中经记者 孙汝祥 夏欣 北京报道 "站在新起点，科创板将继续以'改革不停步，服务不止步，生态不松劲'的担当，进一步打通'科技、资 本、产业'良性循环的堵点痛点，为实现高水平科技自立自强、推动高质量发展，注入更多资本市场动 能。"9月10日，上交所党委委员、副总经理王泊在由《中国经营报》主办的科创板迈向"新高地"暨"硬 科硬客"2025年会的开场发言中如是表示。 王泊强调，对上交所以及科创板而言，坚持金融服务实体经济的根本宗旨，提升支持科技创新的能级， 充分发挥交易所资本市场枢纽功能，是党和国家交给科创板的重要使命。 上交所党委委员、副总经理王泊 以包容性改革破壁垒 王泊指出，科创板将"包容性"作为制度设计的核心底色，坚持为未盈利硬科技企业打开"资本入口"，真 正让好公司不会因暂未盈利错失资本市场助力。 在科创板设立之初即推出"多元上市标准"，首次允许未盈利企业、红筹企业、特殊股权架构企业登陆A 股，为科创企业开辟了针对性的上市通道。2025年新改革的"1+6"政策更是精准发力，专门搭建"科创成 长层"，重启第五套上市标准，将人工智能、商业航天、低空经济等前沿领域纳入包容范畴。 王泊表示，科创板始终紧扣科技企业 ...

Group 1 - Morgan Stanley reports that U.S. investors' interest in the Chinese market has reached a three-year high, with over 90% of investors expressing willingness to increase exposure, a level not seen since early 2021 [2] - Factors driving this trend include China's global leadership in humanoid robots, biotechnology, and drug development, as well as gradual policy measures aimed at stabilizing the economy and supporting capital markets [2] - Improved liquidity conditions and the need for diversified global asset allocation further support investment intentions [2] Group 2 - Wells Fargo emphasizes that the growth style remains in trend, with significant valuation gaps between Chinese companies and their overseas counterparts in high-end manufacturing, indicating substantial growth potential [4] - Huabao Fund suggests an investment strategy of "digging deep for Alpha while waiting for Beta," reflecting a focus on active management to achieve excess returns beyond market benchmarks [5] Group 3 - Guotai Fund identifies three main investment directions: innovative drugs, AI healthcare, and low-valuation leading companies in new cycles, with expectations that the current innovative drug market will see greater market capitalization growth than previous cycles [6] - The manager notes that the recognition of efficient R&D and clinical innovation in the pharmaceutical industry is driving this trend [6] Group 4 - Xingyin Fund highlights that product strength has become the core competitiveness of consumer companies, as consumers increasingly favor "self-satisfying" scenarios, reshaping the industry landscape [9] - The ability to continuously launch innovative products that meet precise consumer needs is crucial for corporate growth [9] Group 5 - Quanguo Fund points out that major global model manufacturers have released significant upgrades, emphasizing China's indispensable role in autonomous hardware and model capabilities, with substantial potential in domestic computing power and application-related fields [11]

Group 1 - The "2025 Phoenix Star Listed Company Selection" aims to highlight the core competitiveness and influence of Chinese listed companies, supporting the healthy development of mainland and Hong Kong stock markets [1] - The selection process includes a first round of expert reviews on August 28, followed by public voting, with results to be announced on September 23 [1] - Nine awards are set to cover key areas such as innovation, shareholder returns, social responsibility, growth potential, brand influence, and globalization [1] Group 2 - Professor Xue Jun emphasizes the significance of Chinese companies going global, noting that outward direct investment reflects a company's development capability, especially when export trade faces bottlenecks [3] - The focus has shifted from the quantity of overseas investments to the quality of returns and local operations management [3] - The evaluation of overseas investment profitability shows a steady increase over the past 20 years, with China's outward direct investment only accounting for 16.63% of GDP, indicating substantial growth potential compared to developed countries [4] Group 3 - Different types of companies should adopt differentiated strategies for going global, with manufacturing firms needing to address competition and trade barriers, while service industries should focus on regulatory flexibility [6] - The challenges faced by companies include geopolitical risks, stringent security reviews, and increasing competition in overseas markets, necessitating a focus on local operations [7] - The opportunities for Chinese companies include enhanced regional cooperation amid globalization challenges, advantages in green transition, and strong demand in emerging markets [7] Group 4 - The collaboration between academia and industry is crucial in the AI era, with universities needing to cultivate versatile talents and create detailed databases to support companies in their global ventures [8] - The selection event is supported by various institutions, including the China Listed Companies Association and academic institutions, with results to be revealed at the "Phoenix Bay Area Financial Forum 2025" [8]

Group 1: Price Data Overview - The August price data from the National Bureau of Statistics shows significant structural differentiation, with a slight year-on-year decline in CPI, but positive signals regarding economic transformation and structural optimization are evident [1][4] - CPI decreased by 0.4% year-on-year, primarily due to last year's high base and lower seasonal food prices, with food prices dropping by 4.3% year-on-year [1][2] - The decline in food prices reflects the strengthening of domestic agricultural supply capabilities, indicating support from the supply side rather than a contraction in demand [1] Group 2: Core CPI and Consumer Demand - The core CPI, excluding food and energy prices, rose by 0.9% year-on-year, marking the fourth consecutive month of growth, indicating a steady recovery in domestic consumption demand [2] - Service consumption, particularly in healthcare, education, and tourism, has shown significant price increases, contributing to the core CPI's rise [2] - Upgraded consumption remains robust, with notable price increases in gold and platinum jewelry, as well as household appliances, reflecting a growing pursuit of high-quality living among consumers [2] Group 3: Industrial Price Trends - Industrial prices are showing positive changes, with PPI stabilizing after eight months of decline, and the year-on-year decline narrowing by 0.7 percentage points [3] - The structural improvement in industrial prices indicates a marginal improvement in supply-demand relationships within certain industries, alongside ongoing optimization of industrial structure and growth of new drivers [3] - Key industry capacity governance measures are yielding results, leading to price increases in traditional raw material sectors like coal and steel, while new drivers are enhancing prices in high-tech and green industries [3] Group 4: Policy Implications and Future Outlook - Current price data reflects a significant structural characteristic of "supply optimization in traditional sectors and demand expansion in emerging sectors," highlighting the accelerated transition of China's economic drivers [4] - Macro policies need to remain precise and patient, ensuring stable supply and prices for essential goods while enhancing the internal driving force through improved consumption environments and high-quality supply [4] - Continued support for consumption and the construction of a unified national market are expected to promote steady recovery in consumer demand and stabilize low CPI levels, while industrial price recovery is anticipated to continue [4]

Core Insights - The Anhui Province has achieved significant growth in service trade, with total trade amounting to 492.7 billion yuan in the previous year, reflecting an annual growth rate of 10.2% since 2020 [3][4] - The province is leveraging "Hui culture" as a bridge to enhance cultural trade, which is becoming a key component of its soft power in international trade [6][7] Service Trade Growth - Anhui's service trade total increased from 333.7 billion yuan in 2020 to 492.7 billion yuan last year, with a year-on-year growth of 34.4% in the first half of this year, ranking third nationally [3][4] - Digital delivery trade, including sectors like insurance, finance, and information services, reached 123.7 billion yuan, accounting for 40.4% of total service trade, with a year-on-year growth of 32.8% [3] Economic Development in Hefei - Hefei has deepened international cooperation with over 220 countries and regions, ranking 15th among China's foreign trade cities [4] - The city has seen a significant economic growth, exceeding 1.35 trillion yuan last year, making it one of the fastest-growing cities in China over the past 20 years [4] Cultural Trade Initiatives - Anhui organized 20 representative enterprises to showcase at the 2025 service trade fair, highlighting the integration of high technology and Hui culture [6] - The province's cultural trade is accelerating, with 33 enterprises and 3 projects recognized as key cultural export enterprises, ranking third nationally [6] Policy and Infrastructure Improvements - Anhui has implemented 35 measures to optimize policy supply and enhance service quality, including a funding initiative that delivered 187.9 billion yuan directly to 41,000 enterprises [8][10] - The province has established a high-level open system centered around Hefei, enhancing its capacity for service trade innovation and development [3][4] Foreign Investment and Trade - Anhui has successfully attracted major projects from companies like NIO and IKEA, and has seen a 19.2% increase in actual foreign investment, totaling 2.1 billion USD in the first seven months of this year [9][10] - The province's efforts in international economic cooperation have led to the establishment of 33 overseas business service points, facilitating the expansion of local enterprises into global markets [9]

Core Insights - The transformation of the Jin Yin Lake area from a rural wetland to a thriving economic hub is highlighted, with over 40 headquarters enterprises established and an annual output value exceeding 100 billion yuan [1][8][12] - The area's ecological advantages and strategic location have attracted significant investments from various enterprises, including state-owned enterprises [4][6][10] - The integration of ecology, production, and living has created a desirable environment for residents and businesses alike, contributing to a population of approximately 230,000 [12][13] Group 1: Economic Development - The Jin Yin Lake headquarters economy has developed rapidly, with a focus on industries such as finance, health, high-end manufacturing, and modern services [7][8] - The establishment of the Jianghan Water Network Construction Development Co., Ltd. marked a significant milestone in attracting major enterprises to the area [3][4] - The Jin Yin Lake area has seen a continuous influx of headquarters enterprises since the early 2000s, with notable companies like China Unicom and Good Products entering the market [7][10] Group 2: Investment Attraction - The successful investment decisions by companies like Jiangsu Zhihui Port Technology Industry Group were influenced by the area's ecological environment and mature urban infrastructure [6][10] - The local government has played a crucial role in facilitating investments by providing comprehensive support throughout the project lifecycle [9][10] - The Jin Yin Lake Technology Park has attracted over 200 enterprises, primarily technology-driven, indicating a strong interest in the region's economic potential [11][12] Group 3: Community and Lifestyle - The integration of living spaces with business and ecological environments has enhanced the quality of life for residents, making it an attractive place for talent and executives [12][13] - The development of community infrastructure has expanded significantly, with the number of communities increasing from 9 to 18 and residential areas growing to accommodate the rising population [12][13] - The vision for the future includes creating a dual center of headquarters economy and modern services, further enhancing the area's appeal [14]

Core Viewpoint - The A-share market has shown strong performance over the past year, with the Shanghai Composite Index reaching a nearly ten-year high, reflecting a significant shift in investor risk appetite [1] Market Performance - Since the "9.24" period last year, the Shanghai Composite Index has experienced a recovery from the bottom, followed by fluctuations and a subsequent rise [1] - The average daily trading volume in the A-share market has increased to around 3 trillion yuan, indicating a notable change in investor sentiment over the past year [1] Sector Performance - The technology growth style, driven by industrial trends, has performed well overall, with the STAR 50 and ChiNext Index both showing cumulative gains of over 90% [1] - Leading sectors in the past year include TMT (Technology, Media, and Telecommunications), non-ferrous metals, and high-end manufacturing, while the real estate chain, broad consumption, and some traditional cyclical industries have shown relatively flat performance [1]

Core Viewpoint - The A-share market has shown a strong performance over the past year, with the Shanghai Composite Index rising by 44.6% since the low point in September 2024, outperforming other markets and asset classes [3][4][7]. Market Performance Overview - The A-share market has experienced a significant increase in daily trading volume, rising from less than 500 billion yuan in September 2024 to around 3 trillion yuan recently, indicating a shift in investor risk appetite [3]. - The technology growth style has performed particularly well, with the STAR 50 and ChiNext Index showing cumulative gains of 95.9% and 92.9%, respectively [3][4]. Phases of Market Movement 1. **Initial Phase of Market Rally (Late September to Early October 2024)**: - The market began to rally following a series of pro-growth policies announced in late September, including interest rate cuts and support for the stock market [3]. - The Shanghai Composite Index rose by 27% in just six trading days, with the ChiNext Index and STAR 50 gaining 66.6% and 59.2%, respectively [3][4]. 2. **Consolidation Phase (October 2024 to March 2025)**: - After reaching a peak in October, the market entered a consolidation phase with the Shanghai Composite Index fluctuating within a 200-point range [4]. - The focus shifted from macroeconomic policies to industry trends, with technology and AI sectors gaining attention [5]. 3. **Adjustment Phase Due to External Risks (March to Early April 2025)**: - External uncertainties led to a market pullback, particularly in the technology sector, but intervention from state-owned funds and monetary policy support helped stabilize the market [6]. 4. **Recovery Phase (Mid-April 2025 to Present)**: - The market has entered a steady upward phase, supported by improved macroeconomic conditions and increased liquidity, with the margin trading balance exceeding 2 trillion yuan [6]. - Key sectors such as pharmaceuticals, AI, and non-bank financials have shown strong performance during this phase [6]. Driving Factors - The primary driver of the A-share market's performance has been a decline in risk premiums, with capital inflows and the resulting profit effects being secondary outcomes [7][8]. - The restructuring of the global monetary order and the strengthening of China's innovation capabilities are seen as significant underlying factors for the current bull market [8]. Future Outlook - While short-term volatility risks remain, the medium-term upward trend of the index is expected to continue, supported by ongoing structural policies and the potential for further asset revaluation in China [9]. - Key sectors to watch include technology, manufacturing, and financial services, with a focus on companies with solid industry fundamentals [10].

Core Viewpoint - New quality productivity is an inevitable path for switching economic growth momentum, characterized by high technology, high efficiency, and high quality, driven by technological breakthroughs and innovative allocation of production factors [4][10]. Group 1: Overview of New Quality Productivity - New quality productivity is defined as advanced productivity that achieves significant leaps in labor, materials, and objects through technological revolutions and deep industrial transformations [4]. - The development of new quality productivity is supported by various government policies aimed at enhancing emerging industries and future industries [5][24]. Group 2: Key Industry Core Sorting - The overall development of new quality productivity in Chinese provinces shows a trend of improvement and uneven development, with 20 provinces reaching a medium to high level since 2021 [9][10]. - High-level provinces such as Beijing, Shanghai, Zhejiang, Guangdong, and Jiangsu are expected to benefit first due to their advantages in higher education resources, innovation talent distribution, and infrastructure [9][10]. Group 3: Development Potential in Related Fields - The new quality productivity industry chain can be broken down into six core segments: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries [11][25]. - Each segment is expected to experience long-term favorable conditions driven by policies, with high-end equipment and energy transition showing significant growth potential [12][11]. Group 4: Investment Outlook - The focus on optimizing supply chains and actively cultivating emerging and future industries is crucial for enhancing new quality productivity [11][25]. - The government is expected to implement policies to address overcapacity in certain industries, promoting industrial restructuring and enhancing domestic demand [24][25].

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].