作为全国首家获批筹建、获批开业的股份制银行系AIC，兴银金融资产投资有限公司自2025年11月 16日正式揭牌运营以来，持续加大对传统产业"智改数转"、新兴产业"聚链成群"的支持力度，截至12月 31日，累计投放规模超60亿元。 近年来，兴业银行围绕服务高水平科技自立自强，积极融入"科技-产业-金融"良性循环，加快打造 科技金融"第四张名片"。截至2025年9月末，兴业银行科技金融融资规模、贷款规模均位居股份制银行 首位。 兴银投资公司负责人表示，将依托母行集团化经营优势，坚持差异化竞争，以服务高水平科技自立 自强为使命，以市场化债转股为主业，立足福建、辐射全国，因地制宜加大对新能源、新材料、人工智 能、生物医药、先进制造等领域的投资力度，加快申请私募股权投资牌照，助力"硬科技"企业突破"卡 脖子"难题，同时持续加强投资生态圈建设，为客户提供全生命周期金融服务。 据悉，兴银投资针对传统产业资产盘活难、经营效能低、数智协同弱和新兴产业技术壁垒高、研发 周期长、成果转化慢等痛点，以债转股工具精准匹配不同主体、不同周期的融资需求，首批落地的10余 个项目资金投向半导体、光伏、锂矿、工程塑料等新能源、新材料产业，涵盖 ...

北交所策略专题报告 2026 年 01 月 04 日 掘金北交所科技产业：从 2025 年度复盘看两大主线——汽车智能化与硬科技稀缺龙头 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 收官：科技新产业总市值近 5000 亿，汽车分类实现市值持续提升 北交所科技新产业截至 2025 年 12 月 31 日共有标的 158 家，总市值达到 4,815.74 亿元。智能制造分类 2025/12/31 总市值收于 1,612.81 亿元，PE TTM 中值收于 39.97X。智能制造分类 2025 涨跌幅排名前十均在年内实现超 100%涨幅。分类重 点标的包含万通液压等。信息技术分类 2025/12/31 总市值收于 865.77 亿元，PE TTM 中值收于 85.42X 出现回升。星图测控在 2025 年内实现 237.52%涨幅，共 有 8 只标的实现 50%以上年内涨幅。关注星图测控、并行科技等高稀缺性优质 信息技术标的。汽车分类总市值在 2025 年内持续上涨，2025 年 12 月 31 日收于 768.9 ...

近年来，兴业银行围绕服务高水平科技自立自强，积极融入"科技-产业-金融"良性循环，加快打造科技 金融"第四张名片"。截至2025年9月末，兴业银行科技金融融资规模、贷款规模均位居股份制银行首 位。 责任编辑：曹睿潼 来源：兴业银行601166 来源：兴业银行601166 作为全国首家获批筹建、获批开业的股份制银行系AIC，兴银金融资产投资有限公司自2025年11月16日 正式揭牌运营以来，持续加大对传统产业"智改数转"、新兴产业"聚链成群"的支持力度，截至12月31 日，累计投放规模超60亿元。 据悉，兴银投资针对传统产业资产盘活难、经营效能低、数智协同弱和新兴产业技术壁垒高、研发周期 长、成果转化慢等痛点，以债转股工具精准匹配不同主体、不同周期的融资需求，首批落地的10余个项 目资金投向半导体、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 东等地区科创企业、民营企业，有效助力企业优化资本结构，深化转型发展，创造长期价值。 兴银投资公司负责人表示，将依托母行集团化经营优势，坚持差异化竞争，以服务高水平科技自立自强 为使命，以市场化债转股为主业，立足福建、辐射全国，因地制宜加大对新能 ...

业内人士认为，科创综指应与上证指数、深证成指、创业板指并列为A股四大核心指数。 在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月31 日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理人推出78 只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进一 步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成指、 创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式形成"全 市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性表征上的 结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对 ...

导读： 一级市场持续回暖。 继北京之后，诚通科创江苏基金也来了。 据诚通科创官方信息，12月29日，由国务院国资委指导，中国诚通发起设立的第二只总规模100亿 元的创业投资基金——诚通科创江苏基金完成工商登记。 据介绍，国务院国资委、国家发展改革委联合出台推动中央企业创业投资基金高质量发展的政策措 施后，中国诚通迅速落实，于2024年底率先发起设立总规模300亿元的中央企业创投基金，并快速 完成首只100亿元的诚通科创北京基金设立工作。为持续探索央企基金改革实践，广泛提升诚通科 创基金品牌价值，中国诚通与江苏省人民政府签署框架合作协议，共同设立规模100亿元的诚通科 创江苏基金，携手推动区域内科技创新、产业升级和新质生产力培育。 诚通科创江苏基金将坚持支持科技创新和产业发展的基本定位，重点"投早、投小、投长期、投硬 科技"，有效发挥央企创投基金培育孵化战略性新兴产业和未来产业的积极作用，助力中央企业增 强核心功能、提升核心竞争力，为中国式现代化建设贡献更大力量！ 今年5月份，诚通科创投资基金（北京）合伙企业（有限合伙）在京完成工商登记，标志着诚通科 创投资基金迈出关键一步。投资领域方面，该基金将锚定"硬科技" ...

Group 1 - The core viewpoint of the article is the establishment of the Agricultural Bank of China's Changsha Qianfan Qihang Equity Investment Fund, marking the completion of the bank's strategic layout for equity investment in technology innovation regions across the country [1] - Since September 2024, the company has actively responded to the national policy to expand the pilot program for financial asset investment companies, successfully establishing and operating equity investment funds in 18 pilot cities and provinces, totaling 27 funds by the end of 2025 [1] - The company has participated in the establishment of the first national fund in collaboration with local governments and the National Social Security Fund, aimed at supporting the development of a modern industrial system and nurturing new productive forces [1] Group 2 - The company will adhere to a long-term investment strategy focused on hard technology, leveraging its role as a "national team" of patient capital and the equity investment platform of the Agricultural Bank [1] - The company aims to integrate market-oriented debt-to-equity swaps with equity investment pilot projects to support the Agricultural Bank Group in creating a comprehensive financial service ecosystem tailored to the entire lifecycle of technology-based enterprises [1]

作者 | 深水财经社 倪大九 今天是2026年第一个工作日，首先祝大家今年都能收获满满、事业顺遂！ 不声不响间，2025年已经过去。Wind数据显示，截至12月31日收盘，1400多家公司涨幅逾50%，近500家公司涨幅突破100%，更有120多家公司年涨幅超 200%，所以大家都赚到钱没？ 最近，强哥会对2025年江苏A股上市公司进行一个全面的盘点，今天细说的是IPO情况。 2025年，A股共有116家企业成功上市，较2024年增长16%。其中江苏新增A股公司29家，数量位居全国第一。 其中的"领头羊"苏州更创下历史性突破——全年新增12家A股上市公司，数量首次登顶全国各大城市榜首。 2023年"827新政"以来，IPO持续收紧，2024年IPO数量和募资规模跌至十年最低。 2025年，IPO情况有所回暖。A股新上市公司数量116家，募资1318亿元，分别较上年增长16％和104％。 其中，江苏新增29家A股公司，数量位居全国第一，领先广东（21家）和浙江（17家），占全国新增总数的四分之一。 这样一来，江苏的A股公司总数就达到了721家，距离第二名浙江仅10家的差距，这样下去到明年很可能会追平浙江。 细数 ...

Group 1 - Baidu's stock price surged by 15.03% to $150.3, marking a three-year high, following the announcement of the spin-off of its AI chip business, Kunlun Chip, for a Hong Kong listing [1] - Analysts have redefined Baidu from a "search company" to a "full-stack AI enterprise," highlighting its extensive AI layout that includes chips, frameworks, large models, and applications [1] - The surge in Baidu's stock is part of a broader trend of global tech stocks rallying at the start of 2026, indicating a re-evaluation of Chinese tech values [1] Group 2 - On the same day as Baidu's stock surge, the U.S. stock market showed a mixed performance, with the Nasdaq index slightly down by 0.03%, while the semiconductor and commercial aerospace sectors experienced significant gains [3][4] - The semiconductor sector saw companies like Micron Technology and ASML rise by 10.74% and 8.78%, respectively, indicating a shift of capital from traditional tech stocks to hard tech sectors [3][4] - European markets also performed well, with indices like Germany's DAX and France's CAC rising by 0.20% and 0.56%, respectively, suggesting a rotation of global capital from the U.S. to non-U.S. markets [3][4] Group 3 - Baidu's AI chip, Kunlun, has replaced 90% of NVIDIA GPUs in training its Wenxin large model and secured nearly $1.5 billion in orders from China Mobile, leading to a valuation increase from 13 billion to 21 billion [11] - Baidu's AI business has shown significant growth, with new AI business revenue accounting for 37% of total revenue in the first three quarters of 2025, and daily calls for the Wenxin model exceeding 1 billion [11] - The company's autonomous driving platform has achieved profitability in 20 cities, further solidifying its position as more than just an advertising company [11]

Core Viewpoint - Baidu has officially announced the plan for the independent listing of Kunlun Chip Technology on the Hong Kong Stock Exchange, marking a significant event in the domestic AI computing power sector [2] Group 1: Motivations Behind the Spin-off - The first strategic motivation is value reassessment, as Baidu has been perceived primarily as an "internet advertising" platform, which suppresses its valuation in the AI sector. By spinning off Kunlun Chip, Baidu aims to enjoy a higher valuation premium as a tech company [3] - The second motivation is independent development, allowing Kunlun Chip to become a standalone AI chip supplier, which will help expand its customer base beyond Baidu's ecosystem [3] - The third motivation is independent financing, as chip development is capital-intensive. An independent listing will enable Kunlun Chip to secure more funding for its research and development [3] - The fourth motivation is leveraging the Hong Kong capital market to enhance Kunlun Chip's brand recognition and potentially open up international markets [4] Group 2: Kunlun Chip's Strengths - Kunlun Chip is positioned as a critical component of Baidu's AI strategy and is one of the few domestic AI chips that can compete with international giants in specific scenarios. Its overall valuation reached approximately 21 billion yuan by 2025 [5] - The performance of Kunlun Chip, particularly the P800 series, is noteworthy, achieving a FP16 computing power of 345 TFLOPS, which is more than double that of Nvidia's H20 chip tailored for the Chinese market [6] - Kunlun Chip has successfully secured large orders, including a 10 billion-level AI computing device procurement from China Mobile, indicating its transition from experimental phases to large-scale production [6] Group 3: Challenges and Concerns - One major concern is the ecological barrier, as Kunlun Chip faces challenges in migrating customers from Nvidia's established software ecosystem, which complicates the transition for enterprises [7] - Another issue is customer dependency, as significant orders currently come from government procurement and Baidu, raising questions about acquiring more clients in a fully market-driven environment [7] - Supply chain vulnerabilities exist, particularly with high-end chips relying on TSMC for manufacturing. Potential restrictions on TSMC's services to domestic companies could hinder Kunlun Chip's production capabilities [7] - The financial aspect is also concerning, as Kunlun Chip is projected to have a revenue of nearly 2 billion yuan in 2024 but will incur a net loss of about 200 million yuan, highlighting the high costs associated with AI chip development [8] Group 4: Implications for Baidu and the Industry - The spin-off of Kunlun Chip is seen as a pivotal move for Baidu, marking the beginning of its transition away from an advertising-centric model. A successful IPO would solidify Baidu's position in the "computing power infrastructure" sector [9] - If Kunlun Chip achieves a high valuation upon listing, it could significantly boost confidence in the domestic AI chip industry and potentially trigger a new wave of IPOs in the hard tech sector [9] - Overall, this move is a demonstration of Baidu's capabilities in both application-level internet services and foundational hard tech development, despite the competitive and ecological challenges ahead [10]

Group 1: Chinese Assets Performance - On the first trading day of 2026, Chinese assets saw a significant rise, with the Hang Seng Index increasing by 2.76% and the Hang Seng Tech Index soaring by 4.00% [1] - The Nasdaq Golden Dragon Index also performed well, rising by 4.38%, driven by major tech companies like Baidu, Alibaba, and Bilibili [1] - The surge was primarily fueled by developments in AI and chips, including Baidu's announcement of spinning off its AI chip company Kunlun for a Hong Kong listing, igniting market enthusiasm for domestic AI computing power [1] Group 2: Global Market Dynamics - In contrast to the Asian markets, the US and European markets exhibited mixed performance, with US chip stocks led by Nvidia and AMD showing strength, while Tesla's decline due to lower delivery volumes negatively impacted overall market sentiment [3] - Micron Technology's stock surged by 10.51%, reaching a historical high, indicating strong demand for semiconductors driven by AI [3] - European markets reached historical highs, with the FTSE 100 index surpassing 10,000 points and the Stoxx Europe 600 index rising by 0.7%, particularly boosted by automotive and tech stocks [3] Group 3: Electric Vehicle Market Shift - BYD achieved a significant milestone in 2025, with pure electric vehicle sales reaching 2.26 million units, a year-on-year increase of nearly 28%, surpassing Tesla to become the global leader in electric vehicle sales [5] - Tesla's global delivery volume in 2025 was 1.636 million units, reflecting a year-on-year decline of approximately 8.6%, marking the second consecutive year of sales decline [5] - This shift highlights the changing competitive landscape in the global electric vehicle market, with Chinese brands leveraging scale and cost advantages [5] Group 4: Consumer Price Trends - A pilot program for prize invoices was launched by the Ministry of Finance, the Ministry of Commerce, and the State Taxation Administration, aimed at encouraging consumers to request invoices and injecting vitality into the consumption market [7] - However, there are warnings of a potential price increase for essential goods starting January 2026, driven by factors such as decreased winter vegetable production, rising grain prices due to international supply fluctuations, and increased costs for daily necessities and pharmaceuticals [8] Group 5: Investment Themes - The market performance at the start of 2026 outlines two main investment themes: hard technology and policy-driven consumption [9] - Hard technology sectors, including AI computing, commercial aerospace, and humanoid robotics, are expected to benefit from global technological competition and domestic policy support [9] - Policy dividend areas such as power grid construction, new energy, and high-end manufacturing are also gaining attention due to strong industrial demand and financial investments [9]