作 者丨张立伟 编 辑丨陆跃玲 图 源丨摄图网 近日，中办、国办印发的《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》 （以下简称《意见》）正式发布，再次将深圳推到了改革开放的最前沿。 《意见》鼓励深圳在破解教育科技人才领域体制机制障碍、强化创新链产业链资金链人才链 深度融合、拓展粤港澳合作新途径新场景新载体、建设现代化国际化创新型城市等方面继续 探索。新一轮改革试点目标更聚焦于创新，指向性更强，任务也更具体，尤其是在提升创新 效率与发展新兴产业两大方面提出更细致的制度性改革要求。 更多精彩内容见专题： 深圳在新一轮科技革命与产业变革中走在前头，深圳的企业和产业在发展中遇到的制度性与 技术性问题更多，更加迫切需要解决。如何通过制度变革提升创新效率与能力，实现产学研 高效协同、深度融合是深圳的试题，也是全国需要的答案。 《意见》强调企业的科技创新主体地位与"出题人"的角色，企业处在技术与产业变革的前 线，清楚问题所在与方向所指。为了提高科研活力与效率，《意见》提出探索新型研发机构 薪酬市场化管理制度，深化科研经费管理改革。这意味着深圳可以用更具市场化的薪酬和经 费管理制度，吸引国内外全球顶尖人才到深圳 ...

Group 1: Global IPO Activity - In the first half of 2025, the proportion of IPO fundraising from mainland China and Hong Kong rose to 33% of the global total, with Hong Kong accounting for 24% of global fundraising [1][6] - The global IPO market is expected to see around 500 companies listed, with total fundraising of $57.5 billion, reflecting a 9% increase in fundraising despite an 11% decrease in the number of IPOs compared to the previous year [1] Group 2: A-Share Market Performance - A total of 50 companies went public in the A-share market in the first half of 2025, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total fundraising amount year-on-year [4] - The industrial, technology, and materials sectors led in both the number and amount of IPOs, with over 30% of the listed companies belonging to the automotive industry [4] Group 3: Regional Contributions to A-Share IPOs - The Yangtze River Delta and Pearl River Delta regions are the main contributors to A-share listings, with Jiangsu, Zhejiang, Guangdong, and Anhui being the top four provinces, collectively accounting for 90% of the total IPOs [5] - In terms of fundraising, Zhejiang, Guangdong, Jiangsu, Heilongjiang, and Anhui accounted for 78% of the total amount raised [5] Group 4: Hong Kong IPO Market Recovery - Approximately 40 companies are expected to go public in Hong Kong in the first half of 2025, raising around 108.7 billion HKD, with a 33% increase in the number of IPOs and a 711% increase in fundraising compared to the previous year [6] - The average fundraising amount for Hong Kong IPOs has increased more than fivefold year-on-year, making it the second-highest in the last decade, only after the same period in 2021 [6] Group 5: Focus on Technology and Innovation - The launch of the "Tech Company Special Line" in May 2025 indicates a shift in the Hong Kong market towards technology innovation, facilitating the listing of high-potential tech companies [7] - The A-share market is expected to adopt a "new normal" in IPO issuance, focusing on high-quality tech companies that meet listing criteria, with macroeconomic conditions and market funds influencing the IPO rhythm [8] Group 6: Future Outlook for IPO Markets - The North Exchange is becoming a key player in IPO applications, reflecting its support for specialized small and medium enterprises, with expectations for expansion into emerging industries like artificial intelligence and cultural creativity [8] - The enthusiasm for companies from the A-share market to list in Hong Kong is expected to continue, driven by the establishment of the "Tech Company Special Line" and the return of Chinese companies to the U.S. market [8]

Core Viewpoint - The recent issuance of the "Opinions" by the Central Committee and the State Council emphasizes the need for institutional reforms in Shenzhen to enhance innovation efficiency and capabilities, aiming for effective collaboration between industry, academia, and research [1][4]. Group 1: Institutional Reforms - The "Opinions" encourage Shenzhen to address systemic barriers in education, technology, and talent, and to strengthen the integration of innovation chains, industrial chains, financial chains, and talent chains [1][2]. - The focus of the new round of reforms is on innovation, with specific tasks aimed at improving innovation efficiency and developing emerging industries [1][3]. Group 2: Role of Enterprises - Enterprises are highlighted as the main players in technological innovation, positioned at the forefront of technological and industrial changes, which allows them to identify problems and directions [2]. - The "Opinions" propose exploring market-oriented management systems for new research institutions and reforming research funding management to attract top global talent to Shenzhen [2]. Group 3: Education and Talent Development - The "Opinions" call for reforms in educational methods, school models, management systems, and support mechanisms to promote deep integration of technology, education, and industry [3]. - There is a specific emphasis on the joint cultivation of high-quality, interdisciplinary engineering talent between universities and enterprises, as well as the integration of vocational training with advanced manufacturing [3]. Group 4: Industry-Specific Initiatives - Shenzhen is tasked with exploring mechanisms for the application of AI-assisted medical devices, reforming management systems for unmanned aerial vehicles, and advancing market-oriented data element allocation [3]. - These three sectors are identified as having significant market potential, but face challenges due to a lack of mechanisms, rules, and standards [3]. Group 5: Strategic Positioning - The "Opinions" underscore Shenzhen's strategic positioning as an international technology innovation center, focusing on institutional exploration and innovation across various fields [4]. - The document outlines a top-level design that aligns with market development laws and technological transformation characteristics, aiming for a collaborative development path among technological innovation, institutional innovation, and industrial growth [4].

Group 1 - In the first half of 2025, there were no IPOs that broke below their issue price, with an average first-day return of 220%, a significant increase from 136% in the same period of 2024 [2] - The report indicates that the IPO activities in mainland China and Hong Kong have increased their share of global IPOs, with Hong Kong accounting for 24% and A-shares for 33% of the total global fundraising [2][9] - The Hong Kong Stock Exchange topped the global fundraising scale with $14 billion, driven by large IPOs such as CATL [2][9] Group 2 - A total of 50 companies went public in the A-share market, raising over 37.1 billion yuan, marking a 14% increase in both the number of IPOs and the amount raised compared to the previous year [5] - The industrial, technology, and materials sectors led in both the number of IPOs and the amount raised, with over 30% of the IPOs in the automotive industry [5] - The average oversubscription rate for IPOs has significantly increased, reflecting heightened investor enthusiasm for new listings [5] Group 3 - The report highlights a trend of declining IPO queues, with only 28 companies filing for IPOs from January to May 2025, compared to just 2 in the same period last year [6] - The termination of IPOs is nearing its end, with 67 companies withdrawing their applications in 2025, a significant decrease from nearly 300 in the previous year [6][7] - The A-share IPO market is expected to focus more on technology-driven companies, with quality enterprises meeting listing conditions likely to proceed with their IPOs [8] Group 4 - The Hong Kong IPO market saw a surge, with approximately 40 companies expected to go public, raising around 10.87 billion HKD, representing a 33% increase in the number of IPOs and a 711% increase in the amount raised year-on-year [9] - The introduction of the "Tech Company Fast Track" in Hong Kong aims to facilitate the listing of technology and biotech companies, enhancing financing efficiency [12] - The report suggests that the IPO market in Hong Kong will continue to thrive due to the enthusiasm for A-share companies listing in Hong Kong and the return of Chinese companies listed abroad [15]

Group 1 - The article discusses the release of the "Opinions on Deepening Reform and Expanding Opening Up in Shenzhen" by the Central Committee of the Communist Party of China and the State Council, which aims to support Shenzhen in deepening reform and expanding openness at a higher starting point and level [2][20]. - Shenzhen has transformed from a border agricultural county to a globally recognized innovative city in just over 40 years, with major companies like Huawei, Tencent, and BYD emerging from the region [2][20]. - The city has an average of 12 national high-tech enterprises per square kilometer and has ranked first in PCT international patent applications among major cities in China for 20 consecutive years [2][20]. Group 2 - Shenzhen is focusing on integrating education, technology, and talent development to create a comprehensive innovation ecosystem, optimizing the entire process from basic research to technology commercialization and talent support [2][20][25]. - The city has established 17 universities with a total of 176,000 full-time students, creating innovation hubs such as Xili Lake International Science and Education City and Guangming Science City [3][23]. - Over the past decade, Shenzhen has built an average of one new university per year, including notable institutions like Southern University of Science and Technology and Harbin Institute of Technology (Shenzhen) [24][25]. Group 3 - Shenzhen is cultivating the "20+8" industrial clusters, focusing on advanced manufacturing and strategic emerging industries, aligning university programs with these industrial needs to enhance the relevance of academic disciplines [25][26]. - The city is exploring a new model of "university + leading enterprises + high-level research institutions" to foster collaboration and innovation, ensuring that academic programs meet the demands of the local economy [25][27]. - Shenzhen's universities are becoming centers for attracting top talent, with a significant number of world-class scientists and researchers contributing to the city's innovation landscape [27][28]. Group 4 - The article highlights the importance of breaking down barriers between education, technology, and industry, with Shenzhen aiming to create a collaborative environment that fosters innovation and talent development [32][35]. - The integration of corporate resources into educational frameworks is emphasized, with initiatives allowing engineers and scientists to engage directly with students, enhancing the overall scientific literacy and innovation capabilities of the community [34][35]. - Shenzhen's approach to education is evolving to include practical, hands-on experiences for students, preparing them for real-world challenges and fostering a culture of innovation from an early age [33][34].

ONS经济统计主管Liz McKeown指出，服务业和制造业产出的减少是导致4月份整体GDP下滑的主要原 因。她还提到，在过去的三个月里，尽管4月份的数据不佳，但总体GDP仍有所增长，这可能是因为一 些商业活动被提前到了年初完成。 此外，4月份法律和房地产行业的表现尤其疲软。这可能是由于在3月份印花税调整后，购房需求集中释 放，导致4月份的需求相对减弱。这种情况表明，短期经济波动有时会受到政策变动的影响，而这些影 响可能会导致某些行业出现周期性的起伏。 （文章来源：新华财经） 财政大臣Rachel Reeves 对这一数据表示失望，但同时强调其即将进行的支出审查计划将有助于推动经 济增长。 英国政府表示，将加大相关领域的政府投资，并以此带动私人投资，从而实现经济增长。未来五年内， 英国将投入156亿英镑，用于改善城市交通基础设施。将在今后几年内投资860亿英镑，用于加速推动英 国增长最快的行业，包括科技、生命科学、先进制造业和国防等。将投入1.87亿英镑，用于学生AI方面 的培训，其中的0.24亿英镑，将作为该项目的旗舰项目的投资，目的是让英国每所中学的学生有机会在 三年内获得新的人工智能技能。到2027年， ...

Core Viewpoint - The National Development and Reform Commission emphasizes a systematic and coordinated approach to reform in Shenzhen, focusing on the integration of economic reforms with education, technology, and talent development [1] Group 1: Economic Reforms - The reforms highlight the internal connections between various measures, promoting a cohesive approach to economic development [1] - Initiatives include deep integration of emerging industries with engineering education, fostering high-quality interdisciplinary engineering talent [1] Group 2: Financial Market Reforms - New measures aim to empower the real economy through financial, technological, and data reforms [1] - Support is provided for eligible companies listed on the Hong Kong Stock Exchange to issue depositary receipts on the Shenzhen Stock Exchange [1] - Companies registered in the Guangdong-Hong Kong-Macao Greater Bay Area and listed in Hong Kong are allowed to list on the Shenzhen Stock Exchange [1]

Group 1: Industry Development - The second batch of 24 pilot research and development platforms in Sichuan Province has been announced, bringing the total number of pilot platforms in the province to 35 [9][10] - Sichuan has hundreds of various pilot platforms distributed across enterprises, universities, and independent market-oriented operations [11] - In 2023, Chengdu added 44 new pilot platforms and concept verification centers, totaling 131 registered provincial and municipal pilot platforms and concept verification centers [12] Group 2: Technological Innovation - The University of Electronic Science and Technology of China and Tianfu Jiangxi Laboratory jointly released the world's first gallium nitride quantum light source chip, referred to as the "heart" of the quantum internet, providing new materials and device solutions for quantum information transmission [10][13] - Chengdu Zhongweidaxin Technology Co., Ltd. launched the domestic first quantum computing measurement and control system, the ZW-QCS560 series, which has rapid response capabilities that rank among the best internationally, supporting China's breakthrough in quantum computing error correction thresholds [10][15] Group 3: Product Commercialization - The pilot platform has enabled the successful market entry of over 300 products, including smart material scanners and breath-based mosquito traps, through comprehensive support covering small-batch prototype manufacturing, market validation, and key trial and error stages [12][11] - The pilot platform also initiated and manages the first domestic venture capital fund operated by a pilot platform, with an initial scale of 100 million yuan, creating a service loop of "pilot + incubation + investment" [12][11] Group 4: Quantum Technology Advancement - Sichuan's focus on quantum technology is evident, with significant breakthroughs such as the development of gallium nitride quantum light source chips and advancements in quantum entanglement networking [13][14] - The new quantum measurement and control system from Zhongweidaxin enhances research efficiency and reduces human error, addressing the global challenge of quantum error correction [15]

Group 1 - The core viewpoint of the article is the announcement of a new policy to support advanced manufacturing enterprises through VAT deductions, which aims to promote technological innovation and manufacturing development [1][2] - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have jointly issued a notice regarding the formulation of a list of advanced manufacturing enterprises eligible for VAT deductions in 2025 [1] - To qualify for the 2025 list, enterprises must meet specific criteria, including holding high-tech enterprise status and having a significant portion of their sales from manufacturing activities [1] Group 2 - The policy allows high-tech enterprises with valid qualifications throughout 2025 to enjoy VAT deductions from January 1, 2025, to April 30, 2026 [2] - Enterprises whose high-tech qualifications expire in 2025 but do not obtain new qualifications will only enjoy the policy for the year 2025 [2] - Newly recognized high-tech enterprises in 2025 will also benefit from the VAT deduction policy from January 1, 2025, to April 30, 2026 [2]

Group 1 - The Ministry of Industry and Information Technology has launched a pilot program for the industrialization of high-tech achievements, focusing on advanced manufacturing and new materials [1] - The program aims to enhance the connection between industry supply and demand, invigorate innovation, and optimize industrialization services, leveraging resources such as talent, funding, and policies [1] - The pilot program categorizes applicants into three types: industrialization implementation units, third-party service units, and financial service units [1] Group 2 - Financial institutions are expected to play a dual role in direct and indirect financing, addressing bottlenecks in the technology innovation and industrialization process [2] - The program emphasizes the need for financial service units to design targeted financial products and integrate financial resources to empower enterprises [2] - Knowledge property pledge financing is increasingly recognized as a solution to the financing challenges faced by technology-based SMEs, combining it with order financing to alleviate financial pressure [2] Group 3 - Financial institutions are encouraged to provide diverse funding support for high-tech enterprises and original innovation projects, moving away from traditional collateral reliance [3] - A collaborative framework of "capital + technology + system" is proposed to link technology research and capital exit, accelerating the transformation of technological achievements [3]