1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Zhejiang Province has prominent regional advantages, a well - developed economy and finance, and a relatively low government debt burden. It is accelerating industrial transformation and upgrading and has received strong policy support [3][5]. - Although the general public budget revenues of all prefecture - level cities in Zhejiang Province have increased, the government - funded budget revenues have declined due to the real estate industry. The government debt scale of each city has increased, with Hangzhou having a relatively light debt burden [3]. - Zhejiang has a large number of urban investment enterprises with outstanding bonds and a large bond outstanding scale, mainly concentrated in the cities around the Hangzhou Bay Greater Area. Affected by the debt - resolution policy, the issuance scale of urban investment bonds in Zhejiang declined in 2024, and the financing was in a net outflow state. Since 2025, the issuance term has been further extended, and the financing has turned into a net inflow [3]. - The total debt of urban investment enterprises in Zhejiang has continued to grow, with the debt structure mainly relying on bank financing. In 2026, the maturity scale of urban investment bonds in Taizhou is relatively concentrated. In 2024, Huzhou and Shaoxing had relatively high regional debt pressures [4]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development in Zhejiang Province - Zhejiang has prominent regional advantages, with well - developed transportation infrastructure, a significant port economy, a continuous net inflow of permanent residents, and a high urbanization rate. In 2024, its GDP ranked fourth in the country, and its per - capita GDP ranked fifth. In the first half of 2025, its GDP continued to grow at a rate higher than the national average [5][7][8]. - The industrial structure is dominated by the secondary and tertiary industries, with the proportion of the tertiary industry continuously increasing. The province has a solid industrial foundation, a well - developed private economy, and is steadily developing new productive forces. It is accelerating the construction of the "415X" advanced manufacturing cluster and focusing on cultivating future industries [9][11][14]. - A series of policies have provided strong support for Zhejiang's economic development. The province has completed the "14th Five - Year Plan" with high quality. By the end of 2025, its economic aggregate is expected to reach about 9.5 trillion yuan, and the per - capita GDP is expected to exceed 20,000 US dollars [16][18]. 3.1.2 Fiscal Strength and Debt Situation in Zhejiang Province - Zhejiang has strong fiscal strength. In 2024, its general public budget revenue ranked third in the country, with high revenue quality and fiscal self - sufficiency rate. Although the government - funded revenue continued to decline, it still contributed significantly to the local comprehensive financial resources. In the first half of 2025, the general public budget revenue changed little year - on - year, but the revenue quality declined [20]. - The provincial government's debt burden is relatively low in the country. In recent years, the local government debt scale has been increasing, with the debt balance ranking fourth in the country at the end of 2024. The local government debt ratio and debt - to - GDP ratio have been rising [21]. - Zhejiang has continued to receive debt - resolution policy support. In 2024 and from January to September 2025, it issued special refinancing bonds of 10.9 billion yuan and 8.14 billion yuan respectively. In 2025, it applied for a new government debt quota of 378.8 billion yuan [23]. 3.2 Economic and Fiscal Strength of Prefecture - Level Cities in Zhejiang Province 3.2.1 Economic Strength and Industrial Situation of Prefecture - Level Cities in Zhejiang Province - Most prefecture - level cities in Zhejiang have a per - capita GDP higher than the national average, but the economic development elements are unevenly distributed, and the GDP gap between cities is large. The economic vitality increases from the southwest to the northeast. The pillar industries of cities around the Hangzhou Bay Greater Area are manufacturing, with many national industrial parks and listed companies [25]. - The cities around the Hangzhou Bay Greater Area and in the southeast mainly have manufacturing as their pillar industries, while those in the southwest mainly rely on the tertiary industry. Each city has its own dominant and emerging industries [27][29]. - In 2024, the GDP of Hangzhou and Ningbo exceeded 2 trillion yuan and 1.8 trillion yuan respectively, accounting for more than 44% of Zhejiang's GDP. Except for Hangzhou, the GDP growth rates of other cities were higher than the national average. The per - capita GDP of cities around the Hangzhou Bay Greater Area was significantly higher than that of other regions [32][33]. 3.2.2 Fiscal Strength and Debt Situation of Prefecture - Level Cities in Zhejiang Province - The general public budget revenues of all prefecture - level cities in Zhejiang have increased, but the scale gap is significant. Hangzhou and Ningbo lead by a large margin. Affected by the real estate industry, the government - funded budget revenues of all cities have declined. Cities with low fiscal self - sufficiency rates rely more on superior subsidies [34]. - The fiscal self - sufficiency rates of prefecture - level cities are highly polarized. In 2024, Hangzhou had a fiscal self - sufficiency rate close to 100%, while Quzhou and Lishui had rates of only 32% and 30% respectively [36]. - The government debt scale of each prefecture - level city has increased, with Hangzhou having a relatively light debt burden. Except for Hangzhou, the local government debt ratios of other cities exceeded 100% in 2024. Zhejiang is continuing to prevent and resolve local debt risks [38][41][43]. 3.3 Debt - Repayment Ability of Urban Investment Enterprises in Zhejiang Province 3.3.1 Overview of Urban Investment Enterprises in Zhejiang Province - As of the end of September 2025, there were 479 urban investment enterprises with outstanding bonds in Zhejiang, an increase of 22 compared to the end of October 2024. The administrative levels of these enterprises are mainly concentrated at the district - county level, and most are located in cities around the Hangzhou Bay Greater Area. The main credit ratings are AA and AA+ [44]. 3.3.2 Issuance and Outstanding Situation of Urban Investment Bonds in Zhejiang Province - Affected by the debt - resolution policy, the issuance scale of urban investment bonds in Zhejiang declined in 2024, but the outstanding scale remained large, mainly concentrated in cities around the Hangzhou Bay Greater Area. The financing of urban investment bonds showed a net outflow. Since 2025, the issuance term has been further extended, and the financing has turned into a net inflow [48]. - In 2024, the number and scale of urban investment bond issuances in Zhejiang decreased by 16.13% and 19.78% respectively compared to the previous year. From January to September 2025, the number and scale of issuances decreased by 11.04% and 17.65% respectively compared to the same period in the previous year [49]. - In 2024, the issuance term of urban investment bonds in Zhejiang shifted to long - term. From January to September 2025, the proportion of 5 - year bonds increased by 5.2 percentage points compared to the whole year of 2024 [50]. - In 2024, the net financing of urban investment bonds in Zhejiang turned negative, with a net outflow of about 2 billion yuan. From January to September 2025, it turned into a net inflow of 1.4051 billion yuan [52]. - As of the end of September 2025, the outstanding scale of urban investment bonds in Zhejiang was 200.61 billion yuan, with Hangzhou having the largest balance [55]. 3.3.3 Analysis of the Debt - Repayment Ability of Urban Investment Enterprises in Zhejiang Province - The total debt of urban investment enterprises in Zhejiang has continued to grow, with the debt structure mainly relying on bank loans. In 2026, the maturity scale of urban investment bonds in Taizhou is relatively concentrated. At the end of 2024, the coverage of short - term debt by cash - like assets decreased. Since 2024, the cash flow from financing activities has remained in a net inflow state, indicating strong financing ability [57]. - As of the end of 2024, the total debt of urban investment enterprises in Zhejiang reached 8.25 trillion yuan, a year - on - year increase of 11.9%. As of the end of June 2025, it increased by 6.6% compared to the end of 2024 [58]. - As of the end of 2024, bank financing accounted for 62.9% of the total debt of urban investment enterprises in Zhejiang, with the proportion continuously increasing. The proportion of bond financing in Shaoxing, Huzhou, and Zhoushan exceeded 30%, and the proportion of other financing in Jinhua and Zhoushan exceeded 15% [58]. - As of the end of September 2025, the scale of urban investment bonds due in 2026 and 2027 was about 700 billion yuan and 450 billion yuan respectively, accounting for about 36% and 23% of the total. The proportion of bonds due in Taizhou in 2026 was 46.7%, relatively concentrated [61]. - As of the end of June 2025, the total debt capitalization ratio of urban investment enterprises in each prefecture - level city increased, all exceeding 50%, with those in Shaoxing, Jinhua, and Taizhou exceeding 60% [61]. - At the end of 2024, the coverage of short - term debt by cash - like assets of urban investment enterprises in Zhejiang decreased compared to the end of 2023. As of the end of June 2025, the cash - to - short - term debt ratio of each city increased compared to the end of the previous year, but except for Ningbo and Wenzhou, it was still lower than that at the end of 2023 [63]. - In 2024, the cash flow from financing activities of urban investment enterprises in Zhejiang remained in a net inflow state, but the net inflow scale decreased year - on - year. In the first half of 2025, it still maintained a net inflow state, and the net inflow of Shaoxing, Quzhou, and Zhoushan exceeded the whole - year level of 2024 [63][64]. 3.3.4 Support and Guarantee Ability of Fiscal Revenues of Prefecture - Level Cities in Zhejiang for the Debt of Bond - Issuing Urban Investment Enterprises - Among the prefecture - level cities in Zhejiang, the scale of "local government debt + total debt of bond - issuing urban investment enterprises" in Hangzhou is the largest, followed by Ningbo, Shaoxing, Huzhou, and Jiaxing. The ratio of "local government debt + total debt of bond - issuing urban investment enterprises" to comprehensive financial resources in most cities exceeds 400%, with Shaoxing and Huzhou approaching 1000%, indicating relatively high regional debt pressures [65].

文/ 资本市场学院研究员 徐雅婷 ，中国人民大学深圳研究生院专职研究员 邢洋 为促进健全因地制宜发展新质生产力体制机制，支持构建同科技创新相适 应的科技金融体制，本文从产业金融供给、产业政策支持、产业生态构建 三个 维度对比 分析了 北 上 深津 常 以科 技金 融赋 能合 成生 物产 业发 展 的做 法，认为目前仍存在早期企业股权融资不足、银行信贷支持额小期短等问 题，建议下一步可在采取多维金融赋能方式、推动政策供给实施、完善产 业生态建设等方面支持合成生物产业发展。 习近平总书记强调，"要做好科技金融这篇文章，引导金融资本投早、投小、投长期、投硬科技"。《中共中央关于进一步全面深化改革、推进中国式现代 化的决定》提出要"建立未来产业投入增长机制"。目前，我国已初步建成了包括创业投资、银行信贷、保险、股票市场和债券市场等在内的多层次科技金 融服务体系，为新质生产力的形成与发展提供着强劲动力。然而，目前对科技金融赋能未来产业发展的逻辑和实践相关总结较为缺乏，本文基于合成生物 产业的特点，梳理科技金融赋能未来产业的逻辑与实践，在总结相关经验基础上提出政策建议。 科技金融赋能未来产业的逻辑 科技金融赋能未来产业的 ...

Core Insights - The 2024 innovation index for Yangpu District, Shanghai, shows an 8.3% increase compared to the previous year, indicating a continuous accumulation of innovative resources and an enhancement of the innovation environment [1] - Yangpu's innovation index has maintained stable growth over the past nine years, with an average annual compound growth rate of 12.9% [1] Group 1: Innovation Investment and Talent - In 2024, Yangpu's local fiscal expenditure on science and technology reached 2.362 billion yuan, a year-on-year increase of 21.9%, accounting for 8.6% of the general public budget, which is 2.2 percentage points higher than the Shanghai average [1] - The R&D investment intensity in Yangpu for 2024 is 4.83%, up by 0.51 percentage points, exceeding the Shanghai average by 0.48 percentage points, indicating enhanced technological innovation capabilities [1] - The number of high-level talents in Yangpu reached 1,246 in 2024, reflecting an 11.5% year-on-year growth, showcasing a stable "talent pyramid" structure [1] Group 2: Development of Innovation Entities - Yangpu has established a multi-dimensional cultivation system for innovative enterprises, with 12 provincial and ministerial-level technology business incubators in 2024, a 9.1% increase [2] - There are 45 specialized technical service platforms in Shanghai, up by 15.4%, providing professional support for enterprise innovation and reducing innovation costs [2] - The number of enterprise technology centers has reached 111, serving as key carriers for the regional technological innovation system [2] Group 3: Innovation Output and Economic Transition - The transaction amount of technology contracts in Yangpu for 2024 is 23.09 billion yuan, a 16.4% increase, indicating improved liquidity and activity in the technology factor market [3] - The number of invention patents per 10,000 people in Yangpu is 152, a 7.0% year-on-year increase, with high-value invention patents exceeding the Shanghai average by 2.1 [3] - The digital economy in Yangpu is rapidly developing, with over 30% of total enterprises being digital companies and contributing more than 40% to total tax revenue [3] Group 4: Optimizing Innovation Ecosystem - Yangpu is focused on creating a "tropical rainforest" style innovation ecosystem, continuously upgrading its business environment to enhance enterprise confidence [3] - The district is committed to deepening its digital economy and strategically planning for future industrial tracks, promoting the integration of technological and industrial innovation [3]

Core Insights - The 20th China Economic Forum was held in Guangzhou, focusing on promoting Chinese-style modernization and high-level opening-up [1] Group 1: Manufacturing Industry - By the end of the 14th Five-Year Plan, China's manufacturing industry accounted for over 30% of the global share, making it the third country to reach this milestone after the UK and the US [3] - China has shed the label of being "large but not strong" in manufacturing, leading in five out of the ten most important manufacturing sectors and keeping pace in the other five [5] - Despite significant progress, the manufacturing sector still faces three major issues: high energy consumption, low profits, and low total factor productivity, which need to be addressed through the development of new quality productivity [5] Group 2: Strategic Emerging Industries - Investment in strategic emerging industries such as new energy, new materials, biomedicine, high-end equipment, and artificial intelligence is projected to attract at least 100 trillion yuan from the 15th Five-Year Plan until 2040 [5] - Guangdong has established nine trillion-level industrial clusters, including new-generation electronic information and advanced materials industries, with emerging industries like AI and autonomous driving rapidly developing [5][7] Group 3: Service Trade and Economic Development - The average growth rate of China's productive service industry during the 14th Five-Year Plan was around 12%, nearly three times the GDP growth rate [11] - China's service trade has become the second largest globally, with significant potential for growth as it has maintained a long-term trade deficit in this sector [11] - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a key area for expanding service trade and exploring institutional openness [13][16] Group 4: Future Economic Outlook - The Greater Bay Area is expected to become the world's largest economic and innovation center by 2035 if the 11 cities within it further integrate [16] - The 15th Five-Year Plan is seen as a strategic opportunity for Chinese companies to transition from "Chinese leaders" to "global giants" [13]

新华社北京11月18日电（记者周圆）"十五五"规划建议明确"前瞻布局未来产业"，其中提出推动脑机接 口等成为新的经济增长点。这将进一步推动脑机接口从实验室向产业化阶段迈进，让"心想事成"成为科 技赋予的可能。 何为脑机接口？ 创新成果持续涌现、应用探索不断深入，脑机接口市场规模正在进一步扩大。数据显示，预计到2027年 我国脑机接口市场规模将超过55亿元。 为让新技术稳妥驶上"快车道"，政策方面也在不断发力。 许多人对脑机接口的理解，源自科幻电影：脑后接入线缆，就能在虚拟世界"畅游"；用"意念"操控飞行 器…… 2025年7月，工业和信息化部等七部门联合印发关于推动脑机接口产业创新发展的实施意见，提出到 2027年，脑机接口关键技术取得突破；到2030年，综合实力迈入世界前列。国家医保局印发《神经系统 类医疗服务价格项目立项指南（试行）》，设立了侵入式脑机接口置入费、取出费等价格项目。北京、 上海等地发布行动方案，针对脑机接口领域的监管政策、产业集群等给出发展方向…… "脑机接口工作机理并不复杂，捕捉大脑电信号的微妙变化、解码大脑意图、实现'意念'控制'动作'，不 动手也能隔空操控机器。"北京脑科学与类脑研究 ...

会议强调，高校要强化有组织科研，坚持需求导向，建强大学科技园、中试基地等转化载体，提升 人才供给适配度，让更多科技成果尽快转化为现实生产力。职业学校要把牢办学方向，提升办学治校水 平，推动现代职业教育高质量发展。 会议还研究了其他事项。 会议传达学习习近平总书记在听取海南自由贸易港建设工作汇报时的重要讲话、在广东考察时的重 要讲话、会见国际奥委会主席考文垂和终身名誉主席巴赫时的重要讲话精神。会议指出，要深入贯彻党 的二十届四中全会精神，坚定不移推动高质量发展，进一步深化改革扩大开放，全力做好民生保障工 作，纵深推进政府系统全面从严治党。要高标准高质量做好"十五冬"各项筹备工作，办好东北地区城市 足球联赛，积极开展大众冰雪赛事、冰雪活动，推动文旅体商深度融合。 会议强调，要充分认识全省经济长期向好潜力足、韧性强，坚定信心、增强本领，锚定目标、全力 冲刺，尽最大努力，争取最好结果，确保"十四五"收好官、"十五五"开好局。要聚焦重点领域持续发 力，继续稳车稳钢稳油，盯紧重点行业重点企业，完善"一对一"跟踪服务机制，引导支持企业加快智改 数转，强链补链延链；推动科技创新和产业创新深度融合，培育壮大新兴产业和未来产业； ...

略性新兴产业 55 未来产业 ll F Read www. . . . . . . . : " 规划事调 = = = = = = = 小伙伴们好,我是汇小鲸。近 "十五五" 规划建议全文已 日, 发布，这意味着未来五年中国 发展的总蓝图已经绘就! 哪些领域是重点、投资风口在哪 里? 今天，特邀"鲸专家"，为 大家划重点、指方向! 鲸专家，"十五五"和我们普 通投资者有什么关系呀? "十五五" 是2035年基本实现社 会主义现代化承上启下的关键五 年。看懂它，才能抓住未来的投 资主线。 培育壮大新兴产业和未来产业 A 这些新兴产业会带来多大市场? 这些集群将催生数个万亿级甚至 更大规模的市场。 这些未来产业呢? 这些产业蓄势发力，未来10年新增规 模相当于再造一个中国高技术产业。 #++<+Alt+612=11/9/1462&&older= 164/J/イ1×297/11/1 11:17:17 171/71/77/2 创新链条 美健技术 真做 F 15:55 研究 007 33 000 科技攻关具体瞄准哪些"硬骨头"? 要全链条推动集成电路、工业母机、 高端仪器等重点领域关键核心技术攻 关取得决定性突破。 企业 ...

Core Viewpoint - Liuyang is strategically focusing on "strong industry city" initiatives, leveraging Jinyang Science and Technology City to develop future industries, particularly in biomedicine, artificial intelligence, and air economy [2][15]. Group 1: Innovation and Industry Development - Jinyang Science and Technology City is witnessing a surge in innovation, with projects like the modernized traditional Chinese medicine and a new class of macromolecular anti-cancer drugs expected to break new ground in Liuyang's pharmaceutical sector [2][4]. - The establishment of the "Three-Year Action Plan for the Development of Liuyang's Biopharmaceutical Industry Chain (2025-2027)" aims to provide policy incentives, including rent exemptions and subsidies for R&D investments [5][6]. - Warner Pharmaceutical, a leading biopharmaceutical company in Liuyang, has significantly increased its R&D investment to 158 million yuan in 2024, marking a 53.45% increase from the previous year [6]. Group 2: Digital Transformation - Liuyang is actively promoting digital transformation in traditional industries, exemplified by the implementation of AI systems in manufacturing, which has drastically reduced safety inspection times from 10 minutes to 30 seconds [8][11]. - The integration of AI and automation in companies like Lens Technology and Huike Optoelectronics is enhancing production efficiency and product quality, contributing to the growth of the electronic information and high-end manufacturing sectors [9][10]. Group 3: Transportation and Logistics - The proximity to Huanghua Airport is a key advantage for Liuyang's future industry layout, with plans for a 30-square-kilometer air economic zone focusing on biopharmaceutical logistics and cross-border e-commerce [12][13]. - The construction of transportation infrastructure, including the Chang-Liu Maglev line, aims to create a "25-minute air circle," facilitating efficient logistics for high-demand products [13][14]. Group 4: Policy Support and Talent Attraction - Liuyang's government has established a comprehensive policy framework to support the entire lifecycle of enterprises, resulting in the addition of 261 new high-tech enterprises in 2024 [15]. - The city is actively attracting high-level talent, having recruited over 120 professionals and numerous overseas returnees, enhancing its innovation capabilities [15][16].

Group 1 - The core focus of the article is on the development of a modern industrial system in China during the "14th Five-Year Plan" period, emphasizing the integration of technological and industrial innovation to strengthen the real economy [9][10][12] - The article highlights the importance of traditional industries, such as steel and pharmaceuticals, in driving economic growth and their ongoing transformation through digitalization and automation [12][13][14] - The article mentions that since 2016, companies like Hunan Huazhong Steel have been implementing smart manufacturing solutions, resulting in significant efficiency improvements, such as reducing the steel slab rotation time from 6.7 seconds to 3.93 seconds [12][13] Group 2 - The article discusses the emergence of new and future industries, particularly in sectors like renewable energy, aerospace, and low-altitude economy, as part of the strategic focus for the "14th Five-Year Plan" [15][16] - Companies like Hidi Intelligent Driving Technology are capitalizing on market demands for automation in hazardous environments, such as mining, with significant policy support driving growth in this sector [16][18] - The article notes that the humanoid robot market in China is expected to reach approximately 870 billion yuan by 2030, indicating rapid growth in the robotics sector [17] Group 3 - The article emphasizes the need for collaborative innovation among government, enterprises, and research institutions to create a conducive environment for the development of a modern industrial system [19][20] - It highlights the establishment of over 230 excellent smart factories and 1,260 5G factories in China since the beginning of the "14th Five-Year Plan," showcasing the country's commitment to advancing its manufacturing capabilities [13][19] - The article points out that the value added by the "new economy" is projected to exceed 18% of GDP by 2024, indicating a significant shift towards new industries and business models [18][22]

Core Insights - The article highlights the strategic development of Nansha District in Guangzhou as a key platform for comprehensive cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to enhance its global presence [1][2]. Group 1: Innovation and Technology - Nansha is fostering innovation by collaborating with Shenzhen and Dongguan to establish a comprehensive national science center in the Greater Bay Area [1]. - The unveiling of the Hong Kong University of Science and Technology (Guangzhou) innovation and entrepreneurship community aims to facilitate the transformation of scientific achievements [1]. - The establishment of the Bay Area Artificial Intelligence Industry Innovation Alliance, initiated by Hong Kong University of Science and Technology and Huawei, signifies a push towards advanced technology development [1]. Group 2: Industrial Development - Nansha is accelerating the construction of a modern industrial system and nurturing emerging industries [1]. - The district has successfully conducted the first clinical application of cell and gene therapy for thalassemia in the country, showcasing advancements in future industries [1]. Group 3: Talent and Youth Engagement - A new professional title evaluation system for engineering talents from Hong Kong and Macao has been established, with 27 professionals receiving mainland titles [1]. - The creation of 19 youth innovation bases, including the Guangdong-Hong Kong-Macao (International) Youth Innovation Workshop, has led to the establishment of 2,670 enterprises and projects [1].