智通财经记者 | 梁宝欣 智通财经编辑 | 林腾 深圳硬科技新星，正在集体浮出水面。 近期，智通财经记者统计发现，继登陆科创板的影石创新后，深圳正集中涌现一批类似的高成长硬科技 企业。 | 企业 | 估值/市值 | 主营业务 | 成立时间 | | --- | --- | --- | --- | | 元象XVERSE | 18亿美元 | VR/AR | 2021年 | | 云鲸智能 | 14亿美元 | 机器人 | 2016年 | | 元戎启行 | 14亿美元 | 自动驾驶 | 2019年 | | 云豹智能 | 12亿美元 | 集成电路 | 2020年 | | 10H 海柔创新 | 12亿美元 | 机器人 | 2016年 | | 思谋科技 | 12亿美元 | 人工智能 | 2019年 | | 创想三维 | 10亿美元 | 3D打印 | 2014年 | | 正浩创新 | 10亿美元 | 清洁能源 | 2017年 | | 众警机器人 | 约45亿元 | 机器人 | 2023年 | | 逐际动力 | 20亿元-50亿元 | 机器人 | 2020年 | | )智平方 | 约10亿美元 | 机器人 | 2023年 | | ...

今年前三季度的港股IPO可以用"火爆"来形容，赴港上市的企业名单长的写不下。 仅9月29日及30日两天，就有长春高新、贝达药业、百利天恒、晶合集成、极米科技、聚芯微电子等29 家公司递表港交所，其中有不少是A+H双重上市。 港交所网站显示，截至9月30日，2025年受理的新申请高达286家，是去年的两倍有余。与此同时，今年 前三季度，港股共迎来66只新股IPO上市，新股首发募集资金累计约1829亿港元(含超额配售)，折合 1673.7亿元人民币，募资额同样已超2024年全年的两倍。 对于一级市场来说，港股变成了"香饽饽"。 有双币投资机构的负责人对创投日报记者表示，港股是手上的国内项目IPO的首选目的地，最近已经把 适合的项目都盘了一遍，催着项目尽快推进。华中地区的某国资机构则告诉创投日报记者，近期一直在 尝试拿下港股IPO项目的基石份额。他们都提到，"港股行情已经起来了，要把握住这轮窗口期。" "A+H"与硬科技 今年港股IPO行情的热离不开"A+H"。 位居募资额榜首的是宁德时代，募了约410亿港元；在9月底上市的紫金黄金国际，以249.84亿港元排在 第二。 此外，恒瑞医药、三花智控、海天味业的募资额都 ...

文｜康路 2025年10月7日，在美国格林威治经济论坛上，APCO Worldwide创始人玛乔丽·克劳斯 （Marjorie Kraus）与公司大中华区主席詹姆斯·麦格雷戈（James McGregor）展开了一 场关于"投资中国"的深度对话。 在中国工作生活逾三十年的麦格雷戈表示，当前，跨国企业正以更加务实和深度的方式继续 扎根中国。 他总结道，中国对跨国企业的吸引力源自长期的结构性优势。首先，中国的市场体量巨大。 中国依然是世界上最具规模效应的消费与产业市场。对制造业、能源、消费品乃至金融机构 而言，这个庞大的市场仍是其全球布局中最核心的一环。 其次，中国的创新能力充满活力。麦格雷戈指出，中国的创新并不总是颠覆式的突破，而是 一种持续的"渐进式创新"，在商业模式、产品迭代和产业链效率上的快速改进。华为正在 上海青浦建设一个超过百万平方米的创新园区，计划容纳三万多研发人员，这只是科研与产 业升级投入的一个缩影。他强调，中国企业擅长将技术从实验室推向市场。 第三个原因则更具战略意味。跨国公司意识到他们未来最强的竞争对手极有可能来自中国。 越来越多的外企选择与中国企业合作、学习甚至结盟，以便提前布局，包括新能 ...

Core Insights - The discussion at the 2025 Greenwich Economic Forum highlighted the increasing commitment of multinational companies to invest in China, driven by structural advantages and market potential [1][2] Group 1: Market Size and Structural Advantages - China remains the world's largest market, offering significant scale effects for various sectors including manufacturing, energy, consumer goods, and financial institutions [1] - The market's size continues to be a core component of global strategies for multinational companies [1] Group 2: Innovation and Technological Advancements - China's innovation landscape is characterized by "incremental innovation," focusing on rapid improvements in business models, product iterations, and supply chain efficiency [1] - Companies like Huawei are investing heavily in R&D, exemplified by their new innovation park in Shanghai, which will accommodate over 30,000 researchers [1] Group 3: Strategic Collaborations and Competitive Landscape - Multinational companies recognize that their strongest future competitors may emerge from China, prompting collaborations and alliances with Chinese firms in sectors like new energy vehicles, AI, and biomedicine [2] - The suggestion was made for the U.S. to adopt a model similar to the 1990s, encouraging joint ventures and technology sharing with Chinese companies [2] Group 4: Manufacturing Transformation - China's manufacturing sector is undergoing a significant transformation, with a shift towards automation and smart manufacturing, reducing supply chain response times dramatically [2] - The return of scientists and engineers to China is fueling advancements in deep technology sectors, reminiscent of the previous internet wave but focused on hard technology [2] Group 5: Case Studies in Manufacturing - Xiaomi's rapid transition from a smartphone company to establishing a fully automated electric vehicle factory within two years illustrates the dynamic changes in China's manufacturing landscape [2] - The company achieved a production rate of one vehicle every 76 seconds, showcasing the efficiency and competitiveness of Chinese manufacturing [2]

其次，中国的创新能力充满活力。麦格雷戈指出，中国的创新并不总是颠覆式的突破，而是一种持续 的"渐进式创新"，在商业模式、产品迭代和产业链效率上的快速改进。华为正在上海青浦建设一个超过 百万平方米的创新园区，计划容纳三万多研发人员，这只是科研与产业升级投入的一个缩影。他强调， 中国企业擅长将技术从实验室推向市场。 第三个原因则更具战略意味。跨国公司意识到他们未来最强的竞争对手极有可能来自中国。越来越多的 外企选择与中国企业合作、学习甚至结盟，以便提前布局，包括新能源车、人工智能和生物医药等新兴 领域。麦格雷戈甚至建议，美国可以借鉴上世纪九十年代，外资进入中国时，与中国企业合资并技术共 享的模式，邀请中国企业进入美国市场，通过合资实现技术互换。 麦格雷戈同时提及，从消费电子到新能源汽车，再到工业机器人，中国的制造业正经历一场自下而上的 再工业化浪潮。越来越多的工厂实现"黑灯化"运行，生产线被智能机器人取代，数据实时驱动决策，供 应链响应速度从过去的几周压缩到几小时甚至几分钟。与此同时，大批曾在美国学习和工作的科学家与 工程师开始回流中国，他们加入AI、药物研发和芯片创业公司，推动中国在深科技领域的突破。麦格 雷戈 ...

【2025年度最活跃投资方揭晓！】毅达资本、奇绩创坛、合肥创新投资、深创投、中科创星等机构上榜 ～从早期孵化到产业深耕，从硬科技到新经济赛道，这些"活跃选手"密集出手，既为创投圈注入活力， 也折射出2025年资本布局的核心逻辑～ 2025年顶级投资机构的"捕猎"名单曝光，他们的钱正流向这里…… 数据截止日期：2025.09.26 ...

Group 1 - The Hong Kong IPO market has seen a significant surge in activity, with 286 new applications received by September 30, 2025, more than double that of the previous year [1][2] - In the first three quarters of this year, 66 new IPOs raised approximately 182.9 billion HKD (about 167.37 billion RMB), which is more than double the total raised in 2024 [1] - The popularity of the A+H listing model has driven this surge, with major companies like CATL raising around 41 billion HKD and Zijin Mining International raising 24.98 billion HKD [2][3] Group 2 - The regulatory environment has been favorable, with the China Securities Regulatory Commission encouraging leading domestic companies to list in Hong Kong and streamlining the approval process for eligible A-share companies [4] - The introduction of the "Specialized Technology Companies" listing channel by the Hong Kong Stock Exchange has attracted hard tech and biotech firms, allowing them to submit applications confidentially [5][6] Group 3 - The demand for IPOs has led to increased hiring in investment firms, particularly for teams focused on Hong Kong and AI investments, indicating a shift in market dynamics [7] - The participation of cornerstone investors has significantly increased, with an average of 5.35 cornerstone investors per IPO in 2025, compared to 1.37 in the previous year [8][9] - Local state-owned enterprises have become active cornerstone investors, with over 15 local state-owned platforms participating in IPOs this year [9][10]

来源：市场资讯 （来源：ETF万亿指数） 刚刚过去的9月，A股整体表现强势，主要指数均实现上涨，以新能源和半导体为代表的科技成长板块领跑，ETF市场也呈现出鲜明的结构性行情。 以下为主要指数和ETF行情回顾： 1、指数表现，创业板50九月领跑 9月，创业板50张14.4%，领跑主要宽基指数。创业板指涨12.0%，科创50指数涨11.5%，深证成指涨6.5%，上证指数涨0.6%，几大指数均实现月线五连 涨。 今年以来，科创创业50、科创100、科创200涨幅前三，分别张63%、59.6%、59.2%。 | 序号 指数名称 | | 今年以来 | 9月 | 8月 | 7月 | 6月 | 5月 | 4月 | 3月 | 2月 | 1月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨幅 | | | | | | | | | | | 1 | 科创创办20 | 63.0% | 13.7% | 33.2% | 9.2% | 6.7% | -0.1% | -4.9% -6.0% | | 7.0% | -3.4% ...

Group 1 - Israel and Hamas representatives will hold talks in Egypt on October 6, focusing on a ceasefire plan proposed by President Trump [2] - The discussions will address the conditions for personnel exchange and aim to end nearly two years of conflict in Gaza [2] - A U.S. official confirmed that Middle East envoy Greenblatt and Jared Kushner will join the talks [2] Group 2 - Ukrainian President Zelensky signed new sanctions against Russia, targeting Russian entrepreneurs, the military-industrial sector, and the oil industry [4] - Russia's presidential aide emphasized the need to accelerate naval power development to counter strategic provocations from Western countries [4] Group 3 - The probability of the Federal Reserve cutting interest rates by 25 basis points in October is 96.2%, while the chance of maintaining rates is only 3.8% [6] - In December, the probability of maintaining rates is 0.4%, with a cumulative 25 basis points cut at 13.3% and a cumulative 50 basis points cut at 86.3% [6] Group 4 - In September, A-share market transaction volume reached approximately 53.2 trillion yuan, setting a new monthly record [9] - The A-share market saw significant index performance, with the ChiNext Index rising by 12.04% and the STAR 50 Index increasing by 11.48% [8] - Daily transaction volume has exceeded 2 trillion yuan for 35 consecutive trading days since August 13 [10] Group 5 - Hong Kong stocks had a strong start in the fourth quarter, with the Hang Seng Index rising 1.61% to a near four-year high [12] - The global liquidity preference has shifted towards easing due to the Fed's rate cut cycle, attracting international capital to undervalued Hong Kong stocks [13] - The A-share market showed strong performance before the National Day holiday, indicating a change in market sentiment and capital structure [14] Group 6 - Analysts expect a positive outlook for the A-share market post-holiday, driven by policy expectations and a favorable liquidity environment [15] - The upcoming important meetings, such as the 20th Central Committee's Fourth Plenary Session, are anticipated to influence market policies positively [15] - Historical trends suggest that the market typically experiences increased trading volume and heightened risk appetite after the National Day holiday [15]

Group 1: Israel-Hamas Talks - The Israeli and Hamas delegations will hold talks in Egypt on October 6, focusing on a ceasefire plan proposed by President Trump [1] - The discussions will address the conditions for personnel exchanges and the details of the ceasefire [1] - The U.S. officials, including Middle East envoy Greenblatt and Jared Kushner, will participate in the talks [1] Group 2: Ukraine-Russia Sanctions - Ukrainian President Zelensky signed multiple new sanctions against Russia, targeting Russian entrepreneurs, military industry, and the oil sector [2] - Russia's maritime commission chairman emphasized the need to strengthen naval forces to deter strategic provocations from Western countries [2] Group 3: U.S. Federal Reserve Rate Decisions - The probability of a 25 basis point rate cut by the Federal Reserve in October is 96.2%, while the chance of maintaining the current rate is only 3.8% [3] - For December, the probability of maintaining the rate is 0.4%, with a cumulative 25 basis point cut at 13.3% and a cumulative 50 basis point cut at 86.3% [3] Group 4: A-Share Market Performance - In September, the A-share market saw significant index increases, with the ChiNext Index rising by 12.04% and the STAR 50 Index by 11.48% [4] - The total trading volume in September reached approximately 53.2 trillion yuan, setting a new monthly record [4] - Daily trading volume has exceeded 2 trillion yuan for 35 consecutive trading days since August 13 [4] Group 5: Hong Kong Stock Market Outlook - The Hong Kong stock market had a strong start in Q4, with the Hang Seng Index rising by 1.61% on October 2, reaching a nearly four-year high [5] - The strong performance is attributed to global liquidity preferences shifting towards a more accommodative stance due to the Fed's rate cut cycle [6] Group 6: Investor Sentiment and Market Trends - Unlike previous years, the last trading day before the National Day holiday saw collective index increases and active trading, indicating a shift in investor sentiment [7] - Increased financing balances and active financing funds suggest a strong willingness for new capital to enter the market [7] - The financial sector, particularly securities firms, is expected to perform well, supported by recent central bank policies [7] Group 7: Post-Holiday Market Expectations - The market is expected to trend upwards post-holiday due to several factors, including upcoming important political meetings and a favorable liquidity environment [8] - Historical trends indicate that trading volume and risk appetite typically increase after the National Day holiday [8]