近年来，江苏省宿迁市坚持以科技创新推动产业创新，出台系列优惠政策扶持企业开发新产品、开拓新市 场，助力传统产业提质焕新、新兴产业加速裂变，推动工业向高端、智能、绿色融合方向发展。图为该市宿 豫区某工厂车间，工人正在智能化生产线上赶制订单产品。 图片来源：视觉中国 "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化进程 中具有承前启后的重要地位。习近平总书记强调，"'十五五'时期，必须把因地制宜发展新质生产力摆在更加 突出的战略位置"。因地制宜发展新质生产力，是破解发展不平衡不充分矛盾的必然选择，也是赢得国际竞争 战略主动、实现中国式现代化的必由之路。 破解发展难题、塑造竞争新优势的战略抉择 生产力的发展会受到特定时空条件下的资源禀赋、产业基础、科研条件、生态容量等因素制约。在新质生产 力发展水平上，东部地区凭借创新要素集聚优势持续领先，中西部地区在绿色转型、数字赋能上涌现亮点。 这表明，高质量发展不是平均主义，而是尊重客观差异的协调发展。因地制宜发展新质生产力，通过差异化 路径实现质量变革、效率变革、动力变革，从而确保高质量发展路径的科学性与可持续性。 近年来，我国新 ...

渠道更丰富。针对科技型企业特点，金融机构在金融管理部门指导下，大力发展知识产权质押融资、选 择权贷款、投贷联动等特色产品和服务；用好中国人民银行提供的再贷款政策，提升科技型企业的融资 可得性。截至2025年9月末，科技创新和技术改造贷款签约金额2.6万亿元，发放贷款1.1万亿元。 生态更协同。多方联动的科技金融服务生态正在逐步完善，银行、保险、资本市场合力为科技创新营造 更良好的发展环境。强化科技保险保障工作开展以来，累计提供风险保障超过10万亿元，首台套、首批 次保险支持创新应用项目3600个，为科技研发和成果转化保驾护航。截至2025年9月末，银行间债券市 场已有277家主体发行科技创新债券6691亿元，其中，37家股权投资机构发行科创债券275亿元，5家民 营股权投资机构获得风险分担工具支持，实现长期限、低成本、多方分摊风险的预期效果。 大力发展科技金融，就是要破解这些科技型企业成长壮大路上的资金难题，为科技型企业提供全链条、 全生命周期的金融服务。换言之，金融支持科技型企业发展，不仅要支持他们成长壮大，更要"育苗培 土"，浇灌创新的"种子"和"萌芽"。 在加快高水平科技自立自强和做好科技金融大文章的指 ...

Core Viewpoint - The article emphasizes that effective investment is a complex system process involving the coupling and collaborative evolution of technological innovation, institutional innovation, and spatial optimization, rather than merely a capital input behavior [1][2]. Group 1: New Requirements and Challenges - The "14th Five-Year Plan" period is crucial for China to advance towards socialist modernization, facing unprecedented challenges and requirements due to profound changes in domestic and international environments [2][4]. - The global landscape is undergoing a new round of technological revolution and industrial transformation, with disruptive technologies reshaping national core competitiveness and increasing the strategic importance of investment [3]. Group 2: Effective Investment and New Quality Productivity - Effective investment is defined as capital formation activities that serve high-quality development goals, focusing on nurturing and expanding new quality productivity [5]. - New quality productivity is characterized by technological innovation as the core driving force, with significant improvements in total factor productivity as a key indicator [6]. Group 3: "Technology-Institution-Space" Analysis Framework - The "Technology-Institution-Space" (TIS) framework illustrates that successful investment activities result from the positive interaction of technology, institutions, and spatial dimensions [7]. - The technology dimension focuses on R&D innovation, digital infrastructure, and high-skilled human capital, which directly determines the height and advancement of new quality productivity [7]. - The institutional dimension emphasizes creating an environment conducive to innovation, including a robust intellectual property protection system and a fair market environment [7]. - The spatial dimension involves optimizing regional functional layouts and constructing modern infrastructure networks to promote the clustering and scaling of new quality productivity [7]. Group 4: Progress and Challenges in Effective Investment - Despite a slowdown in fixed asset investment growth, significant progress has been made in the effectiveness of investment, with a clear trend towards structural optimization [14]. - High-tech industry investment has maintained double-digit growth, significantly outpacing overall fixed asset investment growth, indicating a shift towards new quality productivity core areas [14]. - Challenges remain in aligning technology, institutions, and spatial dimensions, leading to issues such as insufficient basic research investment and a lack of effective technology transfer mechanisms [16][18]. Group 5: Recommendations for a High-Efficiency Investment Ecosystem - To expand effective investment, a shift from "project thinking" to "ecosystem thinking" is necessary, focusing on creating a self-optimizing and virtuous cycle investment ecosystem [21]. - Recommendations include optimizing R&D investment structures, enhancing basic research funding, and establishing market-oriented concept verification centers to bridge the gap between laboratory results and market applications [22][23]. - Institutional reforms should aim to deepen financial supply-side structural reforms and enhance the protection of intellectual property rights to stimulate innovation [24][25]. - Spatial strategies should promote differentiated and specialized investments, avoiding homogeneous competition and ensuring that new infrastructure aligns with local industrial needs [26][27].

杨成长、龚 芳、袁宇泽、曾培春 近年来，我国传统产业的组织形式和产业关联关系发生重大变革，新技术、新业态、新模式 不断涌现，成为我国经济高质量发展的重要组成部分。金融机构亟须构建匹配新经济产业发展需 求的金融服务新模式，重点服务好新消费、新科技、新数字、新终端及未来产业等五类新业态。 五类产业新业态对金融服务提出了全新要求：在新消费领域，金融服务的核心难点在于无形 资产估值和对商业模式的可持续性作出判断；在新技术领域，突出表现为技术路径判断难和信息 不对称；在新数字领域，亟待建立科学的估值体系和资本市场支持机制；在新终端领域，需要全 链条生态化金融解决方案；在未来产业领域，关键在于形成对共性基础技术突破和产业成果转化 的多元长期资金供给机制。 基于各业态的独特性，要加快形成五类产业金融服务模式：一是以多元价值和新型供求关系 为核心，形成新消费产业金融服务模式；二是以科技创新风险分配为核心，形成新技术产业金融 服务模式；三是以数字集成和人工智能为核心，形成新数字产业金融服务模式；四是以全链条融 合化为核心，形成新终端产业金融服务模式；五是以"三突破三风险"为核心，形成未来产业金融 服务模式。 近年来，伴随我国要 ...

Core Insights - The transformation of traditional industries in China has led to the emergence of new technologies, business models, and industries, which are crucial for high-quality economic development [10][11] - Financial institutions need to develop new service models that align with the demands of new economic industries, focusing on five categories: new consumption, new technology, new digital, new terminals, and future industries [10][13] Group 1: New Economic Industries - New economic industries are becoming a significant driving force for economic development, with the added value of the new economy reaching 24.3 trillion yuan in 2024, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year [11] - As of June 2025, there are 25.36 million registered new economy enterprises in China, representing over 40% of the total number of enterprises, with a year-on-year growth of 6.6% [11] Group 2: Financial Service Requirements - The five new economic categories present unique requirements for financial services, including challenges in intangible asset valuation and sustainable business model assessment in new consumption, technology path judgment and information asymmetry in new technology, and the need for a scientific valuation system in new digital industries [10][12] - Financial institutions must accelerate the formation of tailored financial service models for each of the five new economic categories, focusing on diverse value creation and innovative supply-demand relationships [10][12] Group 3: New Consumption Financial Services - New consumption industries are crucial for expanding domestic demand, with a shift towards service, value, cultural, and green consumption, maintaining over 10% growth in sectors like leisure and tourism despite overall consumption pressure [14] - Financial institutions face challenges in serving new consumption industries due to the intangible nature of core assets, lack of market comparables for valuation, and the non-linear growth paths of new consumption enterprises [15][16] Group 4: New Technology Financial Services - New technology industries are vital for innovation-driven development, with over 500,000 high-tech enterprises in China as of 2024, marking an 83% increase since 2020 [18] - Financial institutions encounter challenges in serving new technology industries, including limited understanding of technological innovation, information asymmetry regarding non-financial metrics, and differing valuation logic across various technology sectors [19][20] Group 5: New Digital Financial Services - The digital economy is rapidly growing, with its added value exceeding 43% of GDP in 2024, driven by sectors like industrial internet and smart manufacturing [21][22] - Current financial services for new digital industries are insufficient, with low representation in the A-share market and a need for improved valuation and pricing capabilities [22][23] Group 6: New Terminal Financial Services - New terminal industries, characterized by deep integration of manufacturing, digital, and technology, require financial services that respond to complex ecological collaboration relationships [24][25] - Financial institutions must optimize value assessment capabilities and provide integrated financial solutions for the entire industrial chain, focusing on collaboration with leading enterprises [25][26] Group 7: Future Industry Financial Services - Future industries are marked by breakthroughs in common technologies and face significant risks, including feasibility of technology paths and market demand realization [27][28] - Financial institutions should innovate comprehensive financial service models to address the uncertainties faced by future industries, leveraging government funds and private equity investments to support development [29]

适应产业变革 打造类型化产业金融服务新模式 □ 杨成长 龚 芳 袁宇泽 曾培春 □ 近年来，我国传统产业的组织形式和产业关联关系发生重大变革，新技术、新业态、新模式不断涌 现，成为我国经济高质量发展的重要组成部分。金融机构亟须构建匹配新经济产业发展需求的金融服务 新模式，重点服务好新消费、新科技、新数字、新终端及未来产业等五类新业态 □ 五类产业新业态对金融服务提出了全新要求：在新消费领域，金融服务的核心难点在于无形资产估值 和对商业模式的可持续性作出判断；在新技术领域，突出表现为技术路径判断难和信息不对称；在新数 字领域，亟待建立科学的估值体系和资本市场支持机制；在新终端领域，需要全链条生态化金融解决方 案；在未来产业领域，关键在于形成对共性基础技术突破和产业成果转化的多元长期资金供给机制 □ 基于各业态的独特性，要加快形成五类产业金融服务模式：一是以多元价值和新型供求关系为核心， 形成新消费产业金融服务模式；二是以科技创新风险分配为核心，形成新技术产业金融服务模式；三是 以数字集成和人工智能为核心，形成新数字产业金融服务模式；四是以全链条融合化为核心，形成新终 端产业金融服务模式；五是以"三突破三风险"为 ...

Core Viewpoint - The "14th Five-Year Plan" period is crucial for solidifying the foundation of socialism modernization and achieving high-quality economic development in China [1] Economic Development Focus - The focus during the "14th Five-Year Plan" should be on the real economy, optimizing traditional industries, and nurturing new productive forces while promoting emerging industries as pillars of future growth [1][2] - Financial resources should be efficiently allocated to address structural challenges, with a strong emphasis on serving the real economy and enhancing wealth management for residents [1] Industry Classification and Development - The "14th Five-Year Plan" categorizes industries into traditional, emerging, and future sectors, each requiring different approaches to develop new productive forces [2] - Traditional industries currently account for 80% of China's manufacturing and are essential for the real economy, despite the growth potential of emerging and future industries [2] Traditional Industry Insights - Traditional industries still hold significant growth potential, but face challenges such as insufficient demand and the need for urbanization and high-quality real estate development [2][3] - Approximately 30% of China's manufacturing output is for export, with traditional industry products contributing significantly to trade surpluses, necessitating a balance between enhancing competitiveness and promoting balanced trade [2] Financial Reform and Budget Management - The "14th Five-Year Plan" proposes deepening zero-based budgeting reforms to optimize fiscal expenditure and enhance budget performance management [4] - Zero-based budgeting requires every expenditure to be justified anew, potentially leading to more efficient allocation of resources compared to traditional baseline budgeting [4] Financial Sector Development - The plan emphasizes the development of various financial sectors, including technology finance, green finance, and wealth management, with technology finance being prioritized for its strategic importance [6][7] - Direct financing is essential for supporting technological innovation, and recent capital market reforms aim to facilitate this by allowing unprofitable companies to list [6] Wealth Management Importance - With over 400 million middle-income individuals in China, there is a growing demand for professional wealth management to enhance asset value [7] - Wealth management is seen as a key area for financial services, promoting the conversion of savings into investments, which benefits both residents and capital markets [7]

Core Insights - The overall mechanical equipment index outperformed the market in 2025, with significant gains in humanoid robots, AI PCB equipment, and lithium battery equipment, particularly in solid-state battery technology [1][2] - The fundamentals of the mechanical equipment sector are showing steady growth, with a recovery in the lithium battery equipment and machine tool segments [1][2] Investment Opportunities for 2026 - Investment opportunities in the mechanical equipment sector for 2026 can be categorized into three main areas: 1. Focus on AI-related technology growth, including AI PCB equipment, gas turbines, and liquid cooling systems [2] 2. Emphasis on future and emerging industries as highlighted in the 14th Five-Year Plan, which includes humanoid robots, controllable nuclear fusion, low-altitude economy, deep-sea economy, and commercial aerospace [2] 3. Selection of high-quality stocks in cyclical industries with upward beta characteristics, such as engineering machinery, wind power equipment, and lithium battery equipment [2] AI Infrastructure and Equipment Demand - The demand for computing power is surging, with a focus on AI PCB equipment, AIDC equipment, and liquid cooling systems: 1. AI PCB equipment is expected to benefit from the AI computing revolution, leading to increased demand and higher value per unit [3] 2. AIDC equipment will see growth driven by the construction of AI data centers, with diverse power supply needs being met by gas turbines and nuclear power [3] 3. Liquid cooling systems are anticipated to become mainstream due to the limitations of traditional air cooling under high power demands, leading to explosive market growth [3] Future and Emerging Industries - Key areas of focus in future and emerging industries include: 1. Humanoid robots, with attention on Tesla's Gen3 release and domestic production ramp-up [4] 2. Controllable nuclear fusion, with significant projects entering critical construction phases [4] 3. Low-altitude economy, which is moving towards commercialization, necessitating investment in low-altitude infrastructure [4] 4. Deep-sea technology, with substantial potential for domestic substitution in equipment and key components [4] 5. Commercial aerospace, which is expected to drive demand for related equipment due to favorable policy directions [4] Industry Performance Expectations - The mechanical equipment sector is expected to perform well, with: 1. Engineering machinery benefiting from stable domestic demand and potential for increased market share for domestic brands [4] 2. Wind power equipment experiencing high growth due to clear domestic targets and accelerated international expansion [4] 3. Lithium battery equipment poised for a new round of expansion, with solid-state battery industrialization trends accelerating [4]

Core Viewpoint - Future industries, driven by disruptive technologies, are becoming a key variable in shaping the global competitive landscape, relying on both technological breakthroughs and effective financial support [1][3]. Group 1: Global Future Industry Competition - Future industries are characterized by their strategic, leading, disruptive, and uncertain nature, representing a new wave of technological revolution and industrial transformation [3]. - Major economies are accelerating their layout in future industries, with the U.S. investing heavily in semiconductor, clean energy, and AI sectors through legislative measures like the CHIPS and Science Act and the Inflation Reduction Act [3]. - The EU and Japan are also implementing policies to promote core technology breakthroughs and supply chain autonomy, indicating a shift in focus from traditional industry efficiency to future industry dominance [3]. Group 2: Financial Support for Future Industries - The adaptability of the financial system is crucial for transforming innovation potential into real productivity, as highlighted by the 2024 implementation opinions from the Ministry of Industry and Information Technology [4]. - Financial policies are being aligned with industrial policies to support future industries, with frameworks established for structural monetary policy, special credit, and industrial funds [4]. - The transformation of policies into actionable financial practices requires a deep understanding of the inherent rules and realities of financial support for future industries [4]. Group 3: Theoretical Mechanisms of Financial Support - The uncertainty and externalities of innovation necessitate financial systems that can structurally adapt to support future industries, as traditional market mechanisms are often insufficient [6]. - Future industries face high investment costs, long cycles, and significant risks, making them less attractive to short-sighted private capital [6]. - The public good nature of future industry outcomes often leads to underfunding and innovation gaps due to the inability of firms to internalize the positive externalities of their innovations [6]. Group 4: Structural Constraints of Existing Financial Systems - The existing financial system, rooted in industrialization, struggles to support future industries due to its focus on collateral, cash flow, and historical credit [7][8]. - There are three main mismatches: information mismatch, time mismatch, and structural mismatch, which hinder effective financial support for future industries [8]. - Financial institutions often lack the ability to assess technological potential and commercial pathways, relying instead on traditional financial metrics [8].

高端装备智能化改造及汽车新能源转型等技术迭代需求，促使相关企业集中引才以支撑产能扩张与 技术攻坚。数据显示，工程机械与高端重型装备、精细化工、汽车及零部件3个产业集群人才需求进一 步集中，占比超过半数，合计需求人数较二季度提高5.05个百分点，需求人数占比连续两个季度保持正 增长。 近日，辽宁老工业基地重点产业集群三季度人才需求目录发布，我省民营企业人才需求始终保持旺 盛态势，提出人才需求的民营企业户数和需求人数均较二季度有所增长。 新兴产业人才需求攀升。新能源、新材料、生物医药、数字经济、新一代信息技术、节能、未来产 业等战略性新兴产业人才需求占比较二季度上升0.64个百分点。 岗位、专业需求集中度相对平稳。需求排名前十的岗位分别是销售服务、机械工程师、营销管理、 化工产品生产通用工艺人员、软件工程师、会计师、主管、市场开发、人事专员/经理/主管、电气工程 师，合计需求4657人，占需求总人数的21.01%，人数与占比与二季度相比基本持平，销售服务、机械 工程师的岗位需求仍稳居前两位。 ...