Core Insights - The 2025 China Private Economy and Listed Companies Development Conference focused on "New Demand, New Supply, New Momentum: Technological Innovation and Industrial Innovation Driving High-Quality Development of the Private Economy" [1] Group 1: New Demand and Development Momentum - Identifying and seizing new consumer demands is a key factor for development opportunities, with experts noting four significant changes in the current consumption market: a shift from cost-performance ratio to quality-price ratio, the rise of value-based consumption, the emergence of digital-integrated consumption, and changes in consumption structure with more segmented demographics [4] - Huiyuan Group's executive highlighted the increasing consumer demand for health, leading the company to develop a full industry chain from fruit cultivation to juice production to meet these needs [4] - Kingsoft Office emphasized the importance of addressing new user needs and pain points to empower enterprises for sustainable development [5] Group 2: Technological Innovation as Core Competitiveness - The current period presents a critical opportunity for the private economy to transform and enhance efficiency, with technological innovation being the core competitive advantage [6] - Acknowledgment of the resilience of private enterprises in China, as many continue to invest in R&D and technology transfer despite challenges [6] - Anta's vice president noted that the company has invested over 20 billion yuan in technological innovation over the past decade, achieving self-innovation and production capabilities [6] - The importance of creating a virtuous cycle of "technological innovation - industrial transformation - capital empowerment - re-innovation" to enhance the effectiveness of technological innovation and support industrial development was emphasized by industry leaders [6]

Core Viewpoint - Shanghai has introduced measures to support the construction of the Yangtze River Delta G60 Science and Technology Innovation Corridor, focusing on integrating technological and industrial innovation [1] Group 1: Support Measures - The measures include 23 support policies aimed at building a high-level innovation source in Songjiang District, promoting the integration of technology and industry [1] - Key areas of focus include the establishment of the Songjiang University Town Innovation Source, the layout of the scientific instrument industry, and the development of the 6G industry [1] Group 2: Innovation Ecosystem - The Songjiang University Town Innovation Source will consist of two main areas: the core area for innovation sourcing and the area for industrial transformation, facilitating R&D, technology transfer, incubation, and manufacturing [1] - Future efforts will concentrate on promoting the transformation of university scientific achievements, optimizing urban park resource utilization, enhancing collaboration between universities and enterprises, and strengthening the support for various innovation elements [1] Group 3: Industrial Cluster Development - The G60 Science and Technology Innovation Corridor has progressed to a second phase focused on deepening and amplifying effects, moving beyond initial platform construction and brand establishment [1] - Specific initiatives under the framework of building world-class industrial clusters include the creation of the Songjiang Scientific Instrument Industrial Park, the establishment of a scientific instrument innovation port, and the creation of a national 6G comprehensive testing base [1]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has successfully passed the IPO application on the Shenzhen Stock Exchange's ChiNext board, marking a significant milestone for the company as a leading provider of enterprise-grade SSD products in China [1][5]. Company Overview - Dapu Micro specializes in the research and sales of enterprise-grade SSD products, possessing full-stack self-research capabilities in "controller chips + firmware algorithms + modules" [1][5]. - The company has developed a core technology system encompassing controller chip design, firmware algorithms, module design, and validation testing, successfully launching multiple high-performance enterprise-grade SSD products [5][10]. Market Position - Dapu Micro is positioned as the first domestic company focused on enterprise-grade SSDs, differentiating itself from competitors primarily targeting consumer-grade SSDs [3][5]. - The company has achieved significant technological advancements, being among the first globally to mass-produce enterprise-grade PCIe 5.0 SSDs and large-capacity QLC SSDs [6][10]. Industry Trends - The global storage market is shifting focus from consumer electronics to data centers, driven by the demand for high-performance storage due to AI training and inference [8][10]. - The enterprise SSD market is projected to reach $51.418 billion by 2027, with a compound annual growth rate (CAGR) of 20.25% from 2022 to 2027, while the Chinese market is expected to reach $13.509 billion with a CAGR of 24.75% [8][11]. Competitive Landscape - Dapu Micro's products are designed to meet the high technical requirements of data center applications, including performance, reliability, and durability, which are critical for enterprise clients [4][10]. - The company’s competitive edge lies in its ability to innovate and adapt to market trends, enhancing product performance while reducing costs and energy consumption [10][11]. Strategic Importance - The successful IPO of Dapu Micro reflects the capital market's support for high-growth, high-quality R&D enterprises, signaling a strategic focus on advancing core technologies in the semiconductor storage sector [2][11]. - The collaboration among Dapu Micro, Yangtze Memory Technologies, and Changxin Memory Technologies aims to create a complete domestic storage technology ecosystem, addressing the market's needs from storage media to enterprise storage solutions [7].

记者丨 杨坪 编辑丨张伟贤 12月25日，深交所上市委审议通过深圳大普微电子股份有限公司（以下简称"大普微"）IPO申 请， 标志着创业板首家未盈利企业成功过会 。 公开资料显示，大普微主要从事数据中心企业级SSD（固态硬盘）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。 业内人士认为，此次大普微IPO过会，反映了创业板对优质创新企业的支持力度，也是资本市 场提升包容性和适应性、更好服务科技创新的生动体现。 营业收入5.57亿元、5.19亿元、9.62亿元。2025年，公司预计实现营业收入21.58亿元，同比增 长124%，预计最早将于2026年整体实现扭亏为盈。 业内人士指出，打造国产企业级SSD自主可控产业生态的需求日益强烈，不仅涉及供应链的安 全，亦是推动国内半导体产业发展的关键因素。在此背景下，发挥资本市场功能精准"浇灌"， 支持头部企业加大研发投入，推动技术创新，实现核心部件的自主可控，能够增强国内产业的 竞争力，也有助于保障国家信息产业的安全和可持续发展。 冲刺国内企业级S S D第一股 当前，人工智能存储 ...

证券日报网讯12月25日，保利联合（002037）在互动平台回答投资者提问时表示，公司将持续聚焦主责 主业，围绕重大战略与重要布局，坚持科技创新驱动，推动智能化爆破技术升级，并加强市场拓展及精 益管理，持续推动公司经营业绩及核心竞争能力的提升。同时公司也将持续推进市值管理相关工作。 ...

证券日报网讯12月25日，超声电子（000823）在互动平台回答投资者提问时表示，公司始终坚持以科技 创新为发展驱动力，已掌握任意层互连印制板技术、汽车微波雷达印制板技术、高性能车载电容触摸屏 技术、高速载板用覆铜板技术、相控阵全聚焦实时3D超声成像检测技术等核心技术。截至2025年6月 底，累计获得专利授权653项(其中发明专利授权185项)，其中，有若干关键技术经权威机构鉴定为国际 先进国内领先的技术成果，比如："高端汽车电子印制电路板开发及应用"项目产品经中国电子电路协会 鉴定为整体技术处于国际先进、国内领先水平；"车载毫米波天线板的开发及产业化"项目产品经广东省 电子行业协会鉴定为整体水平达到国际先进水平等。 ...

作为国家级专精特新重点"小巨人"企业，大普微技术研发实力雄厚，累计斩获发明专利156项。研发投 入数据显示，近三年大普微累计研发费用达7.37亿元，研发投入强度高达36.15%。财务层面，2022年至 2024年大普微分别实现营业收入5.57亿元、5.19亿元、9.62亿元；2025年公司营收预计攀升至21.58亿 元，同比增幅达124%，并计划于2026年实现整体扭亏为盈。 当前，人工智能存储需求加速企业级SSD(固态硬盘)市场增长，中国市场发展潜力尤为突出，但国产品 牌市占率整体仍然较低。企业级SSD作为数据中心服务器产业链中的重要环节之一，在国家高度重视自 主可控、数据安全和关键信息基础设施安全的背景下，亟需具备自主可控能力的本土厂商脱颖而出。 12月25日，深圳证券交易所(以下简称"深交所")上市委审议通过深圳大普微电子股份有限公司(以下简 称"大普微")IPO申请，标志着创业板首家未盈利企业成功过会。 在市场人士看来，此次大普微IPO过会，反映了创业板对优质创新企业的支持力度，也是资本市场提升 包容性和适应性、更好服务科技创新的生动体现。 国内专注企业级SSD第一股 据悉，大普微深度聚焦数据中心存储 ...

Group 1 - The core point of the news is that Shenzhen Dapu Microelectronics Co., Ltd. has successfully passed the IPO application review by the Shenzhen Stock Exchange, marking it as the first unprofitable company to achieve this on the ChiNext board [1][5]. Group 2 - The demand for enterprise-level SSDs (solid-state drives) is accelerating due to artificial intelligence storage needs, with significant growth potential in the Chinese market, although domestic brand market share remains low [2][7]. - Dapu Micro focuses on data center storage scenarios and is one of the few domestic providers with full-stack self-research capabilities in "main control chips + firmware algorithms + modules," achieving mass production of various products that meet international advanced standards [2][7]. - The company holds 156 invention patents and has invested 737 million yuan in R&D over the past three years, which accounts for 36.15% of its total revenue [2][7]. - Financial data shows that Dapu Micro's revenue for 2022, 2023, and 2024 is projected to be 557 million yuan, 519 million yuan, and 962 million yuan respectively, with an expected revenue of 2.158 billion yuan in 2025, representing a 124% year-on-year growth [2][7]. Group 3 - There is a growing demand for a self-controlled industrial ecosystem for domestic enterprise-level SSDs, which is a key factor in promoting the development of the domestic semiconductor industry [3][8]. - The successful IPO of Dapu Micro reflects the ChiNext board's support for high-quality innovative companies and demonstrates the capital market's enhanced inclusivity and adaptability in serving technological innovation [4][9]. - The ChiNext board has activated standards for unprofitable companies to go public, which has received positive feedback from the market, facilitating funding for early-stage innovative enterprises [4][9].

Core Insights - Xiong'an New Area has established itself as a hub for central enterprises and innovation, with 61 new provincial and ministerial-level innovation platforms and 454 recognized national high-tech enterprises during the 14th Five-Year Plan period [1][3]. Group 1: Industrial Development - The establishment of China Star Network has attracted over 60 enterprises in the aerospace information industry, contributing to the rapid development of a billion-level aerospace information industry cluster [3]. - Four major systems are forming: a supply chain system led by China Star Network, a commercial satellite manufacturing industry chain led by aerospace technology, a large-scale application system led by three major telecom operators, and a standards-setting and support service system led by the Aerospace Alliance [3]. - The first "Xiong'an-made" satellite, "Xiong'an No. 1," has completed production, marking a significant milestone in the region's aerospace industry [3]. Group 2: Innovation Ecosystem - Xiong'an focuses on three key industrial chains: aerospace information and satellite internet, new materials (additive manufacturing), and artificial intelligence, with over 200 key enterprises accumulated [4]. - The region has established various innovation platforms, including major innovation platforms for strategic layout, a national key laboratory for aerospace flight technology, and the operationalization of the Beijing-Tianjin-Hebei National Technology Innovation Center [4]. - A multi-layered innovation carrier structure has been created, including professional industrial parks, themed buildings, incubators, and maker spaces [4]. Group 3: Smart City Development - Xiong'an has developed a "digital foundation system, smart construction system, smart efficient operation system, and scenario-leading system," creating an intelligent urban ecosystem [6]. - The implementation of a "green wave" traffic system has reduced peak hour traffic times by 15 minutes, showcasing the effectiveness of smart governance [6]. - A comprehensive data platform has aggregated over 30 billion high-quality data entries, positioning Xiong'an among the top tier in data element innovation nationwide [6].

Group 1 - The core viewpoint of the article highlights that Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to successfully pass the IPO review on the ChiNext board, marking a significant milestone in the capital market's support for innovative enterprises [2][6]. - Dapu Micro focuses on data center storage scenarios and is one of the few semiconductor storage product providers in China with comprehensive self-research capabilities in "main control chips + firmware algorithms + modules," achieving mass production [4][5]. - The company has achieved significant revenue growth, with projected revenues of CNY 21.58 billion in 2025, representing a 124% year-on-year increase, and aims to turn profitable by 2026 [4]. Group 2 - The demand for a domestically controlled enterprise-level SSD ecosystem is increasing, which is crucial for supply chain security and the development of the domestic semiconductor industry [5]. - The ChiNext board has enhanced its inclusivity and adaptability, with nearly 90% of its listed companies being high-tech enterprises, reflecting the capital market's commitment to supporting innovative growth [6][7]. - The introduction of the unprofitable listing standard has been positively received, allowing for better financing channels for innovative companies, which is essential for overcoming early-stage funding bottlenecks [7].