（原标题：创投"国家队"落地出资，四大亮点值得关注！） 一汪大"活水"正涌向2026年的一级市场！ 年末岁终，一级市场期待已久的国家创业投资引导基金（以下简称"国家创投引导基金"）终于传来了落 地的声音。其出资的三只区域子基金分别在北京、上海、深圳三地同日完成工商登记。这意味着，这只 在今年3月份全国两会期间首次官宣设立的万亿级基金"航母"，完成了其在京津冀、长三角、粤港澳大 湾区三大核心经济圈的战略部署，正式扬帆起航。 出资三只区域性母基金 国家发展改革委相关负责人表示，新设立的国家创业投资引导基金将有力解决科创企业发展初期普遍面 临的资金短缺问题，更好发挥创业投资支持科技创新的重要作用，推动重大科技成果向现实生产力转 化，加快实现高水平科技自立自强，培育发展新质生产力。 创新性设计四大亮点 仔细梳理该基金的设计结构和出资条件，记者发现该基金有不同于以往地方政府引导基金的四大创新 点： 一是基金采取"母母基金"架构。有别于普通的母基金，国家创投引导基金实际上是母基金的母基金，即 由其出资给区域性的母基金，再由区域性母基金出资给子基金。这种"国家级母母基金—区域母基金— 子基金"的全新三层架构之下，国家创投引 ...

Market Overview - The Shanghai Composite Index closed at 3940.95 points, up 0.53%, with a trading volume of 773.9 billion yuan [1] - The Shenzhen Component Index closed at 13486.42 points, up 0.88%, with a trading volume of 1106.34 billion yuan [1] - The ChiNext Index closed at 3229.58 points, up 0.77%, with a trading volume of 508.985 billion yuan [1] - The total trading volume of both markets was 1880.24 billion yuan, a decrease of 19.647 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included defense, electronics, construction materials, light manufacturing, machinery, environmental protection, chemicals, and computers [2] - Concepts such as commercial aerospace, satellite internet, 6G, and nuclear pollution prevention showed active performance [2] - Weak sectors included agriculture, precious metals, coal, insurance, and banking [2] Stock Performance - A total of 3989 stocks rose, while 1004 stocks fell, with 173 stocks remaining flat and 13 stocks suspended [2] - 86 stocks hit the daily limit up, while 6 stocks hit the daily limit down [2] Fund Flow - The net inflow of main funds in the Shanghai and Shenzhen markets was 3.81 billion yuan, with the ChiNext seeing a net inflow of 5.12 billion yuan [5] - The electronic sector had the highest net inflow of 4.916 billion yuan, followed by power equipment and defense industries [5] - The chemical sector experienced the largest net outflow of 1.577 billion yuan, along with pharmaceuticals and transportation [5] Individual Stock Highlights - 104 stocks received net inflows exceeding 1 billion yuan, with Demingli leading at 955 million yuan [6] - The top net outflow stock was Xinyi Sheng, with a net outflow of 928 million yuan [10] - Institutional investors net bought 21 stocks, with Tianyin Electromechanical receiving the highest net purchase of approximately 496 million yuan [13]

Metal Market - Domestic base metals collectively rose, with nickel leading at a 4.68% increase, reaching a peak of 130,880 yuan/ton, a new high since April 2025 [1] - Copper rose by 2.33%, hitting a record high of 96,750 yuan/ton, while lead increased by 1.53% [1] - Lithium carbonate surged by 5.89%, reaching a peak of 127,880 yuan/ton, a new high since November 2023 [1] - In the black metal sector, stainless steel rose by 1.4%, and iron ore increased by 0.26% [1] - Internationally, base metals also saw gains, with tin up by 1.23% and copper reaching a historical high of $12,282/ton [1] Precious Metals - COMEX gold rose by 0.37%, reaching a historical high of $4,555.4/ounce [2] - COMEX silver increased by 1.83%, peaking at $72.75/ounce, also a historical high [2] - Domestic gold rose by 0.63%, hitting a new high of 1,022.88 yuan/gram, while silver surged by 8.12%, reaching 17,671 yuan/kilogram [2] - Platinum and palladium both saw significant increases, with platinum up by 7% and palladium by 6.99% [2] Macro Environment - In November, China's total electricity consumption increased by 6.2% year-on-year, totaling 835.6 billion kWh [5] - The National Development and Reform Commission emphasized the need for strategic restructuring and high-quality mergers in state-owned enterprises [7] - The People's Bank of China conducted a net withdrawal of 208 billion yuan through reverse repos [7] - The US dollar index fell by 0.08% to 97.82, marking three consecutive declines [8]

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index up 0.53% to 3940 points, the Shenzhen Component Index up 0.88%, and the ChiNext Index up 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, a decrease of 19.6 billion yuan from the previous trading day [1] Sector Performance - The commercial aerospace sector saw a significant surge, with multiple stocks hitting the daily limit, including New Jingang, Chaojie Co., and Xinle Energy [4][6] - The CPO sector also performed well, with Ying Tang Zhi Kong hitting the daily limit [7] - The AI glasses sector was active, with stocks like Huanxu Electronics and Runbei Aerospace reaching the daily limit [9] - The nuclear pollution prevention sector rose, with Puni Testing hitting the daily limit [11] - The autonomous driving concept gained traction, with stocks like Zhejiang Shibao and Hezhong Shizhuang hitting the daily limit [13] Notable Stocks - New Jingang rose by 20.02% to 22.66 yuan, Chaojie Co. increased by 20% to 112.44 yuan, and Xinle Energy also rose by 20% to 30.24 yuan [5] - Ying Tang Zhi Kong increased by 20% to 14.82 yuan, while Huanxu Electronics rose by 10.01% to 30.55 yuan [10] - Puni Testing rose by 19.95% to 9.32 yuan, and other stocks in the nuclear pollution sector also saw gains [11] Policy and Regulatory Developments - The completion of Blue Arrow Aerospace's IPO guidance work was announced, with the China International Capital Corporation as the advisory institution [6] - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration indicates a push for high-quality development in China's commercial aerospace industry [6] - The recent issuance of L3-level autonomous driving vehicle license plates in Beijing marks a significant step in the development of smart connected vehicles [14]

Group 1 - The core focus of the article is the rising importance of 6G and other future industries as a national strategy in China, as highlighted in the 2025 government work report [2] - The U.S. is actively pursuing global leadership in 6G standards, as evidenced by a memorandum from former President Trump to key government officials [3] - The year 2025 is identified as a critical point for the initiation of 6G standard research, with a growing consensus in the industry regarding the future direction of 6G standards [3] Group 2 - Several companies, including Chuangyuan Xinke and Tongyu Communication, are highlighted for their strategic investments in 6G and related technologies, indicating potential growth opportunities [4] - Notable stocks in the 6G sector have seen significant capital inflows, with 18 stocks receiving both leveraged and institutional net purchases since December [4][5] - Specific companies like China Mobile and Zhongcai Technology have reported substantial net purchases exceeding 1 billion yuan from both leveraged and institutional investors [5][6] Group 3 - The liquid cooling server market is projected to experience rapid growth, with a compound annual growth rate of 47.6% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [9] - Companies like Lingyi Zhizao are expanding their capabilities through strategic acquisitions, enhancing their position in the liquid cooling server supply chain [8] - The liquid cooling industry is expected to see significant commercialization by 2026, suggesting a favorable outlook for companies with technological advantages [9]

12月18日，卫星产业板块表现强势。截至下午14时33分，全市场首只卫星产业ETF(159218)上涨 3.60%，盘中一度涨超5%。其成分股航天环宇、铂力特等多股涨幅领先。市场交投活跃，该ETF单日成 交额突破2亿元，环比显著放量。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> | 序号 | 代码 | | 名称 | 成交金额 ▼ | 涨跌幅 | 预估规模 年初至今份额变动率 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 159218 | 卫星产业ETF | | 2.00亿 | 3.53% | 8.60亿 | 474.03% | | 2 | 512 | 而 | 4 815 | 1.14亿 | 3.60% | 5.00亿 | -62.68% | | 3 | 563 | 卫星 | | 7368.72万 | 3.78% | 3.09亿 | -4.91% | | 4 | 563 | 卫星 | | 5901.73万 | 3.89% | 2.29/7 | -54.94% | 中泰证券强调，AI算力基础设施和卫星互联网是明年通信行业最重要的两 ...

Group 1 - The article highlights significant announcements in the stock market, including "suspensions and resumption of trading, share buybacks, investment wins, acquisitions, earnings reports, unlocks, and high transfers" to help investors identify potential investment hotspots and mitigate risks [1] - A company is involved in the fields of chip technology, 6G, commercial aerospace, and has products applicable to low-orbit satellite communication substrates and aircraft engines [1] - Another company has signed an agreement with a Chinese rocket company to implement an expansion plan for the Hainan commercial aerospace launch site [1] - A company plans to establish a production capacity of 1.2 million units for humanoid robots and solid-state batteries by 2026 [1]

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to showcase innovations in new materials that are crucial for the transformation of high-tech industries and to facilitate collaboration and resource integration within the sector [4][8]. Group 1: Event Overview - FINE 2026 will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, featuring over 50,000 square meters of exhibition space and more than 300 strategic and cutting-edge technology reports [10][11]. - The expo is a significant upgrade from previous events, including the 10th International Carbon Materials Industry Expo and the 7th Thermal Management Industry Expo, focusing on the future industry's common needs such as advanced semiconductors, advanced batteries, lightweight materials, low-carbon sustainability, and thermal management [7][8]. Group 2: Market Opportunities - The rapid growth of industries like new energy vehicles, photovoltaics, wind power, and lithium batteries presents substantial market opportunities for new materials [14]. - The Chinese government has identified key areas for breakthrough in its 14th Five-Year Plan, including embodied intelligence, 6G, quantum technology, and hydrogen energy, which are expected to drive demand for innovative materials [14]. Group 3: Exhibition Highlights - FINE 2026 will feature six specialized thematic exhibition areas, including advanced semiconductors, advanced batteries, lightweight materials, thermal management technologies, new materials technology innovation, and future industry innovation enterprises [18][21]. - The event is expected to attract over 100,000 professional visitors and will include 30+ forums with more than 300 renowned experts and scholars sharing insights on technology trends and investment strategies [24][34]. Group 4: Networking and Collaboration - The expo will facilitate the transformation of scientific achievements and help enterprises connect with industry funds, government parks, and project resources, thereby accelerating innovation in the new materials sector [8][34]. - FINE 2026 aims to invite over 5,000 end-users and quality investment institutions for direct order and cooperation discussions, enhancing opportunities for startups [17][34].

Group 1: Investment Opportunities in Liquid Cooling Servers - The stock of Invec (002837) has surged, reaching a market capitalization of over 100 billion yuan, driven by the liquid cooling server concept associated with NVIDIA [2] - Invec's stock price has increased by more than 9 times from its low in February 2024, closing at 103.84 yuan, a historical high [2] - The acquisition of Dongguan Liminda Electronics by Lingyi Zhi Zao for 875 million yuan will enhance its capabilities in liquid cooling technology and customer certifications, positioning it as a key player in the server market [3] Group 2: Growth Potential of Liquid Cooling Server Market - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of 47.6% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [4] - 2026 is anticipated to be a pivotal year for the commercialization of liquid cooling technology, with recommendations to focus on leading companies with technological barriers and those entering major supply chains [4] Group 3: 6G as a National Strategy - The Chinese government has elevated 6G and other future industries to a national strategic level, as outlined in the 2025 State Council work report [5] - The U.S. is actively pursuing global leadership in 6G standards, as indicated by a memorandum from former President Trump to senior officials [6] - The year 2025 is identified as crucial for initiating 6G standard research, with a growing consensus on the future direction of 6G standards [6] Group 4: Investment Insights in 6G Sector - Companies like Chuangyuan Xinke and Tongyu Communication are highlighted for their potential in the 6G sector, with strategic investments aimed at enhancing product offerings and capturing new market opportunities [8] - Notable stocks such as Sega Technology and China Mobile have seen significant capital inflows, with over 100 million yuan in combined investments from both leveraged and institutional funds [9]

Group 1: Stock Market Performance - The Shanghai Composite Index has experienced five consecutive days of gains, closing up 0.07% and reaching a new monthly high [2][11] - The technology sector continues to perform well, with lithium battery electrolyte prices surging over 6% and liquid cooling servers seeing gains of over 3% [2][11] - In the liquid cooling server sector, Invec (002837) has hit its daily limit, with a market capitalization exceeding 100 billion yuan, and its stock price has increased over nine times since its low in February 2024 [2][11] Group 2: Invec's Growth Potential - Invec's stock price surge is attributed to its association with NVIDIA's liquid cooling server concept, and it has entered NVIDIA's RVL list, indicating potential supply chain opportunities [2][11] - Analysts suggest that Invec could achieve a tenfold increase based on its current price trajectory [2][11] Group 3: Linyi Intelligent Manufacturing's Acquisition - Linyi Intelligent Manufacturing has signed an agreement to acquire control of Dongguan Limin Technology for 875 million yuan, enhancing its capabilities in the liquid cooling server market [4][13] - Limin is recognized as an NVIDIA AVL/RVL certified supplier, providing critical components for liquid cooling systems [4][13] Group 4: Liquid Cooling Server Market Growth - The liquid cooling server market in China is projected to grow at a compound annual growth rate of 47.6% from 2023 to 2028, reaching a market size of 10.2 billion USD by 2028 [5][14] - Analysts recommend focusing on leading companies with technological barriers that can enter domestic and international supply chains, as well as second-tier companies that can leverage the liquid cooling industry for performance growth [5][15] Group 5: 6G as a National Strategy - The Chinese government has elevated 6G and other future industries to a national strategic level, as outlined in the 2025 government work report [6][16] - The U.S. is also actively pursuing 6G standards, with a recent memorandum from President Trump emphasizing the importance of winning the 6G race [7][16] Group 6: Investment in 6G Stocks - Several companies, including Chuangyuan Xinke and Tongyu Communication, are increasing investments in 5G/6G and satellite internet, aligning with national strategic goals [18] - A total of 18 6G concept stocks in the A-share market have seen net purchases from both leveraged and institutional funds since December [18][19] Group 7: Notable 6G Stocks - Companies such as China Mobile, Tianyin Electric, and Zhongcai Technology have received significant net purchases exceeding 1 billion yuan from both leveraged and institutional investors [20]