11月14日，第五届中国上市公司产业升级高峰会在山西太原举行。会上，国家金融与发展实验室理事 长、中国社会科学院学部委员李扬围绕"'十五五'时期资本市场发展的机遇"发表主题演讲，深入讨论"并 购市场迎来新发展""理财市场大有可为"等话题，系统阐述了并购重组在中国经济存量调整时代的关键 作用，以及理财市场与资产管理的未来趋势等。 国家金融与发展实验室 理事长、中国社会科学院学部委员李扬 图片来源：主办方供图 并购市场呈现新趋势，成为经济结构调整核心引擎 李扬在演讲中指出，当前并购市场正展现出显著的新发展趋势。在互联网与大数据时代，越来越多的创 新企业正积极运用并购手段来构建完整的产业价值生态链。这些企业以达成上市标准为目标，搜寻战略 合作伙伴，共同构建互利共赢的资本结构与商业模式，最终通过并购实现上市目标。 "在科技飞速发展的背景下，并购已成为企业获取前沿技术的有效途径。同时，通过借壳上市、换股并 购等方式，为企业拓宽了上市路径。"李扬表示。 李扬特别强调，要充分发挥并购产生的协同效应，包括经营协同、管理协同和财务协同。 在行业边界日益模糊的当下，跨界并购正成为企业创新发展的重要利器。他指出，并购重组的活跃度不 ...

Core Viewpoint - The company is actively promoting the transformation and upgrading of traditional industries while cultivating and expanding strategic emerging industries, with a forward-looking layout for future industries [2] Group 1 - The company responded to investor inquiries on November 14, indicating its commitment to industry transformation [2] - The company has disclosed specific details regarding its initiatives in an information disclosure announcement [2]

芯联资本日前宣布，其首支主基金完成12.5亿元规模的募集。该支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。 资料显示，作为新能源及半导体领域科技创新领军企业芯联集成的产业投资机构（CVC），芯联资本 依托于半导体"链主"深厚的产业资源，投资策略是以"资本 + 产业"双轮驱动，拓展产业链及构建产业生 态。 在当前募资环境严峻的背景下，芯联资本该期基金在一年不到的时间完成相关规模的募集，且LP阵容 呈现出"产业+资本+政策"的背景组合，实现了高度市场化的LP结构。 目前，该机构已投资包括烁科中科信、芯联动力、君原电子、阿维塔、碧澄新能源、鸿翼芯、瑶芯微、 晶艺半导体等在内的多家半导体与新能源产业链知名公司，并已在机器人、AI等新兴应用领域展开投 资布局，已投资包括超聚变、地瓜机器人、魔法原子、星源智、因时机器人等市场明星项目。 该期基金投资人包括基石出资人芯联集成(688469)，以及上海临港（600848）新片区基金、 孚腾资本、 元禾辰坤、建发新兴基金、 嘉兴国投、南京银行、芯朋微(688508)、富乐德（301297）、江丰电子 （300666），涵盖产业上市公司龙头 ...

Core Insights - The article emphasizes the importance of project investment as a key driver for implementing national strategies, restructuring industries, and enhancing development capabilities [1] - It highlights the shift from scale-driven to quality-driven investment, focusing on optimizing investment structures and enhancing development momentum [2] Investment Growth and Structure - Investment growth is stabilizing, with a projected 3.1% year-on-year increase in 2024, exceeding the city's targets and aligning with national trends [3] - The industrial investment share increased from 24% at the end of the 13th Five-Year Plan to 34.4% in the first three quarters of 2025, indicating a focus on high-quality development [3] - Infrastructure investment share rose from 21.2% to 32.7%, while real estate investment share decreased from 46.8% to 27.6%, reflecting a reduced dependency on real estate [3] Policy Support and Funding - The city has secured a record 355 billion yuan in funding during the 14th Five-Year Plan period, translating policy benefits into developmental outcomes [4] - The focus on national policy directions has led to enhanced disaster resilience and improved living conditions through effective project funding [4] Project Management and Quality - A systematic approach to project management has been established, with a focus on high-quality project planning and execution [5] - The city aims to streamline project approvals, reducing processing times to within 50% of legal limits, thereby enhancing funding utilization efficiency [5] Project Implementation and Innovation - Significant projects such as Sinopec's ethylene plant and Toyota's new energy factory have been completed, showcasing the city's commitment to advancing its industrial base [6] - The city has initiated 18 landmark industrial projects and 28 billion-yuan projects to bolster economic development [7] Future Planning - The city plans to leverage the momentum from the Shanghai Cooperation Organization summit to enhance its development advantages and ensure stable growth in fixed asset investments [10]

Core Insights - China Guoxin is enhancing its core functions and supporting national strategies through diversified investment tools, aiming to be a leader in developing new productive forces [1][2][7] Investment Strategy - Guoxin Fund has invested over 59 billion yuan in strategic emerging industries, achieving full coverage in nine key sectors and over 220 projects [2][3] - The fund focuses on early-stage investments in cutting-edge technologies such as integrated circuits, AI, and renewable energy, emphasizing a long-term investment approach [2][5] Capital Deployment - Guoxin Investment has adopted a concentrated investment model, directing over 400 billion yuan towards strategic emerging industries, with nearly 80% of its investments in this sector [3][5] - The company has supported 29 central enterprises with over 1.4 trillion yuan in funding, enhancing their reform and development [5][6] Financial Services - Guoxin Securities has established a specialized service model for central enterprises, covering 55 enterprises and maintaining a financing scale that constitutes over 30% of its total service [6][9] - The company has facilitated the issuance of sustainable bonds, supporting over 3.2 trillion yuan in bond issuance for state-owned and municipal enterprises [9] Innovation and Ecosystem Development - Guoxin is fostering a "technology-industry-finance" cycle, enhancing the multiplier effect of capital on the industrial chain [5][8] - The company is actively involved in creating a collaborative innovation ecosystem, linking various resources and promoting cross-industry integration [8][9]

21世纪经济报道记者曹媛深圳报道 在我国推动更多国有资本投向实体经济、具备发展基础的战略性新兴产业背景下，央企创投基金陆续成立。 11月13日，21世纪经济报道记者注意到，今年以来，紫荆文化集团有限公司(紫荆文化)、中国资源循环集团有限公司(中资环)、中国稀土集团 有限公司(中国稀土)三家央企，均在深圳设立私募股权基金管理有限公司。 工商信息显示，上述三只央企创投基金暂未有对外投资动作。 21世纪经济报道记者了解到，未来还会有一些央企创投基金落地深圳。 具体来看，11月10日，中稀(深圳)私募股权基金管理有限公司成立，由中国稀土集团创新科技有限公司全资持股。注册资本3000万，经营范围 包括以自有资金从事投资活动、私募股权投资基金管理、创业投资基金管理服务等。 今年8月，香江智景(深圳))私募股权投资基金管理有限公司成立，由紫荆文化集团有限公司全资持股。注册资本12000万，经营范围包括私募股 权投资基金管理、创业投资基金管理服务等。 今年5月，中资环(深圳)私募股权基金管理有限公司成立，由中资环旗下的华润环保投资有限公司全资持股，注册资本10000万。 除落地深圳外，多只"央企创投基金"今年密集落地。如今年 ...

近日，市场监管总局对检验检测促进产业优化升级行动第二批12项重点项目组织验收，各项目均达成预 定目标与要求。上述12个项目聚焦战略性新兴产业攻坚与传统产业提质"双赛道"，在集成电路、高端装 备、低空经济、节能环保等新兴领域，以及农产品、轨道交通等传统民生领域精准发力，通过突破一批 关键检验检测技术瓶颈，为行业高质量发展提供强大支撑。例如，攻克工业母机可靠性测试技术，为高 端装备制造突破"卡脖子"难题提供质量基准；构建集成电路在低轨卫星、遥感卫星、导航卫星等航天领 域应用场景下的可靠性检测技术整体解决方案，加速航天与半导体产业融合；研发低空装备综合性能检 测系统，推动低空经济向质量引领转型发展。 ...

Core Insights - The article highlights the deep collaboration between global industrial capital and local high-quality development in Xi'an, particularly through the investment of Air Products, a leading industrial gas company, which has been actively involved in the city's industrial upgrade since 2012 [1][2]. Group 1: Company Investment and Development - Air Products has significantly increased its investment in Xi'an, aligning its growth trajectory with the city's industrial and urban development [1]. - The company established a gas plant in Xi'an's high-tech zone, covering an area of 55,000 square meters, equipped with two large air separation units and a hydrogen generation unit, supplying ultra-pure nitrogen and oxygen [2][3]. - Over the past decade, the plant has ensured the safe and efficient operation of customer production lines, supporting Xi'an's industrial foundation [3]. Group 2: Industry Integration and Innovation - Air Products is deeply embedded in high-end industrial chains such as semiconductor manufacturing, biomedicine, and renewable energy, providing essential gases that enhance product yield, quality, and environmental performance [2]. - The company is transitioning from serving traditional industries to providing specialized gas solutions for emerging sectors like new energy vehicles and photonics, integrating into Xi'an's modern industrial system [5][6]. Group 3: Government Support and Business Environment - The supportive business environment in Xi'an, characterized by efficient government coordination, has facilitated the company's operations, as noted by Air Products' China Vice President [8][9]. - Xi'an's government has implemented various measures to enhance the investment climate, including a comprehensive service plan for industrial projects that extends from pre-signing to post-production phases [10]. - Air Products actively participates in the Xi'an Foreign Investment Enterprises Association, fostering communication between businesses and the government to address common concerns and promote the city's investment advantages [12]. Group 4: Future Outlook - The company plans to continue focusing on Xi'an's strategic emerging industries by providing high-purity gases and advanced process solutions to support local high-tech manufacturing upgrades [6][7]. - The collaboration between Xi'an and multinational companies is expected to accelerate under the synergy of policies, industries, and capital [12].

今年以来，A股市场震荡攀升，上证指数站上4000点大关，今年以来累计涨幅近两成，A股总市值突破 108万亿元，较去年底增加超20万亿元。 据沪深北交易所数据，截至11月11日，A股总市值达108.27万亿元，较去年底A股总市值（约85.68万亿 元）增加22.59万亿元，增幅26.37%。这一增幅创下近10年同期新高，标志着中国资本市场迈入一个崭 新的发展阶段。 据统计，上交所总市值为646549.45亿元，其中流通市值608948.87亿元；深交所总市值为427161.04亿 元，其中流通市值370235.19亿元；北交所总市值为8994.83亿元，其中流通市值5534.09亿元。其中，电 子、AI产业链、半导体芯片等板块贡献逾八成的增量，凸显了"科技牛"对A股市场的强大拉动力。 回顾历史，A股市值增长可分为四个阶段：初创期（1990年至2005年），总市值从零起步至约3.5万亿 元，年均复合增长率超20%；爆发期（2006年至2007年），股权分置改革驱动市值两年暴增10倍，突破 40万亿元；震荡期（2008年至2018年），全球金融危机与经济转型下，在20万亿元至60万亿元区间徘 徊；改革红利期（201 ...

Group 1: Economic Resilience and Investment Opportunities - Despite external pressures and internal challenges, China's macro economy remains stable and shows progress, with manufacturing PMI consistently in the expansion zone and high-tech industry investment growth maintaining double-digit rates [2] - Predictions indicate that China's GDP growth will stabilize around 5% by 2026, with a gradual decline in the real estate cycle's drag on growth and accelerated clearing of real estate company debt risks [2] - The consumption market is showing stable volume and improved quality, with service consumption recovering and new consumption trends emerging, providing stable support for economic growth [2] Group 2: Market Opening and Investment Space - China's capital market is deepening its high-level institutional opening, facilitating international capital entry and providing a broad platform for overseas investors to share in China's development dividends [4] - The number and quality of A-share listed companies are improving, covering various sectors of the national economy, with a focus on technology-leading enterprises in integrated circuits, biomedicine, and new energy [4] - The bond market in China is expanding in scale and innovating in product types, becoming an important area for foreign capital allocation [5] Group 3: Industry Upgrades and Investment Directions - High-end manufacturing is becoming the main engine of industrial upgrades, reshaping global competitiveness and attracting foreign investment [6] - China is transitioning from a "global manufacturing center" to a "global innovation center," with significant potential in innovation fields such as AI and semiconductors [6] - Companies are adopting multi-layered investment strategies, focusing on local enterprises serving the vast domestic market and supporting Chinese manufacturing to expand globally [7]