Zheshang: What are the latest guidelines for new quality productive forces?

Zheshang released a research report stating that the "Opinions of the CPC Central Committee and the State Council on Developing New Quality Productive Forces" sets out a systematic deployment for developing new quality productive forces, centered on scientific and technological innovation, industrial innovation, development models, institutional mechanisms, and talent cultivation. The bank believes that the main policy thrust is to strengthen the supply of original technologies, open up the chain from commercialization of scientific and technological achievements to large-scale application, and improve innovation efficiency through fiscal, tax, and financial policies, factor allocation, and talent system reform. When observing subsequent policies, close attention should be paid to enterprise R&D incentives, validation and promotion of new technology applications, long-term capital supply, and the institutional development of green transformation. Zheshang's main views are as follows: First, strengthen source innovation and the principal role of enterprises, and enhance the stability of R&D investment and conversion efficiency. Basic research and disruptive technological innovation are expected to receive more long-term and stable support, and the new type of nationwide system will further strengthen collaborative breakthroughs in key industrial chains. The enterprise R&D reserve fund system and the R&D expense super-deduction policy complement each other, which helps improve incentives for R&D investment; supporting enterprises in leading national science and technology tasks further strengthens the pull of industrial demand on technological breakthroughs. The specific adjustment magnitude and scope of application of the super-deduction ratio still need to be clarified by supporting policies. Second, link scientific and technological innovation with industrial innovation through achievement conversion and scenario application. Proof of concept, pilot testing and validation, and large-scale application demonstrations help reduce the uncertainty of moving technology from the laboratory to the market; the "use first, pay later" approach and the reform of granting ownership of job-related scientific and technological achievements help lower the threshold for small and medium-sized enterprises to acquire technology and improve conversion incentives for researchers. The key to policy effectiveness lies in whether a virtuous cycle can be formed of technology validation, product iteration, and continuous reinvestment of orders. Third, coordinate the transformation of traditional industries, the growth of emerging industries, and the cultivation of future industries, with greater emphasis on adapting to local conditions and industrial coordination. The development of new quality productive forces covers agriculture, industry, and services, and the digital, intelligent, and green transformation of traditional industries is also an important carrier. Emerging industries should focus on forming pillar industries and cross-regional division of labor, while future industries should focus on exploring technological routes, application scenarios, and business models. Constraints on duplicated construction and "involution-style" competition mean that industrial layout needs to better match regional endowments and real market demand. Fourth, artificial intelligence and green transformation jointly drive the upgrading of production methods. "AI+" will promote the conversion of technological capabilities into productivity gains through intelligent terminals, industry pilot testing bases, and high-value scenarios, and the efficiency of computing power, algorithms, and data supply has become an important condition for large-scale application. Green transformation, through systems such as dual control of carbon emissions, carbon accounting and measurement, product certification, and carbon pricing, will drive energy-saving and carbon-reduction demand to extend from equipment renovation to professional services; the construction of advanced nuclear fission and high-share renewable energy power systems will also expand the application space for energy technologies. Fifth, improve funding supply and talent incentive mechanisms compatible with innovation cycles. Early-stage hard technology projects need support from long-term equity capital and risk-sharing mechanisms, while bank credit, technology insurance, and technology leasing can provide differentiated services according to the stage of enterprise development. Improving the assessment of government investment funds, exit channels, and mechanisms for distributing returns from achievements will help ease the contradiction between the long cycle and high risk of innovation activities and the relatively short assessment periods of traditional funds. The integrated reform of education, science and technology, and talent, together with the "new eight-level worker" system, will provide talent support for original breakthroughs and industrial application. Risk warnings 1) Policy supporting measures and implementation progress fall short of expectations; 2) breakthroughs in key core technologies and industrialization of scientific and technological achievements fall short of expectations; 3) end-user demand and commercialization returns are insufficient, with duplicated construction and intensified competition in some fields; 4) the improvement of long-term capital supply and risk-sharing mechanisms falls short of expectations; 5) international scientific and technological cooperation is hindered and restrictions on access to technology and equipment intensify.