星标★IPO日报 精彩文章第一时间推送 港交所IPO募资额夺冠的欢庆烟火散去，A股和美股IPO复苏回暖的前戏刚刚落幕，投资者们已来到了2026年，更加精彩的IPO大戏正式开演。 各核心市场的政策红利继续释放，人工智能（AI）、半导体、卫星互联网等硬科技核心赛道吸引力持续加码；少数几家超级独角兽在2025年完成热身， 身价倍增，为2026年全球IPO市场的爆发写下伏笔；超级独角兽的上市潮涌来，或首选在中国香港与美国市场登陆；A股大型IPO将以半导体、AI大模型、 消费电子龙头为主。 2026年全球IPO募资总额能刷新2021年5940亿美元巅峰数值吗？哪家交易所能夺得募资冠军？全球IPO募资王会是哪家企业？ 融资将创新高 展望2026年，多家投行对2025年的全球冠军港交所给出了乐观预测。 国际投行德勤预测，港交所2026年大约有160只新股上市，最少募集3000亿港元（约380亿美元），募资总额续创新高，其中包括大约7只融资额达百亿港 元的大型新股。 国际投行毕马威认为，港交所预计上市新股在180—200家范围内，融资额约为3500亿港元（约450亿美元），A+H与特专科技将主导其IPO市场。 国际投行瑞银预 ...

Group 1 - Shanghai's GDP is projected to grow by 5% in 2024, entering a new phase with a total economic scale exceeding 5 trillion yuan [4] - In the first three quarters of this year, Shanghai's GDP reached 40,721.17 billion yuan, marking a year-on-year growth of 5.5% [4] - The three leading industries in Shanghai saw manufacturing output increase by 8.5%, with artificial intelligence manufacturing up by 12.8%, integrated circuits by 11.3%, and biomedicine by 3.6% [4] Group 2 - Shanghai aims to double its per capita GDP by 2035 compared to 2020 levels, with a focus on high-quality development and urban core function upgrades [5][7] - The city plans to enhance its international influence and competitiveness through significant reforms and improvements in social governance [7] Group 3 - The "Pyramid Summit: Ancient Egyptian Civilization Exhibition" at the Shanghai Museum attracted 2.77 million visitors and generated revenue of 760 million yuan, setting new global records for museum exhibitions [11] - The Shanghai LEGO Resort opened on July 5, covering 318,000 square meters and welcoming over 1 million visitors by the end of November, marking the fastest record for LEGO parks [11] Group 4 - The "沪九条" policy was introduced to support the creation of a high-quality internet content production cluster, addressing challenges faced by content creators [14][15] - The "V聚场" in Yangpu District attracted over 20 quality entities within two months of its opening, showcasing the policy's effectiveness [15] Group 5 - The "拎马桶" renovation project in Shanghai has been completed ahead of schedule, improving living conditions for residents in old housing [8][9] - The project has been a significant part of Shanghai's urban renewal efforts, enhancing the quality of life for approximately 130,000 households [9] Group 6 - The Pudong New Area has completed 121 tasks outlined in the central government's support plan, with its GDP expected to be 1.34 times that of 2020 by 2024 [10] - Pudong has become a benchmark for high-level reform and opening up, providing replicable experiences for national development [10]

商报讯(记者陈敏娜)近日，《中国发展报告2025》与《全球发展报告2025》发布暨钱塘新兴产业专家研 讨活动成功举行。两份由国务院发展研究中心、中国国际发展知识中心编写的重量级国家智库报告选择 在钱塘揭开面纱，既是对区域发展实绩的认可，更是为其未来培育新质生产力汇集高端智慧、指引方 向。 会上发布由国务院发展研究中心编写的《中国发展报告2025》，系统总结了中国式现代化的最新实践， 并聚焦激发内需、发展具身智能与低空经济等前沿领域，提供了权威研判。与之呼应的《全球发展报告 2025》，则以"携手为全球发展注入稳定性和确定性"为主题，探寻全球可持续发展路径。这两份报告立 足国内与国际双重视野，为地方前瞻布局提供了重要的理论参考与思想启迪。 国家级智库目光聚焦钱塘，源于其坚实的产业根基与清晰的发展路径。作为浙江省制造业规模最大的集 聚区，钱塘"车、药、芯、化、智"重点集群产业生态完善，更坐拥国家级经开区、高新区、综保区与自 贸试验区"四区叠加"的独特优势。这份厚重的产业底盘、澎湃的创新活力与高能级的开放平台，共同构 成了钱塘发展新质生产力的优质土壤，使其成为观察中国产业现代化进程的一个典型窗口。 此次发布活动前夕 ...

市委常委、市委秘书长、市政府党组成员戴惠明出席会议并为首批获证人才代表颁发《昆明市制造业企 业自主认定高层次人才证书》。 首批认定的185名昆明市制造业企业自主认定高层次人才覆盖智能制造、绿色化工、新能源、生物医药 等多个关键领域。高层次人才可享受"春城惠才卡"B类卡待遇，在子女入学、医疗保障、住房支持、交 通出行、政务服务等12个方面享受便利化服务。下一步，昆明将建立常态化服务机制，推动政策"直 通、直达、直享"。 本报讯 记者杜仲莹报道 2025年12月31日，2025年昆明市制造业企业自主认定高层次人才证书颁发仪式 举行。 ...

Core Viewpoint - The competition landscape for IPO underwriting in the A-share market has solidified, with leading brokerages maintaining a stronghold while smaller firms carve out niches in specific segments [1] Group 1: IPO Underwriting Landscape - The top five brokerages accounted for approximately 50% of the total IPO underwriting in 2025, indicating a high concentration in the industry [1] - The leading brokerages in IPO underwriting for 2025 are Guotai Junan (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [1] Group 2: Science and Innovation Board - The Science and Innovation Board (STAR Market) raised a total of 633.71 billion yuan, nearly half of the total IPO fundraising for the year, highlighting its significance for financing technology and emerging industries [2] - CITIC Securities led the STAR Market with an underwriting scale of 168.95 billion yuan, capturing a market share of 44.64% [2] - Notable projects such as Moore Threads contributed significantly to CITIC Securities' underwriting scale, while Huatai United's project with Muxi Co. accounted for 92% of its STAR Market underwriting [2] Group 3: Growth in Other Markets - In the Growth Enterprise Market (GEM), Guotai Junan and China Merchants Securities showed a strong advantage, followed closely by CITIC Securities, Shenwan Hongyuan, and CICC [4] - The top five brokerages for GEM IPO underwriting in 2025 were Guotai Junan (6), China Merchants Securities (4), CITIC Securities (3), Shenwan Hongyuan (3), and CICC (2) [4] Group 4: North Exchange Market - The North Exchange Market continued to focus on serving innovative small and medium-sized enterprises, with the top five brokerages being China Merchants Securities, Huatai United, Dongfang Securities, Guotou Securities, and Guojin Securities [6] Group 5: Regulatory Environment - The China Securities Association's evaluation of securities firms' investment banking quality in 2025 showed that 12 firms received an A rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management [7] - The shift of over half of last year's A-rated firms to B or C ratings reflects the dynamic optimization of the evaluation system and the ongoing trend of strict regulation and compliance in the securities industry [7] Group 6: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a steady growth pace and structural optimization, particularly in the dual innovation sector [9] - Hard technology companies in fields such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are anticipated to increase their presence in the capital market [9] - The competition among brokerages is expected to intensify, with a focus on serving technological innovation and industrial upgrades, as well as the evolving competitive landscape between leading firms and niche players [9]

伴随着蘅东光、新广益成功登陆资本市场，2025年A股IPO落下帷幕，券商在这一赛道的竞争格局也终 于落定。 整体而言，头部券商依旧稳固领先，中小券商则在细分赛道有所突围。根据核心业务指标，行业集中度 高企态势持续，前5名券商合计承销IPO项目家数已占据IPO市场半壁江山。 | | 2025年A股IPO承销家数TOP5券商 | | | --- | --- | --- | | 序号 | 机构简称 | IPO承销家数 | | 1 | 国泰海通 | 19 | | 2 | 中信证券 | 270 U | | 3 | 中信建投 。 | 12 | | | 招商证券 | 10 | | ട | 华泰联合 | 9 | | | 数据来源: Wind, 按发行日口径 | | 差异化竞争格局凸显 双创板块是IPO支持科技与新兴产业融资的核心载体，合计募资633.71亿元，占全年IPO募资总额近一 半，也是券商的兵家必争之地。 其中，科创板依旧呈现头部集中态势。中信证券以168.95亿元承销规模、超过44%的市场份额领跑。明 星科技企业的标杆拉动效应也再度彰显——摩尔线程仅单个项目即为中信证券贡献了近72亿元承销规 模，而华泰联合承销的沐 ...

中证报中证网讯（记者 赵中昊）伴随着蘅东光、新广益成功登陆资本市场，2025年A股IPO收官，券商 IPO竞争格局落定。总体看，头部券商稳固领先，中小券商细分赛道突围。从核心业务指标来看，行业 集中度高企态势持续，Wind数据显示，前5名券商合计承销IPO项目64家，占全市场承销家数约五成。 券商差异化竞争格局日益凸显。Wind数据显示，双创板块是IPO支持科技与新兴产业融资的核心载体， 合计募资633.71亿元（按发行日口径，下同），占全年IPO募资总额近一半，成为券商必争之地。其 中，科创板依旧呈现头部集中态势，中信证券以168.95亿元承销规模、44.64%的市场份额领跑所有券 商。明星科技企业的标杆拉动效应再度彰显，其中摩尔线程单项目即为中信证券贡献近72亿元承销规 模；华泰联合承销的沐曦股份项目规模近42亿元，占其科创板承销业务总规模的92%。 据Wind数据，北交所持续深化服务创新型中小企业的核心定位，承销排名前五的券商依次为招商证 券、华泰联合、东方证券、国投证券、国金证券。 近日，中国证券业协会2025年证券公司投行业务质量评价结果公布，12家券商获得A类评价，较去年增 加1家。其中，国泰海通 ...

Group 1 - The A-share market demonstrated resilience by achieving an 11-day consecutive upward trend in the Shanghai Composite Index, indicating strong market momentum as 2025 comes to a close [1] - The commercial aerospace sector and other technology assets continue to show strength, providing guidance for early 2026 market trends [1][4] - Large-cap blue-chip stocks, such as Agricultural Bank of China and China Petroleum, remain robust, with China Petroleum benefiting from significant share buybacks, attracting various funds [2][5] Group 2 - Resource sector leaders, like Zijin Mining, have become active following better-than-expected earnings forecasts, setting a positive tone for A-share annual reports and early 2026 investment directions [3] - The commercial aerospace sector rebounded after a brief pause, with stocks like Aerospace Electronics hitting their limits, reflecting momentum funds' confidence in the technology industry [3][4] - The December PMI data revealed a 1.4 percentage point increase in new export orders, showcasing the resilience of China's economy and enhancing expectations for the A-share market in 2026 [4][5]

Core Viewpoint - The company, BeiGene, is a leading global innovator in cancer treatment, focusing on developing innovative anti-tumor drugs to enhance accessibility and affordability for cancer patients [2]. Financial Performance - For the period from January to September 2025, BeiGene achieved a revenue of 27.595 billion yuan, representing a year-on-year growth of 44.21% [7]. - The net profit attributable to the parent company was 1.139 billion yuan, showing a significant year-on-year increase of 130.88% [7]. - As of September 30, 2024, overseas revenue accounted for 62.85% of the total revenue, benefiting from the depreciation of the Chinese yuan [3]. Market Activity - On December 31, BeiGene's stock price decreased by 1.25%, with a trading volume of 358 million yuan and a turnover rate of 1.15%, resulting in a total market capitalization of 413.826 billion yuan [1]. - The main capital flow showed a net outflow of 54.6938 million yuan for the day, with a continuous reduction in main capital over the past three days [4][5]. Shareholder Information - As of September 30, 2025, the number of shareholders for BeiGene was 36,200, an increase of 55.33% compared to the previous period [7]. - The average number of tradable shares per shareholder was 3,195, which decreased by 35.79% from the previous period [7]. - Notable changes in institutional holdings include a decrease in shares held by major shareholders such as China Europe Medical Health Mixed A and a new entry by Hong Kong Central Clearing Limited [8]. Technical Analysis - The average trading cost of BeiGene's shares is 287.32 yuan, with recent reductions in holdings, although the pace of reduction has slowed [6]. - The current stock price is near a support level of 267.83 yuan, which is critical for potential rebound; a drop below this level may trigger a downward trend [6].

提高政治站位，把准服务大局的方向。全会强调"加快高水平科技自立自强，引领发展新质生产力"，为 江苏高投集团及旗下江苏省战略性新兴产业母基金的发展明确了方向。我们将以全会精神为根本指引， 聚焦我省"51010""1650"及"10+X"产业蓝图，通过专业化基金运作，把资本精准配置到集成电路、人工 智能、生物医药等关键核心技术与前沿领域，将服务国家和地方战略的要求融入投研实践，在服务全省 现代化产业体系建设中扎实履行使命。 聚焦主责主业，以金融赋能新质生产力。全会强调"坚持把发展经济的着力点放在实体经济上"，并将战 略性新兴产业和未来产业作为发展新质生产力的主阵地。服务于江苏省战略性新兴产业母基金，我们将 深化产业研究，紧密跟踪人工智能、生物医药、新能源等前沿领域的技术趋势与市场演变，为基金的布 局提供决策支持；优化投研体系，加强对项目的深度分析与全周期跟踪，着力评估其技术突破潜力与产 业链协同价值，促进科技创新与省内产业需求高效对接；筑牢风控底线，在支持创新突破的同时，加强 对宏观形势、行业波动、企业运营及技术风险的研判，为基金风险管控提供预警与资金安全防控依据， 确保金融运作稳健安全，实现促进产业发展与保障金 ...