Group 1: Infrastructure Development - The Huai'an Port Phase III project has initiated automated terminal joint debugging, marking a significant progress in construction and enhancing Huai'an's status as a national inland shipping center [1] - Huai'an's GDP grew by 7% in Q1, leading the province, supported by hub economy and major projects [1] - A series of major transportation projects are underway, including the expansion of Huai'an Lianshui International Airport and the construction of a modern transportation network [3][4] Group 2: Economic Growth and Investment - Huai'an plans to invest 9 billion yuan in 29 transportation projects by 2025, with a total investment of approximately 100 billion yuan by 2035 to support the development of a modern transportation network [4] - The city has seen a doubling of cargo throughput at the Yangzhuang ship lock, from 12 million tons to over 24 million tons since the completion of the second lock [2] - Huai'an's industrial investment has maintained double-digit growth for over 40 months, with significant projects in advanced manufacturing and new materials [6] Group 3: Business Environment and Reforms - Huai'an has established a full-chain service mechanism for major industrial projects, achieving a parallel approval rate of 46.4% for construction projects [7] - The city has implemented measures to optimize the business environment, leading to increased satisfaction among private enterprises and recognition of over 30 reform experiences by national ministries [8] - Logistics costs have been significantly reduced for key enterprises through efficient multi-modal transport solutions, saving approximately 300 million yuan annually [8]

Core Viewpoint - The introduction of the new model floating management fee rate funds is a response to the China Securities Regulatory Commission's action plan aimed at enhancing the quality of public funds, linking management fees directly to the performance of the funds, thereby aligning the interests of fund managers and investors [1][2]. Group 1: New Fund Model - The second batch of 11 new model floating management fee rate funds has been reported, including stock funds from Invesco Great Wall Fund and CCB Fund, and mixed equity funds from nine other institutions [1]. - The fee structure for these new funds includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), similar to the first batch [1]. - The new fee model strengthens the performance benchmark's binding effect, with management fees adjusted based on the fund's performance relative to the benchmark [1]. Group 2: Fund Performance and Market Response - The first batch of 26 new model funds reported on May 16, 2023, received approval on May 23, and began fundraising on May 27, raising a total of 22.68 billion yuan, with an average fundraising size of 944.5 million yuan per fund [2]. - The new model funds focus on various sectors, including high-end equipment, pharmaceuticals, and manufacturing, with some adopting an initiator arrangement to further align interests with investors [2]. - Invesco Great Wall Fund has continued to innovate by applying for a new high-end equipment stock fund, aiming to meet investor demand for quality technology investment tools [2]. Group 3: Industry Implications - The fee reform is expected to help public fund institutions focus more on generating excess returns, promoting a return to the core of the asset management industry [3]. - Huashang Fund has also engaged in the new model by investing 20 million yuan of its own funds into its mixed fund, indicating a commitment to the new fee structure [3].

IPO受理上半年迎来爆发式增长 伴随6月30日晚间沪深北交易所集中受理41家企业的IPO申请，今年上半年获受理的IPO企业数量达到177家，已远超去年全年。其中6月获受理 IPO达150家，占比超八成。北交所是主阵地，115家企业冲击北交所，占比超六成。 其中，北交所表现尤为亮眼：上半年新股首日平均回报率达231.84%，天工股份以441.62%的涨幅领跑，开发科技最低回报率亦达150.36%。 下半年IPO会"放水"吗？专家划重点 尽管6月数据亮眼，但监管层强调"提质增效"，专家认为下半年可能呈现以下趋势： 节奏回归常态化：但这并不意味着热度减退，优质科技企业、专精特新企业依然是重点支持对象。可以预见，下半年IPO市场依旧会保持活 跃，尤其是科创板等新兴板块。随着科创板第五套上市标准正式重启，更多科技创新企业有望登上资本市场的舞台，获得发展所需的资金与资 源。 财务数据"Deadline"：IPO申报财报有效期为6个月，6月底是上半年最后"窗口期"。企业为确保财务数据的时效性，集体赶"6月末班车"，形成 年度申报高峰。 政策回暖，未盈利企业上市通道打开：2025年以来，监管层多次表态支持"硬科技"。6月18 ...

2025年上半年，北交所主题基金成为了基金市场中的最大赢家。 Wind数据显示，截至今年6月30日，华夏北交所创新中小企业精选两年定开（014283）以72.16%的年内回报居全市场（除QDII基金）第3位，拉长时间 看，该基金过去三年回报高达175.64%，居全市场基金首位，大幅跑赢同期北证50指数39.45%和24%的涨幅。 这表明北交所主题基金充分发挥了主动管理基金的优势，起到了良好的价值发现作用。 近三年业绩排名市场首位 华夏北交所主题基金业绩亮眼 2021年11月，北交所鸣钟开市，作为服务创新型中小企业的主阵地，这家仅设立三年多的全国性证券交易所给市场带来了许多惊喜。 文/每日财报 杨悦 今年上半年，北交所主题基金业绩普遍表现亮眼。来自华夏基金、中信建投基金、万家基金、汇添富基金等多家基金公司旗下的北交所主题基金半年回报 均超50%，给基民带来了良好的投资体验。 其中，华夏基金旗下的华夏北交所创新中小企业精选两年定开以72.16%的年内回报居全市场（除QDII基金）第3位。 该基金不仅短期业绩表现喜人，长期业绩更是可圈可点。Wind数据显示，截至6月30日收盘，华夏北交所创新中小企业精选两年定开近三 ...

Group 1 - The event "Taiwanese Business and Youth Come to Shanxi" aims to enhance economic and cultural exchanges between Shanxi and Taiwan, emphasizing the historical and cultural ties between the two regions [1] - Shanxi has improved its business environment significantly, implementing policies such as "68 Measures for Taiwan" and "22 Measures for Agriculture and Forestry," which provide tangible opportunities for Taiwanese enterprises [2] - The focus areas for cooperation include high-end equipment manufacturing, healthcare, and food processing, aiming to attract Taiwanese businesses to contribute to Shanxi's high-quality development [2] Group 2 - Shanxi is recognized as a fertile ground for Taiwanese investment due to its rich resources, sufficient power supply, and supportive policies, making it suitable for companies looking to expand capacity and enhance intelligent manufacturing [2] - The event also highlighted the interest of Taiwanese youth in Shanxi's cultural and tourism resources, as demonstrated by the impact of the game "Black Myth: Wukong" on their perception of the region [3] - Participants from Shanxi engaged in visits to various Taiwanese business and cultural exchange bases, fostering direct connections and discussions for potential collaboration [3]

Core Viewpoint - Airwork has undergone a change in control due to the appointment of a receiver by the syndicate, following a failure to reach an agreement on the extension of loan terms, leading to a potential asset seizure or forced sale [1][2]. Group 1: Company Situation - On July 2, the syndicate took control of Airwork, and the company is now under receivership, with its board's rights revoked [1]. - Airwork's outstanding syndicate loan principal is approximately $88.31 million, due by June 30, 2025, and was previously extended to July 31, 2026 [1]. - The company has faced significant revenue declines due to geopolitical conflicts, with aircraft leased to Russian clients being detained, impacting its ability to repay loans [2]. Group 2: Risk Mitigation Efforts - Airwork is pursuing insurance claims and potential aircraft sales to mitigate risks associated with its financial situation [2]. - The company has indicated that it will strategically divest weaker business segments to manage overall operational risks [3]. Group 3: Future Outlook - The company has fully recognized goodwill impairment related to Airwork in 2022 and asset impairment in 2024, suggesting that risks associated with Airwork have been largely addressed [3]. - Future strategic focus will be on high-end equipment manufacturing and providing integrated solutions for digital factories across various sectors, including aerospace and new energy vehicles [3].

资本是创新和产业的纽带，如何用好资本，为企业创新提供助力，为振兴发展引来更多"源头活 水"？7月2日至3日，2025创投辽宁发展大会在沈阳举行，国内170多家投资机构齐聚沈阳，以"科技向新 资本向实产业向强"为主题展开头脑风暴，搭建合作桥梁。 会场内，创投机构、金融机构、企业代表围绕合作机遇畅所欲言，发表真知灼见；会场外，创投机 构走进我省以智能制造与高端装备、生物医药、新能源等为代表的企业生产场景，深度考察产业优势和 发展潜力，洽谈合作细节。 实地走访数家沈阳企业后，苏州丰源有成创业投资管理有限公司首席运营官杨慧婧感慨："2023年 第一次在沈阳实现投资落地，是一家中国科学院金属研究所科技成果转化企业，从那时起我们就越来越 关注辽宁。总体而言，这里的企业有产业积淀、科技成果，团队中工程师文化浓厚，估值也务实，所以 现在我经常往辽宁跑。" 辽宁的科技资源优势，已经成为吸引全国创投资本的强力"磁场"。在真诚的交流、真情的邀约 中，"合作共赢"理念深入人心，为把资源优势转化为产业优势、发展优势夯实了根基。以会为媒促合 作、谋共赢，产投融合的新场景将在辽沈大地徐徐绽放。 搭平台聚资本 成果转化前的融资难，是不少科技 ...

Core Viewpoint - The central region of China is experiencing a significant economic development divergence among its six provinces, driven by differences in innovation capacity, industrial structure, and openness levels [1][2][3] Economic Growth Rates - Hubei and Anhui are leading in economic growth, with average GDP growth rates of 5.25% and 4.96% from 2022 to 2024, surpassing the national average by 0.75 and 0.46 percentage points respectively [1] - Henan and Hunan show stable but slowing growth, with projected GDP totals of 6.36 trillion yuan and 5.32 trillion yuan in 2024, ranking first and third in the central region [1] - Shanxi and Jiangxi face significant downward pressure, with Shanxi's average GDP growth at 3.87% and Jiangxi experiencing considerable economic fluctuations [1] Innovation Capacity - Anhui stands out with a research and development (R&D) intensity exceeding the national average, leading to a 28.2% increase in high-value invention patents per ten thousand people by 2024 [2] - In contrast, Shanxi and Jiangxi lag in R&D support due to a lack of high-level educational institutions and talent [2] Industrial Structure - Anhui's emerging industries are thriving, with strategic emerging industries accounting for 43.6% of industrial output in 2024, and it ranks second nationally in new energy vehicle production [2] - Hubei has developed clusters in optoelectronic information and high-end equipment manufacturing, with these sectors contributing over 60% to industrial revenue [2] - Other provinces struggle with less diversified industrial structures, with Shanxi heavily reliant on coal, contributing 60% to industrial growth [2] Openness Levels - Anhui leads in total goods import and export volume in 2024, with a total of 490.1 billion yuan, while Shanxi's volume is only one-fifth of Anhui's [3] - Other provinces, except Hubei and Anhui, have foreign trade growth rates below the national average [3] Challenges to High-Quality Development - The central region's overall R&D investment intensity is lower than that of the eastern region, with patent applications only about one-fourth of those in the east [3] - The region's economic openness is limited, with only 8.21% of national import and export totals in 2024, and an economic outward orientation of approximately 12.5% [3] Strategic Development Initiatives - The region aims to cultivate new productive forces by enhancing innovation capabilities in manufacturing and promoting advanced manufacturing clusters [4] - There is a push for regional strategic integration, encouraging collaboration among provinces to enhance economic quality and efficiency [4] - High-level inland openness is being promoted through the development of transportation hubs and integration into the Belt and Road Initiative [4][5] Regional Cooperation - Strengthening inter-provincial cooperation mechanisms is essential, focusing on key industries such as equipment manufacturing and new energy vehicles [5] - The establishment of ecological and economic cooperation zones is being prioritized to enhance regional collaboration [5]

Core Viewpoint - The city of Pingxiang in Guangxi is leveraging its open development strategy to enhance its economic growth, achieving a foreign trade import and export total of 2180.9 billion yuan in 2024, maintaining its leading position among border port cities in China and counties in Guangxi [1] Group 1: Open Development and Trade - Pingxiang has made significant progress in enhancing its port capabilities, with infrastructure improvements and the successful expansion of the Friendship Pass port's operational scope [2] - The city has achieved breakthroughs in trade categories and modes, including the first general trade export of new cars and the import of durians through the Nangyao channel [2] - The cross-border e-commerce trade value reached 21.4 billion yuan in 2024, marking a year-on-year increase of 441.77%, becoming a new engine for regional foreign trade growth [3] Group 2: Industrial Upgrading - Pingxiang is focusing on industrial chain upgrades and the cultivation of emerging industries, signing 13 key industrial projects in 2024, including traditional Chinese medicine processing and intelligent manufacturing [4] - The Pingxiang Industrial Park is accelerating its development, with infrastructure investment reaching 2.224 billion yuan in 2024, and 24 key infrastructure projects are being expedited [4] Group 3: Policy and Service Optimization - The city is enhancing its business environment, achieving a goal of 0.5 days for enterprise registration through streamlined services [6] - In 2024, Pingxiang received 10.34 million tourists, generating a total tourism revenue of 9.567 billion yuan, reflecting a year-on-year growth of 17.69% and 18.8% respectively [6] - The city is actively utilizing national policy advantages to promote the construction of the Pingxiang Industrial Park and transition from a "channel economy" to a "port economy" [6]

来源：瑶海发布 对接需求请扫码 榜单： 「2025投资机构软实力排行榜」评选启动 近日，规模达20亿元的瑶海区科技创新投资基金（有限合伙）正式完成工商注册，瑶海基金丛林 再度扩容，赋能产业发展。该基金由瑶海科创集团联合瑶海国资集团、兴泰资本共同发起设立。 基金主要聚焦高端装备制造、新材料、新一代信息技术、生物医药、智能机器人和低空经济等六大 领域，重点扶持核心技术硬、市场前景广的成长型企业，推动通过资本赋能，持续稳固区域产业链 关键环节，拓展供应链配套生态，为瑶海高质量发展注入澎湃动力。 热文： 今年，上市公司热衷做并购基金 每日｜荐读 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 ...