Group 1 - A-shares opened higher with the Shanghai Composite Index up 0.21%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.48% on January 26, 2023, driven by sectors like non-ferrous metals and photovoltaic [1] - Recent market dynamics show a divergence in fund flows, with over 570 billion yuan exiting broad-based ETFs while approximately 110 billion yuan flowed into thematic industry ETFs, indicating a positive overall market sentiment [2] - The focus remains on "technology + resource products" as key investment themes, with sectors like AI semiconductors, new energy, and non-ferrous metals showing strong performance and growth potential [2] Group 2 - The spring market is expected to progress, with key themes including commercial aerospace and AI applications, alongside a focus on price increase chains driven by supply-demand mismatches [3] - The current price increase trend is supported by the expansion of AI hardware chains and upstream raw material chains benefiting from supply gaps, such as lithium carbonate and PTA [3] - The global shift in commodity prices, particularly in gold and silver, suggests a need to adjust pricing frameworks for scarce physical assets and core equity assets due to declining currency value [4]

Core Viewpoint - The China Securities Regulatory Commission has approved the IPO registration of Shenzhen Dapu Microelectronics Co., Ltd., marking the first unprofitable company to receive such approval on the ChiNext board, indicating a significant shift in the regulatory landscape for startups [1][4]. Company Overview - Dapu Micro is a leading company in the storage industry, primarily engaged in the research and sales of enterprise-level SSD products for data centers. The company is expected to achieve profitability by 2026 [4][10]. - The company was established in 2016 and is one of the few in the industry with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" for enterprise-level SSDs [8][10]. Financial Performance - Dapu Micro's financial data from 2022 to the first half of 2025 shows revenues of 557 million, 519 million, 962 million, and 748 million yuan, respectively. The net profits for the same periods were -534 million, -617 million, -191 million, and -354 million yuan [10]. - As of June 30, 2025, the company reported total assets of approximately 1.98 billion yuan and a debt-to-asset ratio of 63.40% [11]. IPO Details - The company plans to raise approximately 1.87785 billion yuan through its IPO, with the funds allocated for the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as for working capital [5][12]. - Dapu Micro's IPO application was accepted on June 27, 2025, and the approval was granted on January 23, 2026 [1][8]. Market Context - The approval of Dapu Micro's IPO comes as the ChiNext board introduces new standards to support high-quality unprofitable innovative companies, with another unprofitable company, Yuexin Semiconductor, also pursuing an IPO [14].

活动现场，30余名参赛选手围绕新娘妆造、国风妆造、日常妆造三大类别展示作品，将传统美学元素与 现代美妆技艺巧妙融合，充分彰显了新时代女性对生活的热爱、对事业的执着追求。 近年来，柯坪县积极争取妇女创业循环资金、设施设备等扶持资源，精准推动"靓发屋""石榴红·巾帼工 坊"烘焙坊等妇女创业项目落地见效，带动一批妇女实现"家门口就业、指尖上增收"。 （来源：工人日报） 本报讯 （记者吴铎思）日前，由浙江湖州市援疆指挥部、新疆柯坪县妇女联合会联合主办的"靓发展风 采 巾帼绽芳华"就业创业展示活动举行。活动集中展现了"靓发屋"项目受益妇女及全县美妆行业女性的 精湛技艺。 据介绍，该县将以此次大赛为契机，继续拓展美妆美发、烘焙、手工制作等多元技能培训项目，健全就 业岗位对接、创业政策扶持、后续跟踪服务的全链条保障机制，让更多妇女走出家门、习得技能、创业 就业。 ...

转自：今晚报 【#11岁小孩哥为还债创业2月赚6000元#】#妈妈回应11岁儿子创业2月赚6000#杭州11岁男孩尧哥不小心 把家里的电视屏划破了，面对6000元的换屏费，尧哥决定"创业"还债。他做了张创业海报：陪写作业一 小时40元；田径是1小时30元；足球是1小时30元；钢琴是45分钟30元。跟市面上的价格比起来，都 是"白菜价"，很有竞争力。他让妈妈帮忙把自己的"广告"发到小区业主群里，信息发出后，尧哥受到了 小区叔叔阿姨的热烈支持。每天放学后，陪其他孩子写作业，周末也排得也满满当当。不到2个月，他 就还清债务，把6000元人民币交到妈妈手上，成功给家里电视换上新的显示屏。上周，记者联系上这位 妈妈，和她聊了聊。"很多网友觉得孩子做的这件事情很新奇，其实在我们家挺正常的。我自己就是篮 球国家二级运动员，大学开始创业，所以平时在家也爱带着孩子运动，做些有趣的事。今年哥哥上初 一，在学校住校不怎么能看到，所以我就想把之前孩子的成长故事记录一下，没想到一下 就'火'了。"程女士笑道。（综合都市时报、风芒新闻） （来源：今晚报） ...

Core Viewpoint - The activation of the third set of listing standards on the ChiNext board marks a significant shift in supporting high-growth, innovative companies, allowing unprofitable firms to access capital markets under specific criteria [1][4]. Group 1: Institutional Framework - The ChiNext board has evolved its inclusive system to support high-growth, innovative enterprises since its establishment, with a focus on providing a dedicated financing platform [1]. - The third set of listing standards, effective from June 2025, requires a minimum market value of 5 billion yuan and recent annual revenue of at least 500 million yuan, facilitating the entry of high-growth but currently unprofitable companies [1][4]. - This dual criterion of market value and revenue replaces the traditional profit-only requirement, creating a "wide entry, strict selection" mechanism that aligns with the development patterns of innovative firms [1][4]. Group 2: Case Study of DaPuWei - DaPuWei is the first unprofitable company to register under the new standards, demonstrating the effectiveness of the institutional design by breaking the rigid profit constraints while ensuring quality growth attributes through multiple evaluation dimensions [2][5]. - The company possesses a unique full-stack self-research capability in the high-end SSD market, with 162 domestic and international patents, showcasing its strong competitive advantage [2][3]. - DaPuWei's products, such as the PCIe 4.0 and 5.0 SSDs, meet international standards in key performance metrics, with significant market achievements, including over 4,900 PB shipped, primarily to leading global clients [3][5]. Group 3: Financial and Market Implications - DaPuWei's strategic R&D investment of 737 million yuan from 2022 to 2024, accounting for 36.15% of its total revenue, underlines its commitment to innovation despite current unprofitability [3][5]. - The company's revenue reached 962 million yuan in 2024, doubling from two years prior, indicating a clear path to profitability and validating its high-growth potential [3][5]. - The IPO raised 1.878 billion yuan, aimed at advancing next-generation chip development and production testing, directly enhancing the company's competitive edge in the industry [5][6]. Group 4: Broader Industry Impact - DaPuWei's success exemplifies the alignment between the ChiNext board's financing capabilities and the needs of high-quality innovative growth enterprises, reinforcing the board's role as a supportive platform [4][6]. - The case promotes a shift in capital market perceptions, moving away from a profit-only focus to recognizing the value of high-growth innovative companies, similar to the experiences of international giants like Amazon and Tesla [6]. - The development of DaPuWei is expected to accelerate the upgrade of the domestic storage industry, fostering a self-sufficient storage ecosystem and contributing to national strategic goals [6].

Group 1 - The company, Beijing Chuanweizhe Manned Space Technology Co., announced the first batch of space tourists, including notable figures such as actor Huang Jingyu and academician Li Lihua, aiming for China's first commercial manned space flight in 2028 [2] - CEO Lei Shiqing emphasized the importance of understanding technical logic and engaging deeply with the technical team while leading the research and development direction from an operational and market perspective [2] - The entrepreneurial journey has been challenging, particularly in the first two years, with repeated financing setbacks and skepticism about a young woman succeeding in the aerospace industry [3] Group 2 - During the difficult early years, the CEO experienced significant anxiety and pressure, often feeling self-doubt, which led to moments of emotional distress, such as crying outside the office after unsuccessful business trips [3]

一座城市的活力，取决于它是否愿意为年轻人的长期探索承担成本。在《中共北京市委关于制定北京市 国民经济和社会发展第十五个五年规划的建议》（以下简称北京市"十五五"规划建议）中，北京将"支 持青年科技人才创新创业""加快建设高水平人才高地"置于重要位置，从政策精准滴灌、差异化支持不 同群体，到金融工具向"投早、投小、投长期"倾斜；从京津冀协同打破地域壁垒，到孵化、产业、生活 一体化的生态重塑……当政策从"兜底"走向"赋能"，从"覆盖"走向"精准"，北京也在向青年创客释放清 晰信号：这是一座愿意为梦想留出空间、为探索提供机会的城市。正在进行的北京两会上，多位人大代 表、政协委员围绕青年群体创新创业政策深入研讨、建言献策，在他们的谋划下，一幅"政策有温度、 资源无壁垒、服务全周期、生活有质感"的青年友好型创业城市图景正徐徐展开。 北京十号线"青创村"中供青年创业者交流的共享空间 政策赋能 精准滴灌 破解不同群体创业痛点 建议原文：加强海外引进人才、重点产业专项人才支持，优化人才服务。支持青年科技人才创新创业， 加大普惠性服务保障力度。深化人才发展体制机制综合改革，完善人才评价机制，畅通高校、科研院 所、医院、企业人才 ...

国家电网4万亿投资"点火"，"引燃"了资本市场电网设备赛道，不少电网设备企业在资金追捧下，不断走高。这其中就包括电气巨头思源电气。 1月16日和1月19日，A股电力设备龙头思源电气曾连续两个交易日涨停，股价创出历史新高，1月19日收盘市值高达1597亿元。在这之后，其股价略有回 落，截至1月23日收盘，思源电气最新市值为1475亿元。 从消息面上，思源电气的股价连续涨停与两则消息有关。第一是国家电网宣布将在"十五五"期间固定资产投资将达到4万亿元，思源电气作为国家电网重 要供应商将直接受益。第二则是思源电气公布了2025年业绩快报，营收同比增长37.18%至212.05亿元，归母净利润同比增长54.35%至31.63亿元，均创出 了历史新高。 在爆发的股价和业绩背后，思源电气这家电力设备龙头，正在发生什么样的变化？ 6.2万元起步 避雷器是用于电力系统避免雷击或高电压危害的设备，与之匹配的检测仪则是为了检测避雷器是否正常工作的装置。董增平三人之所以选择这个方向，是 因为当时国内引进了国外技术生产大量110kV、220kV、500kV金属氧化物避雷器，但国内没有相应的检测设备，只能进口高价的国外设备。这也意味 ...

官网显示，大普微成立于2016年，主要从事数据中心企业级SSD产品的研发和销售，是业内领先、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产品提供 商。 目前，大普微产品主要应用于互联网、云计算、通信运营商、AI模型训练和推理等，下游客户和最终 使用方覆盖国内头部互联网企业、服务器厂商、三大通信运营商、知名金融和电力企业等，已实现对国 外互联网企业的批量销售，有力推动企业级SSD的国产化进程。 根据IDC最新数据，国内企业级SSD市场中，大普微出货量排名第四，市场份额为6.4%，逐步扩大国产 化。 2025年6月18日，中国证监会主席吴清在陆家嘴论坛正式官宣科创板"1+6"政策措施，宣布"在创业板正 式启用第三套标准"后，大普微成为"首吃螃蟹者"。 创业板即将迎来首家未盈利企业。 1月23日，证监会发布关于同意深圳大普微电子股份有限公司(以下简称"大普微")首次公开发行股票注 册的批复，标志着创业板首家未盈利企业IPO注册获批。 值得一提的是，在A股IPO审核整体加速的背景下，大普微作为创业板未盈利标准启用后申报的首家企 业，其IPO审核过程虽然较为顺利，但总历 ...

Core Viewpoint - The approval of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO registration marks the first instance of an unprofitable company being granted IPO approval on the ChiNext board in China [1] Financial Performance - Dapu Micro's projected revenues for 2022, 2023, and 2024 are 557 million, 519 million, and 962 million yuan respectively, with net losses of 534 million, 617 million, and 191 million yuan [3] - For 2025, the company anticipates revenues between 2.05 billion and 2.35 billion yuan, representing a year-on-year growth of approximately 113.06% to 144.24% [4] - The expected net loss for 2025 is projected to be between 464 million and 504 million yuan, indicating a significant increase in losses compared to the previous year [4] Company Overview - Established in April 2016 with a registered capital of 393 million yuan, Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers [6] - The company has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments utilizing self-developed controller chips [6] - Dapu Micro has established a strong customer base, including major tech companies like ByteDance, Tencent, Alibaba, and international clients such as Google [6] Future Strategy - The company plans to continue its focus on the semiconductor enterprise storage sector while expanding into AI-related products such as high-capacity QLC SSDs and intelligent network cards [6] - Dapu Micro aims to enhance its competitive position by developing platform-level storage products and solutions [6] Ownership Structure - The actual controller, Yang Yafei, holds 66.74% of the voting rights through Dapu Haide and Dapu Haijuhua [7] Leadership Background - Yang Yafei, born in July 1979 and a permanent resident of the U.S., has a Ph.D. and previously worked at Qualcomm before leading Dapu Micro [10]