2025.12.30 本文字数：2083，阅读时长大约3分钟 作者 |第一财经 韦薇 近两年来，中国创投圈持续面临挑战。一方面，万亿创投基金面临退出的烦恼，A股、港股、美股等传 统上市退出渠道的不确定性上升；另一方面，回购权（回购对赌协议）在中国的私募投融资项目中的使 用比例高达80%以上（硅谷不足4%），在项目无法IPO的背景下，企业家可能面临大额回购风险。 据第一财经记者从业内人士处获悉，也就在12月，中国证券投资基金业协会（下称"协会"）通过邮件及 AMBERS系统站内信方式向私募股权/创投基金管理人发送了《关于私募股权创投基金投资条款的提 示》，呼吁行业树立正面形象，践行长期投资、耐心资本理念，加强与投资者、回购义务人等相关方沟 通，综合考虑内外影响，妥善解决利益分歧，与实体企业共渡难关。 目前回购对赌问题进展如何？随着港股IPO加速，这类风险是否有所化解？行业内是否有其他方式缓和 局面？第一财经记者了解到，目前一些投资期限更长的基金开始积极收购市场上的"老股"，不仅可以以 折扣价格获取潜在优质资产，也有助于缓和早期投资人和被收购方的资金压力。同时，港股IPO明显提 速，这一退出渠道部分缓和了回购对赌 ...

12月30日，随着强一股份（688809.SH）上市，科创板迎来第600家上市公司。 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募集 资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，600家企业集聚科 创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促进、 共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投身于核 心技术研发和创新。 科创板公司的研发投入持续加码，2025年前三季度，板块研发投入金额达到1328.64亿元，是板块净利 润的2.7倍，研发投入占营业收入比例中位数为12.5%，远高于其他板块（沪主板、深主板、创业板分别 为3.1%、3.5%、5.2%）。再看2024全年，科创板公司研发投入合计1681亿元，是板块归母净利润的三 倍多，同比增长6.4%。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端 ...

Group 1 - The core viewpoint of the articles indicates that despite a decline in the technology sector, the U.S. stock market is expected to continue its upward trend, supported by factors such as the AI boom, interest rate cut expectations, and economic resilience [2][3][4] - Major U.S. indices are projected to achieve their third consecutive year of gains, with the Dow Jones and S&P 500 indices nearing their eighth consecutive month of increases [2][3] - The "Santa Claus Rally," a seasonal market phenomenon, is anticipated, where the S&P 500 index typically rises during the last five trading days of the year and the first two trading days of the following year [2] Group 2 - Analysts expect the U.S. stock market to remain bullish in 2026, with low chances of a significant market correction or bear market if the global economy continues to expand and the Federal Reserve eases monetary policy further [4] - The November existing home sales index surged by 3.3% month-over-month, reaching a three-year high, following a revised 2.4% increase in October [5] - International oil prices have risen, with WTI crude oil near-month contracts increasing by 2.36% to $58.08 per barrel, and Brent crude oil near-month contracts rising by 2.14% to $61.94 per barrel [5]

周一，贵金属市场上演惊天反转行情。白银期货价格在隔夜交易中首次突破每盎司80美元后，收盘重挫 7%逼近70美元关口，与此同时，国际金价跌超4%，连续失守4500美元、4400美元两大关口。铂系金属 也未能幸免，伦敦金属交易所LME铂金期货跌13.8%，钯金期货跌幅一度接近17%。 市场分析认为，技术指标修复、投资者获利了结，交易所政策打压等因素是引发市场调整的主要原因。 多因素引发市场巨震 在上周五大涨10%后，白银期货周一亚市早盘连续突破 80、83美元关口，然而调整随后到来。从最高 点到最低点白银价格暴跌15%，创下了自2020年8月以来的最大日内波幅 ——当时白银曾单日暴跌 16.85%。 BK asset management策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，从技术指标 看，近期特别是上周的走势让价格进一步严重偏离均线，这与市场流动性有关，短期有修复需求，只是 缺乏催化剂。同时可以看到，可能存在部分资金在某些价位实施了程序性卖出指令，引发了踩踏。 第一财经记者汇总发现，机构和投资者依然普遍看好明年的市场行情。 摩根大通预测，到2026年底，现货黄金价格将升 ...

现货铂金跌近10%，现货钯金跌逾14%。 现货黄金日内重挫超140美元，跌逾3%；现货白银重挫超8%，现报72.48美元/盎司； | 48789 | | 4 1 1 1 1 1 1 1 19 13 30 1 1 1 1 1 1 1 2 1 1 1 5 1 1 5 5 SPIANUSDOZHISW会面 08:14 65 45237280 通联 -8 6205 (11847 1909 0 000 18350 0 | | | | | | 19 8201 71/4 18/02 11/4 2025/12/29 | | 伦敦盆现 | | SPTAUUSDOZ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 4391.325 | | -141.085 -3.11% | | 41-19 2575 | | | | | | | | | | | 4391,752 | | | 1620.361 | | | | | | | | | | | 4391,325 | | | 4591 ...

| < w | | 伦敦金现 | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | | | | 4329.575 | | 昨结 4532.410 | | | 开盘 | 4532.410 | | | -202.835 -4.48% | | 总量(kg) 0.00 | | | 现手 | | 0 | | 最高价 | 4550.520 | 持 仓 0 | | | 外 盘 | | 0 | | 最低价 | 4327.682 | 增 仓 0 | | | 内 盘 | | 0 | | 分时 | 五日 | 日K 月K | 園K | | 更多 | | O | | 叠加 | | | | | | 盘口 | | | 4737.138 | | | | | 4.52% 卖1 4330.352 | | 0 | | | | | | | | 买1 4329.575 | 0 | | | | | | | 23:16 4328.380 | | 0 | | | | | | | | 23:16 4329.125 | C | | ...

Core Viewpoint - The central theme of the articles emphasizes the importance of increasing residents' income as a fundamental strategy to boost domestic consumption and address the current economic challenges in China [1][2][4]. Group 1: Economic Policy and Strategy - The National Financial Work Conference held on December 27-28 highlighted the continuation of a proactive fiscal policy into 2026, focusing on increasing residents' income through various financial support measures [1]. - The recent Central Economic Work Conference introduced a plan for increasing urban and rural residents' income, underscoring the foundational role of consumption in domestic demand and economic circulation [1]. - The articles argue that the current economic bottleneck is insufficient effective demand, primarily due to inadequate purchasing power and disposable income among residents, which is exacerbated by an imbalance in income distribution among the government, enterprises, and residents [1][2]. Group 2: Structural Reforms - The articles advocate for a comprehensive reform to eliminate systemic barriers that hinder domestic demand and consumption, emphasizing a shift in policy focus towards human-centered investment [2]. - A transparent guarantee system is proposed to ensure fair competition and protect the rights of all economic participants, which would facilitate a more equitable distribution of national income [2][3]. - The establishment of a protective social safety net is deemed essential for providing economic stability and encouraging innovation and risk-taking among residents [3]. Group 3: Employment and Economic Participation - Employment is identified as the primary channel for residents to engage in economic activities and share in economic growth, highlighting the need for policies that enhance job opportunities and resource mobility [3][4]. - The articles stress the importance of creating an environment where economic opportunities are accessible to all, advocating for the removal of monopolistic barriers and the promotion of resource flow [3][4]. - The concept of "breaking" and "establishing" is introduced, suggesting that addressing existing constraints on income and consumption must go hand in hand with building new economic structures that support growth [4].

Core Viewpoint - The stock price of Victory Energy has increased by 213.97% from December 12 to December 29, 2025, significantly deviating from the company's fundamentals, prompting a trading suspension for verification [1]. Group 1: Stock Performance and Trading Suspension - Victory Energy's stock will be suspended from trading starting December 30, 2025, for a period not exceeding three trading days due to significant price fluctuations [1]. - The company has noted that its stock price has diverged sharply from both the market index and industry index, indicating high speculative risks [1]. - The stock has experienced a continuous increase, with a closing price of 46.31 yuan and a total market capitalization of 13 billion yuan, marking 12 consecutive trading days of price limits [4]. Group 2: Business Fundamentals - Victory Energy, established in 2012, specializes in the procurement, transportation, and sales of LNG, as well as the transportation of crude oil and general cargo [3]. - The company has stated that there have been no significant changes in its main business operations, and the recent stock price surge may be attributed to overheated market sentiment and irrational speculation [1].

在零跑汽车成立十周年之际，零跑迎来了又一位新的大股东——中国一汽。 随着一汽的入股，这家新势力车企将携手两大重量级车企（一汽和Stellantis）迎来自己的第二个十年。 在零跑的掌门人朱江明看来，新能源汽车的赛道，未来几年并不会一帆风顺，有了两大股东的加持和支 持，零跑的抗风险能力会变得更强。 2025年，零跑汽车全年销量预计将接近60万辆，其中海外交付约6万辆，创立以来累计销量将突破120万 辆。"下一个十年做到400万辆以上规模"，随着这样一个更宏大的目标的提出，朱江明和他的零跑，还 有不少的挑战需要面对。 一汽收购传闻尘埃落定 12月29日早间，零跑汽车（09863.HK）公告称，与一汽股权投资（天津）有限公司（下称一汽股权） 订立内资股认购协议，约定由一汽股权以每股人民币50.03元（相当于港元55.29元）认购74,832,245股内 资股，总资金量约37.44亿元。 认购完成后，一汽股权将持有零跑约5%的股份，成为重要股东之一。朱江明等单一最大股东集团持股 比例从23.75%微降至22.56%，公司第二大股东Stellantis持股比例微降1个百分点，为18.99%。 一汽方面也官宣，一汽股权将 ...

赣锋锂业(002460.SZ)今日公告称，公司于当日收到宜春市公安局的移送起诉告知书， 因涉嫌内幕交易 罪单位犯罪，案件已移送检察机关审查起诉。 截至目前，赣锋锂业各项生产经营活动保持正常有序运行。本次涉案事项为赣锋锂业前期已披露的特定 历史事件，预计不会影响赣锋锂业正常的生产经营。 ...