大赛作为"颠覆性技术创新"重点专项的重要项目发现渠道，择优向国家颠覆性技术创新重点专项、地方 颠覆性技术创新专项、地方颠覆性技术创新投资基金等渠道推荐和争取支持。2024、2025大赛获奖项目 已有多个项目得到国家或地方颠覆性技术创新重点专项立项资助，获得颠覆性技术创新基金投资。（孙 奇茹） 2026全国颠覆性技术创新大赛近日启动，并于15日起进入项目公开征集阶段。2026年大赛重点领域为集 成电路与微纳系统、人工智能与信息系统、科学仪器与新型实验系统、医疗器械、生物医药、能源、资 源与环境、先进制造与运载系统等。 大赛主办方京津冀国家技术创新中心相关负责人介绍，颠覆性技术是"改变游戏规则"的战略技术，参赛 项目应符合"场景强""需求刚""路线深""功能独"等四方面要求。场景强，指参赛项目应用领域为引领未 来的前瞻场景或经济社会的战略场景，是场景技术体系"牵一发而动全身"的"核爆点"，有力支撑前瞻场 景开创性实现或战略场景跨越式变革。需求刚，指拟服务的需求具有较大现实或潜在规模，且已有技术 不能很好满足场景当前或未来发展的某些重要要求，甚至基本处于空白，即存在重要需求痛点。路线 深，指参赛项目需要有理论突破的 ...

Core Viewpoint - The construction of Hainan Free Trade Port has transitioned from initial stages to a significant development phase, with a historic milestone of full island closure operations set for December 18, 2025, driven by policy benefits and capital market reforms [1][8]. Group 1: Capital Market Growth - Hainan's capital market has achieved a remarkable direct financing total of 788.21 billion yuan over five years, with a total market capitalization of listed companies increasing by 85% to 462.11 billion yuan [1][2]. - The number of companies with a market value exceeding 100 billion yuan has expanded to 14, and the scale of mergers and acquisitions has surpassed 80 billion yuan [1][2]. Group 2: Financial Tools and Services - The capital market has effectively supported the optimization and upgrading of industrial structures through diverse financial instruments, including equity financing and bond issuance [2]. - Hainan has established service bases for major stock exchanges, enhancing the efficiency of capital market services [2]. Group 3: Industry Integration and Innovation - A total of 106 mergers and acquisitions have been completed by Hainan's listed companies, involving a scale of 80.5 billion yuan, with over 70% of companies focusing on technology innovation and green development [3]. - From 2021 to the third quarter of 2025, listed companies achieved a cumulative operating revenue of 811.52 billion yuan, reflecting a 30% increase compared to the previous five-year period [3]. Group 4: Shareholder Returns and Investor Protection - Listed companies have distributed a total of 5.789 billion yuan in dividends over five years, marking an 86% increase from the previous period, with active share buybacks and stakeholder increases enhancing investment value [4]. - Investor protection mechanisms have been strengthened, with over 5,000 educational activities conducted, reaching more than 10 million investors [4]. Group 5: Financial Innovation and Cross-Border Investment - Hainan has seen the establishment of new public fund management companies and a significant number of private fund managers, with a total fund management scale of 418.16 billion yuan [5]. - Innovative financial products, including green bonds and carbon-neutral asset-backed securities, have been launched to support sustainable development [5][6]. Group 6: Regulatory Environment and Risk Management - The Hainan Securities Regulatory Bureau has implemented strict regulatory measures, resulting in administrative penalties and a focus on risk prevention to ensure market stability [7]. - Risk monitoring and assessment mechanisms have been enhanced, with proactive measures taken to address potential risks in key sectors [7]. Group 7: Future Outlook - With the full island closure operation, Hainan's capital market aims to align with high-standard construction goals, focusing on improving the quality of listed companies and expanding cross-border asset management pilot businesses [8].

伴随新质生产力政策持续加码，半导体、AI等硬科技赛道业绩兑现迎来提速，一款覆盖沪深港三地硬 科技标的的指数型产品——交银中证智选沪深港科技50交易型开放式指数证券投资基金（下称"交银沪 深港科技50ETF"）正式发行，为投资者提供高效布局工具。 科技板块的配置逻辑正从"概念叙事"转向"业绩驱动"。政策端，前期《加快构建科技金融体制》等政策 落地为科技创新企业拓宽融资渠道，近期"十五五"规划建议明确将高水平科技自立自强作为核心目标， 引领发展新质生产力；产业端，根据中国上市公司协会最新统计，2025年前三季度，上市公司含"科"量 进一步提高，电子行业市值规模超过银行业位列第一，占比12.42%；战略性新兴产业整体研发强度达 5.21%。 在政策扶持与产业提振的双重作用下，科技板块长期投资价值凸显。但对普通投资者而言，板块阶段性 波动较大、跨市场选股难、赛道分化大等问题，增加了不少投资难度。 行业均衡布局则提升了该指数的抗波动能力。截至2025年9月30日，该指数覆盖电子、计算机等七大科 技行业，前三大行业合计占比仅65%，这种结构在当前板块轮动加剧的市场中更具韧性。 注：指数会定期或临时调整指数样本，有关标的指 ...

Core Insights - Anhui Province has achieved significant financial development during the "14th Five-Year Plan" period, with a social financing scale maintaining an annual increment of over 1 trillion RMB since 2021, and both deposits and loans exceeding 9 trillion RMB [1][2] Financial Services to the Real Economy - Since the "14th Five-Year Plan," Anhui's social financing increment has surpassed 5 trillion RMB, a 57% increase compared to the "13th Five-Year Plan," with 2024 projected to reach 1.18 trillion RMB, ranking 6th nationally [2] - By the end of September, the province's RMB deposit balance was 9.77 trillion RMB, with an annual growth rate of 8.6%, while the loan balance reached 9.25 trillion RMB, growing at 13.1% annually, achieving the "14th Five-Year Plan" targets ahead of schedule [2] - Manufacturing loans reached 1.1 trillion RMB, 2.5 times that of the end of the "13th Five-Year Plan," with long-term loans at 700.3 billion RMB, 4.7 times higher [2] - Technology loans totaled 1.7 trillion RMB, ranking 7th nationally, with loans to tech enterprises increasing 5.6 times since the end of the "13th Five-Year Plan" [2] - Inclusive loans for small and micro enterprises reached 1.5 trillion RMB, 2.5 times higher than at the end of the "13th Five-Year Plan," while agricultural loans increased by 65.8% to 2.67 trillion RMB [2] A-share "Anhui Sector" Growth - The number of listed companies in Anhui has increased by 62 since the "14th Five-Year Plan," totaling 186 by the end of September, nearly a 50% increase from the end of the "13th Five-Year Plan" [3] - Over 70% of listed companies are high-tech enterprises, with 60% in emerging industries and 50% classified as "specialized, refined, distinctive, and innovative" [3] - Anhui has achieved direct financing of 3.4 trillion RMB during the "14th Five-Year Plan," a 30% increase from the previous period, with significant growth in bond issuance [3] Fund Ecosystem Development - Anhui has established a provincial emerging industry guidance fund with a total scale of 200 billion RMB and a state-owned capital fund of 100 billion RMB, creating a collaborative fund ecosystem [4] - The province has launched the first bank-affiliated insurance capital AIC equity investment fund in the country, with a total of 3 AIC funds established, amounting to 2.1 billion RMB [4] Technology Finance Characteristics - Anhui has developed a unique technology finance model, creating a closed-loop ecosystem of "technology-industry-finance" [5] - The province has set up a technology achievement transformation guidance fund with 18 sub-funds, investing in 151 projects, and has introduced various innovative credit products to support technology transfer [6] - By the end of October, 139 technology enterprises were listed in Anhui, accounting for 75% of all listed companies, with a total market value of 2.16 trillion RMB, representing 80% of the total [6]

2025专精特新企业国际化发展大会11月8日在上海虹桥商务区举行。会上，"专精特新企业虹桥赋能中 心"启动共建仪式，标志着上海和虹桥商务区在赋能专精特新企业高质量发展方面开启了加速模式。 国际化人才教育培训基地同步启动共建，该基地将落地虹桥，聚焦国际化人才培育，旨在为专精特新企 业培育国际化人才贡献虹桥力量。Next-Tech Nexus(虹桥科技成果转化创新中心)当天也揭牌，致力于推 动日本科技成果在国内转化和产业化，推动中日产业界科技成果转化和产业化合作，赋能专精特新企业 科技创新和产业创新融合发展。 工信部原总经济师许科敏在致辞中指出，在建设现代化产业体系，巩固壮大实体经济根基的规划指引 下，各地要结合实际，完善中小企业国际化服务供应体系，推动中小企业专业化服务举措落实，做好中 小企业高质量发展赋能服务，提供专业化服务，有力促进中小企业国际化发展。 上海市经济和信息化委员会副主任蒲亚鹏在致辞中表示，上海作为中国改革开放的前沿阵地和国际大都 市，始终将培育专精特新中小企业摆在突出位置，积极推动走国际化发展之路。据透露，上海将优化出 海产品供给，延伸健全海外服务，强化出海企业能力，多举措支持组团出海，加强与 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is actively promoting policies to support technology enterprises in financing through capital markets, enhancing the integration of innovation, industry, talent, and finance [2][4]. Group 1: Policy Initiatives - The CSRC has introduced several policy documents, including the "Eight Articles for the Sci-Tech Innovation Board" and "Six Articles for Mergers and Acquisitions," to optimize the policy system supporting technological innovation [2]. - The listing conditions for technology companies have been made more inclusive, allowing unprofitable and special voting right companies to access the market [2][3]. - The number of newly listed companies in strategic emerging industries has reached nearly 2,700, accounting for over 40% of the market capitalization [2]. Group 2: Mergers and Acquisitions - The number of asset restructuring disclosures by listed companies has exceeded 1,400, with a year-on-year increase of over 40%, and significant asset restructurings have increased by over 220% [3]. - Approximately 650 asset restructurings have been disclosed by strategic emerging industry companies, with over 80 being significant restructurings [3]. Group 3: Private Equity and Venture Capital - Since the implementation of the registration system reform, 90% of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange have received investments from private equity and venture capital funds [3]. - The scale of investments directed towards strategic emerging industries has been increasing, with over 100,000 projects currently funded and total investment exceeding 4 trillion yuan [3]. Group 4: Bond Market Financing - The bond market has become a crucial channel for direct financing for technology enterprises, with cumulative issuance of Sci-Tech bonds reaching 1.2 trillion yuan, and 539 bonds issued in 2024 alone, representing a 64% year-on-year increase [3]. Group 5: Support for Overseas Listings - The CSRC has facilitated the overseas listing of 242 domestic companies, with 83 being technology enterprises, primarily in information technology, biomedicine, and advanced manufacturing [5]. - The CSRC aims to provide a transparent and efficient regulatory environment for technology companies seeking to list abroad [5]. Group 6: Regulatory Enhancements - The CSRC has revised the regulations on the use of raised funds, emphasizing that funds must be used specifically for technology innovation and the development of the real economy [6]. - The CSRC continues to implement a flexible and precise mechanism for new stock issuance to better support technology enterprises [7]. Group 7: Long-term Capital Development - The CSRC supports private equity funds in acquiring listed companies for industrial integration and is optimizing policies related to the exit of private equity funds [9]. - Efforts are being made to attract long-term capital into the market and improve the long-term investment system [9].