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]

Core Viewpoint - The IPO application of Guangdong Jiuan Intelligent Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange, indicating a significant step towards public listing and capital raising for the company [1] Financial Performance - The company reported projected revenues of 484 million yuan, 645 million yuan, and 780 million yuan for the years 2022, 2023, and 2024 respectively, showing a revenue growth of 20.89% in 2024 [1] - Net profits are expected to be 34.31 million yuan, 85.95 million yuan, and 102 million yuan for the same years, with a year-on-year increase of 18.87% in 2024 [1] Key Financial Metrics - Revenue for 2024 is projected at 779.69 million yuan, up from 644.98 million yuan in 2023 and 483.81 million yuan in 2022 [1] - Net profit attributable to shareholders for 2024 is expected to be 102.17 million yuan, compared to 85.95 million yuan in 2023 and 34.31 million yuan in 2022 [1] - Basic earnings per share are projected to be 2.11 yuan in 2024, an increase from 1.75 yuan in 2023 and 0.69 yuan in 2022 [1] - The weighted average return on equity is expected to be 30.15% in 2024, down from 35.99% in 2023 but up from 18.40% in 2022 [1] - The net cash flow from operating activities is projected to be 35.53 million yuan in 2024, a decrease from 57.09 million yuan in 2023 but an increase from 38.18 million yuan in 2022 [1]

Core Viewpoint - Shenzhen Moku New Materials Group Co., Ltd. has received approval for its IPO on the ChiNext board, focusing on the research, production, and sales of digital printing inks [1] Financial Performance - The company reported revenues of 522.44 million yuan in 2022, 618.18 million yuan in 2023, and projected 726.83 million yuan in 2024, indicating a revenue growth of 17.58% in 2024 compared to 2023 [1] - Net profit figures are 57.58 million yuan for 2022, 120.16 million yuan for 2023, and an expected 143.45 million yuan for 2024, reflecting a year-on-year growth of 19.38% in net profit for 2024 [1] Key Financial Metrics - Revenue (in ten thousand yuan) for 2024 is projected at 72683.39, for 2023 at 61818.40, and for 2022 at 52244.35 [1] - Net profit attributable to shareholders for 2024 is expected to be 14344.97, for 2023 at 12016.52, and for 2022 at 5757.94 [1] - Basic and diluted earnings per share for 2024 are projected at 3.68 yuan, up from 3.11 yuan in 2023 [1] - The weighted average return on equity for 2024 is expected to be 28.41%, down from 34.33% in 2023 [1] - Net cash flow from operating activities for 2024 is projected at 14654.39 ten thousand yuan, compared to 11740.66 ten thousand yuan in 2023 and 10998.32 ten thousand yuan in 2022 [1]

Core Viewpoint - The company, Si Yi Technology, has received approval for its IPO on the ChiNext board, aiming to raise 1.5 billion yuan for various projects and working capital [4][5]. Group 1: Company Overview - Si Yi Technology specializes in the research, manufacturing, and sales of electronic measurement instruments, making it one of the most comprehensive companies in the domestic electronic measurement instrument industry [4]. - The company’s main products include complete machines, testing systems, and components [4]. Group 2: IPO Details - The IPO plans to raise a total of 1.5 billion yuan, with allocations for high-end electronic measurement instrument production line upgrades, new mobile communication testing R&D, technology innovation center construction, and working capital [5]. - Of the total funds raised, 542 million yuan (36%) is designated for working capital [5]. Group 3: Financial Performance - The company reported revenues of 1.949 billion yuan in 2022, 2.153 billion yuan in 2023, 2.052 billion yuan in 2024, and 993 million yuan in the first half of 2025 [6]. - Net profit attributable to the parent company was 228 million yuan in 2022, 190 million yuan in 2023, 275 million yuan in 2024, and 160 million yuan in the first half of 2025 [6]. - The company experienced a negative cash flow from operating activities of 117 million yuan in the first half of 2025, primarily due to the payment schedule of major clients [7][8]. Group 4: Shareholding Structure - As of the date of the prospectus, China Electronics Technology Group Corporation directly holds 41.74 million shares, accounting for 50.54% of the total share capital [10]. - The company is controlled by China Electronics Technology Group Corporation and its affiliates, which collectively hold 57.20 million shares, representing 69.27% of the total share capital [10].

本报（chinatimes.net.cn）记者张玫 北京报道 "未盈利"不再是一道不可逾越的门槛。12月25日，圣诞节当天，深圳大普微电子股份有限公司（下 称"大普微"）创业板IPO过会。根据相关规定，下一步，大普微IPO还需提交证监会注册，等待注册结 果。 大普微作为创业板第三套上市标准首位闯关者，其IPO进程备受市场关注。 根据招股书，该公司2024年营收9.62亿元，同比增长85.21%，但归母净利润为-1.91亿元，未弥补亏损 9.45亿元。凭借"预计市值≥50亿元+最近一年营收≥5亿元"的第三套上市标准，大普微成为创业板首家获 受理并走到上会环节的未盈利企业，标志着中国资本市场对硬科技"长期资本"的容忍度再上新台阶。 《华夏时报》记者12月22日向大普微发送采访函询问相关情况，截至发稿未收到回复。 拟募资约19亿元 公开资料显示，大普微是国内极少数具备企业级SSD"主控芯片+固件算法+模组"全栈自研能力并实现批 量出货的半导体存储企业，也是创业板首家受理的未盈利企业。 根据IDC数据，2024年该公司在中国企业级SSD出货量排名第四，市场份额6.4%，仅次于三星、SK海力 士（Solidigm）、忆 ...

Market Overview - On December 26, A-shares showed mixed performance with the Shanghai Composite Index down 0.05% at 3957.83 points, while the Shenzhen Component Index rose 0.06% to 13539.05 points. The ChiNext Index fell 0.21% to 3232.41 points, and the STAR Market 50 Index decreased by 0.22% to 1346.11 points [1] Company News - Xiangrikui plans to acquire Zhangzhou Xipu Material Technology Co., Ltd., but both its Zhangzhou and Lanzhou factories are not operational, contradicting its claims of being a core supplier to many wafer fabs [2] - Shui Jing Fang clarified that reports of a potential acquisition by another liquor company are untrue [2] - Aerospace Intelligent Manufacturing has not yet participated in commercial aerospace projects and is monitoring industry developments for future opportunities [2] - Shanghai Port Construction's main business remains unchanged, with commercial aerospace and perovskite solar business contributing less than 1% to revenue, and not yet profitable [2] Strategic Partnerships - Haike New Source signed a strategic cooperation agreement with Hunan Faenlight New Energy Technology Co., Ltd. for the purchase of 270,000 tons of electrolyte solvents and additives from 2026 to 2028 [3] - Aixin Packaging's major shareholder reduced its stake by 153,050 shares, consistent with its previously disclosed plan [3] - Yichang Technology's major shareholder signed a share transfer agreement, potentially making a new entity the controlling shareholder [3] - Zhongwei Co. signed a strategic cooperation framework agreement with Xinwanda Power Technology Co., Ltd. to collaborate on precursor product technology development and global capacity layout [3] Industry Trends - The Shanghai government is accelerating the development of the aerospace industry, providing funding support for key projects [6] - The People's Bank of China is exploring digital financial cooperation to support the construction of the Western Land-Sea New Corridor [6] - Haike New Source and CATL are involved in significant long-term contracts for electrolyte supply, indicating strong demand in the lithium battery sector [6] - The humanoid robot rental market is emerging, with rental prices significantly decreasing [7] - Major paper companies are planning shutdowns in early 2026, leading to price increases in certain paper products [8] - China's first land-based commercial modular small reactor successfully completed a non-nuclear steam test [9] - A team from the National University of Defense Technology achieved a record speed in magnetic levitation experiments [10] Institutional Insights - Huatai Securities is optimistic about mining service and equipment companies transitioning to mining development, driven by high metal prices and the need for external support [11][12] - Guojin Securities suggests that the medical device sector will focus on overseas expansion and innovation in 2026, highlighting companies with strong product development capabilities [13] - CICC predicts that the photovoltaic sector will see a marginal improvement in supply-demand dynamics in 2026, with leading companies likely to turn profitable [14]

Group 1 - The National Development and Reform Commission will hold a press conference on the National Venture Capital Guidance Fund on December 26 at 10:30 AM [2] - The National Health Commission will hold a press conference in the afternoon to discuss eight key initiatives for public service [3] - A total of 12 companies will have their restricted shares unlocked today, with a combined unlock volume of 10.462 billion shares, amounting to a market value of 22.042 billion yuan [3] Group 2 - Among the companies with significant unlock volumes, HNA Holding, Hanma Technology, and Hainan Haiyao lead with unlock shares of 9.973 billion, 235 million, and 131 million respectively [3] - The companies with the highest unlock market values are HNA Holding (17.552 billion yuan), Hanma Technology (1.436 billion yuan), and Shanwaishan (1.293 billion yuan) [3] - Sixteen companies disclosed stock repurchase progress, with five companies announcing new repurchase plans and two companies having their plans approved by shareholders [3][4] Group 3 - Five companies disclosed progress on private placements, with one company announcing a new private placement plan and three plans approved by shareholders [5] - Eight A-shares will undergo equity registration today, with five companies planning to distribute dividends [6] - The companies with the highest dividend payouts are Citic Publishing (1.60 yuan per 10 shares), Yanjing Beer (1.00 yuan), and Longyuan Power (1.00 yuan) [6]

12月24日上午10时，武汉人才之家一楼大厅，市民张女士站在一台AI智能拍照机前。在指定区域站定，跟随屏幕指引，2分钟后，一 张高清合规的证件照就打印完成。"以前拍证件照要专门去找照相馆，现在办事顺便就拍了，真方便。"她说。 研发者唐长春的办公室就在3楼，而这台为市民提供便捷服务的微型终端，只是他宏大创业版图中一个可见的触点。由他打造的高精 度生图模型和全智能影视机器人，已在全国超1100家摄影机构落地，今年以来营收突破百万元。 AI智能拍照机打印出来的证件照。 xx Wuhan University of Bioengi 武汉生物工程学院计算机科学与技术学院 TY T LA N THE LEWILL FREE TH 试汉市浮光路影文化情媒有限公 人工智能科学家族与人才培养年生 下 ERTIFICATE OF AWARD 在中国国际大学生创新大赛 (2023) 中荣获银奖 大学生创新创业实践权量 参赛学生: 唐长春、魏家欣、高叶飞、江南思屹、刘颖怡, 邹短维, 何偏选, 王远, 王泽正, 蔡子豪、王康伟、李钦、但博阳、陈石 指导 教师: 李洁、丰洪才、潘天恒、谭学锋、刘恩光、汪怀杰、黄文帕 中国国际大学生创新 ...