格隆汇2月25日丨大东方(600327.SH)公布，为深化公司战略布局，同时也为充分利用专业投资机构在相 关领域的项目资源和投资能力等优势，以提升公司资金使用效率，探索新兴产业投资机会，大东方拟作 为有限合伙人（LP）以自有资金认购"君富至存基金"份额5,000万元。"君富至存基金"拟筹资总额为 12,250万元，其设立拟投资信息通讯产业。 ...

the state and B 27 f i .. a 11 and program and 文 | 赵伟 来源 | 上海证券报 提要： 理解今年经济需把握"夯实基础、全面发力、战略主动"三重导向。 "2026年是'十五五'开局之年，理解这一年的经济与政策，首先要看规划建议的一些重要表述。"赵伟表示，其中"夯实基础"和"全面发力"八个字，尤其值得关 注。 赵伟表示，"夯实基础"指的是对"十四五"以来所构建的产业体系、市场基础和制度框架的巩固与深化。而"全面发力"意味着在发展与改革相关领域，政策推进 与落实的速度将会加快。 此外，赵伟表示还要高度重视"战略主动"这一导向。国家在政策层面的主动性将显著增强，主要体现在两个方面：一是统筹国内经济工作与国际经贸斗争的主 动性将显著提高；二是开放相关领域的主动性也将明显提升。 展望2026年，赵伟认为，内需将从"信心筑底"逐步迈向"非典型复苏"。这一过程具有三个特征：物价水平逐步从螺旋式下行回归正常区间；宏观指标呈现显著 的结构性分化；复苏本身将是一个伴随结构转型的渐进过程。 在投资端有三个关键方向：首先 是与未来新兴产业相关的持续投入，有望带来新的增长点； 其次 是" ...

Group 1 - The core viewpoint of the article is that Juhua Technology (300360.SZ) is actively exploring development opportunities in emerging industries by partnering with professional investment institutions [1] - Juhua Technology plans to invest 10 million yuan as a limited partner in the Qingdao Houji Hengtai Venture Capital Fund, initiated by Beijing Houji Jingqiao Venture Capital Co., Ltd [1] - The investment will account for 13.8870% of the total subscribed capital of the fund, which will focus on investing in the aerospace technology sector through acquiring shares of the Star Glory Aerospace Technology Group [1]

格隆汇2月6日丨炬华科技(300360.SZ)公布，为推动公司战略实施，借助专业投资机构的行业经验与资 源优势，积极探索新兴产业领域的发展机遇，杭州炬华科技股份有限公司拟作为有限合伙人，认购由北 京厚纪景桥创业投资有限公司（专业投资机构，简称"北京厚纪"）发起设立的青岛厚纪恒拓创业投资基 金合伙企业（有限合伙）（简称"本基金"）基金份额，公司拟以自有资金认缴出资1,000万元，占本基 金认缴出资总额的13.8870%。投资范围：星际荣耀航天科技集团股份有限公司（本基金通过受让老股 方式投资星际荣耀航天科技集团股份有限公司）。 ...

Group 1: Infrastructure Investment - Major projects have been signed and construction has accelerated, focusing on infrastructure and high-end manufacturing, with traditional infrastructure steadily advancing while emerging industries become investment focal points [1] - China Railway announced winning bids for 8 railway projects, 3 highway projects, and 1 municipal project, with a total bid amount of approximately 43.292 billion yuan [2] - The National Development and Reform Commission has issued a list of early construction projects for 2026, totaling about 295 billion yuan, indicating strong policy support for infrastructure development [2] Group 2: Emerging Industries Investment - Emerging industries and future industries have seen a significant increase in project investment this year, driven by policy guidance and market demand [3] - In the integrated circuit sector, Shanghai Electric announced a project for high-density optical integrated circuit boards, expected to add an annual production capacity of 1.3 million pieces [3] - In the new materials sector, Baihehua plans to invest up to 100 million yuan in a project for 1,000 tons of PEEK materials, while Huafeng Chemical aims to invest 3.6 billion yuan in expanding production of low-carbon, intelligent spandex materials [3] Group 3: Investment Growth Outlook - Investment growth is expected to rebound as local governments focus on key areas and weak links to expand effective investment [4] - The 2026 early construction project list includes approximately 220 billion yuan for "two heavy" construction projects, a significant increase from 100 billion yuan in 2025 [4] - Manufacturing investment is projected to achieve a 4% overall growth in 2026, supported by new policy financial tools and a focus on high-tech industries [4][5]

Group 1: Infrastructure Investment - Major projects are being signed and accelerated in infrastructure and high-end manufacturing, with traditional infrastructure steadily advancing and emerging industries becoming investment focal points [1] - China Railway announced winning bids for 8 railway projects, 3 highway projects, and 1 municipal project, with a total bid amount of approximately 43.292 billion yuan [1] - The National Development and Reform Commission has organized the early batch of "two heavy" construction project lists and central budget investment plans for 2026, totaling approximately 295 billion yuan [1] Group 2: Emerging Industries Investment - Emerging industries are becoming the focus of project investments, with a significant increase in the proportion of emerging industry projects among major projects launched this year [2] - In the integrated circuit sector, Huadian Co. announced a project for high-density optical integrated circuit boards, expected to add an annual production capacity of 1.3 million pieces [2] - In the new materials sector, Baihehua plans to invest up to 100 million yuan in a project for an annual production of 1,000 tons of polyether ether ketone (PEEK) materials [2] Group 3: Investment Growth Outlook - Investment growth is expected to rebound as various regions focus on key areas and weak links to expand effective investment [3] - The support for infrastructure investment has significantly increased, with the early batch of "two heavy" construction projects for 2026 arranged at approximately 220 billion yuan, a notable increase from 100 billion yuan in 2025 [3] - Manufacturing investment is projected to achieve an overall growth of 4% in 2026, driven by policy support, technological innovation, and domestic and international demand [4]

Group 1 - A total of 46 new fund managers have started their roles since the beginning of the year, primarily managing equity funds [1][2] - The new fund managers come from 35 different fund companies, including both large and small public funds, with a majority focusing on equity funds [2][3] - The educational background of the new fund managers is diverse, with all holding at least a master's degree, and many having experience as researchers or assistants before becoming fund managers [4][5] Group 2 - The trend of "sell-side to buy-side" career progression remains prevalent, with many new managers having transitioned from research roles [4][6] - New fund managers are generally younger, with many being born in the 1980s and 1990s, and they exhibit strong educational qualifications [4][7] - The average tenure from researcher to fund manager is around 6 to 8 years, with some achieving this in as little as 3 years [5][6] Group 3 - New fund managers often face challenges such as low initial attention and small management scales, requiring them to develop their investment frameworks [7][8] - Collaboration with experienced fund managers is common, allowing new managers to learn and grow in their roles [7][8] - Emphasis is placed on long-term performance and risk control, with a shift towards evaluating managers based on their ability to generate sustainable returns [8][9]

超级活水。 作者/周佳丽 报道/投资界-解码LP 开年振奋一幕。 投资界-解码LP获悉，上海三大先导产业母基金发布第三批子基金遴选结果公示—— 共 有 1 7 只 子 基 金 入 选 ， 拟 投 资 金 额 共 4 7 . 1 亿 元 ， 基 金 总 规 模 2 2 8 . 9 亿 元 ， 放 大 倍 数 4 . 8 6 倍。 以下文章来源于解码LP ，作者周佳丽 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 设立于2 0 2 4年7月，上海三大先导产业母基金的基金管理人为上海国投先导公司（上海 国 投 公 司 全 资 子 公 司 ） ， 不 到 两 年 已 累 计 投 决 金 额 约 4 1 0 亿 元 ， 以 约 5 倍 的 杠 杆 效 应 ， 撬动近2 0 0 0亿元社会资本，堪称凶猛。这也是上海争抢新兴产业的生动写照。 | 序号 | 基金项目 | 中选机构 | 型 定明 | | --- | --- | --- | --- | | 기 | 上海澜起先导产业发展及并购基金(拟) | 上海木澜投资管理有限公司 | 木澜投资 | | 2 | 上海芯联启辰私募投资基金合伙企业(有限合伙) | ...

格隆汇1月26日丨学大教育(000526.SZ)公布，为拓展战略业务发展空间，积极顺应国家新兴产业导向和 打造高技能人才教育新场景，拟通过全资子公司北京学大信息技术集团有限公司（简称"学大信息"）以 新设合伙企业的方式，向专注EDA工具与半导体IP研发的江阴启芯领航半导体有限公司（简称"江阴启 芯领航""投资标的"）进行增资，预计新设合伙企业认缴出资额不超过人民币3,610万元，向江阴启芯领 航增资金额不超过人民币3,500万元，投资完成后预计持有江阴启芯领航股权6.4791%。其中，新设合伙 企业及投资江阴启芯领航涉及关联交易。 ...

Economic Overview - The total GDP of Shanxi Province reached 25,495.7 billion yuan in 2025, representing a 4.0% increase from the previous year [1] - The primary industry added value was 1,410.5 billion yuan, growing by 4.5%; the secondary industry added value was 10,305.0 billion yuan, increasing by 3.1%; and the tertiary industry added value was 13,780.2 billion yuan, also growing by 4.5% [1] Agricultural Sector - The agricultural, forestry, animal husbandry, and fishery sector achieved an added value of 1,502.0 billion yuan, a 4.5% increase year-on-year [2] - The total grain production reached 29.74 billion jin, a historical high, with a 1.2% increase from the previous year [2] - Livestock production showed positive trends, with the year-end pig stock at 9.216 million heads, up 5.8% [2] Industrial Sector - The added value of large-scale industries in Shanxi grew by 4.9% year-on-year [3] - The mining industry increased by 6.3%, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 2.6% and 1.7%, respectively [3] - New emerging industries saw significant growth, with the computer and office equipment manufacturing sector increasing by 121.6% [3] Service Sector - The service sector's added value grew by 4.5%, accelerating by 0.2 percentage points compared to the first three quarters [4] - The information transmission, software, and IT services sector saw a 9.8% increase in added value [4] Investment Trends - Fixed asset investment in Shanxi decreased by 0.4% year-on-year [5] - Investment in new energy vehicle manufacturing surged by 57.0%, while new energy power generation investment grew by 18.8% [6] Consumer Market - The total retail sales of consumer goods reached 8,030.9 billion yuan, a 4.7% increase from the previous year [8] - The tourism market thrived, with monitored scenic spots receiving 124.55 million visitors, a 14.8% increase [8] Financial Sector - By the end of December, the balance of deposits in financial institutions reached 64,600.4 billion yuan, a 5.7% increase year-on-year [9] - The balance of loans increased by 7.4% to 48,963.9 billion yuan [9] Employment and Income - The urban employment situation remained stable, with 473,000 new jobs created, achieving 105.0% of the annual target [10] - The per capita disposable income in Shanxi reached 33,923 yuan, a 4.6% increase from the previous year [9]