Core Insights - The Science and Technology Innovation Board (STAR Market) has welcomed a new company, Electric Science and Technology Blue Sky, bringing the total number of listed companies to 603, highlighting its role as a hub for "hard technology" enterprises in China [2] - The STAR Market Composite Index has gained significant attention, with a sample size of 580 stocks and a market capitalization coverage exceeding 90%, indicating a notable growth effect [2][3] - Nearly 60% of STAR Market companies have reported a year-on-year increase in net profit, with 39 companies experiencing a substantial growth of over 100% [3] STAR Market Overview - The STAR Market is characterized by a development pattern of "chain leader guidance and upstream-downstream collaboration," particularly in strategic emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [2] - The STAR Market Composite Index has become one of the four core broad-based indices in A-shares, providing a vital tool for domestic and international investors to observe and share in the dividends of China's new productive forces [2] Performance and Growth - As of February 9, 2026, 391 companies on the STAR Market have disclosed their expected performance for 2025, with over 60% of them showing a year-on-year increase in net profit [3] - The total R&D investment of STAR Market companies reached 132.864 billion yuan in the first three quarters of 2025, which is 2.7 times the net profit of the sector, with a median R&D investment ratio of 12.5% of operating income, significantly higher than other A-share sectors [3] Reform and Development - The STAR Market has undergone three rounds of systematic reforms aimed at enhancing the inclusiveness and adaptability of the capital market, supporting various types of companies, including unprofitable and special equity structure enterprises [4] - Since the introduction of the "STAR Market Eight Articles," over 170 new merger and acquisition transactions have been recorded, totaling more than 90 billion yuan, with a transaction completion rate of nearly 70% [5] Index and Product Ecosystem - The STAR Market Composite Index has shown a steady upward trend since its launch, with an increase of approximately 63% as of February 10, 2026 [6] - A complete product chain has been established, including ETFs, linked funds, and enhanced products, with 49 fund managers launching a total of 81 STAR Market Composite Index funds, achieving a combined scale of 25.8 billion yuan [6]

Core Insights - Zhuhai is at a critical juncture as it aims to boost its economy, with signs of new growth momentum emerging after a period of transformation [1] - The government work report outlines ambitious GDP growth targets and investment plans for the coming years, emphasizing the need for a robust industrial foundation and innovation [2][3] Economic Performance - In 2025, Zhuhai's GDP is projected to reach 457.31 billion yuan, with a year-on-year growth of 2.7%, slightly lower than neighboring Zhongshan [1] - Key economic indicators such as industrial added value, foreign trade, and public budget revenues have shown growth, but fixed asset investment has declined by 31.6% [1] - The "4+3" pillar industries are expected to grow by 6%, with integrated circuits and high-end equipment manufacturing industries seeing growth rates exceeding 20% [1] Investment and Innovation - Zhuhai aims for a GDP growth target of 5%-5.5% by 2026, with specific goals for industrial added value, fixed asset investment, and retail sales [2] - The city has seen over 80% growth in R&D investment over five years, with an R&D intensity of 4.57%, ranking second in the province [5] - The government emphasizes the need to enhance the conversion of technological advantages into market advantages, addressing low technology transfer rates [5] Industrial Development - The government work report highlights the need to strengthen pillar industries, particularly in renewable energy, biomedicine, and integrated circuits [3][4] - There is a focus on advancing technology in the semiconductor sector and fostering innovation in biomedicine and health [3] Cross-Border Cooperation - Zhuhai's strategic location allows it to connect mainland China with Hong Kong and Macau, enhancing its role in the Guangdong-Hong Kong-Macau Greater Bay Area [6] - The city plans to improve customs efficiency and enhance logistics and tourism services through the Hong Kong-Zhuhai-Macao Bridge [6][7] - Collaborative efforts with Hong Kong and Macau are aimed at building a high-efficiency production and consumption service trade system [7] Future Prospects - The government aims to establish a comprehensive ecosystem for innovation and entrepreneurship, leveraging its geographical advantages and existing industrial base [6][8] - The integration of Zhuhai and Macau is seen as a way to develop a low-altitude economy, providing unique cross-border application scenarios [8][9] - Zhuhai's ability to navigate its transformation challenges may serve as a model for other medium-sized cities in China [9]

再来看科技领域的江波龙，则向市场呈现了一份"研发 业绩"双丰收的亮眼成绩单。2月3日发布的公告 显示，公司2025年的研发投入高达2.5亿元，专注于存储芯片技术的持续迭代升级。与此同时，公司的 净利润也实现了同比高达151.11%的爆炸式增长，业绩直接翻倍。江波龙用实际行动证明，科技企业的 核心竞争力，最终还是要依靠真实的技术实力和扎实的利润支撑。 老牌企业杉杉股份也迎来了股权结构的重大变革。2月8日发布的公告显示，公司的控股股东杉杉集团签 署了重整投资协议，安徽国资计划入主，这意味着杉杉股份即将进入由国资主导的全新发展阶段。值得 一提的是，杉杉股份此前刚刚实现了扭亏为盈，2025年归属于母公司的净利润预计将达到4-6亿元。此 次叠加股东重整的利好，无疑将为企业发展装上"双引擎"，为未来的发展打开了广阔的想象空间。 此外，ST金灵也传来喜讯。2月3日晚间发布的公告显示，公司的重整计划获得了法院的批准，正式进 入执行阶段。这家专注于高端装备制造的企业终于摆脱了经营困境，迎来了重生的曙光。ST金灵从债 务危机到重整落地的转变，也成为了众多身处困境的企业成功突围的缩影，向市场传递了积极的信号。 这四家公司的公告看似 ...

2026年2月11日，常州龙鑫智能装备股份有限公司（下称"龙鑫智能"）IPO申请将迎北交所上市委审议。 公司拟募资4.58亿元投向智能装备扩建及研发项目。在上会前夕，龙鑫智能陷入多重困境，净利润连续 两年下滑、核心高管借实控人资金入股、收入确认存在重大财务瑕疵，多项问题遭北交所问询。 光鲜营收背后，龙鑫智能经营疲态尽显，增收不增利问题突出。招股材料及最新审阅数据显示，2022年 至2024年，公司营收从3.36亿元增至6.04亿元，但净利润出现波动，分别为8,716.03万元、1.43亿元、1.2 亿元。2025年颓势进一步加剧，公司营收仅微增4.96%，净利润却逆势下滑1.42%，营收与净利润反向 背离持续扩大，盈利能力显著承压。 业绩承压的同时，龙鑫智能客户集中度常年居高不下，2022年至2025年上半年，公司对前五大客户销售 占比分别为48.68%、64.83%、66.95%、69.32%，呈逐年攀升态势。与此同时，龙鑫智能客户结构引发 关注。招股书显示，报告期内，公司前五客户频繁更换：2022年前五客户仅两家留存至2023年；2023年 五大核心客户2024年集体"消失"、全部跌出前五；2025年上半 ...

观众在中关村信息谷南宁项目十年创新成果展参观最新科技成果。 本报记者陆增安 摄 两美斯达集团有限公司 融设信建设、建筑垃圾责 化利用、滬口房头曽用运 等多个领域，出立研发与 造产品的产品有8大品类、 0 多鼠，获得知识产权、 项专利技术超过100项。目 ，移动破碎房分板块的产 在国内市场占有罪已超过 l%，出口全球60多个图面 t 19 本报讯（记者陆增安 通讯员黄运泰）近日，以"十年创新路·AI启新程"为主题的2026年南宁·中关村生态大会（第九届）系列活动，在南宁高新区辖区的南宁· 中关村创新示范基地举行。活动同步举办十年创新成果展等活动，集中展现该基地成立十年来的创新发展成果。 在主题分享环节，园区企业代表围绕"AI赋能产业升级""面向东盟的创新合作"等议题展开精彩分享。户外同步举办中关村信息谷南宁项目十年创新成果展， 集中呈现中关村信息谷南宁项目在科技创新领域的突破与实践。活动现场还设置科技体验区，让市民亲身感受人工智能、虚拟现实等前沿技术，现场气氛热 烈。 十年耕耘，硕果满枝。南宁高新区管委会相关负责人表示，自南宁与北京中关村开启合作以来，双方以创新为纽带、以协同为路径，共同谱写了区域合作新 篇章。 ...

Group 1: Core Insights - The "2026 Good Business New Year Meeting" attracted over 180 local and external business representatives, emphasizing collaboration for future development [1] - The "14th Five-Year Plan" outlines seven key tasks, with a focus on building a modern industrial system [1][2] - The county is actively implementing the plan with a strong commitment to practical actions and rapid progress in various sectors [1][3] Group 2: Transportation and Infrastructure - The "Three Highways and Four Railways" projects are accelerating, with plans to establish major transportation infrastructure, including the Tongsujiaying Railway and Jiaxing to Fengnan City Railway [2] - There is an initiative to integrate ticketing and security checks with Shanghai and Suzhou metro systems, creating a multi-layered, rapid transportation network [2] Group 3: Technological Innovation - The county aims to deepen integration with the Shanghai International Technology Innovation Center and develop a high-tech industrial park in collaboration with neighboring regions [2] - Key innovation platforms will be established, including the Xiangfu Lake Innovation Center and partnerships with universities to enhance technological capabilities [4][5] Group 4: Quality of Life and Healthcare - The "14th Five-Year Plan" prioritizes enhancing the quality of life, with a focus on community-level governance and addressing public concerns [6] - A new regional medical center is set to open in 2027, bringing advanced medical services to the local population [6] Group 5: Sports and Community Engagement - The "Sports Good City" initiative aims to enhance urban vitality and health through a comprehensive public sports service system and various local sports events [7] - The county plans to improve emergency response capabilities, including the establishment of an "Air 120" rapid rescue channel [7] Group 6: Overall Development Vision - The implementation of the "14th Five-Year Plan" is expected to lead to a more open, innovative, and high-quality living environment in Jiaxing [8]

为更好适应科技创新企业再融资需求，在此次优化再融资一揽子措施中，沪深交易所将研究推出主板上 市公司"轻资产、高研发投入"认定标准。 早在2024年10月，上交所率先在科创板建立"轻资产、高研发投入"认定标准。数据显示：目前，科创板 共14家企业采用该标准实施再融资，合计拟融资351.2亿元，占2025年科创板受理企业家数和拟融资额 的比例分别为37%、76%，覆盖适用科创板各类上市标准和主要行业的企业，其中，两家成长层企业募 资57.8亿元。目前已注册生效11家。 再融资是资本市场投融资功能的重要组成部分，在支持上市公司做优做强、促进资源优化配置等方面发 挥着重要作用。 2月9日，沪深北交易所同步推出优化再融资一揽子措施，重点加大对优质上市公司支持力度，提高对科 技创新企业的包容性适应性，以更好服务科技创新和新质生产力发展。 加大对优质上市公司支持力度 此次优化再融资一揽子措施，重心之一是加大对优质上市公司支持力度。包括对经营治理、信息披露规 范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。但交易所也 强调，在此过程中，将坚持优中选优、宁缺毋滥。 同时，调整优质上市公司募投资金 ...

Core Viewpoint - The article emphasizes the importance of enhancing regional development coordination and promoting urban-rural integration in Fujian through the strategy of "mountain-sea cooperation," which aims to achieve common prosperity and shared development outcomes [1]. Mechanism Innovation - The Fuzhou-Nanping New Era Mountain-Sea Cooperation Party and Government Joint Conference was held on November 12, 2025, marking a significant step in deepening cooperation between Fuzhou and Nanping [2]. - In 2023, Fujian Province issued guidelines to further deepen mountain-sea cooperation, optimizing collaboration relationships among cities and counties, and establishing a robust policy framework [2]. - A total of 6.32 billion yuan was allocated for cooperation funding in 2024, providing strong support for the development of mountainous areas [2]. Industry Coordination - Fujian is advancing industrial collaboration, infrastructure connectivity, and public resource sharing, with 101 key mountain-sea cooperation projects underway [3]. - The "flying economy" model is being promoted to address regional development imbalances by integrating coastal advantages with mountainous resources [5]. - The Xialong Mountain-Sea Cooperation Industrial Park has signed 34 projects with a total investment exceeding 1.6 billion yuan since 2025 [5]. Infrastructure Connectivity - The completion of the Minjiang Waterway Hub has significantly increased the shipping capacity from 50 tons to 500 tons, enhancing trade routes between inland and coastal areas [8]. - The South Ping Port has facilitated over 340,000 tons of goods since its reopening in December 2022, improving logistics networks and reducing costs for local enterprises [9]. - A comprehensive transportation network is being developed, including railways and highways, to strengthen the connection between mountains and seas [10]. Shared Livelihood - Since April 2023, the Longyan Traditional Chinese Medicine Hospital has integrated with Xiamen University, enhancing medical education and research capabilities [11]. - Fujian has organized 45 specialized recruitment fairs and training sessions for over 60,000 rural workers to promote employment in mountainous areas [13]. - The disposable income gap among residents is narrowing, with the urbanization rate reaching 71.8% and the urban-rural income ratio decreasing to 2.06 [13].

● 本报记者 黄灵灵 黄一灵 为提高对科技创新企业的包容性、适应性，沪深交易所在总结前期科创板、创业板"轻资产、高研发投 入"认定标准试点的基础上，研究推出主板上市公司"轻资产、高研发投入"认定标准。 近年来，主板公司主动跟进前沿科技研发，产业不断转型升级。从目前主板上市公司行业分布来看，部 分上市公司亦涉及新一代信息技术、高端装备制造、生物医药、新材料等战略性新兴产业领域，已集聚 一批具有核心技术能力的上市公司。此类公司具有固定资产占比较低，无形资产比重较高，研发费用持 续增加且占营业收入比例显著高于行业平均水平等特征，经营发展、转型升级与技术迭代、产品创新密 切相关，需要长期、大量、稳定资金支持。 在主板研究推出"轻资产、高研发投入"认定标准，有助于提升募集资金使用的针对性和实效性，更好服 务主板科技型企业，推动传统产业转型升级与新质生产力培育协同发展。 具体来看，主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%；"高研发投入"认定标 准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且最 近三年平均研发投入占营业收入比例不低于5%。 有助于上市公司合 ...

同时，调整优质上市公司募投资金投向要求，支持优质上市公司将募集资金用于与主营业务有协同整合 效应的新产业、新业态、新技术领域，投向第二增长曲线业务。 加大对优质上市公司支持力度 此次优化再融资一揽子措施，重心之一是加大对优质上市公司支持力度。包括对经营治理、信息披露规 范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。但交易所也 强调，在此过程中，将坚持优中选优、宁缺毋滥。 2月9日，沪深北交易所同步推出优化再融资一揽子措施，重点加大对优质上市公司支持力度，提高对科 技创新企业的包容性适应性，以更好服务科技创新和新质生产力发展。 "支持优质上市公司将募集资金投向与主营业务有协同整合效应的新产业、新业态、新技术领域，用于 符合新质生产力发展方向的第二增长曲线业务，进一步提高再融资制度对支持新质生产力的包容性、适 应性。" 再融资是资本市场投融资功能的重要组成部分，在支持上市公司做优做强、促进资源优化配置等方面发 挥着重要作用。 明确未盈利企业融资间隔期为6个月 另外，此次一揽子措施中优化了再融资间隔期要求，提高对科技创新企业的包容性、适应性。包括优化 按照未盈利标准上市且尚未盈利的 ...