本报记者 王镜茹 此外，在生物医药领域，百奥赛图（北京）医药科技股份有限公司预计2025年归属于母公司股东的净利 润为1.35亿元，同比增长303.57%。公司表示，业绩大幅预增主要得益于海外市场的成功拓展以及国内 生物医药研发需求的逐步释放。 在光通信领域，技术升级红利正加速释放。珠海光库科技股份有限公司预计2025年归属于上市公司股东 的净利润为1.69亿元至1.82亿元，同比增长152.00%至172.00%。该公司相关负责人此前在接受机构调研 时表示，公司多款高功率光纤激光器件、光通信器件代表了行业较高水平。 得益于渠道下沉与加盟模式的规模化落地，孩子王儿童用品股份有限公司预计2025年实现归属于上市公 司股东的净利润为2.75亿元至3.30亿元，同比增长51.72%至82.06%。 "在宏观经济复苏与产业升级的双重驱动下，具备核心技术壁垒的硬科技企业正迎来业绩释放期。"深度 科技研究院院长张孝荣对《证券日报》记者表示。 具体来看，受益于全球大宗商品价格回升及企业内部成本管控，上游资源与基础化工板块展现出较强的 业绩弹性，多家企业交出亮眼成绩单。 例如，紫金矿业集团股份有限公司预计2025年实现归属于 ...

工商信息显示，信银金投已完成对深圳港华顶信清洁能源有限公司的投资，认缴出资额6442.34万元， 持股比例49%，成为该公司第二大股东。 ● 本报记者 李静 新近开业的股份制银行系金融资产投资公司（AIC），正以市场化债转股为核心工具，成为支持科技创 新的"耐心资本"。自2025年11月开业以来，兴银投资、招银投资、信银金投在短时间内便完成了首批项 目落地，将资金精准引至新能源、新材料等领域。其中，仅兴银投资一家，截至2025年12月31日，累计 投放规模就超60亿元，顺利落地首批10余个投资项目。 聚焦新能源相关领域 兴银投资将资金重点投向半导体、光伏、锂矿、工程塑料等新能源、新材料产业，涵盖福建、广东、上 海、安徽、山东等地科创企业、民营企业。 例如，盛新锂能2025年12月19日晚间发布公告称，公司全资子公司致远锂业通过增资扩股形式引入新的 投资者，兴银投资以5亿元向致远锂业增资。增资完成后，兴银投资持有其25%股权。 值得一提的是，兴银投资在2025年11月16日揭牌当天，就与厦门象屿集团有限公司、恒申控股集团有限 公司、江西赣锋锂业集团股份有限公司、金发科技股份有限公司、国轩高科股份有限公司等12家 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has seen significant growth, with the total scale of related ETFs reaching approximately 300 billion yuan by December 31, 2025, and the number of products increasing to 106, three times that of the end of 2024 [1][6] - The STAR Market Composite Index (Sci-Tech Composite Index) achieved a remarkable annual increase of 46.3% in 2025, outperforming major broad-based indices, reflecting a revaluation of "hard technology" assets [1][3] - The index has become a benchmark for capturing the pulse of technological growth and sharing the dividends of innovation, representing a diverse range of companies from leading hard tech firms to specialized small giants [2][7] Industry Overview - The STAR Market currently includes 600 listed companies with a total market capitalization exceeding 10 trillion yuan, with the Sci-Tech Composite Index covering 96% of these companies [3][6] - The index system has expanded to include various types of indices, effectively guiding social capital towards new productive forces and enhancing the investment landscape for technology innovation [6][7] - The introduction of multiple indices, such as the Sci-Tech 50, 100, and 200, allows for comprehensive representation of the STAR Market, covering approximately 60% of its securities [3][6] Investment Trends - As of December 30, 2025, 46 fund managers have launched 78 Sci-Tech Composite Index funds, with a total scale of 27.4 billion yuan, indicating strong institutional interest in these products [4][6] - The average return of these products since their launch has reached 43.7%, enhancing investor confidence and interest in the STAR Market [4][6] - Institutional investors, including insurance funds and banks, have steadily increased their holdings in Sci-Tech Composite Index ETFs, recognizing their convenience and long-term investment value [4][7]

Group 1: Overall Market Performance - As of January 5, 2026, 33 A-share listed companies have disclosed their 2025 performance forecasts, with 27 companies expecting positive results, representing 81.82% [1] - The companies with positive forecasts are primarily concentrated in materials and mining, new materials, electronic communications, and consumer services sectors [1] - The recovery of the macro economy and industrial upgrades are driving hard technology companies to enter a performance release period [1] Group 2: Specific Company Performance - Zijin Mining Group Co., Ltd. expects a net profit of 51 billion to 52 billion yuan for 2025, a year-on-year increase of approximately 59% to 62%, driven by rising sales prices of gold, copper, and silver [1] - Qinghai Salt Lake Industry Co., Ltd., Beijing Shougang Co., Ltd., and Hunan Huazhong Steel Co., Ltd. have also improved profitability through product structure optimization and cost reduction [1] - Guangzhou Tinci High-Technology Co., Ltd. anticipates a net profit of 1.1 billion to 1.6 billion yuan for 2025, a year-on-year increase of 127.31% to 230.63%, due to rapid growth in demand from the new energy vehicle and energy storage markets [2] - Zhuhai Guoke Technology Co., Ltd. expects a net profit of 169 million to 182 million yuan for 2025, a year-on-year increase of 152% to 172%, benefiting from technological upgrades in the optical communication field [2] - Kidswant Children's Products Co., Ltd. forecasts a net profit of 275 million to 330 million yuan for 2025, a year-on-year increase of 51.72% to 82.06%, supported by channel expansion and franchise model implementation [2] - Baidu Pharmaceutical Technology Co., Ltd. anticipates a net profit of 135 million yuan for 2025, a year-on-year increase of 303.57%, attributed to successful overseas market expansion and domestic R&D demand in biomedicine [3] Group 3: Industry Trends - The hard technology sector is expected to see a continuous upward trend in profitability as companies tackle core technologies in key areas [3]

Core Viewpoint - The article discusses the first batch of IPO companies for the Science and Technology Innovation Board (STAR Market) in 2026, highlighting their business focus and the implications of the recent onsite inspection process for these companies [2][6]. Group 1: IPO Companies Overview - Six companies have been selected for onsite inspections as part of their IPO application process: 1. **FrequenLaser**: Focuses on high-end fiber laser technology for quantum information, LiDAR, advanced industrial applications, and medical aesthetics [2]. 2. **Hanno Medical**: A high-end innovative medical device company specializing in extracorporeal life support (ECLS) technology, with its core product, Lifemotion® ECMO system, launched in 2023 [3]. 3. **Gaoke Technology**: Engaged in the development and production of precision fluid control components, including intelligent dispensing robots and laser soldering systems [3]. 4. **Taosheng Technology**: A leading provider of professional testing interface products in the semiconductor field, serving over 600 global clients [4]. 5. **Ruisichuangxin**: Specializes in the R&D and manufacturing of RF front-end devices for 4G/5G, recognized as a national-level specialized and innovative small giant enterprise [5]. 6. **Blue Arrow Aerospace**: Focuses on the development and production of liquid oxygen-methane engines and launch services, aiming to build a comprehensive aerospace technology ecosystem [6]. Group 2: Onsite Inspection Implications - The onsite inspection process may delay the IPO application review for these companies, as it requires time for rectification of any identified issues [6][7]. - Industry experts suggest that while the inspection may raise questions, it does not necessarily indicate problems with the companies, as many firms are well-prepared for such evaluations [7]. - The recent policy changes encouraging hard technology innovation have shifted the focus of IPO reviews from profitability to technological capability and growth potential [7].

Group 1: Investment Trends - The technology and manufacturing sectors continue to dominate the market with over 25 cases and multiple large transactions exceeding 1 billion RMB, highlighting their significance in financing [1] - The healthcare sector remains active with significant transactions and innovative sub-sector developments, including funding for rare disease drug development and surgical robotics [1] - The consumer services sector has seen a few financing transactions, with Jason Entertainment completing a strategic financing round, indicating a supplementary role in the market [1] Group 2: Financing Data - A total of 37 financing events occurred in the domestic primary market from December 29, 2025, to January 4, 2026, with a total disclosed amount of approximately 11.32 billion RMB [2] - The financing currency distribution shows 19 cases in RMB totaling about 6.77 billion RMB and 22 cases in USD totaling about 4.55 billion RMB [3] Group 3: Sector-Specific Financing - The advanced manufacturing sector led with 16 financing cases amounting to approximately 4.88 billion RMB, while the biopharmaceutical sector had 8 cases totaling about 589 million RMB [4][5] - The artificial intelligence sector completed 7 financing cases with a disclosed amount of approximately 4.32 billion RMB [4][5] Group 4: Regional Financing Activity - The financing activities were primarily concentrated in Shanghai, Beijing, and Guangdong, with 8, 9, and 5 cases respectively [6][7] Group 5: Active Investment Institutions - IDG and Sequoia China were notably active, with IDG completing 3 financing rounds and Sequoia China completing 2, focusing on technology and manufacturing as well as healthcare sectors [8][9] Group 6: Notable Company Financing - Moonlight Dark completed a $500 million C round financing, with participation from IDG Capital and Alibaba, indicating strong investor interest in AIGC companies [38] - Taiblue New Energy secured over 400 million RMB in B+ round financing, focusing on solid-state battery technology [39] - Surgical robotics company Shurui Technology raised $100 million in D round financing, emphasizing the growth in medical technology [40]

Core Insights - The rapid rise of AI technology is reshaping industries, leading to a surge in IPOs for tech companies, particularly in the AI and GPU sectors [1][3][4] - MiniMax, an AI model company, is expected to become one of the fastest companies to go public, with a potential listing in January 2026 [3] - The IPO market is witnessing a significant shift, with a notable increase in listings from unprofitable tech companies, driven by supportive policies and market conditions [4][5] Industry Trends - As of December 26, 2025, the A-share market saw a total IPO amount of 1,290.1 billion, significantly lower than previous years, but with a fundamental shift towards unprofitable tech companies [4][10] - The introduction of new listing standards on the Sci-Tech Innovation Board and the Growth Enterprise Market has facilitated the entry of unprofitable tech firms into the market [5][11] - The trend of unprofitable tech companies going public is supported by a clear policy direction aimed at fostering innovation and growth in the tech sector [5][17] Market Dynamics - The majority of newly listed companies in 2025 are tech firms, with a significant portion being unprofitable, indicating a shift in investor sentiment towards innovation over immediate profitability [6][9] - Major brokerage firms dominate the IPO landscape, with a concentration of listings from a few top firms, highlighting a monopolistic trend in the tech IPO market [9][10] - The rapid listing process for companies like Moer Thread and Muxi reflects a broader trend of accelerated capital market access for tech firms [7][11] Investment Opportunities - The current environment presents a unique opportunity for investment banks to engage with high-potential tech companies early in their development, emphasizing the importance of "investment first" strategies [12][14] - The success of IPOs for companies like Moer Thread and Muxi has generated significant profits for their underwriting banks, showcasing the lucrative nature of tech IPOs [9][10] - The focus on deep industry engagement and support for tech firms is reshaping the role of investment banks, moving from traditional underwriting to comprehensive value creation [11][12] Regulatory Environment - Recent regulatory changes have created a more inclusive environment for tech companies, allowing for greater flexibility in listing requirements, particularly for unprofitable firms [5][15] - The role of investment banks as gatekeepers is emphasized, with a focus on maintaining high standards for tech firms seeking to go public [17] - The ongoing support from government and institutional investors is crucial for the sustainability of the tech IPO boom, particularly in high-growth sectors like semiconductors and AI [15][16]

强势个股崭露头角 数据显示，2025年全年共有165家公募机构投身于上市公司调研工作，其足迹遍布全部31个申万一级行业。从个股角度 看，市场关注度呈现显著的头部集中特征。全年共有169只个股均获得公募机构不低于100次的高度聚焦。其中，更有30只个股 的调研热度突破200次。 在个股调研频次居前名单中，工业自动化与新能源乘用车电控领域的龙头企业汇川技术以497次调研拔得头筹，凸显了高 端制造领域的持续吸引力。立讯精密以422次调研位居次席，该公司是消费电子精密制造领域的领军企业，也是全球领先的精 密零组件、模组与系统解决方案提供商。 本报记者 彭衍菘 2025年，在A股市场结构性行情深化、科技创新与产业升级主线下，公募基金作为市场重要机构投资者，其调研动向成为 透视投资风向的关键窗口。公募排排网统计数据显示，2025年，公募机构积极调研A股上市公司，全年累计调研达7.63万次， 深度覆盖超2430家上市公司，充分体现了机构投资者深度挖掘价值、前瞻布局的积极态势。 电子行业最受公募机构青睐，去年累计收获调研超1.4万次，覆盖286只个股。立讯精密、奥比中光、深南电路、聚辰股份 等电子行业龙头，成为公募调研的重点 ...

Group 1 - The core viewpoint of the article highlights that Jiangsu has five companies listed under the fifth set of standards on the Sci-Tech Innovation Board, which supports a broader range of fields including artificial intelligence, commercial aerospace, and advanced materials [1] - Since its launch in July 2019, the Sci-Tech Innovation Board has seen a total of 600 listed companies with a total market value exceeding 10 trillion yuan, with Jiangsu accounting for 115 companies, representing 19% of the total [1] - Jiangsu's listed companies on the Sci-Tech Innovation Board are characterized by "hard technology," with three-quarters of them in new-generation information technology, high-end equipment, and biomedicine, showcasing a successful "technology-industry-finance" cycle [1] Group 2 - By 2025, all newly listed A-share companies in Jiangsu are expected to be technology innovation enterprises, with over 90% belonging to strategic emerging industries, providing strong support for the integration of technological and industrial innovation [2] - In the first three quarters of 2025, Suzhou's Sci-Tech Innovation Board companies are projected to have a total R&D investment of 8 billion yuan, a year-on-year increase of 6.2%, with R&D investment accounting for an average of 18% of their operating revenue [1]

Core Viewpoint - The A-share market experienced a strong start in 2026, with major indices rising collectively, particularly the Sci-Tech Innovation Board, which saw a gain of 3.61% [1] Group 1: Market Performance and Reforms - The Sci-Tech Innovation Board has become increasingly prominent as a "testbed" for capital market reforms, with the introduction of the "1+6" reform measures enhancing its focus on "hard technology" [1] - The board welcomed its 600th listed company, a semiconductor equipment firm that has successfully achieved domestic substitution for critical hardware [1] - The Sci-Tech Innovation Board's index rose over 46% last year, outperforming most broad-based indices, indicating strong market performance [5] Group 2: Support for Hard Technology Companies - The introduction of the fifth set of listing standards has opened doors for unprofitable but technically capable companies to access capital markets [2] - The recent acceptance of the IPO application for Blue Arrow Aerospace, dubbed the "first commercial rocket stock" in China, exemplifies the benefits of these new listing standards [2] - Companies in the commercial aerospace sector are at a critical juncture, requiring capital market support for scaling up operations [2] Group 3: Financing and Growth Opportunities - The ability to access capital markets significantly accelerates the growth and market capture of companies, as evidenced by the experiences of several biotech firms on the Sci-Tech Innovation Board [2] - Shanghai Ailis Pharmaceutical Technology Co., which achieved profitability two years after listing, highlights the importance of timely financing in the competitive pharmaceutical market [3] - Among the 60 companies listed on the Sci-Tech Innovation Board that were unprofitable at the time of listing, 22 have since turned profitable, with others showing a 62% reduction in net profit losses [3] Group 4: Regulatory Oversight and Investor Protection - Regulatory bodies emphasize the importance of timely and accurate disclosure of clinical and R&D progress to maintain market fairness and transparency [4] - The regulatory framework is designed to help companies efficiently acquire essential resources such as funding, talent, and quality assets for growth [3]