在2025陆家嘴论坛上，中国证监会主席吴清表示，充分发挥多层次资本市场枢纽功能，推动科技创新和 产业创新融合发展。这释放出一个鲜明信号：进一步深化资本市场改革，以更好支持科技创新和新质生 产力发展为核心，突出发挥资本市场枢纽功能，助力科技创新和产业创新深度融合。 资本市场通过对关键要素和资产的合理定价，能够激发企业家精神和人才创新创造活力，进而带动人 才、技术、数据等生产要素有机融合与协同集聚，更好服务传统产业升级、新兴产业壮大和未来产业培 育。从国内外实践经验看，无论是大而强的科技巨头，还是小而美的科创新秀，都离不开资本市场的有 力支持。创新始于科技、兴于产业、成于资本的特点越来越明显。 当前，全球科技创新进入密集活跃期。我国在深入实施创新驱动发展战略、加快构建现代化产业体系的 引领下，科技创新正在从点状突破向系统集成加快推进，技术突破向市场应用加快转化，恰似一株株幼 苗向森林生长。而资本市场能否成为适配的灌溉水源，直接关系创新生态的繁茂程度。 客观来看，目前资本供给与科创需求间仍存在周期错配、服务断层等堵点。科技创新需要长期资本"助 跑"，但当前适应创新规律的资本形成机制还不完善，金融供给存在资金短期化、 ...

"接下来，我们将进一步加强项目储备与申报工作，积极开发储备一批科创属性强的新质生产力企业登 陆资本市场。"中信建投（601066）证券执行委员会委员、董事会秘书、投资银行业务管理委员会主任 刘乃生说。 6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》（以下简称 《科创板意见》），上交所同步就两项配套业务规则公开征求意见。 对此，多位券商相关负责人表示，此次科创板改革措施是我国资本市场服务科技创新的制度设计进入更 加精细化、系统化阶段的重要标志之一，重启未盈利企业第五套上市标准并增设科创成长层，为人工智 能、商业航天等前沿领域企业开辟了更畅通的IPO通道。 立足A股市场实际又极具创新性 国金证券党委书记、董事长冉云表示，《科创板意见》是对市场各方所期待的科创板增强包容性的及时 回应，"以增设科创成长层的方式改革科创板，既可以积极推动第五套标准在科创板的适用，补齐科创 板对未盈利企业支持不足的短板，同时又兼顾了对科创板原有投资者的保护，是立足中国A股市场实际 同时又极具创新性的制度安排"。 中泰证券（600918）党委常委、副总经理张浩指出，设立科创成长层、重启"第五套标准"等一 ...

Core Viewpoint - The article emphasizes the importance of capital markets in promoting the integration of technological innovation and industrial innovation, highlighting the need for a more adaptable financial service system to support emerging technologies and industries [4][5][6]. Group 1: Capital Market Functions - Capital markets play a crucial role in providing a full chain of services from venture capital to public financing and mergers, catering to the needs of companies at various stages of development [6]. - The integration of capital markets can stimulate entrepreneurial spirit and enhance productivity by effectively connecting talent, technology, and data [6][9]. - The article notes that the proportion of technology companies among A-share listed companies has increased from 12% to 27% over the past decade, indicating a significant shift towards technology-driven enterprises [9]. Group 2: Structural Changes in Capital Markets - Recent reforms in China's capital markets have effectively expanded the coverage of technology innovation, with a multi-tiered market system supporting various types of technology enterprises [7][8]. - In 2024, A-share listed companies are expected to invest 1.88 trillion yuan in R&D, accounting for over half of the total R&D investment in society [8]. - The role of patient capital in supporting technology innovation has become more prominent, with private equity and venture capital funds participating in 90% of companies listed on the Sci-Tech Innovation Board [8]. Group 3: Future Directions for Capital Market Reform - The article outlines plans to deepen capital market reforms, focusing on enhancing inclusivity and adaptability to better support comprehensive innovation [10][11]. - Specific measures include leveraging the Sci-Tech Innovation Board as a testing ground for reforms and introducing new standards to support high-quality technology enterprises [11][12]. - There is a commitment to fostering long-term capital and improving the investment environment for technology companies, including the establishment of specialized asset management platforms [13][14]. Group 4: Open and Inclusive Capital Market Ecosystem - The article stresses the importance of foreign investment in China's capital markets and outlines plans for further opening up, including optimizing the Qualified Foreign Institutional Investor (QFII) system [15][16]. - The goal is to enhance the participation of global investors in China's innovation-driven development, thereby facilitating efficient capital flow and resource allocation [15][17].

金十数据6月18日讯，推动科技创新和产业创新融合发展调研协商座谈会18日在京召开，就有关民主党 派中央开展的重点考察调研成果进行协商。中共中央政治局常委、全国政协主席王沪宁出席并讲话。他 表示，以习近平同志为核心的中共中央把科技创新摆在国家发展全局的重大战略位置，作出推动科技创 新和产业创新融合发展的重大部署。我们要深入学习领会习近平总书记关于推动科技创新和产业创新融 合发展的重要论述，深刻把握中共中央决策部署提出的任务要求，提高政治站位、强化使命担当，为推 动实施创新驱动发展战略、加快建设创新型国家贡献智慧和力量。 （新华社） 王沪宁出席推动科技创新和产业创新融合发展调研协商座谈会 ...

Group 1 - The core viewpoint emphasizes the necessity of collaboration among investors, scientists, and entrepreneurs for innovative development [1] - The China Securities Regulatory Commission (CSRC) has implemented significant structural changes in the capital market, which have effectively promoted a virtuous cycle among technology, capital, and industry [1] - The CSRC has actively pursued the innovation-driven development strategy, enhancing reforms in issuance and mergers and acquisitions to support technological innovation and industrial transformation [1]

6月12日上午，交通运输部党组书记、部长刘伟主持召开部务会。会议强调，要认真落实国务院第十四 次专题学习精神，扎实推动创新驱动发展战略在交通运输领域落地落实，注重创新人才培养，加快国家 重大科技攻关，深入实施"人工智能+交通运输"行动，培育发展交通运输领域新质生产力。要着力打通 行业科技成果转化的堵点断点，在转化源头、转化对接、转化应用等方面协同发力，推动自主攻关技术 和产品在规模化应用中不断迭代升级。要积极为科技成果转化营造良好环境，加快建设统一开放的交通 运输市场，完善政策支持、市场服务和激励机制，形成高效协同、富有活力的交通运输科技成果转化体 系。(人民财讯) ...

Group 1 - The recent index sample adjustments in Shenzhen Stock Exchange, including the Shenzhen Component Index and ChiNext Index, aim to optimize market ecology and promote a virtuous cycle in the capital market [1][3] - The ChiNext Index reflects the direction of new productive forces, with strategic emerging industries accounting for 92% of its weight, particularly in new generation information technology and new energy vehicles, which represent 34% and 24% respectively [2][3] - The average R&D investment for the new sample companies in 2024 is expected to grow by 10%, with 22 companies investing over 1 billion yuan in R&D, indicating a strong focus on innovation and high growth [2][3] Group 2 - The adjustments are expected to guide capital flow towards high-growth sectors, enhance the market's survival of the fittest mechanism, and support the growth of quality enterprises [3][4] - Approximately 60% of the new sample companies in the Shenzhen Component Index have established "quality return dual enhancement" action plans, indicating a commitment to improving investor returns [4] - The introduction of ESG negative screening and individual stock weight limits in the ChiNext Index aims to enhance index stability and better serve long-term capital inflows [4][5] Group 3 - The Shenzhen Component Index has a manufacturing company weight of 73%, with 211 companies projected to achieve both revenue and profit growth in 2024 [3] - The ChiNext Index is positioned as a benchmark for the ChiNext market, focusing on strategic emerging industries such as new energy, biomedicine, and information technology, reflecting China's economic transformation [2][3] - The adjustments are anticipated to attract more ESG-preference funds, providing investors with transparent and robust investment tools in innovative sectors [5]

Core Viewpoint - The National Postal Service aims to accelerate technological development in the postal industry through a comprehensive set of guidelines, focusing on innovation, market orientation, and collaboration between academia and industry, with specific targets set for 2027 and 2035 [1][2]. Group 1: Technological Development Goals - By 2027, the postal industry aims to enhance its R&D investment, improve the scale of technology transfer, and significantly elevate the level of innovation [1]. - By 2035, a complete technological innovation system is expected to be established, with enhanced innovation capabilities and a pool of leading talent and research institutions [1]. Group 2: Key Strategies for Innovation - The guidelines emphasize the establishment of a robust R&D system, high-quality technology product systems, and a comprehensive application system for technology transfer [1]. - The postal industry will focus on service innovation, smart development, safety, green initiatives, and management innovation to drive overall industry growth [1][2]. Group 3: Current Industry Trends - The postal industry is increasingly prioritizing artificial intelligence, leveraging vast data resources and application scenarios to enhance operational efficiency across various processes [2]. - Technological innovations are being applied in logistics systems at the county, town, and village levels to support rural revitalization and increase farmers' income [2]. Group 4: Implementation Plans - The National Postal Service plans to strengthen technological innovation during the 14th Five-Year Plan period, focusing on establishing a market-oriented innovation system led by enterprises [3]. - Specific initiatives include the integration of AI in postal services, promoting the use of drones and automated vehicles, and conducting pilot projects for new technologies and models [3].

Core Viewpoint - The implementation opinion issued by nine departments, including the Ministry of Industry and Information Technology, aims to accelerate the high-quality development of the technology service industry through innovation-driven, market-oriented, and quality-first principles [1] Group 1: Industry Development Progress - The technology service industry has seen significant growth, with the revenue of large-scale technology service enterprises increasing at an average annual rate of 12.3% from 2019 to 2023 [2] - In 2024, the national technology contract transaction volume reached 6.8 trillion yuan, marking an 11.2% year-on-year increase and achieving the target set in the "14th Five-Year Plan" ahead of schedule [2] - By 2023, there were 2.118 million technology service legal entities in China, forming a diverse and extensive service network [2] Group 2: Support and Collaboration - The technology service industry provides comprehensive support for manufacturing innovation and transformation, with 672 key common technologies and 7,077 invention patents achieved by national manufacturing innovation centers by the end of 2024 [3] - The technology export volume increased by 8.8% year-on-year in 2024, primarily in emerging fields such as biomedicine, new energy, and new materials [3] - The Ministry of Industry and Information Technology plans to promote comprehensive development in key areas such as research and development, technology transfer, enterprise incubation, and technology promotion [3][4] Group 3: Future Directions - The Ministry of Industry and Information Technology will focus on cultivating leading technology service enterprises, enhancing the entire chain of technology service capabilities, and building technology service industry clusters [4] - The industry is expected to shift from a "production line" model to a "customized" service model, leveraging advanced technologies like artificial intelligence to enhance service efficiency [5] - The Ministry aims to strengthen the standardization of the technology service industry, establishing a standard system to guide the development of technology transfer, enterprise incubation, and technology promotion [6] Group 4: Market Integration - The technology market's development level significantly impacts the integration of technological and industrial innovation, with a 13.3% year-on-year increase in technology contract registrations in early 2024 [7] - Efforts will be made to unify technology market systems and regulations to break down regional barriers and create an interconnected and efficient technology transaction ecosystem [7][8] - The role of technology managers in facilitating technology transfer will be emphasized, with plans to enhance training and develop specialized technology transfer institutions [8]

Group 1 - The core viewpoint emphasizes the need for a robust innovation incentive system within enterprises to transition from a scale-speed model to a quality-efficiency model, thereby enhancing the vitality of enterprises as innovation entities [1][2] - The recent document issued by the Central Committee of the Communist Party of China and the State Council outlines specific measures to improve the innovation incentive system, focusing on innovation organization, resource allocation efficiency, and incentive mechanism design [1][2] - Enterprises play a crucial role in driving technological modernization and industrial integration, with over 75% of national R&D investment coming from enterprises, highlighting their increasing importance in fostering new technologies and industries [1][2] Group 2 - There is a recognition of the challenges faced by enterprises in achieving foundational research breakthroughs and enhancing independent innovation capabilities, particularly the lack of high-end talent and systemic barriers [2][3] - The document advocates for the creation of an open and collaborative innovation ecosystem, encouraging cooperation between large and small enterprises to tackle industrial technology challenges collectively [2][3] - Emphasis is placed on talent as a key driver of innovation, with recommendations for establishing a supportive talent system and facilitating the flow of high-end talent between academia and industry [3] Group 3 - The need for continuous reform of the technological system is highlighted to promote the aggregation of innovation resources within enterprises and to support private enterprises in leading national technological initiatives [3] - The establishment of a comprehensive innovation incentive system is aimed at unleashing the innovative potential of both large and small enterprises, enhancing governance efficiency, and converting institutional advantages into competitive and sustainable development advantages [3]