2025年12月31日，来自深圳的蘅东光在北交所敲响上市钟声。这不仅标志着又一家广东上市公司自身发 展的"关键一跃"，也为广东波澜壮阔的资本市场年度画卷，落下了富有象征意义的收官一笔。 就在这一年最后一周，广东再迎3家新增上市公司。至此，全省全年新增境内外上市公司达45家，首发 融资额535亿元。截至年末，广东境内上市公司总数达890家，境外上市公司334家，两大核心指标均稳 居全国首位，领先优势持续巩固。 作为经济体量连续36年领跑全国的"第一省"，广东正站在需要自我超越的新起点。牢记"广东要和自己 比"的殷殷嘱托，面对发展新阶段，资本市场已不再满足于数量的简单叠加，而是转向更深层的质量跃 升——从做厚"家底"到提升"成色"，从培育"动能"到涵养"生态"，一场以资本市场为枢纽的高质量发展 新实践，正在南粤大地全面展开。 过去一年，广东深入践行金融强国建设部署，扎实推动金融高质量发展，聚焦做好科技金融等"五篇大 文章"，全力服务新质生产力发展，促进"科技—产业—金融"高水平循环。在此引领下，广东资本市场 于高基数之上，开启了更具内涵的"增长新篇"：这不仅是规模的稳健攀升，更是发展质量的系统性跃 升；这不再局限 ...

爱建证券有限责任公司（以下简称"爱建证券"）深入学习贯彻党的二十届四中全会精神，深刻领悟"两 个确立"的决定性意义，坚决做到"两个维护"，以"五要五不"中国特色金融文化为指引，主动融入国家 发展大局，着力构建契合高水平科技自立自强的高质量金融服务体系，推动科技创新和产业创新深度融 合，走出了一条"金融报国"的特色之路。 金融是"国之大者"，关系中国式现代化建设全局。党的二十届四中全会通过的《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》明确提出加快建设金融强国，为扎实做好"十五五"金融工作 提供了根本遵循。 爱建证券立足金融工作的政治性、人民性，以高度的政治自觉积极投身于科技金融探索与实践。针对中 小型科技企业"融资难、配套难"痛点，构建起"投融资+产业赋能"的综合性服务体系，将金融活水精准 滴灌至科技创新前沿。 上海秉匠信息科技有限公司（以下简称"秉匠信息"）作为国家高新技术科技企业，是一家专注AI软件研 发的小型科技公司，虽具备前沿技术与创新活力，却面临"融资难、配套难"问题。爱建证券为秉匠信息 定制解决方案，双向发力，一端对接政府资源，以创新模式为企业拓展融资渠道，破解资金瓶颈；一端 依托 ...

Core Insights - The "2025 Easy Financing and Industrial Integration" annual conference aims to explore new paths for financial empowerment of small and medium-sized enterprises (SMEs) in Chengdu [1] - Chengdu has established two trillion-level and ten hundred-billion-level industrial clusters, with eight national-level characteristic industrial clusters for SMEs [1] - In 2024, financial products like "Zhuangda Loan" and "Rongyi Loan" helped technology-based SMEs secure credit loans totaling 10.4 billion yuan [1] Group 1 - The conference gathered over 260 participants from government agencies, banks, and securities companies to discuss financial empowerment for the real economy [1] - The event aims to convert policy dividends into development momentum, addressing financing challenges for 410 national-level specialized and innovative "little giant" enterprises [1] - Chengdu's Economic and Information Bureau introduced the "Chenggong Jingxiao Industrial Taobao" platform to assist enterprises in market expansion, brand strengthening, and order acquisition [1] Group 2 - A new "Scenario Application Promotion Office" was established to deepen the integration of manufacturing and cutting-edge technology [1] - The "Four Special One Family" service model was launched to enhance service delivery [1] - The "Economic New Scenario Steward" online channel was introduced to link innovative services with market demands in real-time [1] Group 3 - The "2025 Policy Handbook" e-book was launched to facilitate quick policy inquiries and intelligent matching for enterprises [2] - The conference included a ceremony for the "Expert Service Team" representatives to strengthen the intellectual support of the service system [2]

Core Insights - The 19th Shenzhen International Financial Expo, themed "New Heights of Industrial Finance, Empowering the Future with Science and Technology," has attracted 288 institutions from various countries and regions [1][3] - The Shenzhen Certified Public Accountants Association organized 15 renowned accounting firms to showcase their services in capital market support, ESG verification practices, and cross-border financial audit compliance [1][3] Group 1 - The expo features an innovative "1+3+N" model, hosting high-end forums such as the 2025 Shenzhen International Financial Conference and the Financial Technology Conference, along with nine themed exhibition areas [3] - The industry joint exhibition area led by the Shenzhen CPA Association focuses on "Professional Safeguarding Financial Innovation, Empowering Industrial Collaborative Development," showcasing the CPA industry's practical achievements in compliance, risk prevention, and digital transformation [3][6] - Participating accounting firms presented their full-chain service capabilities in specific fields, providing precise financial and tax consulting solutions to exhibitors and financial institutions [3][6] Group 2 - During the expo, accounting firms engaged in thematic speeches and specialized sharing sessions to deepen industry communication, discussing complex financial instrument valuation and the implementation of new standards [6] - The CPA industry aims to serve as a "professional guardian" of the financial system, facilitating efficient conversion of financial resources to the real economy [6][8] - The collaboration of the Shenzhen CPA Association and 15 accounting firms not only demonstrates the professional strength and collaborative advantages of the CPA industry but also injects professional momentum into the high-level circulation of "technology-industry-finance" [8]

Core Viewpoint - The article emphasizes the development of new productive forces in Shanghai, driven by technological innovation, innovative allocation of production factors, and deep industrial transformation, aiming for high-quality economic growth and enhanced productivity [1][2]. Group 1: New Productive Forces - New productive forces are characterized by technological breakthroughs, innovative resource allocation, and deep industrial upgrades, focusing on technological innovation as the core driver [1]. - Shanghai is tasked with enhancing institutional openness during the 14th Five-Year Plan period, adapting to local conditions to develop new productive forces [2]. Group 2: Technological Innovation - Shanghai has made significant progress in technological innovation, with PCT international patent applications increasing from 1,038 in 2014 to 7,012 in 2024, indicating a substantial improvement in intellectual property innovation and management [5]. - The number of publications in top journals has risen from 31 to 158, with the share of national publications increasing from 17.51% to 29.6%, reflecting enhanced research capabilities [5]. - Basic research funding has grown from 5.487 billion yuan in 2013 to 22.035 billion yuan in 2023, with its share of total R&D investment rising from 7.06% to 9.6% [5]. Group 3: Modern Industrial System - Shanghai is accelerating the construction of a modern industrial system, targeting a scale of 18 trillion yuan for its three leading industries (integrated circuits, biomedicine, artificial intelligence) by 2024 [8]. - The city is developing trillion-level and five-hundred-billion-level industrial clusters in key sectors such as electronic information and high-end equipment, achieving significant milestones [8]. - Challenges include the need for digitalization and green transformation of traditional industries, as well as the establishment of a future industrial growth mechanism [9]. Group 4: Technology-Industry-Finance Cycle - Shanghai aims to promote a high-level cycle of technology, industry, and finance, addressing the low success rate of technology transfer and the lack of top-level design in financial capital investment [10]. - Specific measures include guiding long-term capital investments in hard technology and developing carbon finance and markets to support green transformation [10]. Group 5: Talent Development - Shanghai is integrating education, technology, and talent systems to build a competitive talent ecosystem, focusing on attracting high-level talent and enhancing the evaluation system [13]. - Challenges include improving the global competitiveness of top scientists and increasing the concentration of innovative resources [13]. Group 6: Resilient City Development - Shanghai has made notable progress in building a livable, smart, and resilient city, with significant advancements in digital governance and emergency response systems [15]. - However, challenges remain in upgrading old infrastructure and ensuring balanced application of smart governance technologies across the city [16]. Group 7: Yangtze River Delta Collaboration - Shanghai is advancing collaborative development in the Yangtze River Delta, with significant reforms and innovation initiatives underway [18]. - Key issues include industrial project homogeneity and resource dispersion, necessitating coordinated efforts in technology and industrial innovation [19].

Core Insights - Chengdu S Fund successfully acquired shares from New Hope Investment Group, enhancing liquidity in the local private equity market and promoting industrial ecosystem optimization in Chengdu [1][2] - The core investment strategy of the acquired fund focuses on the aerospace sector, with nearly half of its 15 invested projects being local Chengdu initiatives, supporting local tech enterprises and industrial upgrades [1] Group 1 - Chengdu S Fund serves as an important innovation tool in the multi-level capital market system, improving the efficiency of equity investment services and enhancing the exit ecosystem for industrial investment funds [2] - The fund has completed four share transfers since its establishment, supporting over 300 tech SMEs, laying a solid foundation for future industrial development in Chengdu [2] - Chengdu S Fund aims to be a leader in technological innovation, focusing on hard technology sectors and attracting various capital to participate in supporting tech enterprises [2]

Core Viewpoint - The article emphasizes the importance of developing a technology finance system that aligns with technological innovation in the power industry, highlighting the role of capital markets in facilitating the integration of technology, industry, and finance [1] Group 1: Capital Market Tools Supporting the Power Industry - Capital market tools such as debt financing and equity financing are crucial for the power industry, providing low-cost financing options like technology innovation bonds and intellectual property securitization [2] - In September 2024, China Huadian Group issued a 5-year technology innovation bond totaling 1.5 billion yuan with a coupon rate of 2.24%, which is 16 basis points lower than the AAA-rated corporate bond rate [2] - In June 2023, Xiamen Haichen Energy Technology raised 4.575 billion yuan in Series C financing, and in January 2025, China Energy Construction issued 1.261 billion yuan in equity REITs to support hydropower projects [2] Group 2: Capital Market Mechanisms Enhancing Competitiveness - Capital market mechanisms such as employee stock ownership plans and mergers and acquisitions are vital for enhancing competitiveness in the power sector [3] - In October 2024, State Power Investment Corporation restructured its assets by divesting financial assets and acquiring quality nuclear power assets [3] - From 2024 to the first quarter of 2025, 14 new energy strategic emerging industry companies were listed on the A-share market, with an average risk premium of 1.57 times, indicating higher investment value [3] Group 3: Capital Market Services for Technological and Industrial Innovation - The capital market provides lifecycle services for technological innovation, supporting early-stage, mid-stage, and late-stage financing needs through various financial instruments [5] - For traditional industry upgrades, capital markets facilitate mergers and acquisitions aimed at transformation, while also supporting digital and green transformations through REITs [6] - To foster future industries like controlled nuclear fusion and perovskite photovoltaics, different types of venture capital funds are utilized to guide resources towards technological development [6]