Core Viewpoint - The value of capital markets in supporting inclusive finance is increasingly recognized, with a focus on activating the functions of the New Third Board (NTB) and improving its system to enhance resource allocation for small and medium-sized enterprises (SMEs) [1][3]. Group 1: Capital Market and Inclusive Finance - The NTB is inherently a financing market for SMEs, possessing characteristics of inclusive finance, with approximately 25% of main board IPOs originating from the NTB [3]. - As of October 2025, there are over 6,000 companies listed on the NTB, primarily in innovative SMEs, indicating its role in facilitating financing for these enterprises [1][2]. - The China Securities Regulatory Commission (CSRC) emphasizes the unique advantages of capital markets in sharing innovation risks and promoting the formation of innovative capital [4]. Group 2: Financing Mechanisms and Benefits - Direct financing through capital markets improves funding efficiency for innovative SMEs, providing sustainable capital support, unlike traditional bank loans which are rigid and constrained [5][6]. - The NTB allows companies to obtain not only funds but also resources and credibility, establishing long-term partnerships based on shared values and growth [6]. - The NTB's lower listing thresholds and costs compared to the main board enhance its accessibility for SMEs, promoting a more inclusive financial environment [3][5]. Group 3: Future Directions and Recommendations - There is a call for greater attention to the activation of NTB functions and system improvements to support the financing of SMEs, which could help alleviate IPO review pressures [7]. - The development of the NTB could significantly benefit the over 60 million SMEs in China, highlighting the need for a sustainable development path for capital market support of inclusive finance [7]. - The essence of inclusive finance extends beyond mere financing to building a service network that integrates capital, industry, and policy, positioning it as a true engine for innovation [7].

Core Insights - The Global Wealth Management Forum 2025 held in Shanghai focused on topics such as digital transformation, technological benefits, global financial cooperation, and investment outlooks, showcasing Shanghai's financial innovation and openness [1][2]. Group 1: Investment Trends - AI and gold emerged as hot topics during discussions, with experts highlighting the importance of AI for business competitiveness and the historical correlation between inflation and gold prices [5][6]. - The Shanghai financial market saw a trading total of 2967.83 trillion yuan from January to September, marking a 12.7% year-on-year increase, with stock market capitalization and bond market size ranking among the top globally [6]. Group 2: Financial Ecosystem Development - Shanghai's Jing'an District reported a financial services industry value-added of 28.817 billion yuan in the first half of the year, indicating robust growth and a well-developed financial ecosystem [8]. - The establishment of the Shanghai AI-FI Laboratory was a notable outcome of the forum, aiming to integrate AI into financial services, with various financial institutions launching innovative AI-driven tools [11][13]. Group 3: Policy and Infrastructure - The forum emphasized the need for continuous dialogue among industry practitioners, institutional investors, and policymakers to navigate complex market conditions and seize emerging trends [6][7]. - Jing'an District has been proactive in enhancing its financial environment, establishing services like a comprehensive financing service center and a cross-border financial service center to facilitate international investments [9][10].

10月17日晚间，证监会修订发布《上市公司治理准则》（以下简称《治理准则》），并宣布新规将自 2026年1月1日起正式施行。 新规要求上市公司建立薪酬管理制度，确保董事、高管的薪酬与公司经营业绩、个人绩效紧密挂钩，实 现激励与约束的平衡。同时，鼓励建立薪酬递延支付和追索扣回机制，旨在杜绝短期行为，促使管理层 与公司长期发展利益绑定。 核心内容三：规范控股股东与实际控制人行为。 针对市场关切的利益输送问题，新规严格限制可能对上市公司产生重大不利影响的同业竞争，并强化了 对非重大同业竞争的信息披露要求，以增强透明度。此外，还进一步明确了董事会对关联交易的识别与 审议责任，从源头上防范不当关联交易。 核心内容四：做好规则衔接，提升体系协调性。 此次修订旨在进一步规范上市公司董事、高级管理人员及控股股东、实际控制人等"关键少数"的行为， 全面提升上市公司治理水平，筑牢资本市场健康发展的基石。 本次《治理准则》的修订是对现行规则的全面升级与完善。证监会表示，随着市场发展及相关法律法规 的更新，为进一步督促公司管理层勤勉尽责，防范大股东滥用控制权损害公司及中小股东利益，强化 对"关键少数"的监督与约束显得尤为紧迫。 聚焦 ...

Core Insights - A new venture capital firm named Ningbo Zhenhai Weiyuan Lingxi Robot Venture Capital Partnership (Limited Partnership) has been established with a registered capital of 100 million RMB [1] Group 1: Company Information - The executing partner of the firm is Weng Ningning [2] - The company was registered on October 16, 2025, and is currently in a state of existence [2] - The business scope includes venture capital, specifically limited to investments in unlisted companies [2] Group 2: Partner Information - The firm is co-funded by several entities: Ningbo Zhenhai Industrial Investment Private Fund Management Co., Ltd., Ningbo Zhenkai Group Co., Ltd., Ningbo Zhenhai Industrial Investment Development Co., Ltd., and Zhejiang Xiasha Precision Manufacturing Co., Ltd. [1][2] - The partners include state-owned enterprises and a publicly listed company [2]

天眼查工商信息显示，近日，金祥远舵伍号（深圳）投资合伙企业（有限合伙）成立，执行事务合伙人为深圳市前海祥元基金管理有限公司，出资额1.91亿 人民币，经营范围为以自有资金从事投资活动。合伙人信息显示，该企业由泸州老窖集团旗下四川金舵投资有限责任公司以及珠海祥元叁号投资合伙企业 （有限合伙）、深圳市前海祥元基金管理有限公司共同出资。 | 基本信息 12 | 法律诉讼 | 经营风险 | 经营信息 公 | | --- | --- | --- | --- | | 执行事务合伙人 | 深圳市前海祥元基金管理有限公 深圳 | 登记状态 2 | 存续 | | | 市前 글 | 成立日期 | 2025-10-17 | | 统一社会信用代码 ② | 91440300MAG0X6EB1E | 出资额 | 19100万人民币 | | 工商注册号 | 440300227161164 | 纳税人识别号 2 | 91440300MAG0X6EB1E | | 营业期限 | 2025-10-17 至 无固定期限 | 纳税人资质 | | | 亚洲学生 | 有限合伙 | 行业 | 资本市场服务 | | 参保人数 | | 英文名称 | | | 登 ...

每经AI快讯，天眼查工商信息显示，近日，广州科创智行股权投资合伙企业(有限合伙)成立，执行事务合伙人为广州产投私募基金管理有限公司，出资额约 3247万元人民币，经营范围为创业投资，以私募基金从事股权投资、投资管理、资产管理等活动。合伙人信息显示，该合伙企业由小马智行旗下广州小马慧 行科技有限公司以及广州产投私募基金管理有限公司共同出资。 | 基本信息 5 | 法律诉讼 | 经营风险 | 经营信息 公i | | --- | --- | --- | --- | | 执行事务合伙人 2 | 广州产投私募基金管理有限公司 1 委派代表： | 登记状态 ② | 存续 | | | 协) | 成立日期 | 2025-10-15 | | 统一社会信用代码 2 | 91440112MAG0YX7M6G | 出资额 | 3247.03万人民币 | | 工商注册号 | 440112005314450 | 纳税人识别号 ② | 91440112MAG0YX7M6G | | 营业期限 | 2025-10-15 至 2040-10-10 | 纳税人资质 | | | 企业类型 | 有限合伙企业 | 行业 | 资本市场服务 | | 参保人 ...

Group 1: Core Views - The capital market in China has undergone significant reforms, with the implementation of the stock issuance registration system being a fundamental change that enhances market efficiency and attractiveness [1][2][4] - The registration system reform focuses on empowering the market, emphasizing information disclosure, and allowing investors to assess enterprise value [1][2] Group 2: Key Developments in Registration System - The registration system was piloted in the Sci-Tech Innovation Board and has been expanded to the entire market, with over 60 supporting rules introduced to ensure stable development [2][3] - The introduction of new listing standards for the Sci-Tech Innovation Board and the Growth Enterprise Market aims to support emerging industries, including artificial intelligence and aerospace [3][4] Group 3: Impact on the Real Economy - The capital market's ability to serve the real economy has improved, with over 90% of newly listed companies being high-tech enterprises during the "14th Five-Year Plan" period [5][6] - The North Exchange and the New Third Board have facilitated direct financing for small and medium-sized enterprises, with over 270 companies listed on the North Exchange [5][6] Group 4: Regulatory Enhancements - The registration system has not relaxed regulatory requirements but has strengthened oversight across all stages, resulting in a significant increase in penalties for violations [4][7] - The implementation of a robust delisting system has ensured a smooth exit for companies, with 178 companies forced to delist from 2021 to September 2025 [7][8] Group 5: Investor Protection Mechanisms - The investor protection framework has been enhanced, with new regulations addressing issues such as share reduction and fraud, ensuring accountability for issuers and intermediaries [8] - Notable cases of investor compensation have emerged, highlighting the effectiveness of the investor protection measures in place [8]

"十四五"时期，我国资本市场稳中求进，统筹发展与安全，筑牢监管防线，严守风险底线。一系列政策发布 实施以来，资本市场基础制度和监管底层逻辑得到全方位重构，多层次市场体系更加完备，市场功能不断健 全，市场韧性明显增强，市场生态持续净化。 筑牢市场运行"防波堤" 对资本市场来说，过去5年是不寻常的5年。"十四五"时期，我国资本市场面临复杂多变的国内外环境。全球 经济金融波动、地缘政治冲突以及国内经济转型等多重因素，给资本市场带来了一系列考验。 9月22日，在国务院新闻办公室举行的高质量完成"十四五"规划系列主题新闻发布会上，中国证券监督管理委 员会主席吴清在答记者问时表示，过去5年资本市场面临的环境发生了复杂深刻变化，外部输入性风险挑战可 以说是"风高浪急"，国内部分领域风险"水落石出"，资本市场作为各类风险交汇地和敏感带首当其冲。"面对 多重超预期风险挑战，在党中央、国务院统筹部署下，我们协同各宏观管理、金融管理、国资部门和相关经 营主体加强政策对冲、资金对冲、预期对冲，有效防范市场大幅波动和系统性风险。"吴清说。 去年4月，国务院印发《关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称"新'国九 ...

【大河财立方消息】天眼查App显示，10月15日，河北自贸区正定片区国有资产控股有限责任公司发生工商变更，企业名称变更为河北自贸区产业投资集团 有限公司，同时，注册资本由2000万人民币增至130亿人民币，增幅64900%。 该公司成立于2011年12月，法定代表人为李毅飞，经营范围含以自有资金从事投资活动、自有资金投资的资产管理服务、市政设施管理、公共事业管理服 务、规划设计管理、城乡市容管理、物业管理、企业管理等。 | | | 都在用的商业查询工具 | 豆公司 查老板 音风险 | | --- | --- | --- | --- | | | | 国家中小企业发展子基金旗下机构 | 河北自贸区产业投资集团有限公司 × 天眼一下 | | 基本信息 129 | | 法律诉讼 | 经营风险 经营信息 506 公主 | | 变更记录 27 3 ● | | | | | 序号 | 变更日期 | 变更项目 | 变更前 | | 1 | 2025-10-15 | 注册资本变更(注册资 金、资金数额等变更) | 2000万人民币 | | 2 | 2025-10-15 | 经营范围变更(含业务 范围变更) | 一般项目:以自有资金 ...

| 基本信息 3 | 法律诉讼 | 经营风险 | 公司 经营信息 | | --- | --- | --- | --- | | 执行事务合伙人 | 长江成长资本投资有限公司 | 登记状态 2 | 存续 | | | | 成立日期 | 2025-10-15 | | 统一社会信用代码 ② | 91429004MAG0LT4H4H | 出资额 | 25000万人民币 | | 工商注册号 | 429004310024179 | 纳税人识别号 ② | 91429004MAG0LT4H4H | | 营业期限 | 2025-10-15 至 2035-10-15 | 纳税人资质 | | | 企业类型 | 有限合伙企业 | 行业 | 资本市场服务 | | 参保人数 | | 英文名称 | | | 登记机关 | 仙桃市市场监督管理局 | 主要经营场所 2 | 湖北省仙桃市通港公路特1号61 | | 经营范围 ① | | 一般项目：创业投资（限投资未上市企业）;以自有资金从事投资活动。 (除许可业务外,可自主依法 | | 每日经济新闻 每经AI快讯，天眼查App显示，近日，仙桃市长证产业发展基金合伙企业（有限合伙）成立，执行事务合伙人为 ...