吴少龙 近日，深圳市出台《推动并购重组高质量发展行动方案（2025—2027年）》，以20万亿市值、千亿交易 额的量化目标，勾勒出"产业+资本"深度融合的改革蓝图。方案既衔接国家层面新"国九条"、"并购六 条"的改革要求，更立足深圳"20+8"产业战略给出精准施策路径，彰显了深圳以并购重组激活产业链、 培育新质生产力的战略雄心。 方案最鲜明的亮点是锚定"向新性"的产业并购逻辑，跳出规模扩张的传统思维，聚焦"20+8"产业体系， 支持战略性新兴产业"链主"企业收购未盈利优质资产突破技术瓶颈，鼓励未来产业通过并购加速迭代。 更值得称道的是，国资对轻资产科技企业的估值包容政策，配合"后备—意向—储备"标的库机制，让并 购精准对接产业升级需求。 深港联动的"开放性"布局具有战略深意。依托大湾区协同优势，方案支持企业赴港融资强化资金储备， 创新跨境换股、双向并购等工具，推动两地交易所互联互通。这意味着深圳企业可高效利用"两个市 场"，在全球产业链重构中抢占先机，更强化了大湾区资本配置中心的功能。 在肯定战略价值的同时，方案的落地仍需应对多重考验。在产业整合端，如何避免盲目并购导致的资源 浪费，平衡规模扩张与核心能力提升 ...

智通财经APP获悉，国泰海通发布研报称，中国科技突破与新兴产业主题交易热度持续高涨，总量政策 预期稳定以及资本市场制度改革提振市场风险偏好，中国内地无风险利率中枢下行以及海外美联储货币 政策趋松调整有利于支持流动性充裕稳定。当下中国社会和投资人关于"找资产"的需求持续井喷，尤其 是发展逻辑坚实的优质资产。在国际地缘政治环境变化导致资本市场波动加剧的宏观背景下，积极看好 金价短期表现，亦看多黄金长期配置价值。该行维持此前的战术性大类资产配置观点，建议战术性超配 黄金、A/H股，战术性标配美债、国债与人民币。 国泰海通主要观点如下： 多重因素支持中国权益表现，维持对A/H股的战术性超配观点。 中国科技突破与新兴产业主题交易热度持续高涨，总量政策预期稳定以及资本市场制度改革提振市场风 险偏好，中国内地无风险利率中枢下行以及海外美联储货币政策趋松调整有利于支持流动性充裕稳定。 战术层面看，此次贸易风险的边界相对清楚，中国反制直击要害，美国关税100%之后再加已无实际意 义，且面临现实约束。国内金融条件稳定，冲突的另一面是中国财政/货币的宽松储备；稳定资本市场 如今对经济社会有四两拨千斤的作用。当下中国社会和投资人关于 ...

Core Insights - The market continues to experience wide fluctuations, influenced by the ups and downs of US-China negotiations, which significantly affect market risk appetite [2] - Short-term market sentiment indicators, including profitability effects and technical indicators, have returned to near-neutral levels, suggesting potential for a rebound in market sentiment once funding indicators cool down [2][3] - A shift towards defensive sectors is expected to continue, but effective breakthroughs in indices may depend on the reactivation of the technology sector [2][4] Observation 1: Market Sentiment - Post-National Day holiday, market risk appetite has declined due to escalating overseas geopolitical issues, leading to a market adjustment [3] - Market sentiment has retreated from high levels to mid-range, with a notable decline in profitability effects and technical indicators, indicating that the sentiment pullback may be nearing its end [3] Observation 2: Market Style Shift - There has been a noticeable shift in market style, with defensive sectors like banking and coal experiencing a rebound, primarily driven by risk aversion rather than economic improvement [4] - Despite some easing in trade tensions, significant breakthroughs in indices are limited due to a lack of aggressive recovery in cyclical sectors [4] Observation 3: Technology as a Mid-term Focus - The technology sector has seen a general pullback, but it remains a key focus for the mid-term, with ongoing trends in AI and TMT sectors indicating potential for future growth [5] - The recent easing of trade tensions may allow the technology sector to recover from its current pressures, presenting new investment opportunities [5] Observation 4: Improvement in Certain Sectors - Overall industry sentiment has declined, but sectors such as large financials, midstream materials, and upstream resources have shown improvement [6] - Specific sectors like AI-driven products continue to see rising sentiment, indicating a mixed outlook across different industries [6]

据一份报告显示，2025年全球百万富翁已达6000万，手握226万亿美元财富，其中美国约有2，380万名百万富翁，独占四成，中国以610万名百万富翁位居 第二。 与此同时，一场前所未有的"全球财富大迁徙"正在加速：2025年预计将有14.2万名百万富翁选择跨国迁移，创下历史新高。 从财富密度看，瑞士和卢森堡最为突出——平均每7名成年人就有1名百万富翁；中国香港、澳大利亚、荷兰的百万富翁密度也极高，大约每10名成年人中 就有1名。 | 排名 | 国家/地区 | 247 | | --- | --- | --- | | 1 | 美国 United States | 23,800,000 | | 2 | 中国 China | 6,300,000 | | 3 | 法国 France | 2,900,000 | | ব | 日本 Japan | 2,700,000 | | 5 | 德国 Germany | 2,700,000 | | ୧ | 英国 United Kingdom | 2,600,000 | | 7 | 加拿大 Canada | 2,100,000 | | 8 | 澳大利亚 Australia | 1,900 ...

全球财富版图正在重塑。 据一份报告显示，2025年全球百万富翁已达6000万，手握226万亿美元财富，其中美国约有2,380万名百万富翁，独占四成，中国以610万名百万富翁位居 第二。 与此同时，一场前所未有的"全球财富大迁徙"正在加速：2025年预计将有14.2万名百万富翁选择跨国迁移，创下历史新高。 百万富翁们正在"用脚投票"，成为全球经济的新信号。对于家族办公室与高净值人群而言，这不仅是资产再配置，更是全球信心版图的再划分——财富的 流向，正在定义下一站的繁荣。 美国稳居主导，中国稳步上升 一份报告显示，到2025年，全球百万富翁总数将达约6,000万人，合计拥有226万亿美元的财富。尽管新兴市场快速"增富"，但美国仍牢牢占据全球财富格 局的主导地位。 美国约有2,380万名百万富翁，占全球的40%。换言之，每10名美国成年人中就有1人是百万富翁。 从城市分布看，纽约、洛杉矶、旧金山湾区最为富有，其后是芝加哥和休斯敦。值得注意的是，亚利桑那州斯科茨代尔在过去十年成为美国百万富翁增长 最快的城市之一。 具体来看：美国2380万（约占全球40%）、中国630万（约占全球10.5%）、法国290万、日本270 ...

他提到，北部都会区将成为推广香港科技产业的平台，政府正推出一系列措施，以吸引策略性企业进驻 香港，并吸纳人才，目前已吸引100家企业，将于未来数年投资约600亿美元，又指各项人才入境计划收 到共53万份申请，已有23万人抵港，形容这些人才对香港未来经济增长至关重要。 他指，美国是香港第4或第5大出口市场，随着香港持续扩大对内的全球南方等新兴市场的出口，包括东 盟，过去多年来对美国的出口占比已一直下降。他又指，留意到内地企业已因应地缘政局，调整供应链 及产业链。 香港财政司司长陈茂波在接受媒体访问时强调，美国计划对中国加征关税，对香港造成的实际经济影响 微乎其微，特区政府有应急方案，同时调整香港的定位，担当供应链及贸易融资中心。 ...

中信建投投资顾问吕佳认为，近期海外与国内政策不断变化对A股市场产生较大扰动，主要体现为市场 风险偏好较低与成交量缩减。但从产业端角度观察，国内经济转型步伐仍稳步进行。叠加即将发布 的"十五五"规划方案，预计对科技产业方向的政策扶持力度仍持续，带来行业景气。虽然阶段性成交量 缩减使得市场出现震荡与短期风偏降低，但后续仍建议关注国产科技方向超跌反弹后的机会。 ...

Core Viewpoint - China's economy is entering a new stage of high-quality development, driven by the transformation of traditional industries and the rapid cultivation of emerging industries, with technology innovation becoming a core support for national strength [1] Group 1: Technology and Financial Services - The construction of a virtuous cycle of "technology-industry-finance" is essential for fostering new productive forces and building a modern industrial system [1] - The insurance industry plays a crucial role in serving the real economy and maintaining financial stability, with a focus on optimizing capital allocation to empower enterprise innovation [2][4] - There is a pressing need to develop a financial service system that covers the entire lifecycle of technology enterprises, enhancing the adaptability and precision of financial supply [2] Group 2: Investment Strategies and Opportunities - Insurance asset management institutions are building a multi-faceted service system that includes indirect equity investment, direct equity investment, and debt financing to support the growth of technology companies [3] - The current technology financial market is showing positive trends, with significant opportunities arising from advancements in hard technology and supportive policies, such as the issuance of over 880 billion yuan in science and technology bonds [4][5] - Insurance funds are encouraged to transition from "long-term capital" to "patient capital" and then to "proactive capital" to better align with new investment paradigms [2] Group 3: Investment Management Framework - A comprehensive technology investment management system is being developed, focusing on deepening industry chain research, optimizing asset allocation, and enhancing active management capabilities [6][7] - The emphasis is on providing integrated services that combine financing and strategic support for leading hard technology enterprises, transitioning from passive investors to active value creators [7] Group 4: Long-term Commitment to Technology Finance - The company is committed to long-termism in technology finance, with investments in the sector reaching nearly 20 billion yuan by mid-2023, actively contributing to the "technology-industry-finance" cycle [8] - Focus areas include hard technology, artificial intelligence, and healthcare, with a systematic approach to equity investment in technology innovation [8][9] - The company aims to strengthen the deep integration of finance with technology and industry, acting as both a supporter of technology enterprise growth and a facilitator of industrial upgrades [9]

Core Points - The 17th Hunan-Taiwan Economic and Cultural Exchange Cooperation Conference aims to promote opportunities and integration between Hunan and Taiwan, featuring various thematic activities and attracting over 400 Taiwanese guests [1][2] - The conference highlighted the strong economic ties, with a total of 3,223 projects and over 700 Taiwanese enterprises in Hunan, with an investment scale exceeding 100 billion yuan [2] - A total of 42 cooperation projects were signed during the conference, with a total investment amount of 9.203 billion yuan, covering sectors such as smart manufacturing, cultural tourism, modern agriculture, and electronic information [2] Group 1: Economic Cooperation - Hunan has become the second-largest source of inbound tourism for Taiwan, with over 5 million cross-strait travelers [2] - The conference emphasized the importance of deepening industrial and technological integration between Hunan and Taiwan [2][3] - The establishment of the Hunan-Taiwan Youth Innovation and Entrepreneurship Base aims to enhance the entrepreneurial environment for Taiwanese youth in Hunan [4] Group 2: Tourism Development - The first Cross-Strait (Hunan) High-Quality Tourism Development Conference showcased Hunan's tourism potential, with Taiwanese tourism professionals engaging with local counterparts [3] - Taiwanese business representatives expressed interest in Hunan's diverse tourism offerings, viewing them as new investment opportunities [3] Group 3: Agricultural and Cultural Exchange - The Fourth Cross-Strait Agricultural and Cultural Exchange Conference facilitated dialogue between agricultural experts from both sides, showcasing Hunan's unique agricultural products [5] - Taiwanese guests participated in site visits to various agricultural and cultural sites in Hunan, enhancing their understanding of the region's development [5]

经寻求专业意见后，公司已于2025年10月13日递呈书面请求，要求根据GEM上市规则第四章将该决定 提呈至联交所GEM上市委员会复核。因此，公司股份的买卖将继续进行。倘上述事宜出现任何重大进 展，公司将于适当时候根据GEM上市规则的要求另行刊发公告。 中国科技产业集团(08111)发布公告，有关联交所发出的函件，通知公司联交所上市科已决定公司未能 根据GEM上市规则第17.26条所规定维持足够的业务运作及拥有相当价值的资产，以支持其股份能够继 续上市，但公司申请复核该决定除外。 ...