挥至 关重要。证券公司总资产达到14.5万亿元，净资产约3.3万亿元，四年多来，增长分别超过60% 和40%，服务1200多家科技创新企业上市。证券行业结构不断优化，包括国泰海通合并等标志 性案例平稳的推动，1+1>2的效果初步实现。中小机构聚焦细分赛道取得突破，向差异化、特 色化发展转变。外资机构在境内业务加快布局，对外开放进一步推进，有11家外资独资或控股 的公司在华开展业务，展业兴业。 吴清：不断提升证券行业的适应性和竞争力 吴清指出，只有坚持防风险、强监管、促高质量发展的主线，只有始终守正创新，与时俱进， 不断提升证券行业的适应性和竞争力，才能在纷繁复杂的环境和变化中平稳致远。 吴清指出，对照经济社会高质量发展的内在要求，证券行业的整体实力有待提升，专业水平和 创新能力存在短板，合 ...

Core Insights - The 2025 Shenzhen Global Investment Promotion Conference was held with the theme "Open Chain Global Innovation Leads the Future," attracting over 1,000 representatives from more than 30 countries and regions, resulting in over 340 projects signed with a total investment exceeding 770 billion yuan [1][4][6]. Group 1: Event Overview - The conference showcased Shenzhen's high-quality economic and social development and its international business environment, marking the seventh consecutive year of this global investment event [3][4]. - The event featured a series of activities, including one main conference, seven thematic investment activities, and numerous overseas sub-conferences, aimed at enhancing Shenzhen's role as a core engine city in the Greater Bay Area [3][6]. Group 2: Investment Highlights - Major projects signed included investments from companies like China Electronics, China Steel Research, and Finland's Kone, covering emerging industries such as electronic information technology, new materials, and biomedicine, reflecting Shenzhen's strong appeal for high-quality projects [4][5]. - The conference awarded "2024-2025 Excellent Settled Enterprises" to companies like Luxshare Precision and China Merchants Industry, and recognized "2025 Investment Excellence Zones" in various districts [5][6]. Group 3: Industry Focus - The conference emphasized seven key sectors for investment, including AI, robotics, biomedicine, and new energy materials, inviting influential entrepreneurs and experts to discuss industry trends and investment opportunities [6][7]. - A special financial session showcased Shenzhen's financial innovation and invited global financial institutions to share their experiences, highlighting the city's internationalization and innovative vitality [7][9]. Group 4: Ecosystem and Environment - Shenzhen is committed to creating a market-oriented, law-based, and international business environment, with a total of 4.5921 million operating entities as of October, maintaining the highest density of entrepreneurship in the country [8][9]. - The city has become a preferred destination for global investment, with over 340 Fortune 500 companies having invested in Shenzhen, and a significant increase in foreign investment enterprises established this year [8][9].

Group 1 - The core message emphasizes the importance of enhancing independent innovation capabilities to seize the high ground in technological development and foster new productive forces [1] - Shanghai and Chongqing are expanding emerging and future industry sectors, driven by innovation for high-quality development [1] Group 2 - In Shanghai, a technology company is advancing brain-computer interface systems from laboratory research to practical applications, aiding patient rehabilitation and restoring limb function [2] - Since the start of the 14th Five-Year Plan, Shanghai has focused on empowering high-quality development through technological innovation, with a significant 84.5% increase in basic research investment [2] - Shanghai aims to cultivate new momentum for high-quality development by implementing the spirit of the Fourth Plenary Session, creating a globally competitive open innovation ecosystem [2] Group 3 - In Chongqing, a smart connected vehicle development team is enhancing integrated technologies for vehicle-road-cloud networking, enabling advanced functionalities such as intelligent traffic signal control [3] - During the 14th Five-Year Plan, Chongqing has seen the growth of advanced manufacturing, with the production of smart connected new energy vehicles projected to reach 953,000 units by 2024 [3] - Chongqing plans to build a modern industrial system centered around new energy vehicles, continuously nurturing emerging and future industries [3]

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2] Company Overview - Junshi Biosciences, founded on December 27, 2012, and listed on July 15, 2020, specializes in the research and commercialization of monoclonal antibodies and therapeutic proteins [7] - The company's main revenue sources include 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [7] Product Development - The company has developed a promising drug portfolio, including its core product, Toripalimab, which is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [2] - Toripalimab is also the first innovative biologic drug developed and produced in China to receive FDA approval, with approvals in multiple regions including the EU, the US, and Australia [2] - Junshi's Tifcemalimab is the first anti-tumor anti-BTLA monoclonal antibody to enter clinical development, with ongoing Phase III trials and several combination studies with Toripalimab [2] Collaborations and Vaccine Development - On October 27, 2023, Junshi announced collaborations with several institutions, including Peking University and the Chinese Academy of Sciences, to develop a monkeypox recombinant protein vaccine [3] - The company's subsidiary, JunTuo Biotech, is also involved in the development of vaccines for monkeypox and Zika, currently in the preclinical stage [3] Financial Performance - For the period from January to September 2025, Junshi reported revenues of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, a 35.72% increase year-on-year [8] - As of September 30, 2025, the number of shareholders increased by 15.17% to 35,900, with an average of 21,361 shares per shareholder, a decrease of 12.96% [8] Market Position - Junshi Biosciences operates within the pharmaceutical and biotechnology sector, focusing on innovative drugs, monkeypox concepts, and precision medicine [8] - The stock has seen a recent trading volume of 155 million yuan with a market capitalization of 36.961 billion yuan [1]

Core Viewpoint - The article discusses the significant growth and strategic moves of the "San Sheng" group, particularly under the leadership of Liu Jing, who has successfully navigated the company through multiple key capital market transactions, including the planned IPO of Mandi International in Hong Kong. Company Overview - Liu Jing, the second-generation leader of the "San Sheng" group, is known for his adept capital operations since taking over in 2012 [1] - Under Liu's leadership, San Sheng Pharmaceutical transitioned to the Hong Kong Stock Exchange and successfully spun off San Sheng Guojian for independent listing in 2020 [1] Stock Performance - Both San Sheng Pharmaceutical and San Sheng Guojian have seen substantial stock price increases this year, with San Sheng Pharmaceutical's stock rising nearly fourfold [2] - Liu Jing's family wealth has also increased significantly, ranking 443rd on the Hurun Rich List with a net worth of 15 billion yuan [2] Upcoming IPO - In November 2023, San Sheng Pharmaceutical plans to spin off its subsidiary Mandi International for a Hong Kong IPO, marking the third capital market platform for the "San Sheng" group [2] - Mandi International's core product, Minoxidil hair growth solution, holds a 57% market share in China's hair loss medication market, maintaining the top position for ten consecutive years [2] Valuation and Investment - Mandi International has a post-investment valuation of 5.8 billion HKD following a Series A funding round that raised approximately 50 million USD [5] - The company has received investments from notable entities, including Alibaba Health [3][5] Financial Performance - Mandi International's revenue has shown steady growth, with figures of 982 million yuan, 1.23 billion yuan, 1.45 billion yuan, and 743 million yuan for the years 2022 to 2025 [11] - The flagship product series, Mandi®, has contributed approximately 90% of the company's revenue during the reporting period [12] Dividend Policy - Mandi International has implemented a "clearance-style dividend" policy, distributing a total of 1.42 billion yuan in dividends over the reporting period, exceeding the total net profit [14] Cost Structure - The company maintains a high gross margin, with rates of 80.3%, 82%, 82.7%, and 81.1% during the reporting period, while net profit margins have fluctuated [13] - Sales expenses have been significantly higher than R&D expenses, with sales costs being nine times that of R&D [15][16] Distribution Network - Mandi International's revenue primarily comes from sales through third-party distributors, with a decreasing number of distributors from 173 to 106 over the reporting period [18]

Core Insights - The article highlights the significant achievements of Pudong in the past five years, focusing on innovative reforms, open policies, and industrial advancements as it aims to become a leading area for socialist modernization by 2025 [1][3]. Group 1: Institutional Innovations - Pudong has developed a series of replicable and promotable institutional innovations in areas such as market-oriented resource allocation, technological innovation, and government function transformation [3]. - The "one industry, one license" reform has consolidated multiple permits into a single "comprehensive industry license," with over 17,000 licenses issued to date [5]. Group 2: Technological and Industrial Development - Pudong's core task is to drive industrial upgrades through technological innovation, focusing on three leading industries: artificial intelligence, biomedicine, and integrated circuits, with a total scale projected to exceed 830 billion yuan by 2024 [8][16]. - The establishment of the humanoid robot innovation center and the rapid iteration of AI products demonstrate the robust ecosystem for artificial intelligence in Pudong [10][13]. Group 3: Financial and Economic Growth - Pudong is emerging as a crucial hub for global resource allocation, with over 8,000 financial institutions concentrated in the Lujiazui Financial City, showcasing enhanced market vitality [17]. - The region has seen the addition of 136 multinational company regional headquarters in the past five years, bringing the total to 495, and plans to establish a comprehensive service center to support companies in international markets [18].

证券时报记者 马传茂 邱晓华分析，在外部关税冲击和内部转型阵痛的双重压力下，中国经济保持稳定主要得益于四个关 键因素：宏观政策积极有为、深化改革和扩大开放持续释放制度红利、消费继续发挥"压舱石"作用、外 部冲击的时效性特征使进出口波动得到缓冲。 他认为，改革开放以来中国经济经历了四次重大调整，当前正处于第四次调整周期，且诸多迹象表 明，经济正处于即将走出困境的关键阶段——房地产等因素的拖累逐步减弱，人工智能、生物医药、低 空经济等新动能加速成长，深化改革带来的制度红利持续释放，这些积极变化预示着明年经济发展环境 将得到改善。 邱晓华说："从经济周期、科技革命和全球格局三个维度分析，虽然前行路上仍面临挑战，但中国 经济正在积蓄新的发展动能。在新一轮科技革命中，中国与世界站在同一起跑线上，发展前景值得期 待。" （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 近日，"第十九届深圳国际金 ...