记者在采访中了解到，江苏科创板上市公司"硬科技"特色鲜明，新一代信息技术、高端装备、生物 医药产业企业家数占比达四分之三，涌现出一批行业龙头，走出了一条"科技-产业-金融"良性循环的江 苏路径。 新华社南京1月5日电（记者潘晔）记者5日从江苏证监局获悉，截至目前，江苏已有5家企业采用科 创板第五套标准上市。作为资本市场改革"试验田"，科创板"1+6"改革扩大第五套标准适用范围，将支 持面延伸到人工智能、商业航天、前沿材料等更广阔的领域。 上海证券交易所最新公开数据显示，科创板自2019年7月开市以来，上市企业总数达600家，总市值 超10万亿元。其中，"江苏板块"共计115家，占比19%，上市公司家数自2020年以来常年位居全国前 列。 "江苏科创板上市公司中58家是苏州企业，其中24家市值超百亿元。"据苏州金融办相关负责人介 绍，2025年前三季度，苏州科创板公司研发投入金额合计达80亿元，同比增长6.2%，研发投入占营业 收入的比例平均为18%。 江苏证监局相关负责人表示，2025年，江苏新增的A股首发上市企业均为科技创新企业，九成以上 属于战略性新兴产业，为江苏在推动科技创新和产业创新融合发展上打头阵提 ...

作为与投资者同行三十余载的财经媒体，《投资快报》始终坚守"传递价值信息，助力理性投资"的初 心。新的一年，我们将继续扎根市场一线，采编团队将用专业的视角、鲜活的案例、深度的分析，持续 追踪新质生产力发展动态，解读资本市场改革政策，挖掘细分赛道投资价值，为大家提供更具参考性的 市场观察与投资建议。我们也将继续倾听读者心声，优化内容呈现形式，让复杂的财经信息变得通俗易 懂，让专业的投资分析更接地气。 亲爱的读者朋友们，投资是一场跨越周期的修行，需要远见卓识，更需要坚定笃行。2025年的市场已经 告诉我们，那些顺应时代趋势、扎根核心技术、坚守价值创造的企业，终将穿越市场迷雾，绽放持久光 芒。新的一年，愿我们都能保持战略定力，远离短期投机的喧嚣，聚焦长期价值的沉淀；愿我们都能在 科技创新的浪潮中把握机遇，在结构转型的进程中规避风险，在与中国经济共成长的道路上收获丰硕成 果。 最后，衷心祝愿各位读者朋友在2026年投资顺利、阖家幸福、万事顺遂！让我们携手并肩，乘势而上， 共赴价值投资的新征程！ 《投资快报》编辑部 2026年1月1日 亲爱的读者朋友们： 时序更替，华章日新。当2026年的第一缕阳光照亮资本市场的版图，我 ...

专注于人形机器人领域的优必选，正是这一协同力量的生动写照——上市两年来借助资本市场的赋能， 加速了技术迭代与市场拓展。优必选首席品牌官谭旻介绍，公司在2023年12月29日上市以来，充分享受 到香港作为国际金融中心对于创新企业的支持，在多次的配售中，获得了在研发以及在整个供应链整合 当中有力的支持。 "在最新的一次配售中，我们完成了超过30亿元港币的配资，大部分的配资资金都会用来作为收购并购 使用，来提升我们在量产交付上面的能力。"谭旻表示，在未来一年两年当中，优必选会更多地作为一 个链主企业，加强上游供应链的整合，从而实现2027年万台人形机器人的交付，然后实现更大的数十万 台人形机器人产能的储备，而这些资金来源于公司在香港融资配售当中，所获得的最强有力的支持。 聚焦"AI+机器人"新浪潮，广东依托金融"活水"与产业生态，夯实智能产业引擎地位，谱写高质量发展 新篇章。 《"AI+机器人"广东造》系列最后一期，投资快报、股市广播和大家一起聚焦广东人工智能与机器人产 业的金融生态样本，看看创投机构、资本市场如何赋能产业发展。 在广东创投领域，谢诺投资是"耐心资本"的典型代表，也是广东省人工智能产业协会副会长单位 ...

TSINGHUA Financial Review 青华金融评论 10-1169/ 40号 ISSN 2095-6 到即会题 金融助力科技创新 和产业创新深度融合 奖 脚 我 TSINGHUA Financial Review 清华金融评论 张伟 等: bea 我国寿险业高质量 发展模式的构想 聂庆平: P73 全球资本市场面临的 排战与前景展望 郎在 下一篇 144 P02 王泊: 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 P16 田轩 等: 赋能新质生产力: 资本市场服务科技创新的逻辑与对策 P19 杜春野: 深化科技金融范式创新: 商业银行助力科技企业高质量发展的思考与实践 P23 刘健 等: 打造科技投行, 提升资本市场服务科技创新能力 P27 葛小波 等: 关于证券公司服务新质生产力 和推动科技创新的思考 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 文/上海证券交易所党委委员、副总经理 王泊 党的二十届四中全会提出"十五五"时期经济社会发展的主要目标，明确提出"高质量发展取得显著成 效""科技自立自强水平大幅提高"等主要目标， ...

Group 1: Financial Conference Insights - The second "Shenzhen Xiangmi Lake Financial Annual Conference" was successfully held, focusing on promoting a virtuous cycle of technology, industry, and finance in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Keynote speakers emphasized the need for financial reforms based on rule of law and innovation to support high-quality development, with three main goals: risk prevention, wealth management market construction, and building an international financial center [1] Group 2: Macroeconomic Trends - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, showing an acceleration of 0.4 percentage points compared to the previous year [2] - Experts discussed the challenges of insufficient domestic demand and overcapacity, while highlighting the need for reforms and technological advancements to drive economic recovery [2] Group 3: Manufacturing and Export Strategies - China's manufacturing sector has achieved significant high-quality development, with industrial added value accounting for 32% globally [3] - Recommendations for optimizing export structures include promoting reasonable appreciation of the RMB and enhancing labor productivity [3] Group 4: Technology-Finance Integration - The integration of artificial intelligence (AI) into the financial sector is transforming service models and enhancing operational efficiency [5][7] - The "Xiangmi Lake Intelligent Finance Development Report (2025)" outlines the current state and challenges of AI in finance, emphasizing the need for a supportive financial ecosystem [6] Group 5: Future of Intelligent Finance - The upcoming "15th Five-Year Plan" is expected to focus on the integration of AI technology with financial industry transformation, presenting new opportunities for intelligent finance [9][10] - Experts suggest that the financial sector must enhance its operational efficiency and adapt to market demands while expanding internationally [10][11]

第十三届全国政协经济委员会副主任、辽宁省政协原主席夏德仁以"粤港澳大湾区：打造科技创新、产 业创新和金融创新'三创循环'先导区"为题发表观点。他认为，广东省是中国改革开放的策源地，四十 多年的改革开放赋予了这个区域不竭的创新活力和动力，粤港澳大湾区拥有香港国际金融中心、深圳科 技金融创新策源地以及珠三角产业创新基地三者结合的独特优势，粤港澳大湾区完全有条件成为一 个"三创循环"的先导区或示范区。为此建议：一是发挥好香港金融中心连接国际国内的独特作用，二是 进一步强化深圳科技金融创新策源功能，三是构建跨境"科技—产业—金融"生态链。 第十四届全国政协委员尹艳林围绕"把粤港澳大湾区建设成'科技-产业-金融'良性循环示范区"分享观 点。他指出，我国科技金融服务科技创新和产业创新取得显著成就。政策框架体系不断完善、科技型企 业贷款支持力度明显加大，科技股权债权融资取得成效，科技保险产品创新不断涌现，"科技-产业-金 融"三角形生态逐步完善。要加快把粤港澳大湾区建设成"科技-产业-金融"良性循环示范区，他提出五点 建议：一是加快补齐研发投入短板；二是发挥产业、人才集聚与新技术应用发展优势；三是为科技金融 创新持续创造优 ...

Core Insights - The article emphasizes the role of technological innovation as a core driver for high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area, highlighting the financial empowerment of technology by Hengfeng Bank [1] Group 1: Financing Mechanisms - Hengfeng Bank has established a "due diligence exemption mechanism" to alleviate concerns among frontline staff regarding lending to high-tech enterprises, allowing them to focus on compliance and risk management [1] - As of November 2025, Hengfeng Bank's technology loan balance is expected to grow by approximately 10% compared to the beginning of the year, marking a significant shift in credit structure [1] - The bank aims to deepen its focus on energy finance, park finance, and port finance as key areas for future development [1] Group 2: Collaboration with Industrial Parks - The collaboration between banks and industrial parks has strengthened the foundation for lending, with the "two optimizations, three reviews, four existences, and five benefits" screening system at the Guangzhou Zengcheng Digital Innovation Center serving as an effective filter for potential clients [2] - Hengfeng Bank has provided over 10 million yuan in loans to 24 small and micro enterprises at the Zengcheng Digital Innovation Center, with 50% of these being first-time loans [2] Group 3: Professional Capability in Lending - Hengfeng Bank differentiates itself by focusing on the technology, industry, and future potential of enterprises rather than traditional collateral-based assessments [3] - The bank's trust foundation is built on three pillars: in-depth industry research, precise credit demand assessment, and establishing mutual trust through core assets like patents [3] Group 4: Supply Chain Financing - Hengfeng Bank employs innovative supply chain financing models to support both upstream suppliers and downstream clients, ensuring a seamless flow of funds within the industrial ecosystem [4][5] - The bank's understanding of industry dynamics allows it to effectively connect with potential technology finance clients, aiming to match each industry with a mature supply chain [5] Group 5: Comprehensive Financial Services - Hengfeng Bank is committed to building a comprehensive financial service system that integrates financing and intelligence, focusing on the entire lifecycle needs of technology enterprises [6] - The bank has developed a project database for mergers and acquisitions to facilitate resource connectivity across regions, which is often more appealing to enterprises than traditional loans [7] Group 6: Future Plans and Innovations - Hengfeng Bank plans to explore areas such as investment-loan linkage, asset securitization, and merger finance, while also investigating financial instruments closely related to capital markets [7] - The bank aims to create a more efficient and intelligent integrated financial service system that aligns with the varying needs of enterprises at different stages of development [7]

在国家深化金融改革、引导长期资本服务实体经济的背景下，珠海近期在AIC（金融资产投资公司）基 金领域取得关键突破。 12月15日，珠海科技产业集团与中国银行旗下中银资产正式签署合伙协议，共同发起设立规模达10亿元 的"华金中瀛扶摇基金"。至此，珠海通过这一核心国资平台，携手工、建、交、中四大国有银行旗下的 AIC，成功构建起总规模达60亿元的AIC基金矩阵，数量与募资规模均位居全国前列。 从2025年3月AIC试点正式扩容至广东省，到基金群迅速落地并进入实际投资阶段，珠海的高效举措， 不仅为本地及大湾区战略性新兴产业和新质生产力培育注入了规模化"耐心资本"，更成为地方国资精准 对接金融改革、赋能新质生产力的典型范本。 落地领跑，珠海抢抓AIC试点新机遇 作为银行系"耐心资本"的核心载体，AIC历经多年转型，是构建"科技-产业-金融"良性循环的关键制度 创新。 2020年，上海率先开启AIC"不以债转股为目的"的直接股权投资试点，为其服务科创企业奠定了机制基 础；2024年9月，AIC试点迎来第一次扩容，从上海扩围至北京、广州、深圳等18个城市。 半年之后的2025年3月，金融监管总局进一步将AIC股权投资试点 ...

Core Viewpoint - The 2025 Analyst Conference highlighted expectations for a significant bull market in A-shares, driven by the "14th Five-Year Plan" and its focus on innovation, investment in people, and international cooperation, which are anticipated to inject new momentum into the Chinese economy and support its recovery towards 2026 [1][6][7]. Group 1: Characteristics of the Recovery - The current recovery is expected to begin with price increases, influenced by new fiscal measures aimed at public services and living standards, alongside policies to counteract "involution," which may lead to a moderate rise in prices beneficial to innovative companies [2][8]. - This recovery is likely to be structural rather than rapid, driven by advantageous industries and companies, as existing structural issues within the economy, such as real estate adjustments and demographic challenges, remain unresolved [3][9]. - The recovery may also alter financial asset allocation, with a potential decline in bank loan rates being limited, while a shift in wealth from real estate to other financial products is anticipated, promoting a flow of capital towards high-quality assets [4][10].

Core Insights - Shenzhen's capital market has shown remarkable performance in the "14th Five-Year Plan" period, with a total of 424 A-share listed companies and a market capitalization exceeding 11 trillion yuan, ranking second nationwide [1][6] - The direct financing scale in Shenzhen has reached a historic high of over 2.8 trillion yuan, marking a more than 50% increase compared to the "13th Five-Year Plan" period, positioning it third among major cities in China [3] - The innovation and competitiveness of market entities in Shenzhen have significantly improved, with total market capitalization surpassing 11.5 trillion yuan and projected revenues exceeding 6.8 trillion yuan for 2024 [6] Financing and Investment - The cumulative equity financing in Shenzhen has exceeded 400 billion yuan, with 110 companies raising over 110 billion yuan through IPOs [3] - The bond market financing, including ABS, has surpassed 2.4 trillion yuan, with public REITs leading in fundraising [3] - Shenzhen's private equity and venture capital fund scale is expected to reach nearly 1.37 trillion yuan by September 2025, supporting over 13,800 small and medium-sized enterprises [4] Market Dynamics - The R&D investment of Shenzhen-listed companies is projected to reach 210.3 billion yuan in 2024, a 91.35% increase from 2020, with BYD leading the investment at over 54 billion yuan [6] - In the first three quarters of this year, 24 securities companies in Shenzhen achieved revenues exceeding 100 billion yuan, while 31 public fund management companies managed assets totaling 12.3 trillion yuan [6] Financial Innovations and Investor Protection - Shenzhen has made significant strides in financial innovations, with over 800 billion yuan raised through technology-themed public funds and more than 5 trillion yuan in total assets for these funds [8] - The city has implemented various investor protection mechanisms, with nearly 990 billion yuan in cumulative dividends distributed by listed companies during the "14th Five-Year Plan" period [9] Future Outlook - Looking ahead to the "15th Five-Year Plan," Shenzhen aims to focus on developing new productive forces, deepening reforms, enhancing financial services for the real economy, and protecting investors' rights [10]