A股午盘继续高举高打，半日成交额已破2万亿，较上日放量5713亿元，上证指数午盘涨0.86%，创业板 指涨2.22%创3年新高。 增量资金入场意愿强劲，对内，巨额居民储蓄等待入市、两融余额稳居2万亿以上；对外，美联储或在9 月降息，以及EPFR口径下（截至上周三），主动外资自去年10月以来首度流入A股。 面对如此强势的A股，午盘超5000只个股依旧是涨跌参半，意味着当前加速轮动的行情下下，单点布局 的难度攀升，宽基ETF通过覆盖多行业龙头，天然具备抗轮动特性，能够同时捕捉不同热点： 创业板ETF天弘（159977，联接001593）：自6月23日至今涨超36%的情况下，指数最新PE(TTM)为 38.86倍，位居近十年历史分位数34.12%，估值处宽基指数最低， 科创综指ETF天弘(589860，联接023722)：覆盖科创板97%市值，全面覆盖硬科技，均衡配置半导体+人 工智能+生物医药。 中证A500ETF天弘(159360，联接022429)：跟踪的500只成份股汇集中国经济的核心资产，是均衡配置 的压舱石，有效对冲轮动风险。 ...

科创50ETF（588000）追踪科创50指数，指数持仓电子行业63.74%，医药生物行业11.78%，合计 75.52%，行业分布集中。同时涉及半导体、医疗器械、软件开发、光伏设备等多个细分领域，硬科技 含量高。从当前位置来看，科创50指数仍在基点附近，参照创业板历史走势，未来成长空间值得期待。 看好中国硬科技长期发展前景的投资者建议持续关注。相关ETF：科创50ETF（588000）。 8月25日早盘三大股指集体高开，科创50指数盘初快速拉升涨超4%，科创50ETF（588000）持续走 强，截至9点46，上涨1.28%，近5日上涨13.27%。持仓股大全能源强势领涨，涨超16%。 消息面上，英伟达暂停H20芯片生产，市场预期国内AI芯片厂商将加速填补高端算力缺口，科创 50ETF（588000）持仓股寒武纪上周涨幅接近35%市值超过5000亿元，带动半导体板块情绪升温； DeepSeek-V3.1大模型发布，AI算力需求持续超预期，推动算力基础设施板块爆发，算力龙头海光信息 上周上涨超过20%。 中信建投建议关注高景气赛道。随着上市公司逐步进入半年报披露密集期，市场整体对业绩关注的 力度将会加大，业绩超 ...

Group 1 - The core viewpoint is that recent brokerage recommendations signal potential mid-to-long-term investment opportunities, with 213 stocks rated as "buy" and some target prices suggesting increases of over 50% [1][3] - Notable stocks include HaiSiKe with a target increase of 50.56%, DongA AJiao at 48%, and FuNeng Shares at 47%, indicating strong institutional interest in these companies due to their respective breakthroughs and market conditions [3] - The sectors with the most brokerage activity are Materials II, Capital Goods, and Food & Beverage, highlighting a focus on "hard technology" and consumer recovery as key investment themes [3] Group 2 - Two stocks received upgraded ratings and six received initial ratings, indicating new discoveries of value and validated investment logic, respectively [3] - Yangnong Chemical is under close observation by six brokerages, while Huali and Muyuan are followed by five and four brokerages, respectively, suggesting a high level of consensus among institutions [3] - It is advised to consider performance and policy factors when evaluating stocks, particularly in Materials II and Food & Beverage sectors, to identify those with solid growth logic [3][4]

近日，2025中国(深圳)独角兽企业大会在深圳市举行，现场发布了《GEI中国独角兽企业研究报告 2025》《深圳市独角兽企业及瞪羚企业研究报告2025》。报告显示，2024年深圳独角兽企业42家，总估 值1599亿美元，平均估值37.1亿美元；深圳新晋独角兽企业13家，数量全国第一。 "我们的业务涵盖范围广泛，多种业态叠加，涉及的税收优惠政策以及需要办理的涉税事项相应比较复 杂。深圳市税务部门推行的集办税服务、集中审批、宣传辅导于一体的一站式服务让我们业务办理更为 高效便捷。"元象财务人员张锦媛说。 回顾近几年的发展历程，该公司负责人姚星表示，税务部门从"首席联络员"辅导，到"政策找人"和政策 红利精准推送，再到现在的税源网格化管理，每个环节的服务都细致周到。 "如果遇到较为复杂的事项，税务干部还会主动联系我们进行一对一辅导，收集我们的办税诉求。专人 答疑直联直通、发票审批白名单等多项定制性税收服务举措，都是对企业发展的有力支持。"姚星表 示。 近年来，深圳市税务部门围绕税收营商环境建设的重点领域、关键环节，推动服务再升级，从"全网通 办"到"刷脸缴税"，从"自助办税"到"远程办税"，多种"减负增效"办税新方 ...

市场行情不断升温，硬科技成为强势主线之一。嗅觉灵敏的机构，自然不会放过这样的机会。数据显 示，截至8月23日，8月以来，集成电路、电子元件、应用软件、生物科技等硬科技行业的上市公司，频 频迎来机构的组团调研。 8月19日，纳芯微的业绩说明会获得了135家机构组团参与。参与调研的机构，包括IDG资本、博时基 金、财通证券（601108）、东方基金、东方证券、东海证券、东吴证券、东兴基金、方正证券等。机构 的提问"硬气十足"："目前公司在AI服务器相关领域的产品和客户进展""请分享一下在机器人等新兴领 域公司产品布局和客户拓展情况"等，都是机构关注的重点。 同样，紫光国微（002049）的业绩说明会，也有100多家机构组团参与。公募基金、证券公司、私募基 金、外资机构等在提问环节踊跃且专业："高端AI＋视觉感知芯片现在应用场景如何""公司今年在宇航 业务有什么新的进展，未来有什么推进""在特种集成电路领域，公司FPGA、新一代FPGA、RF-SOC芯 片等产品的业务布局和市占率情况如何，未来是如何进行推广"…… 上海一家科创板上市公司董事会秘书告诉中国证券报记者，近年来，伴随着机构对科技行业投资的力度 加大，其专 ...

Core Insights - The report indicates that China's technology investment in 2025 is at a "crossroads," showing signs of recovery but still facing significant challenges [1] - The first half of 2025 marks the first positive growth in fundraising, investment, and exit activities in four years, indicating a potential turning point in the market [2] Fundraising and Investment Trends - In the first half of 2025, the number and scale of fundraising funds increased compared to the same period in 2024, marking a recovery in the primary market for equity investment [2] - The exit situation has improved, with a partial recovery in the IPO market for Chinese companies, and the proportion of exits through IPOs and equity transfers has risen [2] - However, challenges remain, including prolonged IPO timelines and significant disparities in approval rates across different sectors in the A-share market [2][3] Investment Challenges - Over 70% of companies funded by venture capital funds established between 2014 and 2017 have not exited, and the number of venture capital fund liquidations has increased for four consecutive years [2] - Key issues include pressure on Limited Partners (LPs) for returns, a shift in General Partners (GPs) from "investment-driven" to "exit-driven" strategies, and a significant focus on popular sectors like AI, semiconductors, and new energy, leading to market saturation [2][3] Emerging Trends - Hard technology is leading the investment narrative, with significant activity in AI and hard tech sectors, where investment events and amounts have seen substantial year-on-year growth [3] - The strategic value premium in these sectors can reach between 20% to 200%, indicating a strong market interest [3] - There is a notable difference in AI investment logic between China and the U.S., potentially leading to a dual-core model in AI investment [3] Institutional Evolution - The capabilities of GPs are evolving from being mere "catchers" of funds to becoming "partners" who understand industries and build ecosystems [3] - The rise of "patient capital" is gaining attention, with market responses gradually aligning with policy initiatives [3] - New institutional forms are emerging, with technology companies investing along the entire industrial chain, driving a reconstruction of venture capital logic [3]

为促进优质项目与资本高效对接，助力硬科技产业创新发展， 商务部投资促进事务局 与母基 金研究中心（ www. china -f o f. c om，下同）等 拟在第二十五届中国国际投资贸易洽谈会期间 举办 "创投中国·硬科技精品项目路演"活动 ，聚焦机器人、医疗健康先进制造、人工智能等赛 道甄选优质企业项目，搭建集政府、企业、金融、资本、服务、载体于一体的国际化产业创新 交流与投融资合作对接平台 。 活动的初步安排如下，欢迎扫描文末二维码报名。 当前,以机器人、医疗健康、先 能等为代表的硬科技产业正成为推动: 的重要引擎。硬科技不仅代表全球科 更是产业升级和投资布局的关键方г 小、投长期、投硬科技"正在成为投 取向。为促进优质项目与资本高效对 产业创新发展，商务部投资促进事务， 届中国国际投资贸易洽谈会期间举办 科技精品项目路演"活动,聚焦机器. 先进制造、人工智能等赛道甄选优质: 集政府、企业、金融、资本、服务、! 际化产业创新交流与投融资合作对接。 "创投中国"品牌是商务部投资' 其国际股权投资创新服务平台(GEIN) nn & Aitherit A JL 为重要支撑, 版务创新型企业和项目: 技与产业创 ...

近日，中国空间站上的无容器材料实验柜成功突破3100℃，创造了新的世界纪录。这台藏在中国空间站 的"太空炼丹炉"，其实就是位于天和核心舱里面的无容器材料实验柜，上天四年来，它一直忙着"炼 丹"，只不过炼的不是长生不老的丹药，而是能扛住火箭发动机烈焰的钨合金、铌合金等"耐热高手"， 以及一些新型材料。（央视） ...

Group 1 - The "hard technology" sector has become a focal point in the A-share market, with institutions actively engaging in research and discussions related to this theme [1][2] - As of August 23, 2023, there has been a surge in institutional research on listed companies in the hard technology fields, including integrated circuits, electronic components, application software, and biotechnology [2][3] - Notably, 21 companies in the integrated circuit industry were investigated by institutions in August, with significant participation from 135 institutions in the earnings briefing of Naxin Micro on August 19 [2][3] Group 2 - The investment landscape is shifting, with public funds increasingly focusing on hard technology, innovation drugs, and new consumption as primary investment directions [3][4] - The research and investment teams in the hard technology sector have become the "stars" of public fund companies, reflecting a change in the focus of discussions from product attributes to technical routes and application scenarios [4][5] - There is a growing trend among private equity and foreign institutions to enhance their technology research teams, which are now seen as key contributors to global investment strategies [5][6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 统计数据显示，集成电路、电子元件、应用软件、生物科技等科技行业的上市公司，在8月获得上述机 构密集调研。 以集成电路行业为例，8月以来截至8月23日，共有21家行业上市公司，迎来机构调研。其中，更有多家 行业公司获得机构组团调研。 近期，"硬科技" 主线无疑是A股市场的焦点。 嗅觉敏锐的机构自然不会错过这一主线机会。Wind数据显示，截至8月23日，8月以来，集成电路、电 子元件、应用软件、生物科技等"硬科技"领域的上市公司，迎来机构的组团调研。 记者采访了解到，近期，不少机构研究员、基金经理化身"科研人员"，将公司晨会、策略会，开成 了"技术研讨会""产学研对接会"。 "硬科技"公司调研热度升温 Wind数据显示，截至8月23日，8月以来，包括证券公司、公募基金、私募基金、保险公司、外资机构 等，掀起"硬科技"行业上市公司的调研热。 8月19日，纳芯微的业绩说明会获得135家机构参与。参与调研的机构，包括IDG资本、博时基金、财通 证券、东方基金、东方证券、东海证券、东吴证券、东兴基金、方正证券等。"公司在AI服务器相关领 域的产品及 ...