从2024年4月份，新国九条的推出可以看到，推动上市公司高质量发展是新国九条里最重要的一部分内 容。除了外延式发展改变上市公司的质量，同时通过并购重组和内延方式发展双重提高上市公司的质 量。 从2024年9月份，中央政治局工作会议提出来，支持上市公司通过并购重组发展，这也是历史以来第一 次在中央政治局会议上把并购重组提出来，说明并购重组已经得到了中央领导的支持。通过中央政治局 会议和2024年9月份并购六条的推出，在二级市场得到了很好的反响，二级市场的整个指数发生了翻 转，说明整个国家的支持政策是非常有影响力和指导性的。 实际上从并购重组这些政策来看，他看到了很积极的影响。 1、开始重拾信心，不管是各行各业，半导体也是最重要的一个支持国家命脉的产业，也是在2024年年 底开始出现了比较大的翻转。信心提升这块，不管是买方还是卖方，还是投资机构，都开始续力做并购 重组，有幸的是元禾璞华也是在新并购六条推出之前，先知先觉，做了一只并购基金，专为半导体新质 生产力的发展做出我们自己的贡献。 2、除了信心提升以外，在市场的关注度这块，牛俊岭看到各大报纸以及各大公众号开始宣传并购重 组，和IPO同时宣传，说明市场的关注度 ...

Group 1: Trade Relations - The US and China have committed to reducing tariffs on bilateral trade, with a significant reduction in tariffs on Chinese goods, including a 24% tariff being suspended for the first 90 days [1][6] - The easing of US-China trade relations is expected to boost market confidence, benefiting export-oriented industries and high-tech sectors [1][6] - The renewable energy and electric vehicle industries are anticipated to become new highlights of US-China cooperation, with the US aiming for electric vehicles to account for 50% of new car sales by 2030 [1][6] Group 2: Semiconductor Industry - Global semiconductor sales are projected to improve in 2024, with an estimated sales figure of approximately $630.5 billion, representing a year-on-year growth of about 19.7% [2] - The Asia-Pacific region's semiconductor sales are expected to reach around $340.79 billion, with a growth rate of 17.5% [2] - The semiconductor market is anticipated to continue its growth trajectory, reaching $697.1 billion by 2025, with an 11% increase [2] Group 3: AI Education - The Ministry of Education has released guidelines for AI education in primary and secondary schools, aiming to cultivate innovative talents with AI literacy [3] - Investment opportunities in the AI and education sectors are expected to rise, particularly for publishing companies, as AI courses are integrated into the education system [3] - The implementation of AI in education is projected to enhance personalized learning and significantly increase demand for AI educational tools [3] Group 4: Quantum Technology - A research team from the University of Electronic Science and Technology has developed the world's first gallium nitride quantum light source chip, which is expected to undergo multi-scenario technology validation by 2026 [4] - The gallium nitride quantum light source chip is crucial for quantum internet applications, enhancing information security and enabling complex quantum algorithms [4] Group 5: Wearable Technology - Huawei is set to launch the WATCH 5 series on May 15, featuring advanced health monitoring capabilities [5] - The increasing focus on health management is driving demand for smart medical watches that can monitor vital signs and predict health risks [5] - The global market for wearable devices is projected to reach $150 billion by 2025 [5]

| 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 杨森茂 | 539.02 | 10.48 | 不变 | | 天水华天科技（002185）股份有限公司 | 325.76 | 6.33 | 不变 | | 深圳哈勃科技投资合伙企业(有限合伙) | 201.73 | 3.92 | -40.35 | | 李启明 | 117.73 | 2.29 | 不变 | | 钱方方 | 107.50 | 2.09 | 不变 | | 薛建民 | 89.91 | 1.75 | 不变 | | 陈青 | 86.67 | 1.68 | 不变 | | 许小平 | 81.45 | 1.58 | -1.31 | | 德邦半导体产业混合发起式A | 80.00 | 1.56 | -34.19 | | 上海盛宇股权投资基金管理有限公司-江苏盛宇华天创业投 | | | 新进 | | 资合伙企业(有限合伙) | 77.00 | 1.50 | | | 较上个报告期退出前十大股东有 | | | | | 中芯聚源私募基金管理(上海)有限公司-聚源信诚 ...

值得一提的是，在丽水经开区上榜的5家企业中，有4家企业均为特色半导体产业中的龙头企业。 黄晓俊、曹露 4月23日—25日，由民建浙江省委会、浙江省工商联、中国投资发展促进会共同主办的第九届万物生长 大会在杭州举行。本次大会首次发布"浙江独角兽企业榜单""浙江未来独角兽企业TOP100榜单""浙江种 子独角兽企业TOP100榜单"。丽水共7家企业上榜，其中丽水经开区有5家。 本次大会以"中流奋楫——扬帆击水三千里"为主题，首次发布浙江独角兽企业系列榜单，旨在响应省 委、省政府提出的"创新浙江引领新质生产力发展，打造现代化产业体系"号召，以"创新浙江"点燃高质 量发展新引擎，深度挖掘和充分展示浙江省内具有高成长性与创新潜力的优质企业。 半导体产业是丽水经开区发展新质生产力的典型代表之一。在"双招双引"战略性先导工程的引领下，丽 水经开区半导体产业从零起步、从无到有，已落地项目43个，总投资超750亿元。丽水经开区首 创"Smart-IDM"模式，构筑了"芯片材料、装备、设计、制造、封测、应用"的产业体系，形成了浙江省 第二条组链成群半导体产业链，并入选浙江省"万亩千亿"新产业平台培育名单、省级首批示范型数字经 济 ...

| 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 永赢半导体产业智选混合发起A | 73.31 | 3.26 | 新进 | | 德邦半导体产业混合发起式A | 60.12 | 2.67 | 新进 | | 中欧瑾和灵活配置混合A | 44.01 | 1.96 | 新进 | | 瑞士嘉盛银行有限公司-自有资金 | 38.18 | 1.70 | 新进 | | 上海南土资产管理有限公司-南土资产立羽2号私募证 券投资基金 | 35.23 | 1.57 | 新进 | | 金显落 | 35.00 | 1.56 | 新进 | | 徐东京 | 32.26 | 1.43 | 新进 | | 潘敬良 | 31.69 | 1.41 | 新进 | | 香港中央结算有限公司 | 29.06 | 1.29 | -20.21 | | 赵作斌 | 28.38 | 1.26 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 鲍智良 | 27.74 | 1.30 | 退出 | | 董国伟 | 17.72 | 0.83 ...

后台有留言，讨论关税战对创投行业的影响。中短期内，我觉得会有一些利空的影响。 但是长期，我认为无非就是全球贸易秩序重塑，漂亮国带自己的朋友圈，我们带我们的朋友圈。然后因 为我们是出口为主，所以我们建立自己的贸易圈，难度会比漂亮国大。 大就大呗。我们历史上，近代史上，面临的一个个挑战，就没有小的。 而贸易秩序重塑的过程，有没有可能反而会对我们的创投行业带来一些新的机会。 关于对创投行业的长期影响，我可能没有很强的宏观经济分析的能力，我想分享三个小故事。 （一） 上世纪末，漂亮国时任总统克林顿，邀请我方重新加入 WTO 。 是克林顿真把我们当朋友吗？ nono 为什么没想到？ 因为他们不理解，我们的劳动人民，为了创造美好的明天，而可以承受多少的辛苦， 忍受多少的劳累。 （二） 很多业内传言，这次关税战之后，很快还会有毛衣战，主要针对的就是我国半导体产业。希望以毛衣战 为筹码，逼迫我国对关税战妥协。 没事，我们的半导体产业已经被打压很多年了，不带怕的。 知乎上有很多帖子分享过，湾湾如何用了差不多一两代人的工程师，把湾湾的半导体产业搭建起来，把 半导体的制造从漂亮国抢过来，从日韩抢过来。 我国真正发力自己的半导体产业 ...

Core Viewpoint - The article discusses the impact of U.S. tariffs and reduced overseas restocking on China's export and import growth in early 2025, highlighting a significant decline in export growth rates and the influence of geopolitical factors on future trade dynamics [1][2][3]. Export Performance - In January-February 2025, China's export value (in USD) increased by 2.3% year-on-year, which is a decline of 8.4 percentage points compared to December 2024's growth of 10.7% [2]. - The export performance was below seasonal expectations, with a month-on-month increase of 60.9% compared to December 2024, while the average increase over the past five years was 66.2% [2]. - The decline in export growth is primarily attributed to U.S. tariffs, with the first round of a 10% tariff on February 4, 2025, negatively affecting the export container shipping price index [3]. Export Structure - The semiconductor industry significantly contributed to export growth, with integrated circuits and related products showing growth rates of 11.0% and 10.1%, respectively [4]. - Labor-intensive products, such as clothing and toys, experienced a notable decline in export growth, contributing a negative impact of 1.4 percentage points to the overall export growth [4]. Import Performance - In January-February 2025, China's import growth rate was -8.4%, a decline of 9.4 percentage points compared to the previous period, influenced by a decrease in domestic manufacturing activity and new tariffs on U.S. goods [5]. - The average PMI for domestic manufacturing was recorded at 49.65, indicating a decline from the previous quarter [5]. - Major commodities like crude oil and coal saw a decrease in import growth rates, while imports of automatic data processing equipment remained high at 54.4% [5]. Future Outlook - The second round of U.S. tariffs, effective March 4, 2025, is expected to further exacerbate the negative impact on China's exports [6]. - Geopolitical factors and the pace of overseas tariffs will be crucial variables affecting China's export growth in 2025, with potential changes in U.S.-China trade relations anticipated following the release of the "America First Trade Policy" memorandum in early April [6].