霍瑞戎履新上交所副理事长后，首次公开发声！ 9月16日，上交所副理事长霍瑞戎在"2025中国资本市场发展论坛暨上市公司论坛"上透露，上交所已与多家商 业航天、人工智能、低空经济企业开展预沟通，推动第五套标准扩围至相关行业领域。加强投资者适当性管理 方面，目前已有475万户投资者开通科创成长层交易权限。 霍瑞戎透露，接下来，上交所将在中国证监会领导下，以深化投融资综合改革为牵引，加快推进新一轮资本市 场改革，不断增强市场吸引力和包容性，更好服务科技创新和新质生产力发展。 责编：李丹 校对：苏焕文 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 霍瑞戎表示，上交所持续推进"科创板八条""并购六条"等政策落地见效，今年6月以来进一步围绕科创 板"1+6"改革政策，全面加强政策宣贯，积极推动典型案例落地，系统性引导上市公司高质量发展。 据介绍，科创板"1+6"改革政策发布以来，科创板新增受理15家企业IPO申请，其中4家系未盈利企业；在适用 第五套标准方面，1家企业获受理，2家前期已申报企业获注册生效；政策发布至今已有3家未盈利企业注册生 ...

北京商报讯（记者 和岳）9月17日，在国务院新闻办公室举行的"高质量完成'十四五'规划"系列主题新 闻发布会上，国务院国资委副主任袁野，目前中央企业设立的创新基金总规模已经接近千亿元。"十四 五"以来，中央企业在战略性新兴产业的投资达到8.6万亿元，比"十三五"时期大幅提升。 ...

Core Viewpoint - The "14th Five-Year Plan" period is crucial for the high-quality development of central enterprises in China, emphasizing the importance of innovation, modernization, and contribution to national goals [1]. Group 1: High-Quality Development - Central enterprises have shown steady improvement in operational quality, with total assets increasing from less than 70 trillion yuan to over 90 trillion yuan, and total profits rising from 1.9 trillion yuan to 2.6 trillion yuan, achieving average annual growth rates of 7.3% and 8.3% respectively [3][4]. - The operating income profit margin improved from 6.2% to 6.7%, and labor productivity per employee increased from 594,000 yuan to 817,000 yuan, indicating enhanced quality of state-owned assets [3]. Group 2: Technological Innovation - Central enterprises have significantly advanced in technological innovation, with R&D expenditure exceeding 1 trillion yuan for three consecutive years and the investment intensity rising from 2.6% to 2.8% [4]. - They have established 97 original technology sources and 23 innovation alliances, focusing on key areas such as integrated circuits and industrial software, leading to breakthroughs in critical technologies [4]. Group 3: Modern Industrial System - The development of strategic emerging industries has accelerated, with an annual investment growth rate exceeding 20% in new industries, and 30 enterprises actively supporting modern industrial chains [5]. - Digital transformation initiatives have led to the establishment of 1,854 smart factories, with energy consumption and carbon emissions per unit of output decreasing by 12.8% and 13.9% respectively [6]. Group 4: Reform and Governance - The reform of state-owned enterprises has progressed, with strategic restructuring of 10 enterprises and the establishment of 9 new central enterprises, enhancing the efficiency of state capital allocation [6]. - The governance structure has improved, with the integration of party leadership into corporate governance becoming more standardized, and performance assessments tailored to individual enterprises [6]. Group 5: Contribution to National Goals - Since the beginning of the "14th Five-Year Plan," central enterprises have contributed over 10 trillion yuan in taxes and transferred 1.2 trillion yuan in state-owned equity to social security funds [7]. - They have actively participated in major national strategies and infrastructure projects, demonstrating their commitment to national development and disaster response [7].

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the focus of central enterprises on nine strategic emerging industries and six future industries, indicating a significant shift in investment strategy [1] - Since the beginning of the 14th Five-Year Plan, central enterprises have invested 8.6 trillion yuan in strategic emerging industries, marking a substantial increase compared to the 13th Five-Year Plan [1] - There has been notable acceleration in development within sectors such as integrated circuits, biotechnology, and new energy vehicles, alongside breakthroughs in cutting-edge fields like humanoid robots and superconducting quantum computing [1] - The industrial foundation in areas like industrial mother machines and new materials has been strengthened, showcasing a new pattern of industry development characterized by tiered expansion and collaborative progress [1]

"十四五"以来，中国企业500强稳中求进迈出新步伐，发展动能不断增强，在推进产业升级、提升 创新能力、参与国际竞争等方面发挥着重要作用。面对挑战，中国大企业要看到机遇和优势，积极担当 作为，加快建设世界一流企业。 9月15日，中国企业联合会、中国企业家协会发布"2025中国企业500强"（以下简称"企业500强"） 榜单。从这份榜单看，入围门槛实现23连升，达479.60亿元，较上年提高5.79亿元，中国大企业总体呈 现规模总量保持增长、经济效益继续改善、创新活力更加充沛的态势。 人民日报记者 刘志强 核心阅读 发展迈出新步伐，动能又有新提升 "中国大企业积极应对复杂环境带来的挑战，稳中求进迈出新步伐，发展动能又有新提升，在推进 产业升级、提升创新能力、参与国际竞争等方面发挥着骨干和引领作用。"中国企业联合会党委书记、 常务副会长兼秘书长朱宏任介绍。 发展态势向好向优。企业500强实现营业收入110.15万亿元，较上年有所增加；实现归属母公司所 有者净利润4.71万亿元，较上年增长4.39%；千亿规模企业从2020年的222家增加至2024年的267家，增 加45家；15家企业的营业收入超过万亿元门槛。 "十 ...

Group 1 - The historical development of human civilization is closely tied to materials, with significant industrial revolutions relying on specific materials such as steel, non-ferrous metals, and silicon [1] - The materials industry in China had an output value of approximately 8 trillion yuan last year, highlighting its importance as a strategic emerging industry [1] - New materials are considered the driving force behind the development of strategic emerging industries [1] Group 2 - There is a consensus in the industry that "one generation of materials leads to one generation of equipment," emphasizing the foundational role of materials in high-end equipment manufacturing [2] - The performance of battery materials is crucial for the development of the new energy vehicle industry, as it directly impacts driving range [2] - The cost of photovoltaic power generation has decreased by 85% over the past decade, primarily due to advancements in battery materials [2] Group 3 - Future dominant industries such as energy, information, and health are closely related to materials, with challenges like nuclear fusion requiring innovative materials to contain high-energy particles [3] - The development of low-energy consumption artificial intelligence technologies relies on breakthroughs in efficient ion transport materials [3] - Material science innovation must be prioritized in the overall strategy for industrial development to drive transformative changes [3]

Core Insights - The threshold for entering the "2025 China Top 500 Enterprises" list has increased for the 23rd consecutive year, reaching 47.96 billion yuan, up by 579 million yuan from the previous year, indicating a positive trend in the development of large Chinese enterprises [1][2]. Group 1: Business Performance - The top 500 enterprises achieved a total operating income of 11.015 trillion yuan, showing an increase from the previous year [2]. - The net profit attributable to the parent company reached 471 billion yuan, reflecting a growth of 4.39% year-on-year [2]. - The number of enterprises with revenues exceeding 100 billion yuan rose from 222 in 2020 to 267 in 2024, an increase of 45 [2]. - 15 enterprises surpassed the 100 billion yuan revenue threshold [2]. Group 2: Internationalization and Innovation - The threshold for the "2025 China Top 100 Multinational Companies" was set at 22.173 billion yuan, an increase of 2.333 billion yuan or 11.76% from the previous year [2]. - Total overseas assets amounted to 11.96 trillion yuan, with an average multinational index of 15.56%, up by 0.21 percentage points [2]. - The threshold for the "2025 China Top 100 Strategic Emerging Industry Leading Enterprises" was 45.921 billion yuan, an increase of 6.407 billion yuan [3]. - Revenue from strategic emerging businesses reached 14.31 trillion yuan, growing by 11.88% [3]. Group 3: Research and Development - The top 500 enterprises invested 1.73 trillion yuan in R&D, with an R&D intensity reaching a new high of 1.95%, marking an increase for eight consecutive years [3][8]. - The average R&D intensity of the "2025 China Top 100 Innovative Enterprises" rose from 5.27% to 5.61%, an increase of 0.34 percentage points [3]. - R&D investment increased by 32.30% compared to 2020, with significant innovations in fields such as robotics, electric vehicles, solar energy, drones, high-speed rail, and artificial intelligence [8]. Group 4: Structural Optimization - The operating income of the top 500 enterprises grew from 8.983 trillion yuan in 2020 to 11.015 trillion yuan in 2024, a growth of 22.62% [5]. - Total assets increased from 34.358 trillion yuan to 46.085 trillion yuan, a growth of 34.13% [5]. - The net profit of the top 500 enterprises grew by 15.62% during the "14th Five-Year Plan" period [6]. - The per capita operating income for 2024 was 3.4938 million yuan, an increase of 29.89% from 2020 [6]. Group 5: Market Dynamics and Future Outlook - The contribution to total revenue growth from manufacturing, services, and other industries was 40.48%, 40.29%, and 19.23%, respectively [8]. - The distribution of enterprises entering the list has become more balanced, with an increase in the number of enterprises from central regions and a decrease from eastern regions [8]. - The Chinese enterprises are encouraged to enhance their role in the modernization of the industrial system and to invest in foundational research and key technologies [9][10].

Core Insights - Since the "14th Five-Year Plan," China's top 500 enterprises have made significant progress, enhancing development momentum and playing a crucial role in industrial upgrading, innovation capability, and international competition [1][2] Group 1: Performance Metrics - The threshold for entering the "2025 China Enterprise 500" list has increased for 23 consecutive years, reaching 47.96 billion yuan, up by 579 million yuan from the previous year [1] - The top 500 enterprises achieved a total operating income of 11.015 trillion yuan, an increase from the previous year, and a net profit attributable to shareholders of 471 billion yuan, growing by 4.39% [2] - The number of enterprises with revenues exceeding 100 billion yuan rose from 222 in 2020 to 267 in 2024, an increase of 45 [2] Group 2: R&D and Innovation - The top 500 enterprises invested 1.73 trillion yuan in R&D, with an R&D intensity reaching a new high of 1.95%, marking an increase for eight consecutive years [3][4] - The average R&D intensity of the "2025 China Innovation 100" increased from 5.27% to 5.61%, a rise of 0.34 percentage points [3] Group 3: Structural Optimization - The operating income of the top 500 enterprises grew from 8.983 trillion yuan in 2020 to 11.015 trillion yuan in 2024, a growth of 22.62% [4] - The total assets increased from 34.358 trillion yuan to 46.085 trillion yuan, a growth of 34.13% [4] - The contribution to revenue growth from manufacturing, services, and other sectors was 40.48%, 40.29%, and 19.23%, respectively [5] Group 4: Strategic Directions - Chinese enterprises are encouraged to enhance their role in the modern industrial system, focusing on long-term stable investments in basic research and key technologies [7] - The importance of building a new collaborative innovation system that integrates market orientation, industry-academia-research collaboration, and leveraging scale, capital, and talent advantages is emphasized [7] - The need to actively participate in international operations, such as the "Belt and Road" initiative, to enhance the resilience and influence of China's industrial system is highlighted [8]

Core Insights - Since the "14th Five-Year Plan," China's top 500 enterprises have made new strides in seeking progress while maintaining stability, enhancing development momentum, and playing a significant role in industrial upgrading, innovation capability enhancement, and international competition [1][2] Group 1: Performance Metrics - The threshold for entering the "2025 China Enterprise 500" list has increased for 23 consecutive years, reaching 47.96 billion yuan, up by 579 million yuan from the previous year [1] - The total operating revenue of the top 500 enterprises reached 11.015 trillion yuan, showing an increase from the previous year; net profit attributable to shareholders was 471 billion yuan, up by 4.39% [1][3] - The number of enterprises with revenues exceeding 100 billion yuan increased from 222 in 2020 to 267 in 2024, an increase of 45 [1] Group 2: R&D and Innovation - The top 500 enterprises invested 1.73 trillion yuan in R&D, achieving a record R&D intensity of 1.95%, marking an increase for eight consecutive years [2][5] - The average R&D intensity of the "2025 China Innovation 100" increased from 5.27% to 5.61%, an increase of 0.34 percentage points [2] Group 3: Structural Optimization - The operating revenue of the top 500 enterprises grew from 8.983 trillion yuan in 2020 to 11.015 trillion yuan in 2024, a growth of 22.62% [3] - The total assets increased from 34.358 trillion yuan to 46.085 trillion yuan, a growth of 34.13% [3] - The contribution to revenue growth from manufacturing, services, and other sectors was 40.48%, 40.29%, and 19.23%, respectively [5] Group 4: Global Competitiveness - The threshold for the "2025 China Top 100 Multinational Corporations" was 22.173 billion yuan, up by 2.333 billion yuan, or 11.76% from the previous year; total overseas assets reached 11.96 trillion yuan [2] - The average multinational index was 15.56%, an increase of 0.21 percentage points from the previous year [2] Group 5: Future Directions - Chinese enterprises are encouraged to increase long-term stable investments in basic research and key common technologies, leveraging the country's vast application scenarios to overcome core technology challenges [6][7] - The importance of a market-oriented, collaborative innovation system that integrates industry, academia, and research is emphasized to enhance the competitiveness of Chinese enterprises on the global stage [7]

Group 1 - Strategic emerging industries and future industries will be key directions for central enterprises to cultivate a second growth curve during the 14th Five-Year Plan period [2] - Chengfei Integration has identified drone fuselage manufacturing as an important new development direction, included in the company's 14th Five-Year Plan [2] - Some central enterprises have set specific growth targets, with Zhenhua Technology aiming to increase the proportion of civil business to 30% by the end of the 14th Five-Year Plan [2] Group 2 - CNOOC Development is accelerating its layout in chemical new materials, expanding production capacity for DPC catalysts and functional membrane materials [3] - Digital transformation is a crucial path for central enterprises to cultivate new growth points, with China Merchants Highway planning to promote smart and green development in the toll road operation industry chain [3] - The focus on high-end resin and polyether polyol products by Shenyang Chemical aims to serve high-growth markets such as automotive seats and medical gloves [3] Group 3 - China National Materials International acknowledges challenges in integration and business transformation, aiming to enhance performance and structure during the 14th Five-Year Plan [4] - New energy storage has become a key focus for several energy central enterprises, with Zhonglv Electric prioritizing the development of new energy storage projects [4] - Hubei Energy plans to develop new businesses in inspection and testing, new energy storage technology, and hydrogen energy [4] Group 4 - Hong Sifang, a fertilizer production central enterprise under China Salt Group, will prioritize industry transformation and the cultivation of strategic emerging industries during the 14th Five-Year Plan [5] - Jiangnan Chemical is focusing on the transformation of the civil explosives industry and aims to promote cross-regional and cross-ownership restructuring [5] - Zhongke Technology plans to extend its operations into the valve industry and maintenance services to achieve industrial breakthroughs [5]