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） ...

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has met the issuance, listing, and information disclosure requirements for its initial public offering, as confirmed by the Shenzhen Stock Exchange's Listing Review Committee [1] Group 1: Company Performance and Market Position - The company has been inquired about its ability to sustain performance growth and profitability expectations, particularly regarding its plans to achieve profitability by 2026 [3] - Dapu Microelectronics specializes in the research and sales of enterprise-level solid-state drives (SSDs) for data centers, with cumulative shipments exceeding 4,900 PB, and over 75% of products featuring self-developed control chips [3] - The company maintains a leading market share in the domestic enterprise SSD market, although it is still dominated by international competitors [3] Group 2: Technological Innovation and R&D - The company emphasizes technology-driven innovation, having developed competitive products and solutions that align with the evolution of storage technology [3] - Dapu Microelectronics has a strong R&D team with 162 domestic and international patents as of June 30, 2025, leading in several enterprise SSD technologies [4] - The company has become one of the first globally to achieve mass production of enterprise-level PCIe 5.0 SSDs and large-capacity QLC SSDs [3][4] Group 3: Client Base and Industry Impact - The company's products are widely used by major internet, cloud computing, and AI companies, including ByteDance, Tencent, Alibaba, and JD.com, as well as key clients in finance and telecommunications [4] - Dapu Microelectronics is among the few domestic SSD manufacturers that have successfully supplied products to overseas clients, including Google [4]

新华社北京12月26日电 题：用耐心资本陪伴企业"长跑"——国家发展改革委等部门解读国家创业 投资引导基金 新华社记者魏玉坤、向定杰 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3只区域基金设立运行。引导基金的定位是什么？运作模式有哪些特点？ 国家发展改革委当日举行专题新闻发布会，进行了深入解读。 引导基金的定位是"四个坚持" 今年3月，国家发展改革委宣布将设立国家创业投资引导基金。国家发展改革委创新和高技术发展 司司长白京羽表示，引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金融机构、 民间资本等多方参与，形成万亿元资金规模。归纳起来，引导基金的定位是"四个坚持"： 一是坚持做早期基金。引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿 领域开展原创性、颠覆性的技术攻关，为企业搭建成果转化的平台和桥梁。 二是坚持做耐心基金。引导基金设置20年存续期，其中10年投资期、10年退出期，通过更长久的投 资期限，为企业提供长周期的资金供给；又通过更宽松的退出时限，为企业提供更多的发展空间，用耐 心资本陪伴企业" ...

Core Insights - The article emphasizes the collective intelligence of investors, highlighting that the "Top Ten Core Asset Portfolio" launched by the company in 2019 has achieved a cumulative return of 274.61% by December 15, significantly outperforming the Shanghai and Shenzhen 300 Index and the Hang Seng Index [1] - In 2023, the company launched another portfolio called "Global Vision: Betting on China," which has recorded a 15.16% increase in 2024, outperforming the Wind All A Index by 5.16% [1] - As of December 26, 2025, the "Global Vision: Betting on China" portfolio has achieved a 29.72% increase, surpassing the Shanghai and Shenzhen 300 Index by 11.36 percentage points [1] ETF Performance Summary - The A500 ETF Fund (512050.SH) recorded a 25.58% increase in 2025 [2] - The ChiNext 50 ETF (159949.SZ) saw a remarkable increase of 60.67% [2] - The Hong Kong Innovation Drug ETF (513120) led the performance with a 71.86% increase [2] - The Semiconductor Theme ETF (588200.SH) experienced a decline of 59.15% [2] - The Internet Theme ETF (159792.SZ) increased by 24.033% [2] - The H-share ETF (510900.SH) rose by 21.58% [2] - The Consumption ETF (159928.SZ) decreased by 2.08% [2] - The Broker ETF (512000.SH) increased by 5.00% [2] - The S&P 500 ETF (513500.SH) recorded a 13.83% increase [2] Industry Highlights - The pharmaceutical sector has transformed from one of the worst-performing sectors to one of the strongest, with innovative drug companies frequently achieving record-breaking sales [3] - The total transaction volume for innovative drug license-out deals is expected to exceed $100 billion, accounting for nearly half of the global pharmaceutical business development transaction volume [4] - The Hong Kong Innovation Drug ETF (513120) tracks the China Hong Kong Innovation Drug Index, focusing on high-quality biotech companies in the Hong Kong market [4] - The ETF has a current scale of 24.1 billion yuan, with an average daily trading volume exceeding 5.3 billion yuan, making it the largest and most liquid thematic index fund in the market [4] - The ChiNext 50 ETF (159949) has also performed well, with a year-to-date increase of 59.86% and a significant increase of 129.61% since the "924" period [5][7] Market Trends - The ChiNext 50 Index employs a unique "liquidity-first, scale-second" strategy, selecting the 50 largest and most liquid stocks from the ChiNext 100, representing the core strengths of the ChiNext market [9] - The ETF's performance benefits from the dual advantages of leading stocks and sector rotation, particularly in the information technology and new energy sectors [9] - Looking ahead to 2026, the market is expected to benefit from continued overseas liquidity easing and domestic policies aimed at expanding domestic demand, which may improve the corporate profit environment [10]

Core Viewpoint - Hongming Electronics focuses on the research, development, production, and sales of new electronic components, primarily resistive and capacitive components, aiming to provide high-performance and high-reliability products to customers [2] Group 1: Business Overview - The company is involved in precision component business, with products mainly used in consumer electronics such as tablets and laptops, as well as in new energy batteries and automotive electronic structural components [2] - The main products during the reporting period are new electronic components represented by resistive and capacitive components, along with precision components [2] Group 2: Revenue and Profit Sources - Revenue and profit primarily come from the electronic components business, which is significantly applied in the defense sector [2]

Core Viewpoint - The Shandong province has made significant progress in stabilizing employment, enhancing social security, and fostering talent development, contributing to high-quality economic and social development during the "14th Five-Year Plan" period [3][5][7] Employment Stability - The Shandong employment system has prioritized job stability, receiving national recognition for its efforts, including five special incentives from the State Council over three years, placing it among the top in the country [3] - A total of 6.0893 million new urban jobs were created, exceeding the "14th Five-Year Plan" target ahead of schedule, with a focus on key groups such as college graduates and migrant workers [3] - The province has developed over 300 labor service brands and maintained a stable migrant worker population of around 23 million [3] Skills Training and Entrepreneurship - Shandong has implemented targeted training programs to enhance workers' self-development capabilities, achieving significant progress in skill development [4] - The province has established 99 entrepreneurial support spaces and provided comprehensive support for 1,265 "golden seed" projects, contributing to job creation [4] - A total of 1.816 billion yuan in one-time entrepreneurial subsidies and 97.865 billion yuan in guaranteed loans have been issued to support entrepreneurs [4] Social Security Enhancements - The social security system has been strengthened with a focus on comprehensive coverage and basic protection, achieving high participation rates in various insurance programs [5][6] - By October 2023, the number of participants in basic pension insurance reached 80.178 million, with a participation rate of 96.1%, exceeding the "14th Five-Year Plan" goals [5][6] - Significant reforms in pension insurance and unemployment insurance have been implemented, including pilot programs for new employment forms [6] Talent Development - Shandong has actively pursued a talent strategy, attracting high-level talent and fostering youth engagement, with over 800,000 young talents attracted annually [7] - The province has established numerous research and innovation bases, with over 1,000 postdoctoral researchers, ranking among the top in the country [7] - The "Skills Shandong" initiative has produced over 4.8 million skilled workers, enhancing the province's workforce quality [7]

在国家层面由财政出资1000亿元，在区域基金、子基金层面积极鼓励社会资本参与。 经国务院批准，国家发展改革委、财政部发起设立了国家创业投资引导基金，发挥中央资金引领带动作 用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过投基 金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 白京羽介绍，引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开展原创 性、颠覆性的技术攻关，为企业搭建成果转化的平台和桥梁，促成资本与创新的"双向奔赴"。 白京羽表示，科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的耐心陪伴。引导基金设置20年 存续期，其中10年投资期、10年退出期，这样通过更长久的投资期限，为企业提供长周期的资金供给； 又通过更宽松的退出时限，为企业提供更多的发展空间，用耐心资本陪伴企业"长跑"，培育千行百业 的"小巨人"和"独角兽"。 财政出资1000亿 12月26日，国家创业投资引导基金正式启动运行。这是发展创业投资、壮大耐心资本的重要举措，引导 金融资本投早、投小、投长期、投硬科技。 国家创业投资引导基金采用引导 ...

Core Viewpoint - The trading volume of the ChiNext 50 Index ETFs reached 3.126 billion yuan today, marking an increase of 1.31 billion yuan from the previous trading day, with a growth rate of 72.10% [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 2.651 billion yuan, an increase of 1.201 billion yuan from the previous day, with a growth rate of 82.85% [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 284 million yuan, up by 60.56 million yuan, with a growth rate of 27.07% [1] - The Chuang 50 ETF (159681) saw a trading volume of 114 million yuan, increasing by 23.58 million yuan, with a growth rate of 26.20% [1] - The Huaxia ChiNext 50 ETF (159367) and the Fortune ChiNext 50 ETF (159371) had the highest increases in trading volume, with growth rates of 132.91% and 94.97% respectively [1] Market Performance Summary - As of market close, the ChiNext 50 Index (399673) rose by 0.13%, with the average increase of related ETFs also at 0.13% [1] - The top performers among the ETFs included the Fortune ChiNext 50 ETF (159371) and the Huaxia ChiNext 50 ETF (159367), which increased by 0.25% and 0.19% respectively [1]

Group 1 - The China Securities Regulatory Commission has approved the initial public offering registration of Guangzhou Huigu New Materials Technology Co., Ltd. [1] - Huigu New Materials plans to list on the Shenzhen Stock Exchange's Growth Enterprise Market and aims to raise 900 million yuan [1] - The company focuses on polymer materials and aims to become a global leader in functional material technology innovation [3] Group 2 - Huigu New Materials' main business includes the research, production, and sales of functional resins and functional coating materials [3] - The company emphasizes molecular structure design as its technological foundation and is dedicated to the R&D and industrial application of key technologies in functional resins [3] - Huigu New Materials has established two technical platforms: functional resins and functional coating materials, creating a core competitive barrier [3]

Core Viewpoint - The government aims to enhance the role of the government financing guarantee system to support employment and entrepreneurship, emphasizing the integration of fiscal and financial policies with employment strategies to stimulate job creation and support key groups in starting businesses [1][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thought and aims to implement a people-centered development approach, focusing on the priority of employment and the collaboration between fiscal finance and employment policies [3]. - The financing guarantee system will focus on supporting small and labor-intensive enterprises to stabilize and increase employment while achieving high-quality development [4]. Group 2: Support for Labor-Intensive Small and Micro Enterprises - A financing guarantee employment contribution index will be established to measure the annual increase in employment driven by financing guarantee institutions [5]. - The allocation of guarantee resources will be optimized based on the employment contribution index, with a focus on institutions that demonstrate significant contributions to employment [5]. - A differentiated re-guarantee fee discount mechanism will be implemented, with discounts based on the employment contribution index, with a maximum discount of 20% [6]. - Innovative financial products will be developed to support labor-intensive small and micro enterprises, including specialized services for paying employee wages [6]. - The barriers for financing guarantees will be lowered, reducing or eliminating collateral requirements for labor-intensive small and micro enterprises [6]. Group 3: Supporting Key Groups in Entrepreneurship - Local governments are encouraged to support recent and past college graduates in applying for entrepreneurship guarantee loans, with similar policies extended to vocational education graduates [7]. - Financing guarantee institutions will actively provide guarantees for entrepreneurship loans to various key employment groups, including graduates, veterans, and unemployed individuals [7]. - The overall financing costs for entrepreneurial groups will be reduced through fee discounts and incentives for trustworthy clients [8]. - The efficiency of issuing entrepreneurship guarantee loans will be improved by establishing a fast-track mechanism for loan approval and disbursement [8]. Group 4: Strengthening Information Sharing - A cross-departmental data sharing mechanism will be established to enhance the quality and precision of data related to entrepreneurship guarantee loans and employment statistics [9]. - The national financing guarantee fund will optimize its management service platform to support data-driven financing services [9]. Group 5: Strengthening Organizational Implementation - Local financial and human resources departments will enhance collaboration to address the financing challenges faced by labor-intensive small and micro enterprises [11]. - The performance of financing guarantee institutions in promoting employment and entrepreneurship will be included in their evaluation systems, influencing policy support and incentives [11].