实验室中的每一项前沿科技项目，都蕴含着开辟商业蓝海的巨大潜力。推动这些技术走出实验室的关 键，在于资本能否"慧眼识珠"。这当中，耐心资本的力量至关重要。我们看到，资本市场对科技企业的 支持日益深化——覆盖其整个发展周期的金融服务更强了，投向研发与成果转化的资金更多了，保险保 障水平更高了，科技金融的风险分担机制也更完善了。当金融资源能够这样长期、精准地灌溉创新沃 土，科技自立自强的种子必将破土而出，茁壮成长。 本届科创金牛奖设立金牛银行支持科创奖、金牛保险支持科创奖、金牛证券支持科创奖、金牛PE/VC支 持科创奖、金牛园区支持科创奖，客观、公正评估金融机构服务科技创新的成效，促进形成"科技—产 业—金融"良性循环。上述奖项花落9家银行、4家保险机构、5家证券公司、8家PE/VC投资机构和5家科 技园区。 展望未来，在"高水平科技自立自强"的战略目标指引下，在政策红利与人工智能（AI）浪潮的共同驱动 下，中国证券报"金牛生态圈"将与资本市场一起，充分发挥耐心培育新质生产力、精准灌溉引导资源配 置、推动科技创新与产业创新融合、服务实体经济的作用，助力我国新兴高科技产业发展迈出关键步 伐。 本届科创金牛奖围绕科技创 ...

Group 1 - 17 automotive companies have committed to a payment term of no more than 60 days, highlighting the focus on scarce automotive parts in the North Exchange [2][12][13] - The current automotive industry chain in the North Exchange consists of 24 companies, with a total market capitalization of 63.517 billion [15][12] - Lin Tai New Material (920106.BJ) provides wet-type paper-based friction plates for automatic transmissions, with significant collaboration with leading domestic brands like BYD [17][18] Group 2 - The high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology sectors showed average weekly changes of +1.58%, -1.39%, +3.00%, +0.83%, and -2.30% respectively [3][23] - The median price-to-earnings (P/E) ratio for the high-end equipment sector decreased to 44.3X, while the chemical new materials sector's median P/E ratio increased to 44.1X [24][27] Group 3 - In the technology new industry, 61 out of 149 companies saw an increase, with a median price change of -1.06%, and the total market capitalization rose from 459.574 billion to 460.324 billion [4][39] - The median P/E ratio for the technology new industry increased from 54.8X to 54.9X [38][39] Group 4 - The automotive sector's median P/E ratio rose to 35.7X, with companies like Tongxin Transmission (833454.BJ) and Huayang Transmission (839946.BJ) showing significant market performance [51][53] - The information technology sector's median P/E ratio decreased to 93.6X, with companies like Luqiao Information (837748.BJ) and Huaxin Yongdao (837592.BJ) leading in market performance [56][49] Group 5 - Recent announcements include Biyang Technology winning a bid for 518,100 tons of quartz sand for hydraulic fracturing, and Oputai establishing a third-party testing agency [57]

Group 1 - The manufacturing industry in Henan has a strong foundation and a complete industrial system, while Hong Kong serves as an international financial and professional services center, creating broad cooperation prospects in areas such as equipment manufacturing and green low-carbon initiatives [1] - Henan's manufacturing capabilities are increasingly robust, with established clusters in high-end equipment, new energy, and food processing [1] - Henan is accelerating the construction of a global logistics network, leveraging the "Four Silk Roads" and a multi-modal transport system [1] Group 2 - Hong Kong's advantages in finance and legal services can provide comprehensive support for Henan enterprises to expand internationally, including financing and compliance assistance [1] - Henan is a significant birthplace of Chinese civilization, rich in cultural tourism resources, which facilitates youth exchanges between the two regions [3] - The role of cultural exchange and the promotion of national identity and cultural confidence are emphasized, with plans to enhance interactions between Hong Kong youth and Henan's industrial landscape [3]

在"科创板八条"的要求和指引下，上交所于2024年10月发布新规，细化"轻资产、高研发投入"企业的认 定标准，鼓励科创板上市公司加大研发投入，提升科技创新能力。截至目前，共有9家科创板企业适用 该标准披露再融资相关公告，合计拟融资近250亿元，主要集中在生物医药、半导体行业，均投向创新 药或芯片研发等夯实主业的项目。央广财经记者了解到，迪哲医药、芯原股份等首批案例已率先落地， 带动市场积极性显著提升。 编者按：作为资本市场改革"试验田"，科创板沿着全面支持新质生产力发展的主线发展，各项改革蹄疾 步稳，成效初显。尤其是证监会"科创板八条"发布一年以来，配套政策相继落地。暖风频吹下，科创板 这块改革"试验田"精耕细作，引导资金活水精准浇灌科技创新，资本市场制度对科技创新企业的包容 性、适配性、精准性持续增强，典型案例不断落地，为A股市场提升上市公司质量注入一股硬核力量， 也为多层次资本市场建设提供路径参考。 央广财经推出系列报道，全方位洞察一年来科创板改革"试验田"支持科技创新的经验成效，共话资本市 场深化科技金融体制机制改革、服务经济社会高质量发展大局的路径。 央广网北京6月13日消息（记者 牛谷月）科创板支持 ...

Core Insights - Zhejiang is experiencing a significant influx of talent, attracting 557,000 immigrants in 2023 at an average rate of 1,526 people per day, with a notable portion coming from Guizhou, indicating a shift in regional economic dynamics [1][11] - The province's competitive advantages include higher salaries for tech workers, faster loan approvals for small businesses, and better educational opportunities for migrant workers' children compared to Guangdong [1][3][12] Economic Landscape - Zhejiang boasts a high density of market entities, with 1 in 7.8 people being a business owner, and an average of 24,000 new enterprises established daily, significantly outpacing Guangdong [3][4] - The province's private sector contributes 67% of GDP and 87% of employment, highlighting its robust economic foundation [3][4] Innovation and Development - Zhejiang's industries are moving beyond traditional manufacturing, with significant investments in high-tech sectors such as AI and robotics, leading to higher profit margins and advanced production techniques [8][12] - The region is also focusing on infrastructure development, with substantial investments in transportation and digital trade centers to enhance connectivity and economic activity [11][12] Governance and Services - The efficiency of government services in Zhejiang is notable, with talent subsidies processed faster than in other provinces, and a streamlined approach to administrative tasks [12][13] - The average time for residency applications is 1.8 days, significantly quicker than in Guangdong, reflecting a proactive governance model [12] Wealth Distribution - Zhejiang has the highest per capita disposable income for farmers in China, with a low urban-rural income disparity, indicating effective wealth distribution policies [12][13] - The province's fiscal strategy allocates 78% of expenditures to public welfare, creating a cycle of economic growth that benefits both businesses and residents [12][13] Labor Market Dynamics - The influx of workers from other provinces is reshaping the labor market, with a focus on transforming laborers into partners in wealth creation rather than mere employees [14] - The region's approach to skill development and digital economy integration is fostering a more skilled workforce, enhancing overall productivity [14]

Group 1 - Sichuan is actively promoting investment cooperation and project implementation through various initiatives, including investment cooperation conferences and the launch of industrial investment funds [1] - Deyang held an investment cooperation conference that attracted over 50 investment institutions and announced financing needs exceeding 3 billion yuan, focusing on strategic emerging industries such as high-end equipment and biotechnology [2] - Deyang's investment needs include 600 million yuan from Bohai New Energy and over 100 million yuan from other local enterprises, highlighting the vitality of Deyang's industrial development [2] Group 2 - Guangyuan is implementing a comprehensive investment promotion strategy for the green home furnishing industry, with over 10 investment promotion activities conducted in various provinces [3] - The city has identified over 80 key enterprises for investment and is leveraging the influence of leading companies to attract upstream and downstream businesses [3] - Guangyuan aims to introduce more than 20 quality enterprises through high-standard industry conferences and professional investment agencies [4] Group 3 - Leshan has launched a 60 billion yuan industrial investment fund group, inviting global fund management companies and industry investors to collaborate [5] - The fund group consists of a 4.5 billion yuan guiding fund and additional specialized funds, covering various industrial clusters including photovoltaic and green chemicals [6] - Leshan plans to establish a collaborative funding mechanism involving local governments and social capital to enhance investment effectiveness [7]

Group 1: Innovation Highlights - Guangdong technology enterprises showcased multiple independent innovation achievements at the 11th China (Shanghai) International Technology Import and Export Fair, covering cutting-edge fields such as artificial intelligence, new energy, high-end equipment, and aerospace technology [1] - Guangzhou Hisenmeike New Materials focused on nanocoating technology, enhancing light transmittance, anti-fouling, and weather resistance, resulting in over 5% improvement in overall power generation efficiency [2] - The self-cleaning anti-fouling coating technology developed by Hisenmeike allows for "5 years of no cleaning," with partnerships established with several major home appliance companies [2] Group 2: Advanced Energy Solutions - Guangdong Guangjing Energy Technology Co., Ltd. developed large-area perovskite solar cell modules, with a commercial component size of 1.2m x 0.6m that can continuously supply power in low-light conditions, particularly suitable for photovoltaic building integration [2] - Guangzhou Marine Engineering Equipment Co., Ltd. presented a revolutionary "no-shaft wheel edge propeller," integrating permanent magnet motors with propellers, which is one of only three manufacturers globally in the megawatt product field [3][4] - The modular design of the no-shaft wheel edge propeller improves efficiency by 30% while reducing vibration noise by 50% [4] Group 3: Smart Solutions in Food Safety - Shunde Jietong Digital Technology showcased an "end-side AI visual solution," breaking traditional technical barriers with a system that allows clients to achieve autonomous model training and iteration without needing a specialized algorithm team [5] - The company developed a compliance monitoring algorithm for fish preparation, utilizing behavior recognition technology to monitor 12 key processes in real-time, akin to having a "digital quality inspector" in the kitchen [5]

Core Insights - The Shandong Provincial Development and Reform Commission has released the list of major industrial projects for the 2025 new and old kinetic energy conversion, with 13 projects from Qingdao City selected, ranking second in the province [1] Group 1: Industrial Support - The selected projects from Qingdao cover six industries: new generation information technology, high-end equipment, new materials, modern marine, health care, and cultural creativity, highlighting the city's strong industrial technology breakthroughs and commitment to green, low-carbon, high-quality development [3] - Among the selected projects, there are 4 in the new generation information technology sector, and 3 each in high-end equipment and health care sectors [3] Group 2: Technological Leadership - The selected projects encompass all three categories of innovation: 2 in major technological innovation, 2 in business model innovation, and 9 in scenario innovation [3] - Notably, 4 projects rank first in the province within their respective fields, including the "Integrated Governance Technology Research and Industrialization for Urban Emergency Safety" project [3] - The "Liquid Bulk Cargo Industrial Internet Platform" is the only project from the modern marine industry to be selected in the province [3] Group 3: Economic Benefits - The 13 selected projects have clear performance targets, with expected cumulative annual sales revenue of 1.5 billion yuan, annual profit of 200 million yuan, and annual tax revenue of 120 million yuan upon completion [3] - Additionally, these projects are anticipated to create over 1,200 new jobs [3] Group 4: Project Management - The Qingdao Development and Reform Commission will fulfill its responsibilities as the project supervisor, enhancing daily oversight, regularly monitoring project progress, and providing necessary support to ensure timely completion and achievement of performance targets [4]

Core Insights - The Yangtze River Delta (YRD) region is a crucial economic engine for China, with a projected GDP of over 33 trillion RMB in 2024, reflecting a year-on-year growth of 5.5% [1][2] - The YRD accounts for nearly one-quarter of China's economic output while occupying less than 4% of the country's land area [1] - The number of "trillion-yuan cities" in the YRD has increased to 9, representing over one-third of the total in China [1] Economic Development - In the first quarter of 2025, the YRD's GDP exceeded 8 trillion RMB, making up more than a quarter of China's total GDP [1] - The YRD has 26 national advanced manufacturing clusters, which constitute 32.5% of the total in China, focusing on strategic emerging industries such as aerospace, biomedicine, new materials, and high-end equipment [2] Initiatives and Collaborations - The unveiling of the Yangtze River Delta Advanced Manufacturing Cluster Alliance aims to cultivate world-class manufacturing clusters by leveraging the regional industrial foundation and promoting collaboration [2] - Several key cooperation agreements were signed during the forum, including frameworks for technological innovation, financial cooperation, and the development of the large aircraft industry cluster [2]

Core Viewpoint - Chao Xi Capital has successfully completed the first closing of its second RMB main fund with a scale of 700 million yuan, following the previous fund's over 900 million yuan fundraising, indicating a steady improvement in institutional management scale and capability [1] Fundraising and LP Composition - The second fund maintains a high level of industrial and market-oriented characteristics, with nearly 60% of the LPs being industrial LPs, supported by leading mother funds, state-owned investment platforms, and financial institutions; the re-investment rate of old LPs is approximately 50% [1] - Key cornerstone investors include Suzhou Fund, with industrial LPs such as Maiwei Co., Artis, and Zhengtai Electric, along with new notable investment platforms like Zhongfang Consortium, Dongwu Venture Capital, and CITIC Capital [1] Investment Focus and Strategy - The second main fund will focus on two major sectors: energy and technology, covering the entire industrial chain from new materials, high-end equipment, terminal products, to innovative services and application scenarios, aiming to cultivate future leading enterprises with strong technological innovation and industrialization capabilities [1][2] - The investment strategy is based on a dual perspective of energy and technology, assessing market demand, breakthrough innovations, and industrial application points, while also considering the investment cycle and the growth stages of enterprises [2] Company Background and Achievements - Since its establishment in 2015, Chao Xi has adhered to an "industry-based" philosophy, focusing on global energy and technology sector investments, managing assets totaling 7 billion yuan, and investing in over 40 companies across various industrial chain segments [3] - The company has nurtured 5 unicorns and 12 potential unicorns, with 27 companies recognized as "specialized, refined, distinctive, and innovative" or as national high-tech enterprises [3] Ecosystem Development - The founder and chairman, Liu Jie, emphasized the creation of a pyramid industrial ecosystem, supported by numerous industrial groups as LPs and partner companies, which has been strengthened by the establishment of an industrial support center to integrate resources and foster collaboration [4][5]