Wind数据显示，截至12月30日，2025年沪深北交易所共首次披露134单发行股份购买资产交易。2023年 和2024年同期，首次披露的数量分别为53单和78单。2025年并购重组市场活跃度显著提升，并且热度仍 在保持。在这134单中，涉及沪主板33单，深主板36单，科创板27单，创业板37单，北交所1单，科创板 和创业板重组较前些年活跃度大幅提升。 华泰联合证券董事总经理劳志明对中国证券报记者表示，2025年，并购市场活跃度整体提升。今年以 来，交易所对并购重组事项的受理和审核进度加快。民企交易占比在首次披露端明显提高，过会端占比 相对稳定。相较前几年，监管部门明显提高了对优质未盈利资产的包容度，半导体等"硬科技"成为监管 部门支持的重点。 ● 本报记者 董添 交易所受理和审核速度加快 临近年末，A股并购重组市场持续活跃。近期，多家A股上市公司发布发行股份购买资产交易的公告， 引发市场关注。 五矿发展12月29日晚间公告，公司收到实际控制人中国五矿《关于筹划重大资产重组事项的通知》，拟 通过资产置换、发行股份及支付现金方式购买控股股东五矿股份持有的五矿矿业、鲁中矿业的股权，并 募集配套资金。同时，公司拟置 ...

"2025年，我在A股市场的收益率超40%，全靠运气。很多年没有这么高的收益率了。"河南的投资者小 马告诉中国证券报记者。 在小马"全靠运气"取得高收益率的背后，是2025年中国资产崛起，A股市场的持续走强，上证指数一度 站上4000点，A股总市值、成交额、融资余额等连创纪录。 Wind数据显示，截至12月30日，2025年以来，A股市场成交额达417.82万亿元，日均成交额达1.73万亿 元，均创年度历史新高。A股总市值为119.04万亿元，在2025年连创新高，并于11月13日创下119.95万 亿元的纪录。上证指数、深证成指、创业板指分别累计上涨18.30%、30.62%、51.42%，从2025年低点 算起的最大涨幅则分别高达32.67%、51.40%、89.67%。（下转A05版） （上接A01版）长江证券研究所总经理王鹤涛说："从整体看，2025年A股市场走势整体呈现震荡上行行 情，其中科技和有色板块领涨。从全年节奏看，市场呈现出较为明显的季节效应。" ● 本报记者 吴玉华 "在高点买入很多年的ETF终于在2025年解套赚钱了""这一年收益率超过60%，结构性行情突出，跟随主 线做波段才更好赚钱" ...

Core Insights - Strong One Co., Ltd. (688809.SH) officially listed on the Sci-Tech Innovation Board, becoming the 600th company, marking a significant milestone in the board's growth since its inception in 2019 [1] - The Sci-Tech Innovation Board has established itself as a key platform for empowering hard-tech enterprises, reflecting China's commitment to innovation-driven development and the cultivation of new productive forces [1] Financial Performance - In the first three quarters of 2025, companies on the Sci-Tech Innovation Board achieved a total operating revenue of 1,105.01 billion yuan, representing a year-on-year growth of 7.9% [2] - Net profit reached 49.27 billion yuan, with an 8.9% year-on-year increase, while the net profit after deducting non-recurring items was 31.97 billion yuan, up 5.5% [2] - R&D investment totaled 119.75 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, indicating a strong focus on technological innovation [2] Industry Development - The Sci-Tech Innovation Board has formed a distinctive hard-tech industry cluster, particularly in the semiconductor sector, which includes over 100 companies, accounting for about 60% of the total in the A-share market [3] - Revenue in the integrated circuit industry grew by 25% year-on-year, with net profit increasing by 67% [3] - The biopharmaceutical sector saw the approval of nine Class 1 new drugs and potential total transaction amounts exceeding 13 billion USD from 16 outbound BD deals, enhancing industry competitiveness [3] Future Outlook - The emergence of the 600th company is seen as both a summary of past achievements and a starting point for future development [3] - The Sci-Tech Innovation Board aims to deepen reforms and enhance support for hard-tech enterprises, fostering the growth of high-quality tech companies through capital [3] - The board is expected to attract and cultivate more world-class technology enterprises, leading to the emergence of more innovative company stars in the future [3]

Core Viewpoint - The year 2025 is positioned as a pivotal moment in history, marked by significant developments in technology, economy, and societal changes, particularly in the realms of hard technology and new consumption [1][4][9]. Group 1: Economic and Technological Landscape - The economic future is closely tied to advancements in technology, with a focus on hard technology and new consumption as key coordinates for development in 2025 [4][6]. - China is facing unprecedented challenges and opportunities as it attempts to integrate industrialization, information technology, intelligence, and urbanization [4]. - The capital market is witnessing a surge in hard technology investments, particularly in areas like chips and innovative pharmaceuticals, which are crucial for narrowing the technological gap [4][6]. Group 2: New Consumption Trends - New consumption is evolving beyond mere material goods to encompass cultural and service-oriented aspects, indicating a shift in consumer behavior and preferences [6]. - Emotional and trendy consumption is rapidly gaining traction, reflecting a societal shift where consumers are increasingly valuing experiences and emotional connections over traditional goods [4][6]. - The service industry is identified as a fertile ground for the emergence of new consumption giants, highlighting the need for innovation in service delivery [6]. Group 3: Societal Implications - The relationship between national developments and individual experiences is emphasized, suggesting that the fate of the country is intertwined with the actions and aspirations of its citizens [3][9]. - The narrative of personal agency is reinforced, indicating that individuals have the potential to shape their futures amidst the uncertainties of a rapidly changing world [10]. - The importance of continuous innovation in systems, technology, and business practices is underscored as essential for meeting new demands and creating new supply [6].

Core Insights - The humanoid robot industry is expected to be a leading sector in the capital markets by 2025, with Yushutech and its founder Wang Xingxing emerging as significant players [1] - Yushutech has made notable advancements in humanoid robotics, showcasing rapid evolution and gaining public attention through various high-profile events [1] - Wang Xingxing's journey from obscurity to prominence highlights the shift in the industry narrative from "traffic economy" to "hardcore innovation" [2] Company Developments - Yushutech has been recognized as one of the "Six Little Dragons of Hangzhou" and has initiated its IPO process after completing a Series C funding round [1] - The company has captured 70% of the global quadruped robot market and is expanding its humanoid robot product line with the launch of Unitree R1 and H2 [3] - Yushutech is actively building an open-source ecosystem to foster innovation and collaboration in embodied intelligence and robotics technology [3] Industry Trends - China is leading the competition in humanoid robot manufacturing, with a patent accumulation rate five times that of the United States over the past five years [4] - The evolution of the Chinese robotics industry has transitioned from "follower" to "leader," indicating a systemic advancement in technology and market presence [4] - Despite advancements, the humanoid robot technology path remains unresolved, with significant challenges in commercialization and technological breakthroughs [5] Challenges Ahead - Yushutech faces multiple challenges, including organizational structure, technological advancements, industry competition, and capital market dynamics as it approaches its IPO [5] - The need for strategic vision is emphasized as Wang Xingxing transitions from a tech entrepreneur to a strategic business leader [5]

Core Insights - The total market capitalization of the 600 companies listed on the Sci-Tech Innovation Board exceeds 10 trillion yuan, with IPO fundraising amounting to 955.7 billion yuan and refinancing raising 213.9 billion yuan, totaling over 1.1 trillion yuan [2] Group 1: Company Statistics - As of December 30, the number of companies listed on the Sci-Tech Innovation Board reached 600 with a total market capitalization exceeding 10 trillion yuan [2] - Among the 600 companies, 389 are included in the national "specialized and innovative" small giant enterprises list, while 65 are recognized as manufacturing "single champion" demonstration enterprises [2] - 49 companies have their main products rated as manufacturing "single champion" products, with a total of 418 unique companies (after deduplication) accounting for 70% of the board's total [2] Group 2: Support for Special Enterprises - The Sci-Tech Innovation Board has continuously optimized its system to support more special types of "hard technology" enterprises for listing [2] - A total of 60 unprofitable companies, 9 with special equity structures, 7 red-chip companies, and 22 companies listed under the fifth set of standards have been supported, with 22 unprofitable companies achieving profitability post-listing [2] - Among the 22 companies listed under the fifth set of standards, 21 have launched 48 drug or vaccine products, with one company having submitted a product listing application, and 9 companies achieving first-time profitability post-listing [2]

Core Insights - The capital markets in China are experiencing a vibrant end-of-year surge, with significant IPO activity in both A-shares and Hong Kong stocks, reflecting a positive outlook for 2025 [1][2] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, raising a total of 131.77 billion yuan, marking a 95.64% increase compared to the previous year [4][5] - The A-share IPO market is characterized by a focus on "hard technology," with notable companies like Moer Technology and Muxi leading the way [4][6] - The top IPOs included Huadian New Energy, which raised 18.17 billion yuan, followed by Moer Technology and Xian Yicai, with 8 billion yuan and 4.64 billion yuan respectively [5] Hong Kong Market - The Hong Kong IPO market thrived in 2025, with 117 new listings raising a total of 285.69 billion HKD, a 220% increase year-on-year, making it the top global fundraising venue [8][9] - Eight major IPOs contributed significantly to this total, including Ningde Times, which raised 41.01 billion HKD, accounting for nearly half of the total fundraising [9][10] - The market saw a low first-day loss rate of 27.35%, the lowest in five years, indicating strong investor confidence [10] Regulatory and Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust market environment, with a focus on technology and innovation [11][12] - The Chinese government has implemented various measures to enhance the appeal of the capital markets, including the establishment of a growth tier on the Sci-Tech Innovation Board [11][12] - The influx of international capital and the increasing participation of domestic investors are reshaping the investor landscape in Hong Kong [13][17] Future Outlook - Expectations for 2026 are optimistic, with projections of continued growth in both A-share and Hong Kong IPO markets, driven by a focus on quality and structural improvements rather than sheer volume [15][16] - The Hong Kong market is anticipated to see around 160 new IPOs, with significant contributions from technology and media sectors [15][16]

导语 "吸引更多的资本、人才等要素向硬科技产业集中。" 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募集 资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，600家企业集聚科 创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促进、 共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投身于核 心技术研发和创新。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端装备、新能源、新材料、节能环保等高新 技术产业和战略性新兴产业。其中，有389家公司入选国家级专精特新"小巨人"企业名录，65家公司被 评为制造业"单项冠军"示范企业，49家公司主营产品被评为制造业"单项冠军"产品，合计（去重后418 家）占板块公司总数的70%。 （2019年至今科创板公司家数及IPO募资规模） 在多元包容的发行上市条件之下，科创板已支持60家未盈 ...

Core Viewpoint - The A-share market showed mixed performance on December 30, with the Shanghai Composite Index experiencing a low opening but rebounding to record ten consecutive gains, while the total market turnover reached 2.16 trillion yuan. Market Performance - The Shanghai Composite Index opened lower but rebounded, achieving ten consecutive days of gains [1] - The total market turnover was 2.16 trillion yuan [1] - The CSI A500 Index rose by 0.3%, the CSI 300 Index increased by 0.3%, the ChiNext Index went up by 0.6%, and the STAR Market 50 Index climbed by 1.0% [1] - The Hang Seng China Enterprises Index increased by 1.1% [1] Sector Performance - The human-like robots, ice and snow tourism, and embodied intelligence sectors saw significant gains [1] - The Hainan Free Trade Port, photovoltaic glass, and commercial aerospace sectors experienced notable declines [1] - In the Hong Kong market, the semiconductor, oil and petrochemical, and non-ferrous metals sectors strengthened, while the pharmaceutical and consumer sectors weakened [1]

Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]