B[Galaxy Securities Interpretation of the "Opinions on the Development of New Productivity": Institutional Reshaping of the A-Share Market] On October 11, Galaxy Securities Strategy Research interpreted the "Opinions on the Development of New Productivity" and stated that the impact of this top-level document on the A-share market has both the short-term risk appetite repair effect and the value of medium- and long-term valuation system reconstruction. In the long run, this top-level document will institutionally reshape the A-share market from the perspectives of industry main line positioning, investment and financing mechanism improvement, and valuation logic reshaping: First, it will consolidate the status of new productive forces as the long-term main line of the capital market, guide funds to tilt towards innovative industries, and establish the long-term positioning of technology hard assets. The second is to reconstruct the valuation system, strengthen the innovation premium, and guide the market valuation system to focus on innovation leaders with core technical barriers, sustained R&D investment, and real industrialization capabilities; the third is to expand patient capital, increase the supply of high-quality scientific and technological innovation assets, and optimize the investment and financing ecology of the capital market. At the sector level, focus on configuration clues such as “stuck” hard technologies, AI scenario applications, green and low-carbon energy, and optimization and upgrading of traditional industries. (Securities Times) A[Central Committee of the Communist Party of China and the State Council: Enrich the scientific and technological innovation bond product system and support the listing and financing of high-quality scientific and technological enterprises] On October 9, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity". The opinion proposes to increase the supply of innovative financial products. Encourage and standardize the development of angel investment, venture capital, and private equity investment, give better play to the guiding role of government investment funds, improve the support policies for long-term capital investment early, small investment, long-term investment, and investment in hard technology, and strengthen patient capital. Encourage banks to develop loan products that meet the characteristics of new quality productivity. Enrich the scientific and technological innovation bond product system, support the listing and financing of high-quality scientific and technological enterprises, and optimize the mergers, acquisitions, reorganizations, equity incentives and other systems of scientific and technological enterprises. Develop insurance products covering the entire chain of technological innovation and explore technology leasing and other businesses. A[Central Committee of the Communist Party of China and the State Council: Comprehensively implement the "artificial intelligence +" action to strengthen the efficient supply of computing power, algorithms, data, etc.] On October 9, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity". The opinion proposes to fully implement the "artificial intelligence +" action. Promote the transformation of traditional industries by artificial intelligence, and accelerate the application of new generation intelligent terminal scenarios such as intelligent connected new energy vehicles, artificial intelligence mobile phones and computers, and humanoid robots. Accelerate the innovation of digital intelligence technologies such as artificial intelligence, break through basic theories and core technologies, and strengthen the efficient supply of computing power, algorithms, data, etc. According to local conditions and industry-specific policies, we will lay out national artificial intelligence industry application pilot bases and high-value application scenarios, and vigorously promote the application of artificial intelligence in various industries. Build a technical monitoring, risk warning, and emergency response system to ensure the safety, reliability, and controllability of artificial intelligence. A[The Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity" and deployed 19 key measures] In order to accelerate the development of new productivity, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity". The opinions deploy 19 key measures, covering five aspects: vigorously promoting technological innovation, promoting the deep integration of technological innovation and industrial innovation, focusing on promoting innovation in development methods, solidly promoting innovation in systems and mechanisms, and deepening innovation in talent work mechanisms.
The opinions are clear, insist on innovation-led, reform as the priority, adapt to local conditions, establish first and then break, adhere to high technology, high efficiency and high quality, coordinate the relationship between government and market, quality and business format, reform and development, independence and openness, coordinate development and security, take scientific and technological innovation as the guide, take the substantial increase in total factor productivity as the core symbol, promote technological revolutionary breakthroughs, innovative allocation of production factors, In-depth industrial transformation and upgrading will promote the optimal combination and upgrading of workers, labor materials, and labor objects, comprehensively promote technological innovation, industrial innovation, innovation in development methods, innovation in systems and mechanisms, and innovation in talent work mechanisms, accelerate the formation of production relations that are more compatible with new quality productivity, create a good development ecology that is conducive to the deep integration of technological innovation and industrial innovation, and better support high-quality development. (Xinhua News Agency) B[Ministry of Natural Resources: Let idle houses and old buildings be "transformed" into new spaces for the service industry] On September 29, the National Development and Reform Commission held a special press conference to introduce the situation of promoting the expansion and quality improvement of the service industry. Ning Zhenya, deputy director of the Department of Natural Resources Development and Utilization of the Ministry of Natural Resources, said that in recent years, the Ministry of Natural Resources, in accordance with the deployment requirements of "revitalizing the stock, optimizing the increase, and improving the quality," has abandoned the large-scale demolition and construction model and found ways to use existing land, idle houses, and old buildings to better support the development of the service industry, and has issued a series of policy documents. On the one hand, land security for producer service industries is more efficient and flexible. Through systematic planning and classification, we will focus on promoting the redevelopment of inefficient industrial land and the transformation and upgrading of idle factories, and guide various localities to ensure that producer service industry projects are launched and started early, which effectively promotes the development of new productivity; on the other hand, the supply of space for the living service industry is more inclusive and high-quality. In line with the new characteristics of urban development, focus on meeting people's livelihood needs, guide localities to make more use of idle houses and historical buildings, rationally arrange community services, culture and sports, research and other life service facilities, give priority to ensuring the land needs of people's livelihood fields such as elderly care, medical care and health, so as to make people's lives more convenient and comfortable. B[Ministry of Agriculture and Rural Affairs: Highlight the two-wheel drive of scientific and technological reform and accelerate agricultural and rural modernization] On September 29, the State Council Information Office held a series of press conferences with the theme of "Starting the 15th Five-Year Plan". At the press conference, the relevant person in charge of the Ministry of Agriculture and Rural Affairs introduced that during the "15th Five-Year Plan" period, the two-wheel drive of scientific and technological reform will be highlighted to accelerate the modernization of agriculture and rural areas. The relevant person in charge of the Ministry of Agriculture and Rural Affairs said that the key to building a strong agricultural country is science and technology, and the key lies in reform. Scientific and technological innovation and institutional innovation will be promoted collaboratively to create new drivers and advantages for high-quality development of agriculture and rural areas. On the one hand, we should vigorously promote self-reliance and self-reliance in high-level agricultural science and technology, promote the deep integration of scientific and technological innovation and industrial innovation, promote the integration and efficiency of good fields, good seeds, good opportunities and good methods, and make new quality productivity become the "new engine" of modern agricultural development. On the other hand, we must adhere to the main line of properly handling the relationship between farmers and land, continue to deepen key rural reform tasks such as extending the second round of land contracts for 30 years after the expiration of the pilot project, stabilize the foundation of collective ownership, protect the rights of farmers' collective members, activate rural resource factors, continue to improve the effectiveness of policies that strengthen agriculture, benefit farmers and enrich farmers, and add momentum and vitality to agricultural and rural development. B[Scale will exceed 300 billion yuan by 2030, and Zhejiang will build a marine clean energy industry cluster across the entire chain] September 27th, according to "Zhejiang Release", the Zhejiang Provincial Department of Marine Economic Development recently issued the "Zhejiang Province Marine Clean Energy Industry Development Guidelines", focusing on the four major industries of offshore wind power, offshore photovoltaic, ocean energy, and coastal nuclear power, accelerating the cultivation of new marine productivity, and building a marine clean energy industry cluster across the entire chain. The "Guidelines" propose that by 2030, the scale of the province's marine clean energy and equipment industry will exceed 300 billion yuan, the installed capacity of offshore wind power will exceed 10 million kilowatts, landmark projects such as tens of millions of kilowatts of offshore wind power bases and wind power home ports will be put into operation, and tidal current energy will be able to achieve hundreds of megawatts of commercial application, offshore photovoltaic has realized the continuous development of "scenery and photovoltaic on the same site", the green hydrogen ammonia alcohol industry has begun to take shape, and more than 50 leading enterprises in the field of marine clean energy and specialized new enterprises have been cultivated, and the country has basically established a national marine clean energy innovation highland, an industrial cultivation gathering place, and a pioneering place for integrated development. B[New OTC Market’s innovation layer echelon iteration speeds up, and multiple capital paths help high-quality companies to improve.] September 17th, since this year, the New OTC Board’s innovation layer echelon iteration pace has accelerated, and high-quality companies have continued to gather. The National Equities Exchange and Quotations recently released the fourth batch of preliminary screening lists for the innovation level. 12 companies including Meitong Aromatherapy, Goodeng Machinery, and Bondi Intelligence were selected, covering high-end manufacturing, new materials, digital economy and other tracks. So far, a total of more than 220 enterprises have been planned to be transferred to the innovation level this year, five of which will become national-level specialized and new "little giant" enterprises, and manufacturing enterprises account for more than 80%, covering key fields such as electrical machinery, special equipment, auto parts, electronic communications, etc., which are highly consistent with the development direction of new industrialization and new quality productivity. As of September 15, the total number of innovative companies on the New Third Board reached 2,274. From the perspective of profit quality, the average revenue and net profit of new entrants in 2025 will maintain double-digit growth, and more than 40% of companies will see net profit growth exceeding 30%. They have both hard technological attributes and growth resilience, and the overall quality of the echelon continues to improve. (Shanghai Securities News) B[State Grid: Strengthen condition monitoring and operation maintenance of substations and lines around key enterprises with new productivity, such as chip manufacturing, precision processing, biomedicine, etc.] September 16th, according to State Grid news, State Grid announced several measures to create a modern electricity business environment to empower high-quality economic and social development. It is mentioned that we will fully serve the new quality, productivity and high reliability of electricity. Strengthen the condition monitoring and operation maintenance of substations and lines around key new productivity enterprises such as chip manufacturing, precision processing, and biomedicine, optimize the power grid structure and customer access plans, and guide customers to rationally configure uninterruptible power supplies and other devices to improve safe and stable operations. B[National Natural Science Foundation of China Yangtze River Delta Basic Research Joint Fund Major Special Project Launched] On September 12, at the opening ceremony of the 2026 Pujiang Innovation Forum held in Shanghai, a major special project of the National Natural Science Foundation of China Yangtze River Delta Basic Research Joint Fund was officially launched. This is an important measure after the expansion of the Shanghai International Science and Technology Innovation Center to the Shanghai (Yangtze River Delta) International Science and Technology Innovation Center. It is understood that the major projects of the joint fund will be oriented to the major strategic needs of the Yangtze River Delta region, support application-oriented basic research, strengthen "industry-proposed questions, science and technology answer questions", and explore a collaborative mechanism of "unified funding, joint question-proposing, joint management, and joint answers to the same questions" among three provinces and one city. The major joint fund projects will give full play to the guiding role of the National Natural Science Foundation, integrate the Yangtze River Delta's superior resources, support cross-regional superior scientific research forces to jointly carry out basic research oriented to industrial needs, provide basic support for key core technology research in key industrial fields, and accelerate the cultivation and development of new productive forces. B[Li Chao, Vice Chairman of the China Securities Regulatory Commission: Further improve the inclusiveness and adaptability of the capital market system] September 10th, Li Chao, Vice Chairman of the China Securities Regulatory Commission, stated at a press conference of the State Council Information Office on the afternoon of the 10th that the inclusiveness and adaptability of the capital market system will be further improved. Actively adapt to the new trends of global technological innovation and industrial transformation, continue to work hard on the "five major articles" such as science and technology and finance, and vigorously improve the quality and efficiency of new productivity development in capital market services. Optimize the issuance and listing system, and support the development and growth of high-quality enterprises of different types, industries, and diversification such as emerging industries, future industries, the transformation and upgrading of traditional industries, modern service industries, and new consumption. B[Beijing: Make major breakthroughs in developing new productive forces by 2030 The ability of high-tech industries to serve major national strategies has been further enhanced] On September 9th, Beijing's high-precision industry development plan for the "15th Five-Year Plan" period was released. By 2030, major breakthroughs will be made in the development of new productive forces, the ability of high-precision industries to serve major national strategies will be further enhanced, and industrial technological innovation capabilities, independent controllability capabilities, and regional driving capabilities will be significantly improved. Beijing will become an emerging industry highland with global influence and a future industry leader, promoting Beijing, Tianjin, and Hebei to become a more dynamic new industrialization demonstration zone. By 2035, the comprehensive strength of Beijing's high-precision and cutting-edge industries will rise significantly, and it will take the lead in basically realizing new industrialization. The role of Beijing, Tianjin and Hebei as the power source of high-quality development in the country will become more prominent. B[Liaoning Province’s video conference on promoting investment promotion work was held] September 1st, Liaoning Province’s video conference on promoting investment promotion work was held in Shenyang on September 1. Wang Xinwei, deputy secretary of the Liaoning Provincial Party Committee and governor, attended and delivered a speech. Wang Xinwei emphasized that it is necessary to make full use of the advantages in industrial foundation, leading enterprises, transportation location, scientific and educational resources, natural endowments and other aspects to accurately carry out investment promotion. We will do a good job in attracting industrial investment, focusing on the "2211" industrial system, focusing on extending, replenishing and strengthening the chain, highlighting new technologies, new business formats and new models, drawing up industrial chain maps and investment maps, keeping a close eye on target enterprises to carry out "knocking on doors for investment" and targeted investment, and forming a development pattern that integrates large and medium-sized enterprises and connects upstream and downstream supporting facilities. We will do a good job in attracting fund investment, give full play to the guiding and driving role of the provincial parent fund in developing new productive forces, implement the "parent fund + sub-fund" operating model, explore the attraction path of "research and judgment recommendation by leading institutions, joint promotion of provincial and municipal state-owned assets, and joint investment by social capital", and promote industrial agglomeration with "capital + scenarios + services". (Liaoning Daily)
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