21世纪经济报道记者周潇枭 北京报道 7—8月份经济数据边际走弱，外界对四季度稳增长政策加码期待上升。 9月29日，国家发展改革委举行新闻发布会。国家发展改革委政策研究室副主任、新闻发言人李超在发 布会上表示，当前经济运行依然面临不少风险挑战，外部环境仍然复杂严峻，经济回升向好的基础仍需 进一步巩固。下一步，将持续发力、适时加力实施宏观政策。同时，将持续加强经济监测预测预警，做 好政策预研储备，根据形势变化及时推出。随着各项政策效应充分释放，有信心继续保持经济平稳健康 发展，有信心实现全年目标任务。 酝酿准备多时的新型政策性金融工具的最新情况也在发布会上得到回应。李超表示，新型政策性金融工 具规模共5000亿元，全部用于补充项目资本金。正在会同有关方面，抓紧将新型政策性金融工具资金投 放到具体项目，后续将督促各地方推动项目加快开工建设，尽快形成更多实物工作量，推动扩大有效投 资。 加快投放新型政策性金融工具 4月底，为了应对外部不利冲击，中央明确将推出一揽子稳就业稳外贸工具，其中一项就是新型政策性 金融工具。5月以来，多地围绕新型政策性金融工具开展政策宣讲会或者项目筹备会，梳理出项目清 单、明确申报基金的金额 ...

机构"十五五"规划展望 机构在展望中集中看好科技创新驱动行业 等领域。此外，政府工作报告中提到的前 、量子信息等也被普遍提及。民生产业中 | 机构名称 | 我可以 | | --- | --- | | | "十五五"时期是我国应对科技革命加 能。 | | | 1、消费电子行业作为科技创新与终端汾 | | | 多方面深度契合，AI有望激活消费者换1 | | | 迎来百花齐放。 | | 银河证券 | 2、半导体设备作为半导体行业的关键引 | | | 替代需求旺盛，高端材料亟待突破。 | | | 3、IC板块下游需求分化，算力和存力鼎 | | | 产业正迎来新一轮增长周期。国内PCB么 | | | 4、中国LCD产业继续保持全球领先地位 | | | 快速渗透预计将带动CIS需求。 | | | 1、智能机器人：打造"超人类"时代， | | --- | --- | | | 2、海洋经济:涵盖开发海洋资源、依赖 | | | 3、低空经济：借助无人机等飞行器开展 | | | 4、智能网联汽车：可视为轮子上的"徒 | | | 全性与效率，大幅降低交通事故发生频率 | | | 5、类脑智能: 模拟人脑神经机制，赋ጓ | | 民生 ...

Core Insights - The "WISE2025 Business King" annual survey has been officially launched, aiming to identify the most noteworthy individuals, companies, and products by 2025 [2][3] - The global business landscape is at a pivotal point of technological revolution and industrial transformation, with significant growth expected in China's digital economy, projected to exceed 60 trillion yuan by 2025, accounting for over 40% of GDP [2] - Emerging industries such as artificial intelligence, new energy, and biomedicine are expected to maintain double-digit growth, driving high-quality economic development in China [2] Group 1: Survey Overview - The "WISE2025 Business King" survey includes three series: annual figures, companies, and focus products [3][4] - The survey aims to systematically present the most noteworthy business figures, companies, and products in China, focusing on innovation and leadership [3][4] Group 2: Annual Figures Series - The annual figures series includes categories such as Brand Influence, Technology Leadership, and New Generation Business Pioneers [5][11] - Nominees should demonstrate significant leadership and innovation in their respective fields, contributing to global brand positioning and cultural value [14][15][17] Group 3: Annual Companies Series - The annual companies series encompasses categories like AI Application Breakthroughs, Digital Efficiency Enhancements, and Advanced Manufacturing Benchmark Enterprises [5][23] - Companies must show significant impact on industry development and economic growth through innovation and market leadership [24][27][30] Group 4: Focus Products Series - The focus products series evaluates influential software applications and games, as well as consumer products across various categories [5][53] - Evaluation criteria include performance, design, user experience, and innovation, with specific metrics tailored to each product category [54][56]

Core Points - The event held on August 27 aims to enhance communication and cooperation among state-owned enterprises, central enterprises, and private enterprises in Shenzhen to foster a technology innovation service ecosystem led by party building [1] - Over 50 representatives from municipal state-owned enterprises, central enterprises stationed in Shenzhen, and companies invested by Shenzhen Innovation Investment Group participated in the event [1] - The event showcased cutting-edge technological achievements from 35 companies invested by Shenzhen Innovation Investment Group, covering sectors such as artificial intelligence, robotics, semiconductors, innovative pharmaceuticals, synthetic biology, commercial aerospace, and low-altitude economy, highlighting Shenzhen's strong innovation capabilities and complete industrial chain advantages [1]

Core Insights - The Nansha District is set to achieve significant population growth and talent attraction by 2025, with a net increase of 110,000 people expected from May 2024 to April 2025, bringing the total population to nearly 1.3 million [1] - Nansha has seen a remarkable 147% increase in its youth population from 2010 to 2020, significantly outpacing the average growth rate in Guangzhou [1] - The district is actively implementing policies to attract high-skilled and high-educated talent, positioning itself as a preferred destination for young professionals [3][5] Policy Initiatives - The "Tunan Dream" initiative has been launched to support youth development, focusing on five key areas: leisure, education, employment, entrepreneurship, and living [3] - Nansha has introduced various support policies such as "Qing Chu Yu Nan" and "Tunan Zhi Zhi" to facilitate youth employment and entrepreneurship [5] - The district has organized numerous recruitment events, with 94 job fairs held this year alone, attracting 3,579 companies and resulting in 14,692 hires, including 7,186 university graduates [5] Talent Development - Nansha is enhancing its talent services by providing policy consultations and hosting specialized recruitment fairs targeting strategic emerging industries [7] - The district's focus on high-tech sectors has led to significant job opportunities, with many companies offering competitive salaries for positions in AI, semiconductor, and integrated circuit industries [7] - The establishment of 19 innovation bases for Hong Kong and Macau youth has resulted in over 2,600 projects, creating more than 7,000 jobs across the region [10] Collaborative Efforts - Nansha is fostering collaboration with Hong Kong and Macau through talent exchange initiatives and joint recruitment efforts, enhancing regional integration [8][11] - The district has signed a memorandum with Hong Kong's talent service office to strengthen cooperation in talent attraction and development [8] - Nansha's strategic location and innovative policies are creating a "soft channel" for talent mobility between the regions, promoting a vibrant ecosystem for young professionals [11]

Core Viewpoint - Jiangsu province is accelerating the development of future industries through strategic planning and innovation, aiming to establish a robust "10+X" future industry system by 2035, positioning itself as a global innovation hub in future industries [1][5]. Group 1: Future Industry Development - Jiangsu aims to establish 10 future industry research institutes and cultivate 50 leading talents by 2025, with a focus on key technologies and enterprises [1]. - By 2030, the province plans for 10 growth-oriented future industries to become significant economic drivers [1]. - The future industry scale is expected to grow further by 2035, forming a comprehensive and advanced future industry system [1]. Group 2: Technological Breakthroughs - The province has achieved significant advancements in communication technology, including a world record for real-time transmission speed exceeding 100Gbps [3]. - Breakthroughs in core technologies and materials include the development of domestic GaN-based blue and green laser chips and advancements in hydrogen storage and transportation technologies [4]. - Jiangsu has seen a surge in patent applications, with 313,000 applications and 113,000 grants in future industries by June 2025, leading in sectors like third-generation semiconductors and hydrogen energy [4]. Group 3: Enterprise Ecosystem - Jiangsu is fostering a multi-layered enterprise matrix, with 30 new unicorns and 119 potential unicorns, primarily in future industries [7]. - The province has over 600 future industry enterprises included in the key enterprise database, supporting a robust industrial ecosystem [7]. - Emerging companies with over 5 million yuan in revenue and over 50% growth for two consecutive years are contributing to the future industry landscape [7]. Group 4: Regional Collaboration - Jiangsu's future industry development involves a collaborative approach among various cities, each focusing on distinct sectors like AI, new materials, and hydrogen energy [8]. - The province has launched 21 pilot areas for future industry development, with significant numbers of high-tech and innovation-driven enterprises [8]. Group 5: Policy and Financial Support - Jiangsu is enhancing its innovation ecosystem through supportive policies, including measures for high-tech enterprise development and unicorn cultivation [10]. - The province has established a financial support system with a 788.7 billion yuan budget for 2024, aimed at nurturing future industries [13]. - Various financial products and services are being introduced to alleviate financing challenges for technology-driven enterprises [13].

Core Viewpoint - China's economy has demonstrated remarkable resilience and exceeded expectations in growth during the first half of the year, prompting several foreign media outlets to revise their forecasts positively [2][3]. Group 1: Economic Resilience and Growth - Despite external pressures and internal challenges, China's economy showcases strong vitality and resilience, driven by a balanced relationship between total supply and demand [3]. - The country is transitioning from a large-scale manufacturing center to a global innovation hub, with new supply emerging from original innovations and iterative upgrades [4][5]. - The total number of consumer goods in China has surpassed 200 million, with over 8.09 million new varieties added in the first four months of the year, reflecting a 40.4% year-on-year increase [4]. Group 2: Consumer Demand and Quality Supply - There is a shift in consumer expectations from mere availability to quality, leading to diverse and multi-layered demand that drives industrial upgrades [5][6]. - New consumer demands are creating new market opportunities, such as the rise of the health industry and low-altitude economy, which are projected to be trillion-dollar industries [6][7]. - The contribution of domestic demand to economic growth reached 68.8% in the first half of the year, with final consumption expenditure contributing 52%, establishing domestic demand as the main driver of economic growth [7][8]. Group 3: National Economic Circulation - The national economic cycle is becoming more efficient, with a focus on enhancing domestic circulation and deepening supply-side structural reforms [9][10]. - The dual empowerment of new supply and new demand is driving continuous improvements in the quality and efficiency of the supply system, leading to significant economic growth [10][11]. - The synergy between high-quality supply and high-quality demand is strengthening the foundation of China's economy, creating a modern economic landscape characterized by resilience and potential [11].

2019年7月22日，科创板正式开市，首批25家公司成功上市。 6年来，科创板从试点注册制改革起步，到"科创板八条"深化，再到"1+6"改革的制度创新再出发， 一步一个脚印，稳扎稳打，始终以"新"谋篇布局，着力构建与科创企业成长特征相匹配的制度体系与市 场生态，推动了资本市场服务新质生产力的系统性变革。截至2025年7月22日，科创板上市公司达到589 家。 当前，新一轮科技革命与产业变革正加速推进，完善更贴合科技创新与产业变革的金融服务体系， 是资本市场的重中之重。一方面，当前国际经济金融贸易形势复杂多变，全球技术迭代加速、产业链深 度重构，国际竞争格局深刻演变，科技创新已成为驱动发展、塑造竞争优势的核心引擎；另一方面，中 国科技企业估值逻辑正在经历重构，DeepSeek等企业的崛起印证了"创新价值先于盈利显现"的新范式， 也需要更具包容性、适应性的资本市场制度作为支撑。 今年6月，中国证监会聚焦深化科创板改革，推出进一步深化改革的"1+6"政策措施，在前期改革成 效的基础上，主动适应我国科技创新发展需要和科技型企业的成长需求，进行有针对性、突出重点的增 量改革，进一步增强科创板对科技创新和新质生产力发展的 ...

Group 1 - The number of new A-share accounts reached 1.9636 million in July 2025, a year-on-year increase of 70.5% compared to 1.1514 million in July 2024, and a month-on-month increase of 19.27% from 1.6464 million in June 2025 [1] - The increase in new accounts reflects investor confidence in the capital market, driven by market recovery and policy benefits [1] - Major indices such as the Shanghai Composite Index and Shenzhen Component Index have shown steady upward trends since mid-April, with daily trading volume consistently exceeding 1 trillion yuan [1] Group 2 - The emergence of innovative sectors such as pharmaceuticals, semiconductors, artificial intelligence, and low-altitude economy is contributing to the optimization of economic structure during the transition and upgrade of the economy [2] - The implementation of new policies, including the "National Nine Articles" and the "1+N" policy framework for the capital market, has successfully attracted medium- and long-term funds into the market [2] - The willingness of investors to buy stocks has strengthened under the reform dividends, enhancing confidence in holding stocks for the long term [2] Group 3 - The dual enhancement of the quality and investment value of listed companies has increased the attractiveness of A-shares to new investors [3] - Strict regulations on the issuance and listing of companies, along with measures to improve dividend frequency and levels, have ensured higher investment value for listed companies [3] - The low interest rates on bank deposits have made high-dividend and stable profit assets in the capital market more appealing, leading to a potential increase in retail investors entering the stock market [3]

Core Viewpoint - The establishment of the "Science and Technology Innovation Board Growth Layer" marks a significant institutional innovation in China's capital market, aimed at supporting unprofitable technology companies and enhancing the market's inclusivity for hard-tech enterprises [1][4]. Group 1: Introduction of the Growth Layer - The Shanghai Stock Exchange officially launched the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board No. 5 - Growth Layer" on July 13, allowing 32 existing unprofitable companies to enter this new layer [1]. - The Growth Layer aims to provide targeted support for unprofitable technology companies with significant technological breakthroughs and strong commercial prospects, thereby enhancing the capital market's support for innovation [2][4]. Group 2: Eligibility and Classification - The Growth Layer includes both existing and newly registered unprofitable companies, with a special identifier "U" added to their stock names for easy identification [3]. - New registered companies in the Growth Layer will be labeled as "成" (meaning "growth"), while existing companies will be labeled as "成1" [3]. Group 3: Exit Conditions - The exit conditions for existing companies remain unchanged, requiring them to achieve profitability for the first time after listing, while new registered companies must meet stricter criteria [4]. - New companies must have positive net profits for the last two years with a cumulative net profit of at least 50 million RMB, or a positive net profit in the last year with revenues of at least 100 million RMB [4]. Group 4: Support for Hard-Tech Companies - The Growth Layer is designed to support hard-tech companies that often remain unprofitable for extended periods due to lengthy R&D cycles and market cultivation [5][6]. - Since the launch of the Science and Technology Innovation Board in 2019, 54 unprofitable companies have listed, collectively generating revenues of 174.48 billion RMB in 2024, a 24% increase year-on-year [5]. Group 5: Investor Protection and Information Disclosure - The reform emphasizes investor protection, requiring investors to meet existing suitability criteria and sign a risk disclosure document when trading stocks of new registered unprofitable companies [7][8]. - Companies in the Growth Layer must provide detailed disclosures in their annual reports regarding their unprofitability and its impact on various operational aspects [8].