Core Insights - The successful IPO of He Yuan Bio is attributed to its strong original technology, clear product prospects, and supportive national listing policies, marking a shift in capital market valuation logic from "profit-oriented" to a dual assessment of "technical barriers + commercialization potential" [1][3][4] Company Overview - He Yuan Bio's core technology, the "plant-based bioreactor technology platform," is globally leading and has been recognized with national awards, including the National Technology Invention Award [3] - The company's flagship product, recombinant human albumin injection (rice-based), aims to reduce reliance on imported plasma-derived albumin, addressing supply chain security in China's biopharmaceutical sector [3][9] Regulatory Insights - The regulatory inquiry process was a comprehensive examination of the company's technology, business, and compliance capabilities, focusing on the advanced nature of core technologies and the prudence of commercialization forecasts [5][7] - The company provided detailed explanations of its core technologies and market potential, which were crucial for gaining regulatory approval [7] Post-IPO Developments - The IPO marks a new beginning for the company, shifting the founder's role from a scientist to an architect, focusing on sustainable development and compliance management [8] - The company is accelerating its business operations under public scrutiny, with a focus on transparency in research and development, commercial readiness, and compliance [8] Industry Impact - The plant-based biomanufacturing technology is expected to transform the biopharmaceutical industry by ensuring supply chain security and reducing dependency on traditional biological sources [9][10] - This technology could significantly lower production costs and enhance the accessibility of preventive biopharmaceuticals, such as vaccines and antibodies, by shifting the cost structure from complex facilities to basic agricultural inputs [9] Future Outlook - The industry is moving from a "follower" to a "leader" position, emphasizing foundational scientific discoveries and platform technologies, which requires greater patience and risk tolerance from enterprises and investors [10]

2025 年 12 月 19 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 216 期 观点精粹: 最新报告摘要 证券研究报告 1、最新报告摘要 1.1、宠物行业专题报告：复盘宠物行业渠道变革，品牌精细化运营进入新阶 段——系列研究之三--行业 PPT 报告 分析师：王思言 S0350524010001 分析师：程一胜 S0350521070001 本篇报告解决了以下核心问题：1、深度复盘国内宠物行业二十年渠道变迁的底层逻辑；2、辨析线上流量存 量博弈与线下服务壁垒的差异化价值；3、探寻在流量成本高企的当下，品牌如何通过渠道精细化运营与策略 分层实现突围。 复盘二十年国内宠物市场渠道变迁，经历了由线下到线上、由经销到直销的转变，借助电商渠道红利期，国产 宠物品牌发展迅速。2003-2012 年，中国宠物行业处于线下为王、经销主导的初步发展期，市场格局由外资 品牌掌控，国产宠物品牌起步；2012-2018 年，以"淘天系"及"双十一"为代表的电商红利，成为重塑宠 物行业格局的核心驱动力。20 ...

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！ ■ 邢 萌 12月17日，沐曦股份正式登陆科创板，上市首日涨幅高达693%，市场投资热情高涨。此外，本月初， 同为半导体领域明星企业的摩尔线程，上市首日涨幅也超400%。今年以来，一批来自新一代信息技 术、新材料等战略性新兴产业领域的硬科技企业登陆A股市场，且多家公司股价在上市首日涨幅达数 倍，引发市场关注。 硬科技资产"走红"A股市场的现象，反映出国家创新驱动发展战略与产业转型升级方向，正在加速转化 为清晰的市场共识。这不只是资本对单一企业的追捧，更彰显了市场对中国硬科技自主创新能力与长期 成长价值的信心，也意味着资本正以前瞻性视角，重估核心技术在未来经济格局中的战略地位。 在笔者看来，中国硬科技资产"走红"A股市场，主要缘于三大核心驱动力： 其一，这符合国家战略方向、政策导向，科技领军企业依托核心技术的迭代创新能力与战略资源配置， 具备超越周期的成长确定性。 在全球科技竞争加速的背景下，硬科技攻关已超越单纯的技术范畴，成为保障国家产业链安全、把握发 展主动权的战略核心。党的二十大报告明确提出"加快实现高水平科技自立自强"，并强调"以 ...

近日，"国产GPU双雄"摩尔线程、沐曦股份相继登陆科创板，硬科技赛道投资热潮再度引发市场高度关 注。证券时报记者获悉，多家险资已通过私募股权途径，对这两家公司间接布局。 对此，业内人士表示，这些只是保险资金积极布局科创领域的一个缩影。 频现保险资金身影 被称为中国GPU（图形处理器）"四小龙"之一的沐曦股份上市后一跃成为"最赚钱新股"。证券时报记者 梳理发现，沐曦股份的投资机构中至少出现13家险资身影。 沐曦股份IPO招股书显示，国寿（深圳）科技创新私募股权投资基金合伙企业（有限合伙）（下称"国 寿（深圳）科创私募"）持有341.7万股沐曦股份，IPO后持股比例为0.85%，国寿（深圳）科创私募为中 国人寿（601628）旗下公司。其合伙人企业中除了国寿股份，还有4家险资间接投资其中。 此外，深圳市瀚辰创业投资基金合伙企业（有限合伙）（下称"瀚辰创投"）为沐曦股份第七大股东，持 有沐曦股份1250.41万股，持股比例3.13%。据记者梳理，瀚辰创投合伙人企业穿透后也有多达8家险 资，包括友邦人寿、人保寿险、工银安盛人寿、阳光人寿、人保健康、中宏人寿、中银三星人寿和大地 财险。 近年来，保险资金设立或参与投资科 ...

Core Insights - The recent IPOs of domestic GPU companies, Moore Threads and Muxi Co., have reignited market interest in the hard technology sector, with insurance funds actively investing through private equity channels [1] Group 1: Investment Activity - Muxi Co. has become the "most profitable new stock" post-IPO, with at least 13 insurance institutions among its investors [2] - China Life's Shenzhen Technology Innovation Private Equity Fund holds 341.7 thousand shares of Muxi, representing 0.85% of the company post-IPO [2] - Shenzhen Hancheng Venture Capital, a significant shareholder of Muxi, has 12.5 million shares, accounting for 3.13%, with multiple insurance firms involved in its partnerships [2] Group 2: Insurance Fund Strategies - Insurance funds are increasingly establishing or participating in private equity funds focused on technology investments, such as China Pacific Insurance's 30 billion yuan fund targeting Shanghai's modernization [4] - In Q3, insurance funds became major shareholders in over 300 listed companies, with manufacturing being the most represented sector, involving more than 200 stocks and a total market value exceeding 45 billion yuan [4] - Insurance asset management can invest across various asset classes, providing comprehensive financing solutions for technology innovation [4] Group 3: Growth in Technology Investment - China Insurance Asset's technology finance investment has grown nearly 30% year-on-year, focusing on AI, computing, biomedicine, and machinery [5] - The company emphasizes its long-term advantages in AI core areas, including computing power, algorithms, and data [5] Group 4: Challenges and Recommendations - There are inherent conflicts between the cautious investment principles of insurance funds and the high-risk nature of technology innovation, necessitating a balance [6] - Recommendations include optimizing investment strategies, transforming insurance business structures, and establishing a risk control system tailored to technology investments [6]

Core Insights - The implementation of Chapter 18C has created a significant opportunity for hard technology companies to access the Hong Kong capital market, although further development of backend processes is necessary for a complete transformation into a hard technology hub [1][6]. Group 1: Chapter 18C Overview - The Chapter 18C listing system was officially implemented in March 2023, allowing loss-making tech companies with disruptive technologies to enter the capital market by lowering financial thresholds and relaxing market capitalization and profitability requirements [2]. - Prior to 2025, only three companies successfully listed under Chapter 18C, but since then, four additional companies have listed, with around 20 more currently in the IPO application process [2][3]. Group 2: Market Dynamics - The surge in IPO applications is attributed to favorable market conditions in Hong Kong and a global trend towards technology stocks, alongside the introduction of a "special line" for tech companies that allows for confidential submissions, reducing initial communication costs and risks [2][3]. - The majority of companies applying for listings under Chapter 18C are from the robotics and AI sectors, which are seen as being on the verge of commercialization, fitting the "market value + R&D" criteria of the chapter [3]. Group 3: Implications of Loss-Making Listings - The perception of Chapter 18C as a "green channel" for loss-making companies is viewed as a double-edged sword, as it allows for early monetization of technological value but also risks significant stock price volatility in the absence of revenue anchors [4]. - Currently, among the seven companies that have listed under Chapter 18C, only one is expected to achieve profitability in 2024, highlighting the risks associated with loss-making listings [4]. Group 4: Future Outlook - The IPO wave driven by Chapter 18C is expected to alter the landscape of the Hong Kong stock market, potentially attracting more hard technology assets like semiconductors and quantum technologies, thereby shifting the traditional market structure dominated by finance, real estate, and consumer sectors [6]. - However, the development of a robust hard technology ecosystem in Hong Kong requires not only a conducive listing environment but also comprehensive support in areas such as analyst coverage, specialized indices, and talent development [6].

12月17日，沐曦股份正式登陆科创板，上市首日涨幅高达693%，市场投资热情高涨。此外，本月初， 同为半导体领域明星企业的摩尔线程，上市首日涨幅也超400%。今年以来，一批来自新一代信息技 术、新材料等战略性新兴产业领域的硬科技企业登陆A股市场，且多家公司股价在上市首日涨幅达数 倍，引发市场关注。 硬科技资产"走红"A股市场的现象，反映出国家创新驱动发展战略与产业转型升级方向，正在加速转化 为清晰的市场共识。这不只是资本对单一企业的追捧，更彰显了市场对中国硬科技自主创新能力与长期 成长价值的信心，也意味着资本正以前瞻性视角，重估核心技术在未来经济格局中的战略地位。 在笔者看来，中国硬科技资产"走红"A股市场，主要缘于三大核心驱动力： ■邢萌 其二，资本市场生态日趋成熟，制度创新红利释放，市场价值发现能力增强，推动优质科技资产实现合 理定价。 近年来，资本市场全面深化改革向纵深推进，科创板"1+6"改革举措加快落地，为高研发投入、长周期 回报的硬科技企业提供更加包容的上市融资通道，进一步加大对前沿科技领域的支持力度。在此形势 下，险企、公募基金等机构投资者加大中长期资金入市力度，进一步提升了市场的价值发现与定价 ...

易方达基金、兴证全球基金等"精品派"则采取了聚焦龙头、重仓布局的策略。以易方达基金为例，该基 金今年以来共参与11只个股定增，以29.61亿元获配总额位列第三。 个股层面，定增项目呈现明显的资金集聚效应。上述85只个股中，有66只定增募资均超1亿元，其中7只 个股募资金额均突破10亿元。例如，医药生物领域的百利天恒的定增项目共吸引11家公募机构参与，公 募机构共获配25.56亿元；AI龙头寒武纪获8家公募机构青睐，公募机构合计获配25.25亿元。 从行业角度来看，电子行业成为定增"吸金大户"，寒武纪、盛美上海、芯原股份等3只个股均跻身10亿 元级个股定增募资榜单，凸显科技类企业的吸引力。 策略发生变化 今年以来，公募机构活跃于A股定增市场。公募排排网数据显示，截至12月17日，今年以来共有39家公 募机构参与定增，涉及85只个股，合计获配金额达340.88亿元，较去年同期的298.40亿元增长14.24%。 电子行业最"吸金" 数据显示，在上述参与A股定增的39家公募机构中，有29家获配金额均超1亿元，其中诺德基金、财通 基金、易方达基金、广发基金、兴证全球基金等5家机构均跨过了10亿元的门槛。 值得一提的是 ...

Group 1 - The report identifies four macro clues for 2025: TACO trading, the Federal Reserve's interest rate cut rhythm, AI commercialization, and China's export resilience [8] - It suggests that in 2026, the domestic GDP growth is expected to shift from external demand to investment driven by central finance, alongside a price recovery leading to a restocking cycle [8] - The report emphasizes that the main industry themes for 2026 will focus on "anti-involution" and "hard technology" sectors, highlighting coal, chemicals, construction materials, and power equipment as key areas for potential profit recovery [8] Group 2 - The asset allocation outlook for 2026 recommends a diversified approach, favoring equities and commodities over interest rate bonds, with an overweight on A-shares and Hong Kong stocks [8] - The report notes that the current market is driven by institutional funds rather than retail investors, indicating a preference for sectors with high profitability and fundamental improvements [8] - It highlights that the active equity funds are heavily concentrated in the TMT sector, with over 40% of holdings, leaving room for "anti-involution" and domestic demand recovery sectors [8] Group 3 - The report discusses the performance of various asset classes in 2025, noting that precious metals and Asia-Pacific equities led the gains, while bonds showed lackluster performance [10][11] - It indicates that the dollar index weakened by approximately 8.3%, and the USD/CNY exchange rate decreased by about 3.01% [11] - The report also highlights that the VIX index experienced significant fluctuations due to trade policy uncertainties, impacting market sentiment and asset performance [20]

在高质量孵化器建设方案公布2年后，上海又揭牌了新一批6家孵化器。 第一财经日前从上海市科委获悉，新一轮上海市高质量孵化器遴选完成，司南脑机智能孵化器、张江高 科895孵化器、巢生上海创新孵化平台、上海埃米三江新材料产业创新中心、"数通链谷"区块链应用创新 孵化器、"大零号湾"科创策源孵化器等入选，上海市高质量孵化器已达18家。 看一座城市科技发展的"后劲"，高新技术企业的数量是一个重要指标。2024年，上海新认定高新技术企 业7237家，相当于平均每天诞生20家，有效期内高新技术企业2.5万家，新增科技小巨人118家。 上海有近600家科技孵化载体，作为前述这些"科技新秀"的重要来源，高质量孵化器和普通的孵化器相 比，更聚焦"硬科技"的孵化，围绕现代化产业体系，关注前沿技术、未来产业，支撑颠覆性科技成果的 率先转化和硬科技企业的加速孵化。 此次新一批孵化器又瞄准哪些产业？目前已建成的高质量孵化器又有哪些新成果？ 继续瞄准未来产业 上海市科委数据显示，1~5月，上海12家高质量孵化器（未包含新揭牌的6家）新增在孵企业中，AI大模 型、基因治疗、光电量子、大模型、具身智能、芯片设计等前沿领域占比进一步增长。 | ...