Group 1 - The core viewpoint of the forum emphasizes the effective synergy between capital and technology, which is seen as a necessary outcome of deepening capital market reforms [1][6] - Chinese listed companies are recognized as the core engine of China's technological innovation, necessitating the formation of an innovative ecosystem involving enterprises, capital, government, research, supply chains, and media to support this [1][2] - The global technology competition landscape is undergoing reconstruction, with listed companies being the main force in technological innovation, contributing significantly to national R&D efforts [2][3] Group 2 - The importance of governance in achieving environmental and social responsibility goals is highlighted, with a focus on integrating ESG principles into corporate governance [4] - The shift from traditional globalization to a more integrated and clustered industrial model is noted, with China positioned to accelerate manufacturing upgrades and create global industrial clusters [5] - The need for systemic innovation in listed companies is emphasized, requiring a shift from single technological breakthroughs to diversified, multi-factor collaborative innovation [6]

Economic Resilience - Hong Kong's economy has shown strong resilience, with local GDP growing for nine consecutive quarters, surpassing 3 trillion HKD [1] - The average daily trading volume in the stock market has increased to over 240 billion HKD this year, with IPO fundraising leading globally [1] Innovation and Technology - The government is investing heavily in innovation and technology, which is seen as a crucial engine for economic development [1][2] - Local R&D expenditure is expected to reach nearly 33 billion HKD in 2023, reflecting a 10% year-on-year increase [2] - The number of startups reached a record high of approximately 4,700 by the end of last year, supported by key innovation hubs [2] Financial Sector Growth - The number of registered funds in wealth management reached 976 by the end of March, with a net inflow of over 44 billion USD, marking a 285% increase [2] - The insurance sector saw new long-term policy sales reach 1.08 million, with premiums close to 220 billion HKD, representing over 40% and 70% growth respectively [2] Talent and Business Attraction - The introduction of quality enterprises and high-end talent is essential for economic growth, creating a virtuous cycle [3] - Since the establishment of the office for attracting key enterprises at the end of 2022, over 80 frontier technology companies have settled in Hong Kong, expected to invest over 50 billion HKD and create more than 20,000 jobs [3] - The investment promotion agency has attracted nearly 1,400 companies to expand or establish operations in Hong Kong, projected to bring over 100 billion HKD in investment and nearly 20,000 jobs [3]

Group 1 - In June 2025, Hong Kong's IPO fundraising accounted for 24% of the global total, with a fundraising scale of $14 billion, ranking first globally [1] - Hong Kong's global competitiveness rose two places to rank third according to the 2025 World Competitiveness Yearbook [1] - The QS World University Rankings 2026 listed nine universities from Hong Kong, making it the region with the highest concentration of top universities globally [1] Group 2 - China's economy is characterized by large-scale market advantages, complete industrial structure, and a vast consumer base, indicating a long-term positive trend despite global challenges [2] - Hong Kong is enhancing its competitiveness by consolidating its traditional advantages in finance, trade, and shipping, while also innovating in areas such as regulatory frameworks for stablecoins and commodity storage [2] - The number of startups, key enterprises, and talent influx in Hong Kong has been steadily increasing, contributing to new development momentum [2] Group 3 - The implementation of the National Security Law in Hong Kong has led to improvements in governance efficiency, business environment, social order, and public welfare [3] - There is a strong public consensus and support in Hong Kong, which serves as a robust defense against external forces attempting to disrupt its development [3]

黄坤明强调，全省上下要切实扛起建设大湾区国际科技创新中心的重要主体责任，高质量谋划推进各项 工作，省直有关部门要认真履行职能作用，加强向中央部委的请示汇报和与港澳的沟通对接，高效跟进 落实会议成果；珠三角各市要抢抓机遇、各展所长，结合实际落细落实各项建设任务。要进一步深化与 香港、澳门特区政府及各界人士的合作，共同推动粤港澳协同创新、高质量发展。 阴和俊指出，要深入学习贯彻习近平总书记重要指示批示精神和党中央决策部署，强化粤港澳大湾区国 际科技创新中心在科技强国建设中的使命担当，全力打造科技强国建设的战略支点，在"五个强大"方面 作表率。下一步，科技部将进一步加强央地协同、部门联动，深入做好对粤港澳大湾区国际科技创新中 心建设的支持服务和任务落实，支持粤港澳大湾区培育壮大国家战略科技力量，强化科技创新策源功 能；以科技创新引领现代化产业体系建设，打造新兴产业重要策源地；统筹推进教育科技人才一体化改 革，充分激发创新创造活力；扩大科技开放合作，打造具有全球竞争力的开放创新生态；建立健全工作 机制，强化统筹协调，支持大湾区率先建成全球科技创新高地，为强国建设、民族复兴伟业作出新的更 大贡献。 会上，粤港澳三地有关 ...

Core Viewpoint - The article emphasizes the importance of capital markets in supporting technological innovation and highlights the existing gaps between capital supply and innovation demand, which need to be addressed for a thriving innovation ecosystem [1] Group 1: Current State of Technological Innovation - Global technological innovation is currently in a period of intense activity, with China advancing its innovation-driven development strategy and modern industrial system [1] - Technological innovation is transitioning from isolated breakthroughs to systematic integration, and from technological breakthroughs to market applications [1] Group 2: Role of Capital Markets - Capital markets are crucial for providing the necessary long-term capital to support technological innovation, which is essential for the growth of the innovation ecosystem [1] - There are existing issues such as mismatches in capital supply and innovation demand, as well as service gaps that hinder the effectiveness of capital markets in supporting innovation [1] Group 3: Challenges in Capital Formation - The current capital formation mechanisms are not fully aligned with the needs of innovation, leading to short-term funding and low risk tolerance in financial supply [1] - The article suggests that capital markets should leverage their unique risk-sharing mechanisms to support the entire chain from venture capital to public financing, thereby facilitating the transition of technological achievements from laboratories to production lines [1]

在2025陆家嘴论坛上，中国证监会主席吴清表示，充分发挥多层次资本市场枢纽功能，推动科技创新和 产业创新融合发展。这释放出一个鲜明信号：进一步深化资本市场改革，以更好支持科技创新和新质生 产力发展为核心，突出发挥资本市场枢纽功能，助力科技创新和产业创新深度融合。 资本市场通过对关键要素和资产的合理定价，能够激发企业家精神和人才创新创造活力，进而带动人 才、技术、数据等生产要素有机融合与协同集聚，更好服务传统产业升级、新兴产业壮大和未来产业培 育。从国内外实践经验看，无论是大而强的科技巨头，还是小而美的科创新秀，都离不开资本市场的有 力支持。创新始于科技、兴于产业、成于资本的特点越来越明显。 当前，全球科技创新进入密集活跃期。我国在深入实施创新驱动发展战略、加快构建现代化产业体系的 引领下，科技创新正在从点状突破向系统集成加快推进，技术突破向市场应用加快转化，恰似一株株幼 苗向森林生长。而资本市场能否成为适配的灌溉水源，直接关系创新生态的繁茂程度。 客观来看，目前资本供给与科创需求间仍存在周期错配、服务断层等堵点。科技创新需要长期资本"助 跑"，但当前适应创新规律的资本形成机制还不完善，金融供给存在资金短期化、 ...

聚焦产业转型升级，进一步强化企业创新主体地位，大力支持科技成果落地转化。科技成果转化连接创 新链与产业链，是科技创新的"最后一公里"。为此，要关注科技创新和产业对接的"转化关口"，加大建 平台、出政策、投资金力度。这就需要进一步推动研发、产业奖补等政策，2024年财政等部门首批支持 1039家"小巨人"企业，就全面提升了中小企业数字化水平。再如，完善首台（套）重大技术装备、新材 料首批次应用保险补偿等政策，推动产品在规模化应用中不断迭代升级。鼓励各级财政聚焦重大战略、 重点领域和薄弱环节，通过政府引导、投贷联动等方式投早、投小、投硬科技。 科技创新能够催生新产业、新模式、新动能，是发展新质生产力的核心要素。当前，实现高水平科技自 立自强、发展新质生产力，对科技创新和产业创新深度融合提出更为迫切的需求，因此要更好发挥财政 作用，持续提升政策效能，不断激发各类主体创新活力。 创新财政支持方式、强化跨部门政策协调配合，深化财政科技体制改革，确保政策同向发力、效能增 进。不断创新财政支出方式，统筹用好财政贴息、资本金注入、引导基金、政策性融资担保、风险补偿 等工具，发挥"四两拨千斤"的撬动作用。加强财政、货币、产业、 ...

● 本报记者 昝秀丽 2024年，科创板、创业板、北交所新上市公司中，超九成属于战略性新兴产业或高新技术企业；全年A 股上市公司研发投入达到1.88万亿元，占全社会研发投入一半以上……目前，A股战略性新兴产业上市 公司数量占比过半，上市公司成为科技创新的主力军。 "A股的'科技'属性愈发浓厚。"安永大中华区上市服务主管合伙人何兆烽说，在改革牵引下，我国资本 市场正发生深刻结构性变化，服务创新的力度和质效不断提升。 《促进创业投资高质量发展的若干政策措施》《关于资本市场服务科技企业高水平发展的十六项措施》 《关于深化科创板改革 服务科技创新和新质生产力发展的八条措施》……2024年以来，资本市场支持 创新的政策措施密集出台。 在刚刚召开的2025陆家嘴论坛上，中国证监会主席吴清宣布，加力推出进一步深化科创板改革 的"1+6"政策措施，同时，将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 在制度包容性和适应性不断提升的过程中，资本市场正以更大力度赋能"双新"融合发展。以科创板为 例，其允许未盈利的科技创新企业按第五套标准上市融资，自开板以来，已有20家创新型生物医药企业 采用第五套上市标准实现上市融资 ...

● 本报记者 昝秀丽 优化私募股权创投基金退出"反向挂钩"制度等举措得到有效落实，与科创企业特质相匹配的监管体系持 续完善，上市公司走访常态化推进…… "科创板八条"发布一年来，有关部门落实"加强科创板上市公司全链条监管""积极营造良好市场生态"相 关要求，不断提高制度适配性，积极打造有利于加快发展新质生产力的市场生态。 在新起点上，改革持续深化。《关于在科创板设置科创成长层 增强制度包容性适应性的意见》等政策 发布实施，将更加有力促进科技、资本、产业良性循环，更好发挥科创板改革试验田作用，为科创企业 提供全链条金融服务。 构建与科创企业特质相匹配的监管体系，是加强全链条监管的重要基础。今年4月，证监会发布《上市 公司信息披露暂缓与豁免管理规定》，兼顾保护科创企业核心商业秘密与市场知情权，进一步为科创板 上市公司依法依规豁免披露国家秘密、商业秘密等敏感信息提供政策依据。 中国社科院金融研究所研究员张跃文分析，上述规定通过分类豁免叠加动态监管的制度设计，避免 了"一刀切披露"对科创企业的伤害，是资本市场适配新质生产力发展的关键制度创新。 呵护科创企业发展，营造良好发展环境，"科创板八条"中明确提及的引导创始团队 ...

6月17日，李家超在行政会议前会见记者时表示，正在考虑实施香港特区政府"高层官员责任制"。李家超透露，已 委派政务司司长陈国基对此进行研究。他希望政治任命官员的问责制和"高级公务员责任制"可以融合，加强整体 治理水平，让市民的生活更好。 6月17日，瑞士洛桑国际管理发展学院发布《2025年世界竞争力年报》（以下简称《年报》），香港的全球竞争力 继去年上升两位至第五后，今年再上升两位至全球第三。这也是2019年后香港首次在该榜单中重返全球前三。 繁华的尖沙咀东部商贸区。 竞争力增幅在前十名经济体中最高 《年报》显示，香港竞争力大幅提升，总得分99.2分（满分100分），增加7.7分，增长幅度在前十名经济体中最 高。在《年报》的4个竞争力因素中，香港"政府效率"和"营商效率"排名均上升至全球第二，"经济表现"和"基础 建设"排名分别上升至全球第六和第七。 在竞争力的子因素方面，香港"税务政策"和"商业法规"排名全球第一；"国际投资""教育""金融"排名全球第 二；"国际贸易"和"管理方式"排名全球第三。 尽管香港的"政府效率"排名位居全球前列，反映出香港特区公务员的高素质和高效能，但从香港特区行政长官李 家超的施 ...