站在位于深圳福田区深科技城的新办公室窗前，刘明达望向窗外。那里有一条狭长的景观河，穿过繁华的都市腹 地，最终汇入茫茫大海。对于刘明达而言，这个景观不仅是风水上的"聚气"，更像是一种隐喻：资本如水，流向 编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共 绘一幅属于这段岁月的集体记忆图谱。 何处往往不由人的意志转移，唯有顺势而为，方能入海。 如果我们以二十五年为一个刻度，将时钟拨回至2000年，那是千禧年的曙光，也是中国资本市场草莽与希望并存 的混沌初开。那一年，互联网泡沫在大洋彼岸破裂，而中国正站在WTO的门口，蓄势待发。 刘明达，受访者供图 在这四分之一世纪的洪流中，有人在浪潮之巅高歌，旋即被"拍死"在沙滩上；有人在谷底绝望，却不知黎明将 至。作为中国阳光私募的第一批从业人员，刘明达是这漫长周期的亲历者。他穿越了A股市场的数轮牛熊，从最 初的"傻瓜组合"到如今重仓硬科技，他始终试图在巨大的不确定性中寻找那难以捕捉的"必然性"。 他不是聚光灯下最喧嚣的演说家，却是这个市场最长情的陪伴者之一。当我们试图通过一个人来管窥中国资产管 理行业的二十五年 ...

Group 1 - The core viewpoint of the news highlights the surge in hard technology concepts, particularly the strong performance of the Science and Innovation Materials ETF, which rose nearly 3% and achieved a three-day winning streak [1][3] - Shenzhen has recently issued measures to attract and utilize foreign investment, focusing on the international development of advanced manufacturing and encouraging foreign investment in key sectors such as high-end equipment manufacturing and new materials [3] - The recent completion of a significant asset restructuring project by Hu Silicon Industry, raising 7.04 billion yuan, marks a pivotal moment for the company as it aims to enhance its focus on 300mm silicon wafer technology and accelerate its R&D projects [3][4] Group 2 - The component stocks of the Science and Innovation Materials ETF showed strong performance, with notable gains including over 9% for Jia Yuan Technology and over 8% for Si Rui New Materials [3][4] - The commercialization of CPO technology is accelerating, reshaping the optical network material structure, with major companies like Nvidia and Broadcom advancing their initiatives in this area [5] - The global non-ferrous metal market is experiencing a collective surge, with copper prices breaking historical records, indicating a strong performance in the commodities market [5][6]

Core Viewpoint - Yongying Fund has established itself as a prominent player in the domestic fund market, focusing on hard technology investment strategies and showcasing its investment system and product strategies during its mid-year strategy meeting [1]. Group 1: Investment Framework - Yongying Fund's equity investment framework is not merely a commercial activity but is based on forward-looking judgments regarding potential market opportunities, focusing on structural opportunities [2][3]. - The investment research system is built on a team of professionals with complementary core competencies, creating a comprehensive and practical investment system referred to as the "1+N" model [6]. - The "1+N" investment ecosystem has been a key factor in the fund's performance improvement, with its equity funds ranking 7th in absolute returns over the past year [6][10]. Group 2: Investment Strategy - The fund's strategy for the second half of 2025 emphasizes hard technology (AI/military) and new productive forces, advocating for a focus on leading technologies [10][13]. - The fund's analysis indicates that the Chinese capital market is poised for a significant uptrend starting from September 2024, driven by a re-evaluation of Chinese assets by foreign investors [13]. - The fund highlights the importance of aligning investment strategies with leading technologies to enhance focus and efficiency in investment outcomes [14]. Group 3: Hard Technology Opportunities - Yongying Fund's investment products cover various sectors, including humanoid robots, innovative pharmaceuticals, low-altitude economy, new consumption, AI industry chain, photolithography machines, and advanced manufacturing [15]. - The fund's managers believe that the humanoid robot market is on the verge of rapid growth, potentially surpassing the number of smartphones and cars in the coming years [23]. - The innovative pharmaceutical sector is seen as having significant potential, with the fund's managers optimistic about the industry's future performance due to favorable conditions and a strong research base [20].

Group 1 - The China Securities Association (CSA) is organizing the preparation of the "14th Five-Year" plan for the securities industry, aiming to guide the long-term development of the capital market and enhance the strategic layout of leading brokerage firms [1] - The CSA emphasizes the importance of self-discipline, service, and transmission functions, aiming to gather industry wisdom and promote high-quality development in the securities sector [1] Group 2 - The total scale of the A500 ETF has exceeded 263 billion yuan, with net inflows of 616.77 billion yuan in December, accounting for over 90% of the total net inflows into stock ETFs during the same period [2] - Leading companies like Huatai-PB and Southern have seen significant increases in their A500 ETF scales, reflecting strong market demand for broad-based asset allocation [3] Group 3 - The median annualized yield of money market funds has dropped to 1.23%, a nearly 20% decrease from the beginning of the year, with over 130 products falling below the 1% threshold [4] - The trend of declining yields in money market funds is prompting capital to seek new investment opportunities, particularly in the hard technology sector, which has seen over 350 billion yuan in public fund participation in private placements since the beginning of 2025 [4]

Group 1 - The development of "hard technology" in fields such as optoelectronic chips, aerospace, and precision manufacturing is increasingly rich, and the strategy of "investing early, investing small, and investing in hard technology" aligns with the technological revolution and industrial transformation [1] - Early-stage and small "hard technology" companies often face challenges such as financing difficulties and long cycles, necessitating precise capital empowerment to overcome growth bottlenecks [1] - A good ecosystem that encourages "willing to invest, able to invest" is essential, focusing on policy guidance and mechanism innovation to direct capital towards early-stage and small "hard technology" enterprises, addressing financing pain points and injecting lasting momentum into innovative development [1] Group 2 - Mechanism innovation is crucial, balancing risk-sharing and value realization, with differentiated risk compensation and tax incentives for high-risk investments in major strategic areas to enhance capital risk appetite [2] - Promoting the pricing and trading of new asset types such as intellectual property and data can enhance the financing capabilities of small and medium-sized technology enterprises [2] - Establishing efficient and smooth exit channels is vital, requiring the development of a streamlined flow mechanism, optimizing information disclosure to reduce information asymmetry in the primary market, and fostering the growth of private equity secondary market funds to alleviate fundraising difficulties [2]

"硬科技企业的核心竞争力源于自主研发，健信超导始终坚持'聚焦主业，技术创新'的核心方向。"许建 益表示，基于这一理念，公司对并购重组的态度审慎。短期内，公司将集中资源投入核心技术迭代与产 能扩张，通过内生增长筑牢发展根基。 从具体落地动作来看，健信超导本次募集资金将投向年产600套 无液氦超导磁体项目、年产600套高场强医用超导磁体技改项目，以及新型超导磁体研发项目。 "进入 资本市场后，企业的责任更重、压力更大，但我们绝不会浮躁。"许建益表示，未来健信超导仍将稳扎 稳打，以技术创新为核心驱动力，以市场需求为导向，在医疗健康领域持续赋能民生，在工业领域深挖 超导技术价值，走出一条硬科技企业的高质量发展之路。 "硬科技创业既是技术战，也是持久战。唯有以初心为舵、以坚韧为帆、以格局为岸，才能穿越行业周 期，实现技术报国的梦想。"健信超导董事长许建益表示，"进入资本市场后，企业的责任更重、压力更 大，但我们绝不会浮躁。"未来公司仍将稳扎稳打，以技术创新为核心驱动力，以市场需求为导向，走 出一条硬科技企业的高质量发展之路 在医疗装备国产化浪潮下，MRI（医用磁共振成像）设备核心部 件的自主可控，已成为突破行业瓶颈的关 ...

Group 1 - The development of "hard technology" in fields such as optoelectronic chips, aerospace, and precision manufacturing is increasingly enriching its connotation, with a strategic focus on "early investment, small investment, and hard technology" to align with technological revolutions and industrial transformations [1] - Early-stage and small "hard technology" companies often face challenges such as financing difficulties and long cycles, necessitating precise capital empowerment to overcome growth bottlenecks [1] - Cultivating a favorable ecosystem that encourages investment requires policy guidance and mechanism innovation to direct capital towards early-stage and small "hard technology" enterprises, addressing financing pain points and injecting sustained momentum into innovative development [1] Group 2 - Mechanism innovation is crucial, balancing risk-sharing and value realization, with differentiated risk compensation and tax incentives for high-risk investments in major strategic areas to enhance capital risk appetite [2] - Promoting the pricing and trading of new asset types such as intellectual property and data can enhance the financing capabilities of small and medium-sized technology enterprises [2] - Establishing efficient and smooth exit channels is essential, requiring the development of a streamlined circulation mechanism and optimizing information disclosure to reduce information asymmetry in the primary market [2]

Core Viewpoint - Hard technology is positioned as a core engine for cultivating new productive forces, benefiting from policy empowerment and capital market innovations while facing challenges in technology, ecosystem construction, and compliance competition [1] Group 1: Capital Market Support - The "14th Five-Year Plan" emphasizes enhancing the inclusiveness and adaptability of the capital market, improving the coordination of investment and financing functions [2] - Companies like Sray New Materials have not engaged in mergers and acquisitions since their listing but are exploring policies that support such activities, indicating a growing tolerance and support from the capital market for tech companies [2] - Investment institutions are increasingly recognizing the multi-tiered capital market's role in supporting companies at various stages and sizes, with a focus on suitable listing segments [2] Group 2: Long-term Capital and Industry Development - Patient and long-term capital significantly impacts industry development, allowing for mid to long-term planning without short-term pressure [3] - Hard technology development is categorized into two tracks: areas where China has natural advantages and those where it is catching up, both benefiting from domestic talent and improved routes [3] Group 3: Ecosystem Construction - A collaborative ecosystem among tech companies, investment institutions, and research organizations is essential, focusing on risk-sharing and benefit-sharing mechanisms [1] - Investment institutions are increasingly looking for high-quality projects in large-scale sectors rather than saturated markets, emphasizing the importance of team quality and product iteration speed [5][6] Group 4: Challenges and Strategies - Companies face multiple challenges in their growth, necessitating the establishment of robust systems for commercial culture, collaborative R&D, and operational adaptability [8] - Compliance is a primary concern for companies expanding internationally, requiring thorough legal arrangements before engaging with overseas clients [9] Group 5: Investment Strategies - Investment institutions like Dongfang Fuhai balance their portfolios by combining early-stage and later-stage projects to ensure quick returns while investing in high-potential early-stage projects [10] - Analysts are focusing on fundamental scientific principles and the impact of international relations on industry dynamics, indicating a comprehensive approach to risk assessment [10]

中证报中证网讯(记者孟培嘉)上市首日股价大涨近7倍、最新总市值超2600亿元——南京市政府投资基 金所投企业沐曦股份近日成功登陆科创板，表现引人瞩目，彰显南京科创土壤的肥沃生机。 截至今年11月底，南京市累计成立子基金153只，着力投早、投小、投长期、投硬科技，推动科技创新 和产业创新深度融合，已推动沐曦股份、汉桑科技（301491）等11家本地企业上市。 围绕集成电路、软件信息服务、智能智造装备和生物医药等重点领域，南京在"投资"与"招引"双重发 力。据了解，寒武纪、胜科纳米、摩尔线程等近10家上市公司在成长阶段获得基金投资后，主动在南京 设立子公司。 南京市财政局数据显示，南京市级政府投资基金累计投资南京项目751个，招引蜂巢能源、蔚来汽车 XPT等项目落地，培育产生高新技术企业281家，省级及以上专精特新企业146家，独角兽企业31家，培 育独角兽企业53家，瞪羚、培育瞪羚企业48家。 与此同时，近年来南京坚持以企业需求为导向，以改革创新为突破，汇需求、聚资源、建机制，连续多 年出台优化营商环境政策文件，推动营商环境持续向优。 2020年9月成立的沐曦股份，是国内高性能通用GPU(图形处理器)领域的"佼 ...

Core Viewpoint - The article highlights the successful IPO of Xidi Zhijia, marking a significant milestone in the hard technology sector, particularly in autonomous driving, and emphasizes the dual IPO year for investor Li Zexiang with another company, Woan Robotics, also approaching its IPO [4][16]. Group 1: Company Overview - Xidi Zhijia, headquartered in Changsha, has become the first publicly listed company for autonomous mining trucks, achieving a market capitalization of HKD 11.5 billion upon opening [6]. - The company has delivered 110 autonomous driving systems and serves 152 global clients, with a revenue increase of 1200% over three years [7]. - Xidi Zhijia ranks sixth among all smart driving commercial vehicle companies in China, holding a market share of approximately 5.2% [7]. Group 2: Financial Performance - Xidi Zhijia's revenue surged from CNY 31.05 million in 2022 to CNY 1.3 billion in 2023, with projections of CNY 4.1 billion for 2024, reflecting a compound annual growth rate of 263.1% [10]. - The company achieved a revenue of CNY 4.1 billion in the first half of 2025, marking a year-on-year growth of 56% [10]. Group 3: Investment and Valuation - Since its establishment, Xidi Zhijia has completed eight rounds of financing, raising nearly CNY 1.5 billion from notable investors such as Sequoia China and Lenovo Holdings, with its valuation increasing from USD 56 million to CNY 9 billion [11][12]. - The company’s valuation reached CNY 6 billion after a series of financing rounds in 2021, with significant investments from various venture capital firms [13][14]. Group 4: Technological Development and Market Strategy - Xidi Zhijia's technology focuses on integrating V2X and autonomous driving solutions, successfully deploying the first "active bus priority" system in China [10]. - The company has expanded its autonomous driving solutions to various cities, enhancing operational efficiency and punctuality across over 200 bus routes [10]. Group 5: Li Zexiang's Role and Broader Impact - Li Zexiang, known as the "father of DJI," co-founded Xidi Zhijia and has played a pivotal role in promoting hard technology entrepreneurship, emphasizing practical solutions to real-world problems [9][12]. - His involvement in both Xidi Zhijia and Woan Robotics illustrates a strategic focus on nurturing hard tech startups, with a significant impact on the industry landscape [16][17].