所谓"链"，意味着不同于一个产业的单兵突破，强调的是产业链上下游协同联动、整体推进的链式 生态。突出"链"字，既是要打破"各自为战"的发展模式，以链主企业为核心，推动大中小企业融通创 新，也是要聚焦产业链薄弱环节，努力攻克"卡脖子"技术瓶颈，避免出现断链风险。只有通过打造紧密 协作的产业链生态，实现资源共享、优势互补，才能让重点产业的单点优势升级为集群优势。 2025年中央经济工作会议明确提出"实施新一轮重点产业链高质量发展行动"。其实，早在2023年底 召开的中央经济工作会议就部署过一轮制造业重点产业链高质量发展行动，有利于应对当时贸易保护主 义抬头的外部冲击，通过突破关键技术，补齐制造业短板。那么，如何理解此次关于产业链高质量发展 的最新部署？这需要解读三个关键词，即理解"重点产业""链""高质量发展"的核心内涵。 "重点产业"并非单一行业，而是以先进制造业为骨干，以战略性新兴产业和未来产业为新引擎，并 推动传统产业焕新升级的"产业矩阵"。主要涵盖以下三个方面：一是关系产业链安全的先进制造业，比 如高端装备制造、集成电路、新型显示、生物医药等。二是战略性新兴产业和未来产业，包括人工智 能、量子科技、低空经 ...

（来源：黑龙江日报） 转自：黑龙江日报 本报讯（记者彭溢）近日，黑龙江省知识产权局官网公布了2025年度省知识产权优势企业（第一批）名 单，共有90家企业榜上有名。截至目前，黑龙江省知识产权优势企业增至1003家。 据介绍，黑龙江省知识产权优势企业认定分为省知识产权试点企业和省知识产权培育企业两个层次。哈 尔滨星网动力技术有限公司等21家企业被认定为2025年度黑龙江省知识产权试点企业，哈尔滨脉图精准 技术有限公司等69家企业被认定为2025年度黑龙江省知识产权培育企业。入选企业主营业务覆盖人工智 能、信息技术、生物医药、装备制造、现代农业、新材料等重点产业领域。这批企业将持续提升知识产 权创造、运用、保护与管理能力，加速推动知识产权向现实生产力转化，切实增强企业核心竞争力，助 力知识产权强省建设。 ...

Group 1 - The core viewpoint emphasizes the importance of inheriting and promoting entrepreneurial spirit as a key support for the high-quality development of the private economy during the "14th Five-Year Plan" period [3][4] - The entrepreneurial spirit is described as the "soul" of the private economy in Hangzhou, which is crucial for the city's economic vitality and development [2][3] - The new generation of entrepreneurs is seen as vital for addressing the dual challenges of generational inheritance and industrial transformation, with a focus on cultivating this group as a strategic initiative for economic growth [3][4] Group 2 - The Hangzhou Municipal Federation of Industry and Commerce is implementing a comprehensive nurturing system for new generation entrepreneurs, aiming to create an optimal ecosystem for their healthy growth [3][4] - Initiatives such as the "Zhejiang Tongxin Houlang Tide Surge" program are designed to enhance political guidance, empowerment, service support, and responsibility transmission for new entrepreneurs [3][4] - The organization plans to continue deepening mechanisms to alleviate difficulties for enterprises, promote financial and legal services, and create more innovation empowerment platforms to support entrepreneurs [4]

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the implementation of a new round of high-quality development actions for key industrial chains, building on previous initiatives to enhance manufacturing capabilities and address external challenges such as trade protectionism [1] Group 1: Key Industries - "Key industries" refer to a matrix that includes advanced manufacturing as the backbone, strategic emerging industries, and traditional industries undergoing transformation [1] - The focus is on advanced manufacturing sectors crucial for industrial chain security, such as high-end equipment manufacturing, integrated circuits, new displays, and biomedicine [1] - Strategic emerging industries and future industries like artificial intelligence, quantum technology, and low-altitude economy are also prioritized [1] Group 2: Chain Collaboration - The term "chain" emphasizes the need for coordinated efforts across the entire industrial chain rather than isolated breakthroughs [2] - It aims to break the "each for themselves" development model by centering around leading enterprises and promoting innovation among small and medium-sized enterprises [2] - The focus is on addressing weak links in the industrial chain to overcome technological bottlenecks and prevent risks of disconnection [2] Group 3: High-Quality Development - The new round of actions aims to enhance the overall competitiveness of industrial chains and cultivate new productive forces, shifting from merely addressing shortfalls to systematic upgrades [3] - High-quality development targets high-end, intelligent, and green directions, focusing on quality brand enhancement and fostering globally competitive high-end brands [3] - The initiative includes implementing "Artificial Intelligence+" in various sectors to optimize production processes and enhance collaboration across the industrial chain [3] Group 4: Modern Industrial System - The "14th Five-Year Plan" prioritizes building a modern industrial system and solidifying the foundation of the real economy, emphasizing the conversion of technological achievements into effective industrial outcomes [4] - The smooth transition from technology to mass production and market success is crucial, relying on the quality of the industrial chain [4] - Any shortcomings in the chain can increase costs and risks, hindering innovation from reaching the market [4] Group 5: Chain Strategies - Strategies for industrial chain development include "supplementing," "strengthening," "building," and "streamlining" the chain [5] - "Supplementing" addresses gaps caused by technological voids or external supply disruptions, ensuring continuous production [5] - "Strengthening" focuses on improving quality and competitiveness in existing segments, while "building" involves laying the groundwork for future technologies and products [5] - "Streamlining" aims to enhance the efficiency of the entire chain through digital platforms and integrated logistics [5] Group 6: Implementation Focus - The implementation of high-quality development actions should focus on key technological breakthroughs, innovation collaboration, and ecosystem optimization [6] - Identifying weak links and establishing a dynamic mechanism for technology breakthroughs are essential [6] - Regional innovation collaboration and optimizing support systems for key industries are also critical for successful implementation [7]

Group 1 - The core viewpoint of the articles highlights the increasing integration of artificial intelligence (AI) in investment research processes by international asset management firms in China, marking a shift from traditional human-centric analysis to AI-driven insights [1][3] - Bridgewater Associates has announced a recruitment for a "China Policy AI Research Assistant," indicating a focus on utilizing AI tools and large language models to enhance understanding of China's policy environment and its impact on assets and the economy [1][2] - The role requires proficiency in Chinese and a deep understanding of the Chinese government structure and policy-making processes, reflecting the need for specialized skills in the evolving investment landscape [2][3] Group 2 - The trend of combining subjective research with AI is gaining traction, as evidenced by Bridgewater's establishment of the AIA Lab, which aims to leverage AI and machine learning for superior market returns [3][4] - Other international asset management firms, such as BlackRock, are also adopting AI-driven strategies, focusing on alternative data and AI to enhance their investment approaches [4][5] - The demand for talent in the investment industry is shifting towards individuals who possess both analytical skills and the ability to structure and process information using AI tools [5][6] Group 3 - Bridgewater's analysis indicates a significant concentration of investment in U.S. assets, suggesting a strategic shift towards diversifying into Asian markets, particularly China, to mitigate risks associated with this concentration [6][7] - Several foreign investment giants express optimism about the performance of Chinese assets in 2026, particularly in the technology sector, which is expected to continue its growth trajectory [7][8] - Recent data shows a notable inflow of funds into various U.S.-listed Chinese ETFs, reflecting a growing interest from international investors in Chinese equities [7][8]

Group 1 - The provincial secretary emphasizes the need to leverage the effects of the free trade port policy to achieve high-quality development and ensure a strong start in the first quarter [1] - The focus is on enhancing anti-smuggling efforts through a combination of human and technical defenses, establishing a comprehensive anti-smuggling control system [1] - The Haikou Meilan International Airport aims to become a regional aviation hub by increasing international passenger and cargo routes and improving international transit service capabilities [1] Group 2 - Companies are encouraged to utilize free trade port policies for overseas remanufacturing and domestic-international technology transfer, enhancing core competitiveness in inspection and testing industries [2] - The establishment of a public technology platform and efficient logistics system is highlighted to support innovation and industry integration [2] - The focus is on addressing bottlenecks in technology transfer and fostering a culture of innovation to promote deep integration of technological and industrial innovation [2]

瑞银全球投资银行亚太股票资本市场联席主管胡凌寒在接受《证券日报》记者采访时表示，2025年港股IPO市场火热，不 少外资机构已重返基石投资阵营，一些外资机构首次参与港股IPO基石投资。例如，英国投资巨头M&Gplc旗下 M&GInvestments（英卓投资管理）参与了蜜雪冰城股份有限公司等IPO项目。 本报记者 毛艺融 2026年以来，国际"长钱"踊跃争当港股IPO的基石投资者，成为多家公司上市阶段的重要力量。 例如，MiniMaxGroupInc.（以下简称"MiniMax"）在1月9日上市，其IPO引入了阿布扎比投资局、MiraeAssetSecurities等国 际长线基金作为基石投资者，反映出外资机构对AI大模型赛道的深度关注。深圳市精锋医疗科技股份有限公司1月8日上市，吸 引了阿布扎比投资局等基石投资者。1月13日，豪威集成电路（集团）股份有限公司H股上市，瑞银环球资产管理（新加坡）有 限公司成为其基石投资者之一。 汇生国际资本有限公司总裁黄立冲向《证券日报》记者表示，国际长线资金与主权基金扎堆参与港股IPO的核心逻辑，在 于中国资产的估值修复潜力以及科技创新赛道的潜在增长空间。随着外资机构对中国 ...

Core Viewpoint - The company Yipinhong (300723) has released an annual performance forecast indicating a projected net loss for 2025, despite a year-on-year increase in net profit range, primarily due to declining sales and increased costs from new production facilities and R&D investments [1][4]. Group 1: Financial Performance - The forecasted net profit attributable to shareholders for 2025 is expected to be between -441.64 million to -312.83 million yuan, representing a year-on-year increase of 18.22% to 42.07% [1]. - The projected net profit after deducting non-recurring gains and losses is expected to be between -474.61 million to -336.18 million yuan, indicating a year-on-year decrease of 16.35% to 64.26% [1]. - The company reported a total revenue of 814 million yuan for the first three quarters of the previous year, a decline of 34.35% year-on-year, with a net loss of 136 million yuan [4]. Group 2: Factors Influencing Performance - The anticipated loss is attributed to three main factors: a decline in product sales and gross margin, increased depreciation costs from the new production base in Guangdong, and ongoing investments in R&D [1]. - Non-recurring gains are expected to contribute approximately 27 million yuan, mainly from government subsidies and asset impairment provisions [1]. Group 3: Positive Developments - The company has entered into a merger agreement where its associate, Arthrosi Therapeutics, will be acquired by Sobi US Holding Corp for a total of up to 950 million USD (approximately 6.713 billion yuan), which is expected to have a positive impact on the company [2]. - Additionally, the controlling shareholder, Guangdong Guangrun Group, will transfer a 9.07% stake in Arthrosi to the company to support its R&D efforts, which is also expected to positively influence the company's development [2]. Group 4: Historical Context - The company has experienced a decline in performance over the past three years, with negative net profit growth rates, and reported a loss of 540 million yuan in 2024 [4].

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 14 日 [Table_Title] 资产配置日报：回归理性 [Table_Title2] [Table_Summary] 1 月 14日， 股市经历显著的"倒 V型"反转行情，继昨日的调整行情过后，今日早盘机构与主力资金追高情 绪较强，上证指数午间收盘前上涨 1.20%至 4189 点，午间监管发文调整融资保证金比例，通过限制杠杆水平抑制 股市投机，午后市场自发矫正定价，各大股指普遍迎来回落。债市则继续"佛系定价"，长端品种收益率多随股 市风险摇摆窄幅震荡。 权益市场在上涨后回落。万得全 A上涨 0.31%，全天成交额 3.99 万亿元，较昨日（1 月 13 日）放量 2881 亿元。港股方面，恒生指数上涨 0.56%，恒生科技上涨 0.66%。南向资金净流入 28.65 亿港元，其中腾讯控股、 阿里健康、阿里巴巴分别净流入 20.09 亿港元、14.58 亿港元和 11.34 亿港元，中国移动则净流出 9.13亿港元。 市场情绪有望回归理性。1 月 14 日中午，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证 券时的 ...

Group 1 - Exegenesis Bio Inc. has submitted a listing application to the Hong Kong Stock Exchange [1]