此轮资本市场牛市不简单是一次财富机会，更重要的是承担着三大历史性使命，具有重要的战略性意义： 1、支持新质生产力大发展。中国经济正处于从传统增长模式向高质量发展转型的关键期，以新基建、新质生产力为代表的 新经济发展具有重大战略意义，对内推动经济增长引擎的升级，对外抢占大国竞争科技的制高点。股市繁荣发展，有利于 为新经济和硬科技提供资本市场融资支持，大量新经济硬科技企业由于高科技、轻资产和缺少抵押物的特点，难以从以银 行主导的传统金融体系获得融资，需要资本市场的大力支持。事实上，924以来资本市场的繁荣发展，一大批硬科技和新经 济企业纷纷上市，为新质生产力和大国重器的大发展提供了有力支持。 来源：泽平宏观展望 2、助力大国博弈。2018年以来，逆全球化愈演愈烈，美国对中国持续加征关税，限制对中国高科技产品出口。以人工智 能、芯片半导体等为代表的卡脖子技术在大国博弈中的重要性日益凸显。新质生产力的大发展对于中美博弈、大国竞争等 具有重大意义，而资本市场繁荣发展是支持新质生产力的关键力量。要从这个战略高度来看资本市场的繁荣健康发展。 3、修复居民资产负债表。股市繁荣发展，有助于修复居民资产负债表和带动财富效应。过去 ...

明天，1月8日周四，市场面临一个技术上的小考。 指数目前的位置，离短期的那根"生命线"——5日均线有点远了，这种偏离通常意味着有拉回或等待均线 上来的需求。 所以，全天的行情，横着震荡消化一下，是比较理想的走法。 早上开盘后，市场大概率还会尝试向上冲一冲，去试探一下4098点附近的压力。 但这里要留个心眼，即使一时冲过去了，也很可能因为动力不足而掉下 来，形成冲高回落。 所以，如果明天盘中看到指数快速拉升，特别是接近4098点的时候，不是一个适合追着买进去的时点。 冲高受阻之后，市场就会自然地进入回踩阶段，去考验下方的支撑力道。 第一个需要留意的是4071点附近，如果这里撑不住，可能会进一步看向4056点区 域。 指数层面，目前就处于这么一个震荡修整的状态。 指数休息的时候，就要看热点题材能不能接住市场的关注度。 从最近持续的成交量来看，资金并没 有离场，只是在内部进行切换。 这一轮的反弹行情，从结构上看，并没有走完。 市场的资金正在寻找新的去处。 一个明显的迹象是，一些近期暴涨的高位题材股，如果出现集中抛售，很容易引发短线情绪的降温。 这时，资金会更倾向 于流向那些有明确政策背书、产业趋势清晰，且股价位置相 ...

Core Insights - The Chinese private equity investment industry has reached a historic turning point after years of adjustment, with long-term investors beginning to reap rewards as short-term speculators exit the market [1] - In 2025, the total fundraising amount for the industry is expected to exceed 1.16 trillion yuan, a year-on-year increase of 8%, with over 3,500 new funds, marking an 18% increase [1] Group 1: Structural Changes and Investment Strategies - The role of state-owned capital (国资) has been further strengthened, with local guiding funds and state-owned capital accounting for over 50% of contributions, while the fundraising of foreign currency funds has decreased by 55% year-on-year [3] - State-owned limited partners (LPs) are integrating national strategies and regional economic development goals into their investment decisions, with a clear directive to allocate 70% of funds to early-stage technology companies [3] - The investment strategy of VC/PE has shifted from broad-based approaches to more targeted investments, with a noticeable decrease in the concentration of large funds exceeding 5 billion yuan [3] Group 2: Focus on Hard Technology - Hard technology is expected to be the primary focus for private equity investments in 2025 and the coming years, encompassing areas such as artificial intelligence, robotics, semiconductors, low-altitude economy, commercial aerospace, life sciences, and new energy [5] - The establishment of the Science and Technology Innovation Board, Growth Enterprise Market, Hong Kong Stock Exchange, and Beijing Stock Exchange has provided critical windows for capitalizing on hard technology investments [5] - Early-stage financing transactions (A-round and earlier) are projected to account for 62% of total transactions, with small investments under 10 million yuan exceeding 67% [5] Group 3: Exit Strategies and Market Recovery - The exit environment is showing signs of recovery, particularly in the IPO market, with A-share and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts, respectively [7] - The number of IPO cases for invested companies in Hong Kong increased by 46.9% year-on-year, while the fundraising amount grew by 148.1% [7] - Mergers and acquisitions (M&A) have also seen significant growth, with a year-on-year increase of 84% in exit cases, totaling 352 cases in the first three quarters of 2025 [7] Group 4: Long-term Vision and Future Outlook - The theme "Visionaries Win" reflects the need for foresight in navigating the challenges and opportunities within the private equity investment landscape [9] - The upcoming 15th China Capital Annual Conference aims to gather key players in the industry to discuss emerging trends and strategies for success in fundraising and investment [9][10] - The investment landscape is expected to evolve towards greater specialization, internationalization, and sustainability, driven by ongoing policy optimization and the deep integration of technology and industry [13]

（来源：工人日报） 在服务模式创新方面，"羊城技能加油站"首创"居民点单、站点派单、机构接单"技能培训服务模式，根 据群众技能培训需求，精准组织开展职业技能提升培训、学徒制培训、项目制培训、专项培训、岗前 （转岗）培训、公益性培训、创业指导、就业实训以及生活服务类培训等。 逢源街"银发经济"、多宝街"非遗传承"、东沙街"中医药传承"、中南街"花卉培育"、海龙街"增材制 造"……近半年来，在广州市荔湾区，以永庆坊为核心、不同街道多个特色培训示范点共同构成的技能 培训辐射区，为居民提供多样化的技能学习服务。 2025年6月，广州市人力资源和社会保障局印发《广州市开展"羊城技能加油站"建设工作实施方案》 （以下简称《方案》），通过整合政校行企资源，在全市范围内建设"羊城技能加油站"，形成"15分钟 技能培训服务圈"，助力劳动者实现"家门口"技能提升与高质量就业。 《方案》发布当月，广州市首个"羊城技能加油站"在荔湾区永庆坊就业驿站正式启用。该站点以"三雕 一彩一绣"非遗技能培训为特色亮点，创新推出"非遗培训+创业孵化"的独特模式。培训结束后，还提供 就业见习、职业指导等后续跟踪服务，保障培训成果能够有效转化为就业竞 ...

漫画王建明 据同花顺（300033）数据统计，截至12月26日发稿，A股已有34家上市公司预告2025年全年业绩，其中，23 家公司业绩预喜，占比67.65%；业绩预忧公司7家，占比20.59%；不确定公司4家，占比11.76%。从行业分布 来看，半导体、消费电子、医药生物、机械设备、新能源等行业公司业绩增速明显。 【深圳商报讯】(记者钟国斌)12月25日，上市公司2025年年报预约披露时间表出炉。科创板上市公司芯导科 技拔得头筹，将于2026年2月3日披露年报。主板的首份年报将由*ST花王（603007）2月13日率先披露。此 外，尚纬股份（603333）、盛美上海、威胜信息等公司都排在预约时间表的前列。 记者统计发现，龙头企业整体业绩表现亮眼，多家行业龙头公司业绩明显回暖。 例如，果链龙头公司立讯精密预计，2025年实现归母净利润165.18亿元—171.86亿元，较上年同期增长 23.59%—28.59%，基本每股收益2.28元—2.37元。对于业绩增长原因，立讯精密表示，2025年公司持续深化 全球化战略，提供更具韧性和成本优势的全球化制造解决方案。通过"底层能力创新"与"智能制造升级"的双 轮驱动， ...

白酒股异动拉升 白酒股午后异动拉升，水井坊（600779）涨停。 12月25日，A股三大指数午后震荡拉升，机器人概念表现活跃，多只成分股涨停，商业航天概念午后爆发，个股掀起"涨停潮"。 截至收盘，上证指数涨0.47%，深证成指涨0.33%，创业板指涨0.3%，市场全天成交额约1.94万亿元，较上一交易日增加467亿元。 板块方面，造纸、商业航天概念板块活跃，贵金属、能源金属等板块调整。 个股方面，超捷股份（301005）、中国卫星（600118）走出"2连板"，昊志机电（300503）"20CM"涨停，热股胜通能源（001331）走出"10连板"。 商业航天概念股爆发 午后，商业航天概念股持续走强。昊志机电、超捷股份、广联航空（300900）"20CM"涨停，博云新材（002297）等个股批量涨停。 | 联航空 | 31.21 +19.99% +28.01% | | --- | --- | | 创 300900 融 | | | 首板 最终涨停 09:38 | | | 高华科技 | 51.90 +18.90% +9.75% | | 科创 688539 融 | | | 火箭发射 | | | 臻镭科技 | 133. ...

截至午间收盘，中证芯片产业指数上涨0.8%，中证云计算与大数据主题指数上涨0.4%，中证半导体材料设备主题指数上涨0.3%。 消息面上，WSTS上修2026年全球半导体销售额预测至9754亿美元，同比增长26.3%；2025年，全球半导体销售额将达7722亿美元，同比增长22.5%。其中， 随着国内大厂资本开支增长，中国半导体销售额有望持续增长。 每日经济新闻 ...

2025年，A股市场可谓是"牛市回归，震荡上行"，上证指数更是一度突破4000点，市场信心重归。股市 的大幅增长带动提升投资者风险偏好，与此同时，PPI边际修复、"反内卷"政策等因素持续对债市形成 资金分流和压制，资金从债市流向股市，"股债跷跷板"效应凸显。 2025年的债券市场随之步入震荡分化的行情。一方面，受益于权益市场情绪回暖，可转债指数涨幅可 观，信用债与国债温和上涨。另一方面，利率债中短端与长端走势分化，长端利率债震荡上行，短端利 率债下跌。 从收益表现来看，据南财理财通数据统计，截至2025年12月12日，理财公司共计452只人民币公募理财 产品近6月年化收益率超过5%。具体到投资性质来看，除了权益类产品受益股市走强收益亮眼外，近6 月收益超过5%的固收类产品有366只，混合类产品有77只。 展望2026年，慢牛行情或将延续。一方面十五五规划明确经济发展是未来主题，科技创新成为重中之 重，全力发展新质生产力。另一方面，政治局2026经济会议强调"培育新质生产力"提供政策支撑，政策 资源将向芯片半导体、人工智能等领域倾斜。科技、新能源、消费等板块有望继续上行。 在此背景下，聚焦科技、消费板块的权益类 ...

Core Viewpoint - 2026 is seen as a pivotal year for global capital reallocation, with Chinese assets becoming essential for international investors due to their "valuation advantage + growth momentum" [1] Group 1: Investment Trends - Multiple financial institutions predict that 2026 will continue the "revaluation of Chinese assets," with A-shares and RMB assets expected to attract ongoing inflows of domestic and foreign capital [1] - The confidence of foreign institutions in Chinese assets stems from a reassessment of China's economic fundamentals and optimistic outlooks, with several international banks raising their GDP growth forecasts for China in 2026 [2] Group 2: Economic Developments - The rapid development of emerging industries in China, including digital economy and green low-carbon transformation, is injecting new momentum into economic growth, with significant increases in the value added of digital manufacturing and smart equipment sectors [3] - The restructuring of monetary order, characterized by a decline in the safety of dollar assets, alongside the resilience of China's economic fundamentals, is likely to reinforce the logic of currency order reconstruction and promote the revaluation of Chinese assets [3] Group 3: Currency and Asset Valuation - The trend of a "weak dollar and strong RMB" is expected to continue into 2026, with international investors showing increased preference for RMB assets as China's economy stabilizes [4] - Investment opportunities in 2026 are expected to focus on technology growth sectors, particularly in AI, chips, and automation, with Chinese tech stocks being prioritized in global portfolios [4]

Group 1 - As of December 10, 2023, 22 A-share listed companies have announced their performance forecasts for 2025, with 13 companies expecting positive results, accounting for 59.09% [1] - The semiconductor, consumer electronics, pharmaceutical and biotechnology, and machinery equipment sectors are showing strong performance among the listed companies [1] - Companies with a net profit increase of over 10% are 9, while 5 companies expect an increase of over 20%, with the top three being Bai'ao Saitou, Hongyuan Co., and Luxshare Precision, expecting increases of 303.57%, 30.30%, and 28.59% respectively [1][2] Group 2 - 12 companies are forecasting annual net profits exceeding 100 million yuan, with 5 companies exceeding 500 million yuan, and 3 companies exceeding 1.5 billion yuan, led by Luxshare Precision with a projected net profit of 17.186 billion yuan [2] - Bai'ao Saitou anticipates a net profit of approximately 135.37 million yuan for 2025, representing a 303.57% increase from the previous year, driven by overseas market expansion and strong R&D capabilities [2] Group 3 - As the year-end approaches, the market is expected to focus on annual report performance, with recommendations to pay attention to high-performing leading companies [3] - Investors are advised to explore sectors such as banking, non-bank finance, state-owned enterprise reform, and consumption while avoiding companies with poor or no performance [3] - High-growth companies in the annual report season are likely to attract market interest, particularly in sectors like artificial intelligence, semiconductor chips, robotics, innovative pharmaceuticals, and new energy [3]