上海唯一聚焦新材料的高质量孵化器 新材料的产业下游可以链接到各种各样的应用行业，其产业特征被形容为"三高三长"——高投入、高难 度、高门槛；长研发周期、长验证周期、长应用周期。这既体现了新材料企业产业化的痛点和难点，也 更彰显了孵化器的必要价值。 上 来源：智通财经记者 蒋乐来 上海新一轮高质量孵化器名单再次扩容。 智通财经（www.thepaper.cn）记者12月11日从上海市科委获悉，巢生上海创新孵化平台、司南脑机智能 孵化器、上海埃米三江新材料产业创新中心、"数通链谷"区块链应用创新孵化器、"大零号湾"科创策源 孵化器、张江高科895孵化器等6家"新生力量"被纳入其中。 2023年6月，上海发布《上海市高质量孵化器培育实施方案》。截至2024年底，已在浦东张江、徐汇西 岸以及临港、嘉定、杨浦等区域，围绕大模型、光电量子、智能传感、人形机器人、合成生物、细胞与 基因治疗等新兴产业领域等前沿赛道，陆续启动建设了12家高质量孵化器。此次扩容后，这一数量达到 18家。 巢生上海创新孵化平台位于浦东张江，重点聚焦生物医药产业合成生物、细胞与基因治疗等领域。该平 台致力于寻找具有颠覆性可能的生命科学底层技术，开展 ...

上海高质量孵化器增至18家 新增6家涵盖合成生物、脑机智能、集成电路等领域 本报讯(记者俞陶然)记者昨天从市科委获悉，巢生上海创新孵化平台、司南脑机智能孵化器、上海埃米 三江新材料产业创新中心、"数通链谷"区块链应用创新孵化器、"大零号湾"科创策源孵化器、张江高科 895孵化器等6家孵化器纳入新一轮高质量孵化器名单。截至目前，上海一共启动建设了18家高质量孵化 器。 近日入选高质量孵化器的巢生上海创新孵化平台聚焦合成生物、细胞与基因治疗等领域，致力于寻找具 有颠覆性可能的生命科学底层技术，探索"概念验证+投孵联动"科技成果转化创新机制，为上海打造生 物医药产业新高地提供支撑。 司南脑机智能孵化器聚焦脑机接口、闭环神经调控、认知障碍干预、类脑计算、人机交互等领域，与复 旦大学神经调控与脑机接口研究中心、华山医院脑机接口临床转化中心和脑机接口概念验证平台紧密衔 接，建立产学研医联动、转化孵化贯通的加速培育模式。 上海埃米三江新材料产业创新中心聚焦新材料产业膜材料、碳基材料、特种合金等领域，通过建设膜材 料概念验证中心、新材料产业化工程应用测试平台、关键战略材料中试研发基地，已形成"应用研发— 概念验证—中试熟化— ...

Summary of Figure Technology Solutions Conference Call Company Overview - **Company**: Figure Technology Solutions (NasdaqGS:FIGR) - **Industry**: Fintech and Blockchain Technology - **CEO**: Michael Tannenbaum, who took over in 2024 and led the company through its IPO in September 2025 Core Business Model - Figure is building a future capital market on blockchain technology, focusing on tokenized loans, particularly in the mortgage space - The company has developed a platform that allows partners to originate assets in five days for $1,000, compared to the industry average of 45 days and $12,000 [4][10] Financial Performance - Figure currently does about $1 billion in average monthly originations, with a total mortgage market of $2 trillion annually [7] - The company has achieved a robust adjusted EBITDA margin of 55% in Q3 2025 [61] Strategic Priorities 1. **Expansion in Mortgage Space**: Targeting the $35 trillion home equity market, with a focus on flexible HELOC products [10] 2. **Product Diversification**: Introducing debt service coverage ratio (DSCR) loans and residential transition loans [11] 3. **Blockchain Integration**: Utilizing a stablecoin (YLDS) for loan settlement and servicing, with growing volume in the marketplace [12] Market Position and Growth - Figure has added 78 originating partners in Q3 2025, more than in the entirety of the previous two years [16] - The company is positioned to capture a significant share of the mortgage market, especially in smaller balance mortgages [35] - The HELOC product is gaining traction as a preferred financing option for small businesses and home improvement projects [19] Competitive Advantages - Figure's integrated technology and capital market approach allow for lower origination costs and faster processing times, making it attractive to banks and credit unions [22][23] - The company emphasizes liquidity and has facilitated $20 billion in mortgage transactions, with $70 billion in transaction activity [13] Tokenization and Future Opportunities - Figure is exploring tokenized equities and has launched a non-dilutive secondary offering that trades on blockchain [52] - The company aims to standardize and tokenize various asset classes, enhancing control and democratization for asset owners [53] Conclusion - Figure Technology Solutions is positioned for significant growth in the fintech and blockchain space, with a focus on innovation, cost efficiency, and expanding its product offerings across various asset classes [64]

据了解，此次数码港推出的"区块链与数字资产试点资助计划"旨在资助有潜力成为行业标竿的区块链及 Web3.0项目，提供最高50万港元(最高可获80%资助)的资金，支持企业在真实环境中测试RWA代币化、 稳定币等创新方案，促进技术应用落地并吸引大型机构赞助。 香港数码港区块链及数字资产总监李懿政表示，首期"区块链与数字资产试点资助计划"申请热度超出预 期，已收到超200份申请，覆盖RWA代币化、稳定币与支付解决方案、Web3.0安全与风险管理等多个领 域。现时有9间企业入围，分别为5家RWA领域、1家支付领域、2家安全领域及1家智慧生活领域企业。 她表示，目前已基本完成试点任务，进入最终阶段验收，近半数试点产品与服务已成功落地或即将推 出，首期涉及资产规模超1.2亿港元。 关于第二期计划，她表示因第一期试点成效良好，希望能继续推出第二期计划，为市场提供更多支持。 目前相关规划仍在推进中，暂无明确落地时间。 未来，数码港将继续配合国家与特区政府发展战略，联同业界与监管机构，通过多项计划与支援项目为 区块链及数字资产企业提供全面支持，持续举办交流活动、推动产业发展、培育专业人才、提升公众对 区块链与数字资产的认知，加 ...

Core Insights - The "2025 China Enterprise Competitiveness Conference" was held in Beijing on December 9-10, highlighting the importance of data as a core production factor alongside land and capital [3][8] - Li Wei, Chairman of QuChain Technology, emphasized the role of "Blockchain + Privacy Computing" as foundational technology to bridge data innovation services with application scenarios [3][8] Healthcare Sector - QuChain Technology aims to address issues in China's healthcare system, such as data fragmentation and discipline separation, by creating a trusted medical data space that integrates resources from health authorities, hospitals, and data bureaus [3][8] - In the smart healthcare domain, the company is developing high-quality datasets and AI multimodal fusion models to enable intelligent diagnosis and imaging functions, exemplified by a collaboration with Peking University Dental Hospital to launch China's first dental AI medical registration certificate [3][8] Insurance Sector - The company has implemented a rapid claims project for accident insurance in Wenzhou, which connects data across health insurance, health commissions, hospitals, traffic police, and insurance companies, allowing patients to claim online without upfront costs [4][9] - This initiative has reduced insurance companies' annual costs by 80%, creating a win-win situation for users, companies, and data providers, with potential for nationwide expansion [4][9] Pharmaceutical and AI Innovation - QuChain Technology leverages integrated high-quality medical data to support drug development and foster more medical AI innovations, driving digital transformation in the healthcare industry [4][9] Financial Sector - The financial industry has high demands for data credibility and security, and QuChain Technology utilizes "Blockchain + Privacy Computing" to enable compliant sharing and efficient use of financial data, addressing privacy risks in multi-party data collaboration [4][10] - The company has established multiple replicable commercial cases in the financial sector, which is characterized by strong willingness to pay and clear demand for technology [10] Future Directions - Li Wei indicated the need to further explore data value across industries and promote more scenarios that achieve cost reduction and efficiency enhancement, aiming to build a standardized, vibrant, and integrated national data market [5][10]

SEC chair Paul Atkins said Tuesday that numerous types of ICOs, or initial coin offerings, should be considered non-securities transactions, and thus outside the Wall Street regulator’s jurisdiction. “That’s what we want to encourage,” Atkins said Tuesday at the Blockchain Association’s annual policy summit, in response to a question from Decrypt. “Those sorts of things would not fall, as we would define it, into the definition of a security.” Atkins specifically referred to a token taxonomy he rolled out l ...

Core Insights - The article emphasizes the importance of product traceability in ensuring consumer confidence, particularly in the context of food safety and product authenticity [1][8] - Traditional traceability systems are criticized for their lack of transparency and vulnerability to data manipulation, which blockchain technology aims to address [3][4] Group 1: Traditional Traceability Issues - Traditional traceability relies on centralized databases controlled by single entities, leading to potential data tampering and lack of accountability [3] - Issues such as the manipulation of production dates in dairy products and false organic claims highlight the trust gaps in conventional systems [3] Group 2: Blockchain Traceability Advantages - Blockchain traceability utilizes a decentralized ledger system where multiple stakeholders (producers, logistics, quality inspectors, retailers) share and verify data, enhancing trust [3][4] - The structure of blockchain, which links data blocks with cryptographic hashes and timestamps, ensures an unalterable record of product information [4] - Distributed storage resolves the "information silo" problem, allowing real-time data sharing and cross-verification among all participants in the supply chain [4] Group 3: Key Technologies Supporting Blockchain Traceability - The use of asymmetric encryption ensures data security, allowing consumers to access public information while protecting against unauthorized data modifications [5] - Blockchain technology has been successfully implemented in various sectors, including food safety, pharmaceuticals, luxury goods, and agricultural products, providing transparent and verifiable product histories [6] Group 4: Future Challenges and Developments - Challenges such as high deployment costs for small and medium enterprises, lack of standardized practices across industries, and ensuring data authenticity before it is recorded on the blockchain remain [7] - The integration of blockchain with AI and IoT is expected to enhance traceability capabilities, potentially leading to smarter supply chain management and product lifecycle tracking [7] Group 5: Conclusion on Blockchain Traceability - Blockchain traceability fundamentally aims to rebuild trust in product sourcing and safety, making the entire process transparent and accountable [8] - As the ecosystem matures, blockchain is anticipated to become a foundational infrastructure in the digital economy, enhancing consumer confidence in every purchase [8]

政策监管方面，香港证监会进一步放宽虚拟资产交易平台的产品与服务范围；人民银行强化打击虚拟货币交易与炒作，持续推进稳定币的风险监测。 国际上，美国商品期货交易委员会（CFTC）拟允许稳定币作为衍生品市场的可接受抵押品；英国税务海关总署（HMRC）要求加密交易所收集客户交易 数据，以加强税务合规性。 虚拟币犯罪持续高发，国内外跨境洗钱与诈骗案件仍然活跃，全球范围内的安全风险持续加大。 链上安全方面，11月因黑客攻击、漏洞利用及诈骗事件共造成损失约1.724亿美元，发生53起安全事件，其中钓鱼诈骗占比最高，链上安全风险依旧高 发。 01 国内动态 （1）香港证监会拟扩大持牌虚拟资产交易平台产品与托管范围，放宽12个月往绩要求 11月3日消息，香港证券及期货事务监察委员会（SFC）发布两份通函以利便持牌虚拟资产交易平台营运者接通全球流动性及扩大所提供的产品及服务范 围方面。其中《有关扩展虚拟资产交易平台的产品及服务的通函》拟扩大持牌虚拟资产交易平台产品与服务： 【恒安链讯】是库珀恒安运营团队推出的区块链市场信息及链上安全行业内容专栏，通过追踪国内外主流资讯平台，结合区块链安全风险监测平台统计数 据，从[政策监管]、[ ...

Group 1 - The core viewpoint is that Maibach Investment Co., Ltd. aims to promote blockchain technology innovation and application in Zhejiang to support the development of the digital economy and industrial transformation [1][3] - Blockchain technology is characterized by decentralization, traceability, and immutability, offering unique advantages in enhancing government efficiency, optimizing supply chain management, and ensuring data security [1][3] - Zhejiang is positioned as a leading area for digital economy development in China, with a favorable technological foundation and policy environment for the deep application of blockchain technology [1][3] Group 2 - Maibach Investment will collaborate with local governments, enterprises, and research institutions to explore the application of blockchain technology in the real economy, focusing on digital transformation of SMEs, transparency in public services, and green low-carbon development [3] - The company emphasizes that blockchain is not just a technological tool but also an important infrastructure for promoting social collaboration and value sharing [3] - Recent investments in the digital economy by Zhejiang have led to a gradually improving blockchain industry ecosystem, with active participation from enterprises and investment institutions expected to accelerate the implementation of blockchain technology in the real economy [3] Group 3 - Maibach Investment Co., Ltd. focuses on investment and incubation in technology innovation, green economy, and industrial upgrading, aiming to drive the realization of socially valuable innovative projects through capital empowerment and technological integration [3]

Core Viewpoint - The listing process of HashKey represents a significant milestone in the development of the blockchain industry in China, marking Hong Kong as a testing ground for digital finance and a potential bridge to mainstream financial markets [3][4]. Industry Overview - The regulatory environment in mainland China has tightened around virtual asset-related businesses, while Hong Kong has been actively promoting a more favorable regulatory framework, including the implementation of a licensing system and the issuance of policy white papers [3]. - Hong Kong serves as a safety valve within China's financial system, allowing for innovation and experimentation under a clear regulatory framework that aligns with international operational rules [3]. Company Positioning - HashKey is positioned not just as a cryptocurrency exchange but as a foundational infrastructure operator for the Web3 era, aiming to become the underlying operating system for the Asian Web3 ecosystem [4][5]. - The company supports localized trading platforms across multiple countries and has developed its own blockchain, HashKeyChain, focusing on institutional-grade security and compliance [5]. Revenue Model - HashKey's revenue is increasingly derived from on-chain services rather than merely from trading fees, indicating a shift from traffic-driven growth to technology service-driven growth [5][6]. - The company assists others in entering the Web3 space, moving away from reliance on speculative trading for revenue generation [6]. Market Dynamics - The presence of a fully licensed, regulated, and publicly audited crypto platform like HashKey is seen as a crucial step for traditional financial institutions to engage with digital assets, similar to how internet companies' IPOs facilitated tech stock investments in the past [7][13]. - HashKey's dual-channel approach allows domestic institutions to access the blockchain world compliantly while providing overseas capital a stable entry point into the East Asian market [9]. Competitive Advantage - HashKey's focus on enterprise services, such as custody and technical service fees, provides a more stable revenue stream compared to individual user growth, especially during market downturns [10]. - The company’s token, $HSK, is now recognized as a financial asset linked to the company's value, which may lead to its increased utility in various business scenarios [11]. Future Outlook - The digital asset landscape is at a critical juncture, akin to the internet's early days, with HashKey potentially becoming a standardized entry point for traditional capital into the Web3 ecosystem [12][13]. - The listing of HashKey signifies a viable, regulatory-compliant, and capitalizable pathway for blockchain development in China, with the potential to reshape the industry landscape [13].