以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 上周基金重点事件回顾丨04.27-05.11 睿兽分析每周整理最值得关注的 基金重点事件 ，帮 助大家及时了解全球私募股权基金市场动向。 政府引导基金 光谷人才二期基金成功设立 金进行公示，公示期为2025年4月30日至2025年5月9日（含），公示期为5个工作日。任何单位和个人如 对公示项目有异议，可在公示期内以书面形式提出，并列举异议理由和相关证明材料。以个人名义提出 的，需写明自己的真实姓名、单位、联系地址及联系方式等；以单位名义提出的，需加盖单位公章。原 则上匿名异议不予受理。 （石景山金融） 江苏南通高端装备产业专项母基金招GP 江苏省战略性新兴产业母基金与南通市共同出资设立20亿元高端装备产业专项母基金，现启动第一批子 基金管理机构公开遴选。该基金采用有限合伙制，存续期15年（投资期8年+退出期7年），重点投资机器 人、工业母机、商业航天等高端装备领域。基金要求子基金规模不低于5亿元，注册在江苏省内，对省内 企业投资不低于政府出 ...

Core Insights - The total industrial output value of the semiconductor and integrated circuit industry in Songshan Lake has exceeded 30 billion yuan [1] - More than 60 upstream and downstream enterprises have gathered in the region, including 39 enterprises above designated size, covering R&D design, packaging testing, equipment, and materials [1] - Songshan Lake is actively building a "1+4+1+X" industrial system, positioning the semiconductor and integrated circuit industry as one of the four strategic emerging industries [1] Industry Development - The semiconductor and integrated circuit industry in Songshan Lake has established a relatively complete industrial chain [1] - A dedicated task force for the semiconductor and integrated circuit industry has been established to coordinate resources and assist in overcoming bottlenecks and enhancing development quality [1]

Core Insights - In 2024, the number of cities in China with a GDP exceeding 1 trillion yuan has expanded to 27, contributing over 40% of the national economic output while occupying less than 3% of the country's land area [2][7][11] - The emergence of these trillion-yuan cities is reshaping regional economic dynamics and providing new growth opportunities for industries such as the liquor sector, which must adapt to a competitive landscape focused on high growth, high-value consumers, and demographic advantages [4][25][38] Economic Growth and Structure - All 27 trillion-yuan cities achieved positive GDP growth, with 19 cities outpacing the national growth rate of 5%, and 7 cities exceeding 6% growth, led by Quanzhou at 6.5% [11][21] - The top five cities—Shanghai, Beijing, Shenzhen, Chongqing, and Guangzhou—each surpassed 3 trillion yuan in GDP, with Shenzhen being the first to exceed 5 trillion yuan [12][15] - The competition among mid-tier cities remains intense, with cities like Hangzhou and Wuhan, as well as Ningbo and Tianjin, closely vying for position [13][15] Population and Consumption Trends - The liquor industry is encouraged to focus on high-growth regions, as all 27 cities are located east of the Hu Huanyong Line, with a significant concentration in the Yangtze River Delta and Pearl River Delta [25] - In terms of disposable income, 26 of the 27 cities have surpassed the national average of 41,314 yuan, with Shanghai, Beijing, Guangzhou, and Shenzhen exceeding 80,000 yuan [25][28] - Population dynamics reveal that Chongqing leads with over 31 million residents, while cities like Shanghai, Beijing, and Chengdu also boast populations exceeding 20 million, indicating substantial market potential [28][30] Industry Opportunities - The liquor industry can capitalize on the economic vitality, consumer spending power, and demographic advantages presented by these trillion-yuan cities [25][38] - The focus should be on linking traditional business practices with emerging demands in new industries, as many cities are prioritizing the development of strategic emerging industries such as AI, biomedicine, and new materials [38][39] - The need for the liquor industry to evolve its market strategies is emphasized, as traditional business functions are diminishing in importance within these new economic contexts [39]

Group 1 - The acquisition attempt by Ningbo Fuda, which began in January, was seen as a typical case of real estate companies transitioning into the new energy sector, but it has been halted after four months of due diligence and negotiations [1][3] - Ningbo Fuda planned to acquire at least 45% of Jingxin Materials' equity in cash and aimed to gain control through voting rights arrangements, but differences in valuation and resource integration led to the rational termination of the cooperation [3][4] - The company emphasized that the termination of this acquisition will not affect its existing business and committed to not initiating any restructuring within a month [3] Group 2 - Ningbo Fuda has faced continuous performance pressure, with its revenue declining from 45.6 billion yuan in 2019 to an estimated 17 billion yuan in 2024, and net profit dropping from 4.3 billion yuan to 2.1 billion yuan [4] - In the first quarter of this year, excluding the impact of the previous year's fuel oil business divestiture, revenue growth rebounded to 9.75%, but concerns remain regarding the cement business due to a slowdown in infrastructure [6] - The trend of real estate companies transitioning into new energy and semiconductor sectors has been observed, with over 10 A-share real estate firms announcing business transformations in 2023, reflecting a shift from previous diversification into finance and entertainment [7] Group 3 - Capital market reactions to such transformations are complex, as evidenced by Ningbo Fuda's stock price, which initially surged after the acquisition announcement but subsequently fell by 25% over four months [7] - The current silver paste industry is undergoing a technological transformation, with new battery technologies reducing silver consumption, posing challenges for companies to adapt and innovate [9] - The case of Ningbo Fuda illustrates the boundaries of rational transformation, highlighting the importance of prudent risk assessment during the due diligence process and the need for companies to build genuine value creation capabilities [9]

为什么选择北京？"只用一杯咖啡的时间，就能集齐人才、技术、资本"——来自一线的心声，道出了答 案。一方面，北京科技人才资源得天独厚，90余所高校、1000多家科研院所、70余个全国重点实验室汇 聚于此，构成了创新创造的源头活水；另一方面，"北京服务"品牌持续擦亮，连续8年推出1500余项举 措全面升级营商环境，针对性地发布"独角兽10条"，构建起了专项政策、管家服务、创新培育、前瞻孵 化的四位一体培育体系。可以说，在独角兽企业的培育上，北京涵养了一张蓝图绘到底的耐心与定力， 坚持着长周期布局助推裂变式发展，形成了具有内生动力的发展生态。 京平 沿着习近平总书记指引的方向，北京踔厉奋发、勤耕不辍，科技创新取得了历史性成就，独角兽企业的 数量和估值已连续多年保持全国第一、世界前三。这一先锋力量成为北京建设国际科技创新中心的重要 支撑，展现着首善之区在中国实现高水平科技自立自强征程中的担当作为。 所谓独角兽企业，一般指成立不超过10年，总估值10亿美元以上且具备独有核心技术、独特竞争优势和 市场潜力的未上市公司。这些企业是新质生产力的典型代表，也是提升国际竞争力和区域竞争力的重要 市场主体。这些年，在北京这方沃土上 ...

Core Insights - The overall performance of listed companies in 2024 showed resilience, with a total revenue of 1.71 trillion yuan, a year-on-year increase of 0.88%, and a net profit of 65.58 billion yuan [1] - Nearly half of the listed companies reported net profit growth, with over 20% achieving growth rates exceeding 50% [1] - The average debt financing cost for listed companies decreased from 4.24% to 3.99%, indicating a reduction in financing costs for small and medium-sized enterprises [2] Group 1: Company Performance - As of April 30, 2025, 5,844 listed companies disclosed their annual reports, with significant contributions from companies with net profits exceeding 50 million yuan, accounting for 60% of total profits [1] - In 2024, the average revenue growth rate for private enterprises was 3.15%, surpassing the market average [1] - In the first quarter of 2025, 78 listed companies reported a total revenue of 893.9 million yuan, with 45 companies experiencing revenue growth [1][2] Group 2: Industry Trends - The consumer goods, automotive, and entertainment sectors showed overall positive performance, with the automotive industry experiencing a net profit compound growth rate of 44% over the past two years [2] - The entertainment industry benefited from digital consumption transformation, achieving a net profit growth of 35.11% in 2024 [2] - The transportation sector saw a significant net profit increase of 67.15% in 2024, driven by enhanced consumer travel willingness [2] Group 3: R&D and Innovation - Total R&D investment by listed companies reached 61.016 billion yuan in 2024, maintaining growth for three consecutive years, with an average R&D intensity of 3.57% [4] - More than 30% of listed companies invested over 10 million yuan in R&D, and nearly 20% had an R&D intensity exceeding 10% [4] - The number of national-level specialized and innovative "little giant" enterprises on the New Third Board reached 1,119, accounting for 7.65% of the total [4] Group 4: Market Dynamics - The Beijing Stock Exchange has seen a continuous increase in the number of newly listed companies, with 1,058 added in the past three years [5] - Newly listed companies in 2024 had average revenues and net profits 2.15 times and 5.24 times higher than the overall market, respectively [5] - The total scale of mergers and acquisitions among listed companies reached 8.479 billion yuan in 2024, a year-on-year increase of 34.33% [5]

Group 1 - The core viewpoint of the article emphasizes the importance of utilizing the intellectual property (IP) system to enhance urban innovation capabilities and overall strength, as highlighted in the "China Urban Intellectual Property Index Report 2025" [1][2] - In 2024, the National Intellectual Property Administration will complete various tasks related to the innovation pilot of the business environment, with 34 cities participating in the standardization of IP public services and the establishment of 28 key industry patent databases, significantly boosting urban competitiveness [1][2] - There has been a notable increase in IP creation capabilities, with improvements in IP output levels and conversion efficiency, driven by increased R&D investment and supportive policies in representative cities like Beijing [1][2] Group 2 - The business environment for intellectual property has improved significantly, supported by strong administrative and judicial enforcement, with 16 specific measures outlined to enhance policy support and service guarantees for business entities [2][3] - The urban IP development index reveals disparities between cities and regions, with Beijing, Shenzhen, and Shanghai leading the rankings, while Northeast and Northwest regions lag behind, indicating a correlation between economic development and IP maturity [2][3] - To enhance urban core competitiveness through the IP system, a multi-faceted approach is recommended, focusing on strategic emerging industries, establishing coordination mechanisms for knowledge sharing and IP protection, and improving regional IP strategies [3]

Core Points - The 34th Harbin International Economic and Trade Fair will emphasize three key aspects: gold content, new content, and green content [1][3] Group 1: Gold Content - The fair aims to showcase the new development landscape of Heilongjiang Province and build a comprehensive platform for open cooperation [3] - It will feature government and enterprise delegations from Asia, Europe, Africa, America, and Oceania [3] - Thailand and Mongolia will be the first dual guest countries, with Thai rice and certified projects being highlighted, including free tasting and distribution activities [3] Group 2: New Content - The fair focuses on supporting the development of strategic emerging industries, nurturing future industries, and upgrading traditional industries [3] - It will display technological achievements such as humanoid robots, AI, electronic information, new materials, digital economy, biological economy, and low-altitude economy [3] - The event aims to provide opportunities for exhibitors and buyers to connect on technology cooperation and industrial transformation projects [3] Group 3: Green Content - The fair adheres to green, low-carbon, and environmentally friendly standards, emphasizing the use of eco-friendly materials and energy-saving equipment [3] - The exhibition design will align with green standards, with a reported green construction rate of over 90% [3]

新京报贝壳财经讯（记者黄鑫宇）近日，新三板挂牌公司2024年年报披露工作基本结束。 全国股转公司（即新三板运营主体）官网显示，截至5月8日，新三板共有挂牌企业6065家，其中创新层 企业2183家、基础层企业3882家。 据全国股转公司介绍，2024年，新三板挂牌公司研发投入合计610.16亿元，连续三年保持增长，平均研 发强度3.57%，三成以上公司研发投入超1000万元，近两成公司研发强度超10%。 值得关注的是，新三板当前专精特新特点鲜明。 全国股转公司的数据显示，专精特新企业持续向新三板聚集，共有国家级专精特新"小巨人"企业1119 家，同比增加202家，占全国"小巨人"总数的7.65%。"小巨人"挂牌公司持续深耕产业链关键环节，制造 业占比近七成，广泛分布于电气设备、化工材料、电子通信等领域，聚焦核心零部件、基础元器件、基 础材料等细分产业，助力加快建设制造强国。 近五年来，新三板挂牌企业中的先进制造和现代服务等战略性新兴产业挂牌公司数量持续增加，高端装 备制造产业由88家增至141家，新材料产业由67家增至184家，新一代信息技术产业由132家增至210家， 新能源汽车产业由20家增至70家，生物 ...

Group 1 - The core viewpoint of the article is the establishment of two strategic emerging industry mother funds in Taizhou, Jiangsu, with a total scale of 2 billion yuan, aimed at investing in new materials and health industries [1][2] - The mother funds will operate under a "direct investment + establishment of sub-funds" model, creating a three-tier structure to support the upgrading of traditional industries and the development of emerging industry clusters [1] - The funds aim to leverage social capital to mobilize over 10 billion yuan, focusing on key areas and weak links in the industrial chain, accelerating the transformation of scientific and technological achievements, and nurturing leading enterprises with core competitiveness [1] Group 2 - The next steps involve accelerating the investment deployment of the funds, including the selection of sub-funds and direct investment projects, with a focus on identifying quality targets through intensive visits and due diligence [2] - The initiative aims to contribute financial strength to the high-quality development of local industries and position Taizhou as a distinctive industrial hub in the Yangtze River Delta [2]