研讨会参会人员参观泰州中国医药城。 记者 王墨璞嘉 摄 泰州 阔步"沪泰路" 链动医药城 ◎记者 祁豆豆 王墨璞嘉 近10年医药产业规模年均增速保持两位数增长、连续两年跻身中国生物医药产业园区综合竞争力前十 强、一批重大成果转化平台相继落户、初步形成"4+2"特色产业体系……这里是江苏泰州，这里是中国 医药城，一座生态完备、活力迸涌的创新之城。 8月2日，"沪泰同行·链动未来"生物医药产业发展研讨会在泰州举办。上海证券报组织来自上市公司、 优强企业、金融投资机构的超60位企业家、投资人及政府部门相关负责人走进泰州，就泰州医药产业新 动能、新机遇建言献策。 泰州中国医药城 泰州三水湾全景 当前，上海与泰州正形成生物医药产创融合的"双向奔赴"。双方定位互补，将泰州所能和上海所需紧密 结合，打造"上海研发+泰州制造"的科创协同。 探 医药城创新动能 "泰州在生物医药领域有着得天独厚的优势。"泰州市委书记姜冬冬介绍，这里不仅拥有全国首家国家级 医药高新区，还承担着长江经济带大健康产业集聚发展试点，更获得了江苏省委、省政府重磅政策支 持。 深厚的产业基础，催生出亮眼的发展成果。"近10年来，中国医药城医药产业规模年均增 ...

Group 1 - Since 2025, China's primary market venture capital landscape has undergone significant restructuring, with domestic financing transactions reaching 3,743 in the first half of the year, a 16% year-on-year increase [1] - Local state-owned capital institutions have emerged as dominant players, occupying a substantial share of the active investment landscape, while market-oriented giants like Hillhouse Capital and Sequoia China have taken a backseat [1] - The rise of local state-owned capital in the venture capital sector reflects a new ecosystem shaped by policy guidance and market dynamics [1] Group 2 - The explosive growth of local state-owned capital is driven by a deepened understanding of "capital attraction" logic, with a focus on equity investment rather than traditional fiscal subsidies [2] - For instance, Hefei Innovation Investment has a 43% independent investment rate in advanced manufacturing, indicating a willingness to take on early project risks [2] - The collaboration model between market-oriented institutions and state-owned capital is maturing, with a mixed model of "state capital investment + market-oriented GP" expected to become a mainstream approach [2] Group 3 - The evaluation standards in the primary market are changing under the dominance of local state-owned capital, as these institutions pursue both financial returns and industrial cultivation missions [2] - The traditional assessment system centered on IRR (Internal Rate of Return) is being reshaped to accommodate these dual objectives [2] - Potential risks include blind investment trends in popular sectors due to administrative intervention, which could lead to resource misallocation and repeated low-level construction [3] Group 4 - The rise of local state-owned capital does not negate market logic but enriches capital forms under national strategic guidance [3] - The adjustments of market-oriented institutions are not a sign of decline but rather an adaptive evolution within the new ecosystem [3] - The Chinese venture capital market may evolve towards a new path of "efficiency and mission co-existence," reflecting the best interpretation of capital serving the real economy during the high-quality development phase [3]

Core Viewpoint - The Jinan city, particularly the Huaiyin District, is committed to implementing an industrial-strengthening development strategy, focusing on project-driven growth and solidifying its industrial foundation [1][3]. Group 1: Project Implementation and Investment - Huaiyin District has established a comprehensive mechanism for project management, covering planning, construction, and operational effectiveness, with 50 industrial projects rolling out over the past three years, resulting in over 6 billion yuan in industrial investment [3]. - Key projects such as the Zhongjiao Chuangxin Smart Valley and CNC Intelligent Equipment Industrial Park are accelerating construction, while significant projects like the Jinan Advanced Materials Manufacturing Port (Phase I) have been completed on schedule [3]. - The Huaiyin Economic Development Zone has been recognized as a third-generation semiconductor industry cluster in Jinan, achieving a complete supply chain from substrate preparation to device packaging [3]. Group 2: Industry Ecosystem and Chain Recruitment - The district focuses on key areas such as intelligent manufacturing and integrated circuits, enhancing resilience and security in the industrial chain through targeted recruitment of critical enterprises like Huayan Guoxin and Liguang Microelectronics [3]. - The overall strategy emphasizes "frontier focus, leading enterprises, innovation cultivation, ecosystem building, chain planning, and cluster development" to strengthen the industrial ecosystem [3]. Group 3: Capital and Industry Integration - Huaiyin District has innovated a "capital + industry" integration model, establishing a multi-layered fund system comprising "mother funds + direct investment" [4]. - The district has attracted significant capital, with fund sizes reaching 25.8 billion yuan, including investments from the Yellow River Delta Industrial Investment Fund and the Integrated Circuit Fund [4]. - The district has launched the first semiconductor industry fund in the city, promoting over 20 key industrial projects through investment-driven initiatives [4].

Group 1 - The core event was a major investment promotion activity in Liuyang, Hunan, where 15 significant projects were signed, with a total investment exceeding 6.5 billion yuan, covering various industries such as biomedicine, intelligent equipment, new materials, green food, and cultural tourism [1][2] - New Leading Pharmaceutical (Zhongshan) Co., Ltd. plans to invest 1.5 billion yuan in Liuyang, expecting an annual output value of 2 billion yuan and tax contributions of approximately 250 million yuan upon reaching full production [2] - Liuyang has introduced 78 projects with a planned investment of 23.5 billion yuan this year, including one project over 10 billion yuan and five projects over 1 billion yuan [2][3] Group 2 - Liuyang has developed a "3421" industrial tier system, which includes three pillar industries (electronic information, biomedicine, and fireworks), four advantageous industries (intelligent equipment manufacturing, new energy and automotive parts, green food, and home building materials), and two emerging industries (new materials and cultural tourism) [3] - The city has introduced over 220 billion yuan in projects through fund (capital) investment, with current annual output value exceeding 26 billion yuan, indicating a strong trend in capital-driven industrial upgrades [5] - Liuyang aims to create a favorable business environment characterized by good treatment of enterprises, excellent service experience, and strong legal protection, enhancing its attractiveness for investment [5]