2025年12月5日，广东天域半导体股份有限公司（以下简称天域半导体，2658.HK）成功于香港联交所 主板上市，基础发行规模2.24亿美元。中信证券担任独家保荐人、保荐人兼整体协调人、整体协调人、 联席全球协调人、联席账簿管理人及联席牵头经办人。中信证券公司总监、全球投资银行管理委员会委 员张秀杰，全球投资银行管理委员会委员于杨出席上市仪式。 （来源：中信证券发布） 港股碳化硅外延片第一股 助力国产高端半导体材料产业高质量发展 来源：市场资讯 中信证券全力做好科技金融大文章，充分发挥境内外一体化平台优势和全球投资者覆盖网络，助力科技 创新企业国际化高质量发展。本项目是中信证券服务半导体行业的又一典型案例。 中信证券凭借强大的境内外一体化专业服务，高效推动项目执行，全力协助天域半导体推进境内外监管 机构审批；积极把握发行窗口，利用境内外平台及广泛的投资者覆盖网络，协助安排多场次、高质量的 投资者会议，向资本市场精准传达企业的发展前景及成长潜力，助力本次上市圆满完成。 天域半导体 （股票代码：2658.HK) 天域半导体成立于2009年，专注于自主生产碳化硅外延片。凭借出色的产品质量，全面的交付能力及优 质的服 ...

—纽带与支撑：枢纽织网、金融聚力，拓宽武汉发展新维度 12月4日举行的中共武汉市委十四届十二次全体会议上，对于扩大内需、提振消费，金融等重点领域改 革以及扩大高水平对外开放作出新的部署。 全会提出，坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于人相结合，以新需求 引领新供给，以新供给创造新需求，打造国内大循环的重要枢纽；全面推动更多人流、物流、资金流、 信息流、数据流等在汉集散，大力发展枢纽经济。要加快建设对外贸易强市，系统提升开放枢纽功能， 做强开放平台能级，持续扩大对外交流。 如果说经济、科创是武汉发展中的"硬支撑"，那么商贸物流、对外开放和金融赋能则是武汉链接内外、 激发活力的"软纽带"。此次全会的部署，为武汉打造国家商贸物流中心、国际交往中心、区域金融中心 的目标描摹出落地路径。 面向"十五五"，武汉正迎接重塑枢纽优势、提升开放能级、激活金融活力的时代机遇，以融入双循环、 提升全球链接能力为关键抓手，以金融赋能实体经济发展为新引擎，武汉将不断拓宽发展新维度，为其 经济能级跃升和城市创新转型注入动能，将打造"五个中心"和建设现代化大武汉从"蓝图"转化为"实 景"。 枢纽织网，打造商贸物流 ...

（原标题："五个中心"聚能，谱写现代化大武汉新篇（续）） —纽带与支撑：枢纽织网、金融聚力，拓宽武汉发展新维度 12月4日举行的中共武汉市委十四届十二次全体会议上，对于扩大内需、提振消费，金融等重点领域改 革以及扩大高水平对外开放作出新的部署。 面向"十五五"，武汉正迎接重塑枢纽优势、提升开放能级、激活金融活力的时代机遇，以融入双循环、 提升全球链接能力为关键抓手，以金融赋能实体经济发展为新引擎，武汉将不断拓宽发展新维度，为其 经济能级跃升和城市创新转型注入动能，将打造"五个中心"和建设现代化大武汉从"蓝图"转化为"实 景"。 因"水"而兴、得"中"独厚，凭借着天然的地理区位禀赋，九省通衢的武汉早在通商开埠时便是中国重要 的商业重镇，一句"货到汉口活"道出了武汉曾作为南北货物集散地的辉煌。而如今，武汉正依托综合立 体交通网络和高效的物流枢纽体系，重塑"货到汉口活"的荣光。 数据显示，"十四五"期间，沿江高铁武汉至宜昌段投入试运行，合肥至武汉段加快建设。武汉天河机场 第三跑道建成投用，花湖机场新开12条国际货运航线，17条低空航线投入运营。中欧班列线路拓展至58 条，辐射亚欧大陆40国120城，获批全国14个中 ...

Company Overview - Moore Threads, known as the "first domestic GPU stock," debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, opening at 650 yuan per share, a 468.78% increase from its issue price of 114.28 yuan, with potential earnings of approximately 267,900 yuan for a single subscription [1] - The company is the only domestic enterprise to achieve mass production of fully functional GPUs, focusing on the research, design, and sales of GPUs and related products, with its MUSA architecture directly competing with NVIDIA's data center GPU product line [1] Market Potential - The demand for GPUs is rapidly expanding due to the AI era, with Frost & Sullivan predicting the global GPU market to exceed 1 trillion yuan in 2024, and a compound annual growth rate (CAGR) of 24.5% from 2025 to 2029 [4] - The Chinese GPU market is expected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029, indicating significant opportunities for domestic GPU manufacturers [4] Financial Performance - Moore Threads has not yet achieved profitability, reporting losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024, with a net loss of 724 million yuan in the first three quarters of 2025 [4][10] - Revenue has shown significant growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and further to 4.38 billion yuan in 2024, with a 181.99% year-on-year increase to 785 million yuan in the first three quarters of 2025 [9][10] Funding and Financial Support - Moore Threads has received substantial financial support from various banks throughout its growth, utilizing innovative "equity-debt linkage" models to provide comprehensive financial backing [5][6] - In 2023, Beijing Bank provided several hundred million yuan in credit support for the second-generation chip "Chunxiao," and in 2024, China Construction Bank led a syndicate to offer liquidity loans [5] - Agricultural Bank of China invested 100 million yuan through its equity investment pilot fund, demonstrating the integration of financial services with industry policies [7] IPO Process - Moore Threads was founded in 2020 and began its IPO counseling in November 2024, completing the process in just 122 days, marking it as one of the fastest approvals for a company on the Sci-Tech Innovation Board [9] - The company is part of a growing trend of "hard technology" IPOs, with several other companies in the GPU and related sectors also receiving approval for their IPOs, indicating a robust market for technology-driven enterprises [10][11]

Core Insights - The banking industry is focusing on how to accurately serve high-risk, asset-light technology companies, with Hengfeng Bank's approach showcasing a blend of systematic and flexible financial services [1][2] Group 1: Banking Strategies - Hengfeng Bank's technology loan balance is projected to grow by approximately 10% by the end of November 2025, indicating a strong commitment to supporting technology enterprises [1] - The Shenzhen branch of Hengfeng Bank aims to penetrate the market by focusing on leading technology companies and providing tailored financial solutions, exemplified by its partnership with Dazhong Laser Technology Group [2][7] - Hengfeng Bank has provided Dazhong Holding with a total of 500 million yuan in working capital loans, increasing the credit limit from 500 million yuan to 800 million yuan [2] Group 2: Financial Solutions - The bank offers customized financial solutions rather than standard loans, understanding the specific needs of technology companies during critical phases of their development [2][8] - Hengfeng Bank's collaboration with ZTE Corporation demonstrates its capability to provide comprehensive financial services, including bond financing and supply chain finance, amounting to 2 billion yuan in off-balance-sheet business this year [7][8] Group 3: Risk Management - Hengfeng Bank is developing a long-term mechanism to address the unique characteristics of technology companies, focusing on creating a "willing to lend" environment [8] - The Guangzhou branch integrates financial products with industrial park ecosystems to efficiently reach and manage risks associated with small and micro technology enterprises [9][11] - The bank has successfully provided over 100 million yuan in loans to 24 small and micro enterprises in the industrial park, with 50% of these companies achieving their first financing breakthrough [11][12]

Core Viewpoint - Chengdu Bank is positioned as a key player in the financial sector of Western China, focusing on supporting the real economy and demonstrating resilience and growth potential amid complex economic conditions [2][3]. Group 1: Financial Performance and Growth - As of September 2025, Chengdu Bank's total assets exceeded 1.38 trillion yuan, with deposits of 986.4 billion yuan and loans totaling 847.5 billion yuan, placing it among the top tier in the industry [2]. - The bank achieved a significant loan balance increase of 14.13% in the first three quarters of 2025, outpacing asset growth [3]. - In the first half of 2025, the bank's experience in issuing special bonds exceeded 45 billion yuan, supporting major local projects [3]. Group 2: Innovation and Technology - Chengdu Bank has developed a unique "four specialized" service model for technology finance, covering the entire lifecycle of tech enterprises, with over 80% coverage of national-level specialized and innovative "little giant" companies [4]. - The bank successfully underwrote the first batch of technology innovation bonds in May 2025, directing financial resources to cutting-edge sectors like photonic chips and biomedicine [4]. Group 3: Diverse Financial Services - The bank is actively expanding its services in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, enhancing service quality and capacity [5]. - Chengdu Bank has supported over 530 cultural and creative enterprises with more than 4.7 billion yuan through specialized products like "Growth Loan" and "Cultural Creative Pass" [5]. Group 4: Corporate Governance and Market Confidence - The bank has demonstrated strong corporate governance and market confidence, with a total of 6.11 billion yuan in share buybacks announced by its controlling shareholder [7]. - In July 2025, the bank declared a cash dividend of 3.776 billion yuan, marking a historical high with a dividend yield of approximately 5.22% [7]. - Chengdu Bank has maintained stable dividends for eight consecutive years, totaling 17.856 billion yuan since its listing [7]. Group 5: Future Outlook - Looking ahead to the "15th Five-Year Plan," Chengdu Bank aims to continue its role in supporting the Chengdu-Chongqing economic circle with innovative and stable financial services [8].

人民财讯12月5日电，中共湖北省委关于制定全省国民经济和社会发展第十五个五年规划的建议发布， 其中提到，推动金融改革创新。加快构建股权投资引导体系、债权融资增信体系、多层次资本市场公开 募资培育体系，为各类创新主体、产业主体提供全业态、全链条金融服务。大力发展科技金融、绿色金 融、普惠金融、养老金融、数字金融，服务实体经济高质量发展。完善供应链金融服务平台、中小企业 融资信用平台，着力提升金融资源配置效率。优化企业挂牌上市服务体系，推动企业上市增量提质。面 向全球招引头部金融机构和专业化金融服务中介，广泛吸引各类基金资源、集聚新兴金融业态，高水平 推进武汉科技金融中心建设。 ...

Core Viewpoint - The enhancement of self-reliance and strength in technology is a major goal for economic and social development during the "14th Five-Year Plan" period, with a focus on financial support for building a strong technological nation [1] Group 1: Financial Support for Technology Enterprises - The "Zhe Ke United Loan" service model was introduced to address the financing needs of technology enterprises, providing tailored services for startups, growth, and mature stages [2][3] - The model allows multiple banks to jointly provide credit, mitigating risks and enhancing the sustainability of technology finance [3] - As of now, 27 banks in Zhejiang have participated in the "Zhe Ke United Loan," issuing loans totaling 10.87 billion yuan to 197 enterprises [4] Group 2: Digital Credit and Financial Services - Suzhou has developed a comprehensive financial service system for small and medium-sized technology enterprises, including a digital credit foundation and various financial products [5][6] - The "Science and Technology Innovation Score" model helps financial institutions assess the operational status of innovative enterprises, leading to customized financial services [6] - By October 2025, Suzhou aims to provide nearly 700 billion yuan in financing support to 13,800 technology SMEs through this system [6] Group 3: Support for Biomedicine Sector - The Nanjing Biomedicine Regional Technology Transfer Center has created a financial support system for technology transfer, addressing challenges faced by early-stage projects [8] - The "Technology Achievement Transformation Loan" is designed to support the commercialization of research outcomes from universities, offering favorable terms to reduce financing barriers [9] - As of the third quarter of this year, Jiangsu has provided 4.94 billion yuan in intellectual property pledge financing and 3.87 billion yuan in investment-loan linkage loans, with significant year-on-year growth [9]

理财公司再度布局网下打新，宁银理财、兴银理财旗下9只理财产品获得科创板新股摩尔线程的网下配 售。 据同花顺数据梳理，11月24日—11月30日，银行理财市场共新发人民币理财产品1166款（份额分开计 算，下同），环比减少46款。根据运作方式划分，封闭式产品877款，开放式产品289款。 从发行机构来看，理财子公司为当前银行理财市场主体，31家理财公司上周共发行997款理财产品，占 比超85%。其中，华夏理财新发产品数量最多，达85款，其次是兴银理财、信银理财，分别发行67款、 66款产品。另有65银行发行了169款理财产品，天津银行发行数量最多，共新发24款理财产品，其次是 富阳农商银行、杭州联合银行，均发行了8款理财产品。 从投资性质来看，上周1166款新发理财产品中1137款为固定收益类，占比近98%，主要投资于同业存 单、银行存款、债券等固定收益类资产。混合类理财发行量继续回升，共有28款理财产品新发，环比增 加4款，主要投资于存款、债券等固定收益类资产，股票、含权公募基金等权益类资产，以及其他符合 监管要求的资产，各类资产比例均低于80%。同时，星展银行（中国）新发一款代客境外理财，投资性 质为权益类 ...

截至2025年9月末，广东科技型企业贷款余额达到3.15万亿元，实现从"不敢贷"到"敢贷愿贷能贷会 贷"的深刻转变。 ...