Core Viewpoint - The establishment of the Shanghai Futeng Huming Private Equity Fund marks a significant step in Shanghai's investment in the biomedical industry, indicating the opening of a new value investment window in this sector [2][3]. Group 1: Fund Establishment and Collaboration - The fund, initiated by Shanghai Guotou and Sanming Investment Group, has completed a fundraising of 410 million yuan and made its first investment in Xihua Testing [2]. - This initiative represents a deepening collaboration between Shanghai and Sanming, leveraging Sanming's innovative experience in medical reform and Shanghai's resource advantages to create a new ecosystem for cross-regional healthcare investment [3]. Group 2: Investment Focus and Strategy - Futeng Capital has already invested in several innovative companies in the healthcare sector, including leading firms in brain-computer interfaces and gene therapy, covering various fields such as innovative drugs and high-end medical devices [4]. - The fund will focus on growth and mature stage projects with clear clinical needs and commercialization potential, employing strategies like "old shares + capital increase," "mergers and acquisitions," and "cross-border expansion" to empower companies [4]. Group 3: First Investment and Global Reach - The fund's first investment was in Xihua Testing, a global drug research and development outsourcing service provider, which will enhance its technical platform and expand international business [5]. - This investment is part of a "three-level linkage" mechanism that emphasizes the role of capital in driving industry collaboration and aims to elevate China's medical research service's influence in the global value chain [5]. Group 4: Future Development and Ecosystem Building - The fund will leverage Shanghai Guotou's advantages in policy alignment, industry resources, and long-term capital to support portfolio companies in their international development paths [7]. - There are plans to attract more strategic partners to build an open and sustainable investment landscape in the healthcare sector, contributing to the high-quality development of the biomedical industry in Shanghai and nationwide [7].

Core Viewpoint - The total number of listed companies in Shenzhen has surpassed 600, with 426 domestic and 174 overseas companies, highlighting their critical role in the city's economic stability and growth [1][4]. Group 1: Economic Impact - Listed companies are seen as the "ballast" of Shenzhen's real economy and a "driving force" for urban development [1]. - The support for local investments by listed companies is deemed essential for strengthening industrial core advantages and unlocking urban potential [1][4]. Group 2: Policy Recommendations - There is a call to upgrade the policy incentive system to enhance local investment guidance, including financial rewards for companies investing in local projects [4][5]. - Suggestions include optimizing talent evaluation mechanisms to attract and retain skilled professionals in Shenzhen, which is crucial for maintaining competitive advantages [4][5]. Group 3: Industry Development - The establishment of industry chain clusters is recommended to stimulate deeper investments from listed companies, leveraging existing resources in sectors like low-altitude economy, robotics, and new energy vehicles [5]. - The focus on creating a collaborative environment among local listed companies is expected to enhance efficiency and foster long-term investment motivations [5]. Group 4: Women in Business - The emergence of outstanding female entrepreneurs in Shenzhen is noted, with women making up about 40% of the city's tech workforce, increasingly leading in fields like AI and biomedicine [5]. - Initiatives to promote women's participation in technology and entrepreneurship, such as hosting an international competition for female innovators, are proposed to attract global talent and investment [6].

数据亮眼：经济增速领跑全国一线城市 报告以一连串亮眼数据，勾勒出这座改革开放前沿城市在"十四五"期间攻坚克难、领跑前行的清晰图 景。这份成绩单，不仅是深圳自身发展的阶段性总结，更是观察中国高质量发展实践与全球城市竞争态 势的重要窗口。 报告显示，"十四五"时期，深圳经济综合实力实现大幅跃升。地区生产总值从2020年的2.83万亿元提高 到2025年的3.87万亿元，年均增长5.5%、增速居一线城市首位；规上工业总产值、工业增加值连续4年 保持全国城市"双第一"；外贸进出口总额达4.55万亿元，连续2年保持全国城市首位，五年增量1.5万亿 元、占全国比重11.3%，出口实现"33连冠"。 2月9日上午，深圳市七届人大七次会议开幕，深圳市市长覃伟中代表深圳市人民政府向大会作政府工作 报告。 深圳市政协委员、市政协经济委员会副主任高锦民认为，深圳经济实现跃升，主要得益于科技产业飞速 发展和外贸进出口增长，是科技硬实力和高质量发展的集中体现。从企业增量上看，深圳的国家级专精 特新"小巨人"企业总量跃居全国城市首位，先进制造业增加值占规上工业比重高达68.4%，高锦民认为 展现了深圳前瞻布局新质生产力、培育"20+8" ...

马健说："今年是深圳的APEC机遇之年，我们的企业要有更大的格局、更高的战略，用于布局未来产 业、布局科技前沿的技术。" 孙迎彤：以AI思维吸引全球人才，推动深圳成AI创新高地 深圳市人大代表，国民技术股份有限公司董事长、总经理孙迎彤围绕深圳新兴产业的发展情况分享了自 己的看法。他表示，深圳的新兴产业发展环境已经处于第一阵营，在刚过去的2026年CES展4000家参展 企业中也包含了将近400家深圳企业，占比约10%。这离不开深圳坚持的市场化、法治化、国际化，激 发了全球创业者来深圳扎根创业发展。 孙迎彤提出，深圳正从"深圳速度"转向"深圳质量"，在努力创建中国特色社会主义现代化强国的城市范 例、打造粤港澳大湾区国际科技创新中心的进程中，深圳正锻造"引领"的DNA。 2月9日，深圳市七届人大七次会议举行首场"代表通道"集中采访活动，来自不同领域的3位市人大代表 走上通道，围绕人工智能、生物医药、人才战略与文化发展等关键议题建言献策。深圳市人大代表、晶 泰科技CEO马健提出聚焦"三个跨越"，推动AI与生物医药深度融合，助力产业向系统性创新转型；市人 大代表、国民技术（300077）董事长孙迎彤强调以AI思维吸引 ...

Group 1: AI and Economic Integration - The year 2025 is highlighted as a critical point for Shenzhen's AI and biomedicine industries, marking a transition to high-quality development [2] - Shenzhen's innovation cluster, comprising Shenzhen, Hong Kong, and Guangzhou, is projected to rank first globally in the innovation index by 2025, attributed to its strong innovation ecosystem [2] - Emphasis on three focal points for technology-driven industry leadership: ecological collaboration, industry value realization, and ecosystem cultivation [3] Group 2: Talent Development and Industry Competitiveness - Shenzhen is recognized as a leading global hub for emerging industries, with a strong emphasis on quality over quantity in manufacturing [4] - The city has a high R&D investment intensity of 6.67%, with 93% of this funding coming from enterprises, enhancing its competitive edge [4] - There is a call for increased focus on talent development in the AI sector, aiming to attract global talent and cultivate AI-thinking professionals from the existing engineering workforce [6] Group 3: Cultural and Tourism Integration - Shenzhen has established numerous world-class cultural facilities, contributing to its cultural and technological foundation [8] - The development of cruise economy and AI-enabled cultural landmarks is proposed to enhance the cultural tourism experience [8][9] - The integration of various cultural narratives and community involvement is essential for creating a vibrant cultural ecosystem in Shenzhen [9]

Group 1: Artificial Intelligence Industry Development - The integration of artificial intelligence (AI) with economic and social development faces challenges such as an unoptimized enterprise ecosystem and uneven industrial chain layout [1] - Recommendations include optimizing the AI industry ecosystem and enhancing the role of leading enterprises in key technology innovation [1][2] - A national-level approach is suggested to streamline information related to AI resources, guiding local exploration of AI-enabled scenarios [2] Group 2: Low-altitude Economy Development - The low-altitude economy is rapidly developing in China, with potential to create a trillion-yuan market, but faces issues like inadequate infrastructure and talent shortages [3][4] - Policy support is recommended to improve airspace management and provide financial backing for low-altitude economic sectors [3][4] - Emphasis on building ground and information infrastructure to support low-altitude operations is highlighted [4] Group 3: Virtual Power Plant Management - The establishment of a multi-level virtual power plant management system is crucial for enhancing the flexibility and reliability of the power system [6] - Recommendations include improving settlement mechanisms and creating a diversified market for virtual power plants [6] Group 4: Commercial Aerospace Innovation - The development of commercial aerospace is seen as a strategic choice for advancing military-civilian integration and enhancing China's aerospace capabilities [7] - Suggestions include accelerating the implementation of support plans for commercial aerospace industries and encouraging local production capabilities [7] Group 5: Traditional Industry Transformation - The role of new production factors like data in traditional industries is not fully realized, necessitating stronger support from the digital economy [8] - Recommendations focus on developing new production capabilities tailored to local resources and promoting deep cooperation between AI and traditional industries [8] Group 6: Green Energy and Storage Development - The development of green energy storage is essential for building a diversified energy security system [19][20] - Suggestions include utilizing various energy storage technologies and enhancing the value and competitiveness of the energy industry [19][20] Group 7: Artificial Intelligence Education and Awareness - There is a need for enhanced public education on AI to improve understanding and application [21] - Recommendations include government-led initiatives to create an AI education framework and encourage community involvement in AI literacy [21] Group 8: Algorithm Governance and Ethics - The importance of establishing a governance system for algorithms to balance safety and innovation is emphasized [22][28] - Recommendations include improving algorithm transparency and user rights protection, as well as fostering a rational public perception of algorithms [22][28]

2月9日，深圳市七届人大七次会议举行首场"代表通道"集中采访活动，来自不同领域的3位市人大代表 走上通道，围绕人工智能、生物医药、人才战略与文化发展等关键议题建言献策。深圳市人大代表、晶 泰科技CEO马健提出聚焦"三个跨越"，推动AI与生物医药深度融合，助力产业向系统性创新转型；市人 大代表、国民技术董事长孙迎彤强调以AI思维吸引全球人才，推动深圳成为AI创新高地；市人大代 表、艺术家陈湘波则倡导以"文化+IP+新业态"活化世界级文化地标，让城市空间更具温情与吸引力。 深圳市人大代表马健。 马健：聚焦"三个跨越"，推动AI与生物医药深度融合 深圳市人大代表，深圳晶泰科技有限公司联合创始人、CEO马健表示，2025年是"十四五"收官以及"十 五五"启航的关键节点，同时也是深圳人工智能与生物医药产业深度融合、迈向高质量发展的关键一 年。晶泰科技作为深圳市重点培育的AI for Science标杆企业，以人工智能、机器人等前沿技术驱动，在 生命健康、新材料等产业的重大国际合作、关键核心技术攻关、跨界场景应用等方面取得了一定突破。 马健同时也结合晶泰的实践以及自己对行业的观察提出了"三个聚焦"，以实现深圳科技企业从技 ...

Group 1 - Shanghai is in a critical period for building a world-class socialist modern international metropolis, focusing on the integration of global technology innovation and international financial centers as key engines for development [1] - The construction of the "Five Centers" (international economy, finance, trade, shipping, and technology innovation) is essential for enhancing the city's global competitiveness and systemic efficiency [1] - By 2026, Shanghai aims to address deep-seated obstacles in the integration of technology and finance, promoting a new pattern of "technology-led, finance-enabled, industry-supported, and system-guaranteed" development [1] Group 2 - Since the 13th and 14th Five-Year Plans, Shanghai has achieved significant milestones in the construction of the "Five Centers," with its international financial center ranking among the top globally in terms of market transaction volume and financing scale [2] - The global technology innovation center has shown notable capabilities, with a preliminary cluster of large scientific facilities and rapid development in integrated circuits, biomedicine, and artificial intelligence [2] - However, there remains a significant gap in the deep integration and mutual empowerment of technology and finance compared to leading global city clusters like New York-Boston and the San Francisco Bay Area [2] Group 3 - The financial support for technology innovation lacks "risk adaptability," with a mismatch between the indirect financing system and the high-risk, long-cycle nature of technology innovation [2] - The value transformation chain from technology to finance is not smooth, with insufficient breakthroughs in foundational technologies like blockchain and quantum computing, limiting the fundamental reshaping of financial services [3] - The institutional ecosystem for collaborative development between technology and finance is not robust, requiring innovation in cross-departmental collaboration and regulatory frameworks [3] Group 4 - To enhance capital support for the entire lifecycle of technology innovation, a "patient capital" cultivation system should be established, optimizing government fund operations and encouraging long-term investments [4] - The development of multi-tiered capital markets should be deepened, with continuous optimization of listing standards and trading mechanisms to support key technology enterprises [4] - Innovative financial products like intellectual property securitization and technology notes should be developed to broaden financing channels for technology companies [4] Group 5 - The establishment of a financial technology innovation hub focusing on cutting-edge fields such as blockchain and AI is essential, along with the creation of national-level financial technology laboratories [6] - Data as a key production factor should be effectively circulated and applied in compliance with regulations to enhance financial service innovation and risk management capabilities [6] - The integration of technology into financial operations should be promoted, utilizing regulatory technology to improve monitoring and risk management in cross-border financial activities [6] Group 6 - A supportive institutional environment for mutual empowerment between technology and finance should be optimized, with enhanced cross-departmental collaboration and regulatory innovation [7] - The knowledge property operation and protection system should be improved, with a focus on developing comprehensive services for intellectual property transactions [7] - High-end composite talent should be attracted and incentivized, with mechanisms in place to support professionals who understand both technology and finance [7] Group 7 - The facilitation of cross-border channels for technology and finance should be prioritized, exploring the relaxation of restrictions on foreign financial institutions and simplifying cross-border funding procedures [8] - Global cooperation in innovation and finance should be strengthened, encouraging foreign R&D centers to connect with local financial systems [8] - Hosting influential technology finance summits and participating in the formulation of international rules are essential for integrating into global networks [8] Group 8 - The construction of the "Five Centers" has entered a new phase of "system integration, functional superposition, and fusion development," emphasizing the need for both sectors to pursue excellence in their respective fields while innovating at the intersection [9] - A dual approach is required, focusing on financial supply-side structural reforms to meet technology innovation needs while leveraging cutting-edge technology to reshape financial competitiveness [9] - Shanghai aims to establish a unique "technology-finance-industry" cycle model that will enhance the overall capabilities of its international economic, trade, and shipping centers [9]

头部城市竞争日趋激烈，北方城市正发力突围。 天津守住"北方第二城" 近日，各地陆续发布2025年经济数据，北方GDP十强城市榜单正式出炉。 | | | 北方GDP十强城市GDP及增速(亿元) | | | | --- | --- | --- | --- | --- | | 序号 | 城市 | 2025年GDP | 2024年GDP | 增速 | | 1 | 北京 | 52073.4 | 49843.1 | 5.40% | | 2 | 天津 | 18539.82 | 18024.32 | 4.80% | | 3 | 青岛 | 17560.67 | 16719.46 | 5.40% | | 4 | 郑州 | 15244.6 | 14532.07 | 5.40% | | 5 | 济南 | 14210.09 | 13527.55 | 5.40% | | 6 | 西安 | 13902.67 | 13317.78 | 4.70% | | 7 | 烟台 | 11350.98 | 10782.83 | 6.10% | | 8 | 唐山 | 10450.2 | 10003.9 | 6.20% | | 9 | 大连 | 10002 ...

（文章来源：每日经济新闻） 华创证券指出，科技+顺周期仍是年度配置主线。PPI转正预期带动EPS接棒流动性，问增长要收益，科 创配置价值仍在。康波周期下的科技博弈有望继续打开估值上限，应重视端侧稳健增长、应用侧ToB商 业化落地，具体可关注算力硬件、储能、AI应用、智能驾驶等领域。 科创200ETF国泰（589220）跟踪的是科创200指数（000699），单日涨跌幅限制达20%，该指数从科创 板市场中选取市值较大、流动性较好的200只股票作为指数样本，以反映科创板市场的整体表现。指数 样本覆盖了多个高新技术产业和战略性新兴产业领域，包括信息技术、生物医药、新能源等，体现了较 强的创新性和成长性特征。 ...