Group 1: Business Overview - The company focuses on "technology innovation services + strategic emerging industries" as its development model, emphasizing project investment and industrial application [2] - Main business areas include new materials, new energy, and digital economy, with a strategy of mergers and acquisitions to enhance high-tech subsidiaries [2] Group 2: Financial Performance - As of the end of September, the company's inventory was valued at 4.5 billion, primarily consisting of park real estate [3] - The company's asset-liability ratio at the end of Q3 2025 was 50.01%, indicating a reasonable debt structure [7] Group 3: Investment Strategy - In the first half of the year, the company completed 11 investment projects, focusing on sectors such as new energy, new materials, and advanced manufacturing [4] - The company employs a dual strategy of "incubation + acquisition" to nurture early-stage projects while seeking to acquire mature ones [5] Group 4: Market Engagement and Shareholder Relations - The company emphasizes long-term value and has increased dividend ratios and shareholder engagement to boost investor confidence [6] - The company maintains close interactions with several universities and research institutions to enhance project sourcing [8]

值得关注的是，《行动方案》还提出推进全国高校区域技术转移转化中心建设，在海淀、房山、昌平等 建设主承载区。《中国科技成果转化2024年度报告》数据显示，首都高校上年度以技术转让、许可、开 发等6种方式转化成果的合同数量为30332项，合同金额达201.9亿元，年均增长率约15%。 中关村科学城管委会副主任、海淀区副区长唐超回答本报记者提问时介绍，海淀区的全国高校人工智能 区域技术转移转化中心已在今年6月正式获批。她表示，人工智能领域科技成果转化的一大特点是青年 人才勇挑大梁，人才集聚效应显著。该中心目前已完成多所高校全面对接，挖掘筛选优质项目2100个， 后续将重点挖掘高校师生共创潜力项目，强化创新供给。 来源：中国青年报 本报讯（中青报·中青网记者 尹希宁）11月18日，北京发布《北京市推进科技成果转化落地行动方案 （2025-2027年）》（以下简称"《行动方案》"），加速科技成果"从1到10"在京落地。 北京市科委、中关村管委会党组成员、副主任杨璞今天在新闻发布会上介绍，《行动方案》的主要目标 是，到2027年，基本形成高效协同、富有活力的科技成果转化体系，促成1000家合作平台、5000项技术 开发合 ...

Core Viewpoint - The Beijing Municipal Government has issued the "Beijing Action Plan for Promoting the Transformation of Scientific and Technological Achievements (2025-2027)", aiming to integrate technological innovation with industrial development and address the challenges in the transformation of scientific and technological achievements [1] Group 1: Goals and Objectives - By 2027, the plan aims to establish an efficient and dynamic transformation system for scientific and technological achievements, facilitating the creation of 1,000 cooperation platforms, 5,000 technology development cooperation projects, and incubating 3,000 technology-based enterprises and 600 specialized and innovative enterprises [1] Group 2: Key Tasks and Strategies - The action plan emphasizes promoting the transfer of scientific and technological achievements, highlighting the role of enterprises, enhancing public service capabilities, and stimulating market vitality [2] - It proposes a research organization model where enterprises pose challenges, research units respond, and collaborative efforts are made through methods like "ranking and competition" [2] - R&D units are encouraged to improve internal collaboration mechanisms and use the effectiveness of achievement transformation as a key performance indicator for researchers [2] Group 3: Support for R&D Units and Enterprises - The plan supports R&D units in implementing measures such as prior empowerment and asset management, enabling researchers to use technological achievements as equity for starting businesses [3] - It encourages leading technology enterprises to engage early in the transformation projects, assisting in equity design, team building, and product planning [3] Group 4: Talent and Financial Support - A city-district collaborative mechanism will be established to support the matching of technological achievements with enterprise needs, enhancing the efficiency of transformation [4] - Financial support will be explored through city-district collaborative investment mechanisms, focusing on early-stage growth and sustainable development of enterprises [4][5] - The plan aims to improve the financial service system, encouraging long-term capital to increase investments in transformation projects and developing specialized financial products [5] Group 5: International Collaboration and Service Enhancement - The action plan emphasizes regional collaboration and international cooperation, promoting the establishment of a global technology trading hub [6] - It aims to enhance the precision of services for the transformation of achievements, providing tailored support for enterprises [5][6]

11月18日，北京市人民政府新闻办公室举行《北京市推进科技成果转化落地行动方案（2025-2027 年）》（以下简称《行动方案》）新闻发布会。记者获悉，北京初步形成全国领先的科技成果转化生 态。到2027年，北京将基本形成高效协同、富有活力的科技成果转化体系。 到2027年，转化孵化3000家科技型企业 据北京市科委、中关村管委会党组成员、副主任杨璞介绍，北京市把科技成果转化工作作为推动国际科 技创新中心建设的重要抓手，先后出台了《北京市促进科技成果转化条例》，打通科技成果转化堵点若 干措施等一系列政策法规，并率先开展了职务科技成果赋权、单列管理等试点工作，初步形成全国领先 的科技成果转化生态。 在提高公共服务能力方面，深化园区体制机制改革，打造市场化程度高、专业能力强、机制灵活的科技 成果转化服务机构。 在激发市场要素活力方面，壮大技术经理人队伍，将优秀技术经理人纳入市级人才支持政策体系。提升 科技成果转化平台服务能力，完善概念验证、中试、孵化等平台体系。 《行动方案》还提出，建设中关村国际技术交易中心，打造成果转化"一站式"综合服务载体。推进全国 高校区域技术转移转化中心建设，在海淀、房山、昌平等建设主承 ...

Core Viewpoint - The article emphasizes the importance of transforming scientific and technological achievements into productive forces, highlighting the role of Lihua Science and Technology in this process during the "14th Five-Year Plan" period [2]. Group 1: Company Development and Strategy - During the "14th Five-Year Plan" period, Lihua Science and Technology has undergone significant changes, focusing on strategic clarity, improved industrial chains, and precise industry focus [5][6]. - The company has transitioned from a basic service provider to a comprehensive industry innovation ecosystem builder, exceeding its three-year performance commitments post-restructuring [5]. - Lihua Science and Technology has incubated nearly 2,000 companies and invested in over 100 new enterprises during this period, establishing a virtuous cycle centered on the transformation of scientific achievements [6]. Group 2: Investment Approach - Lihua Science and Technology differentiates its "technology investment" from general financial investments by focusing on the technology sector and employing a scientific approach to investment and enterprise cultivation [7][8]. - The company emphasizes the importance of original technology, team capabilities, market feasibility, and synergy with its industrial ecosystem when evaluating early-stage hard technology projects [10][11]. Group 3: Overcoming Challenges in Technology Transfer - Lihua Science and Technology has developed a mature methodology for technology transfer, which has resulted in a high survival rate and significant growth for individual projects [12]. - The company collaborates with several universities and innovation platforms to ensure a steady supply of high-quality research outcomes for technology transfer projects [12]. Group 4: Future Growth Areas - The company identifies two key growth areas post-"14th Five-Year Plan": the mass and scalable transformation of scientific achievements and the cultivation of proprietary industrial systems in emerging fields such as artificial intelligence and robotics [15].

Core Insights - The event "Scientists Meet Investors" aims to bridge the gap between scientific innovation and investment, fostering a more efficient innovation ecosystem in Shaanxi [2][3] - The integration of scientists and investors is seen as crucial for transforming technological achievements into marketable products, emphasizing the importance of collaboration in the innovation chain [2][3] Group 1: Event Overview - The event was co-hosted by Shaanxi Keke Investment Fund, Xi'an Jiaotong University National Technology Transfer Center, and 21st Century Economic Report, with over 70 representatives from universities, venture capital, financial institutions, and tech companies participating [1] - The theme of the event was "Integration, Co-creation, New Momentum," focusing on exploring solutions for the challenges of technology transfer in Shaanxi [1] Group 2: Key Themes and Discussions - The event highlighted the importance of "early, small, and tech-focused" investments in the venture capital industry, with a shift towards investing in the source of technological innovation [2] - A significant statistic shared was that in 2024, 62 key universities in Shaanxi signed 23,000 technology contracts, with a total contract value of 9.7 billion yuan, showcasing the region's potential for technology transfer [2] Group 3: Presentations and Insights - Professor Ding Ning from Xi'an Jiaotong University discussed the development and challenges of large models in AI, emphasizing their broad applications and key challenges such as cost and computational power [3] - Yang Xiangyu from China Merchants Bank presented strategies for the banking sector to focus on technology finance as a means of overcoming challenges posed by narrowing net interest margins [3] Group 4: Dialogue Mechanism - The event featured a multi-layered dialogue mechanism, with discussions on the role of government-guided funds and market-oriented capital in investment mechanisms, risk-sharing, and balancing policy guidance with commercial returns [4][5] - The second round of discussions focused on practical experiences of market-oriented funds, sharing insights on identifying investment opportunities and planning commercialization paths [5] Group 5: Future Directions - The ambition of the event is to create a sustainable ecosystem for technology transfer in Shaanxi, contributing to the construction of an innovative highland in the western region of China [6] - The series of "Scientists Meet Investors" events will continue, aiming to build a bridge between scientific achievements and investment capital [6]

Core Viewpoint - The Guangxi region has launched a three-year action plan (2025-2027) to enhance the transformation of scientific and technological achievements, aiming to address bottlenecks and stimulate enterprise engagement in innovation and technology transfer [3][4]. Group 1: Action Plan Overview - The action plan includes 20 specific tasks focused on creating a technology transfer hub aimed at ASEAN, strengthening the role of enterprises in technology transformation, enhancing financial services for technology transfer, and reforming the institutional mechanisms for technology transfer [3][4]. - The plan aims to establish over 20 technology transfer liaison stations by 2027, enhancing connections with high-level universities and research institutions [4]. Group 2: Financial Support and Incentives - Enterprises can receive rewards of up to 5 million yuan for successful technology transfers, with additional financial support for introducing technology from resource-rich regions [5]. - The plan includes the establishment of over 10 technology transfer funds by 2027, promoting innovative financial products to support the entire cycle of technology transfer [7][8]. Group 3: Ecosystem and Mechanism Reform - The action plan addresses the reluctance of research institutions to transfer technology by reforming the management of intellectual property and establishing a liability exemption mechanism [10][11]. - It emphasizes the importance of evaluating the performance of technology transfer as a criterion for personnel assessments in research institutions [11]. Group 4: Talent Development - The plan aims to cultivate over 1,000 technology brokers by 2027, facilitating the connection between scientific research and market needs [13].

Core Viewpoint - Shenzhen has released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", outlining a clear blueprint for enhancing the M&A market ecosystem and facilitating efficient M&A activities for listed companies [1] Group 1: Goals and Targets - By the end of 2027, the total market capitalization of listed companies in Shenzhen is expected to exceed 20 trillion yuan, with the aim of nurturing 20 companies with a market value of over 100 billion yuan [1] - The plan aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan, establishing a number of industry demonstration cases [1] Group 2: Asset Side Initiatives - The action plan emphasizes the logic of industrial upgrading through M&A, focusing on the "20+8" industries, supporting leading companies in strategic emerging industries to conduct upstream and downstream acquisitions [2] - It encourages private and state-owned enterprises to pursue transformation through M&A and supports specialized enterprises in acquiring quality assets [2] - A project database for M&A targets will be established, creating a rolling reserve system for potential projects [2] Group 3: Funding Mechanisms - The plan introduces various financial tools to enhance the effectiveness of M&A, including flexible payment methods and innovative financing tools such as M&A loans and syndicate loans [3] - It encourages social capital participation through corporate venture capital and industry funds, and aims to attract long-term capital and foreign investors [3] Group 4: Cross-Border M&A Support - The action plan highlights the importance of leveraging Shenzhen's proximity to Hong Kong and Macau to optimize resource allocation for cross-border M&A [4] - It supports the establishment of equity investment funds for industrial M&A projects and encourages collaboration between exchanges in Shenzhen and Hong Kong [4] Group 5: Ecosystem Services - The plan calls for the establishment of a comprehensive M&A service platform to support the development of a conducive environment for M&A activities [5] - It encourages the Shenzhen Stock Exchange to enhance its system for M&A and restructuring, and to promote research on M&A related to the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area [6] Group 6: Risk Management - The action plan emphasizes the need for compliance checks in key M&A transactions and the prevention of malicious acquisitions [6] - It proposes the establishment of a special coordination mechanism to facilitate M&A activities and streamline approval processes for key projects [7]

Core Insights - The Tsinghua University Wudaokou School of Finance has established the first master's program in technology transfer in China, aimed at cultivating core talents for the transformation of scientific and technological achievements [1][2] - The program emphasizes a reverse approach to talent development, focusing on market-driven skills that enhance the ability to connect technology with market needs [1][2] - The curriculum is designed to develop three key competencies: understanding of technological innovation, management of technology transfer, and financial acumen related to technology commercialization [3][5] Enrollment and Talent Selection - The program aims to combine finance with technology transfer, addressing the urgent need for skilled professionals in this area [2] - Students are selected based on their entrepreneurial spirit and background in technology, management, or finance, fostering a collaborative team environment [2][5] - The program encourages students to approach their studies with practical problems and entrepreneurial projects in mind [2] Teaching Methodology - The program employs a dual-mentor system, pairing students with both academic and practical mentors to enhance their learning experience [3] - Courses include practical sessions where students develop technology transfer plans based on insights from Tsinghua's research projects [4] - A new scholarship program has been introduced to integrate young researchers from Tsinghua into the master's program, promoting collaboration and practical application [4] Talent Development Framework - The program has produced graduates who have successfully launched startups and shifted their investment focus towards hard technology [5] - The curriculum covers the entire lifecycle of technology innovation, from initial research to commercialization and business growth [5] - Additional initiatives, such as public service projects, aim to support technology transfer and entrepreneurship across various sectors [5] Future Outlook - The program seeks to bridge the gap between basic and applied research, addressing challenges in aligning technological innovation with market needs [6][7] - A proposed model for effective technology transfer includes stable technical sources, professional capabilities, and mechanisms for facilitating technology flow [6][7] - The ultimate goal is to contribute to China's industrial innovation and the effective transformation of scientific achievements through a well-structured ecosystem [7]

Core Viewpoint - The article discusses the "Beijing Action Plan for Promoting the Transformation of Scientific and Technological Achievements (2025-2027)" which aims to enhance the conversion of scientific and technological achievements in Beijing through various innovative measures [1][2][22]. Summary by Sections Development Goals - By 2027, a collaborative and dynamic transformation system for scientific and technological achievements is expected to be established, resulting in the successful conversion of significant technological achievements that meet national strategic needs and support Beijing's socio-economic development. The plan aims to facilitate the establishment of 1,000 cooperation platforms, 5,000 technology development projects, and the incubation of 3,000 technology-based enterprises and 600 specialized enterprises [9][24]. Key Tasks - **Promoting Technology Transfer**: - Reform policies to enhance technology transfer, including the establishment of a management system for job-related technological achievements and encouraging a "pay after use" model [10][25]. - Strengthen the internal mechanisms of research and development units to facilitate the entire process of technology transfer [10]. - Create benchmark technology transfer institutions to support various aspects of technology commercialization [11]. - **Highlighting the Role of Enterprises**: - Establish a research organization model where enterprises propose research topics and R&D units respond [12]. - Develop enterprise-led cooperation platforms and support the establishment of companies based on technology transfer [13]. - **Enhancing Public Service Capabilities**: - Implement a service mechanism that matches technology supply from R&D units with demand from enterprises [15]. - Reform park systems to create market-oriented and professional technology transfer service institutions [15]. - **Stimulating Market Element Vitality**: - Expand the pool of technology managers and enhance training programs to cultivate talent in technology transfer [16]. - Build a financial service system for technology transfer, encouraging investment in seed and angel rounds for hard technology projects [17]. - **Improving Service Quality**: - Construct the Zhongguancun International Technology Trading Center to facilitate technology transactions and innovation [18]. - Strengthen precise services for technology transfer startups, providing tailored support to enhance efficiency [19]. Safeguard Measures - Strengthen organizational leadership to ensure collaboration among various units in promoting technology transfer [21]. - Emphasize task implementation by creating annual task lists and clarifying responsibilities [21]. - Promote awareness and engagement in technology transfer policies through various media platforms [21].