｜2025年12月26日 星期五｜ NO.1 国盛证券：江西省国资委通过股权无偿划转成为公司实际控制人 12月25日，国盛证券发布公告称，江西省交通运输厅拟将其持有的公司控股股东江西省交通投资集团有 限责任公司（以下简称江西交投）90%股权无偿划转至江西省国有资产监督管理委员会（以下简称江西 省国资委）。近日，相关方已就此签署无偿划转协议。划转完成后，国盛证券控股股东仍为江西交投， 实际控制人将由江西省交通运输厅变更为江西省国资委。国盛证券表示，本次划转不会对本公司治理及 正常经营构成重大影响。 点评：国盛证券实际控制人变更为江西省国资委，股权划转强化了国资背景，为公司治理及资源整合带 来新预期。虽然公司称经营不受影响，但此举有助于提升市场信心，优化公司长期发展环境。证券板块 有望在国资改革深化背景下迎来估值重塑，资本市场对国企金融资源的关注度将持续提升。 NO.2 史上第二！基金迎发行大年 点评：2025年基金发行创下历史第二高，凸显市场活跃度回升。指数基金的大规模扩容，不仅加速了资 金向核心资产和优质板块集聚，也为券商及资管机构带来业务增量。长期资金借基入市，有助于优化市 场投资者结构，提升股市整体稳定性 ...

人民财讯12月26日电，12月26日，由国家发展改革委、财政部共同推动设立的国家创业投资引导基金正 式启动揭牌。该基金于2025年7月21日正式成立，目前首批工作人员已基本到位，开展投资业务条件已 经成熟。国家创业投资引导基金采用引导基金公司、区域基金、子基金三层结构。目前三支区域基金全 部签署合作协议，完成工商注册，并形成首批已签约的49支子基金。 ...

每经AI快讯，据国家发展改革委政策研究室消息，12月26日上午10时30分，国家发展改革委专题新闻发布会，将介绍国家创业投资引导基金有关工作。 ...

记者从国家发展改革委获悉，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。 ...

编辑：高鑫 责编：王光建 审核：廖异 央视新闻消息，记者从国家发展改革委了解到，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。 ...

格隆汇12月26日｜国家发展改革委定于12月26日（星期五）上午10点30分，在国家发展改革委中配楼三 层大会议室，召开国家发展改革委专题新闻发布会，介绍国家创业投资引导基金有关工作。 ...

Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. is planning to go public on the Shenzhen Stock Exchange's ChiNext board, aiming to expand its product range and enhance market competitiveness through the use of raised funds for the construction of smart testing and R&D centers [1][4]. Group 1: Company Overview - Jiangsu Zhanchip was established in 2018 and focuses on the R&D, design, testing, and sales of high-reliability analog chips and micro-modules, primarily power management chips [2]. - The actual controllers of the company, Wen Zhenlin and Xu Ligang, hold a combined 54.77% voting rights through various entities [2]. Group 2: Financial Performance - The company's revenue has shown overall growth, with figures of 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan from 2022 to the first half of 2025, reflecting an annualized growth rate of 22.87% [5]. - Net profit figures for the same period are 148 million yuan, 179 million yuan, 95 million yuan, and 124 million yuan, indicating volatility due to temporary market adjustments [5]. Group 3: Revenue Structure and Pricing Pressure - Integrated circuit products account for a significant portion of revenue, exceeding 58% from 2022 to 2024, with approximately 187 million yuan in revenue from integrated circuits in the first half of 2025, representing 55.1% of total revenue [5]. - The average price of integrated circuit products has been declining, with prices of 370.77 yuan, 316.17 yuan, 287.99 yuan, and 289.78 yuan per unit from 2022 to the first half of 2025, which may adversely affect future operating performance if the trend continues [6]. Group 4: Accounts Receivable and Collection Risks - As the company's operational scale expands, accounts receivable and notes receivable have also increased, with values of 238.84 million yuan, 339.73 million yuan, 436.29 million yuan, and 673.21 million yuan from the end of 2022 to June 2025 [7]. - The collection period is prolonged due to factors such as budget approvals and payment processes from clients, primarily military research institutes, which may lead to increased risks of bad debts if clients face significant operational difficulties [7].

Core Viewpoint - Guangxi Logistics Vocational Technical College is actively implementing innovative and entrepreneurial education reforms to align with national strategies and regional development, aiming to enhance students' capabilities and contribute to the logistics industry's transformation and high-quality economic development [1][5]. Group 1: Systematic Curriculum Development - The college integrates innovative and entrepreneurial education throughout the talent cultivation process, establishing a curriculum that includes mandatory courses such as "Innovative and Entrepreneurial Education" and "Career Planning and Employment Guidance" [1]. - A progressive project incubation mechanism is in place, supporting over 10 key projects annually in cutting-edge fields like logistics intelligence, e-commerce, and artificial intelligence [1]. Group 2: Practical Education Enhancement - The college has established three entrepreneurial incubation shops and ten innovation and entrepreneurship practice bases, creating a practical platform that bridges classroom learning with real-world application [2]. - These platforms serve as vital venues for students to develop skills, market sensitivity, risk awareness, and teamwork abilities, effectively transitioning innovation and entrepreneurship education from theory to practice [2]. Group 3: Competitions and Industry Collaboration - The college emphasizes the role of competitions in stimulating innovation and assessing educational outcomes, creating a three-tiered competition nurturing system that promotes a cycle of teaching, learning, and creation [3]. - Recent achievements include winning 4 silver and 27 bronze medals in the China International College Students Innovation Competition and securing 1 gold and 1 bronze in the Eighth National Vocational Education Innovation and Entrepreneurship Competition [3]. - The college is expanding its collaboration with enterprises, enhancing the integration of education, talent, industry, and innovation through joint internship bases and co-hosted activities [3]. Group 4: Educational Model Innovation - The college is committed to fostering an innovative culture by integrating innovative thinking and practical skills into the core of education, promoting reforms that guide students in mastering innovation methods and critical thinking [4]. - Efforts to enhance faculty professionalism include inviting industry experts for lectures and organizing training sessions, resulting in a vibrant atmosphere that encourages innovation and entrepreneurship among students and staff [4]. Group 5: Future Directions - The college aims to continue its mission of nurturing talent aligned with national innovation strategies and vocational education reforms, focusing on a comprehensive educational ecosystem that integrates education, practice, incubation, and service [5]. - The goal is to cultivate high-quality logistics professionals with a sense of national responsibility, innovative spirit, practical skills, and professional competence, contributing to the modernization of the economic system and societal progress [5].

Core Viewpoint - Moku New Materials Group Co., Ltd. has submitted an IPO application to raise 720 million yuan by issuing 13 million new shares for a high-performance environmentally friendly ink project, R&D center construction, and working capital supplementation [1] Group 1: Company Overview - Moku specializes in the research, production, and sales of digital printing inks, including dispersed inks, coating inks, UV inks, and water-based dye inks, utilizing advanced digital printing technology [1] - The company projects revenues of 522 million yuan, 618 million yuan, and 727 million yuan for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 17.95% [1] - Net profit attributable to shareholders is expected to grow from 57.58 million yuan in 2022 to 143 million yuan in 2024, with a CAGR of 57.84% [1] - In the first three quarters of 2025, the company achieved revenue of 590 million yuan and a net profit of 94.75 million yuan [1] Group 2: Financial Performance and Risks - The company’s actual controllers, Wang Shoubin and Zhang Yujie, hold 55.81% of the shares, with Nar Group as the second-largest shareholder at 27.19% [2] - Accounts receivable surged from 86.5 million yuan at the end of 2022 to 186 million yuan by the end of September 2025, representing an increase in the proportion of accounts receivable to revenue from 16.56% to 23.60% [2] - The net cash flow from operating activities significantly declined to 44.16 million yuan in the first three quarters of 2025, contrasting sharply with the net profit of 94.75 million yuan [2] - The company's weighted average return on equity decreased from 37.54% in 2022 to 14.89% in the first three quarters of 2025, indicating potential dilution of earnings per share due to increased net assets from the IPO [3]

Core Viewpoint - Shenzhen Moku New Materials Group Co., Ltd. has received acceptance for its IPO on the ChiNext board, aiming to raise approximately 720 million yuan for various projects [1] Company Overview - Moku Co. primarily engages in the research, production, and sales of digital printing inks [1] Fundraising and Investment Plans - The company plans to use the raised funds for the following: - Investment in a project to produce 40,000 tons of high-performance environmentally friendly inks - Construction of a new R&D center in Xin Qiao Dong - Supplementing working capital [1]