本报记者 侯悦林 （来源：辽宁日报） 姚华明说，全力以赴优化营商环境。以坚决整治八大突出问题、加快推进"五个环境"建设为牵引，严格 落实领导干部联系企业制度，聚焦企业融资上市、招工用工、供需对接等方面出台帮扶举措，实施"扫 码入企"执法检查，综合施策改善存贷比，深挖彻查破坏营商环境的人和事，坚持说到做到、"新 官"理"旧账"，全力打造营商环境最佳口碑地级市。持续用力扩大有效需求。充分释放消费潜力，用足 用好"两新"政策，实施服务消费提质惠民行动，推进文旅体商深度融合，积极培育冰雪经济、赛事经济 等新增长点，推动热点场馆延时服务，以消费向"热"托起经济向好。努力扩大有效投资，确保建发盛海 铜冶炼一期、LNG接收站等项目按期投产，加快清洁能源高端装备产业园等项目建设进度，推动敬业 中板中厚板生产线等项目尽早开工，形成重大项目接续不断、压茬推进的生动局面。因地制宜发展新质 生产力。坚持以科技创新为引领，鼓励金辰机械、桔子数科等重点企业加大研发投入、拓展应用场景， 用活用足政府引导基金，加强对高层次人才医疗保障、子女教育等服务供给，推动更多创新成果落地生 根、更多人才创业就业。坚持以实体经济为根基，大力推进传统产业" ...

尽管改革成效显著，但资本市场高质量发展仍存在不少亟待破解的问题与挑战。一方面，资金短期化、 风险容忍度低等问题依然存在，截至2025年三季度末，公募基金、保险资金等机构投资者持有A股流通 市值占比不足20%，与成熟市场相比仍有较大提升空间。另一方面，硬科技企业由于盈利不确定性，仍 面临融资渠道不畅、估值定价偏低等现实困境，如何平衡创新风险与资本回报，成为未来改革的关键命 题。站在"十五五"的起点，资本市场需运用系统思维，持续深化投融资综合改革，在直面挑战中迈向高 质量发展。 完善"长钱长投"政策体系。健全针对公募基金、保险资金、养老金等机构投资者的长期激励机制与考核 体系，适当放宽其在权益类资产配置比例上的限制，引导资金向长期价值投资倾斜。积极推动更多长期 资金入市，通过税收优惠、风险补偿等政策工具，提升其投资A股市场的积极性，逐步提高机构投资者 持有A股流通市值占比，缩小与成熟市场的差距。 针对硬科技企业的发展困境，要建立差异化上市标准与融资渠道，允许未盈利但具有核心技术和良好发 展前景的企业在科创板等板块融资。探索多维度估值定价模型，综合考量技术壁垒、研发投入、专利数 量、市场潜力等因素，破解估值定价难题 ...

Core Viewpoint - The enthusiasm for "A+H" listings is increasing, with several A-share companies planning to issue H-shares and list on the Hong Kong Stock Exchange, driven by supportive policies and regulatory improvements [1][2]. Group 1: Market Trends - Companies such as Jucheng Co., Zhengtai Electric, and Penghui Energy are actively planning to issue H-shares and list on the Hong Kong Stock Exchange [1]. - The first "A+H" company to list in 2026 was Haowei Group, followed by Zhaoyi Innovation, indicating a growing trend of dual listings [1]. - The China Securities Regulatory Commission (CSRC) has released measures to support leading domestic companies in listing in Hong Kong, enhancing the development of A-share companies [1]. Group 2: Regulatory Environment - The collaboration between regulatory bodies in both regions has improved the efficiency of the listing application process for A-share companies, creating a more favorable environment for listings [2]. - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have optimized the approval process for new listings, further facilitating A-share companies' access to the market [1][2]. Group 3: Strategic Motivations - Companies are motivated to list in Hong Kong to enhance their global strategy, improve international competitiveness, and create platforms for overseas capital operations [2][3]. - The sectors represented by companies planning to list include high-end electronics, new energy, artificial intelligence, and smart transportation, often featuring industry leaders or technology-driven firms [3]. - The "A+H" model serves not only as a financing tool but also as a strategic configuration that allows companies to mitigate market risks and advance their internationalization efforts [3].

Group 1 - The "Rongpiao Talent Fair" in Hangzhou aims to attract talent to Chengdu, featuring over 50 employers offering 277 quality job positions, facilitating direct interaction between talent and urban development needs [1] - The recruitment event focuses on key sectors such as artificial intelligence, software, information services, advanced energy, and new materials, with significant participation from state-owned enterprises, research institutions, and private companies [2][3] - High-paying positions include AI Chief Scientist with a maximum salary of 1 million yuan per year, reflecting the demand for skilled professionals in the AI and robotics sectors [2] Group 2 - The afternoon session of the job fair emphasizes advanced energy and new materials, with job openings for lithium battery R&D engineers and new energy storage materials researchers, targeting candidates with practical project experience [3] - The event also features a job service area and policy consultation zone, providing candidates with information on various talent policies, enhancing the efficiency and precision of their job search [5] - The ongoing recruitment activities will include city promotion, project matching, and immersive experiences to showcase Chengdu's development opportunities and urban appeal to talent from the Yangtze River Delta [5]

Group 1 - The core viewpoint of the article is the release of the first "2025 Hurun China Unicorn Graduation List," which identifies 796 companies valued over $1 billion that have gone public since 2000, with 18 companies from Chengdu making the list, ranking seventh nationally [1] Group 2 - The 18 Chengdu companies listed include: Xinyi Sheng, Kelun Botai Biotech, AVIC Drone, Chengdu Huamei, Jiachitech, Dekang Agriculture, Huatu Shanding, Chabaidao, Leidian Weili, Tianwei Food, Qiaoyuan Co., Kangnuo Ya, Zhenxin Technology, Fusenmei, Bomei, XGIMI Technology, Hongqi Chain, and Tianli International Holdings [1] - The listed unicorns are distributed across 126 cities in China, with a total value of 24 trillion yuan, and an average age of 19 years, which is 9 years older than those on the 2025 Hurun Global Unicorn List [1] Group 3 - The top five industries with the most companies on the list are semiconductors, industrial equipment, biotechnology, new energy, and software services, accounting for 46% of the total [1] - The highest valued industries among the listed companies are semiconductors, new energy, industrial equipment, consumer electronics, and biotechnology [1]

泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 1-6月日程安排)。 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 2月27日 北京 国内头部智驾科技企业 人形机器人 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会—2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 751 Marine 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会-2026 Al 的中国力量(二) 6月26日-27日 贵州 茅台一日无界 品品鲜智能工厂、遵义会址 织金打鸡洞 7-12月日程安排 新易盛、川润股份、布法罗机器 ...

Core Insights - The event "Walking into Chuxiong High-tech Zone" organized by Chuxiong High-tech Zone aims to bridge top university intellectual resources with local industrial development, promoting substantial and institutional cooperation [1][3] - A delegation of 20 distinguished alumni from various fields, including talent development research, chip design, and environmental technology, participated in discussions on collaboration and development [1][3] Group 1 - The delegation conducted on-site visits to representative companies such as Yunnan Yunla Biological Technology, Chuxiong Laoboyuntang Pharmaceutical, Chuxiong Chuanzi Electronic Materials, and Yunnan Sanen New Energy Materials, gaining a comprehensive understanding of the high-tech zone's robust industrial foundation, active innovation ecosystem, and favorable business environment [3] - During the afternoon seminar, attendees watched promotional videos about Chuxiong City and the high-tech zone, learning about the region's natural and cultural endowments, economic and social development achievements, and the high-tech zone's advantages in industrial planning, innovation ecosystem, and policy support [3] - Chuxiong High-tech Zone is currently in a critical phase aiming for a trillion-level industrial target, with a pressing need for technological support and talent assurance, seeking to leverage Tsinghua alumni to integrate cutting-edge innovations with local industries for high-quality regional development [3] Group 2 - A memorandum of understanding on industrial talent cooperation was signed between Chuxiong High-tech Zone and the Tsinghua University Alumni Association, outlining six areas of deep cooperation [4] - The signing of the memorandum marks a significant step in the collaboration between Chuxiong High-tech Zone and the Tsinghua University Alumni Association, laying a solid foundation for the advancement of subsequent specific cooperation projects [4]

中信证券：告别喧嚣，回归业绩 融资保证金的调整并不影响市场震荡上行的大方向，但会影响结构。主题板块博弈加剧，纯靠叙事和资金接力 驱动的单边趋势行情结束。步入年报预告期，业绩线索的权重重新开始上升。ETF的巨额赎回属于逆周期调节 的一部分，也给配置型资金提供了从容"上车"的窗口。配置上，好的组合应该是体验好、阻力小且抗焦虑的， 这是围绕"资源+传统制造定价权重估"为基础（化工、有色、电力设备和新能源）构建组合的优势。在此基础 上，可逢低增配非银（证券、保险），同时通过部分服务消费品种（如免税、航空等）或高景气品种（半导体 设备等）增强收益。 国泰海通：主题轮动加快，聚焦国产半导体与电力 上周证监会提出严肃查处过度炒作乃至操纵市场等违法违规行为，坚决防止市场大起大落。近期涨幅较大且引 发投资者热议的商业航天/GEO等主题炒作回归理性。国内千问/豆包等模型产品迭代加速拉动国产算力需求， 台积电资本开支指引超预期，国家电网加码"十五五"投资等成为新催化，交易监管有助于引导市场行稳致远， 主题轮动节奏加快，看好具备强需求支撑且产业催化密集的低位科技方向，如国产算力、新型电网、机器人、 内需消费。 华泰证券：短期震荡概率 ...

Core Viewpoint - The current market sentiment is driven by liquidity and risk appetite, leading to a concentration of hot sectors and thematic investments, which has resulted in structural overheating in some areas [1][2] Group 1: Market Trends - The recent "opening red" market rally is characterized by significant liquidity and heightened risk preferences, with a clear focus on thematic investments [1][2] - The adjustment of financing margin ratios aims to prevent systemic risks and guide the market back to rationality, while broad-based ETFs have experienced significant net outflows, indicating a market entering a phase of consolidation [1][2] - Historical comparisons suggest that the current spring market rally is still in its early stages, with potential for new highs following a short-term correction [1][2] Group 2: Sector Focus - Analysts emphasize that the upcoming earnings reporting period will shift focus back to performance indicators, particularly in sectors expected to show high growth or improved conditions, such as electronics, machinery, and pharmaceuticals [1][2] - The adjustment in financing margins is not expected to impact the overall upward trend of the market but will affect sector dynamics, with increased competition among thematic sectors [2][3] - The focus on sectors benefiting from the "anti-involution" trend and price increases includes chemicals and non-ferrous metals, with a particular emphasis on high-growth areas in the upcoming earnings forecasts [2][3] Group 3: Investment Strategies - The market is expected to maintain a "slow bull" trend, with a focus on performance fundamentals as the primary driver of investment decisions, while cautioning against irrational speculative activities [2][3] - The anticipated earnings reports in late January are expected to catalyze significant market movements, particularly in sectors with strong performance indicators [2][3] - The overall market sentiment remains positive, with expectations of continued upward momentum despite short-term fluctuations, driven by fundamental improvements and policy support [2][3]

主流国际长线基金已经回归中资股票融资发行项目。高盛近期介绍， 国际长线资金对港股IPO 的参与率已从低谷时期的10%—15%大幅攀升至近期85%—90%。 高盛亚洲（除日本外）股票资本市场主管王亚军日前在媒体会上透露， 此前撤出的海外资金 已有约五六成回流，主流长线国际投资者已经回归。 在此背景下，2026年港股IPO与再融资市场有望延续高度活跃。Wind数据显示， 2025年港股 再融资规模同比飙升逾278%。 王亚军预计，2026年再融资规模将维持高位，同时首发IPO项 目也将显著抬升。 在王亚军看来，市场结构亦将悄然生变：2025年以规模计，占据半壁江山的"A+H"占比预计回 落， 将有更多独立在港首次公开发行项目，这将再次测试港股市场的深度与韧性。 伴随活跃度提升，限售股解禁潮的影响亦受关注。广发证券预计，2026年3月与9月，市场或迎 来新一轮中大型公司解禁高峰。然而分析普遍认为，解禁不等于减持，优质公司完全有能力吸 引新的长期资金接盘。对此王亚军也强调，有序的换手过程可能推动市场实现上市公司与投资 者的双赢。 整体而言，在国际长线资金持续回流、企业融资需求旺盛的双重驱动下，港股资本市场正展现 出强 ...