以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 所以，主动公募向业绩比较基准靠拢，符合海外经验，可能是A股市场和公募行业发展的最终 状态。短期，市场博弈公募持仓向业绩比较基准靠拢，更偏向于是资金博弈主题，需严守性价 比，把握好节奏。 短期宏观预期难有方向性变化，行业结构也缺乏突破方向，我们维持二季度是中枢偏高震荡市 的判断。中美日内瓦经贸联合声明后，中国外需预期修复，支持A股向上挑战震荡区间上限。 但2025年供给增速中枢仍偏高，2025年内A股供需格局难有向上拐点的预期不变。中期A股基 本面节奏预期并未根本变化，暂不足以支持A股向上突破。 同时，二季度经济基本面有望脉冲式改善。中美经贸关系缓和，二季度从"抢转口"到"抢出 口"，外需从初步显现下行压力，到可能脉冲式上行。尽管基本面改善尚无法外推，但短期数 据验证有望保持强势，至少排除了下行风险。5月政策兑现成为主要矛盾阶段，宽货币及时全 面兑现。平准基金有力支撑资本市场预期，A股市场下行风险同样可控。 结构上，科技、消费、医药是A股一季报高景气的主要方向。二季度外需脉冲式改善，政策对 冲受益的消费短期基本面弹性受限。科技需要新产业趋势催化， ...

Core Viewpoint - The article highlights the rapid rise of AI startups, particularly focusing on Anysphere, which recently completed a $900 million financing round, achieving a valuation of $9 billion. This reflects the ongoing trend of young entrepreneurs, particularly those born in the 2000s, making significant strides in the AI industry [1][11]. Group 1: Company Overview - Anysphere, founded by four MIT graduates, has developed an AI programming tool called Cursor that simplifies coding by allowing users to generate code using simple everyday commands [3][4]. - The company achieved $100 million in annualized revenue within a year of launching Cursor, making it one of the fastest-growing startups in history [6]. - Cursor has gained popularity among major companies, including OpenAI and Shopify, and has undergone multiple updates and iterations to enhance its functionality [6][10]. Group 2: Investment and Growth - Anysphere's funding journey began with seed investments from OpenAI's startup fund and Neo, totaling approximately $800,000 [9]. - The company has attracted a prestigious group of investors, including a16z, Thrive Capital, and Google’s chief scientist, Jeff Dean, with its valuation increasing significantly over time [10][11]. - The latest financing round of $900 million was led by Thrive Capital, further solidifying Anysphere's position in the AI market [11]. Group 3: Industry Trends - The article notes a broader trend of young founders, particularly those born in the 2000s, emerging in the AI sector, with examples like the AI recruitment platform Mercor and the AI programming company Magic [14][15]. - The average age of founders in 2024 is reported to be the youngest in history, with a significant portion being from the 90s and 00s, indicating a shift towards younger entrepreneurs in the tech landscape [15][16]. - Investors are increasingly recognizing the potential of young innovators who possess technical skills and a fresh perspective on new technologies [16][17].

Core Insights - The Chinese government has included four future industries—biomanufacturing, quantum technology, embodied intelligence, and 6G—in this year's work report, highlighting their potential impact on economic development [1][2]. Industry Developments - China has made early advancements in future industries, particularly in embodied intelligence, with companies like Huawei, Tencent, BYD, and UBTECH actively investing in this sector [3][4]. - The concept of embodied intelligence, which integrates physical entities with intelligent decision-making, is gaining traction, especially following its showcase during the Spring Festival Gala [2][3]. - Biomanufacturing is being prioritized across provinces, with significant investments in green biomanufacturing technologies since 2018 [4]. - Quantum technology is also a focus, with platforms like "Kua Fu" demonstrating strong performance metrics and plans for global algorithm competitions [4]. 6G Technology - China has established the world's first 6G outdoor test network, indicating significant progress in this area [5][6]. - The transition from 5G to 6G is expected to drastically reduce download times, with projections suggesting a 1GB movie could download in just 0.03 seconds on a 6G network [6][7]. - Various regions are conducting 6G technology trials, with notable advancements in mobile video transmission and satellite communication networks [7]. Investment Mechanisms - The Chinese government is focusing on establishing a growth mechanism for future industry investments, addressing who invests, where to invest, and how to ensure effective investment [9][10]. - Cities like Shenzhen are implementing policies to facilitate technology innovation loans, with over 570 tech companies receiving a total of 17.2 billion yuan in loans [10]. - A comprehensive investment strategy is being developed to support the entire value chain of future industries, emphasizing the need for patience and long-term capital [12][13].

为深入贯彻江苏省扬州市"人才强市"战略，推动"绿扬金凤计划"与金融资本深度融合，近日，由扬州市 委组织部（人才办）、扬州科教集团联合主办，扬州市新城招商管理有限公司、扬州科创发展有限公司 承办的"绿扬金凤"人才金融路演暨扬州天使科创投资基金项目路演活动在扬州数据产业园成功举办。各 县（市、区）产业招商部门负责人出席活动，生态科技新城各8大招商责任主体单位相关部门负责人以 及高校、金融机构嘉宾等参加活动，共同探讨"人才+金融+产业"的创新生态模式。 扬州科教集团党委副书记段如旭在致辞中表示，"绿扬金凤"计划是扬州招才引智的金字招牌，扬州天使 科创投资基金是推动科技成果转化、助力人才企业腾飞的关键引擎。项目路演活动旨在搭建"人才-资 本-产业"的高效对接平台，让金融"活水"精准浇灌人才创新创业的沃土。 本次路演精选了中科星动力、奈米科技、天卫科技等6个优质项目，项目涵盖了航天航空、具身智能、 半导体、高端装备等多个技术领域。活动过程中，项目团队从技术壁垒、市场前景、融资需求等维度进 行全方位展示，现场反响热烈。金融机构代表对路演项目的"高精尖"属性给予高度评价，并围绕估值模 型、产业化路径等展开深度提问。 扬州天 ...

Core Viewpoint - The article discusses the collaborative efforts of the Putuo District and seven cities in Jiangsu to develop the "Yangtze River Delta Industrial Innovation Belt," emphasizing the importance of innovation and industrial cooperation in driving regional economic growth [1][2]. Group 1: Regional Collaboration - In February, the Putuo District officially partnered with Nanjing, Wuxi, Changzhou, Suzhou, Nantong, Zhenjiang, and Taizhou to enhance the development of the Yangtze River Delta Industrial Innovation Belt [1][2]. - The Putuo District government has been actively visiting these cities to sign cooperation memorandums focused on collaborative innovation [2][3]. Group 2: Industrial Development Strategy - The Putuo District aims to establish a "thousand-hundred-ten" new industrial development system, focusing on cultivating trillion-level industrial clusters in intelligent software and digital health, as well as hundred-billion-level sectors in cybersecurity and digital advertising [4]. - The district is also prioritizing the development of emerging industries such as energy storage and special robots, while fostering collaboration with cities along the Yangtze River Delta [4]. Group 3: Innovation Ecosystem - The Putuo District is initiating "chain alliances" for industrial innovation, which will tailor resources and partnerships for member companies, promoting significant technological innovations and their commercialization [4]. - The district plans to enhance its artificial intelligence industry by leveraging its spatial layout and fostering an ecosystem for AI enterprise incubation [5].

Group 1 - The core viewpoint of the article is that Beijing is implementing a comprehensive set of measures to promote the healthy and high-quality development of the private economy, with a focus on technology innovation and market access [1][2][3] - The city plans to support over 100 key core technology breakthroughs this year, emphasizing the role of private enterprises in technological innovation and participation in national strategic technology tasks [2] - Measures will be taken to eliminate market access barriers for private enterprises, ensuring fair competition and promoting the establishment of a competitive market environment [3][4] Group 2 - Financing challenges faced by private enterprises will be addressed, including extending the term of working capital loans to 10 years to alleviate financial pressure [5][6] - The city aims to enhance credit support for small and micro enterprises, with a focus on first loans, renewals, and credit loans, while also exploring financial technology innovations [5][6] - A new round of efforts will be made to clear overdue payments owed to enterprises, ensuring that debts are settled promptly [6]

苏州正努力建设"青年创业首选城市"，现面向全球征集优秀青年科技人才。2025年"苏州青年科学 家"申报正式启动，重点支持在国家战略性新兴产业和苏州"1030"产业，特别是光子、具身智能、集成 电路、生物制造、量子科技（原子级制造）等前沿技术领域的全球青年人才。"苏州青年科学家"可获得 一次性50万元（税前）奖金支持，入选"苏州青年科学家"，直接认定为苏州创新创业领军人才，享受相 关待遇。 2024年苏州建立了"苏州青年科学家"发布制度，首届"苏州青年科学家"名单在2024苏州国际科创大 会上揭晓，共有10人入选，这是苏州厚植青年人才培养的一个创新之举。作为制造业大市，2024年苏州 全市规模以上工业总产值迈上4.7万亿新台阶，雄厚的产业基础，为广大青年人才提供广阔的发展舞 台。同时，苏州城市人才友好度位居全国第五，连续13年入选"外国专家眼中最具吸引力中国城市"，连 续5年获评"中国最佳引才城市"。因此，也引来了一大批青年才俊在苏创新创业。 首届10名"苏州青年科学家"中，5名高校院所人员均为教授，5名企业人员均为创始人或联合创始 人，平均年龄33岁，最年轻的只有30岁，覆盖电子信息、高端装备制造、新能源、新 ...

原标题：中国抵御外部冲击的科技密码 开栏的话创新是引领发展的第一动力。了解科技，才能了解国家发展的底气从何而来；读懂创新，才能 读懂向"新"而行的逻辑指向何处。加快推进高水平科技自立自强，是旷日持久、天翻地覆的山河巨变， 也是无处不在、润物无声的时光寄语。那些不断涌现的新成果、新现象、新热点、新趋势，到底会对我 们的生活产生怎样的改变？又会给经济发展带来哪些影响？本报推出"科技新观察"栏目，从科技创新一 线的火热实践中，从权威专家的深入解析里，为读者寻找答案。今日起刊发首个系列，为您解密抵御外 部冲击的硬核支撑。 ◎本报记者 近一段时间，美国政府所谓"对等关税"政策反复无常。与之相对，中方立场坚定而明确：谈，大门敞 开；打，奉陪到底。 中国底气何来？百年大变局，科技创新是关键变量，也是中国经济抵御外部冲击的硬核支撑。 在8年贸易战的淬炼中，中国经济始终向"新"而行，创新发展动能日益强劲。国际观察人士感叹：当美 国加倍征收关税时，中国在开设更多研发园区，大力推进人工智能驱动的创新，"在中国看到了未来的 样子"。 "建设稀土强国，迫切需要大力推进绿色化、高质化、高效化加工制造，加快形成合理开发、有序生 产、高效利 ...

每经记者 杨建 每经编辑 彭水萍 （一）重要市场新闻 1、4月13日，央行发布了一系列重要数据。据中国人民银行网站消息，初步统计，2025年一季度社会融 资规模增量累计为15.18万亿元，比上年同期多2.37万亿元。2025年3月末社会融资规模存量为422.96万 亿元，同比增长8.4%。3月末，广义货币（M2）余额326.06万亿元，同比增长7%。一季度人民币贷款 增加9.78万亿元，人民币存款增加12.99万亿元。3月末，国家外汇储备余额为3.24万亿美元。 （二）行业掘金 2、据报道，字节跳动正计划开发一款AI智能眼镜，该产品预计将搭载类似豆包大模型的AI功能。消息 人士称，公司已与供应商展开谈判，以确定产品规格、成本及发布时间。去年10月，字节跳动曾推出首 款AI硬件产品Ola Friend耳机，集成豆包大模型，支持语音交互。如今，公司进一步探索AI眼镜领域， 并组建了具备硬件经验的工程师团队，重点解决续航与影像质量等技术难题。若进展顺利，这将成为字 节跳动在AI硬件市场的又一重要布局。 点评：字节跳动积极布局AI硬件领域，背后或许有着更为深远的战略考量。一方面，意在为豆包寻找 更广泛的C端应用场景， ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 新消费赛道，旅游住宿受重视。 3月31日消息，汇智国际旅游正式宣布完成新一轮亿元B+轮融资。本轮融资由沣源资本领投、华山资本跟投，老股东 明裕创投持续加码。同一天，国内智能民宿运营商杭州团家商业运营管理有限公司宣布完成3000万元A轮融资。本轮融资由早行人创业投资（海南）有 限公司独家领投。 硬科技赛道，具身智能亿元融资不断。 上周，具身智能企业千寻智能Spirit AI宣布完成 5.28 亿元人民币 Pre-A 轮融资。本轮融资由阿美风险投资旗 下 Prosperity7 Ventures(P7) 领投，招商局创投、广发信德、靖亚资本、东方富海、华控基金等多家资本深度参与，华发集团、浙江省科创母基金与 上市公司浙江东方在杭州共同发起设立的善富科创子基金战略加持。此外，专注于打造"一脑多形"具身智能机器人的人工智能公司星海图接连完成A2、 A3轮系列融资，总融资额超3亿元人民币，本系列融资由凯辉基金领投，联想创投、海尔资本 ...