资本市场投资和融资功能失衡的主要表现 尽管我国资本市场规模已位居世界前列，但在投资和融资协调方面仍存在明显短板，最为突出的问题是 重融资、轻投资。长期以来，我们把金融理解为资金融通，资本市场被视作银行体系的延伸，只是另一 个融资市场而已。事实上，资本市场具有分散风险、共享收益的天然优势，是金融支持科技创新的主战 场，也是服务居民财富管理、分享增长红利的重要渠道。 健全投资和融资相协调的资本市场功能，是推进经济高质量发展、培育壮大新质生产力、增进民生福祉 的关键一环。长期以来，我国资本市场在支持企业融资、促进经济发展方面发挥了巨大作用，但也不同 程度地存在投融资功能失衡的现象。《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》强调，"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"。在当前复杂 的内外部环境下，突出"投资和融资相协调"，是建立资本市场内在稳定性长效机制、更好发挥资本市场 枢纽功能、建设培育鼓励长期投资的资本市场生态的必然路径。 当前，我国资本市场投资和融资功能失衡主要表现在以下四个方面。一是融资与投资周期错配。融资活 动呈现明显顺周期性，牛市集中扩容、熊市趋于停滞 ...

Core Viewpoint - Liaoning Province is implementing a "Capital Market Enhancement Project" to strengthen and optimize its capital market, addressing new demands for comprehensive revitalization and development [1] Group 1: Capital Market Development - The "2026 Capital Market Liaoning Action" event successfully took place, marking the beginning of capital market development in Liaoning for the 14th Five-Year Plan period [2] - Liaoning has a solid industrial foundation and is focusing on upgrading four trillion-yuan industrial bases, promoting traditional industries' digital transformation, and developing strategic emerging industries [2][3] - The province has seen significant growth in direct financing, with a 41.3% year-on-year increase in 2025, marking the highest growth rate in a decade [3] Group 2: Innovation and Financial Products - Various innovative financial products have been launched in Liaoning, including the first public REITs and QFLP fund in Northeast China, and a significant increase in financing through technology innovation bonds [3] - The province's capital market is gradually recovering, with a notable increase in the number of IPO applications and bond market financing [3] Group 3: Long-term Development Mechanism - Liaoning is establishing a long-term development mechanism for its capital market, focusing on nurturing high-quality listed companies and expanding bond financing [4][5] - The province has a reserve of 508 potential listed companies and aims to enhance their compliance and operational capabilities [5] Group 4: Addressing Shortcomings - Despite progress, Liaoning's capital market remains undercapitalized compared to its economic scale, and there are ongoing issues with market order violations [6] - The province is taking measures to optimize the financial ecosystem, including stricter regulations against financial misconduct and enhancing support for potential listed companies [6] Group 5: Future Initiatives - In 2023, Liaoning will implement an enterprise listing action plan, focusing on coordinated provincial efforts and precise services to boost the capital market's contribution to high-quality economic development [7]

Core Viewpoint - The Liaoning Provincial Financial Management Bureau is implementing a "Capital Market Enhancement Project" to strengthen and optimize the capital market in Liaoning, responding to new development requirements and expectations [1] Group 1: Capital Market Development - The "2026 Capital Market Liaoning Action" event successfully took place, marking the beginning of capital market development in Liaoning for the 14th Five-Year Plan period [2] - Liaoning has a solid industrial foundation and is focusing on upgrading four trillion-yuan industrial bases, promoting traditional industries' digital transformation, and developing strategic emerging industries [2] - The province has seen significant achievements in capital market development, with a focus on high-tech sectors such as semiconductors, new materials, and biomedicine [3] Group 2: Financial Innovations and Achievements - In 2025, the Northeast region will see its first public REITs, QFLP fund, and knowledge property securitization products, along with a significant increase in financing through various innovative financial products [3] - Direct financing in Liaoning increased by 41.3% year-on-year in 2025, reaching a ten-year high, with a total bond market financing of 887.39 billion yuan, up 38.7% [3] Group 3: Long-term Development Mechanism - Liaoning is establishing a long-term development mechanism for the capital market, focusing on enhancing the quality of listed companies and expanding bond financing [4] - The province has a reserve of 508 companies for potential listing and aims to improve compliance and operational capabilities [5] Group 4: Addressing Challenges - Despite progress, Liaoning's capital market remains undercapitalized compared to its economic scale, and there are ongoing concerns about compliance and market integrity [5] - Recent measures have been introduced to optimize the financial ecosystem, targeting issues like financial fraud and enhancing market confidence [6]

Core Viewpoint - Liaoning Province is implementing a "Capital Market Enhancement Project" to strengthen and optimize its capital market, addressing new demands for revitalization and development in the region [1][4]. Group 1: Capital Market Development - The "2026 Capital Market Liaoning Action" event successfully launched, gathering key stakeholders to kick off the development of the capital market in Liaoning [2]. - Liaoning has a solid industrial foundation and is focusing on upgrading four trillion-yuan industrial bases, emphasizing the integration of traditional industries with new technologies [2][3]. - The province has seen significant growth in direct financing, with a 41.3% year-on-year increase in 2025, marking the highest growth rate in a decade [3]. Group 2: Innovation and Financial Products - Various innovative financial products have been introduced, including the first public REITs and QFLP fund in Northeast China, and a significant increase in financing through science and technology bonds [3]. - The province has established a service system covering the entire lifecycle of enterprises, aiming to enhance compliance and capital market engagement [5]. Group 3: Long-term Development Mechanism - A series of pragmatic policies and projects are being implemented to establish a long-term development mechanism for the capital market in Liaoning [4]. - The province is focusing on nurturing high-quality companies for listing and expanding bond financing, with a goal of creating a robust pipeline of potential public companies [4][5]. Group 4: Addressing Challenges - Despite progress, there are concerns about the relatively low level of capital market development compared to economic size, and issues related to compliance and market integrity need to be addressed [6]. - Recent measures have been introduced to optimize the financial ecosystem, targeting issues like financial fraud and enhancing market confidence [6]. Group 5: Future Initiatives - In 2023, Liaoning will implement an enterprise listing action plan, emphasizing provincial coordination and precise services to boost the capital market's role in economic development [7].

Core Viewpoint - Liaoning Province is implementing a "Capital Market Enhancement Project" to strengthen and optimize its capital market, aiming to align with new development requirements and expectations for revitalization [1] Group 1: Capital Market Development - The "2026 Capital Market Liaoning Action" event was successfully held, marking the beginning of capital market development in Liaoning for the 14th Five-Year Plan [1] - Liaoning has a solid industrial foundation and is focusing on upgrading four trillion-yuan industrial bases, promoting traditional industries' digital transformation, and developing strategic emerging industries [1][2] - The province has seen significant achievements in capital market development, with direct financing growing by 41.3% year-on-year in 2025, the highest growth rate in a decade [3] Group 2: Innovation and Financing - Various innovative financial products have been launched in Liaoning, including the first public REITs and QFLP fund in Northeast China, and a significant increase in technology innovation bond financing [2] - The province has established a service system covering the entire lifecycle of enterprises, with 508 companies in the pipeline for listing [4] - Liaoning is actively supporting companies through asset restructuring and refinancing to strengthen their core business and enhance competitiveness [4] Group 3: Policy and Regulatory Framework - A series of practical policies have been introduced to enhance the capital market, focusing on improving the quality of listed companies and expanding bond financing [3][5] - The province is addressing issues such as financial fraud and market disorder to create a better financial ecosystem and restore market confidence [5] - Liaoning is implementing targeted cultivation strategies for prospective listed companies and enhancing support for existing listed companies through regular visits and tailored services [5]

日前，黑龙江省市场监管（药监、知识产权）工作会议在哈尔滨召开，总结2025年工作，部署2026年重点任务。 会议指出，"十四五"时期，黑龙江省知识产权系统坚持政治引领、创新驱动、保护为重、运用为要、服务为本，推动知识产权事业实现高质量发展。首部 综合性的知识产权地方性法规《黑龙江省知识产权保护条例》颁布实施，全省发明专利有效量持续增长，企业创新主体地位进一步凸显，知识产权保护社 会满意度显著提升，专利转化运用效益持续释放，公共服务网络日益健全。 会议强调，2026年全省知识产权工作要全面强化知识产权宏观统筹，高质量完成"十五五"知识产权规划编制实施，深化知识产权强省建设机制；全面提升 知识产权质量效益，加大高价值知识产权培育力度，做好第二届省专利奖评选；全面完善知识产权保护体系，严厉打击违法行为，加强涉外知识产权保护 和地理标志监管；全面推进知识产权转化运用，构建长效转化机制，完善运营体系，积极稳妥发展知识产权金融；全面提高知识产权公共服务效能，优化 服务供给，加强宣传引导。 来源：中国知识产权报 活动同步开展专题培训与地标金融队伍选聘工作；相关专家讲解地理标志基础知识，明确政金企协同发展路径；福建省农信联社 ...

星报讯 日前，国家知识产权局对2025-2027年国家知识产权强国建设示范创建对象进行了公示，此次评 选后，合肥市实现国家知识产权强国建设示范创建项目7类创建全覆盖，是全国5个取得此成绩的城市之 一。 （来源：市场星报） 据悉，合肥现有有效发明专利超9.4万件，每万人口发明专利拥有量95.84件、居全国省会城市第5。新兴 产业专利占发明专利总数78%，助力国家高企突破万户、三年翻番，国科小企业达1.3万户。跻身世界 知识产权组织全球"创新集群"第39位、三年前进16位。市级财政近三年累计投入1.2亿元专项政策资 金，发行8单规模12.82亿元的知识产权证券化产品，全市知识产权金融融资规模超230亿元，有力推 动"知产"变"资产"。 下一步，合肥市市场监管局（市知识产权局）将持续做好高价值创造、高效益运用、高标准护、高规格 管理和高水平服务，不断推动知识产权赋能新质生产力发展，为建设知识产权强省、打造"三地一区"贡 献合肥更大力量。 截至目前，合肥市获评国家知识产权强市建设示范市，肥西县、包河区、蜀山区获评国家知识产权强县 建设示范县，经开区、高新区获评国家知识产权强国建设示范园区，高新区获评国家知识产权服务业 ...

（上接1版）新"国九条"要求，到2035年基本建成具有高度适应性、竞争力、普惠性的资本市场。资本 市场在现代金融运行中"牵一发而动全身"，需要通过持续改革来不断完善市场结构、提高发展质量。 中国银河证券首席策略分析师杨超告诉上海证券报记者，通过覆盖多元主体、创新金融工具及动态调整 规则，市场既接纳不同类型的企业与投资者，又能灵活应对内外环境变化。这需要持续深化投融资综合 改革，强化股债联动，进一步提升服务科技创新和新质生产力的能力。 近年来，多层次资本市场体系不断完善，服务实体经济的效能显著增强。数据显示，2025年全年IPO、 再融资合计1.26万亿元，交易所债券市场发行各类债券16.3万亿元，18个期货期权品种平稳上市。 清华大学国家金融研究院院长、五道口金融学院副院长田轩在接受上海证券报记者采访时表示，未来五 年，"股债期协同"将聚焦基础制度完善与监管协同机制建设，重点面向科技创新、绿色低碳、先进制造 等战略领域，进一步打通股权融资、债券发行、期现联动等渠道。 股权市场方面，制度包容性、适应性将不断提升：启动实施深化创业板改革，持续推动科创板改革落实 落地，提高再融资便利性和灵活性，促进北交所、新三板一 ...

Core Viewpoint - Jiangxi Province is experiencing significant growth in intellectual property (IP) development, with a focus on integrating IP into the broader economic and social development strategy, aiming for high-quality growth by 2025 [1][2][5] Group 1: Key Achievements in Intellectual Property - By November 2025, Jiangxi is projected to have 58,000 valid invention patents and over 1.04 million registered trademarks, with IP pledge financing increasing more than threefold over five years, reaching 12.183 billion yuan in the first three quarters of 2025 [1] - The province's geographical indication brand value exceeds 120 billion yuan, with 12 products included in the China-EU geographical indication protection and cooperation recognition list [1] - A rapid collaborative protection network for IP has been established, significantly reducing the patent application pre-examination cycle by over 70% [1] Group 2: Strategic Framework and Policy Development - Jiangxi has implemented a series of policy documents, including the "Action Plan for Strengthening Intellectual Property Strong Province Construction (2022-2035)," creating a comprehensive policy system covering the entire IP chain [2] - The provincial IP working department's joint meeting system has expanded to 27 member units, fostering cross-departmental collaboration and a coordinated work pattern [2] Group 3: Industrial Empowerment and Innovation - The province's focus on modernizing key manufacturing industry chains through the "1269" action plan has led to a per capita valid invention patent ownership of 12.95 by November 2025, exceeding the set targets [3] - The successful hosting of the Yangtze River Economic Belt high-value patent transformation competition attracted 1,410 projects, significantly broadening its reach [3] - A total of 14 awards were won in the 25th China Patent Awards, showcasing the province's growing innovation capabilities [3] Group 4: Financial Innovation and Brand Development - Jiangxi has introduced innovative financial products like "Gan Zhi Loan" and "Yi Zhi Loan," with cumulative IP pledge registration amounts reaching 56.375 billion yuan [4] - The issuance of the first "bank guarantee" enhanced IP securitization product in Nanchang and the first county-level IP securitization project in Fuzhou has collectively financed over 500 million yuan for enterprises [4] - The province is actively promoting brand development, with geographical indications like "Gongcun Tea" and "Guangchang White Lotus" recognized as national demonstration areas [4] Group 5: Collaborative Protection and Service Optimization - Jiangxi is building an efficient collaborative IP protection network, with a focus on establishing a "1+3+N" rapid collaborative protection system [5] - The "Ganjie Going Abroad" IP protection doctoral service team has been formed, providing targeted services to support enterprises in international development [5] - The province aims to enhance the quality of IP work, transitioning from quantity accumulation to quality improvement and from fragmented construction to systematic integration [5]

Core Insights - The Shenzhen Municipal Audit Bureau presented the 2025 Performance Audit Work Report, evaluating the progress of reforms in key sectors such as technology, education, finance, culture, and livelihood, while analyzing issues and providing audit recommendations [1] Group 1: Asset Securitization Achievements - Shenzhen state-owned enterprises (SOEs) have made significant progress in asset securitization, with experiences being promoted nationwide [2] - By the end of 2024, five public REITs products in the real estate sector have been issued, driving new project investments of 96.724 billion yuan, including the first clean energy REIT in the country [2] - In the intellectual property sector, 95 securitized products have been issued, totaling 21.427 billion yuan, revitalizing 2,758 intellectual properties, with a "characteristic brand of intellectual property securitization" being promoted as a typical experience for comprehensive reform [2] Group 2: Issues Identified - There are issues related to idle funds and non-compliance in procurement processes, with one SOE's wholly-owned subsidiary having 183 million yuan in idle funds [3] - The audit identified three main problems: idle funds due to insufficient project feasibility studies, non-compliance in procurement processes including backdated contracts, and lack of established management systems for intellectual property pledge financing [3][4] - The internal control systems of some SOEs are flawed, leading to inadequate planning for the use of raised funds, resulting in idle capital and failure to maximize fund efficiency [4] Group 3: Recommendations for Improvement - The audit recommends that relevant SOEs establish and improve management systems for intellectual property pledge financing and securitization, as well as risk control systems [4] - It is advised to enhance the screening and feasibility analysis of proposed projects to improve fund efficiency and establish a closed-loop management mechanism for funds [4] - The procurement process for intermediary institutions should be standardized to ensure effective risk isolation [4]