要持续提升经济运行调度的科学性、精准性，加力冲刺打好全年和"十四五"的收官战。 会议指出，要持续提升经济运行调度的科学性、精准性，加力冲刺打好全年和"十四五"的收官战。进一 步用好政策组合拳，充分放大"两重""两新"等政策效应，深挖重点领域增长潜力，加速形成更多实物工 作量。针对新情况新动向及时跟踪研判，强化应对的预见性、敏捷性，因时因势动态优化政策措施。更 好发挥比较优势，着眼开拓多元化市场，建好企业"走出去"综合服务平台，支持企业"走出去"、优化海 外布局。要加快推动重点行业转型升级，做好文旅商体展深度融合大文章，强化多业态联动，大力发 展"赛事经济"，策划举办文博大展、大型演出，推动餐饮业打好商圈牌、美食牌、配套牌。支持租赁和 商务服务业企业持续提升能级和核心竞争力。要释放改革开放红利，打造新增长点。抓住资本市场改革 发展机遇，支持更多"硬科技"企业利用资本市场加速成长。推动离岸金融加快发展。抓好先行先试改革 举措的复制推广，放大改革效应，增强发展动力。要抓好"十五五"规划编制与明年开局准备。全市上下 要拿出决战决胜的决心和干劲，苦干实干加油干，坚决实现全年经济社会发展目标。 市领导吴伟、李政、华源出席 ...

某大型保险资管公司投资人士向时代财经表示，作为长期资金"风向标"，险资机构调研轨迹一定程度上 反映资产配置新逻辑，可能引发市场对四季度资金流向的关注。另外，在低利率环境下，保险资金向科 技与制造倾斜，既为实体企业提供长期资本，也缓解险企利差损压力。 险资机构调研分化，头部资管与养老险公司成主力 2025年下半年以来（截至10月20日），保险公司及保险资产管理公司对A股上市公司的调研热度持续攀 升，合计调研次数突破4700次，调研足迹广泛覆盖深证主板、创业板、科创板等多个核心板块。从板块 分布来看，深市主板、创业板与科创板的调研次数均超千次，三者合计占比超70%，明显高于上证主 板。 在这场调研潮中，部分个股在险资走访后展现出强劲的市场表现，中际旭创（300308.SZ）、涛涛车业 （301345.SZ）、新易盛（300502.SZ）及统联精密（688210.SH）等标的均实现股价翻倍。 从机构参与度来看，头部保险资产管理公司的调研轨迹尤为亮眼，形成了鲜明的"第一梯队"。泰康资管 以287次调研稳居首位，大家资管、华泰资管分别以208次、187次紧随其后。更值得关注的是，这三家 机构的调研覆盖范围较为广泛，覆盖 ...

Group 1 - The core idea emphasizes the importance of "patient capital" in supporting long-term technological innovation and economic development in China [1][4][5] - Patient capital is defined as a form of investment focused on long-term returns rather than short-term gains, providing stability and support for research teams [2][4] - Recent achievements in hard technology fields in Beijing, such as brain-machine interfaces and gene sequencing, highlight the role of patient capital in fostering innovation [1][3] Group 2 - The Central Economic Work Conference in 2024 called for the expansion of patient capital and greater involvement of social capital in venture investments [2][4] - The Zhongguancun Development Group manages 57 funds totaling 54.5 billion yuan, investing in numerous high-tech and innovative enterprises [3] - There is a recognized gap in China's technological innovation capabilities compared to developed countries, creating urgency for the development of patient capital [4][5] Group 3 - The government is encouraged to leverage state investment platforms to establish venture capital funds and support innovative enterprises [4] - A collaborative effort among government, market, and social investment entities is necessary to reshape the economic system's perspective on time and value [4][5] - The cultivation of a robust ecosystem for patient capital is seen as essential for achieving high-quality economic development and maintaining competitive advantages globally [1][4]

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's growth tier allows unprofitable tech companies to access capital markets, marking a significant shift in the valuation system for hard tech firms [1][2]. Group 1: Introduction of Unprofitable Companies - Three unprofitable new stocks—He Yuan Bio, Xi'an Yicai, and Bibet—are set to launch online subscriptions, becoming the first batch of new registered companies in the growth tier of the Sci-Tech Innovation Board [1]. - This marks the return of unprofitable companies to the Sci-Tech Innovation Board after more than two years, following the China Securities Regulatory Commission's announcement in June to establish a growth tier focused on tech firms with significant breakthroughs and commercial potential [1]. Group 2: Valuation System Restructuring - The growth tier provides a new valuation dimension for hard tech companies, replacing short-term profit indicators with metrics like "degree of technological breakthrough" and "commercialization prospects," allowing for the quantification and recognition of technological value in capital markets [1]. - The introduction of professional institutional investors aims to enhance market evaluation of the technological attributes and commercial prospects of these tech firms [1]. Group 3: Resource Allocation Efficiency - Institutional innovations not only reconstruct valuation logic but also enhance resource allocation efficiency, addressing challenges faced by hard tech companies during critical R&D phases and in industry consolidation [2]. - Measures such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers of listed companies aim to alleviate funding shortages and obstacles in resource integration [2]. Group 4: Risk Management - The growth tier includes a "U" label for risk warning and strengthens investor suitability management, striving to balance support for innovation with risk prevention [2].

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's growth tier marks a significant opportunity for unprofitable tech companies to access capital markets, indicating a shift in the valuation framework for these firms [1][2]. Group 1: Introduction of the Growth Tier - Three unprofitable new stocks—He Yuan Bio, Xi'an Yicai, and Bibet—are set to launch online subscriptions, becoming the first new registered companies in the growth tier of the Sci-Tech Innovation Board [1]. - This is the first time in over two years that unprofitable companies will be welcomed on the Sci-Tech Innovation Board, following the China Securities Regulatory Commission's announcement in June to establish the growth tier [1]. Group 2: Valuation System Restructuring - The growth tier not only opens doors for unprofitable hard tech companies but also reshapes the valuation system for these firms, which have historically struggled to achieve reasonable pricing under traditional profit-oriented valuation frameworks [2]. - The new valuation approach emphasizes "technological breakthroughs" and "commercialization prospects" over short-term profit metrics, allowing for a quantifiable recognition of technological value in the capital market [2]. Group 3: Institutional Support and Resource Allocation - The introduction of seasoned institutional investors aims to enhance market evaluation of tech companies' innovation attributes and commercial potential [2]. - Innovative measures, such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers of companies listed on the Sci-Tech Innovation Board for less than three years, address funding challenges during critical R&D phases [2]. Group 4: Risk Management and Investor Protection - The growth tier includes a "U" label for risk indication and strengthens investor suitability management, striving to balance innovation support with risk prevention [2].

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's growth tier allows unprofitable tech companies to access capital markets, marking a significant shift in the valuation system for hard tech firms [1][2] Group 1: Introduction of Unprofitable Companies - Three unprofitable new stocks—He Yuan Bio, Xi'an Yicai, and Bibet—are set to launch online subscriptions, becoming the first new registered companies in the growth tier of the Sci-Tech Innovation Board [1] - This marks the return of unprofitable companies to the Sci-Tech Innovation Board after more than two years [1] Group 2: Support for Hard Tech Enterprises - The growth tier aims to support tech companies with significant breakthroughs and promising commercial prospects that are currently unprofitable, providing a pathway for their listing [1] - The establishment of the growth tier reassures hard tech companies in the R&D phase, facilitating their access to capital markets [1] Group 3: Restructuring Valuation System - The growth tier introduces a new valuation dimension for hard tech companies, focusing on "technological breakthrough" and "commercialization prospects" instead of short-term profitability [1] - This shift allows for a more accurate quantification and recognition of technological value in the capital market [1] Group 4: Resource Allocation Efficiency - Institutional innovations not only reconstruct valuation logic but also enhance resource allocation efficiency, addressing funding shortages during critical R&D phases for hard tech companies [2] - Measures such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers with companies listed for less than three years aim to alleviate obstacles faced by hard tech firms [2] Group 5: Risk Management - The growth tier includes a "U" label for risk warning and strengthens investor suitability management, balancing support for innovation with risk prevention [2]

Core Insights - HICOOL serves as a global innovation and entrepreneurship platform, connecting laboratory challenges with industry needs and capital patience, exemplified by the success of the Guangying Aggregation team in the 2024 HICOOL Global Entrepreneurship Competition [1] - The platform has seen significant growth, with participation increasing from 2,026 projects and 3,085 talents in 2020 to over 10,055 projects and 13,150 talents in 2025, highlighting its appeal to global entrepreneurs [2] - HICOOL has fostered a robust ecosystem that supports hard technology projects, resulting in the emergence of unicorns and specialized enterprises, with total post-competition financing exceeding 50.8 billion yuan [2] Group 1: HICOOL's Role and Achievements - HICOOL has established itself as a bridge for global collaboration, facilitating the integration of technology, capital, and market opportunities in Beijing [3] - The HICOOL Industrial Park has expanded to 106,800 square meters, attracting international innovation centers and creating a global innovation cluster [4] - The 2025 HICOOL Global Entrepreneurs Summit has become a significant event on the world stage, with partnerships with 165 global entities, enhancing its international presence [5][6] Group 2: Ecosystem and Support - HICOOL's ecosystem includes a comprehensive service chain covering competition selection, management services, acceleration programs, funding, and industrial park support, ensuring a seamless transition from project registration to implementation [2] - The initiative has attracted over 400 quality projects in Shunyi District, focusing on intelligent manufacturing and AI, contributing to the region's development as a high-quality talent community [8] - The summit has introduced various international activities and collaborations, enhancing Beijing's position as a global innovation hub [6][7] Group 3: Future Outlook - HICOOL aims to evolve from a platform to a dynamic force in global entrepreneurship, promoting a networked approach to collaboration and innovation [7] - The ongoing support from local policies and the establishment of a high-quality talent community are crucial for sustaining innovation and entrepreneurship in Beijing [8] - The vibrant innovation scene in Beijing is characterized by a collaborative environment, fostering the next wave of technological advancements [9]

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's growth tier allows unprofitable tech companies to access capital markets, marking a significant shift in the valuation system for hard tech firms [1][2]. Group 1: Introduction of Unprofitable Companies - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibet, have initiated online subscriptions, becoming the first batch of new registered companies in the growth tier of the Sci-Tech Innovation Board [1]. - This marks the return of unprofitable companies to the Sci-Tech Innovation Board after more than two years [1]. Group 2: Valuation System Restructuring - The growth tier aims to support tech companies with significant breakthroughs and promising commercial prospects, despite currently being unprofitable [1]. - The new valuation framework replaces short-term profit metrics with indicators like "degree of technological breakthrough" and "commercialization prospects," allowing for a more accurate assessment of tech value in the capital market [1]. Group 3: Resource Allocation Efficiency - Institutional innovations not only reconstruct valuation logic but also enhance resource allocation efficiency, addressing funding shortages during critical R&D phases for hard tech companies [2]. - Measures such as allowing unprofitable companies to raise funds from existing shareholders and supporting mergers with companies listed for less than three years aim to alleviate obstacles faced by hard tech firms [2]. Group 4: Risk Management - The growth tier includes a "U" label for risk indication and strengthens investor suitability management, striving to balance innovation support with risk prevention [2].

Core Points - The core objective of the shareholding reform is to transition the company from a limited liability company to a joint-stock company, ensuring clear asset ownership, financial compliance, and a reasonable equity structure to lay the foundation for an IPO [2] Group 1: Shareholding Reform Key Points - The selection of the base date should be during a stable period for assets, finances, and operations, avoiding periods of significant income fluctuations or major asset changes [6] - The total share capital after issuance must not be less than 30 million yuan, and the share capital during the reform must reserve space for future issuance [6] - The ownership structure must be clear and stable, with controlling shareholders holding at least 30% post-reform to avoid dilution of control [6] - Employee stock ownership plans (ESOP) are encouraged, with specific disclosure requirements regarding holders, subscription prices, lock-up periods, and incentive mechanisms [6] - All assets from the limited company phase must have clear ownership without any disputes or encumbrances [6] - Financial records must be adjusted according to accounting standards, addressing any irregularities from the limited company phase [6] - Related party transactions must be disclosed accurately, and their pricing must be confirmed by an auditing firm [6] - Tax compliance is required during the reform process, ensuring all relevant taxes are paid or exemptions obtained [6] - Employees must sign new labor contracts with the joint-stock company, ensuring continuity of service [6] - Social security and housing fund contributions must be fully paid, with any arrears explained and committed to being rectified [6] Group 2: Governance Key Points - Corporate governance is crucial for companies on the Sci-Tech Innovation Board, focusing on the effectiveness of governance structures, sound internal controls, transparency, and protection of minority shareholders [7] - The company charter must comply with legal requirements and clearly define the roles and operational rules of the shareholders' meeting, board of directors, supervisory board, and independent directors [12] - The organizational structure must include a shareholders' meeting, board of directors, supervisory board, management team, and a board secretary responsible for information disclosure [12] - The board of directors must include independent directors who are free from significant ties to the company, and the board secretary must meet exchange qualifications [12] - The supervisory board must fulfill its oversight responsibilities, ensuring accurate records of meetings and compliance with laws and the company charter [12] - Internal control systems must cover all operational aspects, and their effectiveness must be verified by an accounting firm [12] - Related party transactions must be disclosed, with fair pricing and a mechanism for avoiding conflicts of interest [12] - Companies must disclose their governance status, internal control evaluations, and significant related party transactions regularly [12] Group 3: Regulatory Focus of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board emphasizes the importance of maintaining research and development investments, with a requirement that R&D expenditures account for at least 15% of total expenditures over the last three years [14] - Companies must establish mechanisms for communication with minority shareholders and ensure a profit distribution policy that guarantees a minimum cash dividend of 10% of distributable profits annually [14]

Core Viewpoint - China is shifting from pursuing GDP growth to focusing on technological innovation, marking the beginning of a "second curve" for the economy [1] Group 1: Policy and Economic Environment - The implementation of the "9·24" policy has led to profound ecological restructuring in China's capital market over the past year [2] - New policy financial tools mentioned in the April 25 Politburo meeting aim to support the economy and enhance confidence, with a focus on directing funds towards private enterprises [2] - The introduction of technology innovation bonds and risk-sharing tools is expected to channel investments into high-tech sectors such as artificial intelligence and low-altitude economy [2] Group 2: Innovation and Market Dynamics - The new type of national system emphasizes the role of private enterprises in driving innovation, contrasting with the traditional model that relied heavily on state-led initiatives [3] - The current capital market has transitioned from a "broad rise and fall" to a "structural market," with competition between China and the U.S. focusing on cutting-edge fields like artificial intelligence [3] - The structural evolution in both primary and secondary markets is driven by new productive forces, highlighting the importance of understanding industry development [3] Group 3: Investment Strategies and Research - The Tsinghua University Global Private Equity Research Institute has been tracking hard technology sectors since late 2017, creating a database covering approximately 1,500 sub-industries [4] - Successful technology investment now requires a deep understanding of the intersection between technology, industry, and finance, raising the bar for investors [4] - The "PE Industry Investor" program aims to establish a cross-disciplinary research paradigm, connecting scientists with industry practitioners to develop executable investment and acquisition strategies [5]