导读 本周 四川、江苏、浙江、山东 等地均有母基金 宣布落地或出资，母基金重点布局 人 工智能、新一代信息技术、半导体、新材料、高端装备、生物 医药 等领域。 基金设立层面，南京、榆林、杭州、成都、德阳 等 地均有基金宣布设立或落地，基金主要聚焦人工智能、数字经济、高端制造、大健康、生物医 药、航空航天、低空经济、新能源、新材料 等领域。 值得关注的是，本周 浙江省社保科创股权投资基金完成备案，标志着全国社会保障基金理事会与地方政府的合作成功落地。此外，杭州润苗基金正 式成立。该基金由杭州市政府直投，首期规模2 0亿元、存续期限长达2 0年，远远长于目前国内政府主导型早期科创基金通常的8至1 0年。 成都千亿未来产业基金集群正式启航 2025年11月21日，成都未来产业基金首批子基金集中签约暨管理人大会在成都市民营经济发展促进中心盛大启幕。作为"投成都"未来产业投资联 盟核心活动之一，本次大会以"到成都・投未来"为主题，汇聚国内顶尖投资机构代表、重点企业及园区负责人等多方嘉宾。活动现场，成都未来产 业基金首批子基金集中签约，规模约65亿元，标志着成都千亿级未来产业基金集群从"政策布局"全面迈向"实体运作"。 ...

长江商报奔腾新闻记者 杨蝶 国内重型设备领域龙头企业之一东方电气（600875.SH）又有大动作。 11月19日晚间，东方电气发布公告称，公司的控股子公司东方电气风电股份有限公司（以下简称"东方 风电"）拟以木垒东吉新能源有限公司（以下简称"木垒东吉"）100%股权作价参股投资，引入外部战略 合作方安徽省皖能能源交易有限公司（以下简称"皖能能源"），成立木垒皖东新能源有限公司，共同推 进东方电气木垒100万千瓦科技创新实验风场项目。 公告显示，合资公司注册资本约为18.57亿元，其中，东方风电以木垒东吉100%股权作价9.1亿元出资， 皖能能源以9.47亿元现金出资。东方风电持股49%，皖能能源持股51%。 据悉，东方电气木垒100万千瓦科技创新实验风场项目位于新疆昌吉州木垒县东北部65公里处，规划总 装机容量100万千瓦，分为南北两大片区，安装150台单机容量6.7兆瓦风力发电机组，配套建设220千伏 和110千伏升压站各1座，并在北区配置50个5兆瓦/20兆瓦时储能单元。项目建成投运后，将有效提升区 域清洁能源供应能力。 对于本次投资，东方电气称，有利于推动专业化整合，深化资源互补、战略协同，进一步促发展 ...

Group 1 - The provincial government of Sichuan has introduced the "Implementation Opinions on Further Deepening Employment Reform to Promote High-Quality and Full Employment," outlining 25 specific measures across five key areas [1][2] - The focus is on establishing a "big employment" framework, enhancing employment support policies, and creating a modern human resources system [1][2] - Local government leaders will be held accountable for employment outcomes, with urban job creation and unemployment rates as key macroeconomic indicators [1][2] Group 2 - Sichuan aims to leverage market-oriented employment channels to create more job opportunities and promote coordinated economic and employment growth [2][3] - The government plans to support key industries such as artificial intelligence, healthcare, and advanced manufacturing to expand employment capacity [2][3] - Policies will be implemented to provide financial support, tax incentives, and subsidies to businesses that hire unemployed individuals, particularly targeting grassroots and private enterprises [2][3] Group 3 - Employment support for specific groups, including recent graduates and veterans, will be enhanced through simplified processes and incentives [3][4] - The government encourages flexible hiring practices and aims to create diverse job opportunities for older individuals [3][4] - A comprehensive labor service system will be established to support migrant workers and promote high-quality employment initiatives [4]

Core Insights - The "2025 China-foreign Famous Enterprises Sichuan Event" took place from 22nd to 24th in Chengdu, resulting in 340 signed investment cooperation projects with a total investment amount of 263.06 billion yuan [1] Group 1: Event Overview - The event focused on the theme "Building Industrial Ecosystems for a Win-Win Future," emphasizing technological innovation and industrial development to support Sichuan's "15+N" key industries [1] - A significant highlight was the investment promotion conference and project cooperation agreement signing ceremony held on the 23rd, where 14 representative projects were signed, including a humanoid robot manufacturing headquarters in Mianyang and an AI mobile medical hub in Zigong [1] Group 2: Historical Context and Impact - Since its inception in 2014, the "China-foreign Famous Enterprises Sichuan Event" has become a major investment promotion platform, attracting over 6,200 well-known enterprises and nearly 10,000 guests, facilitating more than 7,500 signed investment cooperation projects [2] - This year, 150 participating enterprises were state-owned or from the "Top 500" category, marking a recent high, with over 70% aligning with Sichuan's key industrial chain development direction [2] Group 3: Sector Growth and Opportunities - There was a notable increase in participation from artificial intelligence, software, and information service companies, growing approximately 40% compared to last year, while new energy and high-end energy equipment sectors saw a growth of about 35% [2] - The event featured various specialized activities aimed at enhancing cooperation, including breakfast meetings, investment discussions, and promotional events for strategic mineral resources [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年8月28日 海外監管公告 2025年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn) 刊 登 之《東 方 電 氣 股 份 有 限 公 司2025年 半 年 度 報 告》，僅 供 參 閱。 承董事會命 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 道 榮 及 陳 宇 东方电气股份有限公司 2025 年半年度报告 公司代码：600875 公司简称：东方电气 东方电气股份有限公司 2025 年半年度报告 1 东方电 ...

Core Insights - The article highlights the progress and achievements of the Chengdu metropolitan area in promoting urban integration among Chengdu, Deyang, Meishan, and Ziyang over the past five years, transitioning from basic infrastructure connectivity to advanced industrial collaboration and regional synergy [1][4][15] Economic Growth - The economic output of the Chengdu metropolitan area is projected to increase from 2.24 trillion yuan in 2020 to 2.98 trillion yuan in 2024, with an average annual growth rate surpassing national and provincial levels [1] - The GDP contribution of the four cities to the province rose from 46% in 2020 to 48.5% in the first quarter of this year, with a target to exceed 3.3 trillion yuan by 2025 [1] Inter-City Collaboration - In 2024, the number of enterprises engaged in cross-city cooperation in the Chengdu metropolitan area reached 2,860, marking a 21.8% increase from 2023, significantly outpacing GDP growth in the region [2] - Numerous examples of successful inter-city collaborations include the joint development of hydrogen fuel cell buses and the establishment of a complete industrial chain for low-speed unmanned delivery vehicles [3][6] Innovation and Industry Development - The metropolitan area has seen the emergence of innovative collaboration models such as "R&D + manufacturing" and "headquarters + base," enhancing product iteration speed by 30% [6][7] - The Chengdu metropolitan area is home to over 13,000 high-tech enterprises as of 2024, nearly double the number in 2020, reflecting the impact of continuous innovation and collaboration [12] Infrastructure and Policy Support - The establishment of a five-level working mechanism and a comprehensive planning system has facilitated effective resource allocation and governance across the metropolitan area [12][13] - The "Tianfu Science and Technology Corridor" has become a hub for innovation, with significant investments in technology and infrastructure to support industrial growth [7][8] Future Outlook - The Chengdu metropolitan area is positioned to evolve from a phase of growth to one of enhancement by 2025, with ongoing innovations and collaborations expected to address future uncertainties [15]

Core Viewpoint - The Chengdu-Deyang-Meishan-Ziyang (CDMZ) urban integration development is emerging as a new engine for high-quality development in Western China, focusing on industrial clusters and breaking administrative barriers to create a modern industrial system through collaborative efforts over five years [2][4]. Group 1: Industrial Collaboration - The four cities have implemented a "functional complementarity and differentiated development" strategy to address their respective industrial shortcomings, leading to a series of effective explorations and practices [3]. - Chengdu focuses on research and design, Deyang aims to build a world-class heavy equipment manufacturing base, Meishan is developing a new materials industry hub, and Ziyang is cultivating a rail transit cluster and specialized dental industry [3]. Group 2: Economic Growth and Industrial Clusters - The economic output of the Chengdu metropolitan area is projected to grow from 2.24 trillion yuan in 2020 to 2.98 trillion yuan by 2024, with an average annual growth rate exceeding national and provincial averages [4]. - By 2025, the output value of nine key industrial chains in the Chengdu metropolitan area is expected to exceed 1.2 trillion yuan, with 14 national-level industrial clusters, including electronics and equipment manufacturing, reaching over 1 trillion yuan in scale [4]. Group 3: Infrastructure and Connectivity - Over five years, more than 200 billion yuan has been invested in transportation projects, significantly reducing average commuting time between the four cities from 2 hours to 1 hour, thus facilitating industrial collaboration [6]. Group 4: Public Services and Talent Mobility - The "Chengdu-Deyang-Meishan-Ziyang Unified Service" initiative has enabled 505 high-frequency services to be processed across cities, enhancing talent mobility and providing strong support for industrial development [9]. Group 5: Future Development and Goals - The CDMZ urban integration is set to accelerate towards higher levels of development, focusing on innovation collaboration, deepening open cooperation, and optimizing ecological systems, with plans to establish two world-class industrial clusters and four trillion-yuan industrial clusters by 2030 [10][13].

Core Viewpoint - The Chengdu metropolitan area has made significant progress in urban integration over the past five years, transitioning from basic infrastructure connectivity to advanced industrial collaboration and regional synergy, with a target GDP of over 3.3 trillion yuan by 2025 [1][21]. Economic Growth - The total economic output of the Chengdu metropolitan area increased from 2.24 trillion yuan in 2020 to 2.98 trillion yuan in 2024, with an average annual growth rate surpassing national and provincial levels [1]. - The GDP share of the four cities in the province rose from 46% in 2020 to 48.5% in the first quarter of this year, contributing nearly half of the province's economic output despite occupying only 6.8% of its land [1]. Inter-City Collaboration - In 2024, the number of enterprises engaged in cross-city cooperation within the Chengdu metropolitan area reached 2,860, marking a 21.8% increase from 2023, significantly outpacing GDP growth [4]. - Examples of successful inter-city collaborations include the deployment of "Ziyang-made" low-speed unmanned delivery vehicles and the establishment of a complete industrial chain for hydrogen fuel cell buses [5][10]. Innovation and Industry Collaboration - The metropolitan area has developed various collaborative models, such as "R&D + Manufacturing" and "Headquarters + Base," which enhance product iteration speed and innovation [10][11]. - The establishment of innovation hubs along the Tianfu Avenue has attracted significant technological investments, contributing to the region's status as a key area for innovation [11]. Mechanism and Institutional Innovation - The success of the Chengdu metropolitan area is attributed to continuous institutional innovations that facilitate resource allocation and collaborative governance [17]. - A five-level working mechanism and a "1+1+N" planning system have been implemented to enhance coordination among the four cities, breaking down barriers to regional cooperation [18]. Future Outlook - By 2025, the Chengdu metropolitan area aims to solidify its position as a resilient and competitive industrial community, leveraging ongoing innovations and collaborations to navigate future uncertainties [21].

Group 1: Economic Overview - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects for 2025, completing the 800 billion yuan project list for this year [1] - Major engineering projects are accelerating in various regions, with a focus on power grid upgrades, rail transportation, and high-end energy equipment [1][5] - Infrastructure investment from January to May increased by 5.6% year-on-year, contributing 34.5% to overall investment growth [4] Group 2: Project Progress - The Beijing Urban Sub-center Station, Asia's largest underground comprehensive transportation hub, is nearing completion, with 95% of the main construction decoration finished [1] - In Lanzhou, Gansu Province, 493 projects have been planned with a total investment of 104.5 billion yuan, and 3 billion yuan in national funding has leveraged 6.6 billion yuan in investments [2] Group 3: Investment Trends - There is a notable increase in investments in new industries and models, particularly in sectors like new energy vehicles, intelligent driving, and artificial intelligence [6][5] - Manufacturing investment from January to May grew by 8.5%, with high-tech manufacturing sectors like aerospace and computer equipment seeing significant increases [6] Group 4: Policy Support - The macroeconomic policies are effectively boosting confidence, with the completion of the 800 billion yuan "two heavy" project list expected to further drive investment in the second half of the year [7] - The central government's investment support in the water conservancy sector has been increased by an average of 20 percentage points, expanding the scope of support [7][8]

Core Insights - Sichuan province has introduced a "dual-way ranking" system to address issues such as the disconnect between technology and industry, and low efficiency in the transformation of research results [1][2] - A total of 140 items have been published in two batches this year, leading to 95 successful project rankings with a total investment of 208.88 billion yuan [1] - The third batch of 40 items was released, along with the launch of a 5 billion yuan investment guidance fund aimed at promoting technology innovation [1][5] Group 1: Project and Investment Highlights - The first two batches of the "results find market" ranking led to 42 signed projects with a total funding of 1.41 billion yuan, expected to attract over 5.3 billion yuan in social investment and create over 50 innovative products [2] - The third batch of the "results find market" list includes 20 items across various sectors, including software, high-end energy equipment, pharmaceuticals, artificial intelligence, and aerospace [2] - The "enterprise find technology" list features 20 items characterized by urgent technical needs and high industry influence, with 6 items addressing "bottleneck" technologies [3] Group 2: Fund and Financial Support - The Sichuan Provincial Achievement Transformation Investment Guidance Fund has a total scale of 5 billion yuan, with 40% funded by the provincial industrial investment guidance fund and 20% from external sources [5] - The fund aims to support hard technology and has already invested 150 million yuan in four quality projects in fields like artificial intelligence and high-end energy equipment [5] - The fund is designed to meet the financing needs of technology companies at different stages of their lifecycle, with plans to invest over 500 million yuan by 2025 [6]