"构建产业生态，沿着龙头延链补链强链投资。" 今年以来，科技牛股一骑绝尘，成为A股、港股乃至全球资本市场的上涨主线。那么，投行、股权投资机构，又将如何把握科技投资的下半场机遇？ 在第一财经近期举办的"2025第一财经金融价值榜·金融峰会"上，国联民生证券承销保荐有限公司总裁张明举、上海金浦智能科技投资管理有限公司总裁田 华峰、华泰联合证券投行业务线执行总经理张畅、合肥市创新科技风险投资有限公司副总经理刘娜对相关问题进行了深度探讨。 刘娜认为，机构未来五年要做好三件事：一是按照国家战略方针选好赛道；二是构建产业生态，沿着龙头延链补链强链投资，打造全生命周期的"基金丛 林"；三是穿越周期，耐心等待价值兑现。 "资本市场支持新质生产力的号角吹起来了，一些空天、量子计算、机器人、半导体等企业都会雨后春笋般申报材料，崭露头角，可能会振奋整个市场。"张 明举说。 近几年做对了这些事 今年以来，IPO市场相对之前有所回暖，二级市场科技股成为上涨行情中的一道亮丽风景线。在"十四五"期间，投行、股权投资机构有了哪些收获？ 券商是嫁接资本和技术之间的纽带。张明举称，服务新质生产力过程中感触颇深，如果没有专业能力，想服务新质生产力 ...

本届欧洽会在务实推进合作方面亮点突出。据了解，在11月19日至21日会议期间，成都组织一批优质企 业和机构进行产业考察，全方位、多领域展示成都产业生态、科技创新、营商环境与合作机遇，力争促 成更多合作成果，让欧洽会真正成为 "合作落地的加速器"。 中国经济网11月20日讯（记者 王婉莹）由中国国际商会、中国欧盟商会主办的第十八届中国-欧盟投资 贸易科技合作洽谈会（简称"欧洽会"）11月20日在成都开幕。 回溯欧洽会的发展历程，其早已成为中欧合作的重要"见证者"与"推动者"。欧洽会始于2002年，由欧盟 委员会发起，自2006年落户成都以来，已发展为欧盟成员国参与最多、欧方企业覆盖最广的中欧投资贸 易与技术合作盛会之一。自创办以来，欧洽会累计吸引1.2万多家中欧企业踊跃参与，成功安排企业配 对洽谈逾2.9万场次，达成意向性合作协议超过3200项。 开幕式上，中国贸促会副会长刘健男表示，今年是中国和欧盟建交50周年，在中欧领导人的战略引领 下，中欧关系呈现巩固发展良好势头。中国贸促会、中国国际商会将强化联通政企、融通内外、畅通供 需功能，继续与各方密切合作，更好发挥欧洽会国家级、国际化平台作用，支持中欧企业在投资 ...

Core Viewpoint - The establishment of the "Yangtze River Delta Offshore CCUS Industry Alliance" aims to promote carbon capture, utilization, and storage (CCUS) technology as a strategic approach to achieving carbon peak and carbon neutrality goals while ensuring national energy security [1] Group 1: Alliance Formation - The alliance is initiated by CNOOC (China National Offshore Oil Corporation) in collaboration with over 30 entities, including China Baowu Steel Group, COSCO Shipping, Zhejiang Energy Group, and several universities [1] - The alliance will create a collaborative innovation system guided by the government, led by enterprises, and supported by academic institutions [1] Group 2: Focus Areas - Key activities will include information sharing, technology exchange, talent cultivation, policy research, standard formulation, project demonstration, and industry development [1] - The alliance will focus on critical core technologies and promote the construction of demonstration projects for commercial and large-scale applications [1] Group 3: Regional Impact - The establishment of the alliance is seen as a catalyst for Shanghai to implement the national "dual carbon" strategy, enhancing technological innovation and industrial collaboration [1] - The initiative aims to inject new momentum into the green and low-carbon development of the Yangtze River Delta region [1]

Core Insights - The event showcased the sustainable development achievements of Jiangsu and Wuxi, emphasizing collaboration among financial institutions, industry leaders, investors, and experts in the field of sustainability [1] - The conference served as a platform to deepen cooperation between Wuxi and domestic and international investors, with the launch of the Guolian Group Ecological Alliance and multiple project signings [1] Investment and Economic Development - Wuxi has attracted 394 investment projects with a total investment scale of 62 billion yuan, focusing on sectors such as biomedicine, integrated circuits, advanced manufacturing, carbon neutrality, and artificial intelligence [2] - The city has established 89 new funds with a total scale of 34.2 billion yuan, successfully attracting 28 projects with an investment scale of 17.8 billion yuan [2] - Wuxi's industrial foundation includes seven industrial clusters with revenues exceeding 200 billion yuan, five of which are national-level advanced manufacturing clusters [2] Capital Market and Investment Environment - Wuxi has over 120 listed companies on the A-share market and a total scale of private equity funds reaching 85 billion USD, ranking among the top ten in China for equity investment activity [2] - The city is enhancing its multi-layered capital market service system and fostering a diversified venture capital development environment [2] Global Trade and Investment Climate - Wuxi's trade partners span 220 countries and regions, with over 7,200 foreign-funded enterprises and 118 Fortune 500 companies investing in the city [3] - The city has implemented ten measures to facilitate the entry of foreign nationals, including a 240-hour visa-free transit policy at the airport [3] Collaborative Ecosystem - The Guolian Group Ecological Alliance, which includes top global companies and institutions, aims to create a collaborative ecosystem driven by capital, industry synergy, and service empowerment [4] - The alliance is expected to inject strong momentum into Wuxi's future innovation and development [4] Focus on Sustainable Development - The conference emphasized the importance of building a cooperative ecosystem focused on new investments, green initiatives, and digital upgrades to foster sustainable high-quality development [5] - The Guolian Group plays a crucial role in linking various parties in Wuxi's industrial transformation and upgrading process [6] Guolian Group's Achievements - Guolian Group has developed into a local state-owned enterprise with total assets exceeding 330 billion yuan, managing financial assets totaling 2.2 trillion yuan and a fund scale surpassing 280 billion yuan [7] - The group aims to enhance its financial services, strengthen its industrial operations, and deepen its investment strategies to become a leading comprehensive local state-owned enterprise in China [7]

Core Insights - The company reported a third-quarter revenue of 8.557 billion, representing a decline of 22.38% compared to the previous year [1] - The net profit for the third quarter was 150 million, down 13.32% year-over-year [1] - For the first three quarters, the total revenue was 26.979 billion, a decrease of 12.84% compared to the same period last year [1] - The net profit for the first three quarters was 453 million, reflecting a decline of 15.10% year-over-year [1]

Core Viewpoint - The company is focusing on its core responsibilities and aims for stable operations while enhancing operational quality through refined management and technological empowerment [2] Group 1: Business Strategy - The company is committed to consolidating its water business and expanding its air quality business through strong supply chain management [2] - The goal is to enhance comprehensive energy and environmental services capabilities [2] Group 2: Innovation and Development - The company emphasizes technological innovation as a leading factor in its development strategy [2] - It aims to cultivate standardized, intelligent, and refined new business formats to achieve high-quality transformation and development [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八月二十 九 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年 八 月 二 十 九 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 中国冶金科工股份有限公司 2025 年半年度报告 公司代码：601 ...

Core Viewpoint - The second quarter reports of 66 REITs indicate a mixed performance across different sectors, with varying levels of operational pressure and resilience observed in different segments [3][4]. Group 1: Sector Performance Overview - Industrial parks are still under pressure due to new supply and demand contraction, with a need for time to reach a new balance in rental levels and occupancy rates. The revenue for this sector decreased by 1.9% quarter-on-quarter [3][5]. - Logistics and warehousing projects maintained a high occupancy rate of 94.3% in Q2, showing better resilience than expected despite rental pressures, with an average rental decline of only 2% [3][10]. - Affordable rental housing exhibited the least revenue fluctuation in Q2, maintaining stable occupancy and rental levels, while national rental prices continued to decline [3][4]. - Traditional retail faced a 5.5% quarter-on-quarter revenue decline due to seasonal factors, necessitating cautious long-term growth assessments [3][4]. - Highway projects showed significant performance differentiation, with freight traffic performing better than passenger traffic [3][4]. - The municipal environmental sector remained stable, with wastewater treatment fundamentals holding steady and seasonal characteristics in heating demand becoming evident [3][4]. - Energy projects showed improvement in wind resources, particularly offshore wind, outperforming gas and hydropower [3][4]. Group 2: Financial Metrics and Market Trends - The total distributable amount for REITs decreased both year-on-year (down 3.1%) and quarter-on-quarter (down 5.4%), reflecting operational changes across projects [4]. - The market valuation has adjusted, presenting opportunities for quality project allocations, focusing on stable cash flow and potential turnaround opportunities [4][5]. - The logistics sector is expected to see significant new supply in the second half of 2025, with approximately 2.5 million square meters expected, primarily in key urban areas [10][11]. - Demand in the logistics sector is primarily driven by e-commerce and third-party logistics, with significant contributions from seasonal events like the 618 shopping festival [10][11]. Group 3: Regional Insights - In Beijing, the business park market saw no new projects in Q2, with a net absorption of 95,000 square meters, indicating a recovery in demand [6]. - Shanghai's business park market experienced a moderate recovery in demand, particularly from the TMT sector, which accounted for 41% of the total demand [7]. - The vacancy rate in key urban areas varies significantly, with the Pearl River Delta showing a low vacancy rate of 6.15%, while the Beijing-Tianjin-Hebei region has a higher rate of 27.1% [11][15].

Core Viewpoint - The energy industry is crucial for national economic stability and livelihood security, with Shaanxi province focusing on energy supply and low-carbon transformation to build a trillion-level modern energy industry cluster for national energy security [1][2] Group 1: Company Initiatives - Shaanxi Huironghe Energy Environmental Technology Co., Ltd. is utilizing coal waste to produce approximately 400 million bricks annually, generating a revenue of 90 million yuan [1] - The company employs energy-efficient and environmentally friendly rotary tunnel kiln technology, achieving a 60% reduction in electricity consumption and an 80% reduction in coal consumption [1] - The company has initiated a project for comprehensive disposal and recycling of 3 million tons of mineral solid waste, including coal gangue and construction waste [1] Group 2: Regional Development - The project is the largest solid waste disposal and recycling initiative in Northwest China, processing around 3 million tons of coal gangue, significantly improving local living conditions [2] - Yulin City is committed to a "high-carbon city low-carbon development" path, promoting green and low-carbon development while improving ecological conditions [2] - The region is advancing an energy revolution, including intelligent construction and transformation of large coal mines, and establishing a strategic base for coal-to-oil and gas [2]

Group 1 - The core viewpoint emphasizes that technological innovation is key to leading the development of new productive forces, with Anhui officially launching the Yangtze River Delta National Technology Innovation Center, marking a significant step in regional collaborative innovation and national strategy service [1][3] - Anhui plans to deepen cooperation with Jiangsu, Zhejiang, and Shanghai in key areas, aiming to build a national strategic technology force and major technological infrastructure through resource integration and leveraging respective advantages [3][4] - The Yangtze River Delta National Technology Innovation Center plays a crucial role in this collaborative development, having been established in June 2021, and aims to combine national strategic deployment with regional innovation needs [3][4] Group 2 - The center has established over 100 R&D platforms in various fields, gathered more than 18,000 R&D personnel, and incubated over 1,700 enterprises, demonstrating its significant impact on technological innovation [4] - The center has formed strategic partnerships with over 200 domestic and international universities and research institutions, jointly training more than 7,000 graduate students and PhDs [4] - Future plans include focusing on Anhui's industrial innovation system and integrating innovation resources with local industrial needs, promoting the transformation of research results into practical applications [4][5] Group 3 - Anhui is emerging in new technology fields such as quantum technology, artificial intelligence, and new materials, supported by rich educational resources and strong policy backing [5][6] - The three provinces and one city have established a collaborative mechanism for policy coordination, ensuring smooth implementation of policies related to technology projects, talent introduction, and funding support [5][6] - There is a need to continuously enhance policy collaboration and execution to improve the efficiency of policy implementation and support for enterprises and research institutions [5][6] Group 4 - The integration of technology and industry is becoming a core driver for high-quality regional development, with plans to establish innovation platforms and joint research funds in the Yangtze River Delta [7][8] - Anhui is actively supporting local automotive companies in collaboration with those in Jiangsu and Zhejiang, focusing on areas like battery swap vehicle development and shared charging stations [7][8] - The construction of an industrial innovation belt aims to enhance collaboration among cities along the Yangtze River Delta, facilitating resource sharing and competitive advantage [8][9]