近日，一家名为新源（北京）股权投资基金（有限合伙）的新企业正式成立，引起了业界的广泛关注。据天眼查信息显示，该基金的执行事务合伙人为国网 英大产业投资基金管理有限公司，其注册资本高达40.09亿人民币。 新源股权投资基金的经营范围涵盖了以私募基金形式进行的股权投资、投资管理以及资产管理等一系列金融活动。这一布局显示了其旨在通过专业的金融运 作，为投资者创造长期价值，并推动相关产业的发展。 新源股权投资基金的成立，不仅标志着又一重要金融力量的崛起，也预示着未来股权投资市场的竞争将更加激烈。随着金融市场的不断发展和深化，越来越 多的专业机构开始涉足股权投资领域，寻求新的增长点。而新源股权投资基金的加入，无疑将为这一市场注入更多的活力和动力。 未来，新源股权投资基金将依托其强大的股东背景和专业的投资团队，积极探索股权投资领域的新机遇，为投资者创造更多的价值。同时，其也将积极履行 社会责任，推动相关产业的绿色发展，为实现碳中和目标贡献力量。 据天眼查进一步揭示，这些出资方在新基金的成立过程中，各自发挥了重要的作用。他们的共同目标是利用各自的专业优势和资源，推动新基金在股权投资 领域的稳健发展，实现共赢。 | | | ...

Core Insights - The "Data Element ×" initiative has achieved significant progress in over a year, uncovering a number of excellent data development and utilization solutions that effectively promote the release of data element value across various industries [1][2] Group 1: Initiative Overview - The initiative is driven by pilot projects in sectors such as financial services, meteorology, and traditional Chinese medicine, aimed at addressing challenges in data aggregation, circulation, and usage within industries [1] - A total of 48 typical cases of "Data Element ×" have been published, facilitating the use of data to solve industry development challenges and enhance quality [1] - The "Data Element ×" competition attracted over 19,000 teams and approximately 100,000 participants last year, resulting in a number of replicable, scalable, and high-value data development projects [1] Group 2: Future Directions - The National Data Bureau plans to continue advancing the "Data Element ×" initiative in collaboration with various departments, focusing on typical application scenarios to explore new models and pathways for releasing data element value [2] - There is an emphasis on encouraging more enterprises to participate in pilot projects, case selection, and competition activities to activate data element value and provide new momentum for high-quality development across industries [2]

近年来我国资本市场以科创板、创业板等系列改革为契机，持续完善资本市场服务科技创新的支持机 制，引导各类金融资源加快向科技创新领域聚集的政策陆续出台。尤其是2024年推出一系列举措：去年 4月12日国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》提出增强资本市场 制度竞争力，提升对新产业新业态新技术的包容性，更好服务科技创新产业；4月19日，证监会发布 《资本市场服务科技企业高水平发展的十六项措施》，从上市融资、并购重组、股权激励等全方位提出 支持性举措，健全"绿色通道"机制，支持突破关键核心技术的科技型企业在资本市场融资，发挥科技型 企业资源集聚功能，为实施国家创新驱动发展战略提供有力支撑；6月19日，中国证监会发布《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》，聚焦强监管防风险促进高质量发展主线， 从强化科创板"硬科技"定位、优化科创板上市公司股债融资制度、更大力度支持并购重组、完善股权激 励制度等多方面支持科创板企业发展；9月24日，证监会发布《关于深化上市公司并购重组市场改革的 意见》，提出支持上市公司向新质生产力方向转型升级、鼓励上市公司加强产业整合、提高监管包容 度 ...

Core Viewpoint - The recent case of financial fraud involving *ST Jiuyou highlights the persistent issue of financial misconduct in the capital market, which undermines fairness and transparency, making it difficult for investors to make informed decisions [2] Group 1: Financial Fraud Impact - Financial fraud severely disrupts the healthy development of capital markets, leading to misallocation of resources and hindering the growth of genuinely capable companies [2] - The prevalence of financial fraud increases risks for investors who rely on false financial data, likening their investment decisions to navigating in the dark [2] Group 2: Regulatory Measures - Recent tightening of regulatory policies and improvements in laws have provided a robust framework for combating financial fraud, with the new Securities Law significantly increasing penalties for such violations [3] - The regulatory authorities are enhancing collaboration with judicial departments to establish a comprehensive punishment and prevention system for financial fraud [3] - The issuance of the "Opinions on Strictly Implementing the Delisting System" in April 2024 aims to enforce stricter delisting standards, targeting companies with severe or long-term fraudulent activities [3] Group 3: Market Integrity and Future Outlook - Strict punishment for financial fraud is essential for maintaining the principles of openness, fairness, and justice in the market, thereby enhancing the vitality and resilience of the capital market [4] - A transparent and healthy market environment is expected to attract more investors and quality companies, fostering a virtuous cycle [4] - Continuous improvement of the regulatory system and maintaining a high-pressure stance against financial fraud are crucial for adapting to new fraudulent methods and hidden risks [4]

天眼查App显示，近日，厦门新能动力建设开发有限公司成立，法定代表人为陈晓鸿，注册资本50000 万人民币，由厦门火炬同翔高新城建设投资有限公司全资持股。 序号股东名称持股比例1厦门火炬同翔高新城建设投资有限公司100% 经营范围含许可项目：建设工程施工；房地产开发经营。（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）以自有资金从事投资活动；自有 资金投资的资产管理服务；物业管理；教育咨询服务（不含涉许可审批的教育培训活动）；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；科技中介服务；办公服务；单位后勤管理服 务；非居住房地产租赁；住房租赁；企业管理咨询；会议及展览服务；社会经济咨询服务；安全咨询服 务；信息技术咨询服务；企业管理；人工智能行业应用系统集成服务；人工智能基础资源与技术平台； 计算机系统服务；信息系统集成服务；园林绿化工程施工；停车场服务。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动） 企业名称厦门新能动力建设开发有限公司法定代表人陈晓鸿注册资本50000万人民币国标行业金融业> 资本市场服务>其他资本市场服务 ...

Core Viewpoint - The deep integration of technological innovation and industrial innovation has become the core driving force for economic growth in the context of a profound restructuring of the global economic landscape [5][6]. Group 1: Capital Market Development - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to fully activate the hub function of a multi-level capital market to promote the integration of technological and industrial innovation [5][6]. - China's capital market has made significant progress in supporting the innovation-driven development strategy, but there is still room for improvement in marketization, investor structure, and institutional flexibility compared to mature international markets [6][7]. - The multi-level capital market system in China has been continuously improved, expanding its service coverage for technology innovation enterprises [5][6]. Group 2: Challenges and Opportunities - There are structural differences between China's capital market and mature international markets, including insufficient long-term capital supply and a tendency for short-term investments [8][12]. - The average transaction price of technology contracts in China is only one-fifth of that in the United States, indicating a need for a scientific intangible asset valuation system [8][12]. - As of 2024, A-share listed companies' R&D investment is expected to reach 1.88 trillion yuan, accounting for over 50% of the total social R&D investment, with technology companies' market capitalization share increasing from 12% to 27% over the past decade [7][12]. Group 3: Financial Ecosystem and Innovation - A differentiated capital market ecosystem that aligns with technological innovation and industrial transformation requires continuous institutional and product innovation [10][11]. - The need to enhance the diversity of financial products and improve the multi-level capital market structure is crucial for supporting the financing needs of technology enterprises throughout their lifecycle [10][11]. - The establishment of a scientific and reasonable delisting standard that includes innovation capability indicators, in addition to financial metrics, is essential for maintaining market order and protecting investor interests [11][12]. Group 4: Future Directions - Future efforts should focus on cultivating patient capital and providing comprehensive financial services that cater to the entire lifecycle of technology enterprises [12][13]. - Enhancing market inclusiveness and openness by relaxing market access restrictions will attract more domestic and international quality technology enterprises and investors [13][14]. - The capital market is positioned as a core hub linking technological innovation and industrial upgrading, with the potential to create a globally influential innovation capital aggregation hub [14].

宏观研究 /[Table_Date] 2025.06.23 2025-06-23 全球变局下的金融：促改革、扩开放、重科创 [Table_Authors] 侯欢(分析师) ——2025 年陆家嘴论坛政策解读 本报告导读： 2025 陆家嘴论坛主题为"全球经济变局中的金融开放合作与高质量发 展"，聚焦四点：全球金融治理；更宽领域、大幅度金融开放；资本市场 促进科创和产创融合；一揽子外汇创新政策。 投资要点： 021-38676666 登记编号 S0880525040074 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 专 题 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 陆家嘴论坛于 6 月 18 日上午开幕，主题为"全球经济变局中的 金融开放合作与高质量发展"。 金融体系：关注全球治理。国际货币体系可能继续朝着少数几个主 权货币并存、相互竞争、相互制衡的格局演进。全球跨境支付体系 朝着更加高效、安全、包容、多元的方向发展。国际金融组织需要 提高新兴市场和发展中国家的话语权和代表性。此外，关注结构 ...

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、 ...

股票简称：国元证券 股票代码：000728.SZ 债券简称：22 国元 01 债券代码：149900.SZ 国元证券股份有限公司公司债券 受托管理事务报告 （2024年度） 债券受托管理人 （陕西省西安市新城区东新街319号8幢10000室） 重要声明 西部证券股份有限公司（以下简称"西部证券"）编制本报告的内容及信息均 来源于国元证券股份有限公司（以下简称"国元证券"、"发行人"或"公司"）对外 公布的《国元证券股份有限公司 2024 年年度报告》等相关公开信息披露文件， 第三方中介机构出具的专业意见以及发行人向西部证券出具的说明文件。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为西部证券所作的承诺 或声明。 一、发行人名称 中文名称：国元证券股份有限公司 英文名称：Guoyuan Securities Company Limited 二、债券监管部门核准规模及发行的基本情况 核准，国元证券股份有限公司获准向专业投资者公开发行不超过人民币 100 亿元 的公司债券，具体发行情况如下： | | | | | | | | | 单位：亿元、 ...