胡殷英 陈琳玲 2025年是国有企业改革深化提升行动的收官之年，也是考验改革成色的关键之年。面对复杂严峻的经济 环境和转型升级的内在要求，长沙经济技术开发集团有限公司（以下简称长沙经开集团）在体制、机 制、业务、服务等多个维度全面攻坚，走出了一条从物理整合到化学反应的国企市场化转型之路，为区 域经济发展注入强劲动能。 刀刃向内"真改革" 体制机制焕新颜 力都置业在履行功能性投资使命之余，着力提升资产运营效益，其运营的多个长租房项目出租率稳定在 高位，并积极探索"第二产业"与文体运营新方向，在逆市中寻求破局之道。城建公司坚定"聚焦主业， 纵横延伸"，充分利用整合现有建筑资源，拓展定制厂房、土地管护、土石方管理、工程造价咨询、测 绘服务等业务，寻求可持续发展之路。新加入长沙经开集团的经开印务，没有固守传统烟包业务，而是 横向拓展省外、向下优化供应链、发展多元业务类型。近期，经开印务成功签约首个省外订单，实现了 市场拓展的重要突破，为业务增长打开了新空间。 改革破局，首在破旧立新。长沙经开集团以"开真刀、动真格"的魄力，率先重塑自身组织机制，为后续 市场化转型举措扫清障碍。 针对过去公司市场化程度不高、核心主业不突 ...

而兖州区的破局之道，则在于构建起"基金引项目、政策强保障、服务促落地"的全链条体系。 在基金矩阵精准"捕链"上，加强与专业基金机构的沟通对接，通过专业机构高效搜寻优质项目资源，并 对项目进行全方位质量评估，保证重大项目储备。在推动"政府＋市场"同向发力上，盘活整合国有资产 资源，统筹配置财政政策资金，打造财政金融政策工具包，通过市场化运作方式，服务实体经济。在精 准服务项目转化升级上，与各要素保障部门协同发力，设立专人引导，提供项目全流程服务，推动实现 重点项目洽谈与要素准备同步、项目落地与要素到位同步，全力保障项目快落地。 齐鲁晚报.齐鲁壹点孔茜 在国家统一大市场、规范招商引资行为的大背景下，兖州区积极求变，围绕"产业基金＋资本招商"，以 产业基金为核心抓手，探索"以投促招、以投促引"的招商新模式，成功签约落地汤姆智能成套设备生产 基地、康帅冷链设备、湖北广济药业（000952）、布达泰克真空共晶焊接炉等项目，蹚出资本招商赋能 招商引资新路子。 在兖州资本招商的实践图谱中，汤姆智能的"跨区域产业重构"堪称典范。为进一步实现产业升级，兖州 区从汤姆智能自身业务入手，为汤姆智能量身定制北方市场开发计划，拓展延伸 ...

关键词：资本招商 在新形势下，招商引资的新模式新方法越来越多，招商引资+财政转型+资产证券化，地方国资入主上市公 司成为招商引资新范式。为了帮大家学习这种新模式，我们选取证券时报的资讯和案例供参考。 孚能科技日前复牌，广州工控新晋为控股股东，广州市人民政府成为新实际控制人，公司由此迎来由广州 工控多方位赋能的新周期。 这是地方国资"揽A"潮的又一例新鲜注脚。近来，地方国资入主上市公司热情空前，股权协议转让、表决 权委托、重整和拍卖等多元路径并进。有受访者认为，相较于产业园招商、基金招商等模式，国资"揽 A"更有利于将优质上市公司引进当地，进而发挥"头雁效应"，带动当地产业发展。 经历了纾困并购、杠杆并购等模式之后，国资入主上市公司逐渐向并购战略新兴产业转轨。在此过程中， 与单纯的证券化率提升指向不同，不少地方进化出"招商引资+财政转型+资产证券化"多位一体新范式。同 时，收购意愿从被动到主动切换，为当地产业集聚、技术突破和产业链做大做强，撑起新空间。部分受访 者认为，地方国资入主潮下，各地竞争发展要素力开始区隔出"不同层次"。 热潮之下，整合管理、隐性债务、迁址掣肘等多重挑战也伴生出现。业内判断，国资入主新范 ...

12月15日，由上海证券报社主办的"上证多层次资本市场高质量发展大会海安产业发展恳谈会"在江苏南通张謇企业家学院顺利举行。海安市委常委、副市 长夏卫军主持会议。来自上市公司、优强企业及金融投资领域的代表齐聚一堂，围绕资本市场发展新形势，与会嘉宾立足专业视角，交流前沿观点，碰撞 思想火花，共同挖掘产业协同与投资合作的新机遇。 上海证券报社党委常委、副总编辑齐劼人 上海证券报社党委常委、副总编辑齐劼人结合行业发展态势，向与会嘉宾分享了A股市场的最新变化。 齐劼人表示，当前A股市场正经历一轮深刻而系统的变革，近一年来尤为明显，整体可概括为五大趋势：一是上市公司发展逻辑由"重数量"全面转向"重 质量"；二是并购重组持续升温，且并购方向愈发聚焦新质生产力领域；三是以"易中天"、摩尔线程等为代表的硬科技、"卡脖子"企业，逐渐成为资本市 场的核心力量；四是耐心资本加速入市，以银行理财子公司、保险资金、全国社保基金等为代表的长期资金不断加大配置力度；五是沪港通机制持续优 化，赴港上市正成为市场热点。 围绕上述变化，齐劼人认为，这为地方政府推进招商引资、招大引强提供了重要启示。其一，要推动发展模式从"土地财政"向"股权财政"转 ...

Core Insights - The 2025 Nantong Investment Conference and the Shanghai Stock Exchange Multi-Level Capital Market High-Quality Development Conference opened on December 16, showcasing a series of partnerships between Nantong and national funds [1] - Nantong has actively integrated national strategic capital and top-tier innovative resources, resulting in over 30 new funds established this year with a total scale exceeding 50 billion yuan [1] Group 1 - Nantong has launched a capital招商专项行动 to create a collaborative investment environment, focusing on a "fund + industry + project" development model [1] - The city has established new industry investment and venture capital funds tailored to local strengths, extending capital's reach into key areas of technological innovation and industrial development [1] Group 2 - Supported by these funds, Nantong has attracted over 130 new capital investment projects this year, with a planned investment amount exceeding 30 billion yuan, including 11 projects with investments over 1 billion yuan [2] - The projects span high-tech and strategic emerging industries, including the transformation of research outcomes from prestigious universities and the incubation of national-level specialized and innovative "little giant" enterprises and unicorns [2]

基石投资对于地方国资的吸引力正在加强。 据不完全统计，今年上半年， 地方国资参与港股基石投资的规模实现 "量价齐升" 。从参与主 体数量来看较 2 0 2 4年同期增长3 3%；总投资金额较去年同期上涨6 6%。可以预计，今年全年 的数据大概率会超越历年平均水平，成为高峰。 "地方国资参与基石投资，基本上都不是追求财务回报的目的，更多是为了地方产业转型升级 发展的诉求。还有就是基石投资具备明确的退出渠道和预期，让一些之前因为退出难这两年谨 慎出手的国资机构愿意去参与流动性更好的基石投资。"某国资机构人士韩博（化名）对母基 金研究中心表示。 基石投资者是指港股 IPO时在公开募集之前作为战略投资者申购公司股票的机构投资者，主要 是大型机构投资者、大型企业集团以及知名富豪或其所属企业。 基石投资者按 IPO发行价格 购买预先约定数量的股票，并接受6—1 2个月的锁定期 。 港股 IPO的投资者主要可以分为三类，除基石投资者外，还有参与公开发售的散户投资者，以 及在路演、询价阶段参与国际配售的锚定投资者，主要参与方为资金实力雄厚的专业投资者。 从投资顺序上，基石投资者最先参与发行认购，锚定投资者次之，最后是散户投资 ...

Core Insights - The annual China Private Equity Annual Conference will be held from December 2-5, 2025, in Shenzhen, focusing on observing China's technological innovation [2][18] - The chairman of Qianhai Ark Asset Management shared insights on the strategic role of venture capital and the development trends in China's venture capital landscape [2][19] Group 1: National Strategic Demand - Innovation is a core development strategy for every country, with two main paths: innovation investment-driven strategy and traditional investment-driven strategy [3][20] - Countries like the US, Israel, and China exemplify the innovation investment-driven strategy, which supports small enterprises and disruptive technologies, leading to significant capital inflow into the tech innovation sector [3][20] - In contrast, countries like Japan and Russia follow a traditional investment-driven strategy, relying on conventional financing channels and often missing out on technological advancements [4][20] Group 2: Impact of Venture Capital on China's Economy - Since the emergence of venture capital in 1999, China's GDP has grown over 13 times, with venture capital contributing more than 43% to this growth [5][21] - Venture capital has played a crucial role in nurturing high-quality enterprises, with over 90% of companies listed on the Sci-Tech Innovation Board and over 50% on the ChiNext Board being supported by venture capital [5][22] - The sector has significantly contributed to the development of key industries, including semiconductors, renewable energy, communication, transportation technology, artificial intelligence, and biomedicine [6][22] Group 3: Five Key Investment Directions - The first direction is the "short board" process, focusing on technological breakthroughs to ensure supply chain security and autonomy, with over 2 billion yuan invested in semiconductor companies [7][24] - The second direction is the digitalization process, which aims to transform traditional industries using digital technology, with significant investments in projects like 聚玻网 and autonomous driving [7][24] - The third direction is the carbon neutrality process, which has evolved from being finance-driven to policy-driven and now demand-driven, with investments in emerging technologies [7][25] - The fourth direction is the health sector, shifting from symptomatic treatment to root cause resolution, with predictions that China will lead in biopharmaceuticals in the next 7-8 years [7][26] - The fifth direction is consumer upgrade, emphasizing the importance of consumer sectors in economic growth and the need for investment support [7][26] Group 4: Recommendations for Future Development - The industry should focus on "early, small, and future" investments, promoting "patient capital" as a fundamental requirement for a healthy venture capital ecosystem [11][28] - There is a need to optimize the capital source structure in the venture capital industry, aiming for a balanced approach involving government capital, financial capital, and family wealth [12][29] - Emphasis should be placed on post-investment management and support, moving away from solely chasing "blockbuster" investments [12][30] - The development of S funds and follow-up funds is crucial for creating a sustainable innovation investment ecosystem [12][30] - A balanced support for various industries is essential to avoid over-concentration and to foster innovation across sectors [12][31]

Core Insights - The 25th China Private Equity Annual Conference highlighted five key processes for venture capital funds to focus on, which are expected to yield good investment returns [1][3] Group 1: Five Key Processes - The first process is the "short board" process, aimed at addressing critical supply chain issues to ensure safety and self-control [1][3] - The second process is the digital transformation process, which involves using digital technology to reform traditional industries and alter work and life scenarios [1][3] - The third process is the carbon neutrality process, emphasizing the importance of transitioning energy structures [1][3] - The fourth process is the "big health" process, where significant changes in China's biomedicine sector, particularly in gene and cell innovation, are attracting investment [1][3] - The fifth process is the consumption upgrade process, which supports economic growth and enhances the quality of life, with consumption enterprises continuously evolving and deserving capital market support [1][3] Group 2: Market Outlook and Recommendations - The first recommendation is to "invest early, invest small, invest in the future," promoting the development of "patient capital" [2][4] - The second recommendation suggests optimizing the sources of capital for private equity investments [2][4] - The third recommendation indicates that private equity finance and capital attraction are becoming important means for local governments to transition from land finance, necessitating changes in commercial strategies and product designs of venture capital institutions [2][4] - The fourth recommendation emphasizes the need for venture capital institutions to focus more on post-investment management and services, adhering to a "30% investment, 70% management" principle [2][4] - The fifth recommendation calls for the development of S funds and follow-up funds from central to local levels to create a sustainable innovation investment ecosystem [2][4] - The sixth recommendation advocates for a diverse approach, where venture capital funds and capital markets support balanced development across various industries [2][4] - The seventh recommendation stresses the importance of maintaining a healthy secondary market, supporting IPOs of innovative enterprises and participating in mergers and acquisitions [2][4]

Core Insights - Quzhou is transforming its historical significance as a transportation hub into a modern industrial powerhouse, attracting significant investment and showcasing a successful model for emerging cities in China [1][2]. Investment and Industrial Development - Quzhou has hosted its third industrial capital investment conference, attracting over 300 industry professionals, indicating strong interest in its industrial growth [1]. - The city has developed six key industrial chains: new materials, new energy, integrated circuits, high-end equipment, life health, and specialty paper, demonstrating a clear strategic focus on promising sectors [2][3]. - Quzhou's government has effectively utilized its existing industrial advantages to integrate cutting-edge technologies like AI, enhancing its manufacturing capabilities [2]. Competitive Advantages - The new materials industry in Quzhou has become a competitive strength, with the city being the only domestic base for both fluorine and silicon industries, creating a comprehensive product system [3]. - Fluorine materials are critical for future industries such as quantum technology and hydrogen energy, positioning Quzhou as a key player in these sectors [3]. - Quzhou is also the largest cobalt material base globally and has established a complete supply chain for lithium battery components, further solidifying its position in the new energy sector [4]. Innovative Business Models - Quzhou has adopted a "capital investment" model, leveraging state-owned capital to guide resource allocation and attract broader social capital [6][10]. - The city has created a unique "innovation zone" model, establishing "science and technology flying zones" in major cities to facilitate R&D and industry transformation [5]. Strategic Acquisitions - Quzhou's state-owned enterprises have made strategic acquisitions to enhance their industrial chain, including significant investments in companies like Xinhai Zhongbao and leading photovoltaic firms [7][8]. - The city has invested 2.5 billion yuan in a computing power center, marking a significant step in enhancing its AI infrastructure [8][9]. Future Goals - By 2026, Quzhou aims to achieve a fund cluster scale of 100 billion yuan and attract 200 billion yuan in social capital, with a target of 30 listed companies [10]. - The local government is focused on creating a favorable business environment, aiming to be a key hub for industrial development in the region [11][15].

Core Viewpoint - Quzhou is transforming its historical advantages into a robust foundation for high-quality development, emerging as a vital hub for industrial capital and providing a model for other late-developing cities in the Yangtze River Delta and nationwide [2][3]. Investment Attraction - The Quzhou Industrial Capital Investment Conference attracted over 300 investment professionals from various sectors, indicating strong interest in the region's industrial potential [3]. - Quzhou has made significant strides in industrial development, becoming a new investment hotspot due to its achievements in various sectors [5]. Industrial Development Strategy - Quzhou has implemented a strategy focused on "Industrial Strengthening and Prosperity," leading to the establishment of six key industrial chains: new materials, new energy, integrated circuits, high-end equipment, life health, and specialty paper [5][6]. - The local government has a clear vision for industrial development, targeting promising sectors and leveraging existing industrial advantages alongside cutting-edge technologies like AI [5][6]. New Materials Industry - The new materials industry has become a competitive strength for Quzhou, with a complete industrial chain in organic fluorine and silicon materials [6][7]. - Fluorine materials are crucial for future industries such as quantum technology and new energy vehicles, positioning Quzhou as a key player in these sectors [7]. New Energy Sector - Quzhou is the largest cobalt materials base globally and has developed a complete supply chain for lithium battery components, supported by major companies like Huayou Cobalt and Juhua Group [7][8]. Electronic Information Industry - Quzhou has established itself as a base for electronic chemical materials and integrated circuits, contributing to its reputation in the electronic information sector [8]. High-end Biopharmaceuticals - The city has developed a unique "R&D in Shanghai, production in Quzhou" model, creating significant biopharmaceutical industry growth through innovative operational strategies [10]. Capital Investment Model - Quzhou has pioneered a "capital investment" model, utilizing state-owned capital to attract and guide key industrial resources, thereby enhancing the local economy [11][12]. - The city has successfully expanded its industrial fund cluster from 15 billion to over 100 billion yuan, aiming to leverage social capital for further development [15]. Government Support and Services - Quzhou's government has been recognized for its efficient service in creating a favorable business environment, ranking high in national evaluations of business conditions [18][19]. - The local government actively engages with businesses to address their needs, ensuring a supportive ecosystem for industrial growth [22][24]. Future Outlook - Quzhou aims to become a critical hub for industrial chain enterprises, focusing on enhancing its competitive advantages and attracting more investments [25][26].