中证报中证网讯（记者 赵中昊）伴随着蘅东光、新广益成功登陆资本市场，2025年A股IPO收官，券商 IPO竞争格局落定。总体看，头部券商稳固领先，中小券商细分赛道突围。从核心业务指标来看，行业 集中度高企态势持续，Wind数据显示，前5名券商合计承销IPO项目64家，占全市场承销家数约五成。 券商差异化竞争格局日益凸显。Wind数据显示，双创板块是IPO支持科技与新兴产业融资的核心载体， 合计募资633.71亿元（按发行日口径，下同），占全年IPO募资总额近一半，成为券商必争之地。其 中，科创板依旧呈现头部集中态势，中信证券以168.95亿元承销规模、44.64%的市场份额领跑所有券 商。明星科技企业的标杆拉动效应再度彰显，其中摩尔线程单项目即为中信证券贡献近72亿元承销规 模；华泰联合承销的沐曦股份项目规模近42亿元，占其科创板承销业务总规模的92%。 据Wind数据，北交所持续深化服务创新型中小企业的核心定位，承销排名前五的券商依次为招商证 券、华泰联合、东方证券、国投证券、国金证券。 近日，中国证券业协会2025年证券公司投行业务质量评价结果公布，12家券商获得A类评价，较去年增 加1家。其中，国泰海通 ...

Group 1 - The A-share market demonstrated resilience by achieving an 11-day consecutive upward trend in the Shanghai Composite Index, indicating strong market momentum as 2025 comes to a close [1] - The commercial aerospace sector and other technology assets continue to show strength, providing guidance for early 2026 market trends [1][4] - Large-cap blue-chip stocks, such as Agricultural Bank of China and China Petroleum, remain robust, with China Petroleum benefiting from significant share buybacks, attracting various funds [2][5] Group 2 - Resource sector leaders, like Zijin Mining, have become active following better-than-expected earnings forecasts, setting a positive tone for A-share annual reports and early 2026 investment directions [3] - The commercial aerospace sector rebounded after a brief pause, with stocks like Aerospace Electronics hitting their limits, reflecting momentum funds' confidence in the technology industry [3][4] - The December PMI data revealed a 1.4 percentage point increase in new export orders, showcasing the resilience of China's economy and enhancing expectations for the A-share market in 2026 [4][5]

Core Viewpoint - The company, BeiGene, is a leading global innovator in cancer treatment, focusing on developing innovative anti-tumor drugs to enhance accessibility and affordability for cancer patients [2]. Financial Performance - For the period from January to September 2025, BeiGene achieved a revenue of 27.595 billion yuan, representing a year-on-year growth of 44.21% [7]. - The net profit attributable to the parent company was 1.139 billion yuan, showing a significant year-on-year increase of 130.88% [7]. - As of September 30, 2024, overseas revenue accounted for 62.85% of the total revenue, benefiting from the depreciation of the Chinese yuan [3]. Market Activity - On December 31, BeiGene's stock price decreased by 1.25%, with a trading volume of 358 million yuan and a turnover rate of 1.15%, resulting in a total market capitalization of 413.826 billion yuan [1]. - The main capital flow showed a net outflow of 54.6938 million yuan for the day, with a continuous reduction in main capital over the past three days [4][5]. Shareholder Information - As of September 30, 2025, the number of shareholders for BeiGene was 36,200, an increase of 55.33% compared to the previous period [7]. - The average number of tradable shares per shareholder was 3,195, which decreased by 35.79% from the previous period [7]. - Notable changes in institutional holdings include a decrease in shares held by major shareholders such as China Europe Medical Health Mixed A and a new entry by Hong Kong Central Clearing Limited [8]. Technical Analysis - The average trading cost of BeiGene's shares is 287.32 yuan, with recent reductions in holdings, although the pace of reduction has slowed [6]. - The current stock price is near a support level of 267.83 yuan, which is critical for potential rebound; a drop below this level may trigger a downward trend [6].

提高政治站位，把准服务大局的方向。全会强调"加快高水平科技自立自强，引领发展新质生产力"，为 江苏高投集团及旗下江苏省战略性新兴产业母基金的发展明确了方向。我们将以全会精神为根本指引， 聚焦我省"51010""1650"及"10+X"产业蓝图，通过专业化基金运作，把资本精准配置到集成电路、人工 智能、生物医药等关键核心技术与前沿领域，将服务国家和地方战略的要求融入投研实践，在服务全省 现代化产业体系建设中扎实履行使命。 聚焦主责主业，以金融赋能新质生产力。全会强调"坚持把发展经济的着力点放在实体经济上"，并将战 略性新兴产业和未来产业作为发展新质生产力的主阵地。服务于江苏省战略性新兴产业母基金，我们将 深化产业研究，紧密跟踪人工智能、生物医药、新能源等前沿领域的技术趋势与市场演变，为基金的布 局提供决策支持；优化投研体系，加强对项目的深度分析与全周期跟踪，着力评估其技术突破潜力与产 业链协同价值，促进科技创新与省内产业需求高效对接；筑牢风控底线，在支持创新突破的同时，加强 对宏观形势、行业波动、企业运营及技术风险的研判，为基金风险管控提供预警与资金安全防控依据， 确保金融运作稳健安全，实现促进产业发展与保障金 ...

Group 1 - The Sichuan Social Security Science and Technology Innovation Fund has a total scale of 50 billion yuan, with an initial scale of 20 billion yuan, aimed at supporting key core technology breakthroughs and the transformation and industrialization of scientific achievements [1][2] - The fund will focus on Sichuan's advantageous industries and strategic emerging industries, serving the Chengdu-Chongqing economic circle and radiating to key regions nationwide [1] - The establishment of the fund is a significant measure to implement the national science and technology finance strategy, with plans to set up similar funds in provinces with strong innovation capabilities and good venture capital foundations [1] Group 2 - The fund adopts a diversified funding system and implements a "two-tier, joint management" model, enhancing the voice of investors while ensuring precise and efficient investments [2] - A "racehorse" mechanism for fundraising will be established, dynamically adjusting the fund management quota based on performance assessment results [2] - Risk prevention measures include decision-making supervision mechanisms and improved systems for fund custody, post-investment management, and information disclosure [2]

Core Insights - The article reflects on the rapid changes and significant events that have shaped the world over the past 25 years, highlighting the acceleration of technological advancements and the disruption of established norms and values [2][3][4]. Group 1: Technological Advancements - The emergence of generative artificial intelligence, along with advancements in biomedicine, quantum communication, and brain-machine interfaces, signifies a transformative period in human technology [3]. - These advancements are leading to a "surge" in scientific and technological achievements, suggesting a potential elevation of human civilization to a new level [3]. Group 2: Societal and Economic Challenges - The acceleration of change brings both excitement and anxiety, particularly regarding the future and the stability of established norms [4]. - The article discusses the structural challenges facing the economy, including shifts in industry structure, debt rates, and external environments, which require new development models [4]. Group 3: Individual and Collective Action - The article emphasizes the importance of individual action in addressing societal anxieties and improving expectations, suggesting that change must come from proactive choices rather than reliance on external factors [5][6]. - It highlights the need for individuals across various sectors to engage actively in shaping their futures, reinforcing the idea that personal agency is crucial in navigating the complexities of modern life [5][6].

本报记者 毛艺融 12月30日，6只新股在港交所挂牌上市，涵盖人工智能制药、数字孪生科技、预制钢结构、高端美妆、数据基础设施及家 用机器人等领域。 回顾2025年，港股市场在一级和二级市场均表现强劲。除了股指上涨，2025年港股在制度建设和市场结构上也取得重要进 展，包括IPO机制重大改革、开通"科企专线"等，不仅吸引了更多优质科技企业，也推动国际长线资金、南向资金等增量资金 流入。 展望2026年，机构对港股趋势态度乐观。中信证券认为，2026年，港股将迎来第二轮估值修复，恒生指数和恒生科技的动 态PE分别有望扩张5%和10%，全年节奏预计为先稳后升。 交投活跃度显著提升 今年以来，港股市场交投活跃。港交所官网数据显示，2025年11月底，香港证券市场市价总值为48万亿港元，较去年同期 （34万亿港元）增长41%。2025年前11个月的平均每日成交金额为2558亿港元，较去年同期（1309亿港元）增长95%，港股流 动性显著改善。 南向资金成为港股市场的重要增量资金。Wind资讯数据显示，截至12月30日，年内南向资金净买入总额达1.40万亿港元， 成为港股市场最重要的流动性支撑。 随着优质企业接连上市，港 ...

Core Viewpoint - The Sichuan Social Security Science and Technology Innovation Fund, with a total scale of 50 billion yuan, aims to support key technological advancements and the transformation of scientific achievements in Sichuan and the Chengdu-Chongqing economic circle [1] Group 1: Fund Overview - The total scale of the Sichuan Social Security Science and Technology Innovation Fund is 50 billion yuan, with an initial phase of 20 billion yuan [1] - The fund is co-established by the National Social Security Fund Council, Jianxin Investment Company, Sichuan Science and Technology Group, Sichuan Revitalization Group, and Chengdu Industrial Investment Group, contributing proportionally [1] Group 2: Investment Focus - The fund will primarily invest in key industries within Sichuan, including artificial intelligence, low-altitude economy, biomedicine, and software and information services, which are characterized by strong technological attributes and high growth potential [1] - The objective is to promote deep integration of technological innovation and industrial innovation, accelerating the cultivation of new productive forces [1]

Core Viewpoint - Baili Tianheng announced a share buyback plan with a total amount between 100 million and 200 million yuan, with a maximum buyback price of 546.00 yuan per share, which is 69.22% higher than the current price of 322.66 yuan, reflecting a strategy to stabilize stock prices [1] Group 1: Company Overview - Baili Tianheng Pharmaceutical Co., Ltd. is located in Chengdu, Sichuan Province, and was established on August 17, 2006, with its listing date on January 6, 2023 [1] - The company specializes in the research, production, and sales of pharmaceuticals, with its main business revenue composition being 99.57% recognized at a specific point in time and 0.43% recognized over a period [1] - The company belongs to the pharmaceutical and biological industry, specifically in chemical pharmaceuticals and preparations, and is involved in concepts such as anti-cancer drugs and innovative medicines [1] Group 2: Financial Performance - As of September 30, 2025, Baili Tianheng reported a revenue of 2.066 billion yuan, a year-on-year decrease of 63.52%, and a net profit attributable to shareholders of -495 million yuan, a year-on-year decrease of 112.16% [2] - The number of shareholders increased by 25.08% to 5,979, while the average circulating shares per person decreased by 20.05% to 17,208 shares [2] Group 3: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included notable funds such as China Europe Medical Health Mixed A, which held 3.7019 million shares, a decrease of 577,800 shares from the previous period [3] - Other significant shareholders included Hong Kong Central Clearing Limited and various ETFs, with notable reductions in holdings, indicating a shift in institutional investment [3]

Group 1 - The company plans to repurchase shares through centralized bidding, with a total amount between 15 million and 30 million yuan, and a maximum repurchase price of 25.32 yuan per share, which is 58.75% higher than the current price of 15.95 yuan [1] - The company has seen a cumulative stock price increase of 24.87% this year [1] - The company specializes in the research, production, and sales of disposable plastic consumables for biological laboratories, with main business revenue composition being 60.24% from liquid handling, 30.74% from biological culture, and 4.98% from other sources [1] Group 2 - As of September 30, the number of shareholders increased by 5.43% to 8,274, while the average circulating shares per person decreased by 5.12% to 16,959 shares [2] - For the period from January to September 2025, the company achieved operating revenue of 398 million yuan, a year-on-year increase of 1.88%, and a net profit attributable to shareholders of 57.29 million yuan, a year-on-year increase of 14.22% [2] - The company has distributed a total of 152 million yuan in dividends since its A-share listing, with 30.06 million yuan distributed over the past three years [3]