Core Viewpoint - The Sci-Tech Innovation Board Composite Index (Sci-Tech Index) has shown significant growth since its launch, reflecting the overall development of China's technology innovation sector and attracting substantial investment [3][4][6]. Group 1: Performance and Coverage - The Sci-Tech Index has increased by 48.35% since its launch on January 20, 2025, outperforming major market indices [3][8]. - The index currently includes 576 stocks, covering 96% of the Sci-Tech Board companies, with a market capitalization coverage of over 91% [7][9]. - The total market capitalization of the Sci-Tech Board reached 11.14 trillion yuan, with the 576 stocks in the index accounting for 10.18 trillion yuan, or 91.38% of the total [7][9]. Group 2: Industry Composition - The index includes stocks from various sectors, with the largest representation from information technology (54.86%), followed by industrial (23.14%) and healthcare (13.50%) [7][9]. - The top ten stocks in the index represent 27.5% of its total market capitalization, with ten stocks exceeding 100 billion yuan in market value [7][9]. Group 3: Investment Products and Ecosystem - As of December 24, 2025, 45 fund managers have launched 77 index funds related to the Sci-Tech Index, with a total scale of 27 billion yuan [10][11]. - The average return of these products since their launch has been 42%, indicating strong investor interest [11]. - The index has facilitated a one-stop investment tool for investors, enhancing the accessibility of "hard technology" investments [11][12]. Group 4: Future Development and Optimization - Experts suggest that the Sci-Tech Index should continuously optimize its dynamic adjustment and maintenance mechanisms to reflect the latest developments in the hard technology sector [5][13]. - There is a need to enhance the scientific and representative nature of the index, focusing on key indicators such as R&D investment intensity and technology transfer capabilities [12][13]. - The index is expected to play a crucial role in guiding long-term capital allocation and enhancing recognition of China's technological strength among domestic and foreign investors [16][17].

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, stating that it does not recognize the conclusions of the U.S. investigation and has lodged formal protests through the China-U.S. economic and trade consultation mechanism [1] - The Ministry of Commerce emphasized its commitment to maintaining the stability of global supply chains and facilitating compliant trade, while also addressing the potential relaxation of restrictions on rare earth magnet exports to the U.S. [1] - Regarding TikTok's establishment of a joint venture in the U.S., the Chinese government hopes for a solution that aligns with Chinese laws and regulations while balancing interests [1] Group 2 - The Guotou Silver LOF fund announced a suspension of trading from December 26, 2025, at 10:30 AM due to its market price being significantly higher than its net asset value, which could lead to substantial losses for investors [2] - The fund has set a limit of 100.00 yuan for regular investment amounts in its A-class shares, with changes to large regular investment business starting on December 29, 2025 [2] Group 3 - Xiaomi has officially launched the Xiaomi 17 Ultra, which is the thinnest Ultra model to date at 8.29 mm, priced starting at 6,999 yuan for the 12GB+512GB version, with sales commencing on December 27 [3] Group 4 - The Shanghai Stock Exchange has released the schedule for the annual report pre-disclosure, with Chipway Technology set to disclose its report on February 3, 2026, leading the list [4][5] Group 5 - The National Development and Reform Commission is set to announce the establishment of a "carrier-level" national venture capital guidance fund, which is expected to mobilize nearly 1 trillion yuan in investments focused on hard technology [6] Group 6 - There are rumors regarding Jian Nan Chun's potential acquisition of Shui Jing Fang, but both companies have denied receiving any related acquisition information, indicating that their operations are normal [8] Group 7 - The National Tobacco Monopoly Administration is seeking opinions on a draft notice aimed at promoting supply-demand balance in the e-cigarette market, which includes regulating annual production scales based on market orders [9] Group 8 - Major silicon wafer manufacturers have significantly raised their prices, with increases averaging 12%, attributed to rising costs of upstream silicon materials [10] Group 9 - In December, 144 domestic games were approved, indicating a high level of industry activity, with major companies like Tencent and others receiving approvals [13] - The domestic gaming market is projected to reach 350.79 billion yuan in actual sales revenue by 2025, with a year-on-year growth of 7.68% [13]

经梳理，12月22日—24日，共有博迈医疗、思仪科技、富士达、汉诺医疗、托伦斯、信诺维、千分一等7家公司IPO申请获得受理，其中上交所、深交所受 理数量分别为3家、4家；北交所在这3天内则未出现新获受理企业。 而从12月月内来看，北交所新受理的IPO项目同样相对较少。经同花顺iFinD统计，12月1日—24日，沪深北交易所合计受理IPO项目19宗，其中上交所、深 交所分别受理7宗、8宗，北交所月内则仅受理了4宗IPO申请。这也与今年年内，北交所受理IPO项目数量占比过半的情况出现明显反差。 岁末将至，IPO受理持续提速。在12月22日—24日这3天内，沪深交易所密集受理了博迈医疗、思仪科技、富士达等7家企业的IPO申请。而伴随上述7宗IPO 项目获受理，经同花顺iFinD统计，截至12月24日，三大交易所月内受理IPO数量已达到19宗，其中15宗均由沪深交易所受理，占比近八成。值得一提的是， 在新获受理的IPO企业中，硬科技力量突出，包括粤芯半导体、国仪量子在内的4家企业均系亏损申报上市。IPO存量持续扩容的同时，今年年内，A股新股 市场也在同频加速。从2025年全年来看，A股市场预计将迎来114只新股上市， ...

Core Viewpoint - The A-share market has entered a new bull market in 2025, with the Shanghai Composite Index surpassing 4000 points, marking a ten-year high, and total market capitalization exceeding 100 trillion yuan, indicating a more resilient and active capital market [2][11]. Group 1: Market Performance - In 2025, the Shanghai Composite Index experienced a significant increase, reaching a year-to-date rise of 17.6%, while the Shenzhen Component Index surged by 29.5%, and the ChiNext Index rose by 50.8% [13]. - The total trading volume of the A-share market exceeded 400 trillion yuan in 2025, compared to 255.8 trillion yuan in 2024, showcasing robust market activity [14]. Group 2: Driving Factors - The bull market is driven by technological breakthroughs, industrial dynamics, institutional reforms, capital inflows, and an increase in risk appetite, characterized as a "technology revaluation bull" [2][11]. - The introduction of the DeepSeek open-source inference model in January 2025 sparked enthusiasm in the domestic AI sector, leading to a shift in market narratives towards "hard technology" [12]. Group 3: Future Outlook - Analysts express optimism for 2026, predicting a potential transition from a structural bull market to a broader market rally, with the possibility of the Shanghai Composite Index expanding by 10% to 20% if corporate earnings improve [2][11]. - The market is expected to experience a "slow bull" trend, supported by macroeconomic policies, ongoing industrial transformation, and continuous capital inflows [16][17].

Core Insights - The STAR Market Composite Index (科创综指) has significantly increased by 48.35% since its launch on January 20, 2025, outperforming major broad market indices [1][4][5] - The index currently includes 576 sample stocks, covering 96% of the STAR Market companies, with a market capitalization coverage exceeding 91% [3][4] - The total market capitalization of the STAR Market has reached 11.14 trillion yuan, with the 576 stocks in the index accounting for 10.18 trillion yuan, or 91.38% of the total [3][5] Index Performance and Structure - The STAR Market Composite Index has a diverse representation across various sectors, with 202 stocks from the industrial sector, 199 from information technology, and 107 from healthcare [3] - The index's top ten stocks represent 27.5% of its total market capitalization, with ten stocks exceeding 100 billion yuan in market value [3][4] - The index has been supported by improved industry fundamentals, policy benefits, and active capital inflows, reflecting a shift from emotional recovery to trend-driven growth [4][5] Investment Products and Ecosystem - As of December 24, 2025, 45 fund managers have launched 77 STAR Market Composite Index funds, with a total scale of 27 billion yuan [6] - The average return of these products since their launch has been 42%, indicating strong investor interest and confidence in the index [6] - The index serves as a convenient investment tool for institutional investors, allowing them to efficiently allocate capital to the "hard technology" sector [6][7] Future Development and Optimization - Experts suggest that the STAR Market Composite Index should continuously optimize its dynamic adjustment and maintenance mechanisms to reflect the latest developments in the hard technology sector [2][7] - There is a need to enhance the scientific and representative nature of the index, focusing on key indicators such as R&D intensity and technology transfer capabilities [6][10] - The index is expected to play a crucial role in guiding long-term capital allocation and enhancing recognition of China's technological strength among domestic and foreign investors [9][10]

大家好，我是乔叔，今天咱们就说说为啥今年全球资金纷纷涌向中国股市，这背后到底藏着啥门道。 到2025年，华尔街的大笔资金像"迷路的羊"，在全球市场里左冲右突。日本一点点收紧之前宽松的钱袋 子，美国说不定明年就放水，欧洲还是磨磨唧唧、举棋不定。 迎头赶上，各种新兴经济体还在倒腾自己的政策。受不了这种东一榔头西一棒槌的调子，投资圈的人不 敢往美股继续加码，新兴市场又有违约风险，到头来，大家只能盯着中国。 中国成资本新宠的路是怎么走出来的 这时候中国市场就成了那些不知该把钱往哪搁的大玩家的新目标。一开始，还有点小心翼翼，但很快， 各家巨头竟然旗帜鲜明站队高喊"看好中国"。 不光是哪个圈子的风向变了，而是资金真跳进来了，是觉得中国变得更靠谱了。这不是一时的跟风，而 是他们经过反复权衡，觉得这个地方安全、回报也足。 机器人产业不仅量大，还灵活到让同行羡慕，甚至半数高端制造工厂都在中国落地。 全球最关注"硬科技"带来的持续增长，这让资本有了等得起、敢押注的信心，也让市场的想象空间一下 子变大了。 估值便宜、资金充沛，吸引力没商量 | 机构名称 | 核心观点与预测 | 关键理由 | | --- | --- | --- | ...

Core Viewpoint - The domestic GPU industry is experiencing a capital frenzy as several companies prepare for IPOs, with significant market valuations and investor enthusiasm, despite the underlying financial challenges and losses faced by these companies [2][3][10]. Group 1: IPO and Market Performance - Moer Technology became the first domestic GPU stock on the Sci-Tech Innovation Board, opening at 650 CNY per share, a 468.78% increase from its issue price of 114.28 CNY, with a market cap exceeding 300 billion CNY [2]. - Muxi Co. also listed on the Sci-Tech Innovation Board, seeing an opening surge of over 568%, with its market cap quickly surpassing 300 billion CNY [2]. - On the same day as Muxi's listing, Birun Technology passed the Hong Kong Stock Exchange hearing, positioning itself to become the first GPU stock in Hong Kong [2]. Group 2: Financial Performance and Challenges - Moer Technology, Muxi Co., and Birun Technology are currently operating at a loss, with Moer reporting a loss of 724 million CNY in the first three quarters of 2025, Muxi at 346 million CNY, and Birun at 1.601 billion CNY in the first half of the year [3]. - In comparison, Nvidia's revenue for a single quarter in 2025 exceeded 30 billion USD, while domestic GPU companies' revenues are only in the range of several hundred million to a few billion CNY [3]. Group 3: Market Drivers and Trends - The IPO wave of domestic GPU companies is driven by a growing demand for computing power, a need for domestic alternatives, and a shift in capital investment logic [3][6]. - The demand for computing power has surged since the global AI model boom initiated by ChatGPT in 2023, with predictions indicating that China's total computing power will reach 3442.89 EFLOPs by 2029, growing at a compound annual growth rate of 40% [5]. Group 4: Competitive Landscape and Differentiation - The four leading domestic GPU companies, referred to as the "Four Little Dragons," are pursuing differentiated paths in technology, product positioning, and application scenarios [7]. - Moer Technology focuses on a full-featured GPU similar to Nvidia, while Muxi Co. specializes in AI computing GPUs, and Birun Technology emphasizes extreme computing power with its BR100 chip [8][9]. Group 5: Future Outlook - The domestic GPU industry is expected to face challenges in competing with Nvidia's established ecosystem, but there are structural opportunities for growth supported by national policies and a rich landscape of AI application scenarios in China [10][11]. - The future of domestic GPUs will depend on their ability to develop core technologies, production capabilities, and clear commercialization paths, with a focus on ecosystem service and scenario adaptation [12][13].

刚刚，国家发展改革委预告：国家发展改革委专题新闻发布会即将召开，介绍国家创业投资引导基金有 关工作。 记者注意到，近日，国家创业投资引导基金旗下三支子基金同日完成工商登记，预示着这一"航母级"基 金即将启航。今年3月，国家发展改革委主任郑栅洁透露，将设立国家创业投资引导基金，将带动地方 资金、社会资本近1万亿元，聚焦硬科技、坚持长周期、提高容错率，通过市场化方式投向科技型企 业。对此，业内人士及专家表示，设立"航母级"的国家创业投资引导基金，将极大助力中国"硬科技"企 业加速孵化和成长。 据企查查App显示，12月22日，京津冀创业投资引导基金合伙企业（有限合伙）、长三角创业投资引导 基金合伙企业（有限合伙）、粤港澳大湾区创业投资引导基金合伙企业（有限合伙）成立，出资额分别 为296.46亿元、471亿元、450.5亿元。其中，国家创业投资引导基金对京津冀创业投资引导基金出资占 比67.4627%、对粤港澳大湾区创业投资引导基金出资占比44.3951%，对长三角创业投资引导基金的出 资占比暂未显示。 国家创业投资引导基金主要引导金融资本投早、投小、投长期、投硬科技，这将加快孵化更多的独角兽 和瞪羚企业。 据悉 ...

Core Viewpoint - The article emphasizes the importance of rational, value, and long-term investment in the context of China's capital market reforms, particularly focusing on hard technology as a key driver for new productive forces and the opportunities and challenges it faces [1]. Group 1: Event Overview - The "Value and Investment" program, initiated by the Shanghai Stock Exchange and Yicai, aims to enhance the demonstration effect of state-owned enterprises and companies listed on the Sci-Tech Innovation Board, providing a professional platform for accurately conveying investment value [1]. - A roundtable discussion was held during the "2025 Yicai Capital Annual Conference," featuring industry leaders discussing the policy dividends supporting technological innovation and the pathways for hard technology industries to overcome challenges [1]. Group 2: Participants and Contributions - Key participants included Xu Runsheng, Assistant to the Chairman of Srei New Materials; Zhang Zhe, Deputy General Manager and Secretary of the Board of Haitian Ruisheng; Wang Bing, Partner and General Manager of Shanghai Headquarters at Dongfang Fuhai; and Liu Yang, Assistant Director of Shenwan Hongyuan Research Institute and Chief Analyst for TMT [1]. - The discussion aimed to build consensus on the collaborative efforts of policy, industry, and capital for high-quality industrial development [1].

Group 1 - The event aims to discuss the policy dividends supporting technological innovation in the capital market, the breakthrough paths for hard technology industries, and development opportunities [1] - The Shanghai Stock Exchange, in collaboration with Yicai Media, launched the "Value and Investment" initiative to promote rational, value, and long-term investment principles [1] - Hard technology is identified as a core engine for cultivating new productive forces, benefiting from the "14th Five-Year Plan" policy support and capital market institutional innovations, while facing challenges in technology, ecosystem building, and compliance competition [1] Group 2 - The 10th episode of the "Value and Investment" column will be presented in a roundtable format at the "2025 Yicai Capital Annual Conference" [1] - Key participants include executives from Sray New Materials, Haitai Ruisheng, and partners from Dongfang Fuhai and Shenwan Hongyuan Securities [1] - The event aims to build consensus on policy, industry, and capital collaboration for high-quality industrial development [1]