将投中网设为"星标⭐"，第一时间收获最新推送 获奖名单揭晓，落地转化全面启动。 来源丨 投中网 2025 年 11 月 21 日，由兰溪资本主办，投中信息、兰溪市人才集团协办的"首届兰溪创新创业大赛总决赛"在浙江兰溪成功举办。 作为" 2025 兰溪 科创投资大会"的核心环节，大赛的顺利举行标志着为期两天的系列活动圆满收官。本次活动吸引了来自全国各地的创新企业踊跃参与，通过"以赛引 才"精准对接兰溪" 1+4+X "现代产业体系，集中展现了兰溪在集聚科创资源、培育新兴产业方面的积极姿态。 12 强项目同台竞技，硬科技赛道亮点纷呈 经过前期全国海选与线上半决赛的层层选拔， 12 个优质项目成功晋级总决赛，覆盖具身智能、高速光通信、激光精密制造、氢能装备、 RISC-V 芯 片、医疗器件、半导体封装、碳捕集技术等前沿领域，充分体现出科技创新与产业升级的深度融合。 决赛现场，参赛团队通过" 12 分钟路演 + 评委问答"形式，全面展示项目技术优势与落地潜力。由创东方、创景资本、达晨财智、复星锐正、光合创 投、海尔资本、华睿投资、汇芯投资、普华资本、启航创投、浙商创投等十余家一线投资机构合伙人组成的评审团，从技术壁垒 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the transformation of the economy towards high-quality development, focusing on new productive forces as the main engine for growth, with a shift in investment paradigms towards technology innovation and industrial upgrading [1][2]. Group 1: Economic Development and Investment Opportunities - The "15th Five-Year Plan" highlights the importance of expanding domestic demand and improving income distribution to drive consumption as a key growth engine [2]. - The plan aims to significantly enhance the level of technological self-reliance, focusing on critical areas such as semiconductor equipment and high-end materials, while also exploring future industries like quantum technology and brain-machine interfaces [2][4]. - Investment logic is shifting from short-term speculation to long-term value, with a focus on companies with technological barriers and continuous innovation capabilities, particularly in advanced manufacturing and hard technology sectors [3][4]. Group 2: Structural Upgrades and Industry Focus - The economic development during the "15th Five-Year Plan" will rely more on structural upgrades rather than scale expansion, with advanced manufacturing and strategic emerging industries as key targets [4][5]. - Investment opportunities are identified in artificial intelligence, quantum technology, biomanufacturing, and commercial aerospace, as well as in the transformation of traditional manufacturing towards smart and green practices [4][8]. - The importance of industry chain collaboration and full-chain layout is emphasized, with a focus on integrating technology, industry, and finance to enhance overall competitiveness [6][7]. Group 3: Capital Market Dynamics - The capital market is expected to evolve with a new valuation system that prioritizes R&D intensity, core patent numbers, and technology conversion efficiency over traditional financial metrics [6][7]. - Long-term capital mechanisms are being improved to support stable funding for technology enterprises, with an anticipated increase in direct financing and a more favorable environment for private enterprises with core technologies [3][6]. - The focus on new energy, new materials, and strategic emerging industries is expected to create significant investment potential as traditional industries undergo transformation [8][19]. Group 4: Policy and Strategic Directions - The "15th Five-Year Plan" sets a clear policy direction for supporting emerging industries while also upgrading traditional sectors, ensuring a balanced approach to economic development [16][19]. - The emphasis on technological innovation as a core strategic priority reflects a commitment to transitioning from a manufacturing powerhouse to a technology-driven economy [19][20]. - Education reforms are aligned with strategic needs to ensure a robust talent pipeline for future industries, particularly in high-demand fields like AI and engineering [20].

Core Viewpoint - The 2025 Shenzhen International Financial Conference emphasizes the construction of a financial powerhouse and high-level opening up of the Greater Bay Area, aiming to foster financial innovation and cooperation among global participants [1][4]. Group 1: Conference Highlights - The conference is themed "Building a Financial Powerhouse and High-Level Opening of the Greater Bay Area," and is co-hosted by various academic and business institutions [1]. - Keynote speeches from prominent figures highlight the importance of financial innovation, risk management, and the role of technology in transforming the financial landscape [9][10][12]. Group 2: Strategic Goals - The conference aims to construct a Chinese financial knowledge system and promote a virtuous cycle between technology, industry, and finance [4]. - It seeks to enhance connectivity between domestic and international markets, deepening global financial cooperation to support the development of the Greater Bay Area [4][5]. Group 3: Talent Development - The establishment of the "International Financial Excellence Talent Practice Base" aims to cultivate high-quality financial professionals who understand global financial operations [7]. - The initiative focuses on integrating education with industry needs, creating a comprehensive training system that includes classroom learning, practical experience, and research [7]. Group 4: Keynote Insights - Former officials and experts discussed the significant achievements of the financial insurance sector in the Greater Bay Area and the need for insurance to support economic stability and public safety [9]. - The transition from light asset to heavy capital models in finance is highlighted as a trend, with the Greater Bay Area positioned as a core area for this transformation [9][10]. - The role of artificial intelligence in driving China's economic transition towards innovation is emphasized, with calls for reforms to enhance the capital market ecosystem [10][12]. Group 5: Future Initiatives - The conference will feature parallel sessions on various topics, including financial culture, artificial intelligence, and cross-border cooperation, aimed at fostering innovation and supporting the real economy [13]. - Research reports and guidelines will be released to provide insights and support for high-quality financial development [12][13].

Core Points - The "2025 Shenzhen International Financial Conference" opened in Qianhai, Shenzhen, focusing on "Building a Financial Power and High-Level Opening Up of the Greater Bay Area" [2] - The conference is part of the 19th Shenzhen International Financial Expo, hosted by Renmin University of China [2] Group 1: Key Participants and Speakers - Notable attendees included former Vice Chairman of the China Insurance Regulatory Commission Zhou Yanli, former Vice Chairman of the National Social Security Fund Wang Zhongmin, and other prominent figures from academia and finance [4] - Former South Korean Prime Minister Han Seung-soo delivered a video address, emphasizing Shenzhen's role as a global financial hub [5] Group 2: Objectives and Themes - The conference aims to construct a Chinese financial knowledge system, promote a "technology-industry-finance" cycle, and explore financial system innovation and cooperation [5][6] - The establishment of the "International Financial Talent Practice Base of Renmin University" was announced, focusing on cultivating high-quality financial professionals [6][8] Group 3: Conference Activities - The conference will feature three plenary sessions and nine parallel meetings covering topics such as financial culture, artificial intelligence, and cross-border cooperation [9] - Research reports will be released, including analyses of the financial situation and guidelines for financial industry applications [9] Group 4: Strategic Importance - The conference is positioned as a platform for high-level international dialogue, aiming to contribute to the financial reform and regional cooperation in the Greater Bay Area [9] - Renmin University is committed to aligning with national strategies and supporting the development of the Greater Bay Area through collaboration with local financial institutions [9]

Core Points - The 2025 Shenzhen International Financial Conference opened in Qianhai, Shenzhen, focusing on "Building a Financial Power and High-Level Opening Up of the Greater Bay Area" [1][3] - The conference aims to promote the construction of a Chinese financial knowledge system and enhance the "technology-industry-finance" cycle [3] - The establishment of the "International Financial Talent Practice Base of Renmin University of China in the Greater Bay Area" was announced during the conference [3] Group 1 - The conference is co-hosted by Renmin University of China and aims to strengthen global financial cooperation and the development of the Greater Bay Area [1][3] - Zhang Donggang, Secretary of the Party Committee of Renmin University, emphasized the importance of financial system innovation and cooperation in the Greater Bay Area [3] - The conference includes discussions on various topics such as financial culture, artificial intelligence, and cross-border ecosystems, aiming to support Shenzhen's development as a technology and financial hub [6] Group 2 - Former Vice Chairman of the China Insurance Regulatory Commission, Zhou Yanli, highlighted the insurance industry's role in supporting the real economy and maintaining financial security [4] - Wang Zhongmin, former Vice Chairman of the National Social Security Fund Council, noted the Greater Bay Area's potential as a core area for "light asset, heavy capital" transformation [4]

全市7000家科技企业的全覆盖；在资本层面，规模达200亿元的市科技创新母基金已设立， 将有力引导社会资本共同投向科技创新前沿领域。 "所有这些举措，关键都指向同一个核心目标——构建'科技—产业—金融'的良性循 环。"该负责人向调研组表示，下一步将积极推动金融机构对早期科技企业建立更具"耐 心"的风险评估与容忍机制，全力完善知识产权质押融资等配套机制，真正破解难题，让企 业的"知产"顺利转化为发展的"资产"。 近日，武汉市委金融办相关负责人向调研组展示的一组数据，清晰勾勒出这座城市在金 融赛道上的加速态势。 编辑：熊展平 据介绍，最新数据显示，在2025年第16期"中国金融中心指数"中，武汉位列全国第10； 在2025年"全球金融中心指数"中，武汉排名第79位，相较"十三五"末大幅提升了32位，这标 志着武汉作为全国首批科技金融改革创新实验区，通过金融创新赋能科技创新的路径越走越 坚实。 调研中长江日报记者感受到，武汉的科技金融工作正迈向一个更系统、更深入的高质量 发展阶段。以今年6月出台的《加快建设全国科技金融中心行动方案》为总纲领，武汉打造 全国科技金融中心的工作进入了"施工高峰期"。 据介绍，武汉将重点 ...

作为"中国科技第一展"，第二十七届中国国际高新技术成果交易会(以下简称"高交会")于2025年11月14 日-16日在深圳国际会展中心(宝安)盛大启幕。中国邮政储蓄银行深圳分行(以下简称"邮储银行深圳分 行")携手深圳市普渡科技、数字华夏(深圳)科技重磅参展，在10号馆打造"科技金融共生体验区"，以沉 浸式展示诠释"科技赋能产业、金融滋养创新"的核心理念。与国家创新驱动战略同频共振，邮储银行深 圳分行持续探索科技与金融深度融合新路径，助推"科技—产业—金融"良性循环，展现了国有大行服务 科技创新的坚实担当，也为本届高交会擦亮了金融底色。 科技"百景图"背后的金融底色 置身于中国科技领域最具影响力的国家级展会，本届高交会以"博中有专、专题专展"为策展理念，推 出"亚洲半导体与集成电路展览会""3E亚洲消费电子展"与"人工智能与机器人产业展"三大专业子展，聚 焦半导体、消费电子、人工智能与机器人三大核心赛道，打造覆盖产业链全环节、辐射国内外市场的科 技盛宴。 据大会官方信息，本届高交会总展示面积达40万平方米，吸引全球100多个国家和地区的5000余家品牌 展商、40万专业观众参与，华为、英特尔、腾讯、科大讯飞等 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The "Technology Board" of the bond market has achieved remarkable results after half a year of operation. As of November 7, the issuance scale of science - innovation bonds exceeded 1.8 trillion yuan, with a year - on - year increase of 77.98%. The approval of the first science - innovation convertible bond strengthens the stock - bond linkage, which is expected to optimize the credit market structure and promote the virtuous cycle of "science - industry - finance" [3][10]. - In October, the year - on - year CPI growth rate turned positive, and the import and export data showed resilience, indicating a certain recovery in consumer demand and domestic demand [4][13]. - Last week, the central bank net - withdrew funds through open - market operations, but under the support of monetary policy, most capital prices declined [5][16]. - In the primary market of credit bonds, the issuance scale continued to decline, and the issuance cost varied. In the secondary market, the trading activity decreased slightly, and the yields of credit bonds continued to decline [6][21][31]. 3. Summary According to the Table of Contents Market Hotspots - The "Technology Board" of the bond market has been in operation for half a year. As of November 7, 1668 science - innovation bonds were issued this year, with a cumulative issuance scale of 18139.71 billion yuan, a year - on - year increase of 77.98%. The new science - innovation bonds have features such as better - matched terms, lower issuance costs, and diversified issuer structures. The first science - innovation convertible bond was approved, which provides a more flexible financing solution for high - growth technology enterprises and is expected to promote the virtuous cycle of "science - industry - finance" [10][11][12]. Macroeconomic Data - In October, the year - on - year CPI growth rate turned positive at 0.2%, an increase of 0.5 percentage points from the previous month. The core CPI increased by 1.2% year - on - year, with the growth rate expanding for six consecutive months. The year - on - year PPI decline narrowed by 0.2 percentage points to - 2.1%. The export volume in October was 3053.5 billion US dollars, a year - on - year decrease of 1.1%, and the import volume was 2152.8 billion US dollars, a year - on - year increase of 1.0%. The Sino - US trade surplus in October was 900.7 billion US dollars, a year - on - year decrease of 5.9% [4][13][14]. Money Market - Last week, the central bank net - withdrew 15722 billion yuan through open - market operations. Under the support of monetary policy, most capital prices declined. Except for the 1 - day and 1 - month repurchase rates which increased by 1bp and 2bp respectively, the other term - pledged repurchase rates decreased, with a maximum decline of 5bp. The 3 - month and 1 - year Shibor decreased by 1bp and 2bp respectively, and the spread between them narrowed to 6bp [5][16]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds continued to decline to 2770.33 billion yuan, a decrease of 156.11 billion yuan from the previous period. The cancellation of credit bond issuance increased to 32 billion yuan. Except for the ultra - short - term financing bonds and private placement notes, the issuance scale of other bond types decreased. The infrastructure investment and financing industry's issuance scale decreased, while the industrial bond issuance scale changed little. The average issuance cost of credit bonds varied, with the issuance costs of 3 - year and 5 - year bonds mostly decreasing and those of 1 - year bonds mostly increasing, with a change range of 2bp to 38bp [6][21][29]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 90816.29 billion yuan, and the average daily trading volume decreased by 463.15 billion yuan to 18163.26 billion yuan, indicating a decline in trading activity. The yields of interest - rate bonds and credit bonds showed different trends. The yields of all - term treasury bonds and policy - bank bonds increased, with the 10 - year treasury bond yield increasing by 2bp to 1.81%. Most credit bond yields decreased, with a maximum decline of 9bp. The credit spreads of all terms generally narrowed, and most rating spreads also narrowed [7][31][41].

本报记者 周尚伃 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 资本市场肩负重要使命 券商"掌舵人"普遍认为，2026年资本市场将迎来多重积极因素交织孕育的新机遇，这些机遇既源于全球 产业与金融格局的重构，也来自国内科技突破与制度完善的双重驱动，共同构成中国资本市场迈向高质 量发展的底层逻辑。 从全球视野来看，中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋 势、制度环境将呈现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。 科技突破与制度完善构成了机遇的核心内核。邹迎光认为，从科技趋势看，更多中国产业迎来关键突 破，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。从制度环境看，中国资本市场制度 包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新气象。 国泰海通总裁李俊杰认为："新一轮资本市场改革聚焦提升制度 ...

Group 1 - The Shanghai Stock Exchange International Investor Conference was held on November 12, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and M&A" [3] - The conference aimed to create a communication platform for foreign institutional investors, regulatory agencies, exchanges, listed companies, and financial institutions, promoting deep integration of international capital with the Chinese capital market [3] - Zhang Yiming from CICC highlighted the successful completion of CATL's Hong Kong IPO in May, raising $5.3 billion, showcasing international investors' recognition of high-quality Chinese technology and production assets [3][4] Group 2 - Zhang emphasized that patient capital is crucial for driving technological innovation, as long-term investments can stabilize market expectations and provide continuous momentum for new productive forces [4] - He outlined three key experiences: leveraging the synergy of investment, banking, and research to support early-stage tech companies; breaking down barriers in financial sub-industries; and ensuring smooth exit mechanisms for long-term capital [4] - Zhang noted that the global tech sector has shown a pattern of "synchronous resonance and alternating peaks," driven by breakthroughs in AI technology, which have led to record capital expenditures by tech giants [4] Group 3 - The future strategy for CICC includes deepening the "bringing in" and "going out" approach, utilizing capital market strengths to support high-quality Chinese enterprises in global expansion and providing ongoing financial support for technological innovation [5]