Group 1 - The core viewpoint of the article highlights a strong performance in the technology sector, particularly in the STAR Market, with over 80% of stocks showing positive gains [1] - The STAR Growth Index increased by 3.0%, the STAR 100 Index rose by 1.8%, the STAR Composite Index went up by 1.8%, and the STAR 50 Index saw a rise of 1.7% [1] - A new regulation was introduced by relevant authorities, reducing the risk factor for ordinary shares of STAR Market-listed companies held by insurance companies for over two years from 0.4 to 0.36, which is expected to attract new capital into the STAR Market [1]

熊雨前特别感谢科创板为外籍员工参与股权激励计划提供了制度支持。（中经实习记者 孙小琴 记者 夏 欣 北京报道） 福昕软件（688095.SH）董事长兼总裁熊雨前日前做客《沪市汇・硬科硬客》第二季第6期节目"供应 链'再出海'"时表示，在上市前，公司主要通过个人信用维系团队凝聚力。在科创板上市后，公司股权 激励计划得以落地实现。 0:00 ...

策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 2025 年 12 月 07 日 证券研究报告 | 策略周报 由守转攻，布局高景气方向等风起 敬请参阅报告结尾处免责声明 华宝证券 1/9 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 企稳 —策略周报》2025-11-23 2、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 3、《波动再度放大，如何应对？ —策略 周报》2025-10-12 4、《长假期间国内外大事一览—策略周 报》2025-10-09 5、《节前波动有所放大，持股还是持币 过节？ —策略周报》2025-09-29 投资要点 分析师：刘芳 【债市方面】年末仍有扰动，静待利空落地。年末多重因素仍可能限制债市 表现，银行负债端成本管理加强，导致资产端通过拉长久期的诉求减弱；同时 年末机构卖出获利老券兑现利润需求提升，也削弱了往年的"抢配"行情；此 外 ...

Core Points - The Sci-Tech Innovation Board (STAR Market) index closed flat at 1326.10 points, with a total trading volume of 3.22 billion shares and a turnover of 173.32 billion yuan, resulting in an average turnover rate of 1.67% [1] - Among the tradable stocks on the STAR Market, 484 stocks closed higher, with 12 stocks rising over 10% and 30 stocks rising between 5% and 10%, while 106 stocks closed lower [1] - The highest turnover rate was recorded by C-More, a newly listed stock, which surged 425.46% with a turnover rate of 85.49% and a trading volume of 15.31 billion yuan, attracting a net inflow of 2.92 billion yuan [1][2] Trading Performance - In the high turnover stocks, C-More, which was newly listed, saw a significant increase of 425.46%, while other notable gainers included Changguang Huaxin, Xinghuan Technology, and Ruihua Tai, with increases of 20.00%, 17.02%, and 16.58% respectively [2] - Conversely, stocks with the largest declines included Zhongke Lanyun, Dongxin Shares, and Yingshi Innovation, which fell by 9.29%, 6.92%, and 6.01% respectively [2] - The electronic industry had the highest representation among high turnover stocks, with 22 stocks, followed by the power equipment and machinery equipment sectors with 9 and 8 stocks respectively [2] Capital Flow - Among high turnover stocks, 39 stocks experienced net inflows of main funds, with C-More, Changguang Huaxin, and Guodun Quantum receiving the most significant inflows of 2.92 billion yuan, 320 million yuan, and 317 million yuan respectively [2] - Stocks with the largest net outflows included Dongxin Shares, Baiwei Storage, and Zhongke Lanyun, with outflows of 356 million yuan, 130 million yuan, and 119 million yuan respectively [2] Leverage Fund Movements - A total of 42 stocks in the high turnover category received net purchases from leveraged funds, with Baiwei Storage, Dongxin Shares, and Bolite gaining the most in financing balance, increasing by 315 million yuan, 249 million yuan, and 157 million yuan respectively [3] - Conversely, stocks with the largest reductions in financing balance included Yuanjie Technology, Artes, and Tengjing Technology, decreasing by 347 million yuan, 246 million yuan, and 194 million yuan respectively [3] Top Performing Stocks - The top performing stocks on December 5 included: - C-More (688795): Closed at 600.50 yuan, up 425.46%, turnover rate 85.49%, net inflow 2.92 billion yuan - Aerospace Huanyu (688523): Closed at 43.80 yuan, up 3.03%, turnover rate 35.30%, net inflow 607.60 million yuan - Xinghuan Technology (688031): Closed at 72.96 yuan, up 17.02%, turnover rate 17.30%, net inflow 14.97 million yuan [4] - Other notable stocks included Changguang Huaxin (688048) with a 20.00% increase and a net inflow of 319.89 million yuan [4]

"十五五"规划建议明确提出发展创业投资，建立未来产业投入增长和风险分担机制。随着创投资本不断 发展壮大、科创板制度持续完善、金融市场结构逐步优化，继摩尔线程、沐曦股份之后，料将有更多硬 科技企业借力资本与制度的双重赋能，在全球产业链重构的浪潮中抢占核心位置。 （文章来源：证券时报网） GPU研发堪称高投入、长周期、高风险的攻坚赛道，每一步突破都离不开金融资本的赋能与陪伴。两家 企业成立仅一年便合计完成了9次近23亿元增资，背后是"国资平台+市场化创投+产业CVC"多元资本的 协同发力：深创投、国调基金、上海科创基金等国资平台发挥"压舱石"作用，以稳定资金支持夯实发展 基础；善达投资、红杉中国、真格基金等市场化机构凭借专业洞察精准布局，为企业早期成长注入强劲 动能；腾讯、和而泰等产业CVC联动，加速产业资源高效对接。摩尔线程的成长轨迹尤为典型：5年 来，超80家机构累计注入94.98亿元，使其得以投入46.7亿元研发资金攻克全功能GPU量产难关。这一过 程，既印证了多元创投资本在分担创新风险、加速技术转化中的核心价值，更彰显了一级市场对硬科技 领域的坚定支持。 科创板的制度创新，正持续拓宽硬科技企业的成长通道。 ...

证券日报网讯 12月4日，艾森股份在互动平台回答投资者提问时表示，公司并购的资产应当符合科创板 定位，并与公司主营业务具有协同效应。公司在寻找并购标的时，主要关注半导体材料产业链的垂直整 合与横向拓展，围绕公司"一主两翼"战略及全球化布局需求。 （文章来源：证券日报） ...

科创50指数今日上涨1.36%，报收1326.16点，科创板全日成交量28.92亿股，成交额1434.83亿元，加权 平均换手率为1.50%。 资金流向方面，高换手率个股中，有26股今日获主力资金净流入，净流入金额较多的有沃尔德、东芯股 份、华虹公司，净流入金额分别为1.17亿元、1.12亿元、1.10亿元，净流出金额较多的有佰维存储、腾 景科技、阿特斯，净流出金额分别为1.97亿元、1.77亿元、1.34亿元。 从杠杆资金动向看，高换手个股中，共28股近期获杠杆资金净买入，统计显示，截至12月3日，近5日融 资余额增加较多的有佰维存储、东芯股份、万润新能等，分别增加3.50亿元、2.86亿元、9936.49万元； 融资余额减少金额较多的有源杰科技、阿特斯、爱科赛博等，分别减少3.63亿元、1.57亿元、1.25亿 元。 12月4日科创板换手率居前个股 换手率最高的是航天环宇，该股今日收盘上涨10.22%，全天换手率37.20%，成交额15.36亿元，其次是 中科蓝讯，该股今日收盘上涨8.90%，全天换手率18.14%，成交额12.35亿元，换手率居前的还有恒坤新 材、宏微科技、微导纳米等，换手率分别为18. ...

Core Insights - The average stock price on the STAR Market is 38.94 yuan, with 65 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1369.00 yuan, which increased by 2.75% [1][2] - Among the stocks priced over 100 yuan, 231 stocks rose while 349 stocks fell today, with an average increase of 1.12% for the hundred-yuan stocks [1][2] - The average premium of the hundred-yuan stocks relative to their issue price is 503.08%, with the highest premiums seen in companies like Shunwei New Materials and Cambrian-U [1][2] Stock Performance - Cambrian-U, the highest priced stock, closed at 1369.00 yuan, followed by Yuanjie Technology at 578.78 yuan and GuoDun Quantum at 443.90 yuan [1][2] - The stocks with the highest increase today include Zhongke Lanyun, Huahong Company, and Tuojing Technology, while the largest declines were seen in Kaipu Cloud, Baiwei Storage, and XGIMI Technology [1][2] Capital Flow - The net inflow of main funds into the hundred-yuan stocks today was 1.182 billion yuan, with Cambrian-U, SMIC, and Zhongwei Company leading in net inflows [2] - The total margin balance for hundred-yuan stocks is 91.988 billion yuan, with Cambrian-U and SMIC having the highest margin balances [2] Industry Distribution - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical, and computer industries, with 34, 9, and 8 stocks respectively [1]

Group 1 - The core point of the article is that Alibaba Health Technology (China) Co., Ltd. holds a 6.67% stake in Shuyu Pingmin (301017.SZ) [1] Group 2 - The article does not provide additional relevant content for further summarization.

Core Points - The Sci-Tech Innovation 50 Index experienced a slight adjustment, closing at 1308.37 points with a decline of 0.89% and a trading volume of approximately 43.26 billion yuan, showing a minor contraction compared to the previous trading day [1] - Most stocks on the Sci-Tech Innovation Board declined, with 140 stocks rising, indicating a mixed performance among high-priced and low-priced stocks [2] - In specific sectors, semiconductor, biopharmaceutical, and healthcare stocks were active, while components and software service stocks saw declines [3] Trading Performance - The average decline for the remaining 590 stocks on the Sci-Tech Innovation Board, excluding suspended stocks, was 1.06%, with an average turnover rate of 2.29% and a total trading volume of 138.46 billion yuan [3] - The stock JinDike led the gainers with an increase of 15.93%, while LaiSi Information had the largest drop at 9.85% [4] - In terms of trading volume, HanWuji ranked first with a volume of 6.01 billion yuan, while CongLin Technology had the lowest volume at 6.33 million yuan [5] Turnover Rates - The stock HangTianHuanYu had the highest turnover rate at 32.10%, while WeiGao Orthopedics had the lowest at 0.15% [6]