Group 1: Technology Innovation Center - The core objective is to establish Wuhan as a nationally influential technology innovation center, focusing on active innovation entities, gathering innovation elements, and creating a favorable innovation environment [2][3] - The "Wuhan Regulations on Promoting the Construction of Technology Innovation Center" emphasizes the importance of planning and construction, stimulating innovation vitality, and enhancing support measures for innovative talent [2][3] - Key platforms for innovation include East Lake Science City, Wuhan New City, and the Optics Valley Technology Innovation Corridor, with specific construction goals and tasks outlined [2][3] Group 2: Elderly Care Services - The "Wuhan Elderly Care Services Regulations" aims to develop a diversified elderly care service system in response to the increasing aging population, projected to reach 2.3034 million people aged 60 and above by the end of 2024, with an aging rate of 24.08% [4][5] - The regulations encourage social participation in elderly care services, aiming to optimize a service supply structure based on home care, community support, and institutional care [4][5] - Each district is required to establish at least one government-funded comprehensive elderly care center, with additional requirements for community-level care services and facilities in new residential projects [5]

新能源汽车产业链持续高速增长。5月份，全省汽车制造业、电气机械和器材制造业增加值分别增长 26.7%和20.3%，分别高于全省规上工业增加值增速19.3个百分点和12.9个百分点；全省锂离子电池、新 能源汽车产量分别增长99.1%和20.0%。 投资方面，数据显示，河南工业投资增势强劲。1-5月，河南工业投资增长29.5%，比1-4月加快2.9个百 分点，增速创2022年4月以来新高。其中，制造业投资增长30.8%，比1-4月加快2.8个百分点。 此外，两新政策效应持续释放。5月份，在大规模设备更新等政策措施带动下，河南限额以上单位机电 产品及设备类商品零售额增长46.1%；在消费品以旧换新等政策措施带动下，全省限额以上单位计算机 及其配套产品、智能手机、可穿戴智能设备、家用电器和音像器材类、新能源汽车零售额分别增长1.7 倍、1.6倍、86.1%、47.3%和27.0%。 近日，河南省统计局公布5月份河南省经济运行情况，全省经济延续稳中向好发展态势，工业生产保持 较快增长，投资、消费增速略有加快，主要指标增速均持续高于全国平均水平。 数据显示，5月份，河南全省规上工业增加值同比增长7.4%，高于全国1.6个 ...

(二)资本催化生产要素的创新性配置。新质生产力强调生产要素创新性配置，而资本要素是实现要素间 优化组合与跃升的重要纽带，能够带动各类生产要素重新集聚配置，实现要素间的优化组合与跃升。一 方面，有利于推动培育高端生产要素，推动数字技术在短时间内实现关键性、颠覆性技术突破，使技术 创新的步伐大大加快，这给生产要素间的组合跃升提供了许多新的可能，实现新型生产工具和新型劳动 力的结合，培育和生成新型生产方式。另一方面，有助于建设大型基础设施项目，改善生产要素发挥作 用的生产场景，为生产要素作用的发挥奠定基础。 (三)资本促进产业结构优化升级。资本投资行为使技术变革通过传统产业转型升级与新兴产业发展，资 本通过连接技术要素和其他生产要素促进传统产业的转型升级和新产业（300832）、新业态、新模式的 出现，从而推动生产力跃升。一方面，资本和数字技术的结合可以加速传统产业改造升级的进程，鼓励 和支持传统企业进行数字化和智能化改造，通过新技术的利用来提高生产效率和产品附加值，推动传统 产业价值链向更高层次转移。另一方面，资本参与打造代表产业长远发展方向的未来产业并投入形成战 略性新兴产业，不断激发劳动、知识、技术、管理、数 ...

当天，郑州天健英才创业投资基金、河南省科技成果转化基金和郑州大学眉湖科创基金正式启动，3只 基金总额共5.5亿元，重点投向战略性新兴产业领域科技成果转化项目，为科研团队提供全周期资金支 持，为"环郑大科创圈"建设注入强劲动能。 郑州大学启明概念验证中心也在当天揭牌成立。该中心重点聚焦科技成果的筛选与培育，通过"项目征 集与申请—评估遴选—项目验证—转让与孵化"一体化的概念验证和科技成果转化流程，降低科技成果 转化早期风险，全力打通科技成果转化的"最初一公里"。 6月18日，共建"环郑大科创圈"签约仪式暨郑州大学科创基金启动和科技成果推介大会在国家超级计算 郑州中心举办。以科创圈建设为抓手，深化"政产学研用金"协同，一个开放创新、融合发展的郑州大学 正在焕新向前。 现场，郑州大学、郑州高新区管委会联合河南投资集团有限公司、河南省铁路建设投资集团有限公司及 中原豫资投资控股集团有限公司代表，共同签署"环郑大科创圈"共建协议。郑州高新区正式发布支 持"环郑大科创圈"建设专项政策，涵盖人才引进、平台搭建、成果转化等多项举措，为科创圈发展提供 全方位政策保障。 现场，14支科研团队通过路演形式集中展示创新成果，郑州大学 ...

Core Viewpoint - The Strategic Emerging Industries Purchasing Managers Index (EPMI) fell by 3.1 points to 47.9 in June, marking the lowest level for the same period since 2014, indicating a weakening economic environment in the traditional manufacturing off-season [1][5][6]. Group 1: EPMI and Economic Indicators - The EPMI's decline is slightly greater than the seasonal average decline of 1.1 points observed from 2014 to 2024 [1][7]. - The absolute value of 47.9 is 1.4 points lower than the same period last year, reflecting a significant downturn in emerging industries [8][9]. - Among seven sub-sectors of strategic emerging industries, only two are in the expansion zone, a decrease of one from May [9]. Group 2: Supply and Demand Indicators - Production and product order indices fell by 5.5 and 6.0 points respectively in June [2][11]. - The production-to-order ratio increased to 2.0, indicating that demand is declining faster than supply, although it remains below the three-year average [2][12]. - Export orders decreased by 6.6 points, which is a larger drop than overall orders, suggesting a potential downward adjustment in export growth [2][11]. - Purchasing and selling prices fell by 2.4 and 1.2 points respectively, continuing a three-month trend of decline [2][13]. - Research and development activities increased by 2.1 points, ending a three-month decline, but new product launches have decreased for four consecutive months [2][15]. Group 3: Sector Performance - New materials and next-generation information technology are the only two sectors in the expansion zone, with new materials leading for two months and next-generation information technology for four months [3][16]. - The biotechnology sector showed a recovery after two months of decline, while other sectors experienced a slowdown in June [3][16]. - The electric vehicle sector saw a significant drop in production metrics, which was greater than the change in demand, possibly linked to strict accounting periods [3][15][17]. Group 4: Traditional vs. New Industries - The economy can be simplified into "traditional industries + new industries," with traditional industrial operating rates showing divergence [3][18]. - The steel and coking sectors have lower operating rates compared to May, while the chemical industry has seen some recovery [3][18]. - The EPMI data suggests that the manufacturing PMI may also see a slight decline in June [3][18]. Group 5: Future Outlook - The trends in EPMI, PMI, and BCI since the beginning of the year show a gradual increase until March, followed by a pullback in April and stabilization in May [4][18]. - The real estate market's performance and the potential for construction industry counter-cyclical support will be critical moving forward [4][18].

Economic Overview - The province's economy continues to show a stable and positive development trend, with industrial production maintaining rapid growth and investment and consumption growth rates slightly accelerating, all major indicators growing faster than the national average [1] Industrial Production - In May, the province's industrial added value above designated size increased by 7.4% year-on-year, exceeding the national average by 1.6 percentage points; from January to May, the growth was 8.4%, surpassing the national average by 2.1 percentage points [1] - High-tech manufacturing and strategic emerging industries saw added value growth of 12.4% and 7.6% respectively in May, outpacing the overall industrial growth rate by 5.0 and 0.2 percentage points [1] - The automotive manufacturing sector experienced significant growth, with added value increasing by 26.7% and 20.3% for electrical machinery and equipment manufacturing, exceeding the overall industrial growth rate by 19.3 and 12.9 percentage points respectively [1] - Lithium-ion battery and new energy vehicle production surged by 99.1% and 20.0% year-on-year [1] Fixed Asset Investment - From January to May, fixed asset investment in the province grew by 6.6% year-on-year, 2.9 percentage points higher than the national average [2] - Investment in projects worth over 100 million yuan increased by 11.4%, contributing 7.1 percentage points to overall investment growth [2] - Industrial investment saw a robust increase of 29.5% from January to May, marking a 2.9 percentage point acceleration compared to the previous four months, the highest growth rate since April 2022 [2] - Private investment also expanded, growing by 9.7% year-on-year, exceeding the overall investment growth rate by 3.1 percentage points [2] Consumer Demand - In May, the total retail sales of consumer goods reached 235.22 billion yuan, a year-on-year increase of 8.5%, surpassing the national average by 2.1 percentage points; from January to May, the total retail sales were 1,182.01 billion yuan, growing by 7.5%, also higher than the national average by 2.5 percentage points [3] - The "Two New" policy effects continued to be released, with retail sales of machinery and equipment products increasing by 46.1% year-on-year due to large-scale equipment updates [3] - Retail sales of computers and related products, smartphones, wearable smart devices, home appliances, and audio-visual equipment saw significant increases of 170%, 160%, 86.1%, 47.3%, and 27.0% respectively, contributing 56.8% to the growth of retail sales above designated size [3] - Online retail sales through public networks grew by 69.1% year-on-year in May, contributing 4.9 percentage points to the overall retail sales growth [3]

Core Viewpoint - The Chinese government is intensifying efforts to reform state-owned enterprises (SOEs) by focusing on enhancing technological innovation and integrating it with industrial innovation, aiming for a completion rate of over 80% for key reform tasks by the end of Q1 2025 [1][2]. Group 1: Technological Innovation and Reform - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of improving the quality of technological innovation supply and establishing mechanisms that accommodate the uncertainties and disruptive nature of original innovations [3][4]. - A series of targeted reforms will be implemented to enhance the overall effectiveness of the innovation system, including improving the quality of technological innovation supply and establishing a modern industrial system [1][5]. Group 2: Investment and Development Mechanisms - In Q1 of this year, central enterprises expanded effective investments, with fixed asset investments reaching 851.3 billion yuan, and investments in strategic emerging industries growing by 6.6% year-on-year [5]. - The SASAC plans to refine the development mechanisms for strategic emerging industries and future industries, focusing on identifying key strategic directions for nurturing these sectors [5][6]. Group 3: Talent and Innovation Evaluation - The meeting highlighted the need to establish a multi-dimensional and diversified innovation evaluation mechanism, including long-cycle and precise evaluation methods for different types of research [7][8]. - It is proposed that SOEs implement targeted evaluation indicators for various research areas, such as setting up a virtual quantitative evaluation system for major scientific research tasks [8][9]. Group 4: Integration and Collaboration - The SASAC encourages SOEs to deepen collaboration between industry, academia, and research institutions, leveraging their advantages in demand scale and application scenarios to accelerate the transformation of technologies into productive forces [4][5]. - There is a focus on enhancing the integration of newly acquired businesses post-merger and acquisition, ensuring that governance structures and operational mechanisms align with the development of strategic emerging industries [6][7].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of enhancing technological and industrial innovation through reforms in state-owned enterprises (SOEs) as a priority for 2025 [1][2]. Group 1: Reform Progress and Goals - As of the end of Q1 2025, the average completion rate of key reform tasks among central and local SOEs has exceeded 80% [2]. - The meeting highlighted that achieving high-quality completion of the reform actions is a top priority for SOE reform this year [2]. Group 2: Technological and Industrial Innovation - SOEs are urged to improve the quality of technological innovation supply and take responsibility for building a modern industrial system [4]. - The focus is on integrating artificial intelligence and digital technologies to drive the transformation and upgrading of traditional industries [4][8]. - There is a call for increased investment in new industries and to avoid blind diversification and "involution" competition [4]. Group 3: Integration and Support for New Industries - Emphasis is placed on the importance of restructuring and integrating new business models post-merger and acquisition [6]. - A supportive environment for new technologies and business models is necessary to nurture startups and cultivate specialized "little giants" and unicorns [6]. Group 4: Transformation and Workforce Adaptation - SOEs are encouraged to leverage digital technologies for the high-end, intelligent, and green transformation of traditional industries [8]. - There is a need for proactive workforce training to adapt to changes in business structures due to the "three transformations" [8]. Group 5: Innovation Evaluation and Incentives - The establishment of a robust innovation evaluation and incentive mechanism is crucial for activating innovation vitality [10]. - There is a focus on market-oriented salary systems for key scientific personnel to ensure competitive compensation [10].

Group 1 - The book "Decoding China's Economy" features insights from 12 economists, including Huang Qifan and Liu Shijin, discussing the bright prospects of China's economy and the importance of government investment funds in supporting tech innovation [1] - Local governments in China are actively exploring the operation of government investment funds to leverage more social capital for financing support to tech innovation enterprises [1][10] - The new type of national system aims to enhance the coordination between government and market forces, promoting a deep integration of both to foster innovation [4][11] Group 2 - The 20th National Congress emphasized the need to establish a new system for developing new quality productivity, which includes encouraging angel investment, venture capital, and private equity investment [4] - The government plays a crucial role in shaping the innovation ecosystem, and the highest form of this relationship is when the government acts subtly to support innovation [4][11] - The new "three driving forces" for high-quality economic development are identified as basic research, industrial upgrading, and tech finance, which complement the traditional drivers of investment, consumption, and exports [5][6] Group 3 - China has made significant advancements in strategic emerging industries and new technologies, particularly in areas like new energy and electric vehicles, showcasing a "leapfrog" effect in global trends [6] - The number of Chinese companies in the global top 2500 R&D firms has reached 679, making China the second-largest R&D country [7] - There are over 500,000 tech SMEs and more than 460,000 high-tech enterprises in China, indicating a comprehensive enhancement in innovation capabilities [7] Group 4 - The establishment of innovation consortia led by central enterprises has been initiated to promote collaboration among various innovation entities, including universities and private enterprises [8] - The government is shifting from a subsidy-based support model to a more refined approach through government-led investment funds, enhancing operational efficiency and attracting more social capital [10][12] - The integration of government and market forces in the tech finance sector is crucial for supporting innovation and fostering the growth of tech enterprises [11][12]

■田鹏 6月16日，多个A股市场重要指数完成样本调整，此次调整涉及深证成指、创业板指、深证100、创业板 50、上证50、上证180、上证380、科创50、沪深300、中证500、中证1000等极具市场影响力的指数，备 受市场瞩目。 与此同时，创业板指编制规则也迎来迭代升级，一是引入ESG负面剔除机制，剔除国证ESG评级在B级 以下的股票，降低指数样本发生重大风险事件概率；二是引入个股权重上限机制，通过设置权重调整因 子，使单只样本股权重在每次定期调整时不超过20%，将单只样本股对指数的影响控制在合理范围内。 在笔者看来，此次A股多个指数样本调整及创业板指编制规则迭代升级，主要受以下三个核心因素驱 动。 一是产业结构升级，指数样本也随之调整更迭。当下，我国经济正处于转型升级的关键节点，传统产业 面临着数字化、智能化改造的迫切需求，以人工智能、半导体、新能源、生物医药为代表的"硬科技"产 业，则成为推动经济持续增长、提升国家竞争力的核心力量。在此背景下，A股相关指数样本必须顺应 产业结构变化，才能更好发挥经济"晴雨表"作用。 例如，深证100指数此番调入领益智造（002600）、润泽科技（300442）、中航成 ...