Core Viewpoint - Shanghai has introduced measures to enhance corporate investment in fundamental research, aiming to strengthen the role of enterprises in technological innovation and high-quality development [1][2][4]. Group 1: Policy Measures - The newly released measures include nine specific actions to encourage enterprises to invest in fundamental research, with a maximum annual financial subsidy of 10 million yuan for eligible companies [1][9]. - The "Explorer Program" will be further promoted, which encourages enterprises to engage in fundamental research and collaborate with government bodies [5][6]. - The measures aim to optimize the structure of funding for fundamental research, enhancing the depth and breadth of innovation in technology enterprises [4][8]. Group 2: Current State of Corporate Research Investment - In 2023, enterprises accounted for 77.7% of the total R&D expenditure in China, with a contribution rate of 79.4% to the growth of R&D funding, indicating a solidifying role in innovation [3]. - Despite the growth in R&D funding, there is still a need for increased investment in fundamental research by enterprises, as most focus on experimental development [3][4]. - Shanghai's investment in fundamental research is projected to be around 11% of total R&D expenditure in 2024, surpassing the national average of 6.91% but still below international standards [3][4]. Group 3: Collaborative Efforts and Initiatives - The Explorer Program has expanded from 2 to 22 participating enterprises, covering various fields such as integrated circuits and biomedicine, indicating a growing collaboration between enterprises and research institutions [5][6]. - The establishment of the Shanghai Origin State-owned Assets Innovation Fund aims to support fundamental research through diverse funding channels, addressing the high-risk nature of such investments [15][16]. - Joint research platforms between universities and enterprises have been established, with nearly 20% of university research funding coming from corporate investments, highlighting the importance of collaboration in advancing fundamental research [16][17].

Group 1 - New stock offering for Zhigao Machinery with an issuance price of 17.41 CNY per share and a subscription limit of 1.0203 million shares [2] - In July, A-share new accounts reached 1.9636 million, a nearly 20% increase from June and over 70% year-on-year growth, with individual investors accounting for 1.954 million [3] - The revised Anti-Money Laundering Law will take effect on January 1, 2025, with new regulations being drafted for customer due diligence and transaction record management [5] Group 2 - Hainan Province aims for its four leading industries to account for 70% of GDP by 2027, with a focus on high-quality economic development and the integration of productive services with advanced manufacturing [7] - Shanghai's "Explorer Program" aims to support basic research in key industries, with joint funding from local enterprises and associations [6] - Companies like Nanjing Bank and Guizhou Moutai are actively increasing their shareholdings and repurchasing shares, indicating strong market confidence [11]

Group 1 - The Shanghai Municipal Government released measures to support enterprises in enhancing basic research and high-quality development [1][4] - The "Explorer Program" aims to attract more companies from key industries such as integrated circuits, biomedicine, and artificial intelligence to participate [1][3] - The program is a collaborative funding initiative between the Shanghai Municipal Science and Technology Commission and participating enterprises, with a minimum annual contribution of 3 million yuan [1][2] Group 2 - The number of participating companies in the "Explorer Program" has expanded from 2 in 2021 to 12 by the end of 2024, including 7 private enterprises [2] - The funding for the program consists of government financial support and contributions from participating enterprises, which must be disbursed within 90 days of government funding [2][3] - The program emphasizes the importance of addressing critical scientific issues and encourages enterprises to play a significant role in proposing research topics [2][3] Group 3 - The measures provide financial incentives for enterprises investing in basic research, including one-time subsidies of up to 10 million yuan for those investing over 100 million yuan annually [4] - Tax incentives are available for enterprises supporting non-profit research institutions and universities, allowing for 100% pre-tax deductions on qualifying expenditures [5] - The measures also encourage the establishment of public welfare foundations for basic research, with government support for projects funded by these foundations [5]

Core Viewpoint - The article discusses the "Explorer Program" initiated by the Shanghai government to enhance basic research and support high-quality development in key industries such as integrated circuits, biomedicine, and artificial intelligence [1][4]. Group 1: Explorer Program Overview - The "Explorer Program" aims to attract more enterprises from key industries to participate and provides rapid support for urgent research topics proposed by these enterprises [1][4]. - The program is a collaborative funding initiative between the Shanghai Municipal Science and Technology Commission and participating enterprises, with a minimum annual contribution of 3 million yuan from each enterprise [1][3]. Group 2: Funding and Support Mechanisms - The funding for the "Explorer Program" consists of government financial support and contributions from participating enterprises, which must be paid within 90 days after government funding is allocated [3]. - The program offers significant financial incentives for enterprises investing in basic research, including one-time subsidies of up to 10 million yuan for those investing over 100 million yuan annually [6]. Group 3: Encouragement of Research and Innovation - The measures encourage enterprises to increase their investment in basic research and original innovation, providing tax incentives for contributions to non-profit research institutions and universities [6]. - The Shanghai government supports the establishment of public foundations for basic research, matching 50% of the funds contributed by these foundations to research projects [7]. Group 4: Collaboration with Educational Institutions - The measures promote collaboration between universities and enterprises to establish innovation centers, with joint funding from both parties at a 1:1 ratio to address key scientific and technological issues [7].

Group 1 - The coordination and balance of regional development in China have significantly improved, with a clear regional economic layout and high-quality development being established [2][3] - The new goal of equalization of basic public services and balanced infrastructure access has enriched the connotation of regional coordinated development [3] Group 2 - Shanghai has issued the "Explorer Plan" management measures, requiring joint funding of at least 3 million yuan per year, with tax incentives available [5] - The "Guidelines for Compliance of Charging Behavior on Online Trading Platforms" have been released to regulate various fees charged by platforms, emphasizing compliance and transparency [7] Group 3 - The number of small loan companies in China has decreased by nearly 4,000 over the past decade, with the total number now at 4,974 and a loan balance of 736.1 billion yuan [9] - The implementation of the interim measures for the supervision of small loan companies has accelerated the industry cleanup process [9] Group 4 - A successful test flight of a 2-ton eVTOL for offshore logistics has marked a significant advancement in low-altitude logistics applications in China [11] - Guangzhou Port has transformed into a more comprehensive foreign trade hub, with foreign trade container throughput surpassing domestic trade for the first time [13] Group 5 - Shanghai aims to attract more companies in integrated circuits, biomedicine, and other industries to join the "Explorer Plan" to enhance high-quality development [16]

Domestic News - The penetration rate of new energy vehicles in China reached 44.3% in the first half of the year, marking a historical high for the same period [1] - The China Machinery Industry Federation reported that the added value of large-scale machinery enterprises increased by 9% year-on-year, outpacing the national industrial and manufacturing growth rates by 2.6 and 2 percentage points respectively [1] - The Ministry of Commerce indicated that the total service trade import and export volume reached 38,872.6 billion yuan in the first half of 2025, with a year-on-year growth of 8.0% [1] Policy Initiatives - The Shanghai Municipal Government announced financial support measures for enterprises investing in basic research, offering a one-time subsidy of 10 million yuan for those with annual investments of 100 million yuan or more [2] - The Hainan Provincial Government released a three-year action plan (2025-2027) to develop a modern industrial system, focusing on financial reforms and cross-border capital flow facilitation [2]

上海市人民政府办公厅印发《上海市支持企业加强基础研究 增强高质量发展新动能的若干措施》。其 中提到，支持企业设立基础研究公益基金。支持企业和社会力量设立基础研究公益基金会，引导带动全 社会捐赠支持基础研究事业。对基础研究公益基金会支持的基础研究项目，按照基金会投入的50%给予 共同支持。鼓励高校基金会拓展资助方向，进一步加强对基础研究的资助。 ...

上海市人民政府办公厅印发《上海市支持企业加强基础研究 增强高质量发展新动能的若干措施》，其 中指出，支持企业持续加大基础研究投入力度。支持企业加大基础研究投入力度，加强技术储备。基础 研究投入达到或超过1亿元/年的企业，给予一次性财政补助1000万元；5000万元（含）至1亿元（不 含）/年的企业，给予一次性财政补助500万元；1000万元（含）至5000万元（不含）/年的企业，给予 一次性财政补助200万元。 ...

Core Viewpoint - The Shanghai Municipal Science and Technology Commission has issued a notice to optimize the management of the "Explorer Program" to encourage leading technology enterprises to play a role as both "questioners" and "evaluators" [1] Group 1: Program Overview - The "Explorer Program" is a collaborative funding initiative co-financed by the Shanghai Municipal Science and Technology Commission and other partners, aimed at supporting basic research aligned with key and future industry needs in Shanghai [1] - The program is designed to promote fair competition across the city, ensuring that all participants have equal opportunities [1]

Core Viewpoint - The concept of "long-termism" is emphasized by researchers in basic science, highlighting the importance of patience and sustained effort in achieving significant scientific breakthroughs [1]. Group 1: Long-termism in Basic Research - Basic research aims to explore the unknown and can lead to original innovations that may disrupt existing theories or technologies [1]. - Researchers, including Zhao Hongwei, are adopting a long-term approach to address the challenges of slow and difficult progress in basic research [1]. - The focus is on selecting research directions with genuine scientific value that can inspire long-term enthusiasm, rather than expecting immediate returns [1]. Group 2: Attitude Towards Research - Researchers view each step of exploration as an accumulation towards core goals, actively seeking certainty amid uncertainty [1]. - The mindset involves enduring solitude and enjoying the process, accumulating current achievements to build momentum for the future [1]. - There is an expectation for more researchers to anchor their long-term goals and delve deeply into "real problems" in the field of basic research [1].