Group 1 - The Chinese government is implementing a series of policies to boost consumption and stabilize investment ahead of 2026, including a significant funding allocation for consumer goods replacement programs [1][2] - A total of approximately 295 billion yuan has been allocated for early-stage construction projects and central budget investments to facilitate the transition between 2025 and 2026 [2][3] - Major infrastructure projects have been approved, including new airports and water resource projects, with total investments exceeding 400 billion yuan, aimed at enhancing the modern infrastructure system [2][3] Group 2 - The National Venture Capital Guiding Fund has been launched with an initial investment of 100 billion yuan, expected to attract over one trillion yuan in total investment, focusing on sectors like integrated circuits and quantum technology [4] - The domestic chip industry is rapidly adapting to various applications, with significant growth potential in AI computing power chips, supported by advancements in cluster interconnection technologies [5] - The low-altitude economy is expanding, with the number of agricultural drones exceeding 300,000 and significant growth in their application across various sectors, indicating a promising investment outlook [6]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 时间： 2026 年 1 月 1 日 致： 每一位与晶格对话、同炉火守夜的你 此刻的朋友圈，正上演着一场无声的对照。 一边，是岁末年初的各种盘点与展望 —— 摩尔线程、沐曦的年度成绩单被反复刷屏， " 硬科技典范 " 的标签在字里行间闪耀；关于长鑫存储正式提交 IPO 材料的新闻下， " 五千亿估值预期 " 成为热议的焦 点；商业航天、具身智能的年度突破汇总，裹挟着人们对未来的无限想象，在指尖传递。那是一个被光 环、预期与无限可能包裹的世界，喧闹而沸腾。 而另一边，是我们。 是跨年夜仍守在扫描电镜前，等待最后一组表征数据的你； 是在元旦清晨走进车间，检查假期中设备运行状态的你； 是手握一份沉甸甸的、需要 " 再打磨三年 " 的技术方案，不知如何向家人解释为何依然忙碌的你； 也是在某个瞬间，被窗外喧嚣映照出几分孤独与困惑的我。 2026 年的阳光已然照进，但有些温度，需要穿越更厚重的云层。那一刻，一个无声的问题在寂静中格 外清晰： " 当世界在用代码和资本加速狂奔时，我们这些与原子和炉温打交道的人，手中紧握 ...

"千言万语汇成一句话——" 这是他在2025年的年末，为自己一年的投资，所做的"总结"。 小高说他"只看结果"——投资赚不赚钱。显然，在2025年，他获得了满意的结果。这就是他朴素的"获 得感"。 基民小高说到这里，故意拖长了声调，停顿了下，而后缓缓吐出三个字： "赚钱了！" 小高的"满意"是如何实现的？ 小高的"千言万语汇成一句话"背后，是资本市场在2025年的巨大变化，是公募基金行业在2025年的全新 改变。 "这一年的市场，让人很兴奋" 小高说，这一年的资本市场，让他感觉"很兴奋"。 当下，人的记忆，对于很多事情已经相当"麻木"，但是，对于重大事件的记忆，有时候却尤为深刻。 小高的兴奋，从春节期间的人形机器人、DeepSeek开始。在他的记忆里，2025年，市场开启了全新的 主线：硬科技！ 小高的兴奋很"克制"，这也让他的获得感来得很扎实："一个人不可能都买到最好的基金，先要能赚 钱，再看赚多赚少。" 小高的获得感，很真实，也颇有思辨和哲理。 "这就是高质量！" 资本市场的赚钱效应，自然是基金产品收益的源头活水，同样对小高的获得感影响巨大的，还有基金行 业在2025年的新变化。 小高说，2025年，基金 ...

在长三角腹地的常熟市海虞镇，一座曾以传统制造为主的苏南小镇，正悄然崛起为硬科技企业集聚的新高 地。 这里没有一线城市密集的资本与人才光环，却凭借海虞镇经济发展科技服务团队和一套"创业者服务创业 者"的务实理念，吸引了一批专注新材料、新能源、医疗器械等前沿领域的高科技项目落地生根。 他们中有的致力于打破国外垄断的氢燃料电池核心材料国产化，有的聚焦口腔医学修复材料出海东南亚，还 有的用轻量化泡沫技术撬动风电与低空经济新蓝海。这一切的背后，离不开海虞科创政策和启迪之星(常熟)这 一"县域创新加速器"的深度赋能。从"一粒胶"到"一片林"，海虞镇正以"小切口"撬动"大产业"，书写着中国县 域经济从"跟跑"迈向"领跑"的新范式。 硬核企业扎堆落户：从"卡脖子"技术到国际赛道 走进海虞镇新材料协同创新谷，层高5米多、单层千平方米的现代化厂房里，多家硬科技企业正紧锣密鼓调试 设备、推进量产。其中，上海派行新能源科技有限公司的研发团队已在此扎根三年。作为国内少数掌握氢燃 料电池气体扩散层核心技术的企业，其自主研发的仿生多孔碳纤维材料，实现了纳米级孔结构的均匀可控， 良品率突破99%，性能甚至略优于韩国进口产品，而成本却控制在每 ...

Group 1 - China's economy is expected to maintain steady growth in 2025, successfully achieving annual targets, with strong momentum continuing into 2026 driven by new consumption, enhanced production capabilities, and a solid export position in global supply chains [1] Group 2 - New consumption is set to expand and improve, with policies aimed at boosting domestic demand, including increased quotas for trade-in programs and an expanded range of supported products, leading to over 2.5 trillion yuan in sales benefiting more than 360 million people in 2025 [2] - The shift in consumer trends towards value-for-money and emotional value is notable, with experiential consumption in areas like culture, travel, and fitness driving growth [2] - AI is enhancing both online and offline retail experiences, with innovations like instant retail and smart shopping becoming more prevalent, expected to lead to deeper integration and quality improvements in consumption by 2026 [3] Group 3 - Core technology breakthroughs are reshaping industrial advantages, with advancements in AI, semiconductors, and commercial aerospace expected to drive high-quality upgrades in various sectors [4] - The renewable energy sector is projected to expand significantly, with an expected addition of over 20 million kilowatts of wind and solar power capacity by 2026, contributing to energy structure optimization and carbon peak goals [4] - The digital transformation of manufacturing is advancing, with a penetration rate of 68% in 2025, leading to efficiency improvements of over 25% in key industries [4] Group 4 - Export resilience is anticipated, with a focus on diversifying markets and consolidating China's leading position in global supply chains [6] - The reduction of tariff uncertainties is expected to stabilize trade with the U.S., while high-value, green products are becoming key growth drivers, with electric vehicle exports reaching 3.01 million units in 2025, a 62% increase [7] - China's trade with Belt and Road Initiative countries accounted for over 50% of exports in 2025, indicating a strong foundation for non-U.S. trade [7] - Continued high-level openness and trade innovation are expected to strengthen global supply chain positions, with rapid growth in cross-border e-commerce and digital technologies reducing trade costs [8]

Core Viewpoint - The competition landscape for IPO underwriting in the A-share market has solidified, with leading brokerages maintaining a stronghold while smaller firms carve out niches in specific segments [1] Group 1: IPO Underwriting Landscape - The top five brokerages accounted for approximately 50% of the total IPO underwriting in 2025, indicating a high concentration in the industry [1] - The leading brokerages in IPO underwriting for 2025 are Guotai Junan (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [1] Group 2: Science and Innovation Board - The Science and Innovation Board (STAR Market) raised a total of 633.71 billion yuan, nearly half of the total IPO fundraising for the year, highlighting its significance for financing technology and emerging industries [2] - CITIC Securities led the STAR Market with an underwriting scale of 168.95 billion yuan, capturing a market share of 44.64% [2] - Notable projects such as Moore Threads contributed significantly to CITIC Securities' underwriting scale, while Huatai United's project with Muxi Co. accounted for 92% of its STAR Market underwriting [2] Group 3: Growth in Other Markets - In the Growth Enterprise Market (GEM), Guotai Junan and China Merchants Securities showed a strong advantage, followed closely by CITIC Securities, Shenwan Hongyuan, and CICC [4] - The top five brokerages for GEM IPO underwriting in 2025 were Guotai Junan (6), China Merchants Securities (4), CITIC Securities (3), Shenwan Hongyuan (3), and CICC (2) [4] Group 4: North Exchange Market - The North Exchange Market continued to focus on serving innovative small and medium-sized enterprises, with the top five brokerages being China Merchants Securities, Huatai United, Dongfang Securities, Guotou Securities, and Guojin Securities [6] Group 5: Regulatory Environment - The China Securities Association's evaluation of securities firms' investment banking quality in 2025 showed that 12 firms received an A rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management [7] - The shift of over half of last year's A-rated firms to B or C ratings reflects the dynamic optimization of the evaluation system and the ongoing trend of strict regulation and compliance in the securities industry [7] Group 6: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a steady growth pace and structural optimization, particularly in the dual innovation sector [9] - Hard technology companies in fields such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are anticipated to increase their presence in the capital market [9] - The competition among brokerages is expected to intensify, with a focus on serving technological innovation and industrial upgrades, as well as the evolving competitive landscape between leading firms and niche players [9]

Group 1 - The core viewpoint of the articles highlights the accelerated influx of insurance capital into the primary market, driven by regulatory guidance and a low-interest-rate environment, with insurance institutions contributing significantly to private equity funds [1][2] - In 2025, insurance institutions contributed a total of 1,097.56 billion yuan to private equity funds, marking a 55.85% increase compared to the same period in 2024 [1] - The top three insurance companies in terms of contributions to private equity funds in 2025 were China Pacific Life Insurance (205.99 billion yuan), Ping An Life Insurance (150 billion yuan), and Sunshine Life Insurance (114.88 billion yuan) [2] Group 2 - Insurance capital's participation in the primary market is facilitated through various investment methods, including fund-of-funds, direct investment funds, and proprietary capital [3] - In the first half of 2025, insurance asset management institutions registered equity investment plans totaling approximately 268 billion yuan, reflecting a year-on-year growth of 188% [3] - The significant performance of insurance capital in the primary market is attributed to three main factors: the need to address "asset scarcity," supportive regulatory policies, and the natural alignment of insurance capital characteristics with equity investments [3] Group 3 - Insurance capital is primarily directed towards future industries and new productive forces, promoting a shift towards more rational and patient value investing in the market [4] - Notable investments include a 50 billion yuan fund initiated by China Life Asset Management focused on hard technology, and a 100 billion yuan fund established by PICC aimed at modernizing industrial systems [4][5] - Insurance capital is characterized as "patient capital," favoring long-term investments in sectors aligned with national strategies, such as hard technology, AI, and healthcare [5] Group 4 - Despite the growing scale of insurance capital investments, not all general partners (GPs) are favored; insurance capital has stringent requirements for GP selection based on management scale, historical performance, and team capabilities [6] - Preferred GPs include those with insurance or state-owned backgrounds, as well as top-performing market-oriented GPs [6] - The collaboration between insurance capital and GPs is influenced by the need for alignment in long-term interests and risk management strategies [6][7]

Group 1 - The core viewpoint of the article highlights the competitive landscape of the IPO market in A-shares for 2025, indicating that leading brokerage firms maintain a strong position while smaller firms find opportunities in niche segments [1] - The top five brokerage firms accounted for nearly half of the total IPO projects in the market, reflecting a high concentration in the industry [1][4] - The dual innovation board is identified as a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total [4] Group 2 - In the 2025 A-share IPO underwriting rankings, CITIC Securities led with 270 projects, followed by Guotai Junan with 19 projects, and CITIC Jianou with 12 projects [2] - For the Sci-Tech Innovation Board, CITIC Securities dominated with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share [4][5] - The top five underwriters for the Growth Enterprise Market included Guotai Junan and China Merchants Securities, with underwriting amounts of 57.61 billion yuan and 45.46 billion yuan, respectively [6] Group 3 - The Beijing Stock Exchange continued to enhance its service for innovative small and medium-sized enterprises, adding 26 new companies to the market in 2025 [7] - The leading underwriters for the Beijing Stock Exchange included China Merchants Securities and Huatai United, with underwriting amounts of 192 million yuan and 14.78 million yuan, respectively [8] Group 4 - The regulatory environment remains stringent, with the China Securities Association publishing the 2025 evaluation results for securities firms' investment banking business quality, reflecting a dynamic optimization of the evaluation system [9][10] - A total of 12 brokerage firms received an A-class rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management capabilities [10] Group 5 - Looking ahead to 2026, the IPO market is expected to remain active with a steady growth rhythm, characterized by structural optimization and an increase in financing for dual innovation enterprises [11][12] - The focus will be on hard technology sectors such as semiconductors, artificial intelligence, and biomedicine, with an anticipated increase in the number of listings from companies in these fields [12]

Core Insights - The establishment of the National Venture Capital Guidance Fund marks a historic moment for the venture capital industry, with a core funding of 100 billion yuan aimed at leveraging trillions in social capital, focusing on early-stage investments in hard technology [1][5] Fund Structure and Operations - The National Guidance Fund operates under a three-tier structure: Fund Company, Regional Funds, and Sub-Funds, ensuring precise allocation of funds to innovation sources [3] - The three regional funds include: - Beijing-Tianjin-Hebei Fund with approximately 29.646 billion yuan managed by CICC Capital - Yangtze River Delta Fund with approximately 47.1 billion yuan managed by State Investment Corporation - Guangdong-Hong Kong-Macau Greater Bay Area Fund with approximately 45.05 billion yuan managed by Shenzhen Capital Group [3] Investment Guidelines - The fund has a 20-year duration, including a 10-year investment period and a 10-year exit period, aligning with the long development cycles of hard technology [4] - 70% of the funds will be directed towards seed and early-stage companies, with target valuations not exceeding 500 million yuan and individual investments capped at 50 million yuan [4] - Focus areas include integrated circuits, artificial intelligence, aerospace, low-altitude economy, biomanufacturing, and quantum technology, aligning with the "14th Five-Year Plan" for emerging industries [4] Industry Impact and Trends - The launch of the National Guidance Fund is expected to reshape the venture capital industry by addressing the financing challenges faced by early-stage hard technology projects, with significant capital influx anticipated [5] - Specific sectors such as equipment materials in integrated circuits, AI computing chips, and cell therapy in biomedicine are expected to receive concentrated funding support [6] - Companies like Moore Threads and Huawei are anticipated to drive valuation recovery and financing booms in the computing chip sector [7] Future Outlook - The year 2026 is projected to be a pivotal period for entrepreneurs, with opportunities to leverage policy benefits and focus on core technological breakthroughs [7] - The fund's launch is seen as a vital source of liquidity for the venture capital industry and a key engine for cultivating new productive forces, marking the beginning of a golden era for early-stage hard technology investments [7]

转自：新华财经 新华财经北京12月31日电（记者费杨生、刘玉龙）12月31日，A股2025年交易收官，上证指数报收3968.84点，全年涨超18%。在改革不断深化、政策连续发 力等综合因素推动下，我国资本市场韧性和抗风险能力明显增强，在提升市场内在稳定性、"长钱长投"制度刚性、支持创新的包容性等方面取得长足进展。 紧扣"持续深化资本市场投融资综合改革"的重点任务，2026年资本市场改革发展仍将在"稳""长""新"等方面寻求新突破，有效发挥市场功能，增强市场吸引 力和竞争力，更好助力"十五五"经济高质量发展开好局、起好步。 "稳"：筑牢制度根基，提升内在稳定性 资本市场稳定是市场功能更好发挥的基础，关乎亿万投资者切身利益，也关乎社会预期和信心。2025年，面对多重风险挑战交织叠加的严峻考验，资本市场 以制度筑基，进一步固本培元，推动市场稳定性显著提升。 "长"：培育耐心资本，优化投资生态 稳市场的体制机制进一步完善。在强化宏观政策取向一致性的指引下，跨部门协作机制更加顺畅，优化两项支持资本市场的货币政策工具、扩围金融资产投 资公司股权投资试点……政策"组合拳"效能得到更大发挥。 稳市场的投资机构合力显著增强。中 ...