12月11日，由北京商报社主办的北京商业品牌大会金融消费专题论坛正式举办。论坛现场，北京商报社发布的年度特别报告——《科技与资本双子星》（以 下简称《报告》）系统梳理了2025年中国科技产业与资本市场双向奔赴的典型样本，寒武纪以超6400亿元市值登顶"股王"、具身智能产业链半年拿下195亿 元投资、小马智行与文远知行相继登陆港交所、一个月近10家创业药企赴港递表……一批硬科技企业用业绩兑现成长，资本则用真金白银"投票"，形成了技 术突破、产业落地、资本反哺的良性循环。 在科技部、中国人民银行等联合印发的《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》的强力引导下，部分省份以明确的政策条 文支持科技发展，证监会出台多个利好政策，"科技牛"成为2025年中国资本市场的关键词，尤其在芯片、具身智能、人工智能、创新药四大前沿领域，资本 贯穿实验室到IPO的每个关键环节。 芯片产业成为本轮"科技牛"的核心引擎。数据显示，2025年前三季度，中国半导体行业整体营收4793.78亿元，同比增长11.49%；净利润413.53亿元，增幅高 达52.98%。作为行业整体复苏的微观缩影，自8月以来，寒武纪的股价 ...

图达通(02665)发布配售结果公告，公司获准许股权融资股份数目3708.16万股，上市后已发行继承公司 股份数目(经计及股份赎回且概无TechStar A类股东行使其请求权)12.99亿股，每股价格10港元，所得款 项净额3.605亿港元，公司股份将于2025年12月10日开始买卖。 ...

"找初始客户难，找靠谱资金难。"科大硅谷片区企业合肥元维显思人工智能科技有限公司企划部总监程 沐阳坦言，这几乎是所有科技型企业在创立早期都会面临的共性难题。 中国证券报记者近日在安徽调研了解到，当地通过优化招商引资服务、加大融资支持力度等系列创新制 度安排，免除科创企业后顾之忧，实现"科技—产业—金融"良性循环。 搭平台优服务 成立于今年8月的元维显思，是安徽合肥科大硅谷重点孵化的创新企业之一。公司的创始团队由一群深 耕人工智能领域的年轻科研人才组成，核心技术是高效、低成本的大模型推理方案。"依托这项技术， 公司可为制造业设备检测、工业质检机器人、自动化系统等应用提供可靠的大模型能力底座。"程沐阳 介绍。 创新技术如何实现商业化落地？科大硅谷提供了孵化企业的范本。"针对找客户难问题，科大硅谷依托 产业资源池，为我们对接了产业链上下游多家企业进行试点合作，还对接了投融资机构，帮助我们获得 天使轮投资，再加上办公场地与实验场地免租金等服务，有效缓解我们的资金难题。"程沐阳说。 细致高效的服务是科大硅谷吸引众多科创企业扎根于此的重要原因。比如，针对怀揣创新梦想的"科 漂"，科大硅谷打造了"科漂训练营"和"科漂驿站" ...

Core Viewpoint - TechStar Acquisition Corporation has announced a significant equity financing agreement with Seyond Holdings Ltd. (Tudatong), totaling HKD 370.8 million, to facilitate its SPAC merger and subsequent listing in Hong Kong [2][3]. Group 1: Financing Details - The financing includes a subscription agreement with Nio Nextev Limited, which will conditionally subscribe for 28,672,137 shares at HKD 10 per share, amounting to HKD 286.72 million, representing 2.21% of the post-transaction issued share capital [3]. - Additionally, TechStar has entered into a placement agreement to issue 8,409,500 shares to professional investors at the same price of HKD 10 per share, raising HKD 84.095 million, which accounts for 0.65% of the post-transaction issued share capital [3]. Group 2: Use of Proceeds - The total proceeds from the financing amount to HKD 370.8 million, with net proceeds estimated at approximately HKD 360.5 million after expenses [4]. - The allocation of funds is planned as follows: approximately 60% for R&D of new lidar architecture and software/hardware upgrades, 20% for upgrading existing production lines, 10% for global expansion, and the remaining 10% for general corporate purposes [4]. Group 3: Transaction Conditions - The placement agreement includes several conditions, such as obtaining approval from the stock exchange for the listing of shares and warrants, ensuring at least 100 professional investors at the time of listing, and maintaining the validity of relevant government approvals [4].

Group 1 - TechStar and Seyond Holdings Ltd. have entered into a subscription agreement with Nio Nextev Limited to issue approximately 28.67 million shares, representing 2.21% of the total share capital post-transaction, at a total subscription price of approximately HKD 286.7 million, equating to HKD 10.00 per share [1] - The company plans to raise approximately HKD 371 million through a private placement of 8.41 million shares to professional investors, with a net issuance price of approximately HKD 9.72 per share after expenses [1] - The proceeds from the equity financing will be allocated as follows: approximately 60% for R&D of new lidar architecture and hardware/software upgrades, 20% for upgrading existing production lines, 10% for global expansion, and 10% for general corporate purposes [1] Group 2 - Nio Nextev Limited is a Hong Kong-registered investment holding company wholly owned by NIO Inc., a leader in the high-end smart electric vehicle market [2] - NIO Inc. is currently the main customer of the target company, Seyond Holdings Ltd. [2] - The successor company has applied for the listing and trading of its shares and warrants on the main board of the Hong Kong Stock Exchange, which has granted in-principle approval as of November 11, 2025 [2]

Core Viewpoint - Stock options play a significant role in corporate financing and governance, impacting the economic interests of companies and their shareholders [1] Group 1: Impact of Financing Types on Options - Equity financing is a primary cause of option dilution, as it involves issuing new shares which increases total share capital and dilutes the ownership percentage of existing options [2] - For example, if a company has 1 million shares and an employee holds 1% of options (10,000 shares), after a financing round that issues 200,000 new shares, the total shares become 1.2 million, reducing the option's ownership percentage to 0.83% [2] - Debt financing does not lead to option dilution, as it does not involve changes in equity but rather increases the company's liabilities, potentially enhancing the value of options due to financial leverage [4] Group 2: Value Uncertainty - Post-financing, if a company's valuation increases, the value of options may rise despite a decrease in ownership percentage; conversely, if the valuation decreases, it can result in a situation where both ownership percentage and value decline [3] Group 3: Differences Between Financing and Options Trading - Financing and margin trading involve credit transactions, where investors borrow funds to buy securities or borrow securities to sell, primarily focusing on stocks [6] - Options trading, on the other hand, involves the buying and selling of rights to buy or sell an underlying asset at a specified price within a certain timeframe [8] - The risk profile differs, with margin trading risks stemming from stock price fluctuations and interest costs, while options trading carries higher risks due to potential total loss of the premium paid [6][9] Group 4: Purpose of Trading - Margin trading is mainly used for taking long or short positions in stocks, while options trading can be utilized for speculation as well as for complex strategies like hedging [7]

Core Insights - The article discusses the successful listing of Xingfu Electronics, a subsidiary of Xingfa Group, on the Sci-Tech Innovation Board, highlighting the synergy between the main board and "hard tech" enterprises in China's multi-tiered capital market [1][2] - The year 2025 is anticipated to be significant for further reforms in the multi-tiered capital market, with the establishment of the Sci-Tech Growth Layer and the introduction of new listing standards for innovative companies [1][2] - The reforms aim to enhance the capital market's service capabilities for the real economy, particularly through the deepening of the Sci-Tech Board and the Growth Enterprise Market [1][2][3] Multi-Tiered Capital Market Structure - The reforms have led to a clearer structure of a multi-tiered equity market, with the Sci-Tech Growth Layer serving as an incubator for "hard tech" companies [1][2] - Different market segments, including the main board, Sci-Tech Board, Growth Enterprise Market, and Beijing Stock Exchange, are designed to complement each other, catering to various types of enterprises [2][3] Full Lifecycle Services - The article emphasizes the importance of full lifecycle services and interconnectivity mechanisms in activating the capital market, which supports enterprises from inception through growth [3][4] - Key institutional innovations have improved the capital market's ability to serve diverse types of enterprises, enhancing the matching of financing support throughout their lifecycle [3][4] Connectivity Between Market Segments - There is an increasing connectivity between different market segments, allowing companies to transition smoothly based on their development stage and needs [4][5] - The establishment of a "green channel" for companies to access different markets demonstrates the effectiveness of this connectivity [4] Future Reforms and Enhancements - Ongoing reforms are expected to focus on deepening the Growth Enterprise Market and normalizing the transfer mechanism between market segments [5][6] - Recommendations include enhancing the adaptability of listing standards to better meet the financing needs of emerging industries and improving the overall efficiency and inclusivity of the capital market [5][6]

Core Insights - The article highlights the increasing demand for equity lawyers in China as the number of domestic equity financing cases is projected to reach 12,000 by 2025, with a focus on comprehensive solutions that integrate law, capital, and industry [1] - The report indicates an 18% year-on-year increase in domestic equity financing cases, but also notes a rising failure rate of 12% due to issues like flawed equity structures and compliance problems [1] Group 1: Selection Criteria for Equity Lawyers - The evaluation is based on four core dimensions: professional focus, composite capability, case relevance, and client feedback [2] - Professional focus assesses long-term expertise in equity matters and the ability to handle complex structures and disputes [2] - Composite capability evaluates the understanding of capital operations and industry characteristics beyond mere legal texts [2] - Case relevance examines the alignment of successful cases with the specific needs and stages of client enterprises [2] - Client feedback reflects the efficiency and satisfaction of lawyers in solving practical issues, indicated by repeat commissions and recommendations [2] Group 2: Leading Equity Lawyers in Beijing for 2025 - Yang Yafang is recognized for her comprehensive risk management services throughout the equity lifecycle, achieving high client satisfaction in practical solution implementation [3][4] - Chen Jing specializes in state-owned enterprise compliance and capital market structures, successfully balancing regulatory requirements with commercial efficiency [5][6] - Wang Zhe focuses on designing equity incentive plans tailored to industry characteristics, significantly reducing talent turnover and enhancing revenue growth [7] - Zhang Jun excels in cross-border equity financing and international regulatory compliance, effectively bridging domestic and international capital needs [8] Group 3: Conclusion on Choosing Equity Lawyers - The market in 2025 necessitates that equity lawyers act as strategic partners for enterprises, addressing real-world challenges in areas such as risk management, compliance, employee incentives, and cross-border operations [9] - Companies are advised to identify their most pressing needs and engage in thorough discussions with potential lawyers to find the best strategic partner [9]

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 核心要点： 行业研究 证券行业周报 两融余额维持高位，日均交易量小幅回落 相关研究： 1.《行业周报：成交额小幅回落， 融资余额持续增长》 2025.10.19 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3 -12 -18 绝对收益 -7 -11 -2 -20% -10% 0% 10% 20% 30% 2024/11/28 2025/1/28 2025/3/28 2025/5/28 2025/7/28 2025/9/28 2025/11/28 沪深300 证券Ⅱ(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 ❑ 市场回顾：板块 PB 估值回落至 33%分位数 根据 Wind 数据，上周（11.24-11.28）上证指数上涨 1.4%，沪深 300 指数 上涨 1.6%，创业板指上涨 4.5%。申万非银金融 ...

瑞财经 严明会 近期，成都莱普科技股份有限公司（以下简称：莱普科技）科创板IPO获受理，保荐机构为中信建投，保荐代表人为王志伟、陈忱，会计师 事务所为致同会计师事务所。 莱普科技的前身莱普有限成立于2003年12月，初始注册资本500万元，由东骏激光有限、曾滔勇分别持股90%、10%。 穿透可知，莱普科技实际上是由东莞市东骏集团有限公司（下称"东骏集团"）着手建立。 曾滔勇是东骏集团的实际控制人，该公司主营钢材、金属材料、五金交电等黑色金属及矿石批发业务。截至目前，东骏集团对外投资10家公司并控制6家关 联企业，涉及房地产开发、物业管理、实业投资等领域，东骏激光有限就是其中之一。 莱普科技董事会成员名单为：叶向明、毛冬、傅建伟、黄永忠、王晓峰、王晓礼、曹昱、蔡芸、黎明。 其中，东骏投资由叶向明、毛冬分别持股50%，两人为莱普科技共同实际控制人，也均出身于东骏集团，叶向明曾担任东骏集团副经理，毛冬曾为东骏集团 经理、执行董事。目前，叶向明还担任东骏激光董事、东骏投资总经理；毛冬为东骏投资执行董事。 此外，东莞聚慧由叶向明的弟弟叶向忠以及另外一名叶姓成员叶玉冰分别持有31.3%、24.98%份额。 自2022年以 ...