专题：专题|2025上海证券交易所国际投资者大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日-13日，上交所国际投资者大会举行。宏利投资管理全球首席投资官Colin Purdie表示："从债 券、股市、技术和绿色能源等，中国市场给我们带来了很多的机会，债券通、股市通让我们投资中国本 土市场更加容易。中国债券市场相比较发达市场提供了非常有吸引力的收益率，现在中国的债券加入了 重要的指数，更加增强了吸引力。同时，在股票方面，A股市场反映了中国的消费升级和技术创新，也 给我们长期资本带来了非常有吸引力的选择。我们非常高兴见到中国从量到质的政策转变，对于战略性 新兴产业比如医药健康、人工智能等领域非常感兴趣。" 此外，中国庞大中产阶级带来的消费领域投资机会，电子商务的快速发展，"双碳目标下"中国新能源产 业（包括光伏、风能、电动汽车等）的扩张，以及不断发展的金融科技和保险领域，都给Colin Purdie 留下了深刻的印象。 Colin Purdie指出，中国资本市场处于一个重要的时机，政府不断致力于扩大开放，技术创新，推动高 质量的投资，这令我们深受鼓舞。我们认为现在是投 ...

Group 1 - The event in Rio de Janeiro aimed to promote the Zhongguancun Fengtai Park and strengthen cooperation between China and Brazil in modern agriculture and technological innovation [1][2] - Fengtai District is a key area for technological innovation in Beijing, focusing on industries such as rail transportation, aerospace, new-generation electronic information, intelligent manufacturing, and pharmaceuticals [2] - The event resulted in the signing of friendly city agreements between Fengtai District and the cities of Paraíba and Tijuca, as well as cooperation agreements with Brazilian trade associations [2] Group 2 - The Mayor of Paraíba expressed the desire to enhance cooperation with China to explore development opportunities and promote long-term economic growth [1] - The Mayor of Tijuca highlighted the similarities in urban modernization and technological innovation efforts between Tijuca and Fengtai District, aiming for practical cooperation projects [1] - A representative from Beijing Zhongding Haoshuo Technology Co., Ltd. shared the company's growth journey and commitment to facilitating cooperation between Chinese and Brazilian enterprises [2]

Group 1 - The provincial government of Sichuan has introduced the "Implementation Opinions on Further Deepening Employment Reform to Promote High-Quality and Full Employment," outlining 25 specific measures across five key areas [1][2] - The focus is on establishing a "big employment" framework, enhancing employment support policies, and creating a modern human resources system [1][2] - Local government leaders will be held accountable for employment outcomes, with urban job creation and unemployment rates as key macroeconomic indicators [1][2] Group 2 - Sichuan aims to leverage market-oriented employment channels to create more job opportunities and promote coordinated economic and employment growth [2][3] - The government plans to support key industries such as artificial intelligence, healthcare, and advanced manufacturing to expand employment capacity [2][3] - Policies will be implemented to provide financial support, tax incentives, and subsidies to businesses that hire unemployed individuals, particularly targeting grassroots and private enterprises [2][3] Group 3 - Employment support for specific groups, including recent graduates and veterans, will be enhanced through simplified processes and incentives [3][4] - The government encourages flexible hiring practices and aims to create diverse job opportunities for older individuals [3][4] - A comprehensive labor service system will be established to support migrant workers and promote high-quality employment initiatives [4]

Core Viewpoint - The Changping District has achieved a GDP growth of 7.1% in the first three quarters, surpassing national and city averages, driven by robust industrial output and strategic initiatives in modern industrial system construction [1][3]. Industrial Development - The district's industrial output value reached 118.68 billion yuan, with a year-on-year growth of 13.4%, indicating a significant acceleration in industrial performance [1]. - Key industries such as advanced manufacturing, energy, and healthcare have shown strong growth, with advanced manufacturing achieving an output of 107.39 billion yuan (up 14.3%), advanced energy at 53.58 billion yuan (up 18%), and healthcare at 30.33 billion yuan (up 1.9%) [3][6]. - Notable innovations in the healthcare sector include the clinical application of innovative drugs and advancements in AI-assisted medical technologies [4][6]. Future Industry Layout - Changping is proactively positioning itself in future industries like synthetic biology, brain science, robotics, and 6G, with a focus on creating new economic growth points [8][13]. - The synthetic biology sector has established 131 related enterprises, forming a comprehensive industrial ecosystem [9]. - The district has initiated the first industrial cluster for brain science and brain-machine interfaces, enhancing technological innovation and application [9][11]. Innovation and Collaboration - The district emphasizes collaboration between industry and academia, fostering innovation through partnerships with local universities [17]. - The establishment of various innovation parks and research centers is aimed at accelerating technology transfer and commercialization [16][17]. Urban Integration and Quality of Life - Changping is committed to integrating industrial development with urban functionality and public welfare, enhancing living conditions for residents and attracting talent [21][22]. - Initiatives include the construction of affordable housing and the development of educational and healthcare facilities to support the workforce [24][25]. - The district has improved transportation infrastructure, significantly reducing commute times and enhancing accessibility for residents and workers [25]. Economic Performance - The district's per capita disposable income increased by 5.6% in the first three quarters, reflecting the positive impact of industrial growth and urban development on residents' livelihoods [25].

Core Insights - The event "Sichuan Province Smart Empowerment Deep Dive - Luzhou Station" aims to promote the transformation of industries through digitalization and intelligence, moving from policy guidance to practical implementation [1][3] Group 1: Event Overview - The event featured the release of the "Luzhou City Smart Transformation Supply and Demand Scenario List," which includes 339 items of supply and demand information [3] - The demand scenarios cover 159 items across key industries such as liquor, energy, new chemical materials, equipment manufacturing, healthcare, bamboo industry, digital economy, and food [3] - The supply scenarios consist of 180 items, encompassing critical processes like production operations, research and design, quality control, and logistics [3] Group 2: Implementation and Achievements - Luzhou has established a closed-loop mechanism for "list management, precise matching, and tracking services," with regular updates to supply and demand information [3] - The city has provided free diagnostic services to 307 enterprises, customizing transformation plans, and has implemented 276 digital transformation projects, creating over 20 benchmark scenarios [3] - Luzhou has two projects recognized as provincial key projects and 48 projects as provincial funding projects, receiving over 150 million yuan in subsidies [3] Group 3: Partnerships and Future Goals - Local suppliers Luzhou Development Zhihui Technology Co., Ltd. and Hongtu Intelligent Logistics Co., Ltd. signed cooperation agreements with Chengdu Industrial Investment Group to accelerate the smart transformation process [4] - The event included a supply-demand matching area for face-to-face discussions between service providers and enterprises, with benchmark companies sharing transformation experiences [4] - By 2027, Luzhou aims for full digital transformation coverage among large-scale manufacturing enterprises, positioning itself as a leader in digitalization within Sichuan Province [4]

Core Insights - The 2025 Haidian District "Two Zones" construction promotion event was held during the 8th China International Import Expo, showcasing the latest achievements of Haidian's development [1] - Haidian District is recognized as a core area of Beijing's international science and technology innovation center, ranking first in the "2024 Annual China Most Valuable Venture Capital District List" [1] - The district's GDP is projected to reach 1.29 trillion yuan in 2024, contributing the highest to Beijing's economy for nine consecutive years [1] Economic and Innovation Environment - Haidian boasts a robust economic foundation with a global-leading innovation ecosystem, housing 37 top universities and 2 national laboratories [1] - The district has approximately 46.9 million square meters of industrial space and has introduced over 10 billion yuan in new policies to support industries and finance [1] - In 2024, 372 foreign-funded enterprises chose to establish operations in Haidian, maintaining the highest actual foreign investment in the city for seven years [1] Policy Support and Development Strategies - Haidian continuously improves its policy framework to support the entire lifecycle of technology enterprises, focusing on innovation-driven development and key industry pain points [2] - The district offers up to 20 million yuan in support for leading incubators and up to 100 million yuan for "challenge-based" initiatives [2] - Specific policies have been implemented for core industries such as artificial intelligence, healthcare, and integrated circuits, optimizing the industrial ecosystem [2] Regional Collaboration and Future Prospects - The promotion event featured presentations from various towns and companies within Haidian, highlighting significant technology parks and industry clusters [3] - A 10 billion yuan industrial fund pool has been established in Dongsheng Town to support enterprise growth, alongside rent reductions and international entrepreneurship competitions [3] - Six quality enterprises from the Yangtze River Delta signed cooperation memorandums with Haidian, injecting new vitality into the "Two Zones" construction [3]

Core Points - The 2024 Beijing Science and Technology Awards announced 38 scientists and 193 achievements recognized for their contributions to various fields of science and technology [1] - The awards include categories such as Natural Science Awards, Technological Invention Awards, and Scientific and Technological Progress Awards, with a total of 57, 24, and 112 achievements respectively [1] Group 1: Outstanding Contributions - The Outstanding Contribution Zhongguancun Award was given to Deng Hongkui and Dong Jin for their significant contributions in basic research and key core technology breakthroughs [2][3] - Deng Hongkui developed new methods for cell fate regulation and established a new system for chemical small molecule-induced cell reprogramming, contributing to stem cell therapy advancements [2] - Dong Jin led the development of the "Chang'an Chain," a domestically controllable blockchain technology system, including the world's first 96-core blockchain chip, enhancing China's position in blockchain technology [3] Group 2: Young Scientists - The Outstanding Young Zhongguancun Award recognized 26 young scientists, including Chang Kai, who discovered new two-dimensional ferroelectric and ferromagnetic semiconductor materials [4] - Liu Ying revealed new mechanisms for cellular sensing of amino acids and glucose, providing a theoretical basis for metabolic and aging-related disease treatments [4] - Zhang Linfeng developed deep potential algorithms to address the "curse of dimensionality" in micro-scale simulations, enhancing intelligent scientific research infrastructure [4] Group 3: Basic Research Achievements - Approximately 29.5% of the awarded achievements were in basic research, highlighting significant contributions in fields like new-generation information technology and materials [5] - The "Material Genome Technology Revealing Universal Physical Laws of High-Temperature Superconductors" project won a first-class Natural Science Award, advancing the understanding of superconducting mechanisms [6] - The "New Thin Film Photovoltaic Materials and Devices" project also received a first-class Natural Science Award, leading to advancements in photovoltaic materials and devices [6] Group 4: Breakthroughs in Key Technologies - Major breakthroughs in key technologies were highlighted, including a 100MW advanced compressed air energy storage technology that won a first-class Scientific and Technological Progress Award [7] - The "Lightweight Thin-Walled Structure High-Quality Laser Precision Welding Technology" received a second-class Technological Invention Award, enhancing applications in aerospace and new energy sectors [7] Group 5: Corporate Innovation - Over half of the awarded projects involved enterprises, indicating a strong trend of corporate participation in innovation [8] - The "Advanced Oxide Semiconductor Technology for Intelligent Displays" project won a first-class Scientific and Technological Progress Award, significantly improving display technology and market competitiveness [8] - The "OCT Imaging Equipment for Ophthalmology" project received a second-class Scientific and Technological Progress Award, advancing non-invasive diagnostic capabilities in ophthalmology [8] Group 6: National Strategic Needs - Awarded achievements are aligned with national strategic needs, focusing on areas like renewable energy and aerospace technology [9][10] - The "Electronic High-Capacity DC Voltage Conversion Technology" project won a first-class Technological Invention Award, supporting the development of new power systems [10] - The "Lunar Sampling and Testing Technology" project achieved significant milestones in lunar exploration, contributing to high-end intelligent equipment development in Beijing [10] Group 7: Youth Participation - Over half of the awardees are aged 45 or younger, indicating a vibrant influx of young talent in the field of science and technology [11] - The "Multi-Dimensional Unmanned Aerial Vehicle Ground-Air Collaborative Communication Theory" project received a second-class Natural Science Award, showcasing advancements in disaster monitoring and border inspection [11]

Core Insights - Beijing hosted a government and foreign enterprise exchange event in Shanghai, focusing on collaboration and development opportunities in various sectors including pharmaceuticals, financial services, and biopharmaceuticals [1] Group 1: Policy and Economic Development - Beijing is the only city in China with both a national service industry expansion pilot zone and a free trade pilot zone, implementing over 140 breakthrough policies since the establishment of these zones [1] - The city has introduced more than 70 innovative institutional results that are replicable nationwide, aiming to deepen the "two zones" construction and align with international high-standard trade rules [1] Group 2: Tourism and Innovation - In 2024, Beijing anticipates receiving 370 million tourists, generating a total tourism revenue of 672.24 billion yuan, reflecting a growth of 14.9% [1] - The number of unicorn companies in Beijing has ranked third globally for four consecutive years, with R&D expenditure intensity maintained at around 6%, positioning the city among the top global innovation hubs [1] Group 3: Foreign Investment - Currently, Beijing hosts 35,000 foreign enterprises and 221 foreign R&D centers, which play a crucial role in the capital's high-quality development and innovation [2]

Core Viewpoint - The Beijing Municipal Science and Technology Commission and the Zhongguancun Management Committee have proposed measures to support the high-quality development of the pharmaceutical and health industry in Changping District, focusing on AI integration in drug development and clinical diagnosis [1] Group 1: Support for Collaboration - Encouragement for universities, research institutions, enterprises, and medical organizations to jointly develop foundational large models in life sciences and application-specific models in pharmaceuticals [1] - Support for medical institutions to collaborate with large model companies to establish AI-enabled hospitals, promoting a synergistic development of the AI and healthcare industry ecosystem [1] Group 2: Funding and Demonstration Projects - Initiatives to create benchmark demonstration scenarios in AI-driven drug development and auxiliary diagnosis, with funding support for exemplary projects not exceeding 30% of the total project investment, capped at 50 million yuan [1]

Core Insights - The strategic partnership between Kefu China and Meituan Pharmaceutical Health has been upgraded to leverage Kefu's innovation and brand influence alongside Meituan's digital and retail capabilities to explore the potential of the health retail market in China [1][4][8] Group 1: Market Demand and Consumer Trends - The demand for quality health products among Chinese consumers is increasing due to economic growth and improved health literacy, driving innovation in the health industry [4] - A global consumer trends report by Kefu indicates that Chinese consumers recognize the importance of self-health management, which is a key motivation for the partnership upgrade [4] Group 2: Growth Achievements and Future Plans - Over the past six years, Kefu's brands have achieved a 16-fold growth on Meituan's platform, highlighting the success of their collaboration [4] - Meituan's user base has rapidly expanded, leading to a more diverse range of health consumption scenarios and a stronger demand for personalized health services [4] Group 3: New Product Development and Market Penetration - Kefu and Meituan have made significant breakthroughs in new product growth and penetrating lower-tier markets, utilizing digital tools to enhance product distribution and traffic operations [5][6] - The launch of the Meilin fever patch reached the second highest sales rank in its category within three months, demonstrating effective market entry strategies [5] Group 4: Capability Enhancement and User Experience - The partnership will focus on enhancing three key capabilities: digital capabilities, health service capabilities, and new product-driven capabilities [7] - Meituan will utilize its O2O model to integrate advertising and distribution for new product launches, aiming to create a more efficient growth model [7] - The collaboration will also explore the oral health market, enhancing the distribution channels for Kefu's Listerine mouthwash and providing scientific oral health education to consumers [7]