科创板政策及行业动态一览： 科创板政策与行业动向： 科创板投资生态逐步完善。2020年9月28日，首批4只科创板50ETF成立，截至2025年9月26日，科创板 ETF数量已达到102只。今年以来，科创板ETF阵营扩容显著提速。今年以来共成立了61只科创板ETF， 助力科创板ETF数量快速突破百只，构建起"宽基+行业+策略"的全维度指数工具箱。从最新动向看，公 募创新布局步履不停，相关新品还在密集上报。（数据来源：上海证券交易所，截至2025.9.26） 9月26日，上交所上市委发布2025年第40次审议会议结果公告，摩尔线程首发上市获得通过。全功能 GPU企业摩尔线程的顺利过会体现出科创板支持"硬科技"的属性定位，也为更多深耕硬核科技的企业传 递了明确信号，推动金融与科技创新的深度融合迈向新阶段。值得关注的是，摩尔线程科创板IPO从受 理到过会，不足三个月。此时恰逢科创板深化改革"1+6"系列政策推出百日，这意味着新政所带来的市 场积极效应正在持续显现。（以上个股仅作示例，不作为投资建议） 解读： 科创板相关产品阵营持续扩容，成为支撑硬科技企业发展的重要力量。硬科技国产替代进入攻坚期，芯 片、创新药等领域技 ...

科创板政策及行业动态一览： l 科创板政策与行业动向： 科创板投资生态逐步完善。2020年9月28日，首批4只科创板50ETF成立，截至2025年9月26日，科创板 ETF数量已达到102只。今年以来，科创板ETF阵营扩容显著提速。今年以来共成立了61只科创板ETF， 助力科创板ETF数量快速突破百只，构建起"宽基+行业+策略"的全维度指数工具箱。从最新动向看，公 募创新布局步履不停，相关新品还在密集上报。（数据来源：上海证券交易所，截至2025.9.26） 9月26日，上交所上市委发布2025年第40次审议会议结果公告，摩尔线程首发上市获得通过。全功能 GPU企业摩尔线程的顺利过会体现出科创板支持"硬科技"的属性定位，也为更多深耕硬核科技的企业传 递了明确信号，推动金融与科技创新的深度融合迈向新阶段。值得关注的是，摩尔线程科创板IPO从受 理到过会，不足三个月。此时恰逢科创板深化改革"1+6"系列政策推出百日，这意味着新政所带来的市 场积极效应正在持续显现。（以上个股仅作示例，不作为投资建议） 解读： 科创板相关产品阵营持续扩容，成为支撑硬科技企业发展的重要力量。硬科技国产替代进入攻坚期，芯 片、创新药等领 ...

科创债ETF扩容提速 债券市场迎来"科技时刻" 科创债ETF市场再度扩容。9月24日，第二批14只科创债ETF集体上市，首日即有5只产品规模突破百亿 元。叠加首批10只产品1285.65亿元的存量规模，截至9月26日，科创债ETF市场总规模突破2300亿元， 成为债券ETF中扩张较快的细分品类。业内人士表示，政策导向支持科技创新，科创债和科创债ETF的 崛起，意味着债券市场正在迎来属于自己的"科技时刻"。与此同时，科创债ETF的火热，还与票息策略 在当前市场环境中的优势有关。（智通财经） 年内76只新股发行 "硬科技"成色足 今年以来，A股新股发行稳步推进，"硬科技"属性鲜明。数据显示，截至9月29日，今年A股市场共有76 只新股上市，较去年同期增加8只，首发募资额合计750亿元，已超2024年全年（674亿元）。其中，有 36家公司登陆科创板、创业板，占比47%；15家公司登陆北交所，占比20%。按照申万一级行业划分， 今年上市的新股主要集中在电力设备、汽车、电子、机械设备等行业。数据显示，电力设备行业新股数 量最多，达16只；汽车和电子行业的新股数量均为11只；此外，机械设备行业新股也相对较多，为9 只。 ...

Market Review - The A-share market experienced overall fluctuations with mixed performance among major indices, benefiting from increased capital expenditure in the AI sector and breakthroughs in domestic lithography technology, leading to a 6.47% rise in the Sci-Tech 50 index [1] - The consumer sector weakened, with significant declines in the social services, retail, light industry, and textile sectors [1] - Market liquidity showed a marginal decrease in trading volume, while financing funds maintained a net inflow, with stock ETFs seeing a net subscription of 23.1 billion yuan this week [1] - Internationally priced commodities strengthened, with precious metals, crude oil, and copper prices rising, while domestically priced black commodities declined [1] - The US dollar index increased, with the 10-year US Treasury yield returning to around 4.2%, and the RMB depreciating against the US dollar [1] Market Outlook - A-shares and Hong Kong stocks are expected to experience temporary fluctuations, with a slow bull market continuing [2] - Following a trend of rising prices in July and August, there is a divergence in capital flows as the market approaches a long holiday, potentially slowing outside capital inflow [2] - The current bull market is supported by ample micro liquidity, policies aimed at stabilizing the stock market, and the entry of medium to long-term funds [2] - Economic data remains weak, but the effects of "anti-involution" policies are beginning to show, leading to marginal improvements in long-term profit expectations for A-shares [2] Key Focus Areas 1) The Federal Reserve's recent "preventive" interest rate cut and the increasing divergence in future rate cut paths among officials [2] 2) The impact of supply-side "anti-involution" policies, with industrial profits in August showing a year-on-year increase of 20.4%, improving from a -1.7% decline in July [3] 3) The narrowing of the Producer Price Index (PPI) decline, with August showing a year-on-year decrease of -2.9%, marking the first narrowing since March [3] Sector Insights - The technology sector is experiencing significant catalysts, with AI leading a new wave of technological advancement [4] - Global tech giants are increasing capital expenditure in AI, validating high growth expectations for leading companies [4] - The market anticipates high growth in earnings for growth sectors by 2025, including military electronics, software development, IT services, optical electronics, gaming, new energy, semiconductors, and communication equipment [4] Liquidity Analysis - The liquidity situation in A-shares remains robust, with non-bank deposits increasing by 550 billion yuan year-on-year in August [4] - The M1-M2 negative scissors gap continues to narrow, indicating a positive impact on residents' risk appetite [4] - The trend of residents favoring passive investment products is evident, with index funds seeing rapid growth in net asset value [4] Industry Allocation - The main focus remains on the technology sector, with an expected acceleration in internal rotation among growth stocks [5] - Attention is also directed towards non-tech sectors that are showing positive trends, such as chemicals, non-ferrous metals, and engineering machinery [5]

Group 1 - The A-share market has seen a steady increase in new stock listings this year, with a total of 76 new IPOs as of September 29, 2023, which is 8 more than the same period last year, raising a total of 75 billion yuan, surpassing the total for the entire year of 2024 [1] - The majority of new listings are concentrated in sectors such as power equipment, automotive, electronics, and machinery, with power equipment leading with 16 new stocks [1] - The trend of "quantity and quality" improvement in A-share IPOs is attributed to the registration system reform, which has made the review process more transparent and efficient, facilitating the flow of capital towards technology innovation [1][2] Group 2 - Over 90% of newly listed companies this year are technology-related, with the technology sector now accounting for over 25% of the A-share market capitalization, significantly higher than the combined market cap of banking, non-bank financials, and real estate [2] - Regulatory bodies have introduced a series of policies to support technology innovation, including the reintroduction of the fifth set of listing standards for the Sci-Tech Innovation Board, expanding its scope to include more advanced technology fields [2] - As of September 29, 2023, 186 companies have had their IPO applications accepted, a significant increase compared to 98 for the entire year of 2024, with many coming from the semiconductor, healthcare, automotive, and electronics sectors [2] Group 3 - "Hard technology" companies are gaining traction in the capital market, while "pseudo-technology" companies are being kept out by regulatory measures [3] - Recommendations to prevent the listing of "pseudo-technology" companies include establishing quantitative standards for technology attributes, enhancing information disclosure regulations, and increasing penalties for fraudulent activities [3] Group 4 - The pace of A-share IPOs is expected to gradually accelerate while maintaining relative stability in the market [4]

Core Viewpoint - The A-share IPO market is experiencing growth in both the number of new listings and total fundraising amounts in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3][8]. Summary by Category IPO Quantity and Fundraising - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, a 13.04% increase from 69 stocks in the same period last year [3][4]. - The total fundraising amount reached approximately 771.64 billion yuan, representing a 61.2% increase from 478.68 billion yuan in the previous year [3][4]. Major IPOs - The top five IPOs raised a total of about 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [4]. - The largest IPO was Huadian New Energy, which raised approximately 181.71 billion yuan, followed by Zhongce Rubber with 40.66 billion yuan [3][4]. Market Segmentation - The number of new stocks listed on different boards included 29 on the Growth Enterprise Market (GEM), 26 on the Main Board, 15 on the Beijing Stock Exchange, and 8 on the Sci-Tech Innovation Board [5][6]. - The GEM accounted for approximately 37.18% of the new listings, with total fundraising of about 205.6 billion yuan, making up 26.64% of the total fundraising for the year [5][6]. Performance of New Stocks - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, accounting for about 64.1% of the total [7]. - Notably, United Power achieved the highest net profit growth rate, with a 92.91% increase in net profit for the first half of 2025 [7]. Market Outlook - Experts suggest that the emphasis on "hard technology" in new stock listings reflects a focus on quality and regulatory control in the market [8]. - The overall performance of the A-share IPO market is expected to be better in 2025 compared to 2024, indicating a trend towards a healthier and fairer market environment [8].

Summary of Key Points Core Viewpoint - The A-share market is experiencing growth in the number of new IPOs and total fundraising in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3]. Group 1: IPO Statistics - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, raising approximately 771.64 billion yuan, which is a 13.04% increase in the number of IPOs and a 61.2% increase in fundraising compared to the same period last year [1][3]. - The largest IPO was Huadian New Energy, which raised about 181.71 billion yuan, making it the only IPO to exceed 100 billion yuan this year [3]. - The top five IPOs raised a total of approximately 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [3]. Group 2: Sector Performance - The ChiNext board had the highest number of new listings with 29 stocks, accounting for about 37.18% of total new listings, while the main board had 26 new stocks [4]. - The total fundraising from new stocks on the ChiNext board was approximately 205.6 billion yuan, representing about 26.64% of the total fundraising for new stocks this year [4]. - Notable IPOs from the main board included Zhongce Rubber and Tian You Wei, with fundraising amounts of 40.66 billion yuan and 37.4 billion yuan, respectively [3][4]. Group 3: Financial Performance - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, representing about 64.1% of the total [6]. - The leading performer in terms of net profit growth was United Power, which achieved a 92.91% increase in net profit, amounting to approximately 5.49 billion yuan [6]. - Conversely, 28 stocks experienced a decline in net profit, with Huitong Technology showing the largest drop of 80.24% [6].

Core Viewpoint - The article emphasizes that China's capital market has significant growth potential, as indicated by the ratio of total market capitalization to GDP, which currently stands at 70%, suggesting room for expansion [6][11]. Group 1: Capital Market Maturity - A hard indicator for assessing a country's capital market maturity is the ratio of total market capitalization to GDP, ideally between 1:1 and 1:1.2. A ratio below 1:1 indicates underdevelopment, while a ratio above 1:1.2 suggests potential bubbles [6]. - China's capital market total was over 70 trillion RMB at the beginning of the year and has reached 100 trillion RMB, with a GDP of approximately 140 trillion RMB, resulting in a market-to-GDP ratio of 70% [6][11]. - By 2040, China's GDP is projected to double, potentially leading to a stock market total of around 400 trillion RMB if the market-to-GDP ratio reaches 100%-120% [6][11]. Group 2: Investment Strategies - The article advocates for early, small, long-term investments in hard technology, aligning with recent government encouragement for venture capital and private equity to adjust their investment focus [7][8]. - Currently, about 40% of the total 30 trillion RMB in venture capital is invested in low-risk fixed-income assets, which distorts the intended investment direction [7]. - The ideal investment approach should start at the early stages of company development, focusing on transformative investments as companies grow [8]. Group 3: Productive Service Industry - The productive service industry is crucial for driving innovation and efficiency in manufacturing, serving as a foundation for high-value unicorn companies [9][12]. - This sector includes ten major categories, such as hard technology R&D, logistics, supply chain finance, and digital services, which are essential for enhancing productivity and economic growth [9][10]. - The productive service industry has shown a significant growth rate of 12.1% from 2021 to 2023, outpacing other sectors and contributing to GDP growth [10][12]. Group 4: Unicorn Companies and Investment Focus - The article highlights that many unicorn companies globally are rooted in the productive service industry, with a significant portion of their market value derived from this sector [12][13]. - Major tech companies like Apple and Microsoft exemplify how productive service industries can drive high margins and value creation, often outsourcing manufacturing while controlling the service aspects [13][14]. - Investment should target various categories of productive service companies, including small specialized firms and established leaders in the sector, to foster growth and innovation [15][17].

Core Viewpoint - The article emphasizes the significance of hard technology innovation as a core driver for reshaping competitive landscapes, leading industrial transitions, and addressing critical challenges in key sectors such as semiconductors, high-end equipment, and new energy [2]. Group 1: Evaluation Process - The evaluation process for the "Hard Technology Innovators" selection took three months, attracting over a hundred early-stage companies through active applications and recommendations from investment institutions [3]. - The assessment was based on three dimensions: technological and product achievements, commercial value and potential, and the influence of founding teams, utilizing a composite review model [3]. - A total of 44 companies were selected for the "2025 Worthy of Attention Hard Technology Innovators" list, with notable companies advancing to the final showcase event [3]. Group 2: Awarded Companies Overview - Among the awarded companies, 25 are in the smart manufacturing sector, focusing on sub-sectors like new energy batteries, new materials, semiconductors, and advanced equipment [5]. - The average establishment age of the awarded companies is three years, with 52% founded within one to three years [5]. - The top three regions for awarded companies are Beijing, Zhejiang, and Jiangsu, with a concentration of talent and entrepreneurial activity in these areas [5]. Group 3: Team Background - 24 awarded companies have core teams with overseas study backgrounds, and over 90% of founders hold master's degrees or higher, with nearly 70% possessing doctoral degrees [6]. - Notable educational institutions represented among founders include Tsinghua University, Fudan University, and Peking University [6]. Group 4: Financing Situation - 86% of awarded companies have historical financing records, indicating a trend towards attracting more early-stage and industrial capital as technology matures [7].

【导读】近三年半导体设备行业最大规模竞价定增落地，易方达、兴证全球等公募获配 中国基金报记者 张燕北 近三年半导体设备行业最大规模竞价定增落地，多家公募基金现身获配名单。 公告显示，国内半导体设备龙头盛美半导体设备（上海）股份有限公司（以下简称盛美上海）近期完成近45亿元的定增募资，包括易方 达、兴证全球、财通、诺德、易米在内的多家公募参与报价并被确定为最终发行对象。 盛美上海表示，本次募集资金有助于进一步增强公司在半导体专用设备领域的研发实力。 今年以来，科技创新领域定增热度升温，AI、机器人、创新药、半导体等赛道成"吸金"主力。公募"带头大哥"易方达频频出手抢筹，被市 场视为机构看好新质生产力领域投资机遇的信号。 盛美上海完成45亿元定增募资 易方达、兴证全球等5家公募获配 日前，盛美上海发布情况报告书，宣布完成向特定对象发行A股股票。 根据报告书，此次参与报价的机构有17家，包括多家公募、私募、保险资管、券商资管等。17家投资者全部按时、完整地发送全部申购文 件，且足额缴纳保证金，均为有效报价，因此全部被确定为最终发行对象。 最终，本次定增发行股票总数量为3860.13万股，发行价格为116.11元/股 ...