作为干了20年财经记者、一直扎在中长线投资里的人，帮主我倒觉得这波动静不是"一阵风"。被动基金持续进场，加上主动基金盯着半导体这类有硬逻辑的 赛道，其实是给咱们透了个信号：市场里的"真需求"和"硬底子"，才是外资长期盯着的核心。后续咱们不用慌着追热点，多看看这些长期资金的动向，比啥 都靠谱——毕竟做投资这事儿，稳着来才能走得远。 说具体点，9月净流入中国股市的外资到了46亿美元，这数可不是随便来的，是打去年11月以来单月最高。不过这里头得掰开揉碎了说：主要是被动型基 金"拎包猛冲"，一下就砸了52亿；反观主动型基金，倒小幅流出6亿，算是个小插曲，不算大问题。 还有个有意思的细节，之前7月中旬开始，是美国基金带头往咱们这儿冲，到了9月，连欧盟的被动基金也跟上了节奏。咱们再算笔实在账，截至9月底，今 年外资被动型基金累计流入已经180亿美元，早把去年全年70亿的数甩在身后了，这劲头看得出来是真认咱们市场。 当然，大伙儿最关心的肯定是"外资在买啥、卖啥"。帮主我特意盯了主动基金的动向：他们增持最多的是资本货物和半导体，看来对硬科技这条赛道，机构 心里门儿清；减持的则是保险、耐用消费品和服装这些板块。个股上也挺明确， ...

Core Insights - Foreign investment institutions are refocusing on the A-share market, particularly in the technology sector, as domestic economic recovery progresses [1] - In September, 23 companies attracted visits from 10 or more foreign institutions, primarily in high-tech fields, with 2024 R&D investment ratios exceeding 5% [1] Group 1: Foreign Investment Interest - Huichuan Technology topped the list with 176 overseas institution visits, followed by Estun and Shenzhen South Circuit with 58 and 54 visits respectively [3] - High R&D investment is a common characteristic among these companies, with Aobi Zhongguang leading at 36.2% R&D investment ratio for 2024 [3] Group 2: R&D Focus and Strategy - Foreign institutions are particularly interested in the R&D directions and technological advantages of these companies [3] - Huichuan Technology plans to invest 8%-10% of its revenue in R&D to maintain technological leadership, focusing on software, overseas market products, and humanoid robots [3] Group 3: Market Performance and Valuation - Among the 23 companies, 15 have a market capitalization exceeding 30 billion yuan, with Huichuan Technology leading at 226.3 billion yuan [4] - The average increase for these companies in September was nearly 12%, outperforming the CSI 300 index by about 9 percentage points [4] - Foreign investors prefer a valuation model based on "price-to-sales ratio + technological leadership" for hard tech companies, indicating potential for valuation restructuring in this sector [4]

在上述国新办新闻发布会上，李云泽提到，"十四五"以来，重点领域和薄弱环节金融服务质效明显 提升。他列举的几组数据显示，在强化薄弱环节金融支持方面，新冠疫情期间，对17万亿元贷款实施延 期还本付息，惠及经营主体超1000万户。2024年以来，金融监管总局牵头建立支持小微企业融资协调工 作机制，发放贷款22万亿元，切实缓解中小企业资金压力。 "结合我们的一些实践观察，自去年支持小微企业融资协调工作机制建立以来，金融体系在政策引 导下持续强化产品和机制创新。"杨赫告诉中青报·中青网记者，聚焦民营小微企业缺少抵押品、盈利和 纳税较少或不稳定等融资难点痛点，很多金融机构通过建立完善信息共享平台、深入进行实地走访、升 级风险模型等措施，探索构建破解融资难问题的长效可持续机制，在风险可控的前提下，实现小微企业 信用贷款的显著提升。 原标题："十四五"时期金融服务迈上新台阶 "十四五"规划纲要设定的主要指标中，经济增长、全员劳动生产率、全社会研发经费投入等指标进 展符合预期，常住人口城镇化率等8项指标进展超过预期，规划确定的战略任务全面落地……"十四 五"规划即将收官，"高质量完成"是多个行业领域这5年的关键词。 近日，在国 ...

Core Insights - Yuan Feng stands at the intersection of two key industries: electric vehicles and semiconductor technology, highlighting the importance of China's high-end manufacturing in the global market [1] - The demand for silicon carbide (SiC) chips in the electric vehicle sector is projected to grow significantly, with over 10 billion yuan in orders secured for the next four to five years [2] Company Overview - Yuan Feng has over ten years of experience in the automotive industry, having led investments in over 80 prominent "hard tech" companies while serving as CEO of GAC Capital [1] - In 2023, he joined ChipLink Integration, focusing on capital operations and SiC business, and helped establish ChipLink Power, where he serves as chairman [1][2] Investment Strategy - ChipLink Capital is defined as a "true CVC" (Corporate Venture Capital), aiming to address critical gaps in China's semiconductor industry and support the evolution of the supply chain [2][4] - The investment strategy involves both "filling gaps" in the semiconductor industry and "enhancing strengths" in the electric vehicle sector, fostering strategic collaboration with automotive companies [5][6] Market Position - ChipLink Power has emerged as a leading player in the domestic SiC market, achieving significant milestones in production and securing substantial orders [2][6] - The company emphasizes deep collaboration with automotive manufacturers, positioning them as research and development partners rather than mere suppliers [7][8] Future Goals - The focus for the next decade is to tackle the "bottleneck" issues in China's semiconductor industry, particularly in automotive chips, where domestic production is currently below 20% [15] - The aim is to create a robust ecosystem that integrates supply chains, chip design companies, and emerging applications, ensuring long-term sustainability and competitiveness [13][14]

黄奇帆 中国国家创新与发展战略研究会学术委员会常务副主席、重庆市原市长 近日，重庆市原市长黄奇帆在2025·青岛创投风投大会上发表了题为《围绕生产性服务业投早投小投长期》的主题演讲。 黄奇帆认为，从国际衡量资本市场成熟度的指标来看，我国资本市场仍有较大的成长空间，把资本市场搞好也是我国推动金融强国建设的一个核心内容。 中国的资本市场总量今年初是70多万亿人民币，现在已经达到100万亿。中国GDP今年会达到140万亿。 我们的资本市场目前占GDP比例只有70%，还有 较大的成长空间。 我们即将进入到十五五规划和2040远景目标期。到2040年中国GDP会翻一番，按不变价格核算，从现在的约140万亿增长到280万亿。如果按可变价核算， 到2040年中国的GDP总量会达到350万亿左右。如果股票市场占GDP的100%-120%， 意味着15年后我国股票市场总量有可能在400万亿左右，较现在100万 亿的水平翻两番。 这是我国发展金融强国的内在目标之一。我们应该在15年后让国民经济的证券化率达到100%，这是推动金融强国建设的一个核心内容。它可以推动社会 资源优化配置，包括支持高科技独角兽企业健康发展；促进老百姓多渠 ...

悄然之间，A股市场格局已换了模样。曾经，银行、非银金融、房地产龙头企业们是吸金主力；如今， 科技"新贵"强势崛起，科技板块市值占比已逾1/4，超过前三者市值占比之和。近年来新上市企业中， 每十家有九家都是科技企业或科技含量较高的企业。A股市场"含科量"浓郁。 资本市场对科技创新的青睐，根植于我国经济高质量发展。当前，我国大力实施创新驱动发展战略，现 代化产业体系快速构建，科技创新与产业创新加快融合发展。一批现象级的科技企业和创新产品如雨后 春笋般冒头：DeepSeek横空出世、人形机器人变身打工人，新能源、生物医药、人工智能等战略性新 兴产业集聚成势，重塑着A股市场格局，"科技叙事"逻辑越发鲜明。 也要看到，当前资本市场服务科技创新还存在不少短板弱项。与科技创新"十年磨一剑"的坚守相比，资 金供给仍存在短期化、风险容忍度低等问题；与创新生态"产学研用"一体化融合需求相比，创新链、产 业链、资金链、人才链衔接仍不够顺畅；与科技企业非线性成长路径相比，投资者价值发现、价值陪伴 能力尚显不够……加快构建与建设科技强国更适配的金融服务体系迫在眉睫。 在国务院新闻办公室近日举行的"高质量完成'十四五'规划"系列主题新闻 ...

Group 1 - The semiconductor sector showed strong performance today, with memory chips, ASIC chips, and lithography machines leading the gains. The STAR Market 100 Index rose by 2.8%, the STAR Market Growth Index increased by 2.1%, the STAR Market 50 Index was up by 1.7%, and the STAR Comprehensive Index climbed by 1.6% [1] - Among these indices, the STAR Market 50 Index has the highest weight in the semiconductor industry, exceeding 65%. The latest scale of the STAR Market 50 ETF (S88080) is over 75 billion, ranking first among all ETFs in the STAR Market [1] Group 2 - The STAR Market 50 ETF tracks the STAR Market 50 Index, which consists of 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" leaders. The semiconductor sector accounts for over 60%, while medical devices, software development, and photovoltaic equipment together exceed 75% [3] - The STAR Market 100 ETF tracks the STAR Market 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized innovative enterprises. The electronics, biopharmaceuticals, and power equipment sectors together account for over 80%, with electronics and biopharmaceuticals having a higher proportion [4] - The STAR Comprehensive Index ETF covers the entire STAR Market, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries in the STAR Market [6]

Core Viewpoint - The support for hard technology companies to go public is not only a reform of the financial market but also a core measure for the country to promote the transformation of development models and compete for future strategic high ground [2][7]. Group 1: Market Trends - In 2025, China's capital market is entering a technology-driven bull market, with a significant increase in the number of hard technology IPOs, accounting for nearly 60% of total IPOs [3][9]. - As of September 18, 2025, A-share IPOs have raised a total of 67.21 billion yuan, a year-on-year increase of 50.2%, with 70 companies going public, marking a recovery from the previous two years of decline [8][9]. - The Hong Kong market has also seen a surge in IPOs, with a total of 145.98 billion HKD raised, a year-on-year increase of 161.83% [8][10]. Group 2: Policy Support - The implementation of the "1+6" new policy for the Sci-Tech Innovation Board and the introduction of a third set of listing standards for the Growth Enterprise Market have broadened the listing pathways for unprofitable technology companies [4][19]. - The government has introduced a series of policies to promote the deep integration of technology and capital, creating a more favorable growth environment for hard technology companies [4][19]. Group 3: Institutional Involvement - Since the establishment of the Sci-Tech Innovation Board in 2019, more private equity institutions have chosen to invest in companies at the early stages of industrialization, facilitating rapid capital turnover [5][27]. - Securities firms are increasing their project reserves for hard technology IPOs, leveraging a comprehensive service network to promote resource integration and technology transformation [5][28]. Group 4: Future Outlook - The upcoming "15th Five-Year Plan" is expected to focus heavily on technology, with many institutions believing that technology will be a key theme in the plan [40][41]. - The capital market's support for hard technology companies is anticipated to accelerate core technology research and development, enhance industry chain integration, and improve China's position in global technology competition [34][35].

9月30日早盘A股三大股指集体上涨，科创50ETF高开高走。截至9:56，科创50ETF（588000）上涨 1.75%。资金上看，科创50ETF（588000）连续3个交易日资金净流入，9月25日吸金2.02亿元，9月26日 吸金2.77亿元，9月29日吸金6.37亿元，累积11.16亿元。截至9月29日，科创50ETF（588000）规模已达 744.17亿元。 每日经济新闻 （责任编辑：董萍萍 ） 科创50ETF（588000）追踪科创50指数，指数持仓电子行业68.77%，计算机行业4.99%，合计 73.76%，与当前人工智能、机器人等前沿产业的发展方向高度契合。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。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） 消息面上，9月29日晚间，DeepSeek宣布官方App、网页端、小程序均已同步更新为DeepSeek-V3.2- Exp。DeepSeek介绍，得益于新模型服务成本的大幅降低，官方API价格也相应下调，新价格即刻生 效。在新的价格政策下，开发者调用DeepSeekAPI ...

当资本的寒冬逐渐散去，新的故事正在展开。 2025年上半年，中国创投市场募资同比增长12%，投 资数量增长22%，IPO退出增长38%。 AI浪潮涌动，创新药热度飙升，募资与退出回暖，让创投圈 久违的"精气神"重新回来。 只是，这一次逻辑不同以往：国资与产业资本的身影更加鲜明，叙事与价值判断的方式也在重写。 在清科集团创始人、董事长、清科控股（01945.HK）董事长兼CEO倪正东的主持下，普华集团董事 长曹国熊、君联资本总裁李家庆、 经纬 创投创始管理合伙人徐传陞以《创投叙事的新逻辑》为主 题，展开对话。 以下是他们在创业邦2025（第十九届）DEMO CHINA大会上的对话实录，由创业邦整理。 练内功 核心是帮助创业者一步一步做好 倪正东： 过去三年，大家都在练内功，都在做很多改变，适应当下的环境。前两年对创投机构的冲击 很大，包括红杉的分拆等等。想请各位谈谈，这三年你们都做了哪些调整和策略？ 曹国熊： 这三年，我们投资的频率差不多，每年VC加上天使大概50多家。在练内功的同时，也在输 出一些不太成熟的内功，总体上投资家数没什么变化。去年是我们成立20周年，我们提出一个新的策 略：一方面继续做VC，另一方 ...