文/ 资本市场学院研究员 徐雅婷 ，中国人民大学深圳研究生院专职研究员 邢洋 为促进健全因地制宜发展新质生产力体制机制，支持构建同科技创新相适 应的科技金融体制，本文从产业金融供给、产业政策支持、产业生态构建 三个 维度对比 分析了 北 上 深津 常 以科 技金 融赋 能合 成生 物产 业发 展 的做 法，认为目前仍存在早期企业股权融资不足、银行信贷支持额小期短等问 题，建议下一步可在采取多维金融赋能方式、推动政策供给实施、完善产 业生态建设等方面支持合成生物产业发展。 习近平总书记强调，"要做好科技金融这篇文章，引导金融资本投早、投小、投长期、投硬科技"。《中共中央关于进一步全面深化改革、推进中国式现代 化的决定》提出要"建立未来产业投入增长机制"。目前，我国已初步建成了包括创业投资、银行信贷、保险、股票市场和债券市场等在内的多层次科技金 融服务体系，为新质生产力的形成与发展提供着强劲动力。然而，目前对科技金融赋能未来产业发展的逻辑和实践相关总结较为缺乏，本文基于合成生物 产业的特点，梳理科技金融赋能未来产业的逻辑与实践，在总结相关经验基础上提出政策建议。 科技金融赋能未来产业的逻辑 科技金融赋能未来产业的 ...

Group 1 - The core message emphasizes the importance of implementing the spirit of the 20th Central Committee and advancing the "14th Five-Year Plan" while striving for new breakthroughs in the construction of a socialist modern country [1][4] - The focus is on enhancing the role of key scientific facilities in synthetic biology, promoting collaboration between industry and academia, and accelerating the application of synthetic biology technologies in various fields such as healthcare and agriculture [2][4] - The development of the Yantian Port is highlighted as a significant achievement, showcasing the transformation from a barren salt flat to a major port, which is crucial for modern construction and regional economic integration [3][4] Group 2 - The need for Shenzhen to leverage its historical and cultural resources to enhance tourism and create a cross-border consumption brand is emphasized, particularly in the context of the Hong Kong collaboration [3] - The importance of technological innovation and the integration of industries is stressed, with a focus on achieving breakthroughs in artificial intelligence, integrated circuits, biomedicine, and new materials [4] - The preparation for the APEC meeting and the organization of the 15th National Games are highlighted as key tasks, with an emphasis on improving urban governance and ensuring successful event execution [4]

Core Insights - The 2025 (Lianyungang) Second Synthetic Biology Industry Development Conference opened in Guannan County, focusing on the theme "Synthetic Biology Creates the Future of Green Manufacturing" [1] - Over 250 experts and industry leaders from the synthetic biology field participated, aiming to foster collaboration and innovation in the industry [1] Event Highlights - The conference was co-hosted by the Chinese Society of Biotechnology and the Shanghai Society of Biotechnology, emphasizing both cutting-edge technology and practical development [1] - Significant initiatives were launched during the opening ceremony, including the unveiling of a science and technology innovation platform and the awarding of a pilot test platform [1] - Ten key projects in popular fields such as bio-based materials, bio-food, medical beauty raw materials, and bioreagents were signed on-site [1] Research and Discussions - Experts shared the latest research advancements on topics such as functional sugar cell factories, green manufacturing of aromatic compounds, and enzyme molecular engineering [1] - A roundtable forum discussed how synthetic biology technology can empower new production capabilities and its deep integration with AI technology, generating valuable insights for the development of the synthetic biology manufacturing industry in Lianyungang and nationwide [1]

Group 1 - The 2025 Second Synthetic Biology Industry Development Conference opened in Guannan County, focusing on "Synthetic Biology Creating a Green Manufacturing Industry Future" with over 250 experts and industry leaders participating [1] - The conference was co-hosted by the Chinese Society of Biotechnology and the Shanghai Society of Biotechnology, emphasizing both technological frontiers and practical development [1] - Significant initiatives were launched during the opening ceremony, including the unveiling of a science and technology innovation platform and the signing of 10 key projects in popular fields such as bio-based materials and biopharmaceuticals [1] Group 2 - Guannan County has prioritized the cultivation of the synthetic biology industry as a key measure to build competitive advantages and create new economic growth [2] - In 2023, the county introduced 25 policy measures to encourage the development of the synthetic biology industry, providing substantial financial incentives [2] - By 2024, a comprehensive industrial ecosystem covering policy support, technological breakthroughs, achievement commercialization, and talent support is expected to take shape in Guannan County [2]

Core Insights - The event "Shenzhen Entrepreneurs' Day" in Guangming District emphasized the importance of collaboration between government and businesses, showcasing a platform for entrepreneurs to share insights and foster relationships [1][2][3] Group 1: Entrepreneurial Engagement - The "Autumn Ming Tea Talk" facilitated open discussions between entrepreneurs and government representatives, creating a relaxed atmosphere for sharing ideas and seeking collaboration opportunities [2] - Entrepreneurs expressed confidence in their businesses, highlighting significant market shares and upcoming product launches, indicating a robust entrepreneurial spirit in Guangming [2] Group 2: Government Support and Services - Guangming District is committed to optimizing the business environment, promoting a comprehensive service system for enterprises, and enhancing financial and talent services [3][5] - The district has deployed 588 officials to support 3,927 enterprises, demonstrating a proactive approach to addressing business needs and concerns [5] Group 3: Economic Growth and Industrial Development - Guangming's GDP has averaged a growth rate of 10% since the 14th Five-Year Plan, surpassing 170 billion yuan, with significant contributions from strategic emerging industries [7] - The district hosts 35 listed companies and over 10,000 enterprises, forming a solid foundation for high-quality development [7] Group 4: Recognition of Outstanding Enterprises - The event highlighted five major lists of benchmark enterprises, including 24 new "Little Giant" companies and 31 unicorns, showcasing the district's innovative capabilities [9] - The recognition of these enterprises underscores their role as key drivers of innovation and economic growth in Guangming [9] Group 5: Future Opportunities in Science and Technology - Guangming Science City is positioned to become a hub for emerging industries, with significant investments in research facilities and talent development [10][11] - The collaboration between scientific innovation and entrepreneurial spirit is expected to yield substantial advancements and opportunities for businesses in the region [13]

Market Performance - The new materials sector experienced an increase this week, with the new materials index rising by 1.11%, outperforming the ChiNext index by 0.46% [1] - Over the past five trading days, the synthetic biology index rose by 3.07%, while semiconductor materials fell by 4.58%, electronic chemicals decreased by 2.53%, biodegradable plastics increased by 3.46%, industrial gases dropped by 1.29%, and battery chemicals surged by 8.24% [1] Price Tracking - Amino acids prices showed mixed results: valine at 12,550 CNY/ton (up 1.21%), arginine at 21,500 CNY/ton (down 0.69%), tryptophan remained unchanged at 32,500 CNY/ton, and methionine at 20,250 CNY/ton (down 2.64%) [2] - Biodegradable materials prices remained stable for PLA (FY201 injection grade at 17,800 CNY/ton and PLA (REVODE201 film grade at 17,000 CNY/ton), while PBS decreased by 1.69% to 17,500 CNY/ton and PBAT fell by 0.51% to 9,800 CNY/ton [2] - Vitamins prices remained unchanged: vitamin A at 63,000 CNY/ton, vitamin E at 52,500 CNY/ton, vitamin D3 at 212,500 CNY/ton, calcium pantothenate at 42,000 CNY/ton, and inositol at 30,500 CNY/ton [2] - Industrial gases and wet electronic chemicals prices remained stable: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 6,100 CNY/ton [2] - In the plastics and fibers category, carbon fiber remained at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton, and aramid at 81,800 CNY/ton (down 13.44%) [2] Investment Recommendations - The State Council released a white paper on "China's Action for Carbon Peak and Carbon Neutrality," emphasizing the focus on renewable energy such as wind power for future development [3] - The white paper projects that by 2030, China's cumulative installed wind power capacity will reach 1.3 billion kW, with expectations of 2 billion kW by 2035 and 5 billion kW by 2060 [3] - The wind power industry is expected to maintain a high prosperity pattern, presenting significant development opportunities for upstream materials, with recommendations to focus on companies like Times New Material and Mega Chip Color [3] Lithium Hexafluorophosphate Price Recovery - Lithium hexafluorophosphate, a key raw material for electrolytes, saw a price rebound, rising from a low of 50,000 CNY/ton to 121,500 CNY/ton as of November 7, 2025 [4] - The demand from the downstream electric vehicle and energy storage industries has surged, significantly increasing the procurement volume of lithium hexafluorophosphate by electrolyte manufacturers [4] - Despite leading companies operating at full capacity, the overall supply remains tight due to previous overcapacity leading to industry consolidation, suggesting potential for further price increases and recovery of profitability in the supply chain [4]

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down 0.07% closing at 4000.14 points, the Shenzhen Component down 0.36% at 13240.62 points, the Sci-Tech 50 down 0.58% at 1379.45 points, and the ChiNext Index down 0.39% at 3122.03 points [1][10] - Overall, there were 1756 stocks that rose and 3561 that fell, with a total market turnover of 19450 billion yuan, a decrease of 485 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included household appliances (up 1.22%), comprehensive (up 1.05%), textile and apparel (up 0.87%), petroleum and petrochemicals (up 0.84%), and pharmaceutical and biological (up 0.61%) [1] - The leading decliners were in the sectors of electric equipment (down 2.10%), machinery equipment (down 1.23%), computers (down 1.04%), national defense and military industry (down 0.87%), and automobiles (down 0.81%) [1] Concept Sector Performance - The concept sectors with the highest gains included insurance selection, lithium battery electrolyte, blood products, stem cells, SPD, in vitro diagnostics, genetic testing, white household appliances selection, aluminum industry, three-child policy, industrial metals selection, synthetic biology, satellite internet, weight loss drugs, and central enterprise banks [2]

Core Viewpoint - The article discusses the innovative integration of technology and industry in Wuxi High-tech Zone, which has achieved a per capita GDP exceeding 360,000 yuan, leading in Jiangsu province, through systematic institutional restructuring and breaking down barriers between technological and industrial innovation [1][8]. Group 1: Institutional Reform - Since its establishment as a national high-tech zone in 1992, Wuxi High-tech Zone has generated nearly one-sixth of Wuxi's GDP with only one-twentieth of the city's land area and less than one-tenth of its population [2]. - The integration of the original Science and Technology Bureau and the Industrial and Information Technology Bureau into a new "Science, Industry, and Information Technology Bureau" aims to enhance the synergy between technology and industry [3]. Group 2: Innovation Ecosystem Construction - The new bureau has launched the "Major Industrial Technology Tackling Plan" to address hard technology challenges, with a goal to cultivate five flagship enterprises and fifty hard technology companies within five years [4]. - A total of 50 innovation platforms have been established, particularly in the semiconductor field, to support the entire cycle of innovation from technology research to commercialization [4]. Group 3: Collaboration with Universities - Wuxi High-tech Zone has been selected as a pilot unit for "Double High Coordination," collaborating with Jiangnan University to enhance the integration of technology and industry [7]. - The partnership has resulted in the establishment of a talent training system that has successfully placed 1,271 university graduates into local enterprises, with a retention rate of nearly 80% [7]. Group 4: Future Development Goals - By 2030, Wuxi High-tech Zone aims to become a leading area for new productive forces and a model for Chinese-style modernization, showcasing the value of its "technology-industry integration experiment" as a methodology for regional economic transformation under resource constraints [8].

Core Viewpoint - The article emphasizes the importance of political supervision in promoting the construction of a modern industrial system, focusing on problem-oriented approaches to support traditional and emerging industries [1][2]. Group 1: Traditional Industry Support - The Lai Xi City Discipline Inspection Commission organized a meeting with integrity supervisors from 15 enterprises to discuss challenges in industrial transformation, highlighting issues such as reliance on imported equipment and funding shortages [1][2]. - The Lai Xi City Commission facilitated a successful collaboration between Qingdao Jiulian Group and Qingdao Ruizhi Intelligent Equipment Technology Co., addressing the need for research funding and equipment procurement [2][3]. Group 2: Emerging Industry Development - The Yongkang City Discipline Inspection Commission is actively monitoring the progress of the modern hardware industry service complex project, addressing issues like outdated buildings and land ownership complexities [2][3]. - The Shanghai Jing'an District Discipline Inspection Commission focuses on nurturing emerging industries, utilizing various methods to strengthen supervision over strategic emerging industry clusters and technological advancements [3][4]. Group 3: Financial Support for SMEs - The Jing'an District Commission has initiated "intellectual property pledge financing" services to assist small and micro enterprises facing financing difficulties due to limited tangible assets [4]. - The Mudanjiang City Discipline Inspection Commission is implementing precise political supervision to ensure that innovation funding effectively benefits enterprises, focusing on technology transfer and core technology breakthroughs [5][6]. Group 4: Local Government Initiatives - The Nanyang City Discipline Inspection Commission is actively engaging with local enterprises to monitor policy implementation and service support, particularly in the synthetic biology industry [6].

Core Viewpoint - Shanxi Province is transitioning from a coal-dependent economy to a diversified and green economy, emphasizing the need for industrial transformation while leveraging its existing coal resources [2][6][12]. Group 1: Economic Transition - Shanxi has historically relied on coal, leading to a "one coal dominates" economic structure, which has limited its future development [2]. - The provincial leadership emphasizes a balanced approach to utilize coal advantages while fostering new economic drivers, advocating for a gradual and orderly industrial transformation [2][12]. - The province aims to achieve a "green transformation" by revaluing coal and developing new energy sources, marking a significant shift in its economic strategy [6][7]. Group 2: Industrial Innovation - Lüliang City is implementing green transformation practices, such as the "one input, two reductions" model for coke oven gas and VOCs governance, enhancing traditional industries' sustainability [7]. - The integration of coal chemical resources with emerging sectors like synthetic biology is being pursued in cities like Taiyuan and Jinzhong, creating a replicable model for a circular economy [9]. - Jinzhong's enterprises are exploring hydrogen production from coke oven gas, contributing to a comprehensive hydrogen energy industry chain [9]. Group 3: Agricultural and Rural Development - The industrial transformation is positively impacting agriculture, with initiatives like the "dry farming + agritourism" model in Jinzhong, showcasing a successful integration of industrial technology into rural revitalization [10]. - The development of organic farming and the utilization of industrial by-products as agricultural fertilizers are examples of resource recycling in rural areas [10]. Group 4: Business Environment and Investment - The improvement of the business environment in cities like Taiyuan is facilitating investment, with streamlined administrative processes enhancing service efficiency for enterprises [12]. - The integration of cultural and tourism sectors with traditional industries, such as the expansion of the Fenjiu project in Lüliang, is creating new employment opportunities and driving urban development [12].