专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会举行，中泰国际首席经济学家李迅雷出席并发表演讲。 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会举行，中泰国际首席经济学家李迅雷出席并发表演讲。 李迅雷表示，"十五五"规划的第一大亮点也是最大亮点要加速科技的自立自强，我这边列举了未来产业 的空间，未来制造、未来信息、未来材料、未来能源、未来空间、未来健康，对应这些行业的企业发展 机会还是值得期待的。" 责任编辑：郭栩彤 李迅雷表示，"十五五"规划的第一大亮点也是最大亮点要加速科技的自立自强，我这边列举了未来产业 的空间，未来制造、未来信息、未来材料、未来能源、未来空间、未来健康，对应这些行业的企业发展 机会还是值得期待的。" 责任编辑：郭栩彤 ...

尽管大多数未来产业仍处于起步或孵化阶段，但通过制度创新、场景牵引和政策赋能，北京正在加速引领新一轮 科技革命，为城市发展注入战略动能。 延庆区 密云区 怀柔区 a 昌平区 一平谷区 顺义区 海淀区 东城区 漫州区 门头沟区 石墨山区 朝阳区 西城区 r 丰台区 房山区® 8 大兴区 ED HK 先进智造产业带 地图来源:北京市规划和自然资源管理会、 北京市民政局 审图号:京S(2024)032号 北京未来产业先导区: 海淀区:以未来信息为主赛道,未来制造和未来空间为副赛道 昌平区:以未来健康为主赛道,未来制造和未来能源为副赛道 通用人工智能 第六代移动通信(6G) 海淀区 未来信息 元宇宙 量子信息 朝阳区 光电子 …… 石景山区 基因技术 细胞治疗与再生医学 未来健康 脑科学与脑机接口 通州区 合成生物 …… 类人机器人 经开区 未来制造 智慧出行 …… 昌平区 氢能 新型储能 未来能源 碳捕集封存利用 …… 大兴区 石墨烯材料 平谷区 : | 超导材料 密云区 未来材料 超宽禁带半导体材料 房山区 新一代生物医用材料 …… 顺义区 商业航天 未来空间 怀柔区 卫星网络 …… 延庆区 丰台区 数据来源: 2 ...

Core Insights - The future industry in China is projected to reach a value of approximately 11.7 trillion yuan in 2024, with estimates of 13.4 trillion yuan in 2025 and 15.5 trillion yuan in 2026, reflecting a compound annual growth rate of 15% [1][2] - Future industries are defined as emerging sectors driven by cutting-edge technologies, characterized by significant disruption and uncertainty [2][8] - The Chinese government aims to foster an environment that encourages innovation and tolerates failure, enhancing the autonomy and funding rights of research institutions to stimulate creativity [1][16] Industry Overview - Future industries encompass six key areas: future manufacturing, future information, future materials, future energy, future space, and future health [1] - The development of future industries is seen as a strategic pivot for technological advancement and industrial upgrading in China [1][8] Market Projections - The commercial space sector in China is expected to exceed 2.7 trillion yuan by 2025 and reach 3.3 trillion yuan by 2026 [5] - The satellite internet market is projected to reach 45 billion yuan by 2025, with a total of nearly 16,000 satellites planned [6] Technological Advancements - Breakthroughs in key technologies such as atomic-level manufacturing, hydrogen energy, and quantum information are driving the growth of future industries [5][6] - The atomic-level manufacturing sector is anticipated to achieve sales of 80 billion yuan in equipment and 20 billion yuan in related materials by 2024, with the potential to exceed 100 billion yuan within five years [5] Regional Development - Major regions like Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area are emerging as innovation hubs for future industries [7] - The Yangtze Economic Belt is exploring collaborative innovation models to enhance development in commercial aerospace and green energy [7] Characteristics of Future Industries - Future industries exhibit four notable characteristics: strategic significance, leading-edge technology, disruptive potential, and inherent uncertainty [8][9] - The development of future industries is influenced by the interplay of supply and demand, with technological breakthroughs creating new market needs [9] Challenges and Recommendations - Key challenges include strengthening the technological foundation, enhancing systemic planning, ensuring long-term investment, and improving regulatory frameworks [10][11] - Recommendations for fostering future industries include establishing a supportive capital investment mechanism, enhancing collaboration across the industry chain, and promoting flexible funding models [12][13][18]

Core Viewpoint - The article discusses the implementation of the "Management Measures for the Shaanxi Province Science and Technology Innovation Mother Fund (Trial)" aimed at promoting technology innovation in the region through government-led investment strategies [1] Group 1: Fund Structure and Investment Strategy - The Science and Technology Innovation Mother Fund has a duration of 20 years, with at least 80% of its investments directed towards venture capital sub-funds, and a minimum of 30% allocated to seed and angel sub-funds [2] - Direct investments in major science and technology projects determined by the provincial government are capped at 5% of the total subscribed capital of the mother fund, with remaining funds allocated flexibly to industry sub-funds or direct investment projects [2] - The mother fund's investment in venture capital sub-funds generally does not exceed 50% of the total scale of the sub-fund, with seed and angel sub-funds capped at 60% [2] Group 2: Management and Fee Structure - The management fee for the mother fund is calculated at 1% per year based on the actual paid-in capital for the investment in sub-funds, and similarly for direct investments [3] - 80% of the management fee is a basic fee, while 20% is determined based on performance evaluation results [3] Group 3: Sub-fund Duration and Focus - The duration of sub-funds is limited to a maximum of 15 years, with extensions subject to approval by the provincial government [4] - Sub-funds focusing on early-stage projects must allocate at least 70% of their scale to such investments [5] Group 4: Investment Criteria for Seed and Angel Projects - Seed projects must meet specific criteria, including being within 5 years of establishment and having sales revenue not exceeding 50 million RMB and fewer than 100 employees [6] - Angel projects must also meet criteria, including being within 8 years of establishment and having sales revenue not exceeding 100 million RMB and fewer than 200 employees [7] Group 5: Risk Tolerance and Loss Absorption - The mother fund establishes a mechanism for due diligence exemption, allowing for a maximum loss tolerance of 70% for seed and angel sub-funds, 50% for venture capital sub-funds, and 30% for industry sub-funds [7]

Core Viewpoint - Heze City is focusing on developing future industries as a strategic choice to drive technological progress and industrial upgrading, aiming to achieve the goal of "breaking through Heze and surpassing others" [1] Group 1: Development Goals - The "Implementation Opinions" set a two-step development goal: short-term (by 2030) to establish around 30 major technology innovation platforms, break through over 50 key technologies, and form more than 30 landmark innovative products; long-term (by 2035) to build an ecosystem suitable for the growth of future industries [2] Group 2: Key Future Industries - Seven key future industries are prioritized for development: - "Future Materials" to support high-end manufacturing by breaking traditional material performance limits - "Hydrogen and Energy Storage" to address energy security and dual carbon goals - "Synthetic Biology" to reconstruct the biological manufacturing system for green and low-carbon transformation - "Artificial Intelligence" to empower intelligent upgrades across various industries - "Intelligent Robotics" to assist in the intelligent transformation of manufacturing - "Future Manufacturing" integrating digital twins and flexible manufacturing technologies - "Low-altitude Economy" to expand land space utilization and cultivate new growth poles [2] Group 3: Implementation Tasks - Eight key tasks are outlined to ensure effective policy implementation: - Improve government service efficiency and optimize approval processes - Establish a comprehensive mechanism for talent recruitment and retention - Promote industrial clustering by mapping industrial chains and building specialized industrial parks - Encourage innovation by forming innovation consortia - Establish a future industry fund to empower financial support - Promote cross-regional innovation cooperation - Build platforms such as laboratories and pilot bases - Foster a culture that encourages innovation and tolerates failure [3] Group 4: Local Adaptation and Future Steps - Heze's "Implementation Opinions" emphasize localized strategies and phased cultivation, aligning with provincial goals while leveraging local resources for innovative development [3] - The introduction of these opinions marks a new phase in Heze's future industry development, aiming to accelerate the construction of a modern industrial system that integrates traditional, emerging, and future industries [3][4] - The city will enhance departmental collaboration to expedite the cultivation of future industries and ensure the effective implementation of policies [4]

Core Viewpoint - Wuhan city is implementing a series of initiatives to accelerate the development of a nationally influential technology innovation center, focusing on capital cultivation and establishing a fault-tolerant mechanism for investments [1][2]. Group 1: Investment Initiatives - The city has established two government industry funds, Wuhan Fund and Jiangcheng Fund, targeting five key industries including optoelectronic information, new energy, and intelligent connected vehicles, as well as emerging industries like commercial aerospace and artificial intelligence [1]. - The goal is to create a fund cluster worth 300 billion to 500 billion yuan by attracting social capital [1]. Group 2: Investment Risk Management - The government investment funds will allow for a maximum loss of 100% for individual projects under seed and angel investments, with tolerances set at 80% and 60% for seed and angel funds respectively [2]. - A mechanism is in place to exempt government investment funds from liability if investments do not meet expectations due to force majeure [2]. Group 3: Fund Structure and Duration - The participation ratio of government investment funds in seed and angel funds has been increased to over 50%, with a maximum fund duration of 15 years [1]. - The total amount of government investment funds for establishing seed and angel funds or directly investing in technology innovation projects should not be less than 20% of the newly added investment amount for the year [1].

原标题：《北京归国留学人员蓝皮书》发布 30日，在2025中关村论坛年会留学人员创新创业论坛上，《北京归国留学人员蓝皮书》（以下简称《蓝 皮书》）发布。《蓝皮书》系统呈现北京地区海归人才流动趋势和创新效能图谱。 据《蓝皮书》估算，截至2024年，北京归国留学人员数量为122.85万人。从调研数据看，北京归国留学 人员在海外所获学位以硕士及博士为主，硕士、博士及副博士共占76%。北京归国留学人员60%以上留 学美国和英国，科学技术、经济和教育是其从业的主要行业领域。其中，科学技术领域的留学人员最 多，占比达20.8%。 北京归国留学人员对就业及创新创业积极影响突出。《蓝皮书》显示，从调研情况看，目前北京归国留 学人员中，78%为在北京就业状态，14.2%为在北京创新创业状态，2.6%处于新就业形态（灵活就 业）。处于就业状态的北京归国留学人员中，有60%属于人工智能等新一代信息技术，医药健康、智能 网联汽车、未来制造等新质生产力或新兴产业领域；处于创新创业状态的北京归国留学人员中，80%以 上属于新质生产力或新兴产业领域，其在技术创新、商业模式创新以及引领新兴产业发展方面作出贡 献。 另外，2024年，北京11 ...