2025年12月的A股科创板，被两场国产GPU企业的上市盛宴推向高潮。 先是12月5日摩尔线程率先登陆，首日涨幅超400%；时隔12天后，沐曦股份紧随其后，上市首日涨幅飙 升至692.95%，两家企业市值均迅速突破3300亿元大关。 这场"国产GPU双雄"的密集上市与资本狂欢，不仅改写了A股科技股的估值版图，更引发市场对硬科技 企业上市潮的深度思考——以美股"七姐妹"为参照，A股是否正在迎来科技巨头引领的新时代？ 国产GPU双雄的上市狂飙路 摩尔线程与沐曦股份的上市之路，堪称科创板审核效率的"标杆案例"，更上演了一场"国产GPU第一 股"的竞速赛。 时间回溯至2025年6月30日，两家企业的科创板上市申请同日获受理，正式拉开IPO角逐序幕。其中， 摩尔线程推进更为迅猛，9月26日顺利过会创下科创板审核新纪录，12月5日便成功挂牌，率先摘得"国 产GPU第一股"头衔；沐曦股份亦不甘落后，从申请受理到正式上市仅耗时约170天，全程不足六个月。 01 竞速之外，两家企业的上市表现更堪称"资本狂想曲"。摩尔线程发行价为114.28元/股，开盘即暴涨 468%，上市五个交易日股价较发行价涨幅超7倍，股价一度逼近千元大关 ...

Group 1 - The core viewpoint of the report indicates a decline in the number of private fund managers in November, continuing a trend observed over several months, while the number of funds and their scale have increased [1][2] - As of the end of November, there are 19,314 active private fund managers, a decrease of 53 from the previous month, with a total of 138,055 funds and a managed scale of 22.09 trillion yuan [2][4] - The private equity and venture capital (PE/VC) market has shown significant growth in fundraising and investment activities, with fundraising numbers increasing by 16.73% and investment numbers rising by 30.33% year-on-year from January to November [5][6] Group 2 - In November, 1,689 new private funds were registered, with a total new scale of 71.34 billion yuan, marking a significant increase compared to October [3] - The geographical concentration of private fund managers remains high, with major hubs including Shanghai, Beijing, and Shenzhen, which together account for 72.35% of the total number of managers [3] - The investment landscape has seen a notable increase in activity, with 10,007 investment cases recorded from January to November, reflecting a year-on-year increase of 30.33% [6][7] Group 3 - The report highlights that state-owned capital has become a dominant force in the fundraising market, contributing 80% of the funds, while private enterprises have increased their participation as limited partners [5][6] - The investment focus has shifted towards strategic emerging industries such as hard technology, artificial intelligence, and new energy, with significant investments being made in these sectors [7] - The average investment amount has been reported at 11.9 million yuan, indicating a recovery in the investment market [6]

Group 1 - The core viewpoint of the report indicates a decline in the number of private fund managers in November, continuing a downward trend, while the number of funds and their scale have increased [1][2] - As of the end of November, there are 19,314 active private fund managers, a decrease of 53 from the previous month, with a total of 138,055 funds and a management scale of 22.09 trillion yuan [2][4] - The private equity and venture capital (PE/VC) market has shown significant growth in fundraising and investment activities, with fundraising numbers increasing by 16.73% and investment numbers rising by 30.33% year-on-year from January to November [5][6] Group 2 - In November, 1,689 new private funds were registered, with a total new scale of 71.34 billion yuan, marking a significant increase compared to October [3] - The geographical concentration of private fund managers remains high, with major regions like Shanghai, Beijing, and Shenzhen accounting for 72.35% of the total number of managers [3] - The investment landscape has seen a notable increase in activity, with 10,007 investment cases recorded from January to November, reflecting a 30.33% year-on-year increase [6]

Core Insights - The 2025 "Top Venture Capital Institutions in China" list highlights IDG Capital as the top firm, followed by Sequoia China and Shenzhen Capital Group, with five new entrants this year, indicating a revitalization in the venture capital sector [1] - The rankings aim to present a true representation of the venture capital ecosystem in China, focusing on institutions that excel in identifying opportunities and providing value to entrepreneurs [1] Investment Institutions - IDG Capital has shown remarkable resilience, shifting its focus towards "hard technology" and "health ecosystem construction," with a distinctive investment style characterized by early-stage focus and long-term support [9] - Sequoia China has established itself as a leader by systematically defining and dominating core sectors, with significant IPOs and exits in AI pharmaceuticals and new energy, reflecting its investment philosophy of "betting on change" [10] - Qiming Venture Partners has built a strong specialization in "technology and medical innovation," with a portfolio that includes industry-defining projects in AI and robotics [11] - Lenovo Capital has adopted a "CVC 2.0" model, focusing on deep industry research to guide its investments, particularly in AI and advanced manufacturing [12] - Yunfeng Fund, co-founded by Jack Ma, has a unique strategy centered around integrating resources within Alibaba's ecosystem, achieving significant exits in technology and healthcare sectors [13] Market Trends - In the fundraising sector, the number of new funds raised in China's equity investment market reached 3,501, a year-on-year increase of 18.3%, with a total scale of 1.16 trillion yuan, reflecting a recovery in the market [14] - The investment landscape has shifted towards core sectors, with hard technology becoming a focal point, as evidenced by a 19.8% increase in investment cases and a significant rise in IPO exits [14] - The Chinese venture capital market is experiencing a "big exit year," particularly with a strong recovery in the Hong Kong capital market facilitating IPOs [15] Policy Influence - The recent policy initiatives from multiple government departments aim to reform the financial supply side, introducing "patient capital" and guiding investments towards early-stage, small, and hard technology ventures [15] - The 2025 policy measures are seen as a new era for venture capital, emphasizing the importance of understanding national strategies and supporting hard technology enterprises [15] Sector Focus - The core sectors for investment in China include hard technology, artificial intelligence, cloud computing, and biomedicine, contrasting with the U.S. focus on AI and defense technology [16] - The AI sector is a key battleground, with Chinese investments emphasizing application and industry integration, while U.S. investments focus on foundational infrastructure and platforms [17] - The demand for computing power driven by AI is becoming a strategic resource, with investments in domestic GPU and AI chip companies to enhance manufacturing capabilities [18] - The energy storage market is evolving, with significant competition and technological advancements in long-duration storage solutions, driven by both domestic and international demand [19] - The pharmaceutical sector is witnessing a milestone year, with Chinese companies making significant strides in global collaborations and high-value transactions in innovative drug development [20]

Core Viewpoint - The IPO review process in December 2025 has accelerated, with a record number of companies scheduled for review, indicating a robust pipeline for new listings in the Chinese capital markets [1][6]. Group 1: IPO Review Acceleration - A total of 25 companies have been scheduled for IPO reviews in December, setting a new monthly record for the year [6]. - Among the 25 companies, 12 are from the North Exchange, 6 from the Growth Enterprise Market, 4 from the main board, and 3 from the Sci-Tech Innovation Board [6]. - The highest fundraising target is set by Vision Technology, aiming to raise approximately 2.015 billion yuan [7]. Group 2: Notable Companies and Their IPOs - Ying's Holdings successfully passed its IPO review on December 22, aiming to raise about 334 million yuan, focusing on infant nutrition and hygiene products [3][5]. - DaPu Microelectronics is notable as the first unprofitable company to apply for an IPO on the Growth Enterprise Market, with a fundraising target of approximately 1.878 billion yuan [4][5]. - MoLong Co., primarily engaged in the production and sales of molybdenum-related products, is set for review on December 23 [3]. Group 3: Financial Performance and Projections - Vision Technology reported revenues of approximately 190 million yuan in 2022, with projected losses of 2.47 billion yuan for the same year, and aims to achieve profitability by 2026 [7][10]. - DaPu Microelectronics reported revenues of 556 million yuan in 2022, with a net loss of 534 million yuan, and aims to improve its financial performance in the upcoming quarters [10][11]. - Feng En Co., an eco-friendly fabric supplier, has seen rising accounts receivable, with values increasing from 246 million yuan to 354 million yuan over the reporting periods [5]. Group 4: Industry Trends - The majority of the companies undergoing IPO reviews are in the "hard technology" sector, which includes industries such as power semiconductors, new energy batteries, and medical devices [9][10]. - The acceleration of IPO reviews for "hard technology" companies is attributed to their core technologies and alignment with national strategic interests, which enhances their appeal to investors [10][13].

同时，光大银行紧密围绕"五篇大文章"战略部署，充分发挥自身在科技金融领域的产品创新 优势和综合服务能力，不断推动股权投资与科技型企业信贷的联动，进一步提升服务实体经 济的质效。 此外，展望未来，光大银行还表示，公司将在"十五五"规划的战略引导下，重点聚焦人工智 能、生物制造、新材料、高端装备、新能源与半导体等"硬科技"赛道，不断深化自身服务内 涵，构建从初创投资到产业整合的全生命周期综合金融服务方案，通过强服务、强产品、强 生态、强行研、强数智的"五强"支撑体系，助力"科技－产业－金融"的良性循环。 或将迎来第四家股份行AIC 今年以来，在政策的鼓励下，AIC牌照扩容节奏持续加快。截至目前，已经有8家银行系AIC正 式运营。兴业银行、中信银行，以及招商银行三家股份制银行旗下AIC自11月起已陆续揭牌运 营。此外，10月底，邮储银行也宣布获批成立AIC，但暂未正式开业。 今年3月，为推动金融资源精准对接实体经济转型升级需求，国家金融监管总局发布上述《通 知》，明确支持符合条件的商业银行发起设立AIC；5月，金融监管部门进一步表态，将发起 设立AIC的主体范围扩展至符合条件的全国性商业银行，为银行系AIC扩容奠定 ...

Core Viewpoint - The IPO review process in December has accelerated, with a record number of companies scheduled for meetings, indicating a robust pipeline for new listings in the market [1][6]. Group 1: IPO Review Acceleration - From December 22 to 26, nine companies including Sanrui Intelligent and New Hengtai were scheduled for IPO meetings, setting a new high for the year [1][3]. - As of December 22, a total of 25 IPOs have been arranged for review in December, marking a monthly record [6]. - The North Exchange leads with 12 companies scheduled for IPO meetings, followed by the Growth Enterprise Market with 6, and the Main Board with 4 [6]. Group 2: Notable Companies and Fundraising - Vision Technology, aiming for the Sci-Tech Innovation Board, plans to raise approximately 2.015 billion yuan, the highest among the listed companies [1][7]. - Dapu Micro, notable for being the first unprofitable company to apply for an IPO on the Growth Enterprise Market, plans to raise about 1.878 billion yuan [4][10]. - Other companies scheduled for meetings include Ying's Holdings, which aims to raise around 334 million yuan, and Fuen Co., which plans to raise approximately 1.25 billion yuan [3][4]. Group 3: Financial Performance and Industry Focus - Vision Technology reported revenues of approximately 190 million yuan in 2022, with projected losses in subsequent years, but anticipates profitability by 2026 [7][10]. - Dapu Micro's revenues for 2022 to 2024 were approximately 557 million yuan, 519 million yuan, and 962 million yuan, with significant losses reported [10]. - Fuen Co. focuses on sustainable development and has seen an increase in accounts receivable, which raises concerns about its financial health [5]. Group 4: Industry Trends - The majority of companies undergoing IPO reviews are concentrated in the "hard technology" sector, which includes industries such as power semiconductors and medical devices [9][12]. - The acceleration of IPO reviews for "hard technology" companies is attributed to their core technologies and broad industry prospects, aligning with national strategic interests [9][12].

21世纪经济报道记者 易妍君 临近年末，A股波动加大，但机构调研热度未减。 据Wind统计，截至12月21日，本月内至少已有472家A股上市公司接受了机构调研。其中，机构关注度排名前十（以调研机构家数为准）的上 市公司分布在计算机设备和附件、集成电路、汽车制造、石油天然气设备与服务、工业机械、电气部件与设备、医药等行业，这些公司大多为 Wind新质生产力概念股。 受访人士向21世纪经济报道记者指出，机构调研逻辑正在转向"业绩兑现确定性与技术迭代潜力"双轮驱动，更加注重企业长期价值与产业趋势 的契合度。 扎堆调研新质生产力 近期，各类资产管理机构的调研持续围绕科技主线展开。部分"含科量"较高的上市公司，往往会吸引券商、公募基金、私募基金、保险公司及 保险资管等机构扎堆调研。 Wind数据显示，12月1日—12月21日，中科曙光、海光信息、长安汽车、杰瑞股份、博盈特焊至少获得了365家、365家、227家、221家、139 家机构调研，为机构调研热度排名前五的上市公司。 同时，调研一品红、伟创电气、广联航空、华通线缆的机构数量均超过100家，分别为：119家、112家、102家、101家；调研热度排在第十位 的佐 ...

2025年度即将收官，12月IPO审核继续提速。12月22日—26日这周，沪深北交易所中，三瑞智能、新恒泰、福恩股份、普昂医疗、隆源股份、大 普微、视涯科技、盛龙股份、英氏控股9家企业被安排上会，单周9家企业首发上会再创年内新高。其中，英氏控股12月22日上会获得通过。从 募资额来看，拟募资金额最高的是闯关科创板的视涯科技，公司拟募集资金约20.15亿元。另外值得一提的是，将于12月25日上会的大普微，系 创业板首单未盈利企业IPO。除即将上会企业外，经同花顺iFinD统计，截至12月22日，12月已有17家IPO企业上会并获得通过。 | 序号 | 代码 = | T | 公司名称 ◆ T | 日期 : | Z | 审核委员 → | | --- | --- | --- | --- | --- | --- | --- | | ন | A06738.SZ | | 南昌三瑞智能科技 ... | 2025-12-26 | | 李岚,王靓,杨莉莉, ... | | 2 | A06743.BJ | | 浙江新恒泰新材料 ... | 2025-12-26 | | 杨超颖,耿晨晨,何 ... | | 3 | A06790.SZ ...

中证报中证网讯(记者齐金钊)日前，以"高起点，大格局，再出发"为主题的深圳创投行业25周年大会举 行。本次大会由深圳市创业投资同业公会主办，深创投、东方富海、达晨财智、同创伟业、松禾资本、 基石资本、前海方舟联合主办。 中国工程院院士、香港中文大学(深圳)校长徐扬生以"人工智能：突破口在哪里？"为题，从学术视角解 读了人工智能产业的发展现状与未来方向。他认为，人工智能正从"感知智能"向"认知智能""具身智 能"演进，核心突破口在于算法创新、算力提升与场景落地的深度融合。深圳拥有完整的产业链优势和 活跃的创新生态，有望成为人工智能技术转化和产业应用的核心阵地。 清科集团创始人、董事长倪正东则从行业发展趋势出发，分析了当前创投行业面临的机遇与挑战。他表 示，随着科技创新进入深水区，创投行业正从"规模扩张"向"质量提升"转型，专业化、精细化、生态化 成为未来发展的核心关键词。深圳创投机构要继续发挥先行优势，聚焦硬科技领域，加强投后赋能，与 创业者共同成长。" 作为被投企业代表，云豹智能创始人、CEO萧启阳分享了企业在资本赋能下的成长历程。"从初创到成 为行业骨干企业，深圳创投机构不仅提供了资金支持，更带来了资源对接 ...