这场"沙漠握手"的签约仪式背后，是中国AI企业首次与阿联酋皇室资本共建合资平台的战略突破。 经济观察报记者 王雅洁 2025年8月，阿布扎比资本集团总部，小库科技创始人何宛余与阿布扎比资本集团（ADCG）首席执行官阿布巴克·阿尔·库里共同签署合资协议。 何宛余说："中东市场不是技术倾销地，而是生态共建试验田。" 此刻的中东正掀起AI投资热潮。 沙特主权基金PIF宣布未来五年投入720亿美元布局人工智能基础设施；阿联酋计划十年内将AI对GDP贡献提升至14%；卡塔尔则推出50亿美元专项基金吸引 全球AI企业。 这片石油资本浇灌的沙漠，正成为中国AI企业穿越地缘迷雾的新支点。 何宛余认为"未来五年是中国AI闯中东的黄金期"。她对经济观察报表示，首先，中东正处于数智化转型高峰，如阿联酋的愿景计划中强调AI在智慧城市和可 持续发展的作用，而沙特"Vision2030"聚焦工业化。 不过，热潮之下，市场密布暗礁，多家企业陷入"技术换市场"的陷阱。如何避免重蹈覆辙？ 何宛余接受经济观察报专访，解码中国AI企业穿越沙漠的生存法则。在她眼中，这不仅是单个企业的远征，更是整个产业全球化路径的范式革命。小库科 技与ADCG的合资 ...

6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，创新发展需要科学家、企业家和投资家，更 需要投资家、科学家和企业家的牵手。我国资本市场发生深刻结构性变化，有力促进了科技、资本、产 业良性循环。近年来，中国证监会认真落实创新驱动发展战略，深化发行、并购重组等适配性改革，优 化制度和产品供应，为支持科技创新和产业转型升级提供重要支撑。(人民财讯) ...

Group 1 - The core concept of constructing a new development pattern emphasizes the importance of domestic circulation as the mainstay while promoting mutual reinforcement between domestic and international circulation [1][9][10] - The new development pattern is a strategic decision made by the central leadership based on changes in China's development stage and environment, aiming to reshape international cooperation and competition advantages [2][19] - The new development pattern integrates Marxist political economy theories, enhancing the understanding of economic cycles and social reproduction, and provides a scientific path for China's transition from a large economy to a strong economy [2][4][12] Group 2 - The emphasis on a smooth domestic economic cycle is crucial for balancing supply and demand, which requires addressing bottlenecks in production, distribution, exchange, and consumption [5][6][7] - The new development pattern advocates for a strong domestic economic system that attracts global resources, enhancing the efficiency of domestic circulation through international cooperation [10][11][19] - The construction of a unified national market is essential for promoting economic circulation and requires simultaneous efforts across all economic sectors [5][7] Group 3 - The new development pattern highlights the role of technological innovation in ensuring the smooth operation of domestic circulation and enhancing international competitiveness [13][14] - It stresses the importance of optimizing the allocation of production factors, including traditional and new factors such as knowledge and technology, to improve overall productivity [14][15] - The approach aims to create a modern industrial system that links domestic and international markets, facilitating deeper integration of industries [14][15] Group 4 - The new development pattern provides a framework for understanding the dynamics of global economic integration and the interdependence of domestic and international markets [8][10] - It addresses the challenges posed by global economic trends, including protectionism and geopolitical tensions, while advocating for an open and inclusive global economic order [9][10][18] - The strategy aims to enhance China's role in global economic governance and promote sustainable development through international cooperation [10][19]

Core Insights - The report indicates that in 2024, the招商模式 (investment attraction model) for industrial new cities will enter a phase of deep integration with capital empowerment, moving away from traditional land and tax incentives due to diminishing marginal returns [1] - The report highlights the acceleration of industrial park REITs applications and listings, with a notable increase in new applications and expansions compared to the previous year [2] Group 1: Investment Attraction and Capital Integration - The traditional招商模式 is becoming less effective, leading to the adoption of capital tools such as fund investments, incubators, and industry-finance integration to enhance招商效率 (investment attraction efficiency) [1] - Local governments and social capital are collaborating to establish母基金 (mother funds) and子基金 (sub-funds) to channel more investments into key sectors, creating a closed-loop of "investment - implementation - clustering" [1] - The report emphasizes the importance of a "科技—产业—金融" (technology-industry-finance) virtuous cycle to drive technological innovation and industrial upgrades [1] Group 2: REITs and Operational Strategies - The report notes a significant acceleration in the application and listing of industrial park REITs, with emerging economic zones like Chengdu-Chongqing and the Yangtze River Delta becoming key focus areas [2] - However, there is a stark performance divergence among underlying projects, with over half experiencing a decline in rental rates year-on-year, prompting some operators to adopt a price-for-volume strategy [2] - The report suggests that operators must manage their leasing situations and rental growth effectively to mitigate vacancy rates and protect profit margins in a market characterized by oversupply [2] Group 3: Development Strategies for Operators - The report advocates for a dual approach of "light and heavy" as a crucial development strategy for industrial park operators, emphasizing resource integration to achieve synergy between "asset holding" and "service output" [2] - Heavy asset operations are shifting from large-scale development to customized construction, while tools like public REITs and private funds are being utilized for asset exits to convert stagnant capital into rolling investment capabilities [2] - Light asset operations should focus on building a three-tier system of "basic services + value-added services + industrial investment" to enhance ecosystem empowerment [2]