12月15日，长飞光纤发布公告称，其全资子公司长飞资本与控股子公司长芯博创拟共同参与设立"上海 并购私募投资基金三期合伙企业（有限合伙）"。该基金总规模达8.3亿元，长飞光纤子公司合计出资1 亿元，通过布局高端制造、集成电路等国家战略新兴产业，旨在借助专业投资机构资源，拓展产业链投 资机会，提升公司长期竞争力。 智通财经获悉，长飞光纤光缆(06869)涨近10%，截至发稿，涨9.8%，报42.14港元，成交额10.36亿港 元。 消息面上，华泰证券此前研报指出，公司光纤光缆主业在AI算力需求的驱动下，产品结构持续优化。 虽然国内电信侧传统光纤需求短期承压，但面向算力网络的高端产品需求旺盛。在下一代光纤技术方 面，公司空芯光纤的研发与产业化进程全球领先。此外，公司通过子公司长芯博创布局的MPO、 AOC、高速铜缆等光互联组件业务已成为强劲增长点，受益于北美AI数据中心建设，公司海外业务持 续拓展。 本文源自：智通财经网 ...

消息面上，华泰证券此前研报指出，公司光纤光缆主业在AI算力需求的驱动下，产品结构持续优化。 虽然国内电信侧传统光纤需求短期承压，但面向算力网络的高端产品需求旺盛。在下一代光纤技术方 面，公司空芯光纤的研发与产业化进程全球领先。此外，公司通过子公司长芯博创（300548）布局的 MPO、AOC、高速铜缆等光互联组件业务已成为强劲增长点，受益于北美AI数据中心建设，公司海外 业务持续拓展。 长飞光纤（601869）光缆(06869)涨近10%，截至发稿，涨9.8%，报42.14港元，成交额10.36亿港元。 12月15日，长飞光纤发布公告称，其全资子公司长飞资本与控股子公司长芯博创拟共同参与设立"上海 并购私募投资基金三期合伙企业(有限合伙)"。该基金总规模达8.3亿元，长飞光纤子公司合计出资1亿 元，通过布局高端制造、集成电路等国家战略新兴产业，旨在借助专业投资机构资源，拓展产业链投资 机会，提升公司长期竞争力。 ...

Core Viewpoint - The article discusses the current state of the investment landscape in China, emphasizing the importance of adapting to economic cycles and focusing on internal growth strategies within the venture capital and private equity sectors. Group 1: Investment Landscape and Trends - The 25th China Private Equity Annual Conference will be held in Shenzhen from December 2-5, 2025, gathering over a thousand top investors and entrepreneurs to observe China's technological innovation [2] - The investment logic has not changed significantly this year, focusing on companies that lead in technology and manufacturing, with an increase in investment in emerging technologies such as quantum computing and AI [9][10] - The current economic cycle is characterized as an L-shaped stable period, with a focus on long-term growth and addressing shortfalls in various sectors [9] Group 2: Institutional Insights and Strategies - Institutions are increasingly diversifying their investment strategies, combining primary and secondary markets, public and private equity, and domestic and international investments [3][4] - The National New Capital Fund has established a series of funds with a total subscription scale exceeding 3 trillion yuan, focusing on strategic emerging industries and technological innovation [6] - Investment strategies are shifting from direct investments to a combination of fund-of-funds and direct investments, with a focus on strategic and merger investments [11] Group 3: Sector-Specific Opportunities - AI is identified as a foundational trend for future investments, with significant opportunities in sectors such as biomedicine, hard technology, and semiconductor industries [16][20] - The automotive sector is expected to see substantial transformation due to AI, particularly in intelligent driving and related technologies [19] - The advanced manufacturing sector is projected to offer significant investment opportunities, with many companies likely to expand globally [21] Group 4: Post-Investment Management - Effective post-investment management is crucial, focusing on identifying market needs and leveraging institutional strengths to enhance portfolio companies [22] - Institutions emphasize the importance of finding financial resources, talent, and business opportunities to support the growth of their portfolio companies [23] - A structured approach to post-investment management, including categorization and precise resource allocation, is essential for driving industry development [25] Group 5: Future of Entrepreneurship and Investment - The future of entrepreneurship in China is expected to see higher barriers to entry, particularly in hard technology sectors, requiring both scientific and entrepreneurial expertise [28] - The investment landscape is undergoing differentiation, with various types of GP (General Partners) emerging, each with distinct strategies and focuses [28] - The integration of AI into investment processes is anticipated to revolutionize traditional methods, enhancing efficiency and decision-making [24]

与此同时，多家半导体企业启动A股上市辅导工作，包括粤芯半导体、全芯智造、鑫华半导体、成都超纯等公司相继启动上市辅导，开启 资本化之路。 多家半导体企业并购案终止 12月9日晚间，中科曙光与海光信息同时发布公告，宣布终止重大资产重组，并称本次交易终止不会对公司的生产经营和财务状况造成重 大不利影响，不存在损害公司及中小股东利益的情形。 公告称，本次交易自启动以来，公司及相关各方积极推动本次交易的各项工作。由于本次交易规模较大、涉及相关方较多，使得重大资 产重组方案论证历时较长，目前市场环境较本次交易筹划之初发生较大变化，本次实施重大资产重组的条件尚不成熟，为切实维护上市 公司和广大投资者长期利益，经公司与交易各相关方友好协商、深入研究和充分论证，基于审慎性考虑，决定终止本次交易事项。 公告同时强调，目前中科曙光与海光信息生产经营情况正常。本次终止不影响双方后续的持续合作，中科曙光与海光信息在系统级产品 应用上将建立更加紧密的合作关系。 近来，A股上市公司跨界并购不断，且有多家上市公司跨界收购切入半导体赛道，不过这些并购案实际成功的并不多；本周中科曙光与海 光信息终止重大资产重组、芯原股份终止收购芯来智融、思瑞浦 ...

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) plays a crucial role in resource allocation and technological innovation, contributing significantly to the development of a modern industrial system and supporting high-quality innovative enterprises [1] Group 1: Support for Innovative Enterprises - SZSE has become a hub for high-growth quality companies, with 75% of its 2882 listed companies being high-tech enterprises and 47% from strategic emerging industries [2] - The ChiNext board features nearly 90% high-tech enterprises and about 70% strategic emerging enterprises, with a cumulative R&D investment exceeding 730 billion yuan during the 14th Five-Year Plan period, reflecting a compound annual growth rate of 11.4% from 2021 to 2024 [2] Group 2: Industry Chain and Value Chain Enhancement - SZSE supports emerging industries and the transformation of traditional industries, with a 124% year-on-year increase in major asset restructuring disclosures since the introduction of the "Six Merger Policies," with over 70% of acquisition targets aligning with new productivity development [3] - In the first 11 months of the year, SZSE accepted 117 refinancing applications, with 69 from the ChiNext board, accounting for 30% of the total market [3] Group 3: Comprehensive Service for New Productivity Development - SZSE has issued 2.75 trillion yuan in fixed income and REITs products in the first 11 months, expanding the bond market significantly [4] - The exchange has issued nearly 350 billion yuan in technology innovation bonds and launched 10 technology innovation bond ETFs with a market value of nearly 100 billion yuan [4] - Knowledge property securitization products have reached a scale of 36.345 billion yuan, supporting nearly 3000 technology SMEs and revitalizing over 8000 intellectual properties [4] Group 4: Future Directions - SZSE plans to enhance the functions of the bond market, technology exchange center, and technology financing platform, creating a "technology + capital" matching platform to support the transformation of technological achievements [6]

会上，还举行了签约仪式，奈杜集团、睿微讯科、矽池半导体、摩尔星核、一心堂（002727）柏安、辽 翔动力等6家企业签约入驻算力小镇。同时，小镇企业星物种机器人与强脑科技、徴格半导体与申昊科 技也达成了战略合作,这标志着算力小镇在人工智能产业链构建、整合与生态完善上又迈出了关键一 步，进一步实现了"引新聚优"与"本土协同"的双向突破。 值得一提的是，本次活动举办地算力小镇是全国首个以"算力"命名、长三角唯一以"算力"为产业导向的 特色小镇，2025年成功获批杭州市第一批人工智能产业创新空间、入选第八批浙江省特色小镇创建名 单。自2021年开园以来，小镇聚焦集成电路设计和人工智能两大核心产业，集聚知存科技、智诊科技、 ZYNALOG徴格半导体等企业超2600家。短短四年间，算力小镇不仅完成了从0到1的产业积淀，更实现 了从"算力单点突破"到"产业生态共荣"的能级跃升。 12月12日，2025长三角人工智能产业融合共生发展大会在杭州临平算力小镇举行。活动的主办方浙江图 灵算力研究院是浙江省委网信办指导下成立的高能级平台，布局人工智能、集成电路等高端业态，通过 提供产业研究、战略咨询、市场对接、资本助力等服务，助推生 ...

Core Viewpoint - The Ministry of Education in China is reforming the training of outstanding engineers to enhance the integration of education and industry, focusing on key strategic areas such as integrated circuits and artificial intelligence, which are crucial for national development [1][2]. Group 1: National Strategy Orientation - The reform emphasizes alignment with national strategic needs, concentrating on 18 key areas, leading to a significant adjustment in academic disciplines and professional settings [1]. - Over 20% of academic programs have been optimized in 2023 alone, enhancing the overall structure of disciplines and strengthening talent cultivation [1]. Group 2: Updating Academic Content - The reform employs innovative paradigms such as "Four Commons" and "Four Connections" to systematically reshape core elements like curriculum, faculty, and teaching methods, resulting in a comprehensive upgrade of academic content [2]. - This successful practice provides a reference for updating the content of other academic disciplines [2]. Group 3: New Evaluation Standards - A new evaluation standard has been established, replacing traditional thesis requirements with practical outcomes, which is expected to drive deeper integration across education, talent, industry, and innovation chains [2]. - The first batch of engineering master's graduates includes over 60 individuals who obtained degrees based on practical achievements, indicating a shift towards a more application-oriented evaluation system [2].

Core Viewpoint - The article discusses the marginalization of rural education in China, highlighting the need for structural adjustments in educational resource distribution to address the imbalance between urban and rural areas [1][4]. Group 1: Education Resource Distribution - The central economic work conference emphasized the need for adjustments in the educational resource layout, covering all levels from kindergarten to university [2]. - Population migration and urbanization have exacerbated the uneven distribution of educational resources, leading many families to move to cities for better schooling options [2][3]. - The marginalization of county-level education is linked to the overall weakness of rural education, with a significant concentration of high school students in county schools [3][4]. Group 2: Policy Initiatives - The Ministry of Education has launched the "National County High School Revitalization Action Plan" to improve county-level education by enhancing school layouts, optimizing teacher structures, and attracting quality educators [3][4]. - The policy aims to address the systemic issues in educational resource distribution, which are closely tied to regional economic development [4]. Group 3: High School Enrollment and Quality - In 2024, there are 15,800 ordinary high schools in China, with enrollment reaching 10.36 million, marking a significant increase but highlighting structural imbalances in education [5]. - The current educational landscape shows an oversupply of elementary education, a balance in middle school, and a shortage in ordinary high schools, leading to increased parental anxiety over school choice [5]. - The government plans to diversify high school offerings and increase enrollment to ensure fair access to quality education [5]. Group 4: Higher Education Enrollment Adjustments - The expansion of quality undergraduate admissions is not merely about increasing numbers but involves structural adjustments to meet industry and technological demands [6][7]. - In 2024, the target is to increase quality undergraduate admissions by 16,000, with a focus on emerging fields such as artificial intelligence and integrated circuits [6][7]. - The adjustments in admissions are intended to align educational outcomes with national strategic needs, emphasizing the importance of quality over quantity in higher education [7].

Group 1 - The core viewpoint of the economic work conference held on December 10-11 in Beijing emphasizes the need for structural adjustments in the distribution of educational resources, aiming to increase the supply of ordinary high school places and the enrollment of quality undergraduate programs [1] - The adjustment of educational resource distribution is not limited to a specific educational stage but covers the entire education system from kindergarten to university, addressing the significant impact of decreasing school-age children and accelerated urbanization on the supply-demand relationship in education [1][2] - The phenomenon of "passive urbanization" highlights the marginalization of educational resources in county areas, with a focus on revitalizing county-level education through the "National County Middle School Revitalization Action Plan" to improve the quality and balance of education [2] Group 2 - In terms of increasing the supply of ordinary high school places, there is a notable supply-demand contradiction driven by both policy emphasis and parental demand, with ordinary high school enrollment surpassing 10 million for the first time, yet structural imbalances remain evident [3] - The current educational supply-demand situation shows an oversupply in primary education, a balance in junior high, and a shortage in ordinary high schools, leading to heightened parental anxiety regarding school choice due to quality disparities [3] - The expansion of quality undergraduate enrollment should not be viewed merely as an increase in numbers; the adjustments are aimed at meeting the demands of current industrial and technological developments, focusing on foundational, emerging, and interdisciplinary fields [4][5]

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，健全与人口变化相适应的 教育资源配置机制。近期出版发行的《党的二十届四中全会〈建议〉学习辅导百问》一书中，对"怎 样理解健全与人口变化相适应的教育资源配置机制"作出了详细解读。 2025.12. 11 本文字数：1526，阅读时长大约3分钟 作者 | 第一财经 林靖 12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作。其中在部署"坚 持民生为大，努力为人民群众多办实事"中强调，推进教育资源布局结构调整，增加普通高中学位供 给和优质高校本科招生。 近年来，出生人口变化对教育领域产生较大影响。当前，我国人口发展出现了新特征：小学在校生规 模已在2023年达峰，初中阶段预计明年达峰，高中阶段将在2029年达峰，高等教育学龄人口将在 2032年达峰。 中国教育科学研究院研究员储朝晖此前对第一财经分析，我国高等教育的毛入学率已经超过了 60%，但优质本科只是一个比较小的比例。现在的情况是，上大学不难，但上好大学比较难。而要 解决上大学不难、上好大学难的问题，就必须在高等教育上面实现扩优提质，从现有的优质的大学本 科中去推进。 ...