每经评论员叶晓丹 要说2025年一、二级资本市场最火热的赛道，人形机器人当仁不让。而王兴兴，则是人形机器人行业中 火线崛起的科技新贵。 时代叙事正在从"流量江湖"向"硬核创新"转换，王兴兴迎来了行业发展的世纪风口。宇树科技乘风而 上，但也遭致诸多质疑：G1机器人的"回旋踢"一度被质疑是AI(人工智能)合成；全球首届人形机器人半 程马拉松，宇树机器人在起跑线上摔倒，又迎来一波汹涌舆论。 有人说"欲戴王冠，必承其重"。极速的跃升，不论是对王兴兴还是对宇树科技，都是巨大的考验。而王 兴兴的底色中，仍葆有对技术自研的执着和热忱。他曾说："身处快时代，我宁可慢一点，也不去走捷 径、抄近路。我还是愿意下笨功夫，坚持自主研发。" 拿下四足机器人市场全球70%的份额后，王兴兴加码了人形机器人软硬件生态的布局。2025年，宇树科 技先后推出Unitree R1和H2人形机器人，进一步丰富了通用人形产品矩阵。在生态构建上，宇树科技积 极投身开源生态，推动具身智能和机器人技术的创新与协作。 王兴兴给当下"硬科技"创业公司打了一个很好的样板——以高性价比的硬科技产品，征战全球化市场。 硬科技公司不只是追求技术参数的极致，而且是构建" ...

目前，600家科创板企业总市值超10万亿元，IPO募集资金9557亿元，再融资募集资金2139亿元，合计 超1.1万亿元。 12月30日，随着强一股份在科创板上市，科创板上市公司数量达600家。 本文来源：中国证券报 作者：黄一灵 一直以来，科创板持续进行制度优化，支持更多特殊类型的"硬科技"企业上市。据统计，截至目 前，科创板共支持60家未盈利企业、9家特殊股权架构企业、7家红筹企业、22家第五套标准上市 企业、1家转板企业上市，其中22家未盈利企业在上市后实现盈利并"摘U"。科创成长层企业合计 38家，其中摩尔线程、沐曦股份、禾元生物等6家企业为新注册入层企业。 22家第五套标准上市企业中，已有21家公司的48款药物或疫苗产品上市销售，另1家已提交产品上 市申请，9家公司上市后实现首次盈利已"摘U"。 目前，600家科创板企业总市值超10万亿元，IPO募集资金9557亿元，再融资募集资金2139亿 元，合计超1.1万亿元。600家公司中有389家公司入选国家级专精特新"小巨人"企业名录，65家公 司被评为制造业"单项冠军"示范企业，49家公司主营产品被评为制造业"单项冠军"产品，合计（去 重后418家）占 ...

Core Insights - The capital markets in China are experiencing a vibrant end-of-year surge, with significant IPO activity in both A-shares and Hong Kong stocks, reflecting a positive outlook for 2025 [1][2] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, raising a total of 131.77 billion yuan, marking a 95.64% increase compared to the previous year [4][5] - The A-share IPO market is characterized by a focus on "hard technology," with notable companies like Moer Technology and Muxi leading the way [4][6] - The top IPOs included Huadian New Energy, which raised 18.17 billion yuan, followed by Moer Technology and Xian Yicai, with 8 billion yuan and 4.64 billion yuan respectively [5] Hong Kong Market - The Hong Kong IPO market thrived in 2025, with 117 new listings raising a total of 285.69 billion HKD, a 220% increase year-on-year, making it the top global fundraising venue [8][9] - Eight major IPOs contributed significantly to this total, including Ningde Times, which raised 41.01 billion HKD, accounting for nearly half of the total fundraising [9][10] - The market saw a low first-day loss rate of 27.35%, the lowest in five years, indicating strong investor confidence [10] Regulatory and Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust market environment, with a focus on technology and innovation [11][12] - The Chinese government has implemented various measures to enhance the appeal of the capital markets, including the establishment of a growth tier on the Sci-Tech Innovation Board [11][12] - The influx of international capital and the increasing participation of domestic investors are reshaping the investor landscape in Hong Kong [13][17] Future Outlook - Expectations for 2026 are optimistic, with projections of continued growth in both A-share and Hong Kong IPO markets, driven by a focus on quality and structural improvements rather than sheer volume [15][16] - The Hong Kong market is anticipated to see around 160 new IPOs, with significant contributions from technology and media sectors [15][16]

导语 "吸引更多的资本、人才等要素向硬科技产业集中。" 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募集 资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 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，600家企业集聚科 创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促进、 共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投身于核 心技术研发和创新。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端装备、新能源、新材料、节能环保等高新 技术产业和战略性新兴产业。其中，有389家公司入选国家级专精特新"小巨人"企业名录，65家公司被 评为制造业"单项冠军"示范企业，49家公司主营产品被评为制造业"单项冠军"产品，合计（去重后418 家）占板块公司总数的70%。 （2019年至今科创板公司家数及IPO募资规模） 在多元包容的发行上市条件之下，科创板已支持60家未盈 ...

Core Viewpoint - The A-share market showed mixed performance on December 30, with the Shanghai Composite Index experiencing a low opening but rebounding to record ten consecutive gains, while the total market turnover reached 2.16 trillion yuan. Market Performance - The Shanghai Composite Index opened lower but rebounded, achieving ten consecutive days of gains [1] - The total market turnover was 2.16 trillion yuan [1] - The CSI A500 Index rose by 0.3%, the CSI 300 Index increased by 0.3%, the ChiNext Index went up by 0.6%, and the STAR Market 50 Index climbed by 1.0% [1] - The Hang Seng China Enterprises Index increased by 1.1% [1] Sector Performance - The human-like robots, ice and snow tourism, and embodied intelligence sectors saw significant gains [1] - The Hainan Free Trade Port, photovoltaic glass, and commercial aerospace sectors experienced notable declines [1] - In the Hong Kong market, the semiconductor, oil and petrochemical, and non-ferrous metals sectors strengthened, while the pharmaceutical and consumer sectors weakened [1]

Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]

Group 1 - The core focus of the Sci-Tech 200 Index is on small-cap, high-growth companies, specifically those ranked 151-350 in market capitalization on the Sci-Tech Board, targeting hard technology firms with a market cap below 100 billion [1] - The index has a balanced industry distribution, with 31% in electronics, 18% in pharmaceuticals, 13% in machinery, and 8% in chemicals, highlighting significant overexposure in high-end manufacturing sectors [3] - The concentration of constituent stocks is relatively dispersed, with the top ten stocks accounting for approximately 14% of the index, which helps mitigate volatility risks associated with single-sector bets [6] Group 2 - The Sci-Tech 200 Index has shown strong performance, with a cumulative increase of 141.8% from September 24, 2024, to October 9, 2025, outperforming the Sci-Tech 100 and Sci-Tech 50 indices [8] - The index represents small-cap "hard technology" enterprises, supported by national strategies, institutional guarantees, and industry implementation, indicating long-term investment value [11] - The upcoming launch of the Guotai Sci-Tech 200 ETF (589223) on January 5 offers a low-threshold investment option for those looking to share in the growth of technology while diversifying individual stock risks [11]

智通财经记者 | 陆柯言 伍洋宇 佘晓晨 智通财经编辑 | 文姝琪 创投行业最难的时期已经过去，而2025年正是转折之年：在智通财经近一年采访过的投资人中，这几乎 是一个最大的共识。 2025年，中国创投市场明显回暖。投中嘉川CVSource数据显示，2025年1–11月中国VC/PE市场共发生 约 10007起投资事件，同比增长约30.33%；同期投资规模约11930亿元人民币，同比上升约31.54%；在 募资端，同期新成立基金数量约4871支，同比增长约16.73%。 在2025年即将结束之际，智通财经回顾了今年创投圈的八大风口。从IPO狂欢的半导体到街头巷尾热议 的短剧，从人机共舞的具身智能到业绩狂奔的3D打印，它们既有硬科技的深度突破，又有消费场景的 快速落地；既延续了AI浪潮，也见证了传统产业与数字技术的深度融合。 以AI为代表的硬科技，仍是创投圈当下最高频的关键词。如果说移动互联网时代，投资人最在意的是 指标是流量和规模，如今硬科技当道的新周期，考验的不仅是初创公司的技术壁垒，更是资本的耐心。 今年的创投市场，更热闹，也更务实。2025年，中国在全球创新地图上的位置已愈发清晰，那便是从概 念热潮走 ...

同时，自2024年6月"科创板八条"政策发布以来，板块内产业并购重组趋于踊跃，新增产业并购案例超 过160单，披露交易金额超过490亿元。其中，50单涉及现金重大收购及发行证券类交易，交易数超过发 布前各年之和的2倍，反映出产业链整合正在提速。 目前来看，科创板的投资吸引力持续增强。随着今年以来科创综指、科创民企、科创专精特新等8条新 指数的推出，板块指数总数已达33条。截至11月底，科创板已上市ETF突破100只，跟踪产品总规模超 过3100亿元，其中科创50指数境内外跟踪产品规模近1800亿元，成为机构投资者配置硬科技资产的核心 抓手。 在制度赋能方面，人才激励与产业并购成为板块驱动成长的双引擎。目前共有448家科创板公司推出了 831单股权激励计划，板块覆盖率高达76%，涵盖董事、高管、核心技术人员、核心业务人员合计约15 万人次。 （文章来源：新华财经） 新华财经上海12月30日电（记者杜康）伴随着板块上市公司数量正式扩容至600家，科创板在保持硬科 技特色的同时，正通过稳健的业绩增长和积极的投资者回报，向市场展示其高质量发展的内生动力。从 最新披露的一系列核心财务与制度数据来看，科创板已经步入业绩韧 ...

Core Insights - The A-share IPO market in 2025 experienced a significant turnaround, with a total of 244 IPOs accepted by the three major exchanges by December 29, 2025, 80% of which were submitted after June 2025, indicating a strong recovery in the market [1] - Technology companies emerged as the primary focus for investors, with 50 tech firms listed on the ChiNext and Sci-Tech Innovation Board, raising a total of 598 billion, nearly half of the total funds raised for the year [3][12] - The performance of new stocks was remarkable, with 111 new stocks seeing an average first-day increase of 256%, and some stocks, like Dapeng Industrial, experiencing a 1200% increase on their debut [1][3] Technology Sector Focus - The technology sector dominated the IPO landscape, with 20 companies from the computer and communication industries raising 340 billion, double the amount raised the previous year [3] - The automotive manufacturing sector also saw significant activity, with 12 companies raising 144 billion, including a notable IPO from United Power, which raised 36 billion [3] - The popularity of tech stocks is attributed to the market's recognition of "hard technology," focusing on domestic replacements and emerging industries, which has led to increased interest from major brokerage firms [3] Investment Behavior and Patterns - There is a notable trend where stocks that performed well had a "hidden feature" of prior accumulation by institutional and retail investors, indicating that funds had already shown interest before the price increases [5][10] - Data analysis revealed that stocks with multiple instances of institutional and retail investor activity had a higher probability of price increases, with successful stocks averaging 3.36 instances of "fund consensus" compared to less successful stocks [7][10] - Investors are encouraged to look for signs of accumulation and consensus among funds before making investment decisions, as this can indicate potential future price increases [10][12] Market Trends and Insights - The recovery of the IPO market, particularly in technology stocks, reflects a broader consensus among investors regarding the importance of "hard technology" [12] - Investors are advised to focus on data and signs of fund consensus rather than chasing new stocks immediately, as stocks that have shown prior accumulation are more likely to sustain long-term growth [12] - The overall trend suggests that patience and data-driven analysis are crucial for successful investment strategies in the current market environment [12]