■邢萌 日前，胡润研究院发布《2025胡润未来独角兽：中国猎豹企业榜》，304家企业上榜。值得一提的是，有33家2024年登榜 的猎豹企业因"晋级"退出了评选，其中有9家成功上市，2家升级为独角兽企业，19家跻身瞪羚企业，3家被收购。这些分布于 生物科技、人工智能等硬科技领域的企业，借助资本市场搭建的全周期、市场化的"成长阶梯"，顺利完成了从初创期到成熟期 的发展跨越。 近年来，资本市场持续引导私募基金投早、投小、投长期、投硬科技，为早期的科创企业提供"第一桶金"，进而孵化科创 主力军，夯实独角兽企业培育根基；同时，持续畅通科创企业上市渠道，支持优质未盈利企业上市，扩大产业覆盖范围，助力 成熟企业价值跃升；另外，优化上市公司并购重组制度，推动科技资源整合升级，促进产业协同创新。 从更深层次看，猎豹企业的"晋级"，映射出科技创新资本循环的闭环。畅通的上市、并购等退出渠道，为私募基金及其投 资人提供了价值实现与回报变现的关键路径。一次成功的退出，不仅带来本金收回与资本增值，还能激励资本再次投入新的早 期硬科技项目，持续发掘下一个"猎豹"。这就形成了"投资—退出—再投资"的资金循环，增强了驱动科技迭代的金融动力。 ...

1月28日，中国上市公司协会发布2025年12月统计月报。 其中，2025年，境内市场新增首发上市公司116家，首发募资总额1341.41亿元，其中创业板、科创板、 北交所公司78家；退市公司31家，其中沪深主板公司26家。 2025年，万亿元以上市值公司新增1家，千亿元以上市值公司新增44家，百亿元以上市值公司新增427 家，20亿元以下市值公司减少379家。2025年末，上市公司市值中位数65.08亿元，同比提升近30%。 以2025年末收盘价计算，上市公司境内股份总市值逼近109万亿元，为近5年各月末最高点。其中，光模 块、芯片等硬科技产业市值占比进一步提升，中际旭创（300308.SZ）、寒武纪（688256.SH）跻身民营 控股上市公司市值前十，年内市值增幅超100%。 （文章来源：财中社） MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 月报显示，截至2025年12月31日，境内股票市场共有上市公司5477家，沪、深、北证券交易所分别为 2302、2887、288家。分股份类型统计，仅发A股公司5229家，A+H、A+B等多股份类型的公司241家， 仅发B股公司7家 ...

Core Viewpoint - Shandong Future Robotics Co., Ltd. has completed a multi-billion RMB Series B financing round, indicating strong investor confidence in the underwater robotics sector and the company's growth potential [1][8]. Financing and Investment - The recent financing round was led by Jianyuan Fund, Zhongxin Juyuan, and Wangsu Investment, following previous strategic investments from China National Petroleum's Kunlun Capital and CICC in 2025 [1]. - The funds will primarily be used for the development of next-generation core technologies, global market channel expansion, and scaling production capabilities [1][9]. Market Growth and Demand - The underwater robotics market, particularly for ROVs (Remotely Operated Vehicles), is experiencing significant growth due to increasing demand in marine resource development and infrastructure maintenance [3]. - The Chinese underwater robotics market is projected to exceed 30 billion RMB by 2027, while the global deep-sea robotics delivery market is expected to reach 420 billion RMB by 2028 [3]. Technological Advancements - The company has achieved breakthroughs in deep-sea pressure resistance, long-distance signal transmission, and hydraulic power technologies, enabling self-sufficiency in core components [4][7]. - Shandong Future Robotics has adopted a fully autonomous development model, covering everything from core components to complete machine design [7]. Product Offerings and Capabilities - The company's products include work-class ROVs, deep-sea trenching equipment, deep-sea mining robots, and underwater engineering construction equipment, with a maximum diving depth of 6,000 meters [7]. - The products have been deployed in numerous countries, including Russia, the UK, France, Singapore, and Saudi Arabia [7]. Future Development Focus - The company aims to enhance its industrialization capabilities, focusing on engineering, mass production, and market penetration [8][9]. - Balancing customization and standardization in production will be a key challenge as the company seeks to scale its operations [9].

1月28日，中上协发布2025年12月统计月报，截至2025年12月31日，境内股票市场共有上市公司5477 家，沪、深、北证券交易所分别为2302、2887、288家。分股份类型统计，仅发A股公司5229家， A+H、A+B等多股份类型的公司241家，仅发B股公司7家。以2025年末收盘价计算，上市公司境内股份 总市值逼近109万亿，为近5年各月末最高点。其中，光模块、芯片等硬科技产业市值占比进一步提升， 中际旭创、寒武纪跻身民营控股上市公司市值前十，年内市值增幅超100%。2025年，万亿以上市值公 司新增1家，千亿以上市值公司新增44家，百亿以上市值公司新增427家，20亿以下市值公司减少379 家。2025年末，上市公司市值中位数65.08亿元，同比提升近30%。 ...

记者｜庞华玮 编辑｜包芳鸣 2026年伊始，A股市场迎来机构调研热潮。 截至1月26日，已有超过500家上市公司接受机构调研，其中工业机械、电子元件、电气设备、 半导体及汽车零配件等行业成为关注重点。 其中，"硬科技"与"出海"主线尤为突出。 在个股层面，大金重工、翔宇医疗、海天瑞声等14家公司获得超百家机构扎堆调研，其中大金 重工以209家机构调研数量位居第一。 机构调研热潮 新年伊始，机构调研活跃。Wind数据显示，截至1月26日，开年以来共有512家A股上市公司 接受了机构调研，调研总次数达801次。这一数据保持了较高的市场热度。 值得关注的是，个股层面，超百家机构扎堆调研14家A股公司，这些个股涨幅显著。 其中，大金重工以209家机构调研数量领先，这家电气设备公司受到了市场的广泛关注。 此外，医疗行业的翔宇医疗、爱朋医疗、美好医疗和博拓生物等分别获得208家、177家、125 家和117家机构调研；计算机行业的海天瑞声、熵基科技、能科科技和航天宏图，分别获得207 家、132家、107家和101家机构调研；汽车领域的超捷股份，获138家机构调研；工业机械领 域的耐普矿机，获132家机构调研；电子领域的 ...

Core Viewpoint - Suirian Technology, a domestic GPU company, has submitted its prospectus to apply for an IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan despite not achieving profitability in its 8 years of operation [2][4]. Group 1: Financial Performance - Suirian Technology's revenue is projected to reach 722 million yuan in 2024, representing an almost 8-fold increase from 2022 to 2024 [4]. - The company reported a revenue of 90.1 million yuan in 2022, with a net loss of 1.116 billion yuan, and a revenue of 301 million yuan in 2023, with a net loss of 1.665 billion yuan [9]. - For the first three quarters of 2025, the company expects a revenue of 540 million yuan but still anticipates a loss of 888 million yuan [10]. Group 2: R&D and Investment - Suirian Technology has invested a total of 3.529 billion yuan in R&D from 2022 to 2024, with R&D personnel accounting for 78.41% of its workforce [10][11]. - The company follows a Fabless model, focusing on design and sales while outsourcing manufacturing and testing [11]. - The IPO proceeds will be allocated as follows: 55% for advanced AI hardware and software innovation, 25% for the fifth-generation AI chip development, and 20% for the sixth-generation chip industrialization [20]. Group 3: Market Position and Competition - The domestic GPU sector is characterized by high investment and long development cycles, with Suirian Technology facing significant competition from both domestic and international players [16][19]. - The company relies heavily on a few major clients, with over 71.84% of its revenue coming from Tencent in the first three quarters of 2025 [12][22]. - The global AI accelerator card market is expected to grow from over 100 billion USD in 2024 to over 500 billion USD by 2028, with a compound annual growth rate exceeding 40% [18]. Group 4: Challenges Ahead - The high dependency on a limited customer base poses risks, as major clients may switch suppliers or develop in-house capabilities [24]. - The need for continuous investment in ecosystem development and technology iteration creates a cycle of high expenditure and potential profit erosion [25][27]. - The path to profitability is expected to be long, with companies in the GPU sector needing to navigate significant challenges related to customer structure and ecosystem building [22][26].

Core Insights - The A-share market has seen a surge in institutional research activities at the beginning of 2026, with over 500 listed companies undergoing institutional surveys, particularly in sectors like industrial machinery, electronic components, electrical equipment, semiconductors, and automotive parts [1][3] - The main themes of focus are "hard technology" and "going global," with significant interest in companies demonstrating technological breakthroughs and expansion strategies [5][11] Institutional Research Activity - As of January 26, 2026, a total of 512 A-share companies have been surveyed by institutions, with 801 total survey instances, indicating a high level of market engagement [3] - The frequency of surveys shows that Taihe New Materials leads with 12 surveys, followed by Ice Wheel Environment with 10, and several others with 9 or 8 surveys, primarily in manufacturing and technology innovation sectors [3][4] Industry Focus - The industrial machinery sector has the highest number of surveyed companies at 55, followed by electronic components with 35, and various other sectors including electrical equipment, automotive parts, and integrated circuits [3][4] - Notable companies receiving significant attention include Dajin Heavy Industry with 209 surveys, Xiangyu Medical with 208, and others in the medical and technology sectors [4] Stock Performance - The surveyed companies have generally experienced significant stock price increases, with Dajin Heavy Industry, Xiangyu Medical, and others showing double-digit growth since the beginning of the year [4] - Specifically, Dajin Heavy Industry's stock has risen by 18.43%, while the highest increase was seen in Dike Co., Ltd. at 80.19% [4] Institutional Preferences - Institutions are focusing on companies with technological advancements, capacity expansion, international strategies, and commercialization progress [5][10] - Different types of institutions exhibit varied preferences, with public funds tracking technology growth and high-end manufacturing, while insurance asset management focuses on value and dividend-oriented companies [9][10] Future Trends - The trend of institutional research is expected to continue focusing on "hard technology" and globalization, particularly in AI computing power, semiconductors, and high-end manufacturing sectors [11][12] - Institutions are likely to adopt a more refined approach, concentrating on leading companies in specific segments and assessing their performance and long-term growth potential [12]

Core Insights - The A-share market has seen a surge in institutional research activities at the beginning of 2026, with over 500 listed companies undergoing institutional investigations, particularly in sectors like industrial machinery, electronic components, electrical equipment, semiconductors, and automotive parts [1][3][10] - The main themes of focus are "hard technology" and "going global," with a notable concentration on high-growth sectors [5][11] Institutional Research Activity - As of January 26, 2026, a total of 512 A-share companies have been researched by institutions, with 801 total research instances, indicating a high level of market engagement [3][4] - The frequency of research is led by Taihe New Materials with 12 instances, followed by Ice Wheel Environment with 10, and several others with 9 or 8 instances, primarily in manufacturing and technology innovation [3][4] Industry Focus - The industrial machinery sector has the highest number of researched companies at 55, followed by electronic components with 35, and various other sectors including electrical equipment, automotive parts, and integrated circuits [3][4] - Notable companies receiving significant attention include Dajin Heavy Industry with 209 institutions, Xiangyu Medical with 208, and others in the medical and technology sectors [4][6] Stock Performance - The 14 companies that attracted over 100 institutional research instances have generally seen significant stock price increases, with Dajin Heavy Industry rising by 18.43% and the highest increase being 80.19% for Dike Shares in the photovoltaic equipment sector [4][6] Institutional Preferences - Institutions are focusing on companies with technological breakthroughs, capacity expansion, international strategies, and commercialization progress [5][10] - Different types of institutions show varied preferences, with public funds tracking companies like Huichuan Technology and Taihe New Materials, while insurance asset management focuses on value and dividend-oriented companies [9][10] Future Trends - The trend for institutional research is expected to continue focusing on "hard technology" and globalization, particularly in AI computing power, semiconductors, and high-end manufacturing [11][12] - Institutions are likely to adopt a more refined approach, concentrating on leading companies in specific sectors and assessing their performance and long-term growth potential [12]

更值得注意的是，虽然预期指标出现了周期性的回调，但在生产端，机器轰鸣的强音依然清晰。这 种"行胜于言"的数据表现，印证了中国实业家的务实精神：他们选择用实实在在的产能释放，去抢占未 来的先机。 这是一场高质量的蓄势。 历史的长河奔流不息，潮涌越过2025年，中国产业经济刚刚走过了一段波澜壮阔的历程。外界的喧嚣从 未停止：全球地缘政治的板块重组仍在继续，国际贸易体系的规则正在重写。通过长江商学院BSI（中 国产业经济景气指数）的微观窗口审视中国经济的毛细血管，我们看到了一种深沉的定力与有序的张 力。 2025年四季度，BSI录得53。尽管较上季度微幅调整，但仍稳健地站在荣枯线之上。这标志着在经历了 全年的外部风雨洗礼后，中国制造业的基本盘依然坚如磐石，扩张的态势未改，发展的动能未减。 2025年从破浪到行稳 要读懂2025年四季度的"静默蓄势"，必须将其置于全年的时间轴上进行审视。2025年的中国经济，是一 部在挑战中不断自我进化、在不确定性中寻找锚点的史诗。回顾四个季度BSI报告，我们看到了一条"认 知升级"与"行为进化"的昂扬曲线。 2025年一季度，守望微光，逆流而上。年初，面对全球经济的复杂动荡，中国企 ...

Core Viewpoint - The A-share market experienced a rebound after an initial decline, with all three major indices closing higher and a total market turnover exceeding 2.9 trillion yuan [1]. Market Performance - The A-share indices showed varied performance: - The CSI A500 index rose by 0.1% - The CSI 300 index fell by 0.03% - The ChiNext index increased by 0.7% - The STAR Market 50 index gained 1.5% - The Hang Seng China Enterprises Index climbed by 1.1% [1]. Sector Performance - Leading sectors included: - Precious metals - Semiconductors - Cultivated diamonds - Photovoltaic equipment - Insurance - Military equipment - CPO - AI corpus [1]. - Underperforming sectors included: - Biopharmaceuticals - Coal mining and processing - Chemical industry - Batteries - Pork - Liquor - Tourism and hotels - Power grid equipment [1]. Index Details - The CSI 300 index consists of 300 stocks from the Shanghai and Shenzhen markets, covering 11 primary industries, with a rolling P/E ratio of 14.1 times [3]. - The CSI A500 index includes 500 stocks with good liquidity, covering 89 out of 93 tertiary industries, with a rolling P/E ratio of 17.4 times [3]. - The STAR Market 50 index is composed of 50 stocks with significant market capitalization and liquidity, primarily in the technology sector, with a rolling P/E ratio of 177.2 times [6].