TE 上海譜券交易所 ● 央广资本服 |第二季第7期】科创成长层"成长记" 1 2 月 1 6 日 起 融 媒 体 产 品 全 线 输 出 即将发布 东方证券研究所副所长 旗| 剑 核心谱题 1 未盈利企业上市进入科创成长层,有了 哪些成长? 2 上市后,公司的研发创新、经营发展是否 突飞猛进? 3 盈利是唯一目标吗?已盈利"摘U" 公司有何秘诀? 4 还在亏损的,有没有扭亏为盈"时间表" "路线图" ? 5 成长"工具箱"有哪些利器?好不好用, 够不够用? 未盈利企业上市进入科创成长层，有了哪些成长？已盈利"摘U"公司有何秘诀？还在亏损的，有没有扭 亏为盈"时间表""路线图"？成长"工具箱"有哪些利器？好不好用，够不够用？ 《沪市汇·硬科硬客》第二季第7期邀您一同见证"科创成长层'成长记'"。 6 "十五五"时期打算怎么干?如何增强 "成长性" ? 2025年6月18日,科创板启动"1+6"改革, 设置科创成长层。10月28日,科创成长层迎 来首批3家新上市公司。截至2025年11月, 有57家未盈利公司在科创板上市。其中有22 家公司在上市后实现盈利"摘U"。 2025年前三季度,35家科创成长层公司营收 ...

经济观察网 据江苏省人民政府网站，12月11日，中共江苏省委关于制定江苏省国民经济和社会发展第 十五个五年规划的建议发布，其中提到，增强战略性新兴产业竞争力。实施产业创新工程，一体推进创 新设施建设、技术研究开发、产品迭代升级。增强新一代信息技术、新能源、新材料、生物医药、高端 装备等产业优势，培育航空航天、低空经济等增长新引擎，打造具有国际竞争力的战略性新兴产业集 群，培育新兴支柱产业。深度融入长三角大飞机产业集群建设。实施新技术新产品新场景大规模应用示 范行动。发挥省战略性新兴产业母基金、江苏社保科创基金投资撬动作用，加快新兴产业规模化发展。 （原标题：江苏"十五五"规划建议：增强新材料、生物医药等产业优势 深度融入长三角大飞机产业集 群建设） ...

Core Insights - Songjiang has transformed from a perceived remote area to a key engine of Shanghai's innovation, with strategic emerging industries accounting for nearly 60% of its economy, significantly higher than the city average [1] - The region's strong R&D investment intensity of 7.24% is comparable to developed countries, with 92% of this funding coming from enterprises, indicating a robust belief in profitability and effective industry-academia collaboration [1] - Songjiang's economic structure is characterized by a "2+4" system, featuring two trillion-yuan industries in new-generation information technology and high-end equipment, alongside four hundred-billion-yuan industries, including advanced materials and life health [2] Industry Development - The new-generation information technology sector includes smart terminals, intelligent computing services, and satellite internet, while high-end equipment encompasses new energy facilities and instrumentation, indicating vast future growth potential [2] - The region is home to significant advancements in satellite internet, with plans to produce 300 satellites annually by 2027, and it accounts for half of the city's computing power, positioning itself in the "future computing" sector [2] - Songjiang University Town has evolved into a "source of innovation," fostering industry-academia integration, with notable research outputs and rapid technology transfer, including 55 Shanghai Science and Technology Awards from 2023 to 2024 [2] Infrastructure and Investment - A major transportation hub is being developed in Songjiang, expected to handle 21 million passengers annually, enhancing connectivity to over 80% of cities in the Yangtze River Delta [4] - Vanke has invested 2.5 billion yuan in the second phase of the Songjiang Impression City project, aiming to create Shanghai's largest single commercial complex, reflecting confidence in Songjiang's development prospects [4] - Songjiang has been recognized as a national model for rural revitalization, achieving top assessments for five consecutive years, with its rice brand gaining national geographical indication protection [4] Future Outlook - The five-year goal for Songjiang is to establish itself as an internationally influential innovation corridor and a comprehensive node city in the Yangtze River Delta, emphasizing the importance of industrial vitality and innovation [6] - The transformation of Songjiang serves as a case study for other suburban areas, highlighting that development should focus on internal dynamics rather than geographical location [8] - The narrative of Songjiang illustrates a story of transformation, innovation, and opportunity, encouraging other regions to seek similar paths to success [8]

Core Insights - Hefei Hangpu Times Technology Co., Ltd. has launched the "Ice Bee M01" cooling infrared core, marking it as the first mini product designed specifically for drones and similar devices in China [1] - Since 2025, the company has shown strong growth, entering the national-level specialized and innovative "little giant" enterprise category, with annual revenue surpassing 50 million yuan, up from just 1.56 million yuan three years ago [1] Group 1 - The Hefei Zhongguancun Collaborative Innovation Park provides a complete ecosystem that supports innovation enterprises, characterized by robust hardware facilities, stable operational space, and a professional service system [1] - The park has established a standardized management system with 12 processes covering entry, incubation, assessment, and exit, ensuring that enterprises operate within a structured framework [1] - The average space utilization rate in the park has consistently remained at 90% over the past three years, providing ample and stable space for enterprises to grow [1] Group 2 - The park has successfully incubated 84 enterprises with a success rate of 66.14%, and these enterprises have collectively received over 100 honors and hold nearly 1,500 intellectual property rights [2] - From 2021 to 2025, the park has implemented rent reductions and refunds totaling 11.2789 million yuan, alleviating initial financial pressures on enterprises [3] - A special reward program for specialized and innovative enterprises has allocated 311,500 yuan from 2022 to 2024, encouraging companies to focus on their core competencies [4] Group 3 - The park has nurtured 127 enterprises, creating a diverse and collaborative industrial ecosystem, with 84.81% of these being small and micro enterprises [4] - 89% of the enterprises are concentrated in strategic emerging industries such as new-generation information technology, new energy vehicles, and intelligent connected vehicles, demonstrating significant industrial clustering and synergy [4] - The park aims to deepen its "platform + ecosystem" strategy, with plans to cultivate multiple unicorn enterprises within three years, enhancing its role as a technology innovation hub in Anhui [5]

Core Viewpoint - The expansion of the "trillion GDP club" is a significant highlight of regional economic development in China this year, with cities like Wenzhou, Xuzhou, and Dalian expected to join the ranks of cities with a GDP exceeding one trillion yuan [1][3]. Group 1: Economic Progress of Target Cities - Wenzhou's GDP is projected to exceed one trillion yuan this year, with a first-quarter GDP of 240.37 billion yuan and a growth rate of 6.7% [2][4]. - Xuzhou's GDP for the first three quarters is 729.81 billion yuan, with a growth rate of 6.0%, aiming for a GDP of over one trillion yuan by 2025 [12][17]. - Dalian's GDP reached 724.82 billion yuan in the first three quarters, with a growth rate of 6.0%, and is also targeting the trillion GDP milestone [13][16]. Group 2: Characteristics of the Expansion - The expansion of the trillion GDP cities includes ordinary prefecture-level cities, indicating a trend where economic growth is not limited to major metropolitan areas [2][3]. - The cities in the trillion GDP club are expected to become central nodes for local development, fostering industrial and population agglomeration effects [3][19]. - The trend of ordinary cities joining the trillion GDP club reflects a broader pattern of regional economic development, with more cities expected to achieve this milestone in the coming years [20]. Group 3: Industrial and Economic Structure - Wenzhou's economy is supported by a robust manufacturing base and a strong private sector, with private enterprises contributing approximately 83% to the city's GDP [9]. - The city aims to establish a dual trillion industrial cluster system by 2025, focusing on both traditional and emerging industries [9][10]. - Dalian is focusing on high-tech manufacturing and has set a strategic plan to develop new industries, although it faces challenges in establishing core competitiveness [15][16]. Group 4: Future Prospects and Strategies - The future expansion of the trillion GDP club is expected to include cities with GDPs between 700 billion and 800 billion yuan, such as Shaoxing, Yangzhou, Yancheng, and Jiaxing [19]. - Cities like Shaoxing and Jiaxing are pursuing collaborative development with nearby major cities to enhance their economic prospects [19][20]. - The emphasis on quality over quantity in GDP growth is becoming increasingly important, with a focus on optimizing economic structure and improving residents' welfare [20].

"第二经济大省"江苏今年经济总量将再上一个万亿元台阶。12月11日，江苏"十五五"规划建议发布。在 总结"十四五"时期发展成就时，建议表示，江苏"经济实力显著提升，全省地区生产总值预计突破14万 亿元"。 此前一天，在江苏省政府新闻办举行的发布会上，江苏省发改委副主任林康也透露，过去五年，江苏地 区生产总值连跨3个万亿元台阶，今年有信心突破14万亿元。"'十四五'时期，江苏综合实力跃上新台 阶，13个设区市全部跻身全国百强，万亿级城市增至5座。" 要实现这四大"提升"，前提依然是自身经济发展。江苏特别提到，把坚守实体经济、构建现代化产业体 系作为强省之要。 作为第一制造大省，2024年江苏制造业增加值4.63万亿元，连续4年稳居全国首位，占GDP比重达 33.8%。不过江苏也坦言，自身还面临"新旧动能转换任务艰巨"等挑战。 为此，江苏一方面要支持冶金、化工、轻工、纺织、机械、船舶海工、建材等产业锻长板，加快向价值 链中高端迈进；另一方面，要增强新一代信息技术、新能源、新材料、生物医药、高端装备等产业优 势，培育航空航天、低空经济等增长新引擎；此外，还要加快壮大第三代半导体、氢能、生物制造等成 长型未来产业，推 ...

Group 1 - The first batch of imported duty-free goods, consisting of 15 valve devices weighing 1578 kg, successfully arrived at the Beijing E-Town Comprehensive Bonded Zone, marking the official operation of the zone [1] - The goods were transported using an unmanned vehicle, completing customs clearance in just 4 seconds, showcasing high efficiency in logistics operations [1] - The E-Town Comprehensive Bonded Zone is strategically located near Beijing's dual airports and Tianjin Port, covering an area of 0.61 square kilometers, and aims to promote the coordinated development of the Beijing-Tianjin-Hebei region [1] Group 2 - Beijing Customs is implementing strict management requirements for the bonded zone, focusing on optimizing customs supervision and supporting high-tech industries [2] - The customs authority is actively engaging with over 80 enterprises to provide comprehensive policy guidance and business consulting, facilitating the utilization of preferential policies for companies [2] - As of now, four logistics companies have completed registration procedures for the bonded zone, with expectations to register over 20 companies by the end of the year [2] Group 3 - The E-Town Comprehensive Bonded Zone is leveraging advanced technologies such as AI and big data to enhance logistics and customs supervision, including the development of smart unmanned warehouses and AI-assisted monitoring [3] - The customs authority is exploring new models for risk control during transportation using AI technology, aiming to create a comprehensive and intelligent regulatory system [3] - There is a commitment to policy innovation to deepen the integration of the bonded zone with broader development initiatives, enhancing trade facilitation and supporting high-quality foreign trade growth in the capital [3]

Core Viewpoint - The Beijing E-Town Comprehensive Bonded Zone, the first in China themed on developing new quality productivity, officially commenced operations on December 11, marking a significant step in its development and operational phase [1]. Group 1: Operational Highlights - The first batch of bonded goods, consisting of imported valve equipment, was transported using an unmanned vehicle, showcasing the application of autonomous driving technology in the logistics of bonded goods in Beijing [1]. - The bonded zone covers an area of 0.61 square kilometers and is strategically located near two airports in Beijing and the Tianjin port, enhancing its connectivity to the North China region [1]. Group 2: Industry Focus - The first phase of the bonded zone has established approximately 100,000 square meters of high-standard industrial space, focusing on four key industries: next-generation information technology, high-end automobiles and new energy smart vehicles, biotechnology and health, and robotics and smart manufacturing [1]. - The zone aims to provide a comprehensive service trade system to support these industries, enhancing the overall industrial ecosystem [1]. Group 3: Technological Integration - The bonded zone utilizes foundational data systems from autonomous driving and smart city initiatives to visualize the entire logistics process from the port to the bonded zone, ensuring seamless integration of logistics both inside and outside the zone [1]. - This technological integration aims to offer enterprises traceable and dynamically adjustable smart logistics services, thereby improving supply chain responsiveness and operational resilience [1].

Core Points - The Beijing E-Town Comprehensive Bonded Zone officially commenced operations on December 11, marking its transition to a normalized development phase [1][2] - The zone covers an area of 0.61 square kilometers and focuses on four key industries: new generation information technology, high-end automobiles and new energy smart vehicles, biotechnology and health, and robotics and intelligent manufacturing [1] - As of now, 55,000 square meters of industrial space have been completed and put into use, with additional facilities such as a bonded R&D building and a bonded processing building expected to be operational by Q1 2026 [1] Industry Interaction - The E-Town Comprehensive Bonded Zone is the first in the country themed around new productive forces, and its operation is deeply integrated with the high-precision industrial system of the Beijing Economic-Technological Development Area [2] - The zone aims to leverage the advantages of advanced manufacturing clusters in the economic development area to expand "bonded +" new business formats, promoting collaborative development across the industrial chain [2]

加力产业模式重塑。立足传统产业"家底"，以高端供给、数实融合、绿色改造、基础再造为重点，"一 业一策"推动产业聚链延链、智改数转、集聚集约，3700余家中小企业数字化转型，技改投资增速连续 位居全省前列，十四五以来，规上单位工业增加值能耗年均下降10%以上。 当下，"十四五"即将圆满收官。12月10日，聊城市政府新闻办公室举行新闻发布会，聊城市委副书记、 市长张百顺，介绍了全市高质量完成"十四五"规划的有关情况。 加力产业生态重塑。聚焦构建"雨林式"生态，健全企业梯队培育机制，建立专精特新、"小巨人"、单项 冠军和产业链领航企业梯度培育库，新增省级以上优质企业超过1000家。企业上市"三连发"，嘉华股份 （603182）、乖宝宠物（301498）、金帝股份（603270）相继登陆资本市场，"链主+骨干+新锐"矩阵 不断壮大。 张百顺介绍，回顾这五年，聊城的发展不仅体现了量的增长，更实现了结构的优化、动能的转换、质量 的跃升。概括来讲，主要体现在"一个重大提升"和"五个深刻转变"。 齐鲁晚报·齐鲁壹点 陶春燕 加力产业格局重塑。坚持传统新兴未来产业齐头并进，深入实施"链长制"，聚力发展12条重点产业链， 建立" ...