工作人员在位于四川省稻城县的子午工程二期进行设备运维。新华社记者 江宏景摄 位于广东省东莞市的中国散裂中子源。新华社记者 毛思倩摄 超临界二氧化碳发电机组。中核集团中国核动力研究设计院供图（新华社发） 广东江门，地下700米深处，我国牵头的中微子实验装置发布首个物理成果。中国科学院院士王贻 芳相信："未来几十年，它会持续产出重大成果。" 贵州六盘水，全球首台商用超临界二氧化碳发电机组成功商运。在中核集团首席科学家黄彦平看 来："科技创新需要敢于突破的勇气。" 从基础研究到关键核心技术攻关，从场景牵引到应用赋能……中国经济动能更足、活力尽显。 习近平总书记强调："中国式现代化要靠科技现代化作支撑，实现高质量发展要靠科技创新培育新 动能。"2025年底举行的中央经济工作会议提出，"坚持创新驱动，加紧培育壮大新动能。" 培育壮大新动能，既是当下所需，也是未来所系。新年伊始，各地区各部门加快促进新动能集聚、 新产业壮大，因地制宜发展新质生产力，为高质量发展注入持久动力。 延伸产业链条，拓宽竞争赛道 扩围提质建设国际科技创新中心 京津冀、长三角、粤港澳大湾区，是引领全国高质量发展的重要动力源。中央经济工作会议提 出，" ...

Group 1 - The core viewpoint emphasizes that innovation-driven development and nurturing new growth drivers are essential for achieving high-quality economic development in China [1] - The article discusses two dimensions of innovation: knowledge production and application in economic activities, highlighting the importance of integrating technological and industrial innovation [1] - The investment in key technological fields and talent cultivation is crucial for overcoming technological bottlenecks, with discussions around the implications of doubling R&D personnel and funding on economic growth [1][2] Group 2 - The "new production function" model positions data as a vital production factor in the new economy, emphasizing the transformation from data to information and then to knowledge [2] - The article identifies a need for policy design that fosters an environment conducive to innovation and incentivizes both production and application of innovations [2] - The "data assetization function" is defined, highlighting the importance of cultivating high-quality talent aligned with strategic innovation needs rather than merely focusing on academic qualifications [2] Group 3 - The article stresses the necessity of applying new skills in practice to convert technological innovations into industrial innovations, with entrepreneurial spirit being a key driver [3] - Innovation policies should not only remove barriers to technological and engineering innovations but also improve the business environment to unleash entrepreneurial potential [3] - The new production function introduces a framework for "intangible asset investment," which includes digital financial capital and data capital [3] Group 4 - Data assets are increasingly recognized for their investment role in business operations, with only capitalized expenditures qualifying as R&D investments [4] - The growing investment in data assets indicates a higher degree of digitalization in industries, marking a significant characteristic of the digital economy [4] - The article discusses the evolution of financial investments towards digital financial assets, with a focus on adapting to the data attributes of underlying assets [4] Group 5 - The new production function explores the impact of institutional frameworks on the integration of industrial innovation, emphasizing the need for policy flexibility to encourage knowledge creation [5] - Short-term policy adjustments can facilitate knowledge production while ensuring ethical oversight in technology applications [5] - Institutional innovations are necessary to amplify the incentives for innovation-driven growth, aligning with the objectives of systemic reform [5]

Group 1 - The core viewpoint emphasizes that innovation-driven development is essential for achieving high-quality economic growth in China, focusing on both knowledge production and its application in economic activities [1] - The state is investing heavily in key technology areas to enhance the quality and efficiency of innovation, including increasing the number of trained personnel at various educational levels [1][2] - The "scale effect paradox" is highlighted, where despite a significant increase in R&D personnel in the U.S., GDP growth rates remained stable, indicating a need for more effective policy design to maximize research resource allocation [1][2] Group 2 - The "new production function" model positions data as a crucial production factor in the new economy, emphasizing the transformation of data into information and knowledge, and the application of skills in industries [2] - The model suggests that human capital development is critical, focusing on cultivating high-quality talent aligned with strategic innovation needs rather than merely relying on academic qualifications [2] - The importance of improving the business environment to unleash entrepreneurial potential is stressed, alongside the need for policies that facilitate innovation and remove barriers in technology and processes [3] Group 3 - The role of data assets in corporate operations is underscored, with the necessity for expenditures to meet capitalization conditions to be recognized as R&D investments, reflecting the increasing digitalization of industries [4] - The emergence of digital financial assets as a new form of investment is discussed, with traditional financial investments evolving to accommodate the data attributes of underlying assets [4] - The expectation of a global investment landscape dominated by digital financial assets is noted, urging financial regulatory policies in China to adapt to support digital economic growth [4] Group 4 - The influence of institutional frameworks on industry innovation is examined, highlighting the need for policy adjustments to encourage knowledge creation while ensuring ethical oversight in technology applications [5] - The potential for institutional innovations to amplify the effects of the new production function is emphasized, aiming to provide stronger incentives for innovation-driven growth [5]

Core Viewpoint - The article discusses the generational transition of control within Dongyangguang, highlighting the transfer of ownership from founder Guo Meilan to her son Zhang Yushuang, marking a significant moment in the evolution of private enterprises in China [5][9][10]. Group 1: Succession of Control - Guo Meilan transferred her entire stake in two key companies to her son Zhang Yushuang, making him the sole actual controller of Dongyangguang, which has a market value of nearly 70 billion yuan [5][9]. - The transfer was a no-cost internal family gift, avoiding complex tax structures and clarifying Zhang's authority as the sole controller [11]. - This transition reflects a modern governance structure, prioritizing corporate strategy over family sentiment, and signifies a shift in leadership to a younger generation [11][12]. Group 2: Company Growth and Strategy - Dongyangguang began as a small aluminum foil processing factory in the 1990s and has evolved into a comprehensive industrial group spanning electronic materials, new energy batteries, and biomedicine [14][15]. - The company has shown remarkable strategic determination and cross-industry integration, entering the pharmaceutical sector in 2007 and the new energy sector in 2015, with significant investments in high-value materials [15][16]. - Dongyangguang's unique "technology + capital" dual-drive model has enabled it to maintain over 5% of annual revenue for R&D, resulting in over 2,000 patents and substantial capital raising exceeding 20 billion yuan [15][16]. Group 3: Future Vision under New Leadership - Zhang Yushuang aims to establish Dongyangguang as a leader in the new energy materials sector, with plans for a zero-carbon factory and significant R&D investments [19][20]. - The company is shifting focus from generic drug production to innovative drug development, with a commitment of at least 5 billion yuan for clinical research in the next five years [20]. - Zhang's strategy includes global expansion, establishing overseas production bases, and collaborating with international biotech firms to enhance the company's global footprint [20][21].

Core Viewpoint - The medical device industry in Changting County, Fujian Province, is experiencing significant growth and development, driven by strategic planning, party-building initiatives, and comprehensive service support from local government and regulatory bodies [1][2][3] Group 1: Industry Development - Changting County has established a medical device industry park that has seen the production of various medical products, including留置针 and medical consumables, indicating a shift towards industrial clustering and high-end development [1] - The county has identified the medical device industry as a strategic breakthrough direction, leveraging national industrial policies to foster growth [1] - As of 2024, Changting County has signed 9 projects, with an additional 6 projects expected by the third quarter of 2025, showcasing a proactive approach to attracting investment [2] Group 2: Innovation and Market Expansion - Companies within the Changting medical device industry park have collectively obtained over 220 patents, highlighting their innovation capabilities [3] - The local market regulatory authority has created a platform for production and sales matching, facilitating dynamic supply-demand interactions between enterprises and hospitals [3] - The industry park has been integrated into Fujian Province's biopharmaceutical industry layout, serving as a model for rural revitalization in revolutionary old areas [3]

Core Viewpoint - In 2025, China's economy demonstrated remarkable resilience and vitality, achieving a GDP growth of 5.2% year-on-year in the first three quarters, surpassing initial forecasts by institutions like the IMF and ranking among the top global economies. The year marked a significant "system upgrade" in growth momentum, characterized by accelerated development of new productive forces and a series of targeted macro policies aimed at enhancing future competitiveness and laying the groundwork for the 15th Five-Year Plan [2][4]. Group 1: Economic Growth and Structure - China's GDP growth of 5.2% in 2025's first three quarters reflects strong economic performance, driven by industrial upgrades and the expansion of emerging industries [2]. - The government implemented targeted macro policies focusing on digital economy and AI, supporting urban renewal and enhancing consumption through equipment upgrades and trade-in programs [2]. - The 15th Five-Year Plan emphasizes high-quality development with quantifiable goals such as maintaining economic growth within a reasonable range and improving residents' consumption rates [2]. Group 2: Domestic Demand and Investment - The 2025 Central Economic Work Conference prioritized "domestic demand as the main driver" for economic work in 2026, aiming for qualitative improvements and reasonable growth through multi-dimensional efforts in consumption, investment, and industry [3]. - Investment structure is set to optimize, focusing on new infrastructure, public services, and industrial upgrades, with significant government support in education, healthcare, and technology sectors [5]. Group 3: Innovation and Technology - The emphasis on "innovation-driven" development is crucial for addressing global economic uncertainties, with a systematic enhancement of China's innovation capabilities expected by 2026 [6][7]. - In 2024, R&D expenditure reached 36,326.8 billion yuan, an increase of 8.9% from the previous year, indicating a shift from following to leading in technological innovation [6]. Group 4: Reform and Market Integration - The construction of a unified national market is a key reform focus for 2026, aiming to eliminate market barriers and ensure fair competition through standardized regulations [8][9]. - Data shows that inter-provincial trade sales accounted for 41.1% of national sales revenue from January to November 2025, reflecting deepening trade connections and progress in market integration [8]. Group 5: Institutional Opening and Foreign Investment - The 2025 Central Economic Work Conference called for steady progress in institutional opening, with a focus on expanding service sector access and optimizing free trade zone layouts [11][12]. - From January to October 2025, 53,782 new foreign-invested enterprises were established, a 14.7% increase year-on-year, supported by various measures to attract foreign investment [11]. Group 6: Green Transformation - The commitment to a "dual carbon" strategy aims to drive comprehensive green transformation, with significant investments projected in climate adaptation and zero-carbon industries over the next decade [13][15]. - By August 2025, China's installed capacity for wind and solar power exceeded 1.69 billion kilowatts, tripling since 2020, highlighting the shift towards renewable energy [15][16]. - The establishment of a green financial support system aims to unify standards and enhance funding for green projects, with a notable increase in market confidence reflected in the green industry prosperity index [17].

Group 1 - FAW-Volkswagen has produced its 30 millionth vehicle, showcasing its growth from a single brand and model to over 30 fuel and new energy vehicles [2] - Jilin's industrial manufacturing has shown resilience, with a reported 8.4% year-on-year increase in industrial added value for the first three quarters of 2025, ranking sixth nationwide [5] - The province's strategic emerging industries and high-tech manufacturing have outpaced traditional industrial growth, with electronic manufacturing value increasing by 15% year-on-year [5] Group 2 - Jilin's agricultural output remains stable, with a total grain production of 871.6 billion jin in 2025, continuing to rise [5] - The province has seen significant growth in foreign trade, with over 40% increases in export freight volume and cross-border e-commerce management platform import-export totals in the first half of the previous year [5] - Jilin has prioritized social welfare, implementing 20 key livelihood projects to enhance the quality of life for its residents [5] Group 3 - Jilin's ecological environment supports high-quality development, maintaining air quality in the top tier nationally since the 14th Five-Year Plan [6] - The province is focusing on new energy and high-end manufacturing, transitioning from traditional industries to more advanced sectors [10] - Jilin has over 4,100 high-tech enterprises, reflecting its commitment to innovation and technological advancement [10] Group 4 - The province is addressing development challenges through targeted policies, including the establishment of an industrial transformation upgrade fund and incentives for talent retention [10][11] - Jilin is implementing a comprehensive development plan for the Changchun metropolitan area, aiming for an economic total of approximately 1.35 trillion yuan by 2030 [13] - The province is enhancing the integration of education, technology, talent, and industry to accelerate the commercialization of research outcomes [14]

在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月31 日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理人推出78 只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进一 步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成指、 创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式形成"全 市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性表征上的 结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对A股市 场意义重大，进一步完善了A股市场的指数体系，使得不同市场层次、不同行业领 ...

Core Viewpoint - The launch of the Sci-Tech Innovation Board Composite Index (Sci-Tech Index) marks a significant development in the A-share market, with the index being considered for inclusion as one of the "four major indices" alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, reflecting the growing importance of the Sci-Tech sector in China's economy [3][4][5]. Group 1: Importance of the Sci-Tech Index - The Sci-Tech Index has shown a growth of approximately 48% since its launch on January 20, 2025, and a cumulative increase of 115% since September 24, 2024, indicating strong market performance [3]. - The index has attracted significant interest, with 46 fund managers launching 78 index funds related to the Sci-Tech Index, accumulating a total scale of 27.4 billion yuan [3][12]. - Experts believe that the inclusion of the Sci-Tech Index will enhance the A-share market's index system, providing a comprehensive representation of the technology sector and filling a critical gap in the existing index framework [4][9]. Group 2: Structural Differences and Complementarity - The Sci-Tech Index covers 576 stocks, achieving a coverage rate of 96% within the Sci-Tech Board, while the other major indices have different coverage and industry weightings, creating a complementary relationship among them [7][9]. - The industry weightings reveal that the Sci-Tech Index has a dominant focus on information technology (54.63%), contrasting with the other indices that emphasize traditional sectors or different technology applications [7][8]. - The four indices together create a multi-layered, differentiated core index system for the A-share market, each serving distinct functions and contributing to a collaborative ecosystem [8][9]. Group 3: Investment Logic Shift - The investment logic is shifting from a "profit-oriented" approach to an "innovation-driven" model, reflecting the unique characteristics of hard technology assets that require a different valuation paradigm [10][12]. - Investors are encouraged to focus on long-term growth potential and technological breakthroughs for hard technology assets, while traditional assets should emphasize stable cash flows and dividend capabilities [12][13]. - The Sci-Tech Index's high valuation compared to other indices is not seen as a bubble but rather a reflection of the unique attributes of hard technology investments, which involve high R&D costs and long-term returns [11][12]. Group 4: Future Outlook and Development - The Sci-Tech Index is expected to continue gaining attention and importance in the capital market over the next 3-5 years, with potential to become a global benchmark for China's technological innovation [19]. - Enhancements in the index's composition and governance will be crucial for its global recognition and influence, as well as attracting domestic and international long-term investors [19]. - The index's ability to represent China's "new quality productivity" and its alignment with national strategic directions will further solidify its role as a core asset allocation tool for technology investments [16][18].

Core Viewpoint - Wenzhou is set to become the third city in Zhejiang to achieve a GDP of over 1 trillion yuan, marking a significant milestone in its economic development and positioning itself as a key regional center in the southeast coastal area of China [1][7]. Group 1: Economic Goals and Achievements - Wenzhou aims to surpass a GDP of 1 trillion yuan by 2025, with a current GDP of 9,719 billion yuan as of 2024, reflecting a year-on-year growth of 6.1% [2][3]. - The city has set ambitious targets for its population, aiming for a resident population of 10 million by 2025, which aligns with its economic growth objectives [2]. Group 2: Innovation as a Driving Force - Innovation is emphasized as the key to transforming Wenzhou's economic positioning, with a focus on upgrading traditional industries through technological advancements [3][6]. - The local government has established the Wenzhou Bay New Area Emerging Industry Bureau to promote investment and development in new industries such as AI, new materials, and digital economy [6]. Group 3: Challenges and Shortcomings - Wenzhou's R&D expenditure is currently below the provincial average, indicating a significant gap that needs to be addressed to meet future innovation targets [4]. Group 4: Strategic Positioning and Collaboration - Wenzhou is recognized as a vital regional center, with a mission to enhance its urban capabilities and core competitiveness within the context of national strategies [7][9]. - The city is encouraged to leverage its unique strengths in private enterprise and its extensive business network to foster collaboration with neighboring regions, enhancing its economic influence [9].