2024年，上海新认定高新技术企业7237家，相当于平均每天诞生20家。 在高质量孵化器建设方案公布2年后，上海又揭牌了新一批6家孵化器。 第一财经日前从上海市科委获悉，新一轮上海市高质量孵化器遴选完成，司南脑机智能孵化器、张江高科895孵化器、巢生上海创新孵化平台、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"科创策源孵化器等入选，上海市高质量孵化器已达18家。 看一座城市科技发展的"后劲"，高新技术企业的数量是一个重要指标。2024年，上海新认定高新技术企业7237家，相当于平均每天诞生20家，有效期内高新 技术企业2.5万家，新增科技小巨人118家。 上海有近600家科技孵化载体，作为前述这些"科技新秀"的重要来源，高质量孵化器和普通的孵化器相比，更聚焦"硬科技"的孵化，围绕现代化产业体系， 关注前沿技术、未来产业，支撑颠覆性科技成果的率先转化和硬科技企业的加速孵化。 此次新一批孵化器又瞄准哪些产业？目前已建成的高质量孵化器又有哪些新成果？ 继续瞄准未来产业 上海市科委数据显示，1~5月，上海12家高质量孵化器（未包含新揭牌的6家）新增在孵企业中，AI大模型、基因治疗、 ...

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase during the "14th Five-Year Plan" period, with a historic milestone of full island closure operations expected by December 18, 2025 [1] Financing and Market Growth - Hainan's capital market has achieved a remarkable performance with direct financing totaling 78.821 billion yuan over five years, and the total market value of listed companies has increased by 85% to 462.111 billion yuan [1][5] - The number of companies with a market value exceeding 100 billion yuan has expanded to 14, and the scale of mergers and acquisitions has surpassed 80 billion yuan, with cumulative dividends increasing by 86% [1][5] Capital Market Functionality - The capital market in Hainan has effectively utilized diverse financial tools such as equity financing, bond issuance, and mergers to channel funds into key sectors of the real economy, supporting the optimization and upgrading of industrial structures [5][6] - By the end of November 2025, Hainan's listed companies had a total share capital of 87.618 billion shares, reflecting a 70% increase in share capital compared to the end of the "13th Five-Year Plan" [5] Industry Integration and Innovation - During the "14th Five-Year Plan," Hainan's listed companies completed 106 mergers and acquisitions, involving a total of 80.5 billion yuan, with over 70% of companies focusing on technology innovation and green development [6] - Cumulative operating revenue for Hainan's listed companies reached 811.517 billion yuan from 2021 to the third quarter of 2025, marking a 30% increase compared to the "13th Five-Year Plan" period [6] Investor Returns and Engagement - Hainan's listed companies have enhanced their awareness of returning value to investors, with total dividends amounting to 5.789 billion yuan over five years, an 86% increase from the previous period [8] - Share buybacks and stockholder increases have been actively pursued, with 7 companies conducting buybacks totaling 869 million yuan, and significant stockholder increases amounting to 999.2 million yuan [8] Financial Innovation and Services - Hainan's capital market has expanded its financial product offerings and optimized service models, with the establishment of new public fund management companies and a growing number of private fund managers [10][11] - Innovative financial products, such as green bonds and asset-backed securities, have been introduced to support sustainable development and rural revitalization [10][11] Regulatory Framework and Risk Management - Hainan's regulatory body has strengthened its oversight mechanisms, implementing 137 regulatory measures and imposing fines totaling nearly 150 million yuan to combat financial misconduct [13] - Risk monitoring and assessment have been enhanced, with proactive measures taken to address potential risks in key sectors, including the restructuring of companies facing operational crises [13] Future Outlook - With the full island closure operation marking a new historical starting point, Hainan's capital market aims to align with high-standard development goals, focusing on improving the quality of listed companies and expanding cross-border asset management pilot projects [14]

海南海口海定河世纪大桥。 图虫创意/供图 证券时报记者 康殷 "十四五"时期，海南自由贸易港建设实现从"开局起步"到"成型起势"的关键跨越，并在2025年12月18日 迎来全岛封关运作的历史时刻。 在自贸港政策红利与资本市场改革深化的双重驱动下，海南资本市场交出了一份规模与质量双升的亮眼 答卷：五年来累计实现直接融资788.21亿元，上市公司总市值较"十三五"末增长85%，达4621.11亿元， 百亿级市值企业扩容至14家，并购重组规模突破800亿元，累计分红同比增长86%。这些实打实的数 据，不仅为旅游业、现代服务业、高新技术产业等注入强劲金融动能，更筑牢了自贸港高质量发展的资 本根基。 资本活水精准滴灌 产业升级蹄疾步稳 "十四五"时期，海南资本市场充分发挥资源配置核心功能，通过股权融资、债券发行、并购重组等多元 化工具，将金融活水精准导入实体经济重点领域，推动产业结构优化升级，为自贸港"三区一中心"战略 定位提供坚实支撑。 直接融资规模大幅增长，为企业发展注入"真金白银"。五年来，海南企业通过发行股票、公司债券、资 产支持证券等方式实现直接融资788.21亿元（含H股上市融资12亿元），其中股权融资26 ...

12月15日，2025高校科技成果交易会（下称"科交会"）在广州启幕，全国638所高校集结广交会展馆， 现场展示"出售"3332项科技成果。 本届科交会由教育部高等学校科学研究发展中心与全国高校区域技术转移转化中心（粤港澳大湾区）联 合主办。展馆内，新一代信息技术、新能源、新材料、高端装备、生物医药、低空经济等战略性新兴产 业前沿成果集中亮相，技术经理人、项目路演活动等为"高校技术"与"企业需求"牵线搭桥，帮助科技成 果从"书架"到"货架"。 展会首日，共有7个来自生物医药、人工智能、新一代信息技术及智能装备领域的项目成功签约，总金 额达1.22亿元人民币。 高校科技成果"上货架" 走进科交会"高校成果超市区"，全国高校的科技成果齐上货架、明码标价—— 广东医科大学水稻胚芽营养颗粒51万—100万元、塔里木大学鲜食枣新品种"塔优1号"500万元、中山大 学野外智能抓取机器人2000万元以上…… 标价均为高校科技成果的"意向转化金额"。本届科交会意在推动科技成果从实验室的"展品"变为市场 的"商品"，为此每一项技术都贴上了清晰的市场"价签"，供企业选择参考。 技术经理人"搭桥梁" 摆上"货架"是科技成果转化的起 ...

Core Insights - The Anhui provincial government has reported significant achievements in the high-quality development of state-owned enterprises (SOEs) during the 14th Five-Year Plan period, characterized by six "new" aspects: new levels of operational development, breakthroughs in technological innovation, optimized structural layout, revitalized SOE reforms, enhanced service to the broader context, and a new face of party leadership [1] Group 1: Operational Performance - Anhui's state-owned assets have shown improved quality and increased value, with total assets and operating revenue of state-owned enterprises growing at annual rates of 21.7% and 11.2%, respectively [1] - The total assets of provincial enterprises have surpassed 5 trillion yuan, and their operating revenue has exceeded 1 trillion yuan, with key performance indicators such as total profit and return on net assets ranking among the top in the country [1] - The market capitalization of provincial listed companies has increased by 44.8% compared to the end of the 13th Five-Year Plan [1] Group 2: Technological Innovation - Since the beginning of the 14th Five-Year Plan, Anhui's state-owned enterprises have invested over 100 billion yuan in research and development, maintaining a leading position in R&D intensity among provincial SOEs [2] - A total of 36 national-level innovation platforms have been established, including 2 national key laboratories, with significant breakthroughs in key technologies and major equipment [2] Group 3: Industrial Layout and Digital Transformation - Anhui's SOEs have invested over 200 billion yuan in emerging industries, fostering sectors such as integrated circuits, new energy vehicles, and new displays, while also enhancing traditional industries through digital transformation initiatives [2] - The digitalization rate of manufacturing equipment in Anhui's state-owned enterprises has reached 75.4%, with an average capacity utilization rate of 84.5%, both exceeding national averages [3] Group 4: SOE Reform and Governance - The province has actively pursued restructuring and integration, conducting over 40 major mergers and acquisitions in 2023 to optimize the allocation of state capital [3] - Modern corporate governance has been enhanced, with a focus on market-oriented operations and the implementation of a comprehensive supervision mechanism for provincial enterprises [3] Group 5: Contribution to Economic Development - Anhui's SOEs have contributed over 280 billion yuan in taxes and fees, generating more than 1.1 trillion yuan in labor productivity during the 14th Five-Year Plan [3] - The enterprises have also invested over 50 billion yuan in countries involved in the Belt and Road Initiative, supporting the development of world-class port and airport clusters in the Yangtze River Delta [3]

Core Viewpoint - The article discusses the economic challenges faced by Kunming, highlighting its failure to meet ambitious growth targets set for 2025, including a GDP of over 1 trillion yuan and a resident population of around 10 million. The city has been experiencing economic stagnation for five years, primarily due to over-reliance on the real estate sector and insufficient industrial development [4][6][27]. Economic Performance - Kunming's GDP for 2024 is reported at 827.52 billion yuan, falling short of the 1 trillion yuan target by over 170 billion yuan. The resident population stands at 8.687 million, lacking the goal of 10 million by 2025 [6][4]. - The city's economic growth has been declining, with a GDP growth rate of only 4.4% in the first three quarters of 2025, ranking it 7th lowest among 36 major cities and trailing the national average by 0.8 percentage points [16][19]. - The overall economic slowdown in Kunming is reflected in the province's performance, with Yunnan's GDP growth at 4.3%, also below the national average [20]. Real Estate Sector Impact - The article emphasizes that Kunming's economic issues are largely due to the negative repercussions of its real estate sector, which has seen a drastic decline in land sales and housing market activity. Land sale revenues peaked at 91.57 billion yuan in 2019 but plummeted to 4.628 billion yuan in 2023, a drop of 86.5% from the peak [34][36]. - Housing sales have also drastically decreased, with 2024 sales volume at 6.3942 million square meters, down 66.6% from the 2019 peak of 19.1623 million square meters [39]. Industrial Development Challenges - Kunming's industrial output has been growing slowly, with the total industrial value added increasing from 131.92 billion yuan in 2019 to 183.76 billion yuan in 2024, which is significantly lower than industrial powerhouses like Shenzhen [50][56]. - The city has only one industry with over 100 billion yuan in revenue, which is far less compared to other cities that have multiple billion-yuan industries [60]. - The article points out that Kunming's geographical limitations hinder industrial development, as the city is primarily located on a plateau with limited flat land suitable for industrial activities [90][92]. Future Outlook and Goals - The city has set ambitious goals in its "Three-Year Action Plan" to enhance its industrial base, aiming for industrial investment to grow by over 26% annually and to increase the share of industrial output in GDP to over 30% by 2025 [85][86]. - However, the reality shows a decline in industrial investment, with a reported decrease of 2.5% in 2023 and a mere 1.9% growth in 2024 [86].

孙志洋："十四 五"期间广州农 民人均可支配收 入突破4万元_南 方+_南方plus 12月8日，广东 省新闻办召 开"'十四五'广东 成就"广州专场 新闻发布会，介 绍广州"十四 五"经济社会发 展总体情况。 广州市委副书 记、市长孙志洋 在发布中指 出，"十四五"以 来，广州扎实推 进中国式现代化 的广州实践，较 好完成"十四 五"规划主要目 标任务，发展呈 现"担当新使 命、厚植新动 能、迈上新台 阶"三大特点， 经济总量迈上新 台阶，2024年地 区生产总值达到 3.1万亿元，"十 四五"时期GDP 列。 农村居民人均可 支配收入突破4 万元 从具体领域来 看，广州"十四 五"期间成就丰 硕。产业体系 向"新"重构， 以"产业第一、 制造业立市"为 牵引，构 建"12218"现代 化产业体系，工 业投资从2020年 的1030亿元增长 到2024年的1711 亿元，增幅达 增量预计达7000 亿元，社会消费 品零售总额、外 贸进出口总值连 年保持"双万 亿、双增长" ， 成为全国第三个 消费、外贸"双 万亿"城市。在 全球排名 中，"自然指数 —科研城市"升 至第6位，"广深 港"科技创新集 群指数首 ...

Group 1 - Company is planning to issue shares and pay cash to acquire assets, specifically targeting Leqee Group Limited for control [1] - Company stock will be suspended from trading starting December 4, with a plan to disclose the transaction scheme within 10 trading days [1] - If the company fails to disclose the restructuring plan within the specified timeframe, trading will resume on December 18, 2025, and the related matters will be terminated [1] Group 2 - Recently, the stock has shown strong performance, hitting the daily limit up on December 3 [2] - Zhidu Group, a state-owned enterprise in Guangzhou, has total assets exceeding 20 billion RMB by the end of 2024 [4] - Zhidu Group aims to become a comprehensive urban asset operation platform, focusing on various sectors including financial services, urban construction, and new energy [4] Group 3 - In March 2024, the controlling shareholder of the company will change to Green Investment, with the actual controller being the Guangzhou Huadu District State-owned Assets Supervision and Administration Commission [5] - The company signed a strategic cooperation agreement with Zhidu Group in September 2023, leveraging Zhidu's resource advantages [5] - The company emphasizes that support from state-owned shareholders will enhance its core competitiveness and drive sustainable development [5]

Core Viewpoint - The listing of the ChiNext 50 ETF-DR on the Thailand Stock Exchange marks a significant step in the internationalization of Chinese technology assets, reflecting strong interest from international investors in China's core technology sectors [1] Group 1: Market Expansion - The ChiNext 50 ETF, representing leading companies in emerging industries such as renewable energy, artificial intelligence, and biomedicine, has expanded its reach from Europe to Southeast Asia, indicating a growing international presence [1] - The "outbound" strategy of leading Chinese technology companies is evolving from individual listings to a more collective approach through ETFs, facilitating easier access for international investors to Chinese core technology assets [1][2] Group 2: Capital Market Innovations - The steady advancement of capital market reforms and cross-border capital flow mechanisms is paving the way for the "outbound" movement of technology assets, aligning with China's financial power strategy [2] - Innovations such as ETF connectivity and depositary receipt models are enhancing the visibility of Chinese core technology assets to a broader international market [2] Group 3: Competitive Advantages - China's rapid technological innovation has established systemic advantages in emerging and future industries, making Chinese technology assets increasingly attractive to global investors [3] - The shift in international capital allocation from seeking "value gaps" to focusing on "future certainty" positions Chinese core technology assets as essential components in global investment portfolios [3] Group 4: Strategic Globalization - The globalization of capital, international branding, and market diversification are key strategies for Chinese technology companies to enhance their value and competitiveness in the global market [4] - The "outbound" strategy is not only a response to market dynamics but also a proactive approach for companies to integrate into global innovation networks and enhance their international competitive edge [4]

Group 1 - The core viewpoint emphasizes the importance of technological innovation as a driving force for industrial transformation in Rizhao City, focusing on high-end, intelligent, and green development [1][2][3] - Rizhao City has cultivated 1,390 innovative small and medium-sized enterprises, 568 specialized and innovative enterprises, 32 "little giant" enterprises, and 38 provincial-level manufacturing champions [1] - The city has initiated 358 research projects with a financial investment of nearly 2.5 billion yuan, leading to the development of over 400 innovative products [1] Group 2 - Collaboration with universities and research institutions is a key strategy, resulting in 452 technology contracts worth 33.95 billion yuan over the past three years [2] - The city is focusing on upgrading traditional industries like steel and automotive through digital transformation and AI applications, with notable projects in carbon capture and intelligent manufacturing [2] - Rizhao is also nurturing emerging industries such as new energy equipment, biomedicine, and new materials, with representative companies like Yujian Robotics and Mai'er Medical contributing to long-term urban development [2] Group 3 - The city has established a supportive policy ecosystem, including 15 technology venture capital funds totaling 3.873 billion yuan, with investments in 59 projects amounting to 1.458 billion yuan [3] - Over 1,000 talent platforms have been created, attracting 67 high-level innovation and entrepreneurship teams and 611 innovative talents in 2023 [3] - Rizhao has built 144 provincial-level technology innovation platforms, including key laboratories and innovation centers, enhancing its collaborative innovation capabilities [3]