12 月 4-6 日，由中国计算机学会主办，CCF TF、工业级 5G 创新应用（大理）研究院、麦思博（msup）承办的 2025 CCF 程序员大会在云南大理国际会议 中心盛大召开。本次大会依托大理独有的数字产业特色 IP，精心打造两大主论坛及 24 个特色分论坛，涵盖 AI 前沿技术实践、工具应用、人才培养、全 球协作、数字游民生态、创业及出海等热门方向，使得技术交流与大理的自然人文气息深度交融。来自各地的技术大咖及程序员代表们线下齐聚大理，开 启了一场专属技术人的精彩年度盛会。 共探 AI 创业新浪潮 在丰富多元的议程中，"AI 创业新浪潮"论坛格外引人关注。近年来，大理依托苍山洱海的独特生活方式、开放多元的城市气质，以及不断完善的数字产 业基础，吸引了越来越多创业者、技术自由职业者与数字游民在此落脚、实验与生长。这样的创新氛围，也让本次讨论更贴近当下创业者的真实需求。 论坛上，来自 CSDN、久痕科技、麟玺创投、杭州指令集等企业与投资机构的嘉宾齐聚一堂，围绕创业方向、行业格局和技术趋势进行了高密度分享，为 开发者和创业者带来了一份兼具前瞻性与实践性的系统化思考。 开发者迎来 AI 创业黄金时代 CSD ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is experiencing a shift towards "hard technology" investments, with a focus on innovation and regulatory compliance [3][4] - The new generation of wealth management systems has been fully launched, marking a significant breakthrough in market infrastructure and laying the groundwork for improved information disclosure [3][12] - The industry is facing challenges due to low interest rates and stringent regulatory environments, prompting firms to adjust their operational strategies [3][14] Summary by Sections Market Overview - As of November, the total scale of wealth management products in the market reached 31.67 trillion yuan, a slight increase of 0.12% month-on-month and a year-on-year increase of 6.21% [5][10] - The annualized yield for cash management products recorded 1.28%, a decrease of 1.64 basis points from the previous month [5][10] - The overall market saw a decline in yields across various product categories, with pure fixed-income products yielding 2.04%, down 1.13 percentage points month-on-month [5][10] Regulatory and Industry Dynamics - The "China Banking and Insurance Asset Management Association" has completed its name change, reflecting a shift towards "functional regulation" in the asset management industry [3][12][14] - Several wealth management companies have undergone significant leadership changes, indicating a strategic shift in response to the current market conditions [3][14] - The introduction of the new wealth management system is expected to enhance data quality and reporting efficiency, promoting transparency in the industry [3][12] Product Innovations - New product launches in November included customized wealth management products and multi-asset strategies aimed at supporting technology enterprises [4][17] - The trend of wealth management funds participating in equity investments is growing, with firms actively engaging in the technology innovation sector [4][17] - The report highlights the emergence of innovative index products focused on technology and green bonds, indicating a shift in investment strategies towards sustainable development [4][19]

Core Viewpoint - The significant rise in the stock price of Moore Threads on its first trading day has led to substantial profits for investors, with a single subscription (500 shares) yielding nearly 280,000 yuan in gains [1] Group 1: Investment Products Performance - Bank wealth management products linked to Moore Threads have shown impressive returns, such as Ningyin Wealth Management's "Ningying Stock Selection Mixed Open-End Wealth Management Product No. 1" achieving an annualized return exceeding 20% [1] - Xinyin Wealth Management's "Fuli Xingcheng Alpha One-Month Holding Period No. 2 Mixed Wealth Management Product" has reached an annualized return of 23% [1] - Since the second half of this year, equity wealth management products have performed notably well, with average annualized returns for mixed and equity products at 5.03% and 13.72% respectively as of the end of September, marking increases of 1.89 percentage points and 9.97 percentage points since the end of June [1] Group 2: Market Trends - By the end of November, while the net value of most fixed-income products declined, the net value of equity products still increased by 7.94 basis points compared to the previous month [1]

Group 1 - The A-share market opened lower on December 10, with the Sci-Tech 50 ETF (588000) experiencing early fluctuations and a maximum increase of 0.50% [1] - The holdings of the Sci-Tech 50 ETF saw significant gains, with Shengyi Electronics rising by 9.02%, Tianyue Advanced increasing by 4.54%, and Cambrian Technologies up by 2.53% [1] - The Sci-Tech 50 ETF has attracted substantial capital inflow, with a net inflow of 1.925 billion in the last three days and 2.018 billion in the last five days, reaching a trading volume of 1.568 billion [1] Group 2 - CITIC Securities forecasts that the domestic computing power sector's rising popularity will drive growth in the equipment sector, with a projected increase in domestic equipment orders by 20-30% by 2025 [2] - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, with 69.39% of its holdings in the electronics sector and 4.88% in the computer sector, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors, including medical devices, software development, and photovoltaic equipment, indicating a strong focus on high-tech content and long-term growth potential in China's hard technology sector [2]

早盘A股市场涨跌互现，科创50ETF下跌0.85%后震荡回升，价格翻红。从资金面来看，近两个交 易日分别流入10.8亿元和7.89亿元，近20个交易日流入51亿元，资金持续布局科创龙头板块。 截至最新创50指数持仓电子行业69.4%，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。 每日经济新闻 （责任编辑：张晓波 ） 相关ETF ：科创50ETF 588000。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

今年有不少关注度较高的科技企业都在陆续冲击上市，比如已经正式上市的摩尔线程、还有完成IPO辅导的宇树科技等等。 问题来了，相关指数和ETF在这些企业正式上市后多久，会把它们纳入成分股呢？ "压舱石"宽基们的个股纳入门槛 高弹性宽基们的个股纳入门槛 专门跟踪创业板或是科创板，涨跌幅最高可以到20%的高弹性宽基指数，它们的调仓规则也如此吗？ 先看创业板，创业板指、创业板50和创业板200，都明确要求上市时间至少要超过六个月，调仓时间上创业板指、创业板50是每半年一次，创业板200是每 季度调仓。 首先需要明确的是，没有任何一家公司，能在上市第一天就被纳入主要指数。 是否会纳入、要等多久，这些具体细则的依据是什么呢？对于多数指数而言，这些答案都是公开透明的，我们需要去看指数的样本空间和调仓规则。先以 大家相对熟悉的三只核心宽基指数：沪深300、中证500和中证A500为例，都对上市时间有明确的要求，一般需要超过一个季度，对创业板、科创板和北 交所的个股要求还会更高，至少超一年、甚至两年。 不只是这三只，目前市场上相对比较核心的其他传统大宽基，可以理解为是市场的"压舱石"，对于新股上市的时间也都和这三只宽基指数类似， ...

安徽创新馆。 新华社图 屠光绍 左 丁 傅 尧 中科院合肥物质科学研究院聚变堆主机关键系统综合研究设施的八分之一真空室及总体安装系统主体 平台 。新华社图 埃夫特智能机器人股份有限公司的焊接机器人。 新华社图 上海交大上海高级金融学院创院理事长屠光绍： 发挥长三角区域优势 打造科技金融协同发展高地 ◎记者 祁豆豆 "全球经历了从工业资本到金融资本再到科技资本的变革，随着资本越来越向科技领域集聚，科技资本 越来越成为影响科技发展乃至经济发展的重要牵引力。"12月7日，上海交大上海高级金融学院创院理事 长屠光绍在2025上证（巢湖）上市公司高质量发展大会上表示，当前科技与金融正在加速实现"双向奔 赴"，安徽作为长三角的重要地区，应依托长三角区域优势，在打造长三角科技金融协同发展高地中发 挥重要作用。 资本持续向科技领域集聚 屠光绍认为，资本对经济社会发展发挥着非常重要的作用，从工业资本到金融资本，资本随着经济社会 发展特征不断演化，如今逐渐演化为新的形态，即科技资本。越来越多资本持续向科技领域集聚，极大 推动了科技发展、新质生产力发展。 屠光绍通过中外比较的角度，从七个维度分析了资本持续向科技领域集聚的现象： 从 ...

面对这样一个放量突破的格局，明天我们该如何操作？ 帮主我给大家几点策略参考： 第一，珍视趋势，将"成交量"作为核心观察指标。明天市场的首要任务，是巩固今天的成果。重点观察 成交额能否稳定在2万亿级别，甚至温和放大。如果能，那么这波春季行情的基础就更为扎实；如果快 速缩量，则可能重回震荡。因此，量能是决定我们仓位进攻性的首要风向标。 朋友们，我是帮主郑重。收盘了，不知道大家今天心情如何？我猜，如果手里握着科技股的朋友，感觉 应该不错。今天市场最大的看点，不是一个指数涨了多少，而是沉寂了半个多月的成交量，终于回来 了！两市成交额一口气冲上了2.05万亿元，这是时隔16个交易日后的首次突破，增量资金进场的脚步 声，这次听得是真真切切。 为什么说这个量能如此关键？它就像一场比赛里的发令枪。前期市场一直缺量，好比运动员都在起跑线 前蹲着，光摆姿势不发力。今天这超过3000亿的放量，就是那一声枪响。它表明，上周末那些鼓励"耐 心资本"入市、给券商"松绑"的政策暖风，开始实实在在地转化为一些机构的行动了。有真金白银进场 托底，市场的情绪和稳定性就会上一个台阶。 那么，钱流向了哪里？市场的选择极度分明，可以说是一场 "新与旧 ...

2025.12. 08 本文字数：2099，阅读时长大约4分钟 作者 | 第 一财经 魏中原 在摩尔线程（688795.SH）上市首日被市场"预付"约3000亿元市值之后，沐曦股份（688802.SH） 即将登陆科创板，再度考验资本对国产算力的买单意愿。 2025 年 12 月 7 日 ， 沐 曦 股 份 （ 688802.SH ） 公 告 其 科 创 板 IPO 网 上 发 行 最 终 中 签 率 为 0.03348913%，低于此前摩尔线程的0.03635%，足见投资者申购沐曦股份的热情高涨。 作为专注高性能通用GPU及AI推理芯片的硬科技企业，沐曦股份不仅吸引了国家人工智能产业投资 基金、中国电信天翼资本、京东、美团等重量级战略投资者，更在网下询价阶段引发机构抢筹。 更值得关注的是，根据发行安排，沐曦股份以104.66元/股的价格公开发行4010万股，若发行后总股 本为40010万股，对应发行市值已达418.74亿元。若市场情绪复刻摩尔线程首日约425%的收盘涨幅 （开盘涨468.78%），沐曦股份股价将冲至约595元，对应市值一举突破2300亿元——这意味着二 沐曦股份火爆申购数据背后，是投资者对"下 ...

Core Insights - The market has moved past its low point, with volatility recovery becoming the new norm, driven by strategic guidance from top-level policies and an influx of patient capital [3][31]. - Institutional LP funding activity has shown a significant increase compared to 2024, despite a 27% month-over-month decline in October, reflecting a 42.5% year-over-year growth [5]. Group 1: Institutional LP Funding Trends - In October, 394 new private equity and venture capital funds were registered, marking a 29.3% month-over-month decline but a 55.1% year-over-year increase [5]. - The funding activity of industrial LPs, particularly state-owned enterprises, remained stable, acting as a "ballast" in the market, focusing on strategic investments in core business upgrades and hard technology sectors [7][14]. - Financial institutions showed a mixed funding pattern, with bank-affiliated AICs gaining prominence, while traditional banks and insurance companies remained cautious [8][21]. Group 2: LP Type Structure - In October, the highest funding share came from industrial LPs at 41.77%, followed by policy LPs at 32.59%, financial LPs at 20.83%, and public LPs at 0.11% [11]. - Industrial LPs' funding activity decreased by 26% month-over-month, with non-listed companies showing more resilience compared to listed firms [14]. - Policy LPs experienced a 30% month-over-month decline in funding activity but a 20% year-over-year increase, indicating a cautious but persistent trend towards new productive forces [20]. Group 3: Regional Dynamics - Jiangsu Province exhibited notable resilience, with a 13% month-over-month decline in funding activity, the smallest among major provinces, while funding scale increased by 44% [25]. - The establishment of the Jiangsu Social Security Science and Technology Innovation Fund, with an initial scale of 50 billion yuan, is expected to inject long-term confidence and development momentum into the market [27]. - The core triangle of Suzhou, Nanjing, and Wuxi remains a focal point for capital aggregation and industrial layout, supported by significant fund establishments [27]. Group 4: Future Outlook - The private equity market is expected to continue its recovery, driven by strategic demands from industrial capital and long-term guidance from policy capital, with a focus on sectors like smart manufacturing, artificial intelligence, and renewable energy [31]. - The alignment of capital flows with industrial policies indicates a new development phase for China's private equity market, emphasizing the need for enhanced capabilities and specialization among GPs [31].