【重点关注】 ·国家创业投资引导基金启动预计撬动万亿级社会资本 ·工信部：有序开展卫星物联网等新业务商用试验 ·预计降费超8亿元深交所推出2026年降费措施 ·市场监管总局开展规范光伏行业价格竞争秩序合规指导 ·现货白银价格一度突破每盎司75美元 【国内要闻】 ·12月26日，国家创业投资引导基金启动，京津冀创业投资引导基金、长三角创业投资引导基金、粤港 澳大湾区创业投资引导基金三只区域基金设立运行。财政部相关负责人表示，国家创业投资引导基金具 备以下新的特点：一是财政力度更大；二是投资定位更精准，基金以"投早、投小、投长期、投硬科 技"为鲜明导向，聚焦人工智能、生物制药、量子科技、6G等前沿领域，以长达15年—20年的存续周期 匹配硬科技、长周期的研发需求；三是资金放大效果好，基金采取引导基金、区域基金、子基金三层架 构，在区域基金及子基金层面，积极面向地方政府、金融机构、国有企业、民营企业等，通过千亿级财 政资金，预计将撬动万亿级的社会资本。 ·财政部等四部门发布《关于进一步发挥政府性融资担保体系作用加力支持就业创业的指导意见》，其 中指出，降低创业群体综合融资成本。鼓励有条件的地方在可持续经营的基础上， ...

Group 1: Company Developments - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership in December, following its entry into the Qatar market [1] - Xiaomi has applied for multiple trademarks related to its Ultra series, with some already successfully registered [2] - MiniMax has partnered with Kuaikan Manhua to launch the first AI interactive comic, integrating AI technology into the comic industry [3] - Mango Super Media's wholly-owned subsidiary has established a new equity investment fund with a capital contribution of approximately 356 million RMB [4] Group 2: Investment and Financing - "Hai Sida Sodium Star" has completed over 100 million RMB in strategic financing, with investors including Baiyun Financial Holdings and Guangdong Guoyan Industrial Investment [5] - "Xingyi Space" has completed nearly 300 million RMB in Pre-A round financing, primarily for the construction of overseas measurement and control stations and technology R&D [6] - Shanghai Blueprint Aviation Technology Co., Ltd. has announced 500 million RMB in A round financing, focusing on core technology development [7] - Weina Star completed 1.56 billion RMB in equity financing throughout 2025, aimed at R&D investment and capacity expansion [8] Group 3: New Products - Lenovo plans to launch its first global "AI Super Intelligent Agent" during CES, which will have capabilities similar to the Doubao mobile assistant [10] - Huawei announced the launch of the new Huawei WiFi X product in March 2026, featuring transparent antenna technology and supporting the Harmony ecosystem [11] Group 4: Industry Trends - The Industrial Robot Quality Strong Chain project has completed 33 key tasks, marking significant progress in standards, measurement, testing, and certification [12] - Various regions in China have added over 1.1 billion RMB in subsidies to boost the automotive market as the year-end approaches [12] - The National Venture Capital Guidance Fund will focus on supporting emerging and future industries, enhancing investment in early-stage projects in sectors like semiconductors and AI [12] - The Ministry of Industry and Information Technology emphasized the implementation of a new round of key industry growth plans, promoting the supply of green and age-friendly products [13]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has recently passed its IPO review and is preparing to list on the Shenzhen Stock Exchange's Growth Enterprise Market [1][15]. Group 1: IPO and Fundraising - Dapu Micro plans to raise 1.878 billion yuan, with 958 million yuan allocated for the next-generation main control chip and enterprise-level SSD R&D and industrialization project, 220 million yuan for the enterprise-level SSD module mass production testing base project, and 700 million yuan for working capital [2][16]. - The company is primarily engaged in the R&D and sales of enterprise-level SSD products for data centers, possessing full-stack self-research capabilities in "main control chip + firmware algorithm + module" and achieving mass shipments [17]. Group 2: Financial Performance - In the first nine months, Dapu Micro reported revenue of 1.26 billion yuan and a net loss of 440 million yuan [2][21]. - The company's revenue for 2022, 2023, and 2024 is projected to be 557 million, 519 million, and 962 million yuan, respectively, with net losses of 534 million, 617 million, and 191 million yuan [5][19]. - For the first half of 2025, the company expects revenue of 748 million yuan and a net loss of 354 million yuan [20]. Group 3: Market Position and Product Offering - Dapu Micro focuses on enterprise-level SSDs, covering product generations from PCIe 3.0 to 5.0, meeting diverse customer needs. During the reporting period, the cumulative shipment of enterprise-level SSDs exceeded 4,900 PB, with over 75% of shipments featuring self-developed main control chips [3][17]. Group 4: Shareholding Structure - Yang Yafei controls 66.74% of the voting rights in the company, making him the actual controller. Dapu Haide holds 13.72% of the shares and has special voting rights, giving it 54.78% of the voting rights [8][22][9]. - Post-IPO, Dapu Haide's shareholding will decrease to 12.35%, while other significant shareholders include Shenzhen Guozhong (9.39%) and Nanjing Qilin (4.66%) [12][26].

Core Viewpoint - Wuhu Jiahong New Materials Co., Ltd. (Jiahong New Materials) has submitted its prospectus for an IPO on the Beijing Stock Exchange after withdrawing its application for the ChiNext board in December 2024, following a production safety incident in October 2024 that resulted in one fatality [2][3]. Company Overview - Jiahong New Materials specializes in the design, research and development, production, and sales of thermal management products and optical communication products, leveraging advanced polymer material technology [2]. - The company's products are widely used in various industrial sectors, including oil and gas, chemicals, power, marine vessels, semiconductors, as well as in commercial and residential applications such as rail transportation and new energy vehicles [2]. Product and Market Position - The core products include electric heating belts, temperature controllers, and optical communication products, with electric heating belts being the primary revenue source, accounting for over 60% of main business revenue during the reporting period [3]. - Jiahong New Materials holds the top market share in electric heating belts among domestic competitors from 2022 to 2024, as certified by the China Electrical Equipment Industry Association [3]. Financial Performance - The company's revenue for the reporting period (2022 to Q3 2025) was as follows: 355 million yuan, 348 million yuan, 401 million yuan, and 292 million yuan; net profits were 76.98 million yuan, 72.18 million yuan, 66.89 million yuan, and 44.51 million yuan [3]. - The major shareholder, Xu Chunan, controls 73.96% of the shares, with his mother, Wang Jianjun, holding 7.92%, resulting in a combined control of 81.88%, which may influence company decision-making [3]. IPO Details - Jiahong New Materials plans to publicly issue up to 12.6258 million shares and aims to raise 425 million yuan, with funds allocated to three main projects: 319 million yuan for the second phase of the smart factory project, 46.05 million yuan for the R&D center, and 59.86 million yuan for the overseas marketing system and brand promotion [3][4]. Strategic Initiatives - The second phase of the smart factory project is expected to enhance competitiveness in the thermal management sector and strengthen industry leadership [4]. - The R&D center will support technological innovation, while the marketing system will help expand market influence and advance global market positioning [4].

Core Viewpoint - The Ministry of Finance, in collaboration with other governmental bodies, has issued guidelines to enhance the role of government financing guarantee systems in supporting employment and entrepreneurship, aiming to attract more financial resources to these areas [1][2]. Group 1: Government Financing Guarantee System - The government financing guarantee is a crucial tool for enhancing credit for small and micro enterprises and sharing risks with financial institutions, thereby supporting financing development, employment, and domestic demand [2]. - The guidelines aim to align with the national employment-first strategy, stabilize employment, and expand domestic demand while improving the financing guarantee policy framework [2]. Group 2: Key Policies and Mechanisms - The guidelines introduce a quantitative evaluation and incentive mechanism, focusing on increasing the contribution of government financing guarantees to employment through a key indicator, two linkage mechanisms, and three policy guarantees [2]. - The key indicator is the employment contribution rate, which will be linked to the allocation of guarantee resources [2]. Group 3: Support for Targeted Groups - The entrepreneurial guarantee loan subsidy policy is designed to leverage fiscal funds to support key groups such as college graduates, migrant workers, and veterans, with an average of 1 billion yuan in central fiscal subsidies potentially mobilizing about 5 billion yuan in new entrepreneurial loans [3]. - The support scope will be expanded to include previous college graduates and eligible vocational school graduates, enhancing policy fairness and coverage [3]. Group 4: Cost Reduction and Innovation - The guidelines aim to reduce the comprehensive costs for eligible entrepreneurial guarantee loans by encouraging financing guarantee institutions to lower or refund part of the guarantee fees [3]. - Innovative pilot cooperation models will be explored, allowing financing guarantee institutions to provide guarantees for entrepreneurial loans, improving efficiency and focusing on core business [3]. Group 5: Enhanced Service Efficiency - Local governments are encouraged to increase fiscal support for entrepreneurial guarantee loans, ensuring sustainable development of financing guarantee institutions [4]. - The guidelines emphasize the importance of quick access to credit and guarantee services, promoting streamlined processes and online operations to ensure timely funding for entrepreneurs [4].

每经AI快讯，据深交所网站，12月26日，三瑞智能创业板IPO获上市委会议通过。 ...

Group 1 - The ChiNext Growth Index rose by 4.4%, the ChiNext Mid-Cap 200 Index increased by 4.2%, and the ChiNext Index gained 3.9%, achieving five consecutive days of gains [1][3] - China Galaxy Securities indicates that the A-share market is entering a critical window for cross-year layout as 2026 approaches, with expectations for a small rally around New Year's [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," with anticipated policy benefits being released earlier, leading to structural opportunities concentrated in sectors aligned with policy direction and industry prosperity [1] Group 2 - The strategic emerging industries account for a significant portion, with the power equipment, communication, and electronics sectors collectively representing nearly 60% of the ChiNext Mid-Cap 200 Index [5] - The ChiNext Mid-Cap 200 Index consists of 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market, with over 40% of the index comprised of the information technology sector [5] - The ChiNext Growth Index is made up of 50 stocks that exhibit strong growth characteristics and good liquidity, with the power equipment, pharmaceutical, and communication sectors accounting for approximately 60% [5] Group 3 - As of December 26, 2025, the rolling price-to-earnings (P/E) ratios for the ChiNext Index, ChiNext Mid-Cap 200 Index, and ChiNext Growth Index are 41.2x, 105.0x, and 40.9x respectively [3][6] - The cumulative performance of the indices shows a year-to-date increase of 51.5% for the ChiNext Index, 29.1% for the ChiNext Mid-Cap 200 Index, and 72.4% for the ChiNext Growth Index [8] - The historical cumulative performance over the past year indicates a rise of 47.1% for the ChiNext Index, 23.6% for the ChiNext Mid-Cap 200 Index, and 66.1% for the ChiNext Growth Index [8]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to attract a wide range of participants to form a fund scale of trillions of yuan, with a focus on early-stage investments and hard technology sectors [1][5]. Group 1: Fund Structure and Operation - The fund adopts a three-tier structure: "Fund Company - Regional Fund - Sub-fund," which is described as a "mother fund of mother funds" [6][8]. - The National Venture Capital Guidance Fund will operate under a company system, with a 20-year duration, allowing for a more patient investment approach [7][5]. - Sub-funds will operate under a market-oriented model, with an average scale not exceeding 1 billion yuan, and at least 70% of investments directed towards seed and early-stage enterprises [9][10]. Group 2: Investment Strategy - The fund emphasizes a "four investment" approach: investing early, investing small, investing long-term, and investing in hard technology [3][4]. - At least 70% of the fund's capital will be allocated to seed and early-stage companies, with individual investments capped at 50 million yuan for companies valued below 500 million yuan [4][5]. - The fund will have a 20-year lifespan, breaking away from the traditional 7-10 year investment cycle, which is particularly beneficial for long-cycle sectors like innovative pharmaceuticals [5]. Group 3: Regional Funds - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [1][16]. - The Beijing-Tianjin-Hebei fund will be managed by China Investment Corporation's subsidiary, focusing on mobilizing central financial enterprises [13][14]. - The Yangtze River Delta fund will be managed by State Development Investment Corporation, aiming to gather various social capital to empower regional tech enterprises [14][15]. - The Guangdong-Hong Kong-Macao Greater Bay Area fund will be managed by Shenzhen Capital Group, encouraging diverse market participants to engage [15]. Group 4: Investment Focus - The funds will target key sectors such as integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [17]. - The investment strategy aligns with national planning documents, focusing on strategic emerging industries and future industries [5][12].

Group 1 - The Chengdu High-tech Zone has established a new venture capital fund named Shudao Co-creation Venture Capital Fund Partnership (Limited Partnership) with a total investment of 3 billion yuan [1] - The fund is managed by Shudao Industrial Finance (Sichuan) Private Fund Management Co., Ltd., and its business scope includes venture capital [1] - The partners contributing to the fund include Chengdu High-tech Strategy Source Qihang Equity Investment Fund Partnership (Limited Partnership), Shudao (Sichuan) Equity Investment Fund Co., Ltd., and Shudao Industrial Finance (Sichuan) Private Fund Management Co., Ltd. [1]

证监会同意成都宏明电子股份有限公司首次公开发行股票并在创业板上市的注册申请。 （文章来源：第一财经） ...