粤港澳大湾区的金融天际线上，即将迎来一对耀眼的AIC"双子星"。 在近日的深圳国际金融大会上，招商银行行长王良透露，旗下金融资产投资公司（AIC）即将开业。南 都湾财社记者进一步获悉，该AIC已确定落子深圳。与此同时，另一家股份行旗下AIC也即将落地广 州。两家股份行AIC相互呼应，标志着大湾区将迎来AIC"双子星"时代。 在专家看来，两家AIC落地大湾区，是基于大湾区与科创金融、股权投资之间高度的战略契合和独特的 禀赋优势。它们将以更具耐心的中长期资本和灵活的综合金融方案，推动大湾区科创金融供给结构深化 升级，显著增强对实体经济的服务深度与韧性。 两家AIC将分别落地广深 近期，AIC动态频传。 11月16日，兴业银行旗下AIC兴银投资在福州揭牌成立并举行签约仪式。至此，我国首家股份行旗下 AIC正式成立。 三天后，在深圳国际金融大会上，招商银行行长王良表示，旗下金融资产投资公司（AIC）近期即将开 业。南都湾财社记者了解到，该AIC将落地深圳。实际上，今年8月份，深圳金融监管局就曾对外表 示，"招商银行AIC获批在深筹建"。 此外，南都湾财社记者还获悉，另一家股份行旗下AIC也将落地广州。 首家股份行AI ...

"在过去的一年，面对国际形势复杂多变与国内经济结构转型的双重挑战，南京民营经济砥砺前 行、迎难而上，展现出强大的发展韧性和创新活力，总体呈现持续恢复、回升向好的态势。"11月19日 下午，在《2025南京市民营经济发展报告》（以下简称《报告》）发布会上，市工商联主席、南京天 加环境科技有限公司董事长蒋立表示。 《报告》显示，2024年，南京民营经济继续发挥"压舱石"作用，演绎"5599"贡献格局：贡献全市 50%左右的经济总量、50%以上的税收、90%以上的科技创新、90%以上的城镇新增就业，在稳增 长、促创新、强治理等方面取得令人瞩目的新成就。 发展攀"高"，底盘更稳结构更优 2024年，南京民营经济在高质量发展的赛道上加速奔跑，全年实现民营经济增加值突破8500亿 元，占全市GDP比重增至47.5%，较2023年提升1.4个百分点，实现"质""量"双升。 主体壮大，民营经济底盘更稳、发展活力更足。截至2024年底，全市民营企业总数突破65万家， 个体工商户超115万户。民营经济贡献了全市近五成的税收和超过九成的城镇新增就业，成为稳就业、 保民生、促发展的重要力量。 创新奔涌，新兴产业渐成规模，转型步伐加快 ...

北京商报讯（记者 李秀梅）11月19日，北京商报记者注意到，中国保险行业协会正式发布《中国保险 业社会责任报告（2024）》（以下简称《报告》），系统呈现了2024年保险业履行社会责任的具体举措 和突出绩效。 《报告》从多个方面展示2024年保险业履行社会责任的生动实践。 从风险保障看，2024年，企业财产保险提供保险金额159.65万亿元，赔款支出331.92亿元；货物运输保 险提供保险金额85.69万亿元，赔款支出167.29亿元；科技活动主体签单42.44亿件，赔款支出177.28亿 元；保险业提供科技保险保障约9万亿元。 从险资运用来看，截至2024年底，人身险公司和财产险公司的股票余额2.43万亿元，证券投资基金余额 1.68万亿元，长期股权投资余额2.46万亿元。保险业为乡村振兴战略投资超4300亿元，同比增长50%； 为战略性新兴产业投资6800亿元，同比增长17%；支持科技自立自强存量资金8800亿元，同比增长 107%。 数据显示，2024年，长期健康险新增保单4489.35万件，新增保险金额150.30万亿元，赔付支出1187.77 亿元、同比增长3.07%，年末有效保险金额330.55万 ...

（原标题：保险业社会责任报告发布 外资险企在华业务增18%） 南方财经全媒体记者 林汉垚 11月19日，中国保险行业协会（以下简称"中保协"）发布《中国保险业社会责任报告（2024）》（以下 简称《报告》）。 从风险保障看，2024年，企业财产保险提供保险金额159.65万亿元，赔款支出331.92亿元；货物运输保 险提供保险金额85.69万亿元，赔款支出167.29亿元；科技活动主体签单42.44亿件，赔款支出177.28亿 元；保险业提供科技保险保障约9万亿元。 据了解，这是中保协连续第6年组织行业编写社会责任报告，《报告》系统呈现了2024年保险业履行社 会责任的具体举措和突出绩效。 《报告》从服务国家战略，助推新质生产力；以人民为中心，增进人民福祉；优化应急管理，强化风险 减量；加强公司治理，确保合规经营；强化消费者保护，培育保险文化；加强人文关怀，助力公益慈 善；积极稳外贸稳外资，推动高水平开放七个方面展示2024年保险业履行社会责任的实践。 从险资运用来看，截至2024年底，人身险公司和财产险公司的股票余额2.43万亿元，证券投资基金余额 1.68万亿元，长期股权投资余额2.46万亿元。保险业为乡 ...

高端装备智能化改造及汽车新能源转型等技术迭代需求，促使相关企业集中引才以支撑产能扩张与 技术攻坚。数据显示，工程机械与高端重型装备、精细化工、汽车及零部件3个产业集群人才需求进一 步集中，占比超过半数，合计需求人数较二季度提高5.05个百分点，需求人数占比连续两个季度保持正 增长。 近日，辽宁老工业基地重点产业集群三季度人才需求目录发布，我省民营企业人才需求始终保持旺 盛态势，提出人才需求的民营企业户数和需求人数均较二季度有所增长。 新兴产业人才需求攀升。新能源、新材料、生物医药、数字经济、新一代信息技术、节能、未来产 业等战略性新兴产业人才需求占比较二季度上升0.64个百分点。 岗位、专业需求集中度相对平稳。需求排名前十的岗位分别是销售服务、机械工程师、营销管理、 化工产品生产通用工艺人员、软件工程师、会计师、主管、市场开发、人事专员/经理/主管、电气工程 师，合计需求4657人，占需求总人数的21.01%，人数与占比与二季度相比基本持平，销售服务、机械 工程师的岗位需求仍稳居前两位。 ...

Core Insights - The 20th China Economic Forum was held in Guangzhou, focusing on promoting Chinese-style modernization and high-level opening-up [1] Group 1: Manufacturing Industry - By the end of the 14th Five-Year Plan, China's manufacturing industry accounted for over 30% of the global share, making it the third country to reach this milestone after the UK and the US [3] - China has shed the label of being "large but not strong" in manufacturing, leading in five out of the ten most important manufacturing sectors and keeping pace in the other five [5] - Despite significant progress, the manufacturing sector still faces three major issues: high energy consumption, low profits, and low total factor productivity, which need to be addressed through the development of new quality productivity [5] Group 2: Strategic Emerging Industries - Investment in strategic emerging industries such as new energy, new materials, biomedicine, high-end equipment, and artificial intelligence is projected to attract at least 100 trillion yuan from the 15th Five-Year Plan until 2040 [5] - Guangdong has established nine trillion-level industrial clusters, including new-generation electronic information and advanced materials industries, with emerging industries like AI and autonomous driving rapidly developing [5][7] Group 3: Service Trade and Economic Development - The average growth rate of China's productive service industry during the 14th Five-Year Plan was around 12%, nearly three times the GDP growth rate [11] - China's service trade has become the second largest globally, with significant potential for growth as it has maintained a long-term trade deficit in this sector [11] - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a key area for expanding service trade and exploring institutional openness [13][16] Group 4: Future Economic Outlook - The Greater Bay Area is expected to become the world's largest economic and innovation center by 2035 if the 11 cities within it further integrate [16] - The 15th Five-Year Plan is seen as a strategic opportunity for Chinese companies to transition from "Chinese leaders" to "global giants" [13]

刚刚科技板块带领A股V型拉升，创业板ETF天弘(159977)直接翻红上涨0.06%，盘中获得资金申购 2600万份，证券ETF（159841）涨幅扩大至0.63%。 外资继续唱多中国股市，摩根士丹利预计明年中国股市将取得温和涨幅，到2026年底，恒生指数、 国企指数、沪深300指数相较于昨天收盘，分别约有4%、4%和5%的上行空间，配置上将超配高质量的 互联网和科技龙头股。 事实上，先知先觉的ETF资金持续扫货百亿证券ETF（159841，C类008591），已经连续5日获得资 金净申购，近10日合计"吸金"5.77亿元。该ETF一键配置A股券商龙头，最新规模106.6亿元，是深市规 模最大、流动性最好的证券ETF。 创业板ETF天弘（159977，联接C:001593）跟踪创业板指，是科技成长的代表性指数，以新能源产 业为引领，一举囊括"新能源+医药+算力+券商"四大高成长行业，覆盖高端制造、信息科技、生物医药 等中国具有全球竞争优势的战略性新兴产业领域，该ETF最新规模90.06亿元，管理费+托管费合计为 0.2%，居市场最低档。 【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 ...

VC/PE Market Fundraising Analysis - The fundraising market has significantly decreased month-on-month due to holiday impacts, but year-on-year growth remains above 10% [7][8] - In October 2025, a total of 375 new funds were established, a decrease of 39% month-on-month but an increase of 11% year-on-year [8] - The number of institutions participating in fund establishment increased, with 89% of institutions setting up one fund [8] - Early-stage investments are favored by capital, while later-stage transactions have declined due to market conditions [7][29] Fund Establishment and Completion - A new strategic emerging industry fund initiated by the State-owned Assets Supervision and Administration Commission has a first-phase scale of 51 billion yuan, focusing on AI, aerospace, and quantum technology [17][18] - The fund aims to support state-owned enterprises in enhancing core competitiveness and addressing industrial weaknesses [17] - Other notable funds include the Suzhou New Future Fund with a target of 17.15 billion yuan and the Inner Mongolia Key Industry Cultivation Fund with 8.675 billion yuan [18] VC/PE Market Investment Analysis - In October 2025, there were 723 investment cases, a decrease of 24% month-on-month but an increase of 19% year-on-year, with a total investment scale of 110.031 billion yuan [22][24] - The investment market shows a mild recovery trend, with overall investment scale and case numbers higher than the same period in 2024 [22] - Jiangsu province led in financing cases with 128, followed by Guangdong with 124 [24] Investment Hotspots - The electronic information sector led with 211 investment transactions totaling 41.444 billion yuan, followed by advanced manufacturing and healthcare [27][28] - Semiconductor and AI sectors showed significant activity, while the investment heat in biomedicine and new materials was slightly lower compared to the previous year [27] Investment Rounds - A-round investments dominated with 322 cases, accounting for 44.5% of the market, while B-round financing represented 23% of the total scale [29][30] - Early-stage investments are more favored, while later-stage transactions have seen a decline due to market conditions [29] Key Investment Cases - Neolix, a provider of L4 autonomous delivery solutions, completed over 600 million USD in D-round financing, indicating strong investor interest in AI and autonomous driving sectors [33][34] - Other significant investments include Didi's 2 billion yuan in autonomous driving technology and Tianbing Technology's nearly 2.5 billion yuan in aerospace propulsion systems [34]

Macro and Strategy Research - The scale of off-balance sheet financing and direct financing has increased, with a notable rise in entrusted loans and corporate bond financing, while overall social financing showed a year-on-year decrease of nearly 600 billion yuan in October [2][3] - The loan data indicates a weak demand, with a year-on-year decrease of 280 billion yuan in RMB loans, and a significant increase in corporate bill financing, reflecting a trend of companies being cautious about expanding capacity [2][3] - M2 growth rate slightly declined to 8.2% in October, primarily due to base effects and reduced loan-generated deposits, while M1 growth rate fell to 6.2% [3] Mergers and Acquisitions - Mergers and acquisitions are seen as crucial tools for supporting economic transformation and achieving high-quality development, with a significant increase in market activity following the introduction of new policies in 2024 [4][5] - Historical trends show that the U.S. mergers and acquisitions market has experienced several waves, characterized by horizontal, vertical, diversification, and cross-border mergers [5] - The previous wave of mergers and acquisitions in China (2014-2015) positively impacted listed companies' performance, with a notable improvement in ROE following successful mergers [6] Economic Data Analysis - In October 2025, the industrial added value grew by 4.9% year-on-year, below expectations, while retail sales increased by 2.9% [7][8] - Seasonal factors and reduced working days contributed to the slowdown in industrial production, with certain sectors like transportation equipment manufacturing performing well [8] - Fixed asset investment showed a cumulative year-on-year decline of 1.7%, with manufacturing and infrastructure investments particularly affected by weak demand and policy implementations [10] Fund Research - The cross-border ETF market continues to see net inflows, with an expansion of the "Southbound ETF Connect" list, indicating growing interest in international investments [12][13] - The overall ETF market experienced a net inflow of 24.426 billion yuan, with significant contributions from cross-border ETFs [13][14] Industry Research - The medical and biological sector is witnessing a surge in flu cases, with the proportion of flu-like cases in the northern region reaching a four-year high, suggesting potential investment opportunities in diagnostics and vaccine production [16][17] - The light industry and textile sectors are benefiting from strong performance during the "Double Eleven" shopping festival, with apparel sales leading the growth [18][20]

在中国经济迈向"十五五"发展新阶段的关键时期，资本市场正迎来历史性的转型契机。 近日，国家金融与发展实验室主任张晓晶接受了21世纪经济报道专访。他指出，中国经济增长逻辑正在 经历深刻转变——从主要依赖银行信贷支持工业化的"上半场"，转向主要以风险资本和创投体系支持科 技创新的"下半场"。 值得关注的是，资本市场支持科技创新力度正在加大。近期，摩尔线程、沐曦股份先后获证监会同意首 次公开发行股票并于科创板上市的注册申请。其中，摩尔线程科创板IPO于2025年6月30日获得受理， 直至首发过会，共历时88天。此外，宇树科技已通过IPO辅导验收，整个辅导期不到4个月。 四大动能曝光，A股长期底气在这里 《21世纪》：如何看待资本市场在未来发展中的作用？ 张晓晶：资本市场在中国经济发展中的作用将更为突出。我们可以把中国经济增长的推动力理解为"两 个半场"。 "上半场"主要依靠银行体系将大量居民储蓄有效转化为投资，这方面我们已经做得很好。"下半场"则是 通过资本市场来识别风险、定价风险，进而实现管理风险、获得收益的目标。这个"下半场"我们才刚刚 起步，还有很大的提升空间，也是下一步发展的关键。 如何理解资本市场对中国经 ...