德勤中国华南区主管合伙人欧振兴表示，香港新股市场的前景仍将在一定程度上受到宏观经济及地缘政 治因素影响，包括美国货币政策走向、全球资金配置动向，以及中国企业出海与扩大内需的政策取向。 与此同时，资本市场的持续改革与制度优化，将在提升香港市场整体竞争力、流动性及估值水平方面发 挥关键作用，并逐步改善新股市场的生态与表现。 他续指，市场近日就修订同股不同权公司上市要求、调整新股买卖单位等改革展开讨论，亦期望监管机 构能进一步检视双重主要上市及第二上市制度，深化港交所与东南亚证券交易所的合作，并建立更具针 对性的机制，便利海外企业来港上市。 智通财经APP获悉，12月18日，德勤中国资本市场服务部发布《中国内地及香港IPO市场 2025年回顾与 2026年前景展望》。资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全 年，香港新股市场将有约160只新股，融资不少于3000亿港元。预计其中将有7只新股，每只最少融资 100亿港元，其中包括内地龙头企业。除了有大量A+H股上市申请人外，科技、传媒及电讯、医疗、消 费、国际公司以及在美上市的中概股的上市项目也将成为市场关注的焦点。 德勤提及，美国 ...

Core Viewpoint - Venture capital and private equity are essential components in building a modern industrial system and developing new productive forces in China, as highlighted in the keynote speech at the 2025 Shanghai Multi-level Capital Market High-Quality Development Conference [2] Group 1: New Missions of Venture Capital - The venture capital industry in China has three new missions, with a primary focus on promoting technological self-reliance and seizing competitive advantages in technology and future development [3] - The industry aims to support the modernization of the industrial system and strengthen the foundation of the real economy, as well as develop integrated investment and production models to promote regional coordinated development [4] Group 2: Industry Changes and Trends - The venture capital industry is undergoing a deep adjustment, transitioning into a phase of quality improvement, with a market recovery and renewed confidence observed [5] - In the first three quarters of 2025, 3,501 funds were raised in China's private equity market, an increase of 18.3% year-on-year, with a total fundraising amount of 11,614.35 billion yuan, up 8.0% year-on-year [5] - The number of investment cases reached 8,295, reflecting a 19.8% year-on-year increase, with disclosed investment amounts around 5,407.30 billion yuan, up 9.0% year-on-year [5] - The dominance of state-owned capital limited partners (LPs) is solidifying, with characteristics of patient capital becoming more prominent [5] - Investment in "hard technology" continues to rise, with significant funding directed towards the semiconductor and electronic equipment sectors, exceeding 130 billion yuan [5] - The artificial intelligence sector saw 1,011 financing cases with total investments over 88 billion yuan, marking a 26.0% year-on-year increase [5] - The capital market is gradually shifting towards a new paradigm of high-quality development centered on technological innovation and supported by institutional inclusiveness [5] - A notable positive change is the continued recovery of A-share IPOs, with increased inclusivity for unprofitable technology enterprises [5]

今日，国产GPU龙头沐曦股份登陆科创板，上市首日股价收报829.9元/股，市值为3320亿元，股价在盘中最高触及895元/股，投资者中一签（500股）的浮 盈最高可达39.5万元。 五年前，沐曦有限（当时名，后简称"沐曦"）在天使轮投后估值仅4.80亿元，如今估值已涨超690倍，单笔天使轮投资若坚守至今，回报已达690倍。更引 人注目的是，私募大佬葛卫东在上市前夕的2025年2月，精准入局，不到一年个人账户浮盈已超110亿元。 从摩尔线程到沐曦股份，硬科技赛道正迎来一个史诗级的"超级回报周期"。 图片来源：Wind 天使轮投资估值涨超690倍 据沐曦股份披露，2020年10月，和利国信智芯、瑞智国芯、泰达科技（现为：天津泰达科技投资集团股份有限公司，简称"泰达科投"）签约参与沐曦的天 使轮投资，投资方以合计7000万元认购公司股份，该笔交易于2020年12月正式完成。其中，和利资本管理的和利国信智芯投资5000万元、瑞智国芯投资 1000万元、泰达科技投资1000万元。 | 十六年 | 背令 月 | 增分等 | 取得开 | | | --- | --- | --- | --- | --- | | -- | .. ...

本文字数：2487，阅读时长大约4分钟 作者 | 第一财经 魏中原 12月17日，国产GPU领军企业沐曦股份（688802.SH）登陆科创板，开盘暴涨568.83%，盘中最 高价报895元，以此计算，中一签（500股）的投资者浮盈逼近40万元，一举刷新了近十年A股新股 上市首日的单签盈利纪录，将市场的打新热情推向沸点。 沐曦股份首日大涨成为2025年A股新股市场"中签必赚"的炽热注脚。就在十余日前，被称为"国产 GPU第一股"的摩尔线程（688795.SH）上市首日录得425.46%的涨幅，单签盈利超过24万元。 事实上，沐曦与摩尔的耀眼表现，仅是2025年新股市场强劲赚钱效应的一个缩影。 赚钱效应显著升温：平均涨幅创三年新高 回顾2025年全年，A股新股市场呈现出明确的"量稳质升、涨幅扩大"特征。 据第一财经记者统计， 年内已上市的104只新股，首日平均涨幅达到257%，意味着中签投资者在上市首日平均可获得超过 发行价两倍半的回报。 2025.12. 17 三倍的日内收益，"闭眼打新"的幸福感再度回归。 值得注意的是，自2014年新股恢复发行以来，A股累计上市新股已逾2900只，沐曦股份成为其间单 签盈利最 ...

Group 1 - The core point of the news is the significant performance of new stocks in the A-share market in 2025, highlighted by the debut of domestic GPU companies, Mu Xi Co., Ltd. and Mo Er Thread, which achieved record-breaking first-day gains [1][2][4] - Mu Xi Co., Ltd. opened with a surge of 568.83%, reaching a peak price of 895 yuan, setting a new record for single-sign profits in the A-share market, with investors potentially earning close to 400,000 yuan [1] - The average first-day gain for new stocks in 2025 reached 257%, marking it as the most profitable year for new stocks in the past three years, with previous years showing average gains of 30.2%, 66.45%, and 252.76% respectively [2] Group 2 - The electronic and power equipment sectors emerged as the primary wealth-generating industries in 2025, with significant first-day gains from new stocks, particularly in the semiconductor sector [5] - The strong performance of new stocks is attributed to multiple factors, including improved market risk appetite due to economic recovery expectations and stricter quality control for listed companies, leading to a supply of high-quality stocks in high-growth sectors [3][6] - The market's high valuation of hard technology companies reflects the rise of China's technology industry, with breakthroughs in domestic GPU chip technology marking a significant leap in self-sufficiency in core areas of artificial intelligence computing power [6][7]

Core Insights - The "2025 Deloitte China High-Tech High-Growth 50" and "Deloitte China Tomorrow's Stars" lists were unveiled, highlighting trends and challenges in the high-tech sector in China [1][2] Group 1: Revenue and Growth - The average three-year cumulative revenue growth rate for the 2025 China 50 Strong companies is 490%, showing a slight decline compared to 2024, while the top 10 companies' growth rates remained stable [3] - Companies with revenues between 50 million and 100 million yuan now account for 38% of the list, while those with revenues over 100 million yuan maintain a 44% share, indicating a rise in mid-sized companies [3] Group 2: Geographic Distribution - The Greater Bay Area accounts for 52% of the companies, followed by Beijing-Tianjin-Hebei and the Yangtze River Delta, with first-tier cities like Shenzhen, Shanghai, Beijing, and Guangzhou being the primary hubs for tech startups [3][4] - Jiangsu province has limited representation, with only one company in the "China 50 Strong" list, indicating a need for improvement in core enterprise development [4] Group 3: Industry Distribution - The hardware sector leads with a 28% share, followed by high-end equipment at 18%, benefiting from growth in the semiconductor field and smart manufacturing [3] - The clean technology sector has increased to 10% due to the inclusion of more renewable energy companies, while software and life sciences have seen declines, reflecting a shift towards hard technology [3] Group 4: AI and Innovation - 23% of the China 50 Strong companies and 66% of Tomorrow's Stars allocate over 50% of their revenue to AI R&D, highlighting the critical role of AI in driving innovation [5] - Companies face challenges such as a shortage of high-tech talent and rising R&D costs, with a focus on core technology development and product diversification as key strategies for resilience [5] Group 5: Regional Development - The event marked the first time the Deloitte project was held in Wuxi, recognizing the city's innovation ecosystem and providing a platform for technology and industry exchange [5][6] - Wuxi has established itself as an innovative demonstration zone, successfully nurturing high-growth companies in sectors like electronic information, renewable energy, and biomedicine [6]

Core Viewpoint - The successful listing of Muxi Co., Ltd. on the STAR Market marks a significant milestone for domestic GPU companies, with the stock price soaring by 693% on its debut, leading to a market capitalization of 332 billion yuan [2][8]. Investment Highlights - Muxi Co., Ltd. had an initial public offering price of 104.66 yuan per share, which surged to a peak of 941.94 yuan during trading, closing at 829.90 yuan [2]. - The company’s original shareholders, including seven prominent investment institutions, saw a total paper profit of 75.3 billion yuan on the first day of trading [3]. - Notable investor Ge Weidong, through Shanghai Chaos Investment, holds 14.34 million shares, with a market value of 11.9 billion yuan based on the closing price, resulting in a paper profit of 11.09 billion yuan [3]. Investment Returns - The Jingwei investment group holds 18.45 million shares with an average cost of 41.52 yuan per share, resulting in a market value of 15.31 billion yuan and a paper profit of 14.54 billion yuan, achieving a return multiple of 20 times [4]. - The Sequoia Capital group holds 15.07 million shares at a cost of 53.03 yuan per share, with a market value of 12.5 billion yuan and a paper profit of 11.73 billion yuan, yielding a return multiple of 15.6 times [4]. - The Heli group holds 17.43 million shares at a cost of 13.39 yuan per share, with a paper profit of 14.22 billion yuan, ranking third in profit scale among investors [5]. Market Context - The listing is supported by favorable policies and market demand, with the STAR Market's "1+6" new policy facilitating the listing of unprofitable hard tech companies [7][8]. - The exit of NVIDIA from the Chinese market has created a significant market gap worth hundreds of billions of dollars, providing Muxi Co., Ltd. with substantial growth potential [8]. - Despite a projected net loss of 1.41 billion yuan in 2024, Muxi's core product, the Xiyun C600, is expected to enter risk production by the end of the year, which is a key factor supporting its high valuation [8].

Group 1 - The company will continue to focus on investments in biomedicine, medical devices, and semiconductors, while also expanding into AI, AI+, and embodied intelligent robotics [1][2] - The company has established four funds with a total scale of 32 billion yuan, primarily focusing on mid-to-late stage investments, with a notable fund being the Guoshou Health Fund [2][3] - The investment amount in the semiconductor sector is increasing, surpassing that in biomedicine and medical devices, indicating a strategic shift towards hard technology and AI applications [2][3] Group 2 - The company is characterized as a long-term value investor, leveraging the resources of China Life, and aims to be a patient capital provider with investment horizons generally exceeding ten years [2][3] - The company is highly sensitive to risks and is actively exploring investment methods in emerging fields that are still in their early stages, despite facing certain challenges [2][3]

Core Insights - The launch of the Sci-Tech Innovation Board (STAR Market) has significantly transformed the development ecosystem for China's technology industry, particularly benefiting unprofitable "hard tech" companies by providing a supportive environment for long-term investment and innovation [4][5] - As of November 2025, 57 unprofitable companies have listed on the STAR Market, with 22 of them achieving profitability post-listing [4] - The STAR Market has facilitated substantial revenue growth and reduced losses for companies, with 35 firms in the growth layer reporting a 39% year-on-year revenue increase and a 65% reduction in net losses in the first three quarters of 2025 [4] Company Performance and Growth - ChipLink Integration has raised 11 billion yuan since its listing, with revenue growing from 2 billion yuan before listing to 6.5 billion yuan in 2024, effectively doubling its revenue in three years [7] - CanSino has maintained a research and development (R&D) expenditure of over 30%, which has been crucial for its product development and market expansion, particularly during the COVID-19 pandemic [8][15] - Effort, a robotics company, has seen its sales increase from 2,000 units at the time of listing to 16,000 units in 2024, significantly enhancing its market share and competitiveness [10][16] R&D Investment and Innovation - R&D investment is critical for "hard tech" companies, with ChipLink maintaining a 30% R&D expenditure ratio, significantly higher than the industry average of 10% [13] - CanSino's R&D strategy has allowed it to navigate the "valley of death" in vaccine development, leading to profitability in the third quarter of 2025 [15][18] - Effort has shifted from a "follower" to a "leader" in innovation post-listing, focusing on autonomous innovation and the integration of AI technology into its robotics solutions [16] Path to Profitability - Achieving profitability is seen as a natural progression for unprofitable companies on the STAR Market, with both ChipLink and CanSino projecting profitability milestones in the coming years [17][19] - ChipLink anticipates reaching profitability by 2026, supported by increasing market share and improved operational efficiency [19] - Effort aims to achieve profitability through a dual strategy of scaling growth and enhancing profit margins, leveraging its technological advancements [20] Utilization of Growth Tools - The STAR Market's mechanisms, such as mergers and acquisitions and equity incentives, are vital for the growth of "hard tech" companies [21] - ChipLink's acquisition of a 72.33% stake in a peer company exemplifies the effective use of M&A strategies to enhance growth [21] - Both ChipLink and CanSino emphasize the importance of equity incentives to attract and retain talent, which is crucial for long-term success in the tech sector [22]

Group 1 - The core viewpoint of the articles highlights the increasing investment in the Hong Kong technology sector, particularly in the AI and semiconductor fields, as evidenced by the significant inflow into the Hong Kong Stock Connect Technology ETF (159262) [1] - The Hong Kong Stock Connect Technology ETF (159262) has seen a net inflow of over 1.8 billion yuan over 11 consecutive trading days, making it the most popular ETF in the market [1] - The ETF, launched in June, has grown to a size of over 7.8 billion yuan and focuses on hard technology sectors, excluding automotive, pharmaceuticals, and home appliances [1] Group 2 - The Hang Seng Technology Index has outperformed, with the ETF's underlying index showing a gain of over 33% in the past year, surpassing the 20% increase of the Hang Seng Technology Index during the same period [1] - Looking ahead, the Central Economic Work Conference emphasized the continuation of proactive fiscal policies and moderately loose monetary policies, which are expected to support a rebound in the Hong Kong stock market [2] - The technology sector remains a long-term investment focus, with valuations having adjusted and expected to recover due to multiple favorable factors [2]