构建"煤炭清洁转化—高端材料制造"产业闭环 中化新网讯 5月9日，记者从新奥天然气股份有限公司了解到，该公司开发的粉煤加氢热解联产芳烃和 甲烷技术(以下简称粉煤加氢热解技术)在新疆即将落地转化，建设大规模的煤炭分质分级转化利用项 目，以实现新疆地区丰富煤炭资源的清洁、高效、综合利用。 据该技术开发负责人周三介绍，粉煤加氢热解技术是一种新型粉煤分级分质利用技术，融合了煤制气和 煤制油的优势，既能获得高附加值轻质芳烃，又能副产天然气。该技术需要煤粉与氢气在中温 (800℃~1000℃)和高压(5~10兆帕)的条件下，发生快速加氢热解反应、挥发分二次裂解反应以及活性半 焦的加氢反应，最终生成高附加值轻质芳烃、甲烷和清洁半焦。 据介绍，该技术在完成中试验证并积累了大量试验数据的基础上，实现了煤粉高压氢气密相输送、高温 高压氢氧燃烧对撞喷嘴、加氢热解炉、粗煤气干法油尘分离及废锅余热回收等关键技术的开发与工程放 大；在内蒙古达拉特旗建成400吨/天加氢热解工业示范装置，并于2024年对该装置进行优化，完成二代 热解炉和排焦等核心系统的升级改造。 采用该技术，新奥天然气股份有限公司已在新疆规划建设多个百万吨级煤炭分质分级转 ...

Group 1 - The 11th year of the Beijing-Tianjin-Hebei coordinated development strategy sees Hebei Province leveraging its geographical advantages to build economic corridors connecting Beijing and Tianjin, focusing on transportation integration and industrial collaboration [1] - Hebei has integrated into the Beijing-Tianjin-Hebei transportation network with 39 bus routes, carrying an average of 230,000 passengers daily, and has established a transportation circle allowing major cities to connect within 1 to 1.5 hours [1] - During the 14th Five-Year Plan period, transportation integration projects totaling 612 kilometers will be completed, including 16 key projects like the Beijing-Xiong'an Expressway [1] Group 2 - The construction site of the second phase of the Beijing-Xiong'an Expressway in Hebei has 1,500 personnel and over 200 machines involved, aiming for completion by June 2026 [2] - The Baoding Zhongguancun Innovation Center has nurtured over 90 national high-tech enterprises since its establishment, with projects like a brain vascular imaging surgical robot being developed and refined [2] Group 3 - The Tangshan Baichuan Robot Shared Manufacturing Factory is the first of its kind in China, focusing on customized non-standard robot products, and aims to provide services to over 130 innovative entities in the region [3] - Hebei Province is embedding its industrial system into the Beijing-Tianjin innovation framework, particularly in the new energy and intelligent connected vehicle sectors, collaborating on a comprehensive automotive industry chain [3] Group 4 - Six key industrial chains are being developed collaboratively, with Hebei leading in new energy, intelligent connected vehicles, and robotics, showing significant growth in the robot industry with a 17.7% revenue increase and a 64.5% rise in production [4] - The establishment of innovation centers and digital transformation platforms in Hebei is facilitating the absorption of technological contracts exceeding 100 billion yuan, with a 30% year-on-year increase [4]

Core Insights - The establishment of the Nanjing Biomedical Sub-center has facilitated the transfer and commercialization of research outcomes from 68 universities, resulting in 1,123 selected pharmaceutical achievements and 31 projects being established [1][2] - The sub-center has created a financial support system with a scale of 8.4 billion yuan, including various funding sources to assist startups and projects [2] Group 1 - The Nanjing Biomedical Sub-center has engaged with 68 universities and selected 1,123 pharmaceutical achievements, leading to the establishment of 31 projects [1] - The sub-center provides significant support to startups, including access to expensive laboratory equipment, which alleviates financial burdens for new companies [1] - The rapid establishment of companies, such as Innos (Nanjing) Biotechnology Co., demonstrates the effectiveness of the sub-center in facilitating research commercialization [1] Group 2 - A comprehensive financial support system of 8.4 billion yuan has been established, encompassing government funding, angel funds, and bank loans [2] - The sub-center has developed a team of over 140 technical managers to provide one-stop support for university teams, aiding in the swift establishment and growth of projects [2] - Future plans for the sub-center include enhancing collaboration with universities and enterprises to promote high-quality development in the biomedical industry [2]

本周 CS 建筑上涨 2.23%，沪深 300 上涨 2.09%，建筑跑赢大盘 0.14%。中小 市值转型标的涨幅居前，建筑央国企中，四川路桥、中国核建取得较好收 益。近期纤维素相关产品价格显著拉涨，关注国产替代逻辑带来的业绩及 估值催化，重点推荐三维化学。资金层面来看，25 年 1-4 月专项债密集发 行，建议关注后续基建实物工作量的转化节奏。顺周期层面，我们认为 25 年或为煤化工项目落地大年，预计有望获得政策加码支持。新兴业务板块， 建议继续关注与算力、IDC 等相关的投资机会，以及部分中小市值建筑公司 的转型机遇，主题层面建议继续关注西南水电及国际工程相关品种。 关注纤维素及其衍生物的国产替代进展 行业报告 | 行业研究周报 建筑装饰 证券研究报告 关注纤维素产品的国产替代逻辑演绎 核心观点 CA（醋酸纤维素）：是用于生产烟草过滤嘴的原材料，全球约 90%以上的醋 酸纤维素用于生产烟用二醋酸纤维素丝束，我国年均消耗 30 万吨，宜宾纸 业持股 67%的四川普什在二醋片及三醋片的生产方面具备领先优势。 CAB（醋酸丁酸纤维素）、CAP（醋酸丙酸纤维素）：物理性质和用途基本 相似，主要用作涂料添加剂。价格 ...

Core Insights - The Guangzhou Angel Fund has been established to support the "12218" modern industrial system, focusing on nurturing seed and angel-stage projects to facilitate the initial stages of technology innovation and results transformation [1][2] Group 1: Fund Overview - The Guangzhou Angel Fund has organized three batches of selection involving 40 investment institutions, with a total proposed sub-fund scale of 8.71 billion yuan, expected to leverage nearly 6 billion yuan in social capital, achieving a multiplier effect of over three times [2] - Since its establishment, the fund has set up seven sub-funds with a total scale of 1 billion yuan, and has invested in over 50 projects with an investment amount of approximately 550 million yuan [2] Group 2: Project and Investment Focus - The fund has completed investments in 14 projects, amounting to 70 million yuan, all of which are early-stage projects incubated by universities and research institutions [2] - The investment direction covers 15 strategic industrial clusters and six future industries within Guangzhou's "12218" modern industrial system [2] Group 3: Ecosystem and Collaboration - The fund has established a diverse cooperation matrix with 371 partner institutions and has a project reserve of 1,146, focusing on various dimensions such as technological innovation capability and investment performance [2] - An expert pool consisting of 62 industry experts has been created to provide professional investment advice [2] Group 4: Events and Initiatives - The "Golden Valley Hui" initiative was launched to empower four main entities: investment institutions, universities, entrepreneurs, and industry chains, aiming to support technology transfer and enterprise incubation [3] - The second "Golden Valley Cup" Innovation and Entrepreneurship Competition has been initiated, targeting high-quality projects incubated by universities and research institutions in the Guangdong-Hong Kong-Macao Greater Bay Area [3]

当下，国货美妆企业正在步入科研竞赛新阶段。 2 0 2 4年头部国货美妆企业规模再创新高，上美股份以总营收6 7 . 9 3亿元（同比+6 2 . 1%）、净 利润8 . 0 3亿元（同比+7 4%）的业绩规模，跃升为中国美妆企业第二。以上美股份为代表的头 部国货美妆企业，正处于新一轮的研发布局期。 在这一阶段，国货企业们不仅需要理清自身的研发核心及架构，更需要通过科研转化、科学传 播等，打造更加扎实且领先的"科研基建"，以此来承托越来越大的企业规模，实现行业技术话 语权的争夺。 5月1 0日，上美股份作为国货美妆代表企业，出席以"科学传播"为核心议题的第十一届化妆品 趋势大会。上美股份旗下品牌韩束作为科学品牌代表，在多环节亮相，与在场来自医学界、产 业端、品牌端的重磅嘉宾，共同探讨品牌科研创新及科学传播的新路径。 《FBe a u t y未来迹》发现，近段时间以来，上美股份围绕科研转化、科学传播、体系升级进行 了一系列研发进阶，为国货企业的研发全链条布局开拓出一条新路。 研发成果倘若一直束之高阁，将会失去它原本的意义。 近年来，随着十四五规划纲要的提出，国家鼓励在化妆品等消费品领域培育高端品牌。行业亟 需 ...

赵岩表示，我省围绕打造具有全球影响力的产业科技创新中心，大力构建企业主导的产学研协同创新体 系，科技成果转化和产业化水平稳步提升。下一步，要深化教育科技人才体制机制一体改革，推动高校 和高新区协同发展，激活科技成果转化动能，推动科技创新与产业创新深度融合。 省教育厅、省科技厅、省工业和信息化厅、省司法厅、省财政厅、省知识产权局有关负责同志现场通报 情况并作回应发言。 会议通报委员专题调研及网络议政情况。10位政协委员和专家学者发言。大家表示，我省深入学习贯彻 习近平总书记关于科技创新的重要论述和对江苏工作重要讲话精神，扎实推动科技创新和产业创新深度 融合，深化科技成果转化制度机制建设，以科技创新引领新质生产力发展，为推进中国式现代化江苏新 实践提供了坚实科技支撑。通过修改相关条例，固化经实践验证行之有效的经验做法，十分必要。大家 建议，推动健全评价考核机制，完善科技成果供需对接机制，优化科技成果转化服务和协同保障体系， 推动既多出科技成果，又把科技成果转化为实实在在的生产力。 张义珍表示，我们要深入学习领会习近平总书记有关重要讲话重要指示精神，牢牢把握总书记赋予江 苏"在科技自立自强上走在前""在推动科技创新 ...

（文章来源：新华财经） 据介绍，西科控股本次债券募集资金中不低于80%的部分将用于支持科技创新领域，主要投向先进制造 业、新一代信息技术和光子产业，切实贯彻"投早、投小、投长期、投硬科技"政策导向，为国家创新驱 动发展提供更强动能。 新华财经北京5月9日电（王菁）由中国银行间市场交易商协会主办、北京金融资产交易所承办的科技创 新债券上线暨集中路演活动9日在京举行。作为全国首批注册发行科技创新债券的企业，西安中科光机 投资控股有限公司（"西科控股"）在现场分享了其2025年度第一期定向科技创新债券筹备发行历程。 据了解，西科控股由中国科学院西安光学精密机械研究所、国有大型金融机构和地方政府多方参股成 立，瞄准科技成果转化的卡点和堵点，在实践探索中形成了"科技金融+科技服务+科技平台+科技空间 +科技智库"为一体的成果转化体系，推动众多实验室里的科技成果从"书架"走上了"货架"。 截至目前，西科控股已投资孵化542家硬科技企业，企业市场总估值6629亿元。其中包括3家科创板上市 企业、18家独角兽企业、84家国家级专精特精"小巨人"和192家省级"专精特新"中小企业，形成了光子 芯片、人工智能、量子技术、商业航天 ...

Group 1 - The "Maker China" competition aims to enhance the innovation capabilities and specialization of small and medium-sized enterprises (SMEs) in high-end scientific instruments and sensors, officially launched on May 9 in Huairou Science City [1][2] - The competition is supported by various government bodies and aims to create a platform for innovation and entrepreneurship, facilitating the rapid transformation of scientific research achievements into marketable products [1][2][3] - The event is expected to promote the integration of innovation chains, industry chains, capital chains, and talent chains, accelerating the growth of SMEs in the high-end scientific instruments and sensors sector [1][2][3] Group 2 - The competition is part of the Ministry of Industry and Information Technology's efforts to implement national policies aimed at high-quality development in the high-end precision instruments industry, highlighting its importance in the national supply chain [2][3] - Beijing's policies have been instrumental in supporting the development of the high-end scientific instruments and sensors industry, with a focus on fostering innovation among SMEs [3][4] - The event is seen as a valuable opportunity for Huairou to engage with outstanding innovators and further develop its capabilities in the high-end scientific instruments and sensors field [3][4] Group 3 - The competition will feature various categories, including enterprise and startup groups, covering fields such as high-end scientific instruments and core components, as well as intelligent sensing and system solutions [5] - Significant cash rewards, space incentives, and policy support will be provided to participating enterprises and teams, enhancing the value proposition of the competition [5][6] - The event has attracted numerous academic institutions and financial partners, ensuring a robust support system for participants [6][7] Group 4 - The competition serves as a critical platform for SMEs in the high-end scientific instruments and sensors sector, promoting resource linkage and accelerated growth [8] - The event is anticipated to uncover high-quality projects and facilitate the transformation of scientific research outcomes, contributing to the robust development of the industry [8]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of International Medical, indicating a decline in revenue and net profit in the latest quarterly report [1] - As of March 31, 2025, the number of shareholders for International Medical increased to 109,907, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company operates in the health care service sector and has received multiple accolades, including being recognized as one of the top 100 private hospitals in the 2024 benchmark hospital research [1] Group 2 - The latest financial results for the first quarter of 2025 show a revenue of 999.7 million yuan, representing a year-on-year decrease of 14.99%, and a net loss of approximately 106.35 million yuan, a decline of 1.37% year-on-year [1] - The company's current price-to-earnings (P/E) ratio is significantly negative at -45.28, compared to the industry average of 38.00, indicating a poor valuation relative to peers [2] - The market capitalization of International Medical stands at 11.573 billion yuan, with a price-to-book (P/B) ratio of 3.24, which is slightly below the industry median of 2.61 [2]