截至2025年12月31日，境内股票市场共有上市公司5470家，沪、深、北证券交易所分别为2299家、 2883、288家，总市值超过119万亿元。 "我们能清晰地发现，随着新'国九条'和证监会'1+N'系列政策落地实施，中国上市公司产业结构持续优 化，内生动能基础稳步夯实，'科技叙事主线'愈加鲜明，新质生产力加速成长。"孙念瑞称。 在孙念瑞看来，上市公司既是资本市场的参与主体，也是硬科技突破的推动者，更是整个产业链资源的 整合者。回顾过往，较多上市公司在科创项目上的投资可能更偏向财务性、被动性；而今天，需要的是 战略性的主动投资、生态性的协同投资以及赋能性的长期投资。 "这就要求上市公司既要成为优秀科创公司的投资人，还要成为有温度的陪伴者与有高度的引领者。以 更长远的眼光、更包容的心态，与科创企业共同成长，构建'创新命运共同体'，以自身实践推动形成'科 技-产业-金融'的良性循环。"孙念瑞说。 张江科学城商会会长、和元生物（688238.SH）董事长潘讴东也体会到，科创生态的繁荣绝非单个主体 的孤军奋战，而是政府、企业、资本、科研机构多方协同的成果。其中，上市公司作为产业资源的整合 者、创新发展的排头兵，正 ...

"水涨船高式的繁荣，正逐步让位于精巧的'价值滴灌'与'生态共建'。" 12月30日下午，在上市公司领航者年度投资座谈会上，中国上市公司协会副会长孙念瑞也表示，在当前 科技创新成为国家战略核心的背景下，上市公司不仅是科创成果的转化平台建设者，更应成为硬科技投 资的引领者和价值共创的实践者。 丁亚明认为，价值共创的核心在于三重维度：一是"时间的尺度"，以产业资本的长期主义匹配硬科技成 长的长周期；二是"能力的嫁接"，将上市公司庞大的产业网络、成熟供应链及市场洞察，转化为科创企 业的成长动能；三是"风险的共担"，通过设计更灵活、更具韧性的资本合作架构，构建共享收益、共抗 波动的信任与安全边界。 科创生态加速构建 随着注册制改革深化与一二级市场估值体系重塑，传统Pre-IPO模式套利空间显著收窄，资本"脱虚向 实"趋势加速。在这一背景下，上市公司角色正从单纯的资本参与者，升级为科创生态的价值投资者与 共建者。 截至2025年12月31日，境内股票市场共有上市公司5470家，沪、深、北证券交易所分别为2299家、 2883、288家，总市值超过119万亿元。 "我们能清晰地发现，随着新'国九条'和证监会'1+N'系列政 ...

记者丨陈梦璇 编辑丨蒋韵 在深圳深港产学研基地成立之初，香港科技大学（下称"港科大"）教授李泽湘曾力邀学生到深 圳创业，但应者寥寥。彼时，多数毕业生首选赴美深造或入职硅谷、华尔街。 转折点出现在大疆创新崛起之后，"九成学生转而投身创业，因为大湾区的发展机遇已远超过 海外"。从大疆创新的消费级无人机帝国，到云洲智能的无人船艇、思谋科技的AI视觉技术， 李泽湘感慨，这些闪耀大湾区的硬科技明星企业，无不烙印着港科大校友圈子的协同基因，也 是大湾区融合发展的生动例证。 据统计， 目前港科大成员已累计创办超1900家至今活跃的初创企业，孵化10家独角兽、17间 成功退出企业（含上市或并购），创造经济影响超4000亿港元。 值得一提的是， 港科大在深 科技（即艰深技术）独角兽孵化领域实力突出，能力排名全国第二。 如今，"港科大系"不仅成为投资人筛选优质标的的重要标签，更被视为新质生产力的关键孵化 载体。这个横跨港澳与内地的"校友圈"，在粤港澳大湾区的科创版图上，渐成独角兽培育 的"隐形引擎"。 港科大"校友圈"的独特魔力 从创业圈到科技圈，汪滔和李泽湘的师徒组合已成为标杆。 前者作为港科大毕业生，创办的超级独角兽大疆创新 ...

"我们近期计划入驻原市技术物理所院区，除了丰富的优惠政策和精准的资源对接支持，天开集团的真 诚服务更让我们下定决心。"纽生（天津）生物科技有限公司（以下简称纽生科技）总经理何晓棠的感 慨，道出了众多科创企业的心声。 （来源：天津日报） 转自：天津日报 作为天开高教科创园（以下简称天开园）核心区的平台运营公司，近两年来，天开集团跳出天开广场， 以存量楼宇盘活为核心路径，成功激活多处闲置载体，累计拓展科创空间超10万平方米，不仅契合了天 开园"科技创新策源地、科研成果孵化器、科创服务生态圈"的定位，也为区域科创产业高质量发展搭建 起坚实的空间支撑。 此外，物华道10号作为天开能源创新创业基地，曾空置多年，天开集团投资1000余万元修缮改造后，于 今年8月投入使用，目前已有16家企业签约入驻；网信大厦聚焦数字经济领域，凭借优越的区位条件和 精准的产业定位，去化率高达87%；12月刚刚开始承租的蓝海科技园位于滨海高新区，被规划为天开高 新科创企业高成长基地，重点培育引领未来产业的创新型企业，盘活闲置载体超3万平方米…… 面对不同载体的差异化难题，天开集团采取"一载体一方案"的定制化盘活策略。例如，针对市技术物理 所权 ...

Core Insights - The article highlights the increasing presence of mainland internet giants in Hong Kong, transforming the area into a tech hub and enhancing its innovation landscape [1][3][4]. Group 1: Company Activities - Mainland internet companies like Xiaohongshu, Alibaba, and Meituan are establishing a significant presence in Hong Kong, with Xiaohongshu opening its first overseas office in June 2023 [2][3]. - Alibaba has consolidated multiple core business teams in Hong Kong and recently invested 6.6 billion RMB to acquire a commercial building, indicating a long-term commitment to the market [2][3]. - ByteDance has also rented office space in the area, while other companies like Xiaomi and JD.com are expanding their operations in Hong Kong [3]. Group 2: Market Dynamics - The Hong Kong government has launched a clear innovation and technology development blueprint, focusing on strategic industries such as health tech, AI, and advanced manufacturing [3][4]. - Hong Kong's open capital market and mature legal system attract mainland companies looking to expand internationally, positioning the city as a multi-dimensional resource hub [4][11]. Group 3: Talent Acquisition - There is a noticeable increase in recruitment activities by mainland companies in Hong Kong, with a focus on candidates who are proficient in Mandarin and English [5][8]. - Companies like Xiaohongshu and ByteDance are actively hiring for various positions, reflecting the growing demand for tech talent in the region [5][8]. Group 4: Industry Impact - The influx of mainland tech firms is expected to create numerous job opportunities for local talent, bridging the gap between academia and industry [8][10]. - The establishment of these companies in Hong Kong is seen as a catalyst for the local tech ecosystem, enhancing collaboration between universities and the industry [10][12]. Group 5: Challenges and Opportunities - Despite the growth, challenges remain in attracting and retaining tech talent due to the high cost of living and competitive salaries compared to traditional sectors like finance [12][13]. - The article suggests that addressing these challenges through policy support and industry collaboration is crucial for Hong Kong to realize its potential as a global innovation center [14].

Core Insights - The construction of Wenzhou Avenue has significantly reshaped the urban structure and enhanced the transportation efficiency in Longwan District, facilitating the integration of innovation and industry [1][3][4] Transportation Efficiency - Wenzhou Avenue, with a total length of 16.4 kilometers, has connected the main urban area with Longwan East, effectively alleviating traffic congestion and improving travel efficiency by nearly 33% during peak hours [3][4] - The road has established a new traffic pattern, linking key areas such as Longwan urban core, Zhejiang South Science and Technology City, and Zhuanpu Industrial Zone, thus enhancing connectivity with major highways [3][4] Industrial Restructuring - The redesign of the transportation layout has led to an upgraded industrial distribution, creating a "one axis, multiple cores" industrial network along Wenzhou Avenue [6][8] - High-energy industrial platforms have been established along the avenue, fostering clusters in smart manufacturing, digital economy, and biomedicine, which are pivotal for Longwan's high-quality development [6][8] Innovation Ecosystem - The improved transportation has activated the free flow of innovation elements such as talent, technology, and capital, making Longwan's innovation ecosystem more vibrant [10][11] - The establishment of the Wenzhou International Cloud Software Valley and the introduction of various support packages for enterprises demonstrate the commitment to building a favorable innovation environment [10][11] Future Prospects - The ongoing development of Wenzhou Avenue is expected to further enhance the integration of innovative factors, driving the deep coupling of talent, technology, and capital, thereby strengthening Longwan's competitive edge in the region [11]

Core Viewpoint - The current industry lacks not just capital but also patience and exit channels, indicating a need for deeper structural changes in China's primary market [4][6]. Group 1: Importance of Patience Capital - The cultivation of "patience capital" is essential for the development of the science and technology innovation ecosystem, which requires long-term capital support [7][10]. - A multi-tiered capital market system is crucial, allowing capital to play differentiated roles at various stages of a company's development, from technology transfer to exit strategies [7][8]. - The ecosystem must foster collaboration among industries to transform technological innovations into real productivity, emphasizing the need for a supportive market environment that tolerates failure [8][10]. Group 2: Investment Strategies and Fund Development - Two new mother funds are being prepared, focusing on venture capital and strategic emerging industries, with a commitment to support state-owned enterprises and the real economy [9]. - The investment strategies of these funds will align with national strategies, emphasizing support for technological innovation and strategic emerging industries [9][20]. Group 3: Selection Criteria for General Partners (GPs) - Key criteria for selecting GPs include historical investment performance, industry expertise, and the ability to adapt to market changes using new technologies [17][18]. - The alignment of GPs with Shanghai's core industries is critical, ensuring that their focus matches the technological and product directions of the local market [17]. - Collaboration and service capabilities with government funds are also essential, moving beyond traditional reporting to fostering partnerships that enhance investment outcomes [18]. Group 4: Challenges and Future Outlook - The industry must address internal challenges, such as fostering a long-term mindset among investors and understanding the lengthy return cycles associated with technology investments [10][12]. - The recent recovery in the secondary market and the gradual revival of the primary market highlight the need for increased investment in technology sectors, reflecting national strategic priorities [13][20]. - The establishment of a supportive ecosystem that integrates various stakeholders, including early-stage investors and local talent, is vital for enhancing China's competitive edge in global markets [13][20]. Group 5: Role of Cultural and Technological Integration - The integration of culture and technology is becoming a focal point for investment, particularly in areas like digital cultural new business forms and AI applications [23][24]. - The shift in investment logic from hard technology to "AI + industry" reflects the evolving landscape of the science and technology innovation sector [23][24]. Group 6: Conclusion - The construction of the science and technology innovation ecosystem requires collaboration among government policies, LP patience capital, GP professional capabilities, and entrepreneurs' long-term commitment [27]. - The implementation of national policies is expected to facilitate a more integrated approach among various types of funds, enhancing the overall investment environment [27].

Group 1 - The core viewpoint emphasizes the transformation of Zhejiang merchants from traditional manufacturing to innovation-driven enterprises, highlighting the shift from "hard work to innovation" and from "global selling to global creation" [1] - The new generation of Zhejiang merchants, referred to as "digital natives," possess an innate sensitivity to digital technology and are adept at utilizing digital tools for innovation and management [2] - The Zhejiang government aims to foster a favorable innovation ecosystem characterized by "encouraging innovation and tolerating failure," combining government guidance with market mechanisms to overcome traditional innovation challenges [3] Group 2 - The concept of the Zhejiang innovation ecosystem is summarized as "Success = Government (Sunshine) × Market (Soil) × Talent (Seeds) × Culture (Climate)," indicating the importance of these elements in driving innovation [3] - The new Zhejiang merchants are seen as a blend of "engineers and entrepreneurs," with many being technology-oriented entrepreneurs who are actively entering strategic emerging industries such as digital economy, high-end manufacturing, and new energy [3] - The expectation is for new Zhejiang merchants to possess the qualities of self-sufficiency and innovation, enabling them to lead the economic advancement of Zhejiang and China towards higher quality and sustainability [3]

Core Viewpoint - The conference aims to explore new paths for financial services in technology innovation, emphasizing the need for an open and collaborative industrial financial ecosystem to empower high-quality development in technology finance [2][4][36]. Strategic Planning - The conference highlighted the importance of technology innovation in reshaping global competition, with Shanghai positioned as a key player in building a globally influential technology innovation center [4]. - The strategy involves a dual approach of "institutional openness" and "scenario-based supply" to enhance Shanghai's international financial center competitiveness [4]. - State-owned capital is emphasized as a crucial element in supporting high-level technological self-reliance and innovation resource integration [6]. Ecosystem Construction - The event showcased a sand painting performance symbolizing the strategic vision of building a collaborative investment ecosystem, highlighting the historical achievements of Shanghai Trust in equity investment [15]. - The establishment of four ecological alliances aims to create a win-win framework by gathering long-term capital partners, expanding value opportunities, and driving industrial upgrades [17]. Brand Launch - Two strategic empowerment brands, "YI Family Wealth Research Institute" and "Puyao Academy," were launched to enhance the service capabilities of Shanghai Trust's ecosystem [21]. - These brands focus on providing comprehensive wealth management solutions and knowledge-sharing platforms for innovation-driven enterprises [21]. Market Insights - The conference included discussions on investment philosophies during asset downturns, emphasizing the importance of long-term capital allocation strategies [26]. - Key topics included the valuation logic of hard technology investments and the challenges of commercializing early-stage projects [28]. Entrepreneurial Perspectives - Founders from leading tech companies shared insights on advancements in AI, GPU technology, and intelligent sensing, highlighting practical applications and innovations in their respective fields [30][32][34]. - The discussions underscored the importance of bridging technology with market needs to drive successful commercialization [30][34]. Conclusion - The conference served as a significant milestone for Shanghai Trust in deepening its technology finance strategy and promoting ecosystem collaboration, aiming to enhance financial support for strategic emerging industries [36].

Group 1 - Shanghai is focusing on building an international technology innovation center, emphasizing the enhancement of its technology innovation capabilities through policy empowerment, mechanism breakthroughs, future layout, and ecological collaboration [1][3] - The core of Shanghai's new technology innovation paradigm is the deep integration of "policy precision, ecological openness, and scenario inclusiveness" [1] - A stable support mechanism for high-risk basic research is being established, with a mandate that at least one-third of fiscal science and technology funds be allocated to basic research starting in 2024 [2] Group 2 - Shanghai is promoting collaborative innovation networks, enhancing cooperation between universities and regions to facilitate "zero-distance" transformation [2] - Financial support for technology innovation is being strengthened, with initiatives like the "first investment, then equity" pilot program, which has supported 20 hard technology projects and mobilized 150 million yuan in social funds [2] - Institutional reforms are being implemented to establish a technology innovation guarantee system, including expanding the application of "ranking and appointing" and trialing "competition selection" mechanisms [2][3] Group 3 - The future layout requires dynamic management mechanisms and improved global resource adaptation capabilities to foster emerging industries [3] - The development of comprehensive technology innovation ecological carriers, such as the "Big Zero Bay" technology innovation source function area, will further enhance Shanghai's role as a global technology innovation hub [3]