地方政府与城投企业债务风险 研究报告－陕西篇 联合资信 公用评级三部 |崔竞元|王相尹 www.lhratings.com 研究报告 1 报告概要 陕西省区位优势突出，文旅资源丰富，交通和矿产资源优势明显。2024 年，陕西省经济总量 和人均 GDP 处于全国中游水平。从财政实力及债务情况来看，陕西省一般公共预算收入位居全 国 15 位，财税质量良好，整体财政自给水平偏弱；政府性基金收入延续下降趋势；上级补助收入 对综合财力的贡献度在四成左右。陕西省综合财力及政府债务负担均处于全国中游水平。 能源工业是陕西省传统优势产业，2024 年，陕西省产业结构不断优化，三产占比明显提升， 新质生产力稳步发展，逐步向绿色和高技术制造业转型。陕西省构建"6+5+N"现代制造业新体 系，落实"关中协同创新、陕北转型持续、陕南绿色循环"三大区域发展战略，聚焦新质生产力 等战略新兴产业。 陕西省各地级市经济实力和一般公共预算收入规模分化明显。2024 年，西安市凭借其产业优 势，在省内继续保持突出的经济实力；陕北地区的榆林市凭借其资源优势，GDP 稳居全省第二， 人均 GDP 远高于其他地级市。西安市和榆林市一般公共预算收入规模 ...

在展位现场，内部项目库中的多项A级优质项目同步开展产品演示与推介，这也是深交所科交中心"未 来行"精品闭门对接会脑机接口专场的接续服务。其中，为脑类疾病机制研究与创新药物筛选提供关键 技术支撑的脑类器官芯片及智能配套装备以及助力早期识别脑健康风险的脑健康评估眼动仪，凭借其前 沿性与实用性吸引大批中外观展者驻足体验、深入咨询。 本次参展，深交所科交中心携重工智能化机器人、氢动力无人机、合成微生物制造关键技术产业化、 AI+无创神经信号分析及脑功能监测等44个精选项目亮相，数量创三届参展之最。此次参展项目聚焦新 一代信息技术、新能源、新材料、高端装备制造等战略性新兴产业和未来产业，覆盖深圳、西安、南 京、长沙等全国多地创新资源，全方位展示其项目团队、核心技术、主要产品、市场展望等关键信息。 同期，深交所科交中心还首次发布《科技企业及科技成果汇编》白皮书，推出内部严选优质科技成果项 目"108将"，为投资方和产业方提供"专业甄选清单"。 深交所科交中心表示，下一步，将积极把握深入推进深圳综合改革试点政策契机，不断加强创新网络建 设、畅通资本市场渠道、强化交易服务生态培育，推动更多优质科技成果从"实验室"走向"产业场 ...

股指期货日报 2025年11月17日 廖臣悦(投资咨询证号：Z0022951) 投资咨询业务资格:证监许可【2011】1290号 股指缩量调整，中日关系恶化军工领涨 市场回顾 今日股指震荡为主，以沪深300指数为例，收盘下跌0.65%。从资金面来看，两市成交额回落472.88亿元。期 指方面，IM缩量下跌，其余品种均放量下跌。 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.89 | -1.12 | -0.50 | -0.26 | | 成交量（万手） | 11.4292 | 5.7196 | 11.6917 | 19.7327 | | 成交量环比（万手） | 0.4303 | 0.8963 | 0.0305 | 0.4748 | | 持仓量（万手） | 27.2721 | 10.1114 | 24.5834 | 35.5153 | | 持仓量环比（万手） | 0.7845 | 0.3993 | 0.0816 | -0.2069 | 重要资讯 1. 文化和旅游部郑重提醒中国游客近期避免前往日本旅游，已在日中国游客 ...

Core Viewpoint - The glass fiber industry in China is experiencing strong policy support at both national and provincial levels, with a focus on high-performance and specialty glass fibers, which are crucial for various applications in construction, energy, and transportation [1][2]. National Policy Summary - Since 2015, the glass fiber industry has been included in several key national policy documents, emphasizing its importance as a strategic emerging industry [1][2]. - The "14th Five-Year Plan" outlines specific goals for the glass fiber industry, including innovation-driven development and supply-side structural reforms [1][2]. - Key policies include the "Green Finance Support Project Directory" and the "Guidance on Promoting the Recycling of Retired Wind Power and Photovoltaic Equipment," which support the glass fiber sector [2][3]. Provincial Policy Summary - Various provinces have incorporated glass fiber into their "14th Five-Year" plans, setting development targets and focusing on specific products [9][10]. - For example, Chongqing aims to achieve a total industry scale of over 50 billion yuan by 2027, with glass fiber and composite materials accounting for 20% of national production [10]. - Provinces like Shaanxi and Inner Mongolia are focusing on high-silicon glass fibers and high-performance fibers, respectively, to enhance their industrial capabilities [8][10]. Industry Development Goals - The glass fiber industry is expected to see significant growth, with specific targets for production capacities, such as 80,000 tons/year for alkali-free glass fiber [6][7]. - The industry is encouraged to develop high-performance and specialty glass fibers, including ultra-fine and low-dielectric fibers, to meet emerging market demands [7][8]. - The focus on environmental sustainability and energy efficiency is evident in policies that promote cleaner production and resource utilization [5][6].

Core Viewpoint - The company, Lite Optoelectronics, is raising up to 766 million yuan through convertible bonds to enhance its technological capabilities and industry competitiveness, focusing on new material R&D, smart workshop upgrades, and working capital supplementation [1][3]. Group 1: Fundraising and Investment Projects - The largest project in the fundraising plan is the construction of a new materials R&D base in Pucheng, with a total investment exceeding 520 million yuan, of which 500 million yuan will be raised from the bond issuance [2]. - The second key project involves the smart upgrade of production workshops, with a total investment of 35.8469 million yuan, aiming to enhance production efficiency and safety through automation and system optimization [2]. - An additional 32 million yuan is allocated for the development and verification platform for perovskite materials, aimed at accelerating the transition from R&D to mass production in the new photovoltaic materials sector [2]. Group 2: Business Performance and Market Position - In the first three quarters of the year, Lite Optoelectronics reported a cumulative revenue of 423 million yuan, representing an 18.77% year-on-year increase, and a net profit attributable to shareholders of 180 million yuan, up 38.62% year-on-year [1]. - The company has established a complete industrial chain in the OLED organic materials sector, from material design to device testing, and is one of the few domestic companies capable of independent R&D and mass production of OLED terminal materials [1][3]. - Lite Optoelectronics' products are integrated into the supply chains of major domestic panel manufacturers and have expanded into overseas markets, indicating a strong competitive position in the high-end organic materials industry [1][3].

Group 1 - Zhengzhou High-tech Investment Fund, in collaboration with multiple entities, has established the Henan Huirong Artificial Intelligence Industry Investment Fund with a total scale of 1 billion yuan, focusing on AI and advanced technology sectors [2] - The fund aims to support the strategic layout of Zhengzhou as a national important future industry pilot zone, emphasizing core technology breakthroughs and deep application scenarios [2] - The High-tech Investment Fund has created a capital matrix consisting of 26 funds with a total scale exceeding 17 billion yuan, leveraging over 50 billion yuan in industrial implementation [2] Group 2 - Shantou Tianze High-tech Equity Investment Fund, the first industrial investment fund in Shantou High-tech Zone, has been established, focusing on new energy, new materials, and health sectors [3] - The fund employs an innovative investment model to address industry chain shortcomings and accelerate technology transformation [3] - Chip Link Capital announced the completion of fundraising for its first main fund, totaling 1.25 billion yuan, targeting hard technology sectors such as semiconductors and AI [4] Group 3 - Shenzhen Deep Investment Control and Bank of Communications Shenzhen Branch have signed a cooperation agreement for a 2 billion yuan fund focusing on Shenzhen's "20+8" industrial clusters [5] - The fund aims to provide long-term capital support for hard technology enterprises, integrating various resources to foster high-quality development [5] - Jiangsu Province's strategic emerging industry mother fund is set to invest in a 2 billion yuan AI-focused fund, targeting AI infrastructure and applications [6] Group 4 - Anker Innovations plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [7] - Yushu Technology has completed its IPO counseling report and plans to apply for an IPO in mainland China, with a focus on consumer and industrial robotics [8][9] - Moore Threads has initiated its IPO process on the Sci-Tech Innovation Board, focusing on GPU technology for AI and digital twin applications [9] Group 5 - Jiliu Technology has completed nearly 100 million yuan in Series B financing, with funds aimed at product development and talent acquisition in the AI computing cluster sector [10][11] - The company has developed a high-performance AI infrastructure system, Galaxy HPAC, to support large model training and inference [10][11] - Yangli Pharmaceutical has completed a significant Series B financing round, focusing on innovative drug development for oncology and chronic diseases [12]

因地制宜发展新质生产力 ※ 习近平 一 二 去年7月以来，我在四川、黑龙江、浙江、广西等地考察调研时，提出要整合科技创新资源，引领发展战略性新兴产业和未 来产业，加快形成新质生产力。12月中旬，在中央经济工作会议上，我又提出要以科技创新推动产业创新，特别是以颠覆 性技术和前沿技术催生新产业、新模式、新动能，发展新质生产力。我提出新质生产力这个概念和发展新质生产力这个重 大任务，主要考虑是：生产力是人类社会发展的根本动力，也是一切社会变迁和政治变革的终极原因。高质量发展需要新 的生产力理论来指导，而新质生产力已经在实践中形成并展示出对高质量发展的强劲推动力、支撑力，需要我们从理论上 进行总结、概括，用以指导新的发展实践。 （2024年1月31日在二十届中央政治局第十一次集体学习时的讲话） 2024年3月5日，中共中央总书记、国家主席、中央军委主席习近平参加他所在的十四届全国人大二次会议江苏代表团审议。新华社记者鞠 鹏/摄 三 什么是新质生产力、如何发展新质生产力？我一直在思考，也注意到学术界的一些研究成果。概括地说，新质生产力是创 新起主导作用，摆脱传统经济增长方式、生产力发展路径，具有高科技、高效能、高质量特 ...

发布会现场（央广网发 天津市工商联供图） 央广网天津11月15日消息（记者褚夫晴）近日，第十四届天津市民营经济健康发展工程发布会在河西区隆重举行。市委常委、统战部部长冀国强出席会议， 并会见上榜企业代表。河西区委书记尹继辉致辞。 市工商联主席、市总商会会长娄杰在讲话中表示，今年的健康工程以"以新提质谋发展 聚势赋能促健康"为主题，就是要以《民营经济促进法》施行为契 机，展现民企在新质生产力培育中的先锋作用，凝聚起推动中国式现代化天津篇章的磅礴民企力量。他希望广大民营企业坚定发展信心，真正把党中央的坚 定支持转化为企业敢闯敢干的底气，建立和完善中国特色现代企业制度，因地制宜发展新质生产力，积极布局发展战略性新兴产业和未来产业，助力现代化 产业体系建设，筑牢企业长远发展的坚实根基。下一步，各级工商联将继续深化理想信念教育，引导广大民营企业和民营企业家胸怀报国志、一心谋发展、 守法善经营、先富促共富；助力优化营商环境，凝聚发展合力，在提升服务质效上展现新作为；引导民营企业家厚植家国情怀，在促进共同富裕的伟大实践 中彰显担当。 发布会上，播放了天津市民营经济高质量发展纪实专题片，安擎计算机信息股份有限公司首席运营官李 ...

Core Insights - The Micro-LED industry in China is entering a significant window of opportunity, with companies like Tianma Microelectronics showcasing innovative products at the China International Import Expo [2] - The global Micro-LED display market is projected to reach approximately $800 million by 2028, indicating strong growth potential [2] - The industry is recognized as a key area for strategic development in China's "14th Five-Year Plan," aligning with national goals for innovation in emerging industries [2] Industry Overview - Micro-LED technology is a capital-intensive industry that integrates various advanced manufacturing processes, with China currently leading in the epitaxial chip sector [3] - Despite the advancements, the industry faces challenges primarily related to costs, which are influenced by manufacturing processes and yield rates [3] - The market has seen breakthroughs in applications such as AI/AR glasses and smartwatches, suggesting a pivotal moment for Micro-LED technology [3] Technical Challenges - Micro-LED technology has been in development for over 20 years but has faced slow commercialization due to challenges in epitaxy, chip production, mass transfer, and driving technologies [4] - Mass transfer technology, which involves transferring numerous Micro-LED chips from a source substrate to a target substrate, remains a critical bottleneck for mass production [4][5] - The industry is also grappling with the complexities of achieving full-color displays, with various methods still in experimental stages [5] Innovations and Developments - Tianma has developed customized automated mass transfer and bonding equipment, significantly improving transfer efficiency to 40 million chips per hour [5] - The company is focusing on high PPI, high transparency, and high brightness technologies, aiming to establish a fully controllable production process [7] - Recent advancements in high-precision projection exposure machines have enabled significant cost reductions while achieving high resolution and precision [9] Market Dynamics - The Micro-LED sector is experiencing increased investment interest, particularly in the AR market, with several companies securing substantial funding for technology innovation [10] - The competition in the large-screen market includes Mini LED technology, while Micro-LED shows advantages in small-screen applications like AR/AI glasses [9][10] - Companies are optimistic about reducing costs as production scales up, with expectations to achieve cost parity with OLED technology within 3 to 5 years [11]

本报讯 （记者吴文婧）11月12日，芯联私募基金管理（杭州）合伙企业（有限合伙）（以下简称"芯联 资本"）宣布其首只主基金完成12.5亿元规模的募集。该基金整体规模预计超15亿元，重点布局半导 体、人工智能、机器人、新能源等硬科技领域。 据悉，此次投资人包括基石出资人芯联集成电路制造股份有限公司（688469.SH），以及上海临港新片 区私募基金管理有限公司、上海国孚领航投资合伙企业（有限合伙）、苏州工业园区元禾鼎盛股权投资 合伙企业（有限合伙）、建发新兴基金、嘉兴嘉国叁号股权投资合伙企业（有限合伙）、南京银行股份 有限公司、无锡芯朋微电子股份有限公司（688507.SH）、安徽富乐德科技发展股份有限公司 （301297.SZ）、宁波江丰电子材料股份有限公司（300666.SZ），涵盖产业上市公司龙头、头部市场化 母基金、知名国资母基金、市场化政府出资平台及银行系金融机构等。 （编辑 乔川川） 芯联资本创始合伙人袁锋表示，该期基金的顺利募集，本质上是投资者对中国硬科技及战略性新兴产业 长期发展的信心体现。由于战略产业具有特殊性和周期性，不同发展阶段的企业需求差异显著。芯联资 本作为专注产业投资、陪伴被投企业穿 ...