Core Insights - The National Venture Capital Guiding Fund has officially commenced operations, aimed at developing venture capital and enhancing patient capital to encourage financial investments in early-stage, small, long-term, and hard technology sectors [1] Group 1 - The guiding fund employs a three-tier structure consisting of guiding fund companies, regional funds, and sub-funds, with a focus on accelerating the establishment of regional funds in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [1] - The chairman of the National Venture Capital Guiding Fund Company, Huo Fupeng, stated that the initial three regional funds have secured funding commitments, each with a scale exceeding 50 billion [1] - All three regional funds have signed investment agreements, completed business registration, and established 49 signed sub-funds along with 27 investment projects [1]

人民财讯12月26日电，12月26日，国家创业投资引导基金正式启动。国家发展改革委召开专题新闻发布 会。会上，国家发展改革委创新和高技术发展司司长白京羽表示，国家创业投资引导基金的定位具备四 个特点：一是坚持做早期基金。今天的科技领军企业都是曾经的种子企业、初创企业，这类种子企业和 初创企业成长性好，前景广阔，但同时风险也比较高，不确定性比较大。社会资本对他们普遍很关注， 但投资持谨慎态度。针对这一问题，引导基金将种子期、初创期、早中期企业作为投资的重点，支持企 业聚焦前沿领域，开展原创性、颠覆性的技术攻关；二是坚持做耐心基金，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，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机制，为企业提供更多的发 展空间；三是坚持做市场化基金。中央出资设立创业投资引导基金，需要统筹兼顾政策目标和市场化原 则；四是做标杆基金。引导基金不搞重复投资，不与市场争利，重在解决创投行业长期资本短缺的问 题。 ...

今天，国家发展改革委举行专题新闻发布会，介绍国家创业投资引导基金有关工作。 有关负责人表示，今天正式启动的国家创业投资引导基金，将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。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。引导基金设置 20年存续期，其中10年投资期、10年退出期，用耐心资本陪伴企业"长跑"。 今天，国家发展改革委举行专题新闻发布会，介绍国家创业投资引导基金有关工作。 有关负责人表示，今天正式启动的国家创业投资引导基金，将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。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。引导基金设置 20年存续期，其中10年投资期、10年退出期，用耐心资本陪伴企业"长跑"。 （总台央视记者 丁雅妮 张艺瑾） 责任编辑：秦艺 （总台央视记者 丁雅妮 张艺瑾） 责任编辑：秦艺 ...

Core Insights - The total margin financing balance of the ChiNext market reached 554.14 billion yuan as of December 25, 2025, marking an increase of 50.44 billion yuan from the previous trading day, and has risen for seven consecutive trading days, accumulating an increase of 179.90 billion yuan during this period [1][2]. Margin Financing Balance Changes - As of December 25, 2025, the margin financing balance was 552.30 billion yuan, which increased by 50.59 billion yuan from the previous day [2]. - The margin financing balance has seen increases across 509 stocks, with 66 stocks experiencing an increase of over 20% [2]. - The stock with the highest increase in margin financing balance was Jiangxin Home, which saw a 123.76% increase, bringing its latest balance to 39.73 million yuan [2][3]. Stocks with Significant Margin Financing Changes - The stocks with the largest increases in margin financing included: - Jiangxin Home: 39.73 million yuan, +123.76% - Kema Technology: 97.47 million yuan, +118.89% - Yidong Electronics: 44.34 million yuan, +116.06% [3][4]. - Conversely, the stocks with the largest decreases included: - Green Island Wind: 10.27 million yuan, -29.55% - Kaichuang Electric: 11.48 million yuan, -25.91% - Jiayuan Technology: 19.87 million yuan, -23.72% [3][4]. Market Performance - Stocks with margin financing increases of over 20% averaged a rise of 16.41%, outperforming the ChiNext index [5]. - Notable performers included: - Yidong Electronics: +79.99% - Kaige Precision Machinery: +45.63% - Hongda Electronics: +38.89% [5]. - The stock with the highest total margin financing increase was Zhongji Xuchuang, with a balance of 22.02 billion yuan, increasing by 2.51 billion yuan [5]. Summary of Margin Financing Changes - The stocks with the most significant increases in margin financing included: - Zhongji Xuchuang: 22.02 billion yuan, +2.51 billion yuan - Yangguang Electric: 15.10 billion yuan, +2.06 billion yuan - Xinyi Sheng: 21.42 billion yuan, +1.30 billion yuan [5][6]. - The stocks with the largest decreases in margin financing included: - Dongfang Caifu: 26.89 billion yuan, -0.54 billion yuan - Tonghuashun: 5.43 billion yuan, -0.30 billion yuan - Kunlun Wanwei: 3.10 billion yuan, -0.21 billion yuan [5][6].

Core Insights - Shenzhen Shangshui Intelligent Co., Ltd. is gaining attention as it progresses to the registration stage of its IPO, with its value anchored in a globally pioneering technology that defines a niche market and supports its capital market ambitions [1] Group 1: Technological Innovation - The company has developed a "circular high-efficiency pulping system," which integrates pre-mixing and high-speed dispersion in a closed-loop, addressing inefficiencies and high energy consumption in traditional pulping methods [2] - This innovative system has been recognized and patented in multiple countries, including China, the USA, Europe, Japan, and South Korea, establishing the company as a leader in the lithium battery wet pulping process [3] Group 2: Market Position - The company holds a 60% market share in the domestic market for its pulping system, confirming its status as the industry leader and the driving force behind the establishment of this technology as the industry standard [3] Group 3: Future Growth Strategies - The company is proactively investing in next-generation technologies, such as semi-dry and dry electrode preparation processes, aimed at reducing or eliminating solvent use, which aligns with the future of solid-state battery systems and green manufacturing [4] - Additionally, the company is expanding its platform technology into new materials preparation, applying its precision measurement and intelligent control technologies across various high-end fields, creating new business growth opportunities [4] Group 4: Research and Development Commitment - The company has committed 8.96% of its revenue to research and development, resulting in 174 domestic patents and recognition as a national-level "specialized and innovative" enterprise [5] - This sustained investment in innovation underpins the company's ability to define the industry and maintain its leading position, showcasing a development logic driven by core technological advancements [5]

南都讯 记者朱唯信据央视新闻消息，今天（12月26日），国家创业投资引导基金正式启动，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。 ...

Market Performance - Major market indices opened with mixed results, with the Shanghai Composite Index down 0.05% at 3957.83 points, the Shenzhen Component Index up 0.06% at 13539.05 points, and the ChiNext Index down 0.21% at 3232.41 points [1] Individual Stock Performance - A total of 1901 stocks rose at the open, with 22 stocks hitting the daily limit up, including Victory Energy with 11 consecutive limit ups, Jiamei Packaging with 9 limit ups in 11 days, and Shenjian Co. with 7 consecutive limit ups [1] - Conversely, 2553 stocks declined at the open, with notable declines from Sunflower, Jiangtian Technology, and Beikong [1] Price Continuity Statistics - Among stocks that hit the limit up yesterday, 16 stocks, including Shenjian Co. and Fenglong Co., continued to hit the limit up today [1] - Stocks that opened lower included Guangdao Tui, Tianyuan Co., and Hengda New Materials, with declines of 6.43%, 5.71%, and 4.32% respectively [1]

Core Insights - The latest financing balance of the ChiNext market is 552.3 billion yuan, with a week-on-week increase of 5.06 billion yuan, indicating a positive trend in financing activities [1] - A total of 42 stocks saw their financing balances increase by over 10%, while 36 stocks experienced a decline of more than 5% [1] Financing Balance Overview - The total margin balance for ChiNext stocks reached 554.14 billion yuan, marking an increase of 5.04 billion yuan from the previous trading day, continuing a streak of seven consecutive days of growth [1] - The margin financing balance specifically stands at 552.3 billion yuan, with a week-on-week increase of 5.06 billion yuan [1] - The margin short-selling balance is 1.843 billion yuan, reflecting a decrease of 14.26 million yuan [1] Stocks with Significant Financing Balance Increases - Among the 490 stocks with increased financing balances, the largest increase was seen in Jialian Technology, which had a financing balance of 54.21 million yuan, up 40.86% from the previous day [3] - Other notable increases include Nanwang Technology and Feiwo Technology, with increases of 35.38% and 34.03% respectively [3] - The average increase for stocks with financing balance growth exceeding 10% was 4.40%, with 32 stocks rising, including Guanglian Aviation and Chaojie Co., which hit the daily limit [2] Stocks with Significant Financing Balance Decreases - A total of 459 stocks experienced a decrease in financing balances, with 36 stocks declining by more than 5% [4] - The largest decrease was recorded by Green Island Wind, with a financing balance of 10.27 million yuan, down 17.71% [4] - Other significant declines were seen in Hongda Electronics and Kefu Medical, with decreases of 14.61% and 13.88% respectively [4]

Core Viewpoint - The National Venture Capital Guiding Fund has officially commenced operations, aimed at developing venture capital and promoting patient capital to encourage early, small, long-term investments in hard technology [1] Group 1: Fund Structure and Regional Focus - The National Venture Capital Guiding Fund employs a three-tier structure consisting of guiding fund companies, regional funds, and sub-funds [1] - The fund is accelerating the establishment of three regional funds in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [1] Group 2: Financial Commitment and Project Development - The initial three regional funds have secured funding commitments, each with a scale exceeding 50 billion [1] - All three regional funds have signed investment agreements, completed business registration, and established 49 signed sub-funds along with 27 investment projects [1]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, focusing on three major regions: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Fund Details - The Beijing-Tianjin-Hebei Venture Capital Guidance Fund has a target scale of 50 billion yuan, managed by China Investment Corporation's subsidiary, China International Capital Corporation [1] - Major contributors to the fund include China Investment Corporation and local investors from Beijing, Tianjin, and Hebei [1] Group 2: Direct Investment Projects - Direct investment projects under the fund include Songyan Power, Accelerated Evolution, Zhonghe Gene, Dingci Electronics, and Rosenbot [1]