Group 1 - The company, Nanjing Julong (300644.SZ), plans to invest 10 million RMB of its own funds to establish a wholly-owned subsidiary named Nanjing Julong New Materials Technology Co., Ltd. [1] - The purpose of this investment is to integrate material product supply and sales resources, thereby enhancing operational efficiency. [1]

根据北交所最新披露的信息，2025年12月18日，无锡创达新材料股份有限公司IPO的状态从已问询变更 为通过。 根据北交所最新披露的信息，2025年12月18日，无锡创达新材料股份有限公司IPO的状态从已问询变更 为通过。 ...

Core Viewpoint - The article emphasizes the importance of integrating the qualities of scientists, entrepreneurs, and investors to succeed in today's competitive landscape [1][19]. Group 1: Scientific Foundation - A strong foundation in science is essential, with a belief in technology and respect for "hard tech" [2]. - It is crucial not to be trapped in a "technical ivory tower," as many tech geniuses fail to commercialize their innovations [3][10]. - Technology should address real-world pain points rather than being an isolated achievement [4]. Group 2: Entrepreneurial Skills - Entrepreneurs must possess the ability to transform blueprints into viable businesses and connect isolated entities into a cohesive ecosystem [7]. - Successful entrepreneurs demonstrate a deep understanding of users and business, as illustrated by the example of Li Xiang from Ideal Auto, who proved his capability through profitable ventures [9]. - Without the ability to commercialize technology, even the most advanced innovations remain dormant in laboratories [10]. Group 3: Investment Insight - Investment acumen goes beyond basic calculations; it involves strategically positioning resources at the right time [11]. - The concept of "tengnuo" refers to knowing when to take risks and when to be defensive, maximizing the value of limited funds [12]. - Capital should serve as a fuel for innovation rather than a constraint, and it is vital to control it rather than be controlled by it [14]. Group 4: Personal Attributes of Entrepreneurs - The success of ventures ultimately hinges on the people involved, with strong mental resilience, deep understanding, broad vision, and a calm demeanor being key attributes [16][17]. - Entrepreneurs who can adapt and evolve are more likely to succeed in the face of challenges [18][20]. Group 5: Industry Insights and Opportunities - The company has been managing funds for nearly 11 years, with a fund size exceeding 100 billion, having invested in over 600 companies, many of which are approaching A-share listing standards [22][23]. - There is an upcoming event aimed at connecting entrepreneurs with industry leaders and exploring opportunities in the technology manufacturing sector [24][29].

格隆汇12月18日丨隆华科技(300263.SZ)在互动平台表示，兆恒科技的PMI系列结构泡沫材料产品已经广 泛应用于各型民用飞机、军用飞机、无人机等各种飞行器（机身、机翼、桨叶等），以及航天、磁悬浮 列车、舰船、雷达通信、医疗设备等领域。吸波隐形材料EPMI是一种基于聚甲基丙烯酰亚胺（PMI） 一体发泡的吸波泡沫，专为飞行器隐身化设计与应用研发，兼具优异的力学性能和介电性能，能够有效 吸收多种波段的电磁波。 ...

Core Insights - The third New Materials Empowering New Industries Partner Conference was held in Beijing, focusing on the integration of intelligence and materials, amidst a critical phase of global AI development and intense competition in computing power [1] - China National Building Material Group's new materials segment is projected to exceed 100 billion yuan in revenue by 2024, transitioning from a foundation for large infrastructure to a cornerstone for AI [1] - The China National Building Material Group established the China National Building Material New Materials Fund in 2021 to accelerate the layout of the new materials industry through market mechanisms, with three main missions: ensuring national supply chain security, empowering the new materials segment, and supporting core technological breakthroughs [2] Investment Strategy - The China National Building Material New Materials Fund has a total scale of 20 billion yuan, with an initial scale of 15 billion yuan, funded by various entities including national and local investment platforms [2] - The fund focuses on four strategic emerging industries: new generation information technology, new energy vehicles, aerospace, and new energy, which are critical for national economic development and material innovation [2] - As of the interview date, the fund has invested over 12.1 billion yuan across 48 projects, capturing synergistic effects across the industry chain [2] Material Innovation - The fund emphasizes the extreme purity requirements for materials in semiconductor manufacturing, such as electronic-grade polysilicon, which has seen a rise in domestic production from about 10% to 50%-60% [3] - Investments in high-purity quartz materials are crucial, as they are essential for semiconductor manufacturing, with current domestic production at approximately 25% [3] - The fund has also invested in the only independent photomask manufacturer without wafer factory shareholders, which is crucial for chip design [4] Dual-Driven Ecosystem - China National Building Material Group operates a dual-driven ecosystem of "technology innovation + industrial investment," with the fund acting as a front-line station, amplifier, and accelerator [5] - The fund organizes annual conferences to discuss supply and demand in the new materials sector, fostering collaboration among state-owned enterprises and investment institutions [5] Future Growth Areas - The fund anticipates significant growth in the "AI + display" sector, projecting a market increase of over $40 billion in the next five years [6] - In the "AI + new energy vehicles" sector, an estimated growth of $800 billion is expected, with investments in various core materials [6] - The "AI + energy" sector is projected to see a growth of 1.9 trillion yuan by 2030, with investments in smart grid materials [6] - The "AI + aerospace" sector is expected to grow by 600 billion yuan by 2030, with investments in advanced materials [6] Fund Performance - The fund has entered a virtuous cycle, with two projects successfully completing IPOs and several others in the pipeline [7] - Preparations for the second phase of the fund are underway, inviting more local capital participation [7]

Group 1: Core Insights - The "14th Five-Year Plan" achievements are the foundation for the "15th Five-Year Plan," which aims to connect to the 2035 vision, focusing on technological innovation as the core driver for activating the domestic market and ensuring strategic security for high-quality development [3] - The "15th Five-Year Plan" emphasizes self-reliance in technology, enhancing original innovation, and laying out future industries to create new engines for development [6][35] - The plan aims to establish a unified national market and boost consumption to activate internal dynamics, providing a solid foundation for economic growth [7] Group 2: Technological Innovation - High-tech manufacturing shows resilience, with the share of the "three new economies" (new industries, new business formats, new models) in GDP steadily increasing, making technology a core engine for economic growth [15] - The "15th Five-Year Plan" suggests accelerating the development of strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy [6][35] - The transition from traditional to new energy vehicles indicates that the latter has moved past its explosive growth phase, while industries like robotics are on the verge of significant penetration [24][29] Group 3: Domestic Circulation - A strong domestic market is crucial for China's modernization, with the "15th Five-Year Plan" focusing on enhancing the internal dynamics and reliability of domestic circulation [7][55] - The plan proposes a unified national market as a key strategy to strengthen the domestic market, addressing competition issues and restoring industry profits to normal levels [55] - The focus on quality upgrades in key industries aims to consolidate and enhance the competitiveness of sectors like mining, metallurgy, and textiles in the global division of labor [55] Group 4: Strategic Security - The "15th Five-Year Plan" emphasizes building security barriers in three areas: industrial security, national defense security, and trade security, enhancing the national security system and capabilities [8] - Key areas of focus include original innovation, core technology breakthroughs, and improving the self-control level of industrial chains [8] - The plan also highlights the importance of expanding institutional openness and maintaining a multilateral trade system to address uncertainties in the global trade environment [8]

今年5月以来，全国工商联开展第七次万家民营企业评营商环境工作。结果显示，广西营商环境整 体向好，77.28%的受访企业明确感知营商环境整体向好趋势，其中42.50%的企业评价"改善幅度大"， 企业投资意愿与信心双提升。 这份亮眼"成绩单"的背后，是广西优化政务服务、厚植营商沃土的生动实践。 防城港市在试验区设立的巡回政务服务窗口，成为企业落地后的"第一份惊喜"。该窗口整合市场监 管、税务等13个高频事项，将原本分散在4公里外政务服务中心的业务，直接"搬"到企业门口。 "我们初创企业业务繁杂，以前办理营业执照地址变更，至少要跑三个部门，耗时一天以上；现在 通过巡回窗口'一站式'受理，2小时就能拿到新证，效率提升了80%。"中科伊和生产与注册总监邓裕明 算了一笔账。 更令企业称道的，是窗口设立的"兜底办"专窗。针对跨部门疑难业务，专窗工作人员全程协调，确 保"事事有回音、件件有着落"。"企业办事的流程多、材料杂，我们就主动帮着梳理办理顺序，安排专 人对接跟进，有问题第一时间解决。"该市政务服务中心负责人说，比如办理企业注册地址变更需街道 办出具场地证明，工作人员会主动代办，无需企业多头跑、反复跑。这种"小事不出园 ...

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18, 2025, marks a significant milestone in China's opening-up strategy, with the entire island becoming a customs supervision special area, facilitating a new model of "one line open, one line controlled, and free flow within the island" [1][5]. Group 1: Opening and Policy Changes - The full closure of Hainan is not a form of isolation but rather an expansion of openness, with the range of "zero tariff" goods increasing to over 6,600 tax items, stimulating new industrial vitality [3][5]. - On the first day of closure, it is expected that Hainan's open ports, including Yangpu Port and Sanya Phoenix International Airport, will import "zero tariff" goods worth over 500 million yuan, including crude oil, medical equipment, and food raw materials [3][5]. Group 2: Strategic Importance - The closure of the island is a crucial step in supporting the national development strategy, positioning Hainan as a key gateway to the Chinese market, especially in the context of global changes [5][7]. - Hainan aims to become a leading portal for a new era of openness, emphasizing institutional innovation and a systematic approach to policy development [5][7]. Group 3: Impact on Individuals - For individuals, traveling to Hainan for business or leisure will remain seamless without additional documentation, enhancing the consumer experience in tourism and shopping [7]. - Recent adjustments to the duty-free policy have expanded the range of exempted goods, making global purchases more convenient and affordable for consumers [7].

随着资本市场持续加大对战略性新兴产业的支持，新材料、新能源等行业备受关注。 "新材料产业要高度重视被替代、被迭代、降本不到位这三方面，哪方面出了问题，都会令行业企业失 去领先优势。"中国建材集团董事长周育先近期在第三届新材料赋能战新产业伙伴大会上表示，新材料 是基础性、战略性产业，也是高新技术产业竞争很激烈的领域。 结合行业发展，他提到，近年来，伴随战略性新兴产业不断发展，处在上游的新材料产业也面临更高的 发展要求，以及更多挑战。 挑战之一是科技创新和产业创新如何更好融合。对此，在技术端，周育先建议，应增加高质量的科技供 给，特别是原创技术的供给。 新材料从成果转化到规模化、商品化，再到回报期，要经历较长时间等待。 "国内的科技创新越来越多地进入'无人区'，前期以模仿式逆向创新为主的模式，已经完成历史使命。 而以需求为导向、从基础研究开始的正向创新，将成为科技创新的必然选择。"他说。 技术层面之外，到了资本赋能环节，新材料等战略性新兴产业应如何更好地与资本融合？ 首先，从产品周期看，周育先认为，新材料产业从成果转化到规模化、商品化，再到真正进入回报期， 整体耗时较长。但他也提到，对新材料的投资不能等到产生回报 ...

Core Viewpoint - The article emphasizes the achievements and future plans of the Changsha Economic Development Zone, highlighting its growth in industrial strength, innovation, and support for entrepreneurs, particularly in the context of the upcoming "15th Five-Year Plan" [1][4]. Group 1: Achievements During the "14th Five-Year Plan" - The number of market entities in the park increased from 3,700 to 7,000, with total industrial output value expected to exceed 100 billion yuan, marking a significant growth from 67 billion yuan [2][3]. - The park's comprehensive strength improved, ranking 92nd in the national evaluation of economic development zones, a rise of 32 places [2]. - The park has fostered a strong industrial ecosystem, with nearly 90% of the total industrial output value coming from key industries, and over 400 high-tech enterprises established [2][3]. Group 2: Future Plans for the "15th Five-Year Plan" - The park aims to focus on high-quality development, targeting an annual industrial output growth of over 12% and establishing a modern industrial system [4][5]. - Plans include creating four key areas: Advanced Manufacturing Demonstration Zone, Technology Innovation Leading Zone, Reform and Opening Pioneer Zone, and a Model Area for Industry-City Integration [4][5][6]. Group 3: Support for Entrepreneurs - The park will provide comprehensive support for young entrepreneurs, including a 60,000 square meter innovation and entrepreneurship base, and a matrix of entrepreneurial support facilities [7][8]. - Financial support will be enhanced through various funding channels, including risk compensation funds and entrepreneurial loans [7][8]. - The park emphasizes collaboration with universities to foster innovation and entrepreneurship, aiming to attract young talent and create a vibrant entrepreneurial ecosystem [8][9].