2025年作为"十四五"收官之年，国办1号文等政策红利精准释放、千亿级国家创投引导基金叠加地方产业集群政策、并购重组规则优化，从资金供给、产 业方向到退出渠道全方位发力。这一年既是政策与市场深度互动的实践场，也是硬科技与"AI+"赛道加速突围的关键期。 一级市场是否开始回暖？市场出现了哪些新机遇？智通财经创投通联合执中，从数据视角呈现2025年一级市场募投领域的资金动向与变化趋势。 第一部分：募资市场 备案基金：新备案基金数近四年来首次回升，小规模基金占比提高 2025年，新备案的中国私募股权投资基金共计5162支，注册资本总额约2.79万亿元，较2024年分别同比增长19.38%和15.49%；备案基金数近四年来首次回 升。从基金注册地来看，浙江、江苏、广东、山东四省备案基金数继续保持前四位，累计占比57%；从备案基金规模来看，北京、浙江、江苏、上海四地 区备案基金注册资本均超2000亿元，累计占比54%。 从备案基金规模来看，新备案基金以小规模基金为主，注册资本在1亿元及以下的基金数占比约50.91%，1-5亿元之间的占比29.19%，较2024年分别提高 0.79和1.35个百分点；而30亿元以上的基金 ...

Core Insights - The article emphasizes the strategic focus of Shangcheng District on "Two Strengths, Two Supplements, Two Stabilizations" as a pathway for economic development during the "14th Five-Year Plan" period [1] - The district aims to enhance advanced manufacturing and leverage artificial intelligence for industrial upgrades, marking a significant shift in its economic strategy [1] Group 1: Economic Performance and Goals - Over the past five years, Shangcheng has achieved a GDP exceeding 280 billion yuan and a resident population of over 1.7 million, solidifying its advantages in modern finance, high-end business, and fashion consumption [1] - The district's economic deployment reflects a clear strategy of strengthening existing advantages while addressing weaknesses in innovation and manufacturing [1] Group 2: Consumer and Fashion Industry Development - Shangcheng is focusing on developing three major commercial circles to establish itself as a leading digital fashion consumption district, with initiatives in various areas such as high-tech and cultural integration [2] - The transformation of the "Four Seasons Green Clothing Street" from a traditional wholesale market to a new consumption destination illustrates the district's commitment to evolving its fashion industry [2] Group 3: Advanced Manufacturing and AI Integration - Despite limited space for advanced manufacturing, Shangcheng is targeting the "133X" manufacturing sector, emphasizing artificial intelligence to develop high-density, high-value urban industrial service models [2] - The district is advancing AI as a key driver of economic integration, with initiatives including digital transformation for traditional businesses and collaboration with universities for research and development [3] Group 4: Urban Development and Governance - Shangcheng is addressing multiple challenges such as development dynamics, urban quality, cultural heritage, and governance efficiency, indicating a comprehensive approach to urban planning [4] - The district's strategy includes optimizing land and housing supply while fostering a resilient industrial ecosystem and enhancing the business environment [4] Group 5: Future Outlook - The deployment for the beginning of the year marks the start of Shangcheng's "14th Five-Year Plan" narrative, with a focus on leveraging its 122 square kilometers for sustainable growth [5]

Core Insights - The development of the Yangtze River Economic Belt is a major regional strategy personally planned, deployed, and promoted by General Secretary Xi Jinping, focusing on ecological protection and sustainable development [1] Environmental Protection - The proportion of water quality in categories I-III in the Yangtze River Economic Belt has increased from 67% in 2015 to 96.5% now, a rise of nearly 30 percentage points, with the main stream maintaining Class II water quality for six consecutive years [2] - The total phosphorus concentration in the Yangtze River basin has decreased by over 40% compared to ten years ago, and over 90% of black and odorous water bodies in county-level cities have been eliminated [2] Industrial Development - The Yangtze River Economic Belt is a crucial area for industrial aggregation, with 30 strategic emerging industry clusters cultivated, accounting for 45% of the national total [3] - The region contributes nearly half of the national GDP while accounting for about one-third of energy consumption and carbon emissions, emphasizing its role in green development [3] Transportation Infrastructure - The high-grade waterway mileage in the Yangtze River system has reached 11,500 kilometers, allowing for significant improvements in shipping capabilities [4] - By 2025, the port throughput along the Yangtze River is expected to reach 4.2 billion tons, with the number of major ports increasing to 18, reflecting substantial growth since 2015 [5]

作为制造业重镇与全球大港，宁波正将金融"活水"精准引向科技创新与产业升级，在国家多项金融改革 试点的赋能下，构建起服务新质生产力发展的现代金融生态。日前，宁波市委金融办相关负责人在接受 中国证券报记者专访时表示，宁波金融系统正着力推动金融资源与实体经济特别是先进制造业、未来产 业高效融合，通过深化改革与创新服务，强化"耐心资本"供给，为区域经济高质量发展构筑坚实的资本 支撑。 ● 本报记者 杨梓岩 畅通血脉：融资攻坚与直融扩围 服务实体经济，是宁波金融改革的出发点和落脚点。宁波市委金融办相关负责人指出，过去几年，宁波 金融系统着力构建"大金融"生态，核心目标就是破解融资难题，推动社会融资规模实现量质双升。 他介绍，针对重大项目融资的堵点，宁波借助"甬金通"等数字化平台开展"投融攻坚"，2025年上半年即 支持重大项目融资1460亿元，并靠前参与政策性金融工具申报。强有力的金融支持，使得制造业贷款增 量稳居浙江省首位，稳固了实体经济的根基。 在间接融资持续发力的同时，宁波大力拓展直接融资渠道，改变过度依赖银行的传统格局。"我们支持 优质企业通过上市、发债、并购重组等多元工具融资发展。"宁波市委金融办相关负责人表 ...

Core Insights - The Chinese capital market is undergoing a fundamental transformation, moving away from a reliance on storytelling and simple financial arbitrage to a more rigorous and integrated approach to mergers and acquisitions [1] - The IPO approval process has tightened, leading to a low approval rate, while the M&A market is experiencing a structural explosion focused on deep integration along the industrial chain [1] - Companies face significant challenges, including weak core business growth, high risks in cross-industry transformations, and difficulties in finding quality hard-tech targets [1] Group 1: Market Dynamics - The current market is characterized by a mismatch of resources and an island effect, where companies with core technologies struggle due to increased IPO thresholds and lack of application scenarios [1] - The need for a new type of organization that can mobilize policy, technology, industry, capital, and insurance resources is evident, as traditional financial advisory models are insufficient [2] Group 2: Ecosystem Development - The China International Economic and Technological Cooperation Promotion Association's Listed Company Development Working Committee aims to address these challenges by acting as a "production-finance ecological connector" [2] - This platform has linked over 1,000 listed companies and more than 50 central state-owned enterprises, along with top academic institutions, to provide comprehensive lifecycle services [2][10] Group 3: Practical Solutions - The Working Committee has proposed a "five-dimensional driving" model to tackle the "three difficulties and three shortages" faced by enterprises, including challenges in technology transfer, capital connection, and scenario implementation [3] - By collaborating with leading academic institutions, the committee facilitates direct access to high-level research outcomes for companies seeking to transition to hard technology [4] Group 4: Financial Innovation - A hundred billion-level production-finance collaborative innovation fund matrix has been established, covering investments from angel rounds to pre-IPO stages, with a clear exit path for projects from day one [6] - The introduction of customized insurance products mitigates risks associated with research failures or trial losses, significantly lowering the cost of experimentation [6][14] Group 5: Educational Initiatives - The "New Quality Productive Forces Listed Company Production-Finance Public Welfare Classroom" serves as a unique platform for high-level resource exchange, involving central state-owned enterprise executives and top fund partners [7] - This initiative has already facilitated multiple deep integration cases across various sectors, creating a curated pool of high-quality acquisition targets for listed companies [7] Group 6: Future Outlook - The future of China's high-quality economic development will increasingly rely on the cultivation of "new quality productive forces," with collaboration being essential for companies to navigate uncertainties [8] - The State-owned Assets Supervision and Administration Commission has emphasized the need for professional integration and high-quality mergers and acquisitions, accelerating the evolution of the industry landscape [8][9]

中新社北京1月5日电 (记者刘文文)中国国家发改委副主任王昌林5日在国务院新闻办公室举行的发布会 上表示，长江经济带已成为中国科技资源最富集、创新创业活力最强的区域之一。 产业升级塑造新优势。他说，长江经济带产业基础好、韧性强，累计培育国家级先进制造业集群41家、 战略性新兴产业集群30家，分别占全国的51%和45%。以汽车产业为例，2025年上海、江苏、浙江、安 徽、重庆新能源汽车产量均超过百万辆，一条贯通全流域、覆盖全链条的新能源汽车产业链正在加速形 成。 绿色转型实现新突破。国家发改委在长江经济带布局建设了24个国家碳达峰试点城市和园区、14个零碳 园区；推动浙江丽水、江西抚州等14个试点地区加快探索生态产品价值实现机制。长江经济带以占全国 约三分之一的能源消耗和碳排放，贡献了近一半的GDP，生态优先绿色发展主战场的引领带动作用日益 凸显。 他还说，下一步，将会同有关方面，加快推动沿江传统产业绿色转型，因地制宜培育壮大绿色低碳产 业，更好实现在发展中保护、在保护中发展。(完) 王昌林说，长江经济带是中国产业集聚的重要区域。近年来，国家发改委积极推动沿江产业绿色低碳转 型，取得了积极成效，可以用"三个新" ...

Group 1 - The core viewpoint is that structural changes in the Chinese market are expected to drive continued upward momentum in Chinese stocks, particularly in technology sectors, with significant returns anticipated in 2026 [1][4]. - In 2025, the MSCI China Index saw a return rate exceeding 30%, outperforming the S&P 500's return of approximately 16.39% [1]. - Global institutions are increasingly launching China-focused ETFs, with a total of 53 ETFs listed in the U.S., amounting to approximately $31.47 billion in total assets [2]. Group 2 - The largest Chinese ETFs in the U.S. include KWEB, MCHI, FXI, CQQQ, and ASHR, with KWEB having the largest size at $8.02 billion [2]. - CQQQ was a standout performer in 2025, attracting over $2 billion in inflows, while KWEB and MCHI received inflows of approximately $1.973 billion and $871 million, respectively [2]. - The interest in non-U.S. ETFs, including those focused on China, is expected to continue growing in 2026, driven by attractive valuations compared to U.S. stocks [3]. Group 3 - UBS Wealth Management forecasts that advanced manufacturing and technology will be key growth drivers for the Chinese market in 2026, supported by increased government R&D investment [4]. - The Chinese government aims to boost R&D spending to at least 3.2% of GDP by 2030, with a compound annual growth rate of 7% [4]. - Abundant liquidity, with approximately 7 trillion RMB in household savings, is expected to flow into the stock market, particularly in sectors like cloud computing, e-commerce, and AI [5].

湖北强化基础研究多元化投入和体系化布局，推进"尖刀"技术攻关，探索编制20个重点领域产业链创新 图谱，特色成果不断涌现。2025年，国家量子联合基金、湖北人形机器人联合基金重大专项落地；"尖 刀"攻关形成42项实物成果，先后创造全球最快磁悬浮技术、全球最高强度平顶脉冲磁场强度，研制全 球首个"稻米造血"一类创新药等重大创新产品。 未来，该省还将聚焦先进制造业产业集群创新需求，统筹"尖刀"技术攻关工程、重大科技专项和重点研 发计划，持续支持重大基础研究突破、推进关键核心技术攻关、加快标志性创新产品研发攻坚。同时， 通过项目资助、平台共建、人才集聚等方式，推动基础研究成果技术化、技术创新成果产品化、创新产 品成果商业化。(完) （文章来源：中国新闻网） 记者4日从湖北省科技厅获悉，该省集中发布2025年度36项科创成果，涵盖原创性基础研究、核心技术 攻关以及标志性创新产品研发等方面取得的新突破、新进展、新成效。 2025年，湖北强化"61020"科技创新成果体系建设，即每年产出6项以上重大基础研究成果，突破10项以 上重大关键技术，形成20项以上标志性产品。原创性基础研究在现代农业、金属矿产、生命健康等领域 取得 ...

截至目前，本届"海科杯"大赛已有38个参赛项目与我省相关企业通过云签约的方式签署合作协议。（记 者 邓翔沣） "海科杯"大赛参赛选手通过视频连线10位专业评审进行答辩。记者 华小峰 摄 9月19日，第六届"海科杯"全球华侨华人创新创业大赛决赛（以下简称"海科杯"大赛）落幕。通过线上路 演，9个决赛项目分别进行展示，其中6个项目分别斩获一、二、三等奖。 本届"海科杯"大赛首次通过线上开展，自上半年启动以来，共征集了来自26个国家和地区的705个高新科 技项目，涉及生物医药、电子信息与互联网、先进制造、新材料与节能环保等行业领域。大赛分为北美、欧 洲、亚太三个海外分赛场，经过初赛、半决赛层层选拔，最终决出9个项目进入决赛。 决赛采用"8+3"模式进行答辩，即每位参赛选手提前录制8分钟的项目陈述视频，然后由评委与参赛选手通 过网络连线，进行3分钟的提问交流，10位评委对参赛项目进行严格评分。大赛最终评出一等奖1名、二等奖2 名和三等奖3名。 ...

Group 1 - The core focus of China's economic policy for 2026 is to expand domestic demand, with a significant emphasis on optimizing the implementation of "two new" policies (large-scale equipment updates and consumer goods replacement) to stimulate demand [1] - The National Development and Reform Commission (NDRC) has issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies, optimizing support scope, subsidy standards, and implementation mechanisms [1] - A total of 62.5 billion RMB in special bonds will be allocated in advance to support the consumer goods replacement program, indicating a proactive policy approach [1] Group 2 - The early release of the 2026 "two重" construction project list and central budget investment plan amounts to approximately 295 billion RMB, with an accelerated pace of fund allocation and usage [2] - The NDRC has approved several major infrastructure projects, including the Guangzhou New Airport and the Sichuan Dadu River Danba Hydropower Station, with total investments exceeding 400 billion RMB [2] - The National Venture Capital Guidance Fund has officially started operations, with an initial investment of 100 billion RMB from special bonds, aiming to attract local and social capital for a total investment scale exceeding 1 trillion RMB [2] Group 3 - The revised "Encouragement Directory" now includes 1,679 entries, an increase of 205 from the 2022 version, promoting foreign investment in advanced manufacturing, modern services, and high-tech sectors [3] - The expansion of the "Encouragement Directory" effectively addresses the concerns of foreign enterprises and optimizes the directional guidance for foreign investment [3] - Recent policy coordination is expected to strengthen the foundation for economic recovery, with a focus on nurturing new productive forces and promoting long-term development [3]