2025中国（深圳）独角兽企业大会7月18日在深圳举行，会上发布的研究报告显示，2024年中国独角兽 企业达372家，总估值突破1.2万亿美元，折射出中国新质生产力的勃勃生机。 长城战略咨询编制的《GEI中国独角兽企业研究报告2025》显示，从行业分布看，集成电路以56家企 业、1618亿美元估值连续四年领跑，商业航天以150%增速成为增长最快领域，前沿科技企业占比高达 70.2%。（新华社） ...

独角兽企业的蓬勃发展，对经济社会发展产生了深远影响。一方面，它们成为推动产业升级的重要力量。 通过技术和商业模式创新，独角兽企业不断拓展新的产业领域，带动上下游产业链协同发展，促进传统产 业向智能化、数字化、绿色化转型；另一方面，独角兽企业创造了就业机会，吸引了高端人才集聚。此 外，独角兽企业的创新理念和发展模式，还对整个社会的创新文化产生了积极的示范和引领作用。 不过，当前市场环境处于修复期，上市退出等路径还不清晰，一级市场项目投资意愿仍待恢复，海外市场 对中资企业上市存在不确定性，这些因素都在一定程度上制约了独角兽企业的发展。监管方面、企业和社 会各界需要共同努力，进一步完善资本市场体系，提高上市条件包容性，畅通企业退出渠道，同时要加强 国际合作与交流，进一步释放独角兽企业的发展动能，为它们的持续健康发展创造更加有利的条件，让它 们多起来跑得更快。 责编：万健祎 校对： 陶谦 7月18日，国内智库长城战略咨询发布的《GEI中国独角兽企业研究报告2025》显示，2024年全球独角兽 企业数量达1212家，中国独角兽企业数量达372家，总估值突破1.2万亿美元，在全球独角兽领域占据近 三成份额，位居亚洲第一、 ...

（原标题：时报观察丨创造条件让独角兽企业多起来跑得更快） 独角兽企业是指最近一轮融资的投后估值超过（含）10亿美元的未上市企业，一般具备发展速度快、备 受投资者青睐等属性，且具有指数式成长、颠覆式创新等特征。独角兽企业的数量和规模反映了一个国 家或者地区的经济活跃程度。 从行业分布看，中国独角兽企业呈现出鲜明的硬科技特征。其中，集成电路以56家企业、1618亿美元估 值连续四年领跑，商业航天以150%的增速成为增长最快领域，前沿科技企业占比高达70.2%。在人工智 能赛道，中国独角兽企业新获融资总额达388.6亿美元，占比36.7%，远超其他赛道。 独角兽企业的蓬勃发展，对经济社会发展产生了深远影响。一方面，它们成为推动产业升级的重要力 量。通过技术和商业模式创新，独角兽企业不断拓展新的产业领域，带动上下游产业链协同发展，促进 传统产业向智能化、数字化、绿色化转型；另一方面，独角兽企业创造了就业机会，吸引了高端人才集 聚。此外，独角兽企业的创新理念和发展模式，还对整个社会的创新文化产生了积极的示范和引领作 用。 不过，当前市场环境处于修复期，上市退出等路径还不清晰，一级市场项目投资意愿仍待恢复，海外市 场对中 ...

Group 1 - The Sci-Tech Innovation Board (STAR Market) has five listing standards, with the first requiring profitability and a minimum market value of 1 billion yuan [1][9]. - The second standard allows for losses if the company has a market value of at least 1.5 billion yuan and revenue of 200 million yuan in the last year, with over 15% of revenue invested in R&D over the past three years [2][3]. - The third standard requires a market value of 2 billion yuan and revenue of 300 million yuan in the last year, along with a net cash flow of 100 million yuan over the past three years [4][9]. - The fourth standard mandates a market value of 3 billion yuan and revenue of 300 million yuan in the last year, without cash flow requirements [5][6]. - The fifth standard does not require profitability, revenue, or cash flow, but mandates a market value of at least 4 billion yuan and approval for core products by relevant authorities [7][8]. Group 2 - Since the launch of the STAR Market, 20 companies have listed under the fifth standard, all in the biopharmaceutical sector [9]. - The fifth standard's listing has been paused since the second half of 2023 due to a lack of data for assessment, but plans to restart it were announced for June 2025 [10]. - The introduction of seasoned professional institutional investors is a key innovation to help assess companies that are unprofitable and have no revenue [10][11]. Group 3 - The STAR Market emphasizes "hard technology" and only accepts technology companies with significant technical content for listing [16]. - Industries such as real estate, finance, and investment are prohibited from listing on the STAR Market [17][18]. - The STAR Market encourages seven specific industries, including new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine, and other fields aligned with its positioning [19][20][21][22][23]. Group 4 - Companies must meet specific technical requirements to qualify as "hard technology," including R&D investment ratios, R&D personnel ratios, and patent counts [24][25][26]. - Companies can also qualify if they have core technologies recognized by national authorities or have received significant national awards [28]. Group 5 - In addition to industry, performance, and technical requirements, companies must have a sound management structure and no issues with equity [34].

本报讯 （记者李雯珊 见习记者张美娜）7月18日，以"新质驱动·未来领航"为主题的2025中国（深圳） 独角兽企业大会在深圳盛大开幕。深圳市政府副秘书长罗育德出席，深圳市工业和信息化局党组书记、 局长黄强、中国企业联合会驻会副会长李冰、交通银行深圳分行党委委员、副行长谢磊先后致辞。北京 市长城企业战略研究所（以下简称"长城策略咨询"）董事长武文生发布《GEI中国独角兽企业研究报告 2025》、深圳市创新投资集团有限公司总裁刘苏华发布《深圳市独角兽企业及瞪羚企业研究报告 2025》。深圳市工业和信息化局党组成员、市中小企业服务局局长吕哲、交通银行（香港）有限公司副 行政总裁杨浩、深圳市投资促进局副局长刘振强、市贸促会党组成员、副主任汤进、深圳市报业集团社 委会委员、副总编辑肖意、深圳市福田区副区长余枫等出席会议。 大会上，深圳市工业和信息化局党组书记、局长黄强表示："深圳作为全国工业第一城、全球十大金融 中心，深圳市委、市政府高度重视独角兽企业培育工作，今年3月份出台《深圳市有力有效支持发展瞪 羚企业、独角兽企业行动计划（2025-2027年）》，构建从发掘培育到金融赋能的全链条支持体系。此 外，深圳还拥有深交 ...

海南日报全媒体记者 刘冀冀 实习生 杨梦娜 郑如雪 通讯员 程楠 随着一阵阵巨响，短短几十秒内，数百立方米的水倾泻而出。一瞬间，磅礴水幕升腾而起，将地面 导流锥与发射台底座包围在浓浓水雾中……在海南商业航天发射场，自一号发射工位建成以来，类似喷 水试验已开展几十次。 "假如喷水时间早，会影响火箭正常的点火，喷得晚的话，又会严重烧蚀地面设备。"文昌航天发射 保障有限公司大流量喷水操作手姜凯告诉海南日报全媒体记者，通过一次又一次的喷水试验，才能实现 发射与喷水"毫秒级"的协同。 文昌航天发射保障有限公司加强人才队伍建设，护航高密度发射任务 平均30岁，这支"青年军"逐梦海南商业航天 航天发射的每个环节，都有成千上万的技术细节需要论证，这对年轻的发射团队是巨大考验。 文昌航天发射保障公司提前规划，周密部署，各系统累计完成测试调试166项，形成指挥协同程序 16份、专项工作方案计划35份，组织召开专题讨论会、班前会、双想会等50余次，做到了组织指挥零失 误、技术操作零差错、完成任务高质量。 文昌航天发射保障公司是伴随海南商业航天发展新成立的企业，成立时间短且人才队伍年轻，218 名员工平均年龄30岁，大多数是"90后 ...

Core Insights - Haidian District has shown significant economic vitality with 14,800 new registered companies in the first half of the year, including 6,902 technology companies, indicating a robust innovation environment [1][2] - The district has introduced the "Haidian Eight Measures" to enhance business resilience, innovation vitality, and global competitiveness [2][3] Group 1: Economic Development - Haidian District's economic output has consistently ranked first in the city, supported by a strong economic foundation [1] - The district is accelerating the construction of a modern industrial system characterized by "1+X+1," focusing on becoming a global hub for artificial intelligence innovation [1][2] Group 2: Artificial Intelligence and Emerging Industries - Haidian leads the nation in the artificial intelligence sector with over 1,900 AI companies and 95 registered large models, accounting for nearly 70% of the city's total [2] - The district is fostering strategic emerging industry clusters in fields such as healthcare, integrated circuits, and commercial aerospace, and has been approved as the city's first pilot area for future industries [2] Group 3: Business Support Measures - The "Haidian Eight Measures" include 9 specific initiatives aimed at reducing hidden costs for businesses through institutional innovation and technological empowerment [2][3] - Establishment of business environment workstations in neighborhoods to provide direct policy consultation and resource matching for companies [2][3] Group 4: Talent Development - Haidian District has a talent pool of 2.0045 million, representing about one-quarter of the city's total, and houses 646 academicians, accounting for 35.8% of the national total [3] - The district is piloting a youth talent innovation and entrepreneurship ecosystem, offering various housing options and financial support for talent development [3] Group 5: Innovation Ecosystem - The district is developing China's first artificial intelligence innovation district, creating 100 AI demonstration application scenarios to support talent development [4] - Initiatives include hosting international forums and forming alliances to enhance collaboration with global talent organizations [4]

高质量发展综合绩效评价连续四年全市第一，位居"投中2024年度中国最具创投价值城区榜单"之首，北 京海淀近年来抓紧抓实各项工作，在发展新质生产力、加快建设世界领先科技园区方面不断取得新进展 新成效。 海淀为什么能成为中国最具创投价值城区？7月17日下午，海淀区委副书记、区长李俊杰在北京市举行 的"一把手发布·京华巡礼"海淀专场发布会上，从经济高质量发展、科技创新示范、保障民生和推进美 丽海淀建设等方面，解读海淀取得发展成绩的"密码"。 海淀GDP全市占比已连续两年保持四分之一强，人工智能产业领跑全国 海淀区经济总量大、增速稳。"十三五"以来，经济总量保持全市第一。2021年地区生产总值突破万亿 元；2023年和2024年分别达12155.2亿元和12907.1亿元，全市占比连续两年保持四分之一强；今年上半 年地区生产总值6636.8亿元，同比增长6.9%，全市占比26.5%。"十四五"以来，地区生产总值年均增长 6.3%，彰显了海淀经济强劲的韧性和活力。 另一方面，经济结构优、成色好。高精尖结构特点鲜明，今年一季度六大主导产业增加值占地区生产总 值比重超80%，其中信息传输、软件和信息技术服务业对区域经济增长 ...

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying High-end Equipment Select Mixed Fund, focusing on the satellite internet sector as a key investment opportunity in the high-end equipment industry, with a notable net value growth during the second quarter of 2025 [1][2]. Fund Overview - The fund is managed by Yongying Fund Management Co., Ltd. and is a mixed-type open-end fund that primarily invests in high-end equipment-related assets [1]. - As of the end of the reporting period, the total fund shares amounted to 691,393,948.39 [1]. Financial Performance - The net value growth rate for Class A shares was 4.80% during the reporting period, while Class C shares saw a growth rate of 4.69% [4][5]. - The performance benchmark for Class A shares yielded a return of 0.67% during the same period [4]. Investment Strategy - The fund aims to achieve medium to long-term stable appreciation of net asset value while controlling risks through diversified asset allocation strategies, including stocks, fixed income, and derivatives [1][2]. - The fund's investment focus is on the satellite internet sector, which is seen as a critical area for future growth and technological advancement [2][4]. Sector Analysis - The report indicates that the satellite internet sector is gaining traction due to increased military orders and the normalization of satellite launches, with significant developments in low Earth orbit satellite networks [2][4]. - The fund's investment strategy includes monitoring the progress of satellite internet projects and the advancement of key technologies within the industry [2]. Portfolio Composition - As of the reporting period, the fund's assets were primarily allocated to the manufacturing sector (84.04%) and information technology services (10.28%), with a total equity investment of approximately 529.14 million yuan [5]. - The fund did not hold any bonds or asset-backed securities during the reporting period [5]. Shareholder Information - The report details the changes in fund shares, with Class A shares totaling 138,536,669.50 and Class C shares totaling 552,857,278.89 at the end of the reporting period [5][6]. - The fund management did not utilize proprietary funds for investment in the fund during the reporting period [6].

Economic Performance - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3%, exceeding the annual growth target of around 5% [1] - Domestic demand contributed 68.8% to GDP growth, with final consumption expenditure accounting for 52%, highlighting its role as the main driver of economic growth [1][2] Consumption Recovery - The recovery in consumption is driven by three main factors: enhanced fiscal policies, structural upgrades in consumption, and increased income levels [2] - Fiscal policies, including trade-in programs, have significantly boosted sales, with related goods sales exceeding 1.4 trillion yuan in the first half of the year [2] - The actual per capita disposable income of residents grew by 5.4%, with rural income growth (6.2%) outpacing urban income growth (4.7%), stimulating consumption in lower-tier markets [2] Foreign Trade Resilience - China's foreign trade demonstrated strong resilience, with total goods import and export reaching 21.79 trillion yuan, a year-on-year increase of 2.9% [2][3] - The contribution of net exports of goods and services to economic growth was 31.2% [2] Trade Highlights - Exports of mechanical and electrical products grew by 9.5%, accounting for 60% of total exports, while "new three samples" products saw a growth of 12.7% [3] - The proportion of trade with Belt and Road Initiative countries rose to 51.8%, with significant growth in trade with Africa and Central Asia [3] New Quality Productivity - The core industries of the digital economy accounted for about 10% of GDP, indicating a shift towards new quality productivity [3] - R&D expenditure as a percentage of GDP is close to 2.7%, surpassing the EU average and nearing the OECD average [3] Overall Economic Outlook - The 5.3% economic growth reflects solid consumer foundations, resilient foreign trade, and the emergence of new quality productivity [4] - There is ample policy reserve and space to ensure stable economic growth in response to external uncertainties [4]