来源 | 投资家网、投资家研究院 中国创新企业，正成为经济增长的新范式。 在"十四五"规划的收官之年，创新企业已成长为中国经济一股不可忽视的重要力量。 作为中国经济高质量发展的参与者、股权投资与企业成长的观察者，投资家网及投资家研究院延续以往，现发布"投资家网·2025中国价值企业榜"。 在人工智能、机器人、新能源、航空航天等组成的硬科技领域，VC/PE的投资主线尤为清晰。人工智能的发展已进入"深水区"，基于大模型的通用能力竞 争逐渐向垂直行业的深度融合与落地应用倾斜。芯片半导体领域，热度依旧，但焦点细化。生命健康领域，伴随人口结构变化与消费升级，生物技术、创 新药、高端医疗器械、合成生物学等赛道持续吸引资金涌入。 与一级市场融资活跃度相呼应的是，资本市场的IPO热情。 在投资家网及投资家研究院评选的"投资家网·2025中国价值企业榜"中，我们也看到了一份创新企业与资本编织的区域图谱。 回顾评选，我们看到了超4000家创新企业踊跃参与，看到了人工智能、机器人、芯片半导体、新能源/新材料、航空航天、低空经济、生命健康等领域的 广阔机遇，更看到了以北京、上海、深圳为引领，杭州、苏州、合肥、西安等地百花齐放的区域创 ...

Group 1 - The A-share IPO market has shown remarkable performance in 2025, with 106 new stocks raising a total of 122 billion yuan, achieving an average first-day increase of 257.17%, marking the best results in three years [1] - Among the new stocks, 29 had first-day increases between 300%-500%, with four stocks exceeding 500%, highlighting the strong demand for new listings [1] - The "meat sign" phenomenon, where investors see significant profits from new stocks, is attributed to the strong tech innovation attributes and reasonable pricing of new shares [2] Group 2 - The Hong Kong IPO market has also performed strongly, securing the top position globally in terms of financing, with eight new stocks raising over 10 billion Hong Kong dollars each [3] - Deloitte predicts that the IPO activities in both A-share and Hong Kong markets will continue in a normalized manner, with Hong Kong's financing scale expected to exceed 300 billion Hong Kong dollars in 2026 [3] - The concentrated listing of hard tech companies is a notable feature of this year's IPO market, with companies like Yunshen Technology initiating their IPO process, reflecting the growing trend in the hard tech sector [3][4] Group 3 - Yunshen Technology, a member of the "Hangzhou Six Little Dragons," has successfully completed a C-round financing of over 500 million yuan, with strategic investments from major players like China Telecom and China Unicom [4] - The company has launched two innovative products, the Mountain Cat M20 and the all-weather humanoid robot DR02, both achieving IP66 protection level, indicating their capability to operate in extreme environments [3][4] - The current policy environment is favorable for the embodied intelligence industry, as it has been included in future industry priorities, which is expected to accelerate the commercialization of technology and support the domestic tech industry's structural transformation [4]

Core Viewpoint - The article highlights the rapid growth and global competitiveness of China's "hard technology" sector, emphasizing the role of financial innovation in supporting technological breakthroughs and industrial transformation [1][2][3][4] Group 1: Technological Advancements - The "M20" quadruped robot symbolizes the transition of China's "hard technology" from laboratories to global markets, showcasing advancements in various fields such as artificial intelligence and life sciences [1] - Companies like "Yun Shen Chu" have captured half of the global bipedal robot market within six years, indicating significant progress in the robotics sector [1] Group 2: Financial Innovation - The journey of "hard technology" companies is fraught with challenges, particularly during the "valley of death" phase, where traditional financing methods often fall short [2] - Financial innovations, such as the 5 million yuan pure credit loans without collateral, have emerged to support technology firms, focusing on the long-term viability of these companies rather than short-term profits [2] - Initiatives like "Zhe Ke United Loan" promote collaboration among banks, enhancing financial support for technology firms and addressing credit bottlenecks [2] Group 3: Comprehensive Financial Ecosystem - Various financial innovations across regions, such as the "Co-Growth Plan" in Anhui and "Tengfei Loan" in Shenzhen, are creating a comprehensive financial service ecosystem that supports companies throughout their lifecycle [3] - The integration of risk investment, bank credit, and capital markets fosters a virtuous cycle of technological breakthroughs, capital support, and industrial upgrades [3] - Financial institutions are evolving from mere fund providers to partners that accompany technology firms through their research and development phases [3] Group 4: Future Outlook - The transformation of technology finance continues, moving from reliance on lists to data-driven approaches, and from policy-driven to professional-driven models [4] - The synergy between policy, finance, and technology is enabling more "hard technology" companies to emerge on the global stage, contributing to a redefined innovation ecosystem in China [4]

为实现上述目标，政府计划统筹配置约5万块图形处理器资源，并据此优化算力分配机制，重点支持风 险投资机构与初创企业在技术研发及示范应用方面的需求。同时，将围绕人工智能、生物医药、文化创 意内容、国防军工、能源及先进制造等六大战略产业，系统完善政策支持体系，力争在2030年前完成相 关初创企业的培育任务。 韩国《韩联社》12月18日报道，韩国中小风险企业部于18日联合相关部门发布《迈向全球四大创投 强国综合对策》，明确提出以下战略目标：培育1万家专注于人工智能与硬科技领域的初创企业；打造 50家具有全球竞争力的独角兽及"十角兽"企业；推动相关企业与年规模约40万亿韩元（约合人民币1904 亿元）的全球风险投资市场实现有效对接。 （原标题：韩制定科创强国发展战略） ...

南方财经记者伍素文 广州报道 "做企业，最困难的是没钱。今年我们已经实现正向现金流，拿不到证和卖不出去的两道坎都迈过去了。这次打算融资3000万 元，把企业在海外注册做起来，与广州打造世界级创新医疗器械高地同频共振！" 在近日举办的广州科技创新创业大赛（以下简称"双创大赛"）2025总决赛暨INNO+大湾区科创嘉年华上，适介医疗董事长蔡诗 洲的一番雄心壮志，让他获得了投资者们投出的"最具人气企业奖"。 太多初创企业，缺的不是实力，而是被看见的机会、撑下去的底气。而在广州双创大赛举办的10年里，有近千家参赛企业获得 投融资超504.84亿元、1800家企业获得160亿元银行授信，众多企业在此实现了关键跃迁。 今年赛事延续了这样的赋能场景，数百名科创精英企业与超60家投融资机构面对面，不用跑断腿，领奖台旁就能对接资本；6家 高成长性企业当场斩获3家银行总计1.3亿元授信……这一幕幕，成为广州创新创业生态的生动注脚。 自2015年以来，双创大赛见证了无数科创梦想萌芽绽放，为粤港澳大湾区的技术研发、成果转化、投融资对接搭建了坚实的桥 梁。以"资金+资源"力撑创业者，一场赛事折射出广州怎样的创新孵化逻辑？ 让更多"金种 ...

Core Viewpoint - The article reflects on the journey of Liu Mingda, a pioneer in China's private equity sector, highlighting his investment philosophy and adaptation to market changes over 25 years, emphasizing the shift from consumer stocks to hard technology investments in response to evolving economic conditions [4][5][12]. Group 1: Historical Context and Early Investments - In 1996, the Chinese stock market was characterized by rampant speculation and insider trading, yet Liu Mingda distinguished himself by investing in technology stocks based on a simple belief in their future potential [7][8]. - His early investment in Shenzhen Development Technology Co. yielded significant returns during a time when average salaries were only a few hundred yuan [8]. - In 2005, during a market downturn, Liu made a pivotal decision to establish one of the first trust-based securities investment products in China, marking a shift towards a more regulated investment approach [10][11]. Group 2: Investment Philosophy and Strategies - Liu's investment strategy evolved to focus on "blue-chip" and "oligopoly" companies, betting on the concentration of resources and profits among leading firms as the Chinese economy matured [14][15]. - He identified Kweichow Moutai as a cornerstone of his portfolio, arguing that its cultural significance and social currency would ensure its continued demand despite market skepticism [15][16]. - Liu's approach emphasized the importance of stable, cash-rich companies with clear competitive advantages, even as he faced criticism for missing opportunities in emerging tech sectors [15][16]. Group 3: Shift to Hard Technology - In the new decade, Liu's investment focus shifted towards hard technology, driven by the belief that national security and technological self-sufficiency are paramount in the current geopolitical climate [19][20]. - He began investing in hard tech projects, acknowledging the risks involved but also the necessity of adapting to the changing landscape of investment opportunities [21][22]. - Liu expressed concerns about traditional internet giants and their sustainability, predicting that companies failing to innovate in disruptive technologies could face significant challenges [22]. Group 4: Philanthropy and Personal Philosophy - Liu's involvement in environmental philanthropy through the Alashan SEE Ecological Association reflects his desire for sustainable and transparent charitable initiatives, paralleling his investment principles [25][26]. - He believes that true wealth is measured not by monetary accumulation but by the freedom it provides, emphasizing a balanced approach to life and investment [28][29]. - Liu's philanthropic efforts serve as a counterbalance to the competitive nature of the financial markets, allowing him to contemplate the deeper meaning of wealth [29]. Group 5: Future Outlook and Advice - Liu acknowledges the challenges facing the economy and the difficulty for ordinary individuals to generate wealth, yet he remains optimistic about China's market resilience and technological advancements [31][32]. - He advises young investors to adopt a long-term perspective, warning against the pitfalls of seeking quick profits in a competitive market environment [32].

Core Insights - The article highlights the recent success of domestic semiconductor companies, particularly Muxi Co., which achieved a market value of 350 billion yuan, contributing to a combined market value of over 1.2 trillion yuan for three major companies in the sector [1] - A wave of innovation-driven companies is emerging in China, with 215 new companies listed on A-shares and Hong Kong stocks by December 17, 2025, of which 62% are in hard technology and 24% are AI-related [1] - The article emphasizes the shift in the entrepreneurial landscape, with a growing number of founders coming from scientific and research backgrounds, indicating a trend towards more specialized and capable entrepreneurs [3][4] Group 1: Entrepreneurial Landscape - The main driving force behind new unicorns is shifting from opportunity-driven to capability-intensive, with a notable increase in entrepreneurs with scientific backgrounds [3] - Founders with research experience are becoming key players, often combining technical expertise with business acumen, leading to a more professional and long-term approach to entrepreneurship [4] - Data shows that alumni from top universities like Tsinghua have founded a significant number of unicorns, indicating the importance of academic backgrounds in the current entrepreneurial ecosystem [3] Group 2: Global Perspective - The new generation of unicorns adopts a "Born Global" philosophy, with over 90% of companies planning to expand internationally, contrasting with previous strategies focused on domestic markets [6] - Companies like Airwallex and Geek+ have successfully established global operations from inception, leveraging international markets to enhance domestic growth [6][7] - The article notes that China's strong supply chain advantages provide a competitive edge in hardware sectors, allowing companies to thrive in global markets [7] Group 3: Investment Trends - The article outlines the significant financing activities of listed companies, with notable investments in firms like Airwallex and Galaxy General, reflecting strong market confidence in these emerging players [10][12] - The trend of unicorns achieving substantial valuations and successful funding rounds underscores the robust growth potential in the hard technology sector [10][12] - The upcoming Entrepreneur China Annual Conference aims to connect capital, enterprises, and innovators, highlighting the importance of collaboration in fostering the next wave of unicorns [13]

面对利率走低与市场震荡，"投什么、怎么投"成为了许多投资者心头的难题。在中信保诚基金"UP向 上，投资有温度"天津站的活动现场，众多投资者带着这一问题前来，寻找答案。 本次活动聚焦影响市场的长期核心变量，与大家洞见市场波动的内核，找到属于自己的投资节奏。 引言： 为践行以投资者为本的理念，扎实做好投资者教育宣传工作，中信保诚基金"UP向上，投资有温度"旨 在通过系统化的理财知识普及、专业化的投资决策陪伴、多元化的传播场景搭建，致力于为投资者提供 覆盖全生命周期的财富管理支持。 利率走低并非偶然，而是人口结构变迁带来的长期趋势。任鹏宇结合发达经济体发展经验指出，人口结 构是影响长期利率走势与资产回报率的关键变量。以日本为例，在1967-2019年期间，人均GDP增长率 与20年前的人口出生率高度相关；而中国的实际GDP增速同样受20年前出生人口数量的显著影响。 随着出生人口下降、老龄化程度加深，未来消费需求与经济增长动力将发生深刻转变。这意味着，依赖 单一资产快速增值的时代可能已经过去，或可将目光转向代表未来方向的新领域。 一、紧跟国家战略，布局优质方向 未来的机会蕴藏在哪里？答案往往隐藏在国家发展战略与持续的 ...

Group 1 - The article discusses various ETFs tracking the Sci-Tech Innovation Board indices, highlighting their focus on high-growth sectors such as semiconductors, medical devices, and software development [2][3] - The Sci-Tech 50 ETF tracks the top 50 stocks by market capitalization and liquidity on the Sci-Tech Innovation Board, with over 65% of its composition in semiconductors and nearly 80% in related sectors [2] - The rolling price-to-earnings (P/E) ratio for the Sci-Tech 50 ETF is reported at 160.0 times, indicating a high valuation level since its inception [2] Group 2 - The Sci-Tech 100 ETF focuses on 100 medium-sized stocks with good liquidity, primarily in the electronics, biomedicine, and electrical equipment sectors, which together account for over 80% of the index [2] - The rolling P/E ratio for the Sci-Tech 100 ETF is noted at 187.8 times, reflecting its valuation dynamics [2] - The Sci-Tech Comprehensive Index ETF covers all market securities on the Sci-Tech Innovation Board, focusing on core industries like artificial intelligence and new energy, with a rolling P/E ratio of 206.9 times [2] Group 3 - The Sci-Tech Growth 50 ETF tracks 50 stocks with high growth rates in revenue and net profit, with nearly 75% of its composition in the electronics and biomedicine sectors [3] - The rolling P/E ratio for the Sci-Tech Growth 50 ETF is reported at 192.0 times, indicating its growth-oriented investment strategy [3] - The article mentions that the management fee for these low-fee products is 0.15% per year, and the custody fee is 0.05% per year [3]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [27]. Core Insights - The North Exchange A-shares trading volume reached 21.69 billion yuan on December 23, 2025, an increase of 1.215 billion yuan from the previous trading day, with the North Exchange 50 index closing at 1439.94, down 0.64% [2][9]. - The North Exchange specialized and innovative index closed at 2413.60, down 1.05% [2][9]. - Among 286 companies listed on the North Exchange, 33 saw an increase in stock price, while 253 experienced a decline [2][17]. - The report highlights that the hard technology sector, including semiconductors and AI computing, was the main focus of A-share trading, but this did not effectively transmit to the North Exchange [4]. Summary by Sections Market Review - On December 23, the North Exchange A-shares trading volume was 21.69 billion yuan, with a PE_TTM of 60.37 times [9][15]. - The North Exchange 50 index decreased by 0.64%, while the specialized and innovative index fell by 1.05% [2][9]. Stock Performance - The top five gainers included: - Rongyi Precision (up 8.9%) - Hongxi Technology (up 7.9%) - Shuguang Digital Innovation (up 6.8%) - Tonghui Electronics (up 6.5%) - Tianhong Lithium Battery (up 6.4%) [2][17]. - The top five losers were: - Hanxin Technology (down 14.9%) - Xingchen Technology (down 13.3%) - *ST Guandao (down 12.1%) - Tianye Co. (down 11.7%) - Ruixing Co. (down 9.1%) [2][17]. Important News - Beijing issued the first batch of L3 level special license plates for autonomous driving vehicles on highways, allowing dynamic driving tasks under certain conditions [3][20]. - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [3][20]. Company Announcements - Changjiang Energy Technology plans to use up to 100 million yuan of temporarily idle raised funds to purchase safe and liquid investment products [21]. - Meideng Technology announced the use of 10 million yuan of idle self-owned funds for cash management [21][24].