北京甲级写字楼市场已步入供需深度博弈期。 科技创新与产业创新的加速融合，正在为北京写字楼市场注入新质动能。 近日，高力国际发布2025年第二季度北京写字楼市场报告指出，2025年第二季度，北京甲级写字楼市场 延续一季度"总量去化、区域分化"的态势，单季度净吸纳量达到3.2万平方米，连续八个季度实现去 化。 同期，北京甲级写字楼空置率稳定在20.2%，连续七个季度稳定在20%左右的水平，标志着市场正处于 新增供需动态平衡阶段。 金融街依然是北京市场的压舱石，空置率维持在全市最低的11.7%。 高力国际中国区办公楼研究负责人兼华北区研究部董事陆明表示，北京甲级写字楼市场已步入供需深度 博弈期，要想实质性降低空置率，需要严控新增供应，并激活企业需求。短期来看，2025年恰逢未来三 年新增供应低谷，为下半年空置率持续下行创造有利条件。 陆明同时指出，企业办公空间集约化整合叠加自有物业回迁潮，将导致全年净吸纳量同比收窄，年末空 置率预计仍维持在20%左右。 分区域来看，今年上半年北京甲级市场需求呈"西进东稳"态势，新增需求高度集中于产业能级跃升的中 关村、丽泽及金融街区域。 其中，科创浪潮引爆高新技术企业空间扩张，推动 ...

目前,菏泽市科技局正在积极组织、鼓励动员菏泽市内符合条件的企业参赛,确保企业于2025年6月30日之 前完成大赛注册和报名工作。并根据省内对大赛等活动的统筹安排,将于7月初组织开展第十四届创新创 业大赛初赛路演活动。为确保参赛企业的质量和合规性将对于企业提交的报名材料将进行严格的审查, 重点核实企业经营状况、社会信誉、营业收入等关键信息。截止目前已有84家企业完成注册。 初赛将于7月初在菏泽市和平大酒店举行,将邀请行业技术、金融投资专家、纪检监察部门,对参赛企业进 行全面、公正的评价和现场监督。将参赛企业的得分成绩在前20%的优秀企业推荐参加山东赛区决赛, 并将持续跟踪辅导参赛企业,助力其在决赛中充分展现科技创新实力。 6月24日,市政府新闻办召开第十四届中国创新创业大赛山东赛区暨2025年山东省中小微企业创新竞技行 动计划菏泽初赛新闻发布会,邀请市科技局相关负责人介绍有关工作情况,并回答记者提问。 近年来,菏泽市科技局以深化科技体制改革为牵引,以"加快推动科技创新与产业创新深度融合"为主线,聚 焦全市"四个定位",精准实施科技创新"六大行动",坚定信心锚定目标、干字当头奋勇争先,为奋力谱写中 国式现代化菏泽 ...

Core Viewpoint - The article highlights the revival and innovation of Zhangping farmer paintings, showcasing their cultural significance and economic potential through the integration of traditional techniques and modern artistic expressions [4][10]. Group 1: Historical Context and Development - Zhangping farmer paintings originated from the late Ming and early Qing dynasties, gaining recognition in Xinqiao Town, where local artists blended traditional art and folk culture to create a unique style, now listed as a provincial intangible cultural heritage [3][4]. - In 1989, Xinqiao Town was designated as "the hometown of modern folk painting in China," and the late 1980s to early 1990s marked a peak in farmer painting creation, leading to the phenomenon where Zhangping farmer paintings consistently won awards [5][6]. Group 2: Current Trends and Innovations - The establishment of the Zhangping Farmer Painting Academy in 2010 initiated annual public training programs, reviving interest and participation in farmer painting among various demographics, including teachers, housewives, and children [6][11]. - The integration of lacquer painting techniques into farmer paintings has opened new creative avenues, enhancing the economic value of these artworks by over five times, with some pieces selling for up to 20,000 yuan [10][12]. Group 3: Community Engagement and Future Directions - The local government supports farmer painting as an industry, implementing long-term development plans and establishing platforms for training, promotion, and sales [11][13]. - Efforts to expand the talent pool include creating educational materials, hosting competitions for children, and collaborating with other artistic forms, such as printmaking and comic art, to broaden the appeal and market reach of Zhangping farmer paintings [12][13].

私募基金作为资本市场最活跃的风险承担者和价值发现者，在培育耐心资本生态中扮演重要角色。一方 面，私募基金的长期资金属性更加适配科技创新成长规律，覆盖科技企业全生命周期的融资需求，降低 企业融资风险；另一方面，私募基金的资金来源呈现多元化、多层次特征，不同类型资本通过私募基金 的专业化运作，精准流向科技领域。 近年来，我国耐心资本赋能科技创新的作用更加突出。其中，私募股权创投基金参与投资了九成的科创 板和北交所上市公司、过半数的创业板上市公司，"孵化器""加速器""推进器"等效应持续释放。中国证 券投资基金业协会发布的数据显示，截至2025年4月末，存续私募基金管理人近2万家，管理基金数量超 过14万只，管理规模达20万亿元。其中，私募股权、创业投资基金管理人近1.2万家。 ■资本市场新政观察 更大力度培育耐心资本 推动科技与产业创新融合发展 ◎记者 汤立斌 当前，我国科技创新正在从点状突破向系统集成加快推进，从技术突破向市场应用加快转化。在此背景 下，适应科技创新和产业创新融合发展的资本形成机制正进一步完善，需要更多耐心资本的参与。中国 证监会主席吴清日前在2025陆家嘴论坛上提出，更大力度培育壮大耐心资本、 ...

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 报告正文 2．政策高频：2025陆家嘴论坛召开 2.1 国务院总理李强：把科技创新和产业需求有效结合 6月16日至18日，国务院总理李强到江苏进行调研考察。李强总理指出工程机械行业高端化、智能化、 绿色化发展是大势所趋；要对标国际先进水平，积极运用人工智能、清洁能源等技术，推动产业转型升级； 要聚合行业资源，搭建大中小企业协同创新平台，促进企业优势互补、相互赋能；要把科技创新和产业需求 有效结合，推进重大原始创新和技术突破，加快产业化落地和市场应用推广。 6月17日至18日，何立峰副总理在山东调研外经贸工作。他表示，希望广大企业敢于直面问题，善于迎 难而上、应变求变，充分发挥自身优势，继续专注主业，深耕国际市场，不断推动产品、技术和业态创新升 级，主动积极融入以国内大循环为主体、国内国际双循环相互促进的新发展格局，同时地方政府商务等相关 部门要勇于担当尽责，深入一线及时了解实情，千方百计帮助外经贸企业解决实际问题诉求，加强支持服务 保障。 2.2 中国人民银行行长潘功胜：关于全球金融治理的若干思考 6月18日，中国人民银行行长潘 ...

编者按 在全球经济格局深度重构的时代背景下，科技创新与产业创新的协同融合已成为驱动经济增长的核心动力。中国证监会主席吴清近日在2025陆家嘴论坛上 提出"充分激活多层次资本市场的枢纽效能，推动科技创新和产业创新融合发展。"当前，我国资本市场虽已在服务创新驱动发展战略中显现成效，但与国 际成熟市场相比，在市场化程度、投资者结构、制度弹性等方面仍存提升空间。未来，只有持续深化资本市场改革，构建更具韧性与活力的生态体系，有 针对性地进行金融创新，才能推动科技、资本与产业的良性循环。 推动资本市场与"双创新"同频共振 图片来源：新华社 ■中国经济时报记者 孙兆 中国证监会主席吴清日前表示，推动科技创新和产业创新融合发展，需要更好地发挥资本市场枢纽功能。同时，科技创新、产业创新和资本市场发展相辅 相成、相互成就，促进三者良性循环是当前和今后资本市场改革创新的重要主线，也是资本市场高质量发展的必由之路。 接受中国经济时报记者采访的人士表示，有必要针对性地进行金融创新，发挥好资本市场支持科技创新的枢纽作用。 构建更高效的创新生态 ∨ 吴清表示，在新的形势下，构建以资本市场为枢纽的创新生态、提升创新资本形成效率，对于加快科技 ...

Core Viewpoint - The integration of technological innovation and industrial innovation is essential for driving economic growth in the context of a restructured global economic landscape. The China Securities Regulatory Commission (CSRC) emphasizes the need to activate the multi-tiered capital market to support this integration effectively [1][11]. Capital Market Development - China's capital market has shown activity in funding sectors like technology, media, communication, and consumption, but remains cautious in hard technology investments. The key to promoting the integration of technological and industrial innovation lies in ensuring efficient capital circulation across different stages and levels [3][4]. - The current capital market faces challenges such as uneven capital distribution, difficulties in early-stage project financing, long investment cycles, and insufficient exit channels [3][4][5]. Exit Channels and Liquidity - The reliance on IPOs as the primary exit strategy for venture capital institutions is problematic, as other exit methods like mergers and acquisitions (M&A) and S-fund transfers are underdeveloped [4][5]. - The development of S-funds is hindered by issues such as valuation difficulties and a lack of professional participants, which prevents the establishment of an efficient market for capital exits [4][5]. Policy Recommendations - To enhance the financing environment for technology enterprises, it is suggested to diversify exit channels beyond IPOs and M&A, and to encourage the development of equity M&A markets [4][9]. - Government initiatives, such as establishing technology guidance funds, can help direct social capital into key areas while reducing financing costs for enterprises [9][10]. - Tax incentives for long-term investments, such as tax breaks for investors holding shares for over five years, could encourage more stable capital allocation [9][10]. Market Structure and Coordination - Strengthening the coordination among various segments of the capital market is crucial. This includes improving the transfer mechanisms between different market segments to ensure that companies can access appropriate financing at various development stages [5][10]. - The capital market should function as a comprehensive, multi-tiered, and efficient "circulation network" to facilitate the flow of capital into and out of technological innovations [5][10]. Investment Trends and Data - As of June 20, 2025, the cumulative financing scale for high-tech enterprises in China's capital market reached 363.87 billion yuan, with 1,772 strategic emerging industry listed companies having a total market value of 20.80 trillion yuan, accounting for 20.47% of the total A-share market value [7]. - In 2024, A-share listed companies' R&D investment reached 1.88 trillion yuan, representing over 50% of the total social R&D investment, with a patent holding rate exceeding one-third of the national total [8].

Core Viewpoint - The deep integration of technological innovation and industrial innovation has become the core driving force for economic growth in the context of a profound restructuring of the global economic landscape [5][6]. Group 1: Capital Market Development - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to fully activate the hub function of a multi-level capital market to promote the integration of technological and industrial innovation [5][6]. - China's capital market has made significant progress in supporting the innovation-driven development strategy, but there is still room for improvement in marketization, investor structure, and institutional flexibility compared to mature international markets [6][7]. - The multi-level capital market system in China has been continuously improved, expanding its service coverage for technology innovation enterprises [5][6]. Group 2: Challenges and Opportunities - There are structural differences between China's capital market and mature international markets, including insufficient long-term capital supply and a tendency for short-term investments [8][12]. - The average transaction price of technology contracts in China is only one-fifth of that in the United States, indicating a need for a scientific intangible asset valuation system [8][12]. - As of 2024, A-share listed companies' R&D investment is expected to reach 1.88 trillion yuan, accounting for over 50% of the total social R&D investment, with technology companies' market capitalization share increasing from 12% to 27% over the past decade [7][12]. Group 3: Financial Ecosystem and Innovation - A differentiated capital market ecosystem that aligns with technological innovation and industrial transformation requires continuous institutional and product innovation [10][11]. - The need to enhance the diversity of financial products and improve the multi-level capital market structure is crucial for supporting the financing needs of technology enterprises throughout their lifecycle [10][11]. - The establishment of a scientific and reasonable delisting standard that includes innovation capability indicators, in addition to financial metrics, is essential for maintaining market order and protecting investor interests [11][12]. Group 4: Future Directions - Future efforts should focus on cultivating patient capital and providing comprehensive financial services that cater to the entire lifecycle of technology enterprises [12][13]. - Enhancing market inclusiveness and openness by relaxing market access restrictions will attract more domestic and international quality technology enterprises and investors [13][14]. - The capital market is positioned as a core hub linking technological innovation and industrial upgrading, with the potential to create a globally influential innovation capital aggregation hub [14].

事件点评 证券研究报告 | 行业点评 [Table_Main] 2025 年陆家嘴论坛解读：更开放，更 包容 事件描述 2025 年 6 月 18 日至 19 日，陆家嘴论坛在上海召开。本次论坛主题是"全球经济变 局中的金融开放合作与高质量发展"。 证监会主席吴清做出了《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》的主旨演讲，结合其他领导人的相关表述，我们认为本次陆家嘴论坛重 点在于进一步扩大金融对外开放、增强资本市场对科技型企业的包容性。"去美元化" 背景下，伴随着人民币国际化和资本市场深改的推进，中国资产吸引力持续提升。下 一阶段资本市场改革将再提速、更细化，本次论坛重点关注以下三个方面的内容： 重科创金融，以科创板为抓手促进科技创新和产业创新融合发展。本次论坛强调更好 发挥资本市场枢纽功能，在科创板推出"1+6"改革措施是一大亮点。"1"指新设科 创板成长层，并将未盈利企业全部纳入科创成长层，"6"项改革措施中，关注扩大科 创板第五套标准适用范围。当前科创板采用第五套标准的上市公司全部属于生物医药 领域，未来这一范围将拓展至人工智能、低空经济等更多前沿科技领域企业。2018 年， ...

证券研究报告 | 行业定期报告 2025 年 06 月 21 日 科创板投融资改革推进，服务实体功能提升 陆家嘴金融论坛点评 总量研究/非银行金融 事件：6 月 18 日，2025 年陆家嘴金融论坛在上海举行，证监会主席吴清作《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》主旨演 讲，提出更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6" 政策措施。 1）资本市场含"科"量有望继续提升。在科创板设置科创成长层，并重启未 盈利企业适用于科创板第五套标准上市。截至 6 月 20 日，共计 37 家企业申 请以科创板第五套标准上市，其中 12 个项目实质性终止上市流程；从分布行 业看，20 个已发行上市项目全部集中于生物医药产业。而伴随第五套标准适 用范围扩容至人工智能、商业航天、低空经济等前沿科技领域，参照当前生 物医药行业适用第五套标准的做法、或将有一批以第五套标准上市的战略性 新兴产业企业上市示范案例涌现，带动资本市场的科技含量更上一层楼。 2）面向优质科技型企业试点 IPO 预先审阅机制，减少在发行上市阶段的"曝 光"事件、更好保护企业信息安全和技术安全。预先审阅的类似机制 ...