Core Viewpoint - Tianjin University, founded in 1895, has consistently pursued the mission of "strengthening the nation through education," reflecting the evolution of higher education in China and its commitment to cultivating talent and technological self-reliance in service of national strategies [1][9]. Group 1: Historical Development - Tianjin University has evolved from imitating American university models to adopting European influences in the 1920s, and later the Soviet model after the founding of New China, ultimately forging its own path post-reform and opening [1]. - The university's predecessor, Beiyang University, was established to meet the urgent needs of the nation, contributing to the development of China's modern industrial system and economic growth through the establishment of key engineering disciplines [3]. Group 2: Contributions to National Strategies - Tianjin University has played a pivotal role in addressing national challenges, such as reducing dependence on imported potassium fertilizers by extracting them from salt lake resources, showcasing its long-standing commitment to agricultural and resource development [2]. - The university leads significant projects like the National Large-scale Earthquake Engineering Simulation Research Facility, enhancing disaster prevention and mitigation capabilities in various sectors [4]. Group 3: Talent Development Initiatives - The university is actively adapting to future talent requirements by creating specialized programs, such as the "Leading Class" in the Chemical Engineering Department, which integrates multiple disciplines and offers early completion of degrees [6]. - Tianjin University emphasizes the integration of artificial intelligence with traditional disciplines, launching new micro-specialties to enhance students' competitiveness in alignment with national needs [6]. Group 4: Innovative Research and Technology - The university is at the forefront of groundbreaking research, including the development of revolutionary "de-localized" electrolytes for drones and advancements in brain-machine interface technology, indicating its commitment to innovation in biomedical engineering [8]. - The establishment of the Synthetic Biology and Bio-Manufacturing College reflects the university's focus on emerging technologies and its aim to contribute to building a world-class scientific powerhouse [7].

Core Viewpoint - China National Petroleum Corporation (CNPC) celebrates its 75th anniversary, reflecting its significant role in the development of China's oil industry and its commitment to national energy security and innovation [4][28]. Historical Development - The foundation of China's oil industry was laid in 1949 with an initial crude oil production of 120,000 tons, which has since evolved into a major global player [5]. - Major milestones include the discovery of the first large oil field, the Daqing Oilfield, in 1959, and surpassing 10 million tons of crude oil production in 1978, positioning China among the world's leading oil producers [5][9]. Current Achievements - CNPC has established a new production pattern with domestic oil and gas output reaching 1 billion tons each for crude oil, natural gas, and overseas oil and gas rights, solidifying its position in the energy sector [9][10]. - The company has made significant advancements in deep earth exploration, achieving a breakthrough with the successful drilling of the TaKe 1 well, which reached a depth of over 10,000 meters [31][32]. Technological Innovation - CNPC has transitioned from being a technology user to an innovator, focusing on high-level technological self-reliance and integrating innovation with industrial development [14][33]. - The company has developed advanced drilling technologies and equipment, enhancing its capabilities in deep and ultra-deep oil and gas exploration [33][39]. International Expansion - CNPC has expanded its international presence, particularly in the Middle East, establishing strong partnerships and leading projects such as the West Qurna-1 oil field in Iraq [18][19]. - The company has successfully executed numerous overseas projects, contributing to its status as a key player in the global energy market [20]. Green Transition - CNPC is actively pursuing a green transformation, integrating renewable energy projects alongside traditional oil and gas operations, with a goal of achieving a balanced energy portfolio by 2035 [26][27]. - The company has made strides in developing renewable energy sources, including wind and solar power, and aims to enhance its role in the clean energy sector [21][25]. Future Goals - CNPC aims to become a world-class integrated international energy and chemical company, focusing on sustainable development and innovation in energy supply [28][40].

Core Insights - Nasda's "Bentu" brand has shown significant growth in the domestic market, particularly in the "Xinchuang" sector, with printer sales increasing by approximately 65% year-on-year in the first half of 2025, and a remarkable 130% quarter-on-quarter growth in Q2 [2] - The company is focusing on emerging markets with a strategy of deep localization, establishing local subsidiaries and teams in regions like Southeast Asia, the Middle East, and Latin America to better serve customer needs [3] - The automotive-grade MCU chip sales have exceeded 30 million units, demonstrating the company's successful transition from printing chips to high-end industrial and automotive chips, with significant applications in major automotive brands [4] Xinchuang Market Growth - The "Bentu" brand has established itself as a core supplier in the Xinchuang market, particularly in finance and government sectors, with multiple benchmark cases demonstrating its product competitiveness and reliability [2] Emerging Market Strategy - After divesting its stake in the U.S. subsidiary, the company has shifted its focus to emerging markets, emphasizing a localized approach that includes building local teams and partnerships [3] - In Brazil, the company has set up a local subsidiary and formed strategic partnerships to provide tailored printing management solutions [3] Automotive and Robotics Chip Development - The company has reported a 42% revenue growth in non-printing chips, highlighting its successful expansion into high-end automotive and industrial chip markets [4][5] - The launch of the G32A217 ultrasonic sensor chip marks a significant advancement in domestic technology for automotive applications, breaking foreign monopolies [5] Synergy Between Printing and Chip Business - The integration of printing and chip businesses creates a unique competitive advantage, allowing for a closed-loop system that enhances product development and application [6] - This synergy results in improved security, supply chain stability, and cost optimization for clients, particularly in sensitive sectors like government and finance [7]

Group 1 - The article emphasizes the importance of natural uranium as a core material for nuclear power, highlighting it as a strategic resource essential for national security and energy production [3] - The efficient utilization of uranium resources and sustainable environmental development are identified as critical issues that need to be addressed [3] - The article introduces the exploration of green mining technologies at the Qianjiadian uranium mine, showcasing advancements in the field [3] Group 2 - The initiative "Witnessing the Road of Science and Technology" aims to popularize scientific knowledge and promote scientific spirit, contributing to the goal of building a strong technological nation [1] - The collaboration between the China Association for Science and Technology and People's Daily focuses on key national science and technology strategies, significant awards, and critical technologies [1] - The project includes in-depth interviews and research at grassroots levels to produce engaging scientific content and promote the spirit of scientists [1]

Group 1: Innovation in Pharmaceuticals - China has made significant progress in innovative drug development, with the number of new drug approvals increasing from 4 in 2015 to 37 in 2024, and the proportion of first-in-class drugs rising from 4% to 38% [1] - Despite the advancements, challenges such as lack of original theories and technologies, intense competition, changing international environments, and payment system issues pose risks to sustainable industry growth [1][2] Group 2: Development of eVTOL Industry - The eVTOL industry in China is rapidly developing, currently leading globally, supported by the foundations laid by the aviation and new energy vehicle industries [2] - Key technological challenges include distributed propulsion aerodynamics, high-energy power sources, and safety control in complex environments, with a focus on smart technologies to enable autonomous flight [2] Group 3: Quantum Computing and Technology - The development of quantum technology is highlighted as a path for differentiation, with significant progress in solid-state quantum computing and scientific instrument research [3] - Emphasis is placed on the need for China to strengthen its independent research and development of scientific instruments to become a technological powerhouse [3] Group 4: Brain-Computer Interface Advancements - Brain-computer interfaces are categorized into brain control and brain modulation, with potential applications in aiding patients with movement disorders and treating mental health conditions [3] - Innovative non-invasive techniques are being explored to target specific brain areas for treatment, avoiding the side effects associated with traditional invasive surgeries [3] Group 5: Overall Technological Landscape - The reports from the four academicians reflect China's technological self-reliance and the competitive landscape of global technology [4] - Addressing the challenges is crucial for China to maintain a leading position in disruptive innovation and to secure control over technological advancements [4]

Core Insights - The Sci-Tech 50 Index has become the best-performing index since September 24 of last year, with the Sci-Tech 50 ETF (588000) accumulating a rise of 126.11% [1] - The A-share market has undergone significant changes over the past year, with the technology growth sector leading the way, as evidenced by the 126% increase in the Sci-Tech 50 and a 101.96% increase in the ChiNext Index [1] - The electronic industry has seen a market capitalization increase of 6.96 trillion yuan, surpassing the banking sector to become the largest industry by market cap in A-shares [1] Market Dynamics - The market capitalization of the technology sector now accounts for over 25% of the A-share market, significantly higher than the combined market cap of the banking, non-bank financial, and real estate sectors [1] - The number of technology companies in the top 50 by market capitalization has increased from 18 at the end of the 13th Five-Year Plan to 24 currently [1] - Future reforms will focus on enhancing the adaptability of the multi-tiered market system, with an emphasis on the Sci-Tech Board and ChiNext Board reforms to support innovation through issuance, mergers, and acquisitions [1] Investment Opportunities - The Sci-Tech 50 ETF (588000) closely tracks the Sci-Tech 50 Index, selecting the largest 50 technology leading stocks from the Sci-Tech Board, with over 60% of its holdings in the semiconductor industry, which is critical for domestic substitution [2] - The ETF also invests in medical devices, software development, photovoltaic equipment, and consumer electronics, aligning with the direction of high-quality development and technological self-reliance [2] - The latest scale of the ETF is 72.786 billion yuan, ranking among the top in its category, providing an efficient investment route into the technology sector without the need for a Sci-Tech Board investment permission, with a low management fee rate of only 0.15% per year [2]

Core Viewpoint - The announcement of the 37th batch of clearing procedures by GuoQingHui, involving a total of 10 trillion RMB, signifies a substantial step towards economic transformation and consumption upgrade in China [1][2]. Group 1: Economic Context - The current international economic environment is complex, with high inflation pressures in major economies and uncertainties in global supply chains, impacting China's economic landscape [1]. - China is undergoing a critical phase of transitioning from old to new economic drivers, facing external downward pressures while needing to enhance domestic consumption and confidence [1]. Group 2: GuoQingHui's Mission - GuoQingHui was established to systematically address the issue of historical dormant funds, which have accumulated due to various factors, causing economic stagnation [2]. - The 37th batch of clearing is unprecedented in scale and impact, representing a commitment to resolving historical financial issues and strategically deploying resources for future economic growth [2]. Group 3: Economic and Social Impacts - The release of cleared funds is expected to stimulate consumer spending, particularly in key sectors such as real estate, automotive, and tourism, thereby boosting domestic demand [4]. - The return of dormant funds will alleviate financial pressures on households, restoring social trust and enhancing public confidence in national strategies [5]. - The funds will also support industrial upgrades, green transformation, and technological innovation, contributing to high-quality economic development [6]. Group 4: Clearing Procedures and Innovations - The clearing process will utilize a dedicated "settlement direct card" to ensure the safety, compliance, and efficiency of fund distribution [7]. - The Ministry of Finance will provide special subsidies to compensate for the long wait experienced by the public, encouraging active participation in the clearing process [7]. Group 5: Future Outlook - The initiation of the 37th batch of clearing is not only a solution to historical issues but also an accelerator for China's economic transformation, promoting the strategy of common prosperity [8]. - GuoQingHui aims to expedite future batches of clearing to ensure more dormant funds are returned safely and efficiently, representing a significant step towards common prosperity in the face of global uncertainties [8].

Group 1 - Beijing has significantly enhanced its innovation capacity, competitiveness, and influence, becoming a key hub in the global innovation network [1] - The city maintains a research and development expenditure intensity of around 6%, ranking among the top global innovation cities [1] - Beijing has been ranked first in the "Nature Index - Research Cities" for eight consecutive years and is third globally in the number of unicorn companies [1] Group 2 - The high-tech industry in Beijing is projected to reach a value of 1.49 trillion yuan in 2024, representing a 56.9% increase from 2020 [1] - The city has developed three trillion-yuan industry clusters: new generation information technology, healthcare, and technology services, along with seven hundred billion-yuan industry clusters [1] - Beijing has registered 159 large models in artificial intelligence, leading the nation in this area [1] Group 3 - The Beijing Medical Health Collaborative Innovation Three-Year Action Plan has been implemented, with the highest number of approved innovative medical devices in the country [2] - Beijing has established a complete industrial chain in commercial aerospace, including rocket launch, satellite manufacturing, and satellite application services [2] - The Zhongguancun area contributes about one-third of the city's GDP while occupying less than 4% of the land [2] Group 4 - Over 300 technology companies are established daily in Beijing, reflecting the effectiveness of the city's education and technology talent development [3] - Beijing ranks first in Asia and among the top globally in the "Global Entrepreneurship Ecosystem Report 2025" [3] - The city aims to become a global center for scientific innovation and a leading area for future industries during the "15th Five-Year Plan" [3]

Core Viewpoint - The ongoing trade tensions between the US and China, characterized by tariffs and export controls, have not hindered the growth of trade between the two nations, with China's exports to the US increasing by 22.7% in the first eight months of the year [1][2]. Group 1: Trade Dynamics - Despite tariffs, China's exports to the US have shown resilience, with a reported growth of 30.3% in the first eight months of the year for certain sectors [2]. - Since the imposition of tariffs in July 2018, the overall trade volume between the US and China has generally been on an upward trend, with a notable increase of 8.8% in 2020 [2][11]. - The demand for "Made in China" products remains strong in the US, as evidenced by consumer experiences during the pandemic [4][5]. Group 2: Economic Interdependence - The economic structures of the US and China are highly complementary, with significant mutual benefits derived from trade [6][8]. - In 2020, Chinese goods accounted for 19% of total US imports, with a substantial portion of essential medical supplies sourced from China [6][8]. - The cost advantages of Chinese manufacturing, including lower labor costs and efficient supply chains, continue to attract US companies [7][10]. Group 3: Investment Trends - Despite a decline in US investment in China in certain sectors, there is a growing interest among US companies to expand their operations in China, with 85% of surveyed companies indicating no plans to relocate manufacturing outside of China [13][20]. - The influx of foreign investment into China has been robust, with significant increases from European and ASEAN countries, highlighting China's appeal as a market [13][14]. - The Chinese market's size and growth potential are key factors driving multinational companies to establish or expand their presence in the country [15][16]. Group 4: Innovation and Technology - China's commitment to technological self-reliance and innovation is evident, with increasing investments in research and development [21][23]. - The country is transitioning from a technology follower to a leader in several high-tech fields, demonstrating resilience against external pressures [24][29]. - Collaboration in technology and innovation remains crucial, as both nations benefit from shared advancements and market opportunities [26][30].

近日，上交所组织召开2025年股权投资机构交流会，聚焦落实科创板改革"1+6"政策措施、增强资本市 场的吸引力和包容性，与38家股权投资机构和12家保荐机构面对面深入交流，充分听取市场诉求，及时 回应市场关切。与会机构在肯定科创板改革成效的同时，从支持硬科技企业IPO和并购重组、进一步提高 科创板包容性和预期稳定性、优化定价机制、推动中长期资金有序参与科创板建设、共同开展科技企业培 育及加强信息共享交流等方面提出多项意见和建议。 后续，上交所将认真研究、充分吸收市场机构的意见和建议，持续推进"开门办审核、开门办监管、开门 办服务"，进一步完善与市场机构常态化沟通交流机制，更好推动科创板改革"1+6"政策落地见效，共同 营造良好的资本市场生态，更好服务高水平科技自立自强。 来源：上交所 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 ...