从乡村工业院到科创园区，从炼钢旧址到光影新空间，科技驱动、文化筑基，北京城市更新正不断释放出发展活力。9月17日，北京商报记者跟随"全国文化 中心建设巡礼"主题采访团，走进AI原点社区、RE睿.国际创忆馆及RE睿.三高炉数字博物馆。在交流探访中，记者获悉，地处北京市海淀区创新核心区的东 升镇，累计改造升级产业空间260万平方米，目前园区入驻企业约4000家，下一步将持续巩固"科技—文化—生态"的创新文化体系，建设具有全球影响力的 人工智能开源创新生态社区；依托于石景山区首钢园工业遗产，北京清城睿现数字科技研究院(以下简称"清城睿现")落地开展数字圆明园、数字中轴线等文 化遗产数字化再生项目，并将通过前沿的数字语言和跨界体验，进一步引领北京文化（000802）新消费浪潮，塑造"可观、可玩、可购、可沉浸"的文旅消费 新范式。 从乡村工业院到具有"创客"特色的科创园区 走进东升镇的AI原点社区，首先映入眼帘的是区域内科创企业的新兴产品展示和最新科创活动排期表。东升大厦科创服务总经理刘雨晨表示，AI原点社区 打造的是青年友好型服务生态新范式，即为有创业精神和年轻心态、愿意奋斗的群体，提供适合成长的社群氛围。同时，展厅 ...

Core Viewpoint - The Shanghai government is showcasing the achievements of the "14th Five-Year Plan" through a series of press conferences, highlighting the high-quality development and results from various districts, particularly focusing on Jing'an District's efforts to build a modern international urban area [1][3]. Economic Development - Jing'an District's GDP is projected to reach 336.99 billion yuan in 2024, surpassing the 300 billion yuan mark, with a per capita GDP of 360,000 yuan, which is 1.5 times that of 2020 [4]. - The district's public budget revenue is expected to reach 30.22 billion yuan, ranking among the top in the city [4]. - Jing'an has attracted 991 new stores since 2021, making it a hotspot for consumer activity, with retail sales leading among central districts [4]. Headquarters Economy - Since the beginning of the "14th Five-Year Plan," Jing'an has added 85 new regional headquarters of multinational companies, totaling 142, with an annual tax contribution growth of 11.1% from headquarters economy [4][5]. Industrial Development - Six key industries contribute over 85% to the regional economy, with a significant increase in high-end service brands from 48 to 103 [5]. - The professional services sector's tax contribution rose from 15.8% in 2020 to 22.1% last year [5]. Innovation and Technology - Jing'an has become a hub for emerging industries, housing one-third of the city's core data intelligence companies and a significant number of global pharmaceutical firms [6]. Reform and Opening Up - From 2021 to 2024, Jing'an attracted 1,122 foreign direct investment projects, with a total contracted foreign capital of 4.83 billion USD, marking a significant increase compared to the previous five years [7]. - The district has implemented 693 measures to optimize the business environment, leading to a 1.8 times increase in new market entities compared to the previous five years [7]. Urban Renewal - Jing'an has focused on urban renewal, completing the renovation of 47 old residential areas and enhancing public services, including the construction of rental housing [8][9]. Social Development - The district has improved public services, particularly in elderly care and childcare, and has enhanced cultural offerings, maintaining a leading position in public cultural facilities [10]. Future Outlook - As Jing'an approaches the end of the "14th Five-Year Plan," it aims to set higher goals for the next decade, focusing on excellence and contributing significantly to the city's overall development [11].

Group 1: Federal Reserve's Rate Decision - The Federal Reserve is expected to initiate a rate cut cycle, potentially lowering the policy rate by 25-50 basis points [1][8] - Current inflation levels are manageable, with August CPI at 2.9%, and are not expected to hinder the Fed's shift towards easing [2] - Rising recession risks, evidenced by a slowdown in the job market and declining consumer confidence, make preemptive rate cuts likely [5][7] Group 2: Impact on A-Share Market - The anticipated Fed rate cut is expected to significantly boost global capital markets, particularly benefiting the A-share market [9] - A potential influx of foreign capital into the A-share market is anticipated, as historical data shows net inflows during Fed rate cut cycles [9] - The Chinese central bank may gain more operational space for policy adjustments following the Fed's rate cut, potentially leading to additional stimulus measures [10] Group 3: Economic and Market Fundamentals - The Fed's rate cut is likely to enhance external demand for the Chinese economy, positively impacting exports and overall economic growth [13] - A combination of improved funding conditions, policy easing, and a recovering economic backdrop is expected to support a long-term upward trend in the A-share market [16] - Specific sectors such as metals, brokerage firms, and technology are highlighted as having high elasticity and potential for significant gains in a favorable liquidity environment [16]

Core Insights - The total funds raised by the Sci-Tech Innovation Board have exceeded 650 billion yuan, with over 70% of the funds already utilized [1] - Since 2025, the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative has been advancing, with nearly 90% of companies on the board disclosing their action plans for 2025, an increase of 12 percentage points compared to 2024 [1] - A total of 589 listed companies on the Sci-Tech Innovation Board have disclosed over 2,500 fundraising projects, with more than 70% of the funds directed towards research and production construction [1]

Core Insights - The technology innovation bond market has reached a new milestone with 356 issuers successfully issuing 1,360 technology innovation bonds, totaling 1.95 trillion yuan as of August 28, 2025 [1] - A series of supportive policies for the issuance of technology innovation bonds have been introduced since 2025, marking the official launch of the technology sector in the bond market and creating unprecedented development opportunities for the market [1] - The Shanghai Stock Exchange AAA Technology Innovation Company Bond Index was launched on August 24, 2023, to accurately reflect the performance of high-rated technology innovation company bonds listed on the exchange [1] Market Overview - The Shanghai and Shenzhen stock exchanges have issued 935 technology innovation bonds, amounting to 1.23 trillion yuan, making them the main players in the market [1] - As of August 29, 2025, AAA-rated bonds dominate the sample, accounting for 71.01%, while unrated bonds make up only 28.99% [3] - The index has shown stable yield characteristics across different time frames, with a year-to-date return of 1.55% and an annualized return of 3.18% as of July 31, 2025 [3] Index Characteristics - The average remaining maturity of the index is 4.21 years, with a modified duration of 3.79 years, indicating a balanced approach to capturing yield spreads and controlling interest rate risks [4] - The index's total market value is 1,115.38 billion yuan, with a total face value of 1,089.34 billion yuan, allowing for significant capital inflows and outflows [3] - The average coupon rate of the index is 2.44%, and the yield to maturity is 1.96%, providing stable interest cash flow for investors [5] Investment Products - Several index-based investment products, such as the GF SSE AAA Technology Innovation Company Bond ETF and the Bosera SSE AAA Technology Innovation Bond ETF, have emerged to seek returns similar to the SSE AAA Technology Innovation Bond Index [5]

Group 1 - The core viewpoint is that the emergence of technology innovation enterprises as the main force in the stock market is beneficial for market growth, which aligns with the fundamental logic of capital market development [1] - High dividend yield companies and banking financial institutions have historically been important investment targets for large capital, but with current institutional reforms and improved market liquidity, there will be a greater focus on technology-driven enterprises [1]

Market Overview - The overall market has experienced a decline, closing at 4.3 stars [1] - Large, medium, and small-cap stocks have all decreased, with small-cap stocks showing greater volatility [2] - The STAR Market and securities indices have seen significant declines [3] - The STAR 50 index rose to an overvalued position in the past two weeks before experiencing a pullback [4][5] - Consumer sectors have also shown signs of decline [6] - Hong Kong stocks have exhibited smaller fluctuations compared to A-shares, with Hong Kong dividends remaining relatively strong [7][8] - Recent global stock market fluctuations have indirectly impacted both A-shares and Hong Kong stocks [9] Global Market Influence - Last week, global stock markets saw a downturn, particularly in Europe, while A-shares managed to rise [10] - This week, global markets continued to decline, with Hong Kong stocks showing slight gains and A-shares experiencing minor drops [11] - Fluctuations in overseas markets have affected the performance of RMB assets, although RMB assets have shown less volatility due to valuation advantages [12][13] Investment Strategies - For index funds, it is easier to determine if a stock or fund is overvalued or undervalued by referring to daily published index valuation tables [14][15] - The valuation table categorizes indices into green (undervalued), yellow (fairly valued), and red (overvalued) [17][18] - Being in the undervalued range does not imply that the index will not experience fluctuations [19][20] - Regular investments in undervalued areas can help average down costs, leading to potential gains when market conditions improve [23] Fund Management Insights - Active funds present more challenges in valuation as fund managers do not disclose current holdings, only showing them in quarterly reports [28] - Investors can assess active funds by understanding the manager's investment style or industry focus [29][30] - Active funds often have performance benchmarks, which may change to reflect the manager's actual investment direction [36][37] - A diversified active fund portfolio can reference overall market valuations for investment decisions [40][41] Tools and Resources - The "Today’s Star" mini-program has expanded its percentile valuation table for indices, allowing users to purchase corresponding index funds [43] - Users can filter by categories such as broad-based, strategy, industry, theme, and global indices for targeted investments [43] Investor Mindset - Mature investors understand the importance of establishing a suitable investment framework, recognizing that market fluctuations are unpredictable [45] - Continuous learning and rational decision-making are essential to mitigate emotional impacts on investments, with a stable mindset being key to achieving sustained returns [45]

Group 1 - The core viewpoint of the article emphasizes the commitment of Shanghe County to enhance the business environment by focusing on enterprise needs and providing comprehensive lifecycle services [1] Group 2 - The county has increased policy supply by utilizing the "Quan Hui Qi" platform to connect various enterprise-related policy resources, ensuring that more businesses are informed and can benefit from policy support [1] - Shanghe County has implemented the "Talent Gathering 27 Measures" and nine major actions to attract high-level talent, successfully bringing in 280 individuals [1] - Financial support for enterprises has been strengthened, with 3.5 billion yuan loaned to 52 technology innovation enterprises this year [1] Group 3 - The county promotes a service-oriented approach with the philosophy of "no disturbance without need, response to every request," and has established the "In Shanghe·He Xin Ban" studio for better communication between government and enterprises [1] - Regular "Qin Qing Hui Ke Ting" meetings are held to facilitate dialogue between government and businesses, aiming to create a stable and predictable business environment [1]

Core Insights - The capital operations of technology innovation enterprises are not only a commercial issue but also a core engine for achieving industrial upgrades and value leaps in the context of a comprehensive push for a technology powerhouse strategy [1] - The ability to grasp capital rules determines whether enterprises can seize opportunities in the new round of technological competition [1] Event Details - Two public lectures by Professor Xie Hui will focus on capital strategies and value construction at different development stages of technology innovation enterprises [1] - The Shanghai session is scheduled for September 6, 2023, at 13:30, emphasizing the integration of technology transformation and systematic financing paths [3] - The Beijing session will take place on September 13, 2023, at 13:30, focusing on the practical value logic construction and the core value disassembly of technology innovation enterprises [4][6] Guest Speaker Profile - Professor Xie Hui is a part-time professor at Shanghai Jiao Tong University and has extensive experience in corporate finance and investment banking, having participated in numerous IPOs and capital strategy planning for over 30 companies [7] Participant Benefits - Attendees will learn practical methods for valuing and capitalizing technology innovation enterprises and understand the adjustments in capital strategies across different regional markets [8] - The event is suitable for founders of technology innovation enterprises, financial officers, investment professionals, and those seeking career transitions or further education [9]

在科技强国战略全面推动的时代，科创企业的资本运作已不仅是商业课题，更是打通"技术-产业-资本"闭 环、实现产业升级与价值跃升的核心引擎。能否把握资本规律，决定了企业能否在新一轮科技竞争中抢占 先机。 为此，高金MBA特邀谢晖教授于9月双城开讲，围绕科创企业不同发展阶段的资本战略与价值构建，开展 两场深度公开课。不论你处于 上海 还是 北京 ，皆可近距离聆听教授解析实战逻辑，洞察资本与科技融合 之道。 Shanghai 9月6日·上海专场 时间：9月6日（周六）13:30 地点：上海市淮海西路211号305教室 实战价值逻辑构建： 结合科创企业不同发展阶段案例，解析如何将技术壁垒、国家战略契合 度转化为资本认可的价值锚点，与 "科创企业融资与估值" 课程联动，筑牢实战估值能力。 科创企业核心价值拆解： 从理论到实践，结合案例与金融逻辑，拆解科创企业核心价值构 成。 金融工具综合运用： 聚焦科创企业真实需求，阐释股权融资、债权工具等组合策略的应用逻 辑，助力平衡风险与效率，强化核心竞争力。 特色聚焦： 长三角科创生态与资本联动，侧重技术转化与系统化融资路径，融入高金《科技企业成果转化实 践》课程中多个实战案例，帮 ...