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。 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。 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)占板块公 司总数的70%。 ...

Core Viewpoint - The company aims to adapt to the macroeconomic environment by focusing on sustainable growth and enhancing professional capabilities to counteract cyclical fluctuations [1]. Group 1: Strategies for Expanding Domestic Demand and Optimizing Supply - The company will focus on serving the real economy, particularly in advanced manufacturing, hard technology, and innovative enterprises, by helping them optimize financial systems and governance structures [1][2]. - It will guide capital towards projects with genuine demand and long-term value, avoiding financing for the sake of financing [1][2]. Group 2: Enhancing Incremental Value and Activating Existing Resources - The company plans to optimize internal structures and resource reallocation by improving operational efficiency and capital utilization for existing businesses [2]. - For new opportunities, it will assist enterprises in designing financing paths that align with the current capital environment, attracting investors who understand the industry [2]. Group 3: Development Goals for 2026 - The company emphasizes sustainable and replicable performance structures rather than mere scale expansion, focusing on deepening service in key industries [3]. - It aims to upgrade financing services into systematic and modular consulting products, enhancing delivery quality and reducing trial-and-error costs for enterprises [3]. Group 4: Business Line and Collaborative Direction - The company will clarify its collaborative direction of "industry + capital + region" by strengthening long-term partnerships with industry players and funds [4]. - It intends to participate in more regional and industry-level projects, aiming to establish itself as a reputable advisory institution in hard technology and new productivity [4].

2025年，港股上演强势复苏大戏，以五年来最佳年度表现领跑全球主要资本市场，成为全球资本配置的 "香饽饽"。 随着指数的上涨，2025年港股的赚钱效应全面释放，年内超400只个股股价翻倍，13只个股涨幅超10 倍，硬科技、生物医药、贵金属赛道牛股云集。此外，基地锦标集团（08460.HK）年内暴涨超38倍成 "股王"。 港股走强的背后，是资金、政策与制度的三重红利共振。南向资金作为 "压舱石"，年内净流入超 1.3 万 亿元；制度层面，港交所于5月推出 "科企专线"，允许硬科技与生物科技企业保密递表，叠加18C章上 市通道高效落地，制度红利推动港股IPO市场强势回暖。截至12月29日，港交所年内IPO合计募资近 2800亿港元，同比增长224.38%，助推港交所重回全球交易所募资榜首。 盘古智库高级研究员余丰慧向时代财经表示，2025年港股估值修复的核心驱动力主要来源于资金宽松、 国内经济复苏预期增强以及政策支持。特别是南向资金的持续流入，加上人民币汇率稳定，增强了市场 信心。此外，新能源汽车、人工智能等产业的发展也促进了相关板块的业绩和估值扩张。 核心指数领涨全球，资金面共振推动港股复苏 2025年，港股核 ...

2025.12. 30 本文字数：1869，阅读时长大约3分钟 作者 | 第一财经 黄思瑜 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%。 在多元包容的发行上市条件之下，科创板已支持60家未盈利企业、9家特 ...

强一股份上市，科创板公司达600家。 12月30日，强一股份在上交所科创板上市，开盘价为265.60元，较发行价上涨212.14%。至此，科创板 公司已达600家。数据显示，科创板600家公司IPO和再融资合计募集资金超1.1万亿元，总市值超10万亿 元。 从2019年7月22日首批25家公司起步，科创板拾级而上，历时近六年半的时间，逐步开出600朵"硬科 技"之花。据悉，科创板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）占板块公司总数70%。 科技型企业往往需要在前期投入大量资本、经历长期研发，才能实现技术突破和积累。科创板以更大力 度支持突破关键核心技术的科技型企业发展，持续提升制度包容性、适应性和吸引力、竞争力，更好服 务科技创新和新质生产力发展。 今年10月28日，科创板科创成长层首批新注册公司——禾元生物、西安奕材、必贝特正式上市，这是我 国境内资本市场时隔逾两年再次迎来未盈利企业。此后，摩尔线程、昂瑞微、沐曦股份．．．．．．一 家又一家未盈利企业，借助科创板平 ...

强一股份上市，科创板公司达600家。 12月30日，强一股份在上交所科创板上市，开盘价为265.60元，较发行价上涨212.14%。至此，科创板公司已达600家。数据显示，科创 板600家公司IPO和再融资合计募集资金超1.1万亿元，总市值超10万亿元。 从2019年7月22日首批25家公司起步，科创板拾级而上，历时近六年半的时间，逐步开出600朵"硬科技"之花。据悉，科创板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）占板块公司总数70%。 科技型企业往往需要在前期投入大量资本、经历长期研发，才能实现技术突破和积累。科创板以更大力度支持突破关键核心技术的科技型企 业发展，持续提升制度包容性、适应性和吸引力、竞争力，更好服务科技创新和新质生产力发展。 今年10月28日，科创板科创成长层首批新注册公司——禾元生物、西安奕材、必贝特正式上市， 这是我国境内资本市场时隔逾两年再次迎 来未盈利企业。 此后，摩尔线程、昂瑞微、沐曦股份......一家又一家未盈利企业，借助科创板平台登 ...

Core Insights - The "14th Five-Year Plan" emphasizes extraordinary measures to achieve decisive breakthroughs in key core technologies across various sectors, including integrated circuits and artificial intelligence [1] - The launch of the Huabao Science and Technology Chip ETF aims to provide investors with a tool to capitalize on the growth of China's domestic chip industry [1][2] Industry Overview - The chip industry is a core battleground for major countries, with the Huabao Science and Technology Chip ETF tracking the Shanghai Stock Exchange's chip index, which includes 50 companies involved in semiconductor materials, design, manufacturing, and testing [2] - As of November 2025, the index's components focus heavily on upstream and midstream sectors, with chip design and semiconductor materials and equipment accounting for 80.48% of the index [2][4] Performance Metrics - The Huabao Science and Technology Chip Index has shown strong performance, with an annualized return of 17.43% from December 31, 2019, to November 30, 2025, outperforming similar indices [6][9] - The index's components reported a 94.22% increase in net profit for the first three quarters of 2025, leading peers in the semiconductor sector [9] Key Companies - The top three companies in the Huabao Science and Technology Chip Index include Haiguang Information (10.86% weight), Cambricon (9.84% weight), and SMIC (8.87% weight) [4][5] - The index is designed to limit individual stock weights to a maximum of 10%, with quarterly adjustments to its components [4] Investment Opportunities - The launch of the Huabao Science and Technology Chip ETF is seen as a significant addition to Huabao Fund's portfolio, which already includes various ETFs focused on high-tech and AI sectors [10]

12月30日，随着强一股份（688809.SH）上市，科创板迎来第600家上市公司。 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。 科创板公司的研发投入持续加码，2025年前三季度，板块研发投入金额达到1328.64亿元，是板块净利 润的2.7倍，研发投入占营业收入比例中位数为12.5%，远高于其他板块（沪主板、深主板、创业板分别 为3.1%、3.5%、5.2%）。再看2024全年，科创板公司研发投入合计1681亿元，是板块归母净利润的三 倍多，同比增长6.4%。 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 ...

"十四五"时期，江苏资本市场以服务实体经济为核心，多点突破实现跨越式发展，交出一份数据亮眼、 成色十足的硬核答卷。 记者从江苏证监局获悉，截至2025年12月29日，江苏上市公司家数达721家，数量占全国上市公司总量 的八分之一。五年来，江苏资本市场直接融资功能持续强化，累计实现首发融资2259.71亿元、再融资 3852.79亿元，融资规模位居全国第四，为实体经济发展注入强劲动能。截至目前，江苏现有上市公司 总市值达8.9万亿元，较"十三五"末增长46%。千亿市值上市公司由"十三五"末的7家增加到11家，资本 市场"江苏板块"的实力持续攀升。 硬科技成色逐步提升 产业根基愈发坚实 依托江苏雄厚的产业基础，江苏证监局全力推动上市公司结构优化升级，让"硬科技"成色在资本市场持 续彰显。 通富微电（002156）子股份有限公司(以下简称"通富微电")的成长轨迹同样印证了资本市场的赋能价 值。记者获悉，借助IPO、再融资等资本市场融资渠道，通富微电累计募集资金约107.56亿元，持续助 力产能建设与经营规模稳步扩大。截至2024年末，公司营收、净利润较2020年末均实现翻倍；客户布局 上，已覆盖国际巨头企业及各细分 ...

Core Viewpoint - In 2025, the Hong Kong Stock Exchange (HKEX) is expected to lead the global IPO market with a projected fundraising total exceeding HKD 280 billion, marking a significant return to prominence after several years [1][2]. Group 1: IPO Market Dynamics - The HKEX is anticipated to host 117 new listings in 2025, averaging a new listing every two trading days [1]. - Major IPO projects are significantly contributing to the overall fundraising scale, with the top ten IPOs expected to account for a substantial portion of the total [3][4]. - Six of the top ten IPOs are "A+H" listed companies, collectively raising HKD 1,033.20 million, which represents 36.12% of the total IPO fundraising for the year [4]. Group 2: A-Share Influence - The "A-share" influence is increasing, with 19 A-share companies successfully listing in Hong Kong, raising a total of HKD 1,399.93 million, nearly half of the total new fundraising [6]. - The "A+H" listing model is becoming a preferred choice for many companies, driven by various strategic needs such as international expansion and risk diversification [6][8]. Group 3: Policy Support - Continuous policy support is fueling the IPO trend, including measures from the China Securities Regulatory Commission to encourage leading companies to list in Hong Kong [7][8]. - Recent optimizations to HKEX listing rules have made it easier for companies to meet public shareholding requirements, further lowering the barriers for listing [8]. Group 4: New Economic Forces - The IPO market is witnessing a strong emergence of "new economy" companies, particularly in sectors like AI and robotics, with six companies set to list simultaneously [10]. - The hard technology sector is a key driver, with significant representation in the IPO pipeline, including 20 companies in pharmaceuticals and 19 in software services [11]. Group 5: Consumer Brands - The "new consumption" sector is also thriving, with 19 companies from various consumer industries listing in 2025, many of which had previously attempted to list in the A-share market [13][14]. - High demand for these consumer brands is evident, with many experiencing subscription rates exceeding 100 times, indicating strong investor interest [13][14]. Group 6: Market Performance and Future Outlook - The IPO market is showing a notable improvement in profitability, with a record low IPO failure rate of 28.83% and significant first-day price increases for many new listings [16]. - Despite some recent volatility, forecasts for 2026 remain optimistic, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [18]. - Long-term prospects suggest that the HKEX could solidify its role as a global pricing hub for Chinese assets, contingent on maintaining high-quality listings and robust capital flows [19].