大连股交中心目前大股东为大连市国有金融资本管理运营有限公司。"大连股交中心的发展，获得了大 连金运公司及旗下担保、租赁、保理等板块丰富的金融资源支持。"王松说。 值得一提的是，目前，大连股交中心部分高管还在大连市引导基金管理有限责任公司任职。以王松为 例，其另一身份是大连引导基金管理公司总经理。大连引导基金管理公司是由大连金运公司出资设立的 大连市政府引导母基金管理机构，采取市场化、专业化方式管理运营。 大连股交中心总经理王松日前在接受中国证券报记者专访时表示，作为大连市唯一合法的区域性股权市 场运营机构，大连股交中心将坚持高标准站位，保持韧性、耐心和定力，以沉下去的功夫做好各项基础 工作，发挥多层次资本市场"塔基"和企业上市"苗圃"作用，扩大特色优势，为优质中小企业提供全方 位、全生命周期的金融服务，聚焦专精特新企业梯度培育，打通资本与实体经济连接通道，助力优质企 业利用资本市场实现高质量发展。 成果丰硕 近日，大连股交中心"专精特新"专板培育层企业康丰科技获准挂牌新三板。这家深耕连续挤压和包覆技 术领域的科技型企业曾三次荣获国家科技进步奖，此次能快速在新三板挂牌、实现在资本市场进阶发 展，正是得益于三四板 ...

大连股交中心总经理王松日前在接受中国证券报记者专访时表示，作为大连市唯一合法的区域性股权市 场运营机构，大连股交中心将坚持高标准站位，保持韧性、耐心和定力，以沉下去的功夫做好各项基础 工作，发挥多层次资本市场"塔基"和企业上市"苗圃"作用，扩大特色优势，为优质中小企业提供全方 位、全生命周期的金融服务，聚焦专精特新企业梯度培育，打通资本与实体经济连接通道，助力优质企 业利用资本市场实现高质量发展。 特色优势显著 大连股交中心目前大股东为大连市国有金融资本管理运营有限公司。"大连股交中心的发展，获得了大 连金运公司及旗下担保、租赁、保理等板块丰富的金融资源支持。"王松说。 值得一提的是，目前，大连股交中心部分高管还在大连市引导基金管理有限责任公司任职。以王松为 例，其另一身份是大连引导基金管理公司总经理。大连引导基金管理公司是由大连金运公司出资设立的 大连市政府引导母基金管理机构，采取市场化、专业化方式管理运营。 在挖掘及走访企业过程中，大连股交中心与大连引导基金管理公司两家兄弟单位往往共同参与，实现资 源共享、优势互补，进一步提升走访实效，找出一批好企业并实现长期赋能。 "大连股交中心与大连引导基金管理公司协 ...

● 本报记者 宋维东 大连股交中心总经理王松日前在接受中国证券报记者专访时表示，作为大连市唯一合法的区域性股权市 场运营机构，大连股交中心将坚持高标准站位，保持韧性、耐心和定力，以沉下去的功夫做好各项基础 工作，发挥多层次资本市场"塔基"和企业上市"苗圃"作用，扩大特色优势，为优质中小企业提供全方 位、全生命周期的金融服务，聚焦专精特新企业梯度培育，打通资本与实体经济连接通道，助力优质企 业利用资本市场实现高质量发展。 成果丰硕 近日，大连股交中心"专精特新"专板培育层企业康丰科技获准挂牌新三板。这家深耕连续挤压和包覆技 术领域的科技型企业曾三次荣获国家科技进步奖，此次能快速在新三板挂牌、实现在资本市场进阶发 展，正是得益于三四板"绿色通道"机制的全程协助。 "为破解企业挂牌周期长、流程衔接难等痛点，2024年大连股交中心与全国股转公司签署《监管合作备 忘录》，正式开通三四板'绿色通道'，为以专精特新企业为代表的拟挂牌、拟上市企业搭建对接资本市 场的直达通道。"王松说。 康丰科技的快速挂牌，正是大连股交中心高效链接全国性资本市场资源、助力区域优质企业加速对接新 三板的有益实践，也是精准服务中小企业的经典案例。 ...

Core Viewpoint - Shenzhen Detongxing Electronics Co., Ltd. has initiated the process for public stock issuance to unspecified qualified investors and plans to list on the Beijing Stock Exchange, marking its entry into the capital market after nearly two decades in the wire and harness industry [1][2] Group 1: Company Overview - Detongxing Electronics was established in 2006 and focuses on the research, production, and sales of various wire and harness products [1] - The company offers a diverse product line that includes automotive wiring harnesses, computer peripheral connection cables, communication cables, network cables, and high-performance audio and video transmission cables such as HDMI, VGA, DVI, and coaxial cables [1] - Detongxing Electronics has developed a strong competitive advantage in niche markets through its deep technical expertise and flexible customization capabilities, providing one-stop customized solutions from design to manufacturing [1] Group 2: Shareholding Structure - The shareholding structure of Detongxing Electronics is clear and stable, with Shenzhen Junlitong Technology Co., Ltd. as the controlling shareholder, holding 50.44% of the shares, which allows for efficient decision-making and long-term strategic implementation [1] Group 3: Market Strategy - The decision to list on the Beijing Stock Exchange is a strategic move for Detongxing Electronics to leverage the opportunities presented by the development of a multi-tiered capital market in China, particularly in support of "specialized, refined, unique, and innovative" small and medium-sized enterprises [2] - The listing path and institutional arrangements of the Beijing Stock Exchange are well-suited to the current development stage and financing needs of Detongxing Electronics [2]

人民财讯12月8日电，中共厦门市委关于制定厦门市国民经济和社会发展第十五个五年规划的建议发 布。其中提到，高质量推进两岸融合发展示范区建设，着力在服务祖国统一大业上担当作为。加快打造 两岸共同产业。加快产业协同创新，深化厦台优势产业对接，加快建设厦门市对台科技合作与交流基 地，探索共建两岸产业链供应链开放合作新模式新机制。优化国家级台商投资区发展机制，推动国家级 台湾农民创业园、海峡两岸集成电路产业合作试验区、厦门两岸数字经济融合发展示范区、海峡两岸中 小企业合作区等重大涉台园区建设提质增效。发挥两岸资本市场服务基地作用，推动台企对接多层次资 本市场，支持厦门两岸股权交易中心加快专精特新专板和台资板建设，做大台商海峡两岸产业投资基 金，推进两岸区域性金融中心建设。深入开展台湾优势产业链靶向招商。 ...

人民财讯12月8日电，中共河南省委关于制定河南省国民经济和社会发展第十五个五年规划的建议发 布，其中提到，积极推动现代金融高质量发展。做优做强金融体系，推进地方法人金融机构立足地方、 专注主业、完善治理、错位发展，支持在豫金融机构提供多元化服务。用好多层次资本市场，稳步扩大 债券发行规模，完善企业上市培育体系，提升中原股权交易中心功能作用，积极推进资金入豫，引育长 期资本、耐心资本。大力发展科技、绿色、普惠、养老、数字金融，健全同科技创新相适应的"政银担 保投"联动机制，发展绿色金融市场和碳市场，健全针对民营、小微和涉农主体的普惠金融服务机制， 加大对健康产业、养老产业等的金融支持，加强金融机构数字化转型和数字经济金融服务。健全地方金 融监管体系。完善并购、破产、置换、资产证券化等政策。 ...

Core Viewpoint - The article highlights the role of financial institutions, particularly Caixin Securities, in supporting innovative small and medium-sized enterprises (SMEs) like Diya Environment and Jiashengde through capital market access, enabling their growth and development in specialized technology sectors [6][10]. Group 1: Company Overview - Diya Environment, established in 2006, has developed a proprietary biotechnological method for treating landfill leachate, holding 33 patents and 8 software copyrights [7]. - Jiashengde is a leading domestic producer of electronic-grade specialty resins, crucial for semiconductor packaging and applications in aerospace and new energy vehicles [8][9]. Group 2: Financing Challenges - Diya Environment faced significant financing difficulties, including short-term loans for long-term projects and limited financing channels due to its asset-light model [7]. - Jiashengde also encountered funding challenges, particularly in proving its technological advantages in a highly specialized market [9]. Group 3: Capital Market Engagement - Diya Environment turned to the New Third Board (NTE) for equity financing, successfully listing in March 2023 and raising over 25 million yuan through targeted stock issuance [8]. - Jiashengde completed its NTE listing in March 2023, aided by a systematic technical validation process that helped it gain market recognition [9]. Group 4: Growth and Development - Diya Environment's growth trajectory includes multiple stages of capital market engagement, from regional equity markets to the NTE, enhancing its production capacity and market reach [10]. - Jiashengde's listing on the NTE has significantly improved its brand image and market credibility, facilitating talent acquisition and industry collaboration [14]. Group 5: Service Model of Financial Institutions - Caixin Securities has developed a comprehensive service model for innovative SMEs, providing not just financing but also governance and operational support throughout the companies' growth cycles [11][12]. - The firm has established a specialized investment fund and expanded its market services to better support the unique needs of technology-driven SMEs [11]. Group 6: Impact of Capital Market - The NTE has become a vital platform for SMEs, with 158 new companies listed in the first half of the year, marking a 50% increase year-on-year [9]. - The article emphasizes the importance of a multi-tiered capital market system in nurturing innovative SMEs, with the NTE serving as a crucial link for companies aiming for higher market levels [12][18].

【导读】商业不动产REITs要来了 迈出扩容关键一步 商业不动产REITs激活万亿级市场 中国基金报记者 方丽 陆慧婧 2025年11月28日，证监会发布《关于推出商业不动产投资信托基金试点的公告（征求意见稿）》（以下简称《征求意见稿》），拟在"基 础设施REITs"之外，单列"商业不动产REITs"创新项目，商业综合体、商业零售、写字楼、酒店等商业物业将被纳入公募REITs投资范围。 业内人士表示，从全球成熟市场发展经验来看，商业综合体、商业零售、写字楼、酒店等商业不动产是REITs重要的底层资产。我国商业不 动产存量规模庞大，具有通过REITs盘活并拓宽权益融资渠道的内在需求。 借鉴国际经验并结合我国实际，坚持市场化法治化方向，适时推出商业不动产REITs，可以更好发挥REITs功能作用，支持构建房地产发展 新模式，进一步提升多层次资本市场服务实体经济的质效。 商业不动产纳入公募REITs范围 为贯彻落实党中央、国务院决策部署和资本市场新"国九条"要求，推动不动产投资信托基金（REITs）市场高质量发展，丰富资本市场投融 资工具，支持构建房地产发展新模式，持续增强多层次资本市场服务实体经济质效，证监会就推 ...

Core Insights - The article highlights the acceleration of listings among companies in Shaanxi province, with 29 new A-share listed companies since the beginning of the 14th Five-Year Plan, representing a growth rate of 49.15%, ranking second in the country [1] Group 1: Policy Environment - The multi-tiered capital market in China has clearer positioning since the 14th Five-Year Plan, with the Sci-Tech Innovation Board focusing on "hard technology" and the Growth Enterprise Market serving innovative growth enterprises [2] - Shaanxi has actively seized opportunities from national capital market reforms, with local companies participating in major pilot projects [2] Group 2: Company Listings and Support - Companies like Xi'an Yiswei Material Technology Co., a leading domestic 12-inch silicon wafer manufacturer, have become part of the first batch of companies listed on the Sci-Tech Innovation Board [2] - Xi'an Loco Electronics Co. successfully listed on the New Third Board, becoming the first company in the province to enter through the "green channel" mechanism [3] - The Shaanxi provincial government has established a three-tiered capital market service system to support companies, including a resource pool for potential listed companies, which currently includes 520 firms, with 96.54% being technology-oriented [4] Group 3: Innovation and Investment - Shaanxi companies have made significant innovations, such as the development of the world's first integrated X/γ-ray radiation therapy platform by Dayi Group, enhancing the local medical equipment sector [6] - The province has implemented reforms in technology finance, including a 100 billion yuan provincial technology innovation fund, to support diverse financial services for technology enterprises [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted an announcement to launch pilot programs for commercial real estate investment trusts (REITs), aiming to enhance the quality of the REITs market and support a new model for real estate development [1][5]. Group 1: Market Development - As of November 27, 2025, there are 77 listed REITs with a total financing amount of 207 billion yuan and a total market value of 220.1 billion yuan, indicating a stable market operation [2]. - The CSI REITs total return index has increased by 22.46% since 2024, highlighting the growing importance of REITs as a major asset class [2]. - The introduction of commercial real estate REITs is expected to activate existing assets and broaden equity financing channels, addressing the substantial demand in China's commercial real estate sector [2][5]. Group 2: Regulatory Framework - The announcement outlines eight key points, including the definition of commercial real estate REITs, registration and operational management requirements, and the responsibilities of fund managers and regulatory bodies [3][4]. - Fund managers are required to adhere strictly to professional standards and regulatory requirements, ensuring accountability in the management of commercial real estate REITs [3]. - Regulatory agencies are tasked with monitoring and managing risks associated with commercial real estate REITs, ensuring compliance with legal and regulatory frameworks [3]. Group 3: Policy Context - The new "National Nine Articles" emphasizes the need for high-quality development of the bond and REITs markets, aligning with broader economic goals [5]. - The collaborative "Urban Commercial Quality Improvement Action Plan" supports eligible commercial real estate projects in issuing REITs, reflecting a policy-driven approach to market development [5]. - The differentiation between commercial real estate and infrastructure assets is acknowledged, with commercial real estate REITs designed to be more market-oriented, enhancing institutional adaptability [5][6]. Group 4: Future Outlook - The dual approach of continuing infrastructure REITs while introducing commercial real estate REITs aims to provide effective financial support for the healthy development of the real estate sector [6]. - This strategy is expected to leverage institutional advantages and offer a wider range of flexible options for market participants, thereby enhancing the overall functionality of the multi-tiered capital market [6].