2025.10. 11 本文字数：2272，阅读时长大约4分钟 为继续培育未来产业，上海再发新政进行系统性布局。 10月11日，上海市政府新闻办举行市政府新闻发布会介绍了《关于加快推动前沿技术创新与未来产业培育的若干措 施》（下称"措施"），措施提出力争到2027年，突破一批前沿颠覆性技术，体系化布局建设一批未来产业集聚区，培 育20家左右未来产业生态主导型企业。到2030年，培育壮大一批未来产业，推动形成若干战略性新兴产业，成为具有 世界影响力的未来产业引领地。 作者 | 第一财经 金叶子 为何选定这些重点领域？ 在聚焦重点发展领域，提出围绕未来制造、未来信息、未来材料、未来能源、未来空间、未来健康六大方向，合理规 划、分层推进、精准培育。发展壮大细胞与基因治疗、脑机接口、生物制造、具身智能等领域，重点支持降低成本、 提高可及性、构建产业生态；加快培育第四代半导体、硅基光电子、第六代移动通信、类脑智能等领域，重点支持优 化产品设计、拓展应用场景、验证市场价值；加速布局量子科技、可控核聚变、再生医学等前沿领域，重点支持技术 难题攻关、技术路线收敛、产品可行性验证。 谈到为何选定这些方向，上海市科委副主任屈炜回 ...

Core Insights - Chengdu has established 11 key industrial chains with revenues reaching the billion-level scale, with two new advanced manufacturing clusters added, bringing the total to five [1][3] - The city aims to accelerate the formation of trillion-level industrial chains in software and information services, cultural tourism, and has seen breakthroughs in integrated circuits, new displays, biomedicine, and the silver economy [1][4] - As of July this year, the monitored 7,268 industrial chain enterprises in Chengdu reported an 8.2% year-on-year increase in revenue and a 12.2% increase in total profit, indicating a stable upward trend in the industry [1] Industrial Development Strategy - The "chain strengthening" strategy has been a significant choice for Chengdu to enhance its industrial development and urban competitiveness since its introduction in December 2021 [1][3] - Chengdu ranks eighth in the national advanced manufacturing city rankings, with five national advanced manufacturing clusters and 12 provincial strategic emerging industry clusters established [1][3] Recent Developments - The completion of a 2 billion yuan OLED polarizer production base by Nichia Materials Technology (Chengdu) Co., Ltd. fills a gap in Chengdu's upstream polarizer materials sector [2] - The city is focusing on clustering enterprises along the same industrial chain to enhance competitiveness, as demonstrated by the collaboration between local companies and suppliers [2][3] Future Directions - Chengdu plans to categorize and collaboratively build advantageous industrial clusters, targeting trillion-level chains in software, information services, and cultural tourism, while pushing for breakthroughs in several other sectors [4][5] - The establishment of a Scene Innovation Promotion Center aims to foster new technologies and products through innovative applications in emerging fields like humanoid robots and intelligent driving [4][5] Financial Support and Mechanisms - Chengdu's financial institutions are set to provide comprehensive services to key industrial chain enterprises, with over 60 functional funds established to support the development of chain-leading and specialized enterprises [5] - The city will implement measures such as "one chain, one special class" and "one chain, one policy" to ensure lifecycle support for industrial chain development [5]

Economic Performance - Wuhan's GDP has shown a transformative change during the "14th Five-Year Plan," achieving a recovery and surpassing 2 trillion yuan, with annual GDP growth reaching 5.5% in the first half of 2025 [1] - The city's GDP growth rate consistently exceeds the national average, maintaining a position among the top 10 cities in China and ranking first among central cities [1] Industrial Development - Wuhan's industrial output value exceeded 1.67 trillion yuan during the first four years of the "14th Five-Year Plan," with an average annual growth rate of 7.1% [5] - The total industrial added value reached 507 billion yuan, ranking fourth among sub-provincial cities, with manufacturing and software contributing over 40% to the city's tax revenue [5] - Industrial investment surpassed 200 billion yuan, accounting for nearly 25% of the city's total investment [1] Technological Innovation - Wuhan has established 2 national and 7 provincial manufacturing innovation centers, along with 21 provincial pilot platforms and 11 industry innovation laboratories [5] - The city has made significant advancements in high-end chips, industrial machinery, and other cutting-edge fields, achieving world-leading innovation results [5] Digital Transformation - The number of 5G base stations in Wuhan reached 56,500, a 4.5-fold increase from the end of the "13th Five-Year Plan," with total computing power exceeding 5,300 P [6] - Wuhan leads in digital transformation, having built 300 digital production lines and 30 benchmark smart factories [6] Private Sector Growth - The number of private enterprises in Wuhan has surpassed 1.17 million, doubling since the end of the "13th Five-Year Plan," with the private sector's contribution to GDP reaching 48.4% [6] - During the "14th Five-Year Plan," Wuhan cultivated 3,701 industrial enterprises and 348 national-level specialized "little giant" enterprises [6]

Group 1 - The core event is the supply-demand matching meeting for industry-education integration held at Suzhou Technician College, organized by Suzhou Human Resources and Social Security Bureau, Education Bureau, and Federation of Industry and Commerce [1] - Over 80,000 laborers have been trained through the summer skills training program, which was launched in June and involves collaboration among more than 20 departments [2] - Representatives from 15 universities and vocational colleges, along with 18 industry associations and chambers of commerce, participated in discussions to enhance training quality and deepen industry-education integration [1][2] Group 2 - The Jiangxi Chamber of Commerce in Suzhou, which has over 300 member enterprises across various sectors including intelligent manufacturing and biomedicine, aims to establish a long-term mechanism for collaboration with government and educational institutions [1] - The training initiatives focus on the most urgent needs in the "1030" industrial development and the tight labor market [2]

Core Viewpoint - The Guangxi Zhuang Autonomous Region has introduced a set of 30 policy measures aimed at stabilizing and promoting the industrial economy, focusing on enhancing service to the real economy and stimulating the vitality of business entities [1] Group 1: Support for Production and Efficiency - The region encourages industrial enterprises with orders and markets to maintain employment and expand production, offering quarterly rewards based on growth in output, revenue, and profit for Q3 and Q4 of 2025 [2] - Financial support will be provided for major industrial projects, with funding subsidies based on the actual investment completed in Q3 and Q4 of 2025 [2] Group 2: Market Expansion Initiatives - A "Hundred Exhibitions, Thousand Enterprises" initiative will be implemented to support industrial enterprises in hosting product launches and participating in key exhibitions in ASEAN, the Middle East, and Belt and Road countries, with financial support for exhibition-related costs [3] Group 3: Innovation and Competitiveness - Policies to support technological innovation in industrial enterprises include rewards for the development and application of major technological equipment, with a maximum reward of 2 million yuan per unit [4] - The region aims to enhance the status of enterprises in innovation, with plans to implement over 100 self-funded technology innovation projects and establish more than 30 recognized enterprise technology centers [4] Group 4: Service Optimization for Cost Reduction - Measures to improve the business environment include enhancing customs services, increasing financing support, and reducing logistics costs, with a target of providing over 80 billion yuan in interest subsidies for loans to industrial enterprises [5] - Continuous research and service for the real economy have resolved over 3,077 enterprise issues, contributing to a reduction in industrial enterprise costs [6]

Core Viewpoint - The People's Bank of China and several government departments have issued guidelines to enhance financial support for new industrialization, aiming for a mature financial system by 2027 that effectively supports the high-end, intelligent, and green development of the manufacturing sector [1][2]. Group 1: Key Support Measures - The guidelines propose 18 targeted support measures focusing on enhancing financial service capabilities and establishing long-term mechanisms to support new industrialization [1][2]. - Specific measures include promoting structural monetary policy tools to guide banks in providing long-term financing for key manufacturing sectors such as integrated circuits, medical equipment, and advanced materials [2][3]. - The guidelines emphasize the importance of supporting emerging industries like new-generation information technology, smart vehicles, and biotechnology through multi-level capital market financing [2][3]. Group 2: Financial Mechanisms and Collaboration - The guidelines call for the establishment of a credit plan for the manufacturing sector and the development of credit evaluation models that align with new industrialization requirements [4][5]. - A collaborative mechanism involving various financial institutions is proposed to enhance information sharing and business cooperation while managing cross-financial risks [6][7]. - The guidelines stress the need for coordination between financial and industrial policies, including mechanisms for project recommendations and risk management to support key industries [7][8]. Group 3: Long-term Financial Support - The guidelines aim to improve the internal mechanisms of financial institutions to better serve new industrialization, addressing concerns about service capabilities [5][6]. - Recommendations include refining evaluation standards for innovation and establishing markets for intellectual property to attract long-term capital [8].

Core Viewpoint - The People's Bank of China and several government departments have jointly issued guidelines to enhance financial support for new industrialization, focusing on integrating technology and finance to foster emerging industries and improve the resilience of supply chains [1][4]. Group 1: Financial Support Initiatives - The guidelines propose the implementation of a "Technology-Industry Financial Integration" initiative, which includes monthly investment roadshows and nurturing specialized small and medium-sized enterprises for public listing [1][4]. - Support will be provided for eligible enterprises in emerging sectors such as new-generation information technology, industrial software, smart vehicles, commercial aerospace, and biomedicine to access multi-tiered capital markets [1][4]. Group 2: Optimizing Financial Policy Tools - The guidelines emphasize optimizing financial policy tools to support key technological advancements and product development, particularly in critical manufacturing sectors like integrated circuits and medical equipment [2][6]. - A "green channel" will be established for technology companies that achieve breakthroughs in core technologies, facilitating their access to public financing, mergers and acquisitions, and bond issuance [2][6]. Group 3: Expanding Technology Loan Provision - The guidelines aim to enhance the quality and efficiency of technology finance, encouraging financial institutions to diversify their technology finance service models and increase technology loan issuance [3][7]. - There will be a focus on long-term investments in future industries, including manufacturing, information technology, materials, energy, space, and health, with an emphasis on risk control [3][7]. Group 4: Policy Coordination and Monitoring - The guidelines call for strengthened coordination between financial and industrial policies, implementing incentive and constraint mechanisms to support the development of key sectors and small enterprises [3][7]. - Continuous monitoring of manufacturing credit will be enforced to ensure compliance with policy requirements, fostering a favorable financial market environment [3][7].

Core Viewpoint - The article discusses the joint issuance of guidelines by multiple Chinese government departments to enhance financial support for new industrialization, focusing on key sectors and technologies, and promoting sustainable development through various financial instruments. Group 1: Key Technology and Financial Support - Financial institutions are encouraged to provide medium to long-term financing for key industries such as integrated circuits and industrial mother machines, with a "green channel" for companies that break through core technologies [1][16] - Financial support will be increased for the promotion of first sets of equipment and first batches of materials [1] Group 2: Capital Patience for Technology Transformation - Initiatives like monthly investment roadshows and nurturing of specialized small and medium enterprises for listing are proposed to optimize the evaluation of hard technology attributes [2][18] - A comprehensive financial service package will be offered for high-level talent entrepreneurship [2] Group 3: Financing Channels for Traditional Industry Upgrades - Banks will enhance credit support for the transformation of traditional manufacturing into high-end, intelligent, and green industries [3][22] - Companies can utilize financing leasing to update intelligent equipment and environmental protection devices, with related debts being securitized [3] Group 4: Funding for Emerging Future Industries - New generation information technology, renewable energy, and biomedicine can access multi-tiered capital markets for financing [4][23] - Long-term funds from government investment funds and insurance will focus on future manufacturing and energy sectors [4] Group 5: Financing for Small and Medium Enterprises - Financial institutions are encouraged to provide financing services based on "data credit" and "object credit," reducing reliance on guarantees [5][34] - A national credit information platform for small and micro enterprises is being accelerated to facilitate first-time borrowers [5] Group 6: Green Transformation and Financial Tools - High-carbon industries that meet green low-carbon transformation criteria will receive bank support [6][25] - Green credit and bonds will be directed towards environmental protection, energy saving, and low-carbon projects [6] Group 7: Digital Integration and Intelligent Services - Digital infrastructure such as 5G and industrial internet will be eligible for medium to long-term loans [7][30] - Banks are encouraged to build digital industry platforms for one-stop services, utilizing big data and AI to enhance service efficiency for small and medium enterprises [7] Group 8: Risk Prevention and Control - Financial institutions must monitor the use of funds to prevent misuse and ensure that risks are shared and assessed jointly [9][60] - Manufacturing sector non-performing loans can be managed through restructuring and legal write-offs [9]

Summary of Key Points from Conference Call Records Industry: Real Estate Core Insights and Arguments - From 2015 to 2017, the real estate index saw significant excess returns closely linked to loose policies, with the index rising from 0% to 120% [1][3] - Between 2017 and 2024, despite high growth in housing prices and sales, tightening policies led to a downward trend in excess returns of the real estate index [1][3] - Following the 517 and 924 policies in 2024, while declines in sales and prices narrowed, the real estate index's excess returns remained at a low level due to concerns over long-term demand, developer profitability, and debt pressures [1][3] - The past year has shown a pulsing zigzag pattern in excess returns, characterized by short cycles and high volatility, strongly correlated with policy changes, driven by short-term policy games, with a slow recovery in fundamentals [1][3] - Since May 2024, the real estate sector has exhibited three main characteristics: short cycles, high volatility, and strong policy correlation, with an average excess return of 13% over six recent upward waves, lasting an average of 18 days [1][3] Important Policies Impacting the Real Estate Market - The 517 policy introduced by four ministries led to a prolonged period of excess returns in the real estate sector, with an increase close to 20% [5] - Following a brief recovery in May, the market began to decline in June, but a political bureau meeting in July proposed support for purchasing existing homes for affordable housing, which spurred another upward trend [5] - The 924 policy had a significant impact, resulting in a 30% increase during the "Golden September and Silver October" period [5] - Other influencing factors include tax incentives for housing transactions proposed in November 2024 and a focus on high-quality urban renewal in the central urban work conference [5] Industry: AIBC (Artificial Intelligence and Big Computing) Current Development Status - The AIBC industry is recognized as one of the few sectors with strong sustainability and practical implementation capabilities, with continuous growth in computing power demand driven by competition in large models [10] - The industry has shown excellent performance, with companies like Xinyi Technology experiencing rapid year-on-year growth, indicating high industry prosperity [10] Recent Important Policy Dynamics and Industry Trends - Key recent policy developments include the central urban work conference and various meetings addressing competition in the new energy vehicle sector and industrial development [11] - The launch of the Kimi KR large model, which utilizes a mixed expert architecture to control computing power requirements, has garnered significant attention and is seen as a pivotal moment in AI development [12] Other Important but Potentially Overlooked Content - The government is actively opposing disorderly competition and "involution" in various industries, particularly in cyclical sectors and manufacturing, indicating a long-term focus rather than a temporary issue [8] - The construction of the Yajiang Hydropower Station, with a total investment of approximately 1.2 trillion yuan, reflects a shift in government policy towards stimulating overall social demand through demand-side investment projects, potentially signaling a broader economic recovery strategy [9]

Group 1: Economic Performance - In the first half of 2025, Jiangsu province's retail sales reached 2.39 trillion yuan, a year-on-year increase of 5%, ranking first in the country for both scale and net increase [1] - The province's total import and export of goods amounted to 2.81 trillion yuan, with a year-on-year growth of 5.2%, and trade with Belt and Road countries reached 1.39 trillion yuan, growing by 9.5% [1] - Actual foreign investment in Jiangsu was 11.54 billion USD, accounting for 19.5% of the national total, continuing to lead the country [1] Group 2: Consumption Market Dynamics - Jiangsu's consumption market is energized by the "Su Super League + Su New Consumption" initiative, creating a closed loop of "watching matches - consumption - experience" [2] - Over 3,500 promotional activities attracted 65,000 enterprises, with retail sales of related products increasing by 9.4%, contributing 3.7 percentage points to overall retail growth [2] - Plans for the second half of the year include expanding the "Su Super" effect and launching new incentive policies to stimulate large-scale consumption [2] Group 3: Foreign Trade Resilience - Jiangsu's exports to Belt and Road countries grew by 17.7%, contributing 8 percentage points to the province's export growth, with ASEAN becoming the largest export market [3] - The province organized 288 trade promotion events, with over 60% focused on emerging markets, and facilitated participation of 5,750 enterprises in key domestic and international exhibitions [3] - Future plans include guiding foreign trade enterprises to participate in over 180 overseas trade exhibitions and expanding the "Jiangsu Foreign Trade Quality Products Zone" [3] Group 4: Foreign Investment Strategies - Actual foreign investment from Germany and Luxembourg increased by 107.4% and 222.5% respectively, while Singapore, South Korea, and Japan also showed significant growth [4] - The province's policies aim to stabilize foreign investment, with initiatives such as tax incentives for profit reinvestment and the establishment of a foreign investment roundtable [4] - Jiangsu's free trade zone has introduced 30 nationally promoted institutional innovations, enhancing its attractiveness for foreign investment [4]