很多人常常陷入一个思维误区：发达国家玩金融，发展中国家做制造。这似乎是现代化的必然路径。然而，最近我听到一位英国专家的观点，却让我对这一 传统认知产生了疑问。他直言不讳地表示，当欧美国家还在沉迷于印钞、依赖金融体系输血时，唯独中国坚守着一项最为艰难、却又至关重要的任务——死 磕实体经济。这是一个资本榨取与实体创造并行的时代，全球财富的真正分布不再仅仅是国家间的较量，而是资本寡头对决实体苦干者的较量。欧美选择了 轻资产+资本控制的道路，而中国则走上了产业链全覆盖+制造业升级的艰难之路。这背后，隐藏着怎样的世界趋势呢？ 欧美依靠金融创新来推动GDP增长，而中国则通过实业投资来拉动经济增长。这一现实所意味着的，是：首先，全球实体产业在西方国家正面临结构性衰 退，金融资本对生产要素的控制空间越来越小，经济增长逐渐沦为泡沫；其次，中国正通过实体经济这一最沉重的路径，寻找真正的系统性安全。换句话 说，一旦全球市场遭遇剧烈动荡，那些没有制造能力、没有物流体系的国家，将会深陷滞涨的泥潭；第三，未来的世界比拼的不是虚拟经济的繁荣，而是哪 个国家能承受住真正的挑战。这种反繁荣假象的战略思维，已经悄然成为全球南方国家的共识。在这场 ...

近日，昆山益腾医疗科技有限公司（以下简称"益腾科技"）宣布完成近亿元A轮融资。本轮融资由弘晖基金领投，昆 山国创集团、昆玉人才基金跟投，启峰资本担任本轮财务顾问， （杏泽资本公众号） 所募资金将重点用于高端CT球管的研发迭代与注册推进，为公司持续领跑国产CT球管赛道注入强劲资本动力。作为 国内电真空技术领域的高新技术企业，益腾科技凭借创始人顶尖行业积淀、产品卓越性能及快速商业化落地能力，在 高端医疗装备核心部件国产化浪潮中脱颖而出。 ...

上证报中国证券网讯（记者 闫刘梦）1月27日，由香港贸易发展局、陕西省委金融办、陕西省贸促会与 中信集团联合主办，中信建投国际协办的 "陕西企业赴港上市对接会"在香港举办。此次对接会聚焦陕 西企业赴港上市与跨境投融资合作，旨在推动政策、资本、产业与专业服务高效对接，为陕西企业与香 港资本市场搭建双向赋能平台。 在致辞环节，香港贸易发展局西部地区首席代表周宏表示，香港贸发局希望以金融为切入点，联动香港 八大中心功能，为陕西等西部企业对接国际资源提供全方位支持，助力专精特新企业利用香港进行融 资、上市及全球化布局。 陕西省委金融办常务副主任苏虎超表示，陕西将持续深化与香港资本市场对接，推动优质企业赴港上 市，借助香港国际金融中心优势助力高质量发展。 中信集团业务协同部总经理任霞表示，中信集团将充分发挥连接世界的桥梁作用，携手陕西与香港，通 过服务企业赴港上市及出海等，推动境内产业动能与国际金融视野双向赋能，助力优秀企业依托香港平 台走向全球。 陕西金融资产管理股份有限公司董事长李凯表示，将充分发挥在港布局的独特优势，助力陕西科创企业 对接国际资本市场，通过拓宽跨境融资渠道为高质量发展注入新动能。 来源：上海证券报 ...

Group 1 - The core focus of the news is the strategic direction of Zibo City, emphasizing "intelligent, green, and integrated" development as part of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [2] - Zibo's GDP surpassed 500 billion yuan during the "14th Five-Year Plan," with the value added by the "four strong" industries accounting for 60.2%, an increase of 12.9 percentage points compared to five years ago [2] - The city aims to strengthen its industrial chains, particularly in polyolefins and engineering plastics, and promote the transformation of traditional chemical industries towards new materials and fine chemicals [3] Group 2 - Zibo plans to enhance the quality of enterprise development through initiatives aimed at increasing the number of billion-level enterprises to 20 and exceeding 850 specialized and innovative enterprises [3] - The city is focusing on the construction of smart green parks and optimizing the layout of development zones, while also improving public services and infrastructure [4] - Zibo is implementing actions to enhance the service industry, targeting over 150 key projects to elevate the quality of production and life services, including modern finance and technology services [4]

Group 1 - The importance of the "14th Five-Year Plan" is emphasized, particularly in building a modern industrial system and strengthening the foundation of the real economy [5] - Companies are encouraged to focus on advanced manufacturing, innovation, and integration to contribute to the modernization of the industrial system [5] - The logistics sector is highlighted as crucial for enhancing domestic and international circulation, with initiatives to upgrade ports and improve resource allocation [5][6] Group 2 - The tourism industry is leveraging ice and snow resources to boost consumption and develop a billion-level industry cluster, particularly in preparation for the 2027 Winter Universiade [6] - The healthcare sector is focusing on improving medical insurance coverage for traditional medicine, aligning economic development with social progress [7] - Energy companies are integrating green and intelligent mining practices into their development plans to support national energy goals [8] Group 3 - The importance of grassroots governance and community engagement is underscored, with local governments collecting public opinions to inform policy-making [3] - The need for continuous improvement in the capabilities of party members and local leaders is highlighted to ensure effective implementation of national strategies [8][9] - The construction sector is actively pursuing infrastructure projects, demonstrating commitment to the goals set for the "14th Five-Year Plan" [9]

Core Insights - The company is investing in the controllable nuclear fusion project, highlighting its commitment to clean energy and advanced manufacturing capabilities [1][2] - The investment of 30 million yuan in the Star Ring Fusion project reflects the company's confidence in the market potential and technological value of nuclear fusion [1][2] - The company aims to strengthen its market position in the tank container industry while exploring new business opportunities in high-end medical equipment and controllable nuclear fusion [1][3] Investment in Controllable Nuclear Fusion - The controllable nuclear fusion technology encompasses several cutting-edge fields, including high-temperature superconductors and plasma physics, with significant commercial application prospects [1][2] - Star Ring Fusion, established in October 2021, focuses on the commercial application and research of fusion energy, leveraging a core research team from Tsinghua University [1][2] Strategic Development and New Business Opportunities - The company is the first manufacturer of tank containers in China and has maintained a leading global market share for several years [3] - Following the strategic investment in Star Ring Fusion, the company plans to explore collaborative product development, such as specialized storage tanks for nuclear fusion engineering [3] - The company is also expanding its high-end medical equipment business, having established strategic partnerships with global medical imaging equipment manufacturers like Siemens [3] - The revenue from the medical equipment components segment reached 119 million yuan in the first half of 2025, marking a year-on-year increase of 16.12% [3]

Core Viewpoint - The company, Beijing Aerospace Changfeng Co., Ltd., anticipates a net loss for the fiscal year 2025, projecting a net profit attributable to shareholders of between -170 million to -200 million yuan, which represents an expected reduction in losses compared to the previous year [1][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [1]. - The company expects a net profit attributable to shareholders of between -170 million to -200 million yuan, which is an improvement of 45.94 million to 75.94 million yuan compared to the previous year's reported figures [1]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between -175 million to -205 million yuan [1]. Group 2: Previous Year’s Performance - In the previous year, the net profit attributable to shareholders was -245.94 million yuan, and the net profit after excluding non-recurring gains and losses was -268.37 million yuan [2]. - The earnings per share for the previous year were -0.5259 yuan [3]. Group 3: Reasons for Performance Forecast - The primary reasons for the anticipated losses include: 1. Underperformance in the high-end medical equipment market, leading to continued losses [4]. 2. Decline in new contracts for military electronic infrared optoelectronic business, affecting revenue and profit [4]. 3. Improvement in the public safety business with increased revenue and collection of long-aged accounts receivable [4].

Core Viewpoint - The company, Aerospace Changfeng (600855.SH), has announced an expected net loss of between 170 million to 200 million yuan for the fiscal year 2025, indicating a reduction in losses compared to the previous year [1] Financial Performance - The anticipated net loss for 2025 is projected to be between 170 million to 200 million yuan, which represents a decrease in losses of 45.94 million to 75.94 million yuan compared to the previous year [1] Business Segments - The high-end medical equipment business has not met market expansion expectations, leading to an ongoing increase in losses [1] - The military electronic infrared optoelectronic business has been negatively impacted by a decline in new contract amounts and pricing factors for military products, resulting in no improvement in revenue and profit [1] - The public safety business has shown initial signs of strategic transformation, with increased revenue and some long-aged accounts receivable being collected, leading to improved operational performance [1]

Core Viewpoint - Aerospace Changfeng (600855) expects a net loss attributable to shareholders of the parent company between 170 million to 200 million yuan for the year 2025, indicating a reduction in losses compared to the previous year [1] Group 1: Financial Performance - The company anticipates a reduction in losses by 45.94 million to 75.94 million yuan compared to the same period last year [1] - The high-end medical equipment business has not met market expansion expectations, leading to an ongoing increase in losses [1] Group 2: Business Segments - The military electronic infrared optoelectronic business has been adversely affected by a decline in new contract amounts and pricing factors for military products, resulting in no improvement in revenue and profit [1]

Core Viewpoint - The company, Aerospace Changfeng, anticipates a net loss attributable to shareholders of the parent company ranging from 170 million to 200 million yuan for the year 2025, indicating a reduction in losses compared to the previous year [1] Financial Performance - The expected net loss for 2025 is projected to be between 175 million and 205 million yuan after excluding non-recurring gains and losses [1] - The anticipated reduction in losses is estimated to be between 45.94 million and 75.94 million yuan compared to the same period last year [1] Business Challenges - The primary reasons for the expected losses include: - Underperformance in the high-end medical equipment business, leading to an ongoing increase in losses [1] - A decline in new contract amounts for military electronic infrared optoelectronics, which has negatively impacted revenue and profit [1]