《2025德勤中国高科技高成长50强及明日之星报告》与榜单同期发布。报告显示，今年中国50强企 业三年累计营收增长率的平均值为490%，相比2024年略有下降，但Top10企业营收增长率相比2024年基 本持平。 12月16日，"2025德勤中国高科技高成长50强"（下称"中国50强"）和"德勤中国明日之星"（下 称"明日之星"）榜单揭晓。 德勤中国医药健康明日之星项目主管合伙人母兰英表示，"'十五五'规划将生物医药产业列为'新质 生产力'的核心领域，进一步推动医药健康产业迈向创新加速、保障升级与高质量发展的新阶段。一方 面，中国医药行业通过自主研发、合作开发、对外许可以及跨境并购等多种途径，加快创新步伐并实现 全球化布局；另一方面，AI、数字化技术与生物医药深度融合，显著缩短研发周期、降低研发成本， 并推动精准医疗、数字疗法和供应链优化。未来，药械企业需以患者全生命周期管理为核心，从技术创 新、服务模式、生态合作等多维度构建差异化竞争优势。" 报告指出，营收规模上，2025中国50强企业中营收为5000万至1亿元的公司占比显著提升至38%， 营收规模1亿元以上公司占比44%，与去年持平，整体呈现出中小企业营 ...

Core Insights - The "2025 Deloitte China High-Tech High-Growth 50" and "Deloitte China Rising Star" lists were unveiled at the summit held in Wuxi, showcasing the vitality of China's industrial innovation and exploring new trends in future technology development [1][21]. Industry Overview - The report indicates that the hardware sector leads the "China 50" with a 28% share, followed by high-end equipment at 18%. The growth in the semiconductor field has significantly benefited hardware, while high-end equipment thrives on intelligent manufacturing. Clean technology has increased to 10% due to the inclusion of more renewable energy companies. Software and life sciences have seen a decline compared to the previous year, with the internet sector experiencing a notable drop, indicating a shift in China's tech industry towards "hard technology" [4][23]. - The Greater Bay Area continues to dominate with a 52% share, with Shenzhen, Shanghai, Beijing, and Guangzhou remaining the top cities for tech entrepreneurship due to their mature industrial chains, talent pools, and capital environments [4][23]. - AI has become a standard in R&D, with 23% of the "China 50" companies and 66% of "Rising Star" companies investing over 50% of their revenue in AI development [4][23]. Regional Development - The event's theme "Innovation Without Boundaries, Resilient Growth" reflects the recognition of Huishan's innovation ecosystem and industrial development strength, highlighting Deloitte's collaboration with Huishan to build a high-tech hub for sustainable economic growth [4][25]. - Huishan has established itself as an innovative demonstration zone in Jiangsu, focusing on nurturing tech enterprises through high-level platforms and a comprehensive service chain from R&D to results transformation [6][25]. Company Highlights - Jiangsu Weiheng Intelligent Technology Co., a representative in the digital energy sector, has developed a technology system centered on "AI + new energy storage," successfully entering over 60 countries and showcasing China's hard tech international competitiveness. Since its establishment in Huishan High-tech Zone in 2021, it has achieved rapid growth and was included in Wuxi's unicorn cultivation list [13][32]. - Two Wuxi companies made it to the lists: Jiangsu Weiheng Intelligent Technology Co. with a 344% three-year revenue growth rate in the "2025 China High-Tech Growth 50" and Wuxi Pamu Medical Technology Co. in the "2025 Deloitte China Medical Health Rising Star" list [14][33]. - Pamu Medical, focused on cardiovascular diseases, has developed innovative solutions for pulmonary hypertension and heart failure, gaining global recognition for its original technology. Its product PFlexi sheath received FDA approval, showcasing China's innovative medical device capabilities [16][35]. Collaborative Ecosystem - Deloitte and Huishan have been collaborating on optimizing the business environment and regional economic research, resulting in the "2025 Huishan District Investment Environment White Paper," which highlights the area's advantages in industrial chain completeness, policy support, and talent environment [18][37]. - The white paper uses the acronym "HUI" to represent High potential, Unique, and Innovation, emphasizing Huishan's high-value industries, unique location advantages, and commitment to integrating research, development, and application [18][37]. Conclusion - The 2025 Deloitte dual lists not only document the growth trajectory of China's high-tech enterprises but also reflect the path of regional economic upgrades through systematic ecological construction. Huishan's proactive layout in hard technology, comprehensive innovation service system, and capital investment strategies have attracted companies to settle and grow locally while expanding globally [20][39].

[科Ta技ble创_T新itle不] 断深化，新质生产力蓄势跃升 ——2016—2025 年中央经济工作会议创新部署的十年演进 [宏Ta观bl经e_济Rep分or析tD报ate告] | 2025.12.16 核心观点 韦志超 首席经济学家 SAC 执证编号：S0110520110004 weizhichao@sczq.com.cn 电话：86-10-81152692 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Rank] [Table_Authors] | 从"支撑作用"到"核心引擎"：科技战略定位的根本跃升 | 1 | 1 | 从"补短板"到"塑优势"：创新政策重心的实质转向 | 2 | 1 | | --- | --- | --- | --- | --- | --- | | 从"给资源"到"建机制"：创新制度安排的持续深化 | 3 | 2 | 政策逻辑转变的现实启示：地方政府、企业与资本市场 | 4 | 2 | 宏观经济分析报告 证券研究报告 [Tabl通e_过Su对mm2a0r1y6] 至 2025 年中央经济工作会议中科技创新相关部署的梳理， 可以看出科技战略定位经历了从"支撑作用"到"核 ...

Core Insights - The article emphasizes that many entrepreneurs claim to lack funding or talent, but the underlying issue is often a lack of clear strategy [3][4]. - A well-defined strategy can attract sufficient funding and talent, as China's capital chain and talent pool are among the most complete and abundant globally [6][7]. Investment and Fund Management - The company has been managing funds for nearly 11 years, with a total fund size exceeding 10 billion [8]. - It has invested in over 600 companies, with around 70 of them reaching profitability close to A-share listing standards, and expects over 20 companies to go public in the coming year [9]. Entrepreneurial Support and Events - The article promotes an upcoming event where the company will lead 100 entrepreneurs to explore the technology manufacturing industry in Xi'an, aiming to tap into a trillion-dollar market [11][17]. - Participants will engage in deep learning experiences, networking with key industry players, and exploring strategies for innovation and commercialization [19][20]. Industry Focus Areas - The event will cover various sectors, including robotics, aerospace, high-end equipment, new materials, and digital tourism experiences [17][33]. - It aims to provide insights into capital trends and the core logic of hot investment sectors, helping entrepreneurs understand the underlying mechanisms for success [20][22].

Group 1 - The core drivers for companies pushing technology and innovation are talent, capital, and AI research and development investment [1][2] - The average three-year cumulative revenue growth rate for the top 50 companies in China is 490%, showing a slight decline compared to 2024, while the top 10 companies' revenue growth rate remains stable [1] - Companies with revenue between 50 million and 100 million yuan account for 38% of the top 50, while those with revenue over 100 million yuan maintain a 44% share, indicating a rise in the proportion of small and medium-sized enterprises [1] Group 2 - The Greater Bay Area accounts for 52% of the top 50 companies, with Shenzhen, Shanghai, Beijing, and Guangzhou leading, highlighting the importance of mature industrial foundations and talent resources in first-tier cities [1] - The hardware industry leads with a 28% share, followed by high-end equipment at 18%, benefiting from growth in the semiconductor sector and strong performance in intelligent manufacturing [1] - AI research and development investment accounts for over 50% of revenue for 23% of the top 50 companies and 66% of the rising stars, indicating a significant trend towards AI integration [2] Group 3 - The global technology industry is undergoing a profound transformation driven by AI, characterized by competition for computing power sovereignty, the rise of open-source model ecosystems, and the evolution of AI agents [3] - From 2025 to 2030, China is expected to enter a period of explosive growth in the "AI + manufacturing/renewable energy/life sciences" matrix, becoming a beneficiary and backup provider of global "computing power replacing human labor" [3] - Over 60% of the companies listed in the 2025 China Pharmaceutical and Health Rising Stars report have valuations exceeding 1 billion yuan, with innovative drugs and medical devices accounting for 80% of the most dynamic sectors [3]

12月15日，2025高校科技成果交易会（下称"科交会"）在广州启幕，全国638所高校集结广交会展馆， 现场展示"出售"3332项科技成果。 本届科交会由教育部高等学校科学研究发展中心与全国高校区域技术转移转化中心（粤港澳大湾区）联 合主办。展馆内，新一代信息技术、新能源、新材料、高端装备、生物医药、低空经济等战略性新兴产 业前沿成果集中亮相，技术经理人、项目路演活动等为"高校技术"与"企业需求"牵线搭桥，帮助科技成 果从"书架"到"货架"。 展会首日，共有7个来自生物医药、人工智能、新一代信息技术及智能装备领域的项目成功签约，总金 额达1.22亿元人民币。 高校科技成果"上货架" 走进科交会"高校成果超市区"，全国高校的科技成果齐上货架、明码标价—— 广东医科大学水稻胚芽营养颗粒51万—100万元、塔里木大学鲜食枣新品种"塔优1号"500万元、中山大 学野外智能抓取机器人2000万元以上…… 标价均为高校科技成果的"意向转化金额"。本届科交会意在推动科技成果从实验室的"展品"变为市场 的"商品"，为此每一项技术都贴上了清晰的市场"价签"，供企业选择参考。 技术经理人"搭桥梁" 摆上"货架"是科技成果转化的起 ...

12月16日，山东省政府新闻办举行省政府政策例行吹风会，邀请省水利厅负责同志等解读《山东省人民政府关于落实节水优先方针全面推进水资源节约集 约利用的意见》。 二是强化技术攻关，突破节水技术装备瓶颈。坚持以技术创新、装备更新挖掘节水潜力，建立"研发-应用-推广"机制。在研发上，坚持把节水作为实施企 业技术创新项目重点领域，2025年实施工业节水方向技术创新项目12项。在应用上，组织开展工业节水技术征集工作，今年有7项技术装备列入《国家鼓 励的工业节水工艺、技术和装备目录(2025年版)》。在推广上，联合省水利厅、省生态环境厅等部门印发推广工作方案，聚焦化工、钢铁等高耗水行业开 展"一行业一策"先进技术装备推广活动，引导企业积极依靠新技术装备提高水资源节约利用水平。 三是强化系统治理，构建节水工业体系。坚持系统施策，加快培育新质生产力，推动水资源流向先进制造业。传统产业提质升级。聚焦冶金、石化等传统 产业，深入实施工业领域新一轮大规模设备更新，今年实施的1662个省技改导向目录项目中，有近三分之一包含节水措施。新兴产业发展壮大。新一代信 息技术、高端装备、新能源新材料等新兴产业发展聚链成群，不断壮大，高新技术产业 ...

Report's Investment Rating for the Industry The provided content does not mention the industry investment rating. Core Views of the Report - The report constructs multiple ETF portfolios, including macro industry, macro + momentum industry, core - satellite, and trinity style rotation portfolios, to capture investment opportunities and manage risks in the ETF market [1][5]. - It combines macro - based and momentum - based methods to form complementary strategies, aiming to improve the performance of the portfolios [12]. - The trinity style rotation model uses macro liquidity as the core to build a long - term style rotation model and selects ETFs based on the model's results [6]. Summary by Relevant Catalog 1. ETF Portfolio Construction Methods 1.1 Based on Macro Method - Calculate the macro - sensitivity scores of economic, liquidity, and credit for industry - themed ETFs, and adjust the scores according to the latest indicators. Select the top 6 industry - themed indices and corresponding largest - scale ETFs for equal - weight allocation [1][7]. - Traditional cyclical industries are sensitive to the economy, TMT is sensitive to liquidity, and consumption is sensitive to credit. State - owned enterprises and ESG - related themes have low sensitivity to liquidity and credit [5]. 1.2 Trinity Style Rotation - Build a long - term style rotation model centered on macro liquidity, including growth/value, market capitalization, and quality models. Combine the results of the three models to get the final style preference [6]. - Screen ETFs with high exposure to the target style, control industry exposure, and set allocation limits to obtain the ETF allocation model [6]. 2. Macro Industry Portfolio - Select industry - themed ETFs that have been established for over 1 year and have a current scale of over 200 million. Calculate and adjust sensitivity scores, and remove liquidity scores if there is a significant divergence between liquidity and credit. Then select the top 6 industry - themed indices and corresponding largest - scale ETFs for equal - weight allocation [7][8]. - Currently, with economic forward - looking indicators rising and liquidity and credit indicators tightening, the portfolio is value - oriented with high proportions of banks and cyclical sectors. The December 2025 holdings include Huabao CSI Bank ETF, Cathay CSI Coal ETF, etc. [9]. - The portfolio has large fluctuations and outperformed the benchmark significantly in November 2025 [11]. 3. Macro + Momentum Industry Portfolio - Combine macro - based and momentum - based methods. Use clustering to group industry - themed indices and select the product with the highest 6 - month return from each group for equal - weight allocation [12]. - The December 2025 holdings include Huabao CSI Bank ETF, Cathay CSI Coal ETF, and others. The battery and metal industries selected by momentum have increased [15]. - The portfolio has performed well this year and outperformed the CSI 300 significantly in November 2025 [16]. 4. Core - Satellite Portfolio - Design a "core - satellite" portfolio with the CSI 300 as the core to address the high volatility and rapid industry rotation of industry - themed ETFs [18]. - Calculate macro - sensitivity scores for domestic broad - based, industry - themed, and Smart Beta ETFs, construct three stock portfolios, and weight them at 50%, 30%, and 20% respectively [18]. - The December 2025 holdings include Huatai - Peregrine CSI 300 ETF, Huaxia SSE 50 ETF, etc. The portfolio has been stable this year and outperformed the index almost every month, including in November 2025 [21][23]. 5. Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth + high - quality segments. The factor exposures and historical performance are presented in the report [24]. - The December 2025 holdings include Southern CSI 500ETF, Southern CSI 1000ETF, etc. [30].

近日，省工业和信息化厅公示了2025年度省级专精特新中小企业（第二批）认定和通过复核企业名单。 无锡高新区共有224家企业入围，位列全市第一，另有107家企业通过复核。 在2025年度省级专精特新中小企业两批次的申报中，无锡高新区共计新增认定243家，历年累计获认总 数626家次，继续保持全市第一。入围企业80%分布于高端装备、物联网及高端软件、集成电路、新材 料、新能源等产业领域，平均研发强度7%，平均拥有有效授权专利24项。 下一步，无锡高新区将继续深入贯彻落实国家、省、市的决策部署，紧扣加快培育新质生产力的根本要 求，强化科技创新与产业创新的深度融合，聚焦优质项目招引、优势产业培育、创新能级提升、智改数 转网联以及资源要素保障等关键举措，实干担当，积极作为，着力打造热带雨林式的产业生态，推动省 级专精特新中小企业不断提升创新发展水平和强链补链能力，加快向"小巨人"企业和"单项冠军"企业晋 级，为地方经济持续高质量发展提供有力支撑。 01.强化招引培育，不断壮大源头活水 加强部门协同、区街园联动，完善优质中小企业招引、发现、培育、监测工作体系，持续把"双招双 引"列入年度工作头号工程，2025年新招引科技 ...

Core Insights - The strategic emerging industries and high-tech industries in Zhenjiang High-tech Zone account for 70% and 72% of the regional GDP respectively, indicating a strong focus on advanced manufacturing and innovation-driven development [1] - The high-tech zone has seen significant growth in the shipbuilding and marine engineering sector, with a 30.3% year-on-year increase in taxable sales from large-scale enterprises in the first half of the year [1] Group 1: Industry Development - The Zhenjiang High-tech Zone is actively attracting technology enterprises from major cities, with several companies expressing intentions to settle and collaborate on innovative projects in the shipbuilding and marine engineering sectors [2] - The leading enterprises in the industry, such as China Shipbuilding Power and Harbin Electric Group, have shown strong performance, with a 39% market share in low-speed diesel engines and a 27% year-on-year increase in delivery volume in the first half of 2025 [2] - A complete ecosystem has formed in the shipbuilding and marine engineering industry, comprising 12 main manufacturers and 69 supporting enterprises, contributing 85% of the industry's output value [2] Group 2: Investment and Project Acceleration - The high-tech zone has introduced nine strong chain projects with a total investment exceeding 9 billion yuan, and signed 18 new projects worth over 100 million yuan in the first half of 2025, injecting continuous vitality into industrial development [3] - Innovative service mechanisms have been implemented, achieving a record land approval time of 28 days and reducing the number of required application materials by 96% [3] Group 3: Technological Innovation - The launch of China's first high-power hydrogen-electric hybrid tugboat marks a significant achievement in the application of hydrogen energy in shipping, with the vessel expected to reduce carbon emissions by over 1,400 tons annually [4] - Collaborative innovation between the high-tech zone and universities has led to the establishment of a practical innovation base, facilitating the development of advanced marine engineering technologies [4] Group 4: Talent and Community Development - The high-tech zone has constructed 863 youth apartment beds to address housing needs for talent, alongside establishing a dedicated medical service center for high-level talents [10] - A comprehensive "15-minute elderly care service circle" has been created, with nine standardized elderly care centers built to enhance community welfare [9] - The integration of urban development and industrial vitality is being promoted, with infrastructure upgrades and community services designed to support both residents and enterprises [10] Group 5: Future Goals - The Zhenjiang High-tech Zone aims to continue optimizing public services and deepen the integration of party building and community welfare, focusing on strengthening leading industries and building an innovative ecosystem [11]