政府投资基金有了布局投向的"路线图"和"指挥棒"，将着力培育新兴支柱产业，坚持投早、投小、投长 期、投硬科技。 1月12日，国家发改委等四部门联合发布《关于加强政府投资基金布局规划和投向指导的工作办法》 （下称《工作办法》）。 近年来，政府投资基金作为财政支出方式的重要创新，在撬动社会资本、支持创新创业、培育新兴产 业、推动产业升级等方面发挥了积极作用。 为构建更加科学高效的政府投资基金管理体系，2025年1月，国务院办公厅发布了《关于促进政府投资 基金高质量发展的指导意见》（国办发〔2025〕1号，下称"1号文件"），提出政府投资基金管理要突出 政府引导和政策性定位，按照市场化、法治化、专业化原则规范运作。并明确要"完善分级分类管理机 制，合理统筹基金布局，防止同质化竞争和对社会资本产生挤出效应"。 中国宏观经济研究院经济所研究员刘国艳表示，为落实好1号文件精神，国家发改委会同有关部门出台 了《工作办法》和《管理办法》两份文件，旨在构建"规划先行、投向明确、评价科学、管理规范"的全 链条管理体系。 刘国艳表示，两项文件的总体导向是：强化战略统筹、聚焦政策目标、健全评价机制、提升运营效能。 其核心思想是：推动 ...

面对"脑虎科技已站稳脚跟，为何另起炉灶""超声波如何打开脑机接口更多想象空间""如何在成都开启全球化影响力布局"等核心问题，彭雷给 出了他的系统思考与战略布局。 他的答案，不仅关乎一家企业的选择，更折射出中国硬科技创新的新逻辑与城市竞争力的新维度。 转自：成都日报锦观 专访国内首家超声波脑机接口公司创始人彭雷： 很愿意在成都做硬科技企业 格式塔科技创始人彭雷。 2026年1月1日，中国首家超声波脑机接口公司——格式塔科技（Gestala）在成都正式成立。创始人彭雷，这位从互联网跨界到脑科学的连续创 业者，在带领侵入式脑机接口企业脑虎科技取得行业领先地位后，毅然转向一条全新的技术路径。 彭雷：超声波脑机接口的核心技术在于"超声相控阵"与"超快超声成像"，前者利用"相控阵"技术来控制超声波，通过精密控制多个超声发射源 的时间和相位差，可以在不开颅的情况下，在颅内任意位置形成一个4到8毫米大小的聚焦区域，实现对神经元活动的"写入"。后者则以每秒数 千帧的速度，捕捉神经元活动引发的微血管血流变化，从而"读取"大脑信号。 将成熟的医学超声技术用于脑信号读写，面临三大核心挑战：第一，穿透"骨墙"：颅骨结构不规则，对超声波 ...

摘要 ： 这是首次在国家层面对政府投资基金的布局和投向作出系统规范。政策将直接引导巨额政府投资基金投向市场难以有效配 置资源的薄弱环节，而技术壁垒高、研发周期长的高端科学仪器行业，正是这类"硬科技"的典型代表。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 1月12日，国家发展改革委、财政部、科技部、工业和信息化部联合发布 《关于加强政府投资基金布局规划和投向指 导的工作办法（试行）》 （以下简称《工作办法》）。 同时，国家发展改革委也同步出台了 《政府投资基金投向评 价管理办法（试行）》 （以下简称《管理办法》）的通知，按照"正面引导与负面约束相结合"的思路，建立覆盖基金 运营管理全过程、定量与定性相结合的投向评价体系，进一步强化政策导向和规范管理。 国家发展改革委相关负责人表示： 这是首次在国家层面对政府投资基金的布局和投向作出系统规范。 《管理办法》特别提到，主要考察基金投向是否符合支持新质生产力发展，支持的投向领域包括：新一代信息技术、新 能源、新材料、高端装备、新能源汽车、绿色环保、民用航空和船舶与海洋工程装备等领域的 新兴领域 ...

Core Insights - The government investment funds in China have received a structured "roadmap" and "guidance" for their investment directions, focusing on nurturing emerging pillar industries and emphasizing early, small, long-term, and hard technology investments [2][3] Group 1: Government Investment Fund Guidelines - The National Development and Reform Commission (NDRC) and other departments have issued the "Work Method" to systematically regulate the layout and investment direction of government investment funds for the first time at the national level [2][5] - The "Work Method" aims to address issues such as mismatched fund establishment and operation with local resources and industrial foundations, unclear fund positioning, and homogenized investment [2][5] - The "Management Method" was also introduced to complement the "Work Method," marking a shift from extensive management to refined management of government investment funds [2][5] Group 2: Investment Focus and Strategy - The newly launched National Venture Capital Guidance Fund is expected to leverage a trillion-scale investment, focusing on cutting-edge fields such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a lifespan of 15 to 20 years to match the long-term R&D needs of hard technology [3][4] - The government investment funds are designed to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promoting deep integration of technological and industrial innovation [7][8] - The "Work Method" emphasizes that funds should align with national major plans and encourage industries while avoiding investments in restricted or eliminated sectors [7][9] Group 3: Evaluation and Management Mechanisms - The "Management Method" establishes a comprehensive evaluation system for fund operations, combining quantitative and qualitative assessments to ensure alignment with national strategic planning and effective market intervention [10][11] - Funds that perform well according to the evaluation will receive preferential treatment in project promotion and financing, while poorly performing funds may face restrictions and corrective measures [10][11] - The evaluation results will be linked to future budget arrangements and management team incentives, creating a mechanism that encourages fund management institutions to adhere to policy missions [11]

Core Viewpoint - The Shandong Provincial Government has issued an action plan to promote high-quality development of venture capital by guiding investment institutions to focus on early-stage, small-scale, and hard technology investments [1] Group 1: Policy Support - The plan emphasizes increasing policy support for venture capital institutions that focus on original and leading technological innovations [1] - It aims to establish a risk compensation mechanism for seed and early-stage enterprises to encourage investment [1] Group 2: Investment Strategies - The action plan encourages venture capital institutions to adopt "advanced incubation" and "deep incubation" models to support hard technology enterprises [1]

Core Viewpoint - The company emphasizes the significant role of the Sci-Tech Innovation Board in providing a financing platform for technology innovation enterprises, facilitating a positive cycle between technology, capital, and industry [1] Group 1: Company Development and Performance - The company has seen substantial growth since its listing on the Sci-Tech Innovation Board, with total revenue increasing from 25.35 billion yuan in 2019 to 68.72 billion yuan in 2024, and net profit rising from 1.79 billion yuan to 5.55 billion yuan [2] - The company's global smartphone market share is projected to reach 12.5% by mid-2025, ranking third among global smartphone brands, with a 7.9% share in the global smartphone market, ranking sixth [2] - The company has achieved the highest smartphone shipment volume in regions such as Africa, Pakistan, and Bangladesh in 2024, with an estimated total shipment of approximately 201 million units [2] Group 2: Strategic Focus and Market Positioning - The company positions itself as a technology brand expanding into emerging markets, with a sales network covering over 70 countries and regions globally [3] - The company attributes its growth to a focus on core business, deep localization innovation strategies, and the capital support gained from its listing on the Sci-Tech Innovation Board [2] - The company aims to enhance long-term value and competitiveness through effective communication with the capital market and by leveraging capital market tools for business development and strategic investments [3] Group 3: Future Outlook and Commitment - The company expresses confidence in the future development of the Sci-Tech Innovation Board and hopes for continued reforms to attract more globally competitive technology innovation enterprises [3] - The company is committed to maintaining transparent governance and information disclosure to foster good communication with the capital market [3]

Core Viewpoint - The company actively responds to national calls for investment in "early, small, long-term, and hard technology" [1] Group 1: Investment Activities - The company invested in Space Honor during the pre-A+ round in 2018, holding a 2.31% stake [1] - The company supplies steel for Space Honor's offshore rocket recovery vessel [1] - The company currently has no other investments in the commercial aerospace sector [1]

格隆汇1月12日｜今日机器人板块表现亮眼，机器人ETF(159770)标的指数涨2.66%，自去年12月17日以 来累计涨近18%，科创综指ETF天弘(589860)标的指数同期上涨19%。 中信建投认为机器人板块处于底部反弹阶段，市场持续博弈特斯拉2026年底百万台产线落地前景，预期 上修有待新催化或量产进展验证。 作为深市规模最大的机器人ETF(159770，联接C类014881）最新为108.6亿元；其跟踪中证机器人指 数，覆盖人形机器人全产业链"头"到"脚"的多个环节，成份股一键打包国内领先的机器人企业。 科创综指ETF天弘(589860，联接C：023722)，覆盖科创板97%市值，全面覆盖硬科技，均衡配置半导 体、AI、生物医药等战略新兴产业占比超80%。 ③黄仁勋在 CES会议上，宣告物理AI的"ChatGPT时刻"已经到来，机器人和自动驾驶有望成为"物理 AI"的理想载体。 ④1月12日，自变量机器人宣布完成10亿元A++轮融资，参投机构包括字节跳动、红杉中国、北京信息 产业发展基金、深创投、南山战新投、锡创投等，此前美团、阿里也参与投资。 ⑤证监会官网信息显示，人形机器人T链一级供应商新剑传 ...

1月12日，国家发展改革委、财政部、科技部、工业和信息化部联合发布了《关于加强政府投资基金布局规划和投向指导的工作办法（试行）》。国家发展 改革委相关负责人表示，这是首次在国家层面对政府投资基金的布局和投向作出系统规范。 此次发布的《工作办法》围绕政府投资基金"投向哪、怎么投、谁来管"三个方面，提出了14项政策举措。文件明确，政府投资基金应支持重大战略、重点领 域和市场难以有效配置资源的薄弱环节，推动科技创新和产业创新深度融合，并坚持投早、投小、投长期、投硬科技的原则。 在加强投向指导方面，《工作办法》要求基金投向须符合国家重大规划和国家级产业目录中的鼓励类产业，不得投向限制类、淘汰类以及政策明令禁止的产 业领域。同时，文件明确由省级发展改革部门牵头制定本地区重点投资领域清单，并据此优化基金布局。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 同日，国家发展改革委还同步出台了《政府投资基金投向评价管理办法（试行）》。该《管理办法》按照"正面引导与负面约束相结合"的思路，建立了一套 覆盖基金运营管理全过程、定量与定性相结合的投向评价体系，旨在进一步强化政策 ...

Core Insights - The latest "Top 500 Chinese Listed Companies by Market Value" list for 2025 highlights the dominance of leading enterprises in finance, energy, technology, consumption, and intelligent manufacturing, with companies like Tencent and Industrial and Commercial Bank of China showcasing trillion-level market values [2][5][17] - The presence of companies such as Industrial Fulian, SMIC, and BYD in the 11th to 30th rankings reflects the deep transformation of China's economic structure, indicating these firms are both stabilizers and leaders in industrial upgrades [2][5][24] Market Value Rankings - The top ten companies by market value include Tencent (49400 billion), ICBC (26311 billion), Agricultural Bank of China (26123 billion), Alibaba (24621 billion), and others, collectively representing a significant portion of the market [17][19] - The total market value of the top ten companies reaches 181.5 trillion, emphasizing the concentration of market power among these leading firms [17][19] Industry Distribution - The companies ranked 11th to 20th span key sectors such as intelligent manufacturing, finance, e-commerce, energy, technology, and new energy vehicles, with a combined market value of 91645 billion [7][24] - The average market value of the top 500 companies is 1856 billion, reflecting a year-on-year increase of 373 billion, with information technology, finance, and consumer discretionary sectors leading in market share [10][27] Economic Transformation - The high market values of these companies signify a shift from extensive growth to intensive growth in China's economy, driven by national policies like "Made in China 2025" and the new energy strategy [9][26] - Analysts suggest that the emergence of high-value companies is due to their alignment with economic transformation directions and their potential for future growth, leading to higher valuation premiums from the capital market [9][26] Corporate Strategies - Companies are focusing on core business upgrades and exploring new growth avenues, with Xiaomi targeting 550,000 vehicle deliveries by 2026 and BYD investing in solid-state and hydrogen fuel cell technologies [11][28] - Financial institutions like China Ping An and China Merchants Bank are enhancing their digital transformation and wealth management capabilities, while Pinduoduo is investing in agricultural technology and expanding its global market presence [11][28] Investment Trends - The performance of the 11th to 20th ranked companies reinforces a value investment orientation, guiding capital towards high-quality enterprises and core sectors [12][28] - The capital market is expected to support the long-term matching of value and market capitalization for these quality enterprises, promoting a positive cycle of corporate development and investor returns [12][28]