Group 1 - Public funds are maintaining high positions and adjusting holdings, focusing on emerging growth sectors like robotics and AI applications as they report their Q4 2025 results [1] - The issuance of perpetual bonds ("二永债") by commercial banks has reached a historical high of 1.76 trillion yuan in 2025, as banks accelerate capital replenishment through various methods [1] - Insurance companies are adapting their asset-liability management strategies to include a "barbell" approach, focusing on long-term value and balanced stability in their investments [2] Group 2 - Mining companies are expecting significant growth in 2025 earnings due to rising gold prices, with many firms issuing positive performance forecasts [2] - Storage chip prices are expected to continue rising in the first half of the year due to increased demand from AI computing, prompting several domestic companies to announce capacity expansion plans [3] - A team from Suzhou University has developed a flexible silicon-perovskite tandem solar cell, addressing key efficiency and stability challenges, which could provide power for long-term operations in aerospace [4] Group 3 - The company 聚石化学 has been penalized for financial misconduct, including inflating revenue by 157 million yuan and reducing profits by 1.66 million yuan, resulting in fines totaling 6.7 million yuan for the company and its executives [7] - 用友网络 is projecting a net loss of 1.3 to 1.39 billion yuan for 2025, despite expecting revenue growth, primarily due to a significant decline in first-quarter revenue [7] - 杰瑞股份 has signed a sales contract for gas turbine generator sets worth 106 million USD (approximately 742 million yuan), marking its second contract with the same client [9]

Core Insights - The conversation between Wang Huai and Yu Kai highlights the evolution of Horizon Robotics from a roadside chat to a billion-dollar company, emphasizing the importance of long-term survival over short-term gains [2][3] - Yu Kai's philosophy of "boring" success focuses on avoiding competition in crowded markets and maintaining a risk-averse approach, which has guided Horizon's strategic decisions [6][7] Company Development - Horizon Robotics was founded in 2015 by Yu Kai, who initially proposed deploying AI capabilities on edge devices rather than cloud computing, a forward-thinking idea at the time [5] - The company underwent significant restructuring in 2019, pivoting from AIoT to focus solely on smart driving chips, a decision driven by Yu Kai's insights from investment legends like Warren Buffett and Charlie Munger [5][6] Market Positioning - Horizon's strategy involves competing in areas with little competition and avoiding high-risk scenarios, which reflects a deep-seated aversion to risk [6] - The company is aware of the increasing trend of automakers developing their own chips but chooses to maintain a distance from potential threats while fostering a collaborative ecosystem [6][7] IPO and Investment Strategy - Horizon's IPO discussions occurred amidst a challenging market environment, yet the team believed in the long-term potential of Chinese innovation and its alignment with global trends [7] - The company attracted significant international investment, distinguishing itself from others that relied on local support, showcasing its appeal to major global investors [7][8] Entrepreneurial Philosophy - Yu Kai emphasizes the importance of resilience and optimism in entrepreneurship, suggesting that successful entrepreneurs must navigate through cycles of good and bad times [8] - The advice for current entrepreneurs includes unwavering belief in the future and maintaining a cautious outlook during challenging periods, as better times will eventually return [8]

会议期间，共有37只基金、13个项目落地山东，涵盖人工智能、高端装备制造、新能源、新材料、 生物医药等多个硬科技赛道。省发展改革委副主任李秋生表示，将为签约基金和项目建立全链条服务机 制，通过"一对一"跟踪对接，确保合作项目早落地、快见效。 人工智能成为本次对接活动的投资热门领域。此次签约设立的山东省鲁信工融新动能人工智能创投 基金合伙企业（有限合伙），总认缴规模达10亿元，其中鲁信创业投资集团股份有限公司及其全资子公 司山东省高新技术创业投资有限公司合计认缴4亿元。 37只基金13个项目落地山东 用耐心资本"浇灌"硬科技"新苗" 1月13日，"投资齐鲁 共赢未来"高质量发展资本对接活动在济南举行，一批基金和项目在会议期间 落地签约，总规模达347亿元。 本次活动重点推介150个拟融资项目，共吸引7只国家级基金、5家金融资产投资公司（AIC）及117 家国内私募股权投资机构和金融机构代表参与。 鲁信创投董事长王旭冬介绍："该基金成立后，将重点投向人工智能及相关前沿科技领域，围绕人 工智能等新一代信息技术的上下游产业链进行前瞻布局。" 活动现场还进行了项目路演，艾恩（山东）半导体科技有限公司等五家企业进行了项目 ...

Group 1: Emerging Industries and Market Trends - In 2026, several companies in emerging industries such as intelligent robotics and low-altitude economy announced production targets, indicating a shift from technical validation to mass production delivery, marking a "year of scale" for these sectors [1] - The low-altitude economy is expected to maintain rapid growth in 2026, transitioning from early-stage applications to deeper market penetration, leading to intensified competition [1] - The industrial internet sector is projected to exceed 1.6 trillion yuan by 2025, with significant growth in connected industrial devices and platform adoption [10] Group 2: Stock Market Performance - Southbound capital has seen a record net inflow of 140.48 billion HKD in 2025, continuing into 2026 with an additional net inflow of 41.296 billion HKD, contributing to a strong performance in the Hong Kong stock market [2] - The Hang Seng Index rose over 4% and the Hang Seng Tech Index over 6% in 2026, with more than 60% of stocks with a market cap over 1 trillion HKD experiencing gains [2] - A-share market saw a record daily trading volume exceeding 30 billion yuan for three consecutive days, with significant activity in AI applications and pharmaceutical stocks [7] Group 3: Company Performance and Forecasts - Several gold mining companies have reported significant earnings growth for 2025, driven by rising gold prices, with Goldman Sachs predicting gold prices to reach approximately 4,900 USD per ounce by the end of 2026 [3] - Over 140 companies in the A-share market have disclosed annual performance forecasts, with 63 companies expecting profit increases and 19 companies projecting a doubling of net profits [9] - Guizhou Moutai is accelerating its market-oriented transformation, implementing a new operational plan to adapt to market and consumer trends [13] Group 4: Regulatory and Market Developments - The Beijing Stock Exchange is experiencing an "accelerated" listing review process, particularly benefiting specialized and innovative small and medium enterprises [4] - Securities firms are increasingly engaging in capital increases and acquisitions to enhance their control over public fund companies, aiming for deeper integration of various financial services [12][13]

Core Viewpoint - The year 2026 is anticipated to be a pivotal year for emerging industries in China, particularly in the fields of humanoid robotics and low-altitude economy, as they transition from pilot testing to mass production and ecosystem development [1][3]. Industry Developments - Companies like UBTECH aim to produce 10,000 humanoid robots in 2026, following a successful delivery of over 500 units in 2025 [2]. - The low-altitude economy is expected to see significant growth, with companies like XPeng aiming to deliver their flying car by 2026, and the industrial drone market experiencing increased penetration [2][3]. - The market for humanoid robots in China is projected to reach between 100,000 to 200,000 units in 2026, indicating robust demand [2]. Technological Advancements - The rapid iteration of technology in emerging industries is facilitating clearer commercialization paths, with robots expected to transition from hazardous jobs to broader industrial and commercial applications [3][4]. - Companies are leveraging AI and smart technologies to enhance their products and expand their market reach, as seen with Ninebot's participation in CES showcasing various innovative transportation solutions [4]. Market Competition - The arrival of the "scale year" in 2026 is expected to intensify competition among emerging industries, necessitating a customer-centric approach and continuous innovation to maintain market leadership [5]. - In the commercial aerospace sector, the focus is on reducing costs through reusable rocket technology, while long-term success will depend on application development in a trillion-dollar market [5]. Infrastructure and Policy Support - The development of new infrastructure and unified management systems is crucial for the low-altitude economy and commercial aerospace sectors, as current gaps in coverage and control systems pose challenges [5]. - There is a growing expectation for policy support to address the challenges faced by hard-tech companies, fostering a more favorable environment for innovation and growth in emerging industries [5].

Core Viewpoint - The Chinese government is focusing on stabilizing economic growth and expanding domestic demand in 2026, marking the beginning of the "14th Five-Year Plan" period, with key policies aimed at supporting technological innovation and stabilizing the real estate and stock markets [1] Group 1: Economic Policy Signals - Key ministries, including the National Development and Reform Commission, Ministry of Finance, and others, have released four major policy signals for 2026: stabilizing growth, expanding domestic demand, supporting technological innovation, and stabilizing the real estate and stock markets [1] - The year 2026 is seen as crucial for achieving a good start to the "14th Five-Year Plan" [1] Group 2: Investment in Emerging Industries - The National Venture Capital Guidance Fund is set to officially operate by December 26, 2025, with an expected investment scale exceeding 1 trillion yuan, focusing on "hard technology" sectors such as integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [1] - The Ministry of Industry and Information Technology plans to implement actions to develop and strengthen emerging industries, targeting key areas like integrated circuits, new displays, new materials, aerospace, low-altitude economy, and biomedicine [1] Group 3: Artificial Intelligence Initiatives - The Beijing Municipal Development and Reform Commission has announced an action plan for building an artificial intelligence innovation hub, aiming to add over 10 listed companies and more than 20 unicorns in the AI sector within two years [1]

今日（1月12日），中国传感器产业迎来2026年IPO上市第一股！ 豪威集团（原韦尔股份）正式在香港联合交易所主板挂牌上市，股票代码0501。豪威集团本次港股IPO最终发行价为104.8港元/ 股，拟全球发售4580万股H股。 截止撰稿，豪威集团港股报109.6港元/股，涨4.58%，市值达1376亿元。 本次豪威集团在港股的IPO，已是豪威集团这家全球第三大CMOS图像传感器公司的第三次上市——2017年在A股首次IPO， 2023年11月份，全球存托凭证在瑞士上市。 可以说，以豪威集团、格科微、思特威等为代表的国产CMOS图像传感器力量，是中国羸弱的传感器产业为数不多的亮点，具 备与索尼、三星等全球顶尖公司争锋的潜力。 豪威集团在港股的成功上市，预示着资本对国产传感器等硬科技力量的持续看好。 | 转载：须本号授权，请联系主编 | 来源：仪器信息网 | 责编：安安 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 今日（1月12日），中国传感器产业迎来2026年IPO上市第一股！ 豪威集团（原韦尔股份）正式在香港联合交易所主板挂牌上市，股票代码0501。豪威集团本次港股IPO最 ...

（来源：VCA创投社） 深创投集团是以创业投资为核心的国有综合性投资集团，以打造世界一流投资机构为己任，致力于做创 新价值的发掘者和培育者、中国创业投资事业的探路者和引领者。目前，该集团累计管理各类资产总规 模超5100亿元，业务涵盖风险投资、不动产投资、公募基金、资产证券化等，投资企业数量超1700家， 其中IPO退出287家。 在刚刚过去的2025年，深创投集团收获了15个IPO,其含金量同样令人瞩目——100%的硬科技企业，切 合其"国家需要什么，我们投什么"的理念。 | 芯城 | | 09-30 | 板 | 巨人 | | | --- | --- | --- | --- | --- | --- | | 劲方 | 02595.HK | 2025- | 港交 所主 | 专精特新小 | 专注开发肿瘤（涵盖多种实体瘤的不同治疗线）及自体免 | | 医药 | | 09-19 | | 巨人 | 疫和炎症性疾病领域新治疗方案 | | | | | 板 | | | | 志高 | 920101 | 2025- | 北交 | 专精特新小 | 专业从事凿岩设备和空气压缩机的研发、生产、销售和服 | | 机械 | | 08-14 ...

Core Insights - The investment activity in the Midwest region of China is significantly increasing, driven by resource advantages, with a total of 1,346 investment events in 2025, a year-on-year increase of 42.3%, and total investment amounting to 142.99 billion yuan, up 42.5% from the previous year [3][4]. Resource Endowment - The growth of the venture capital market in the Midwest is attributed to its rich resource endowment, which influences the distribution of industrial types and attracts capital inflow, establishing a pattern of "industry first, capital follows" [4][13]. - The Midwest has unique advantages in the new energy and new materials industries, with resources such as rare earths and lithium providing strong upstream support for battery and new materials industries [4][13]. Hard Technology - Investment events in the hard technology sector in the Midwest are expected to rise from 152 in 2024 to 289 in 2025, nearly doubling and increasing its share from 16.07% to 21.47% [6]. - The investment strategy reflects a "broad net" approach, focusing on early-stage projects and fostering a wider innovation ecosystem in the hard technology field [6][13]. New Energy/New Materials - In contrast to hard technology, the new energy/new materials sector shows a trend of capital concentrating on mature projects, with the number of investment events increasing from 189 to 238, a growth of 25.9%, while the investment amount surged from 38.49 billion yuan to 63.85 billion yuan, a 66.1% increase [8]. - The number of projects in this sector decreased from 19.98% to 17.68%, while the investment amount's share increased from 38.3% to 44.65%, indicating a focus on larger, more mature projects [8]. Top Financing Events - The top 20 financing events in the Midwest in 2025 highlight a clear concentration in three areas, confirming the logic that resource endowment drives industry and attracts capital [9]. - Among the top 20 companies, 10 are in the new energy/new materials sector, indicating that these industries account for half of the total financing events, with significant investments closely tied to local resource advantages [10]. Geographic Concentration - Chongqing and Wuhan emerge as the primary hubs for investment, with six and three companies respectively in the top 20, collectively accounting for nearly half of the total [10]. - This concentration reflects the capital's focus on a few core cities with strong industrial foundations, educational resources, and policy support [10]. Investment Round Concentration - Strategic investments dominate the financing landscape, with 13 occurrences, making up 65% of the total, indicating a preference for investments from industrial capital and state-owned enterprises that prioritize synergy with local resources [11].

读懂2025创投趋势看这篇！朱闪用数据说话：谁是行业真正的"弄潮儿"？ 当前，股权投资行业正步入认知回归与能力重塑的"淬炼期"：长期资本持续扩容，耐心资本日益成为支 撑科技创新的核心力量，投资机构聚焦硬科技与战略新兴产业，深化布局、深挖价值；多元退出与投资 路径不断拓展，加速构建"投早、投小、投科技"的良性生态；政府引导基金与国资投资平台已成长为产 业发展的"稳定器"与"助推器"，携手产业方及各类资本，共建深度融合、共创共享的产融生态。 作为"十五五"规划的开局之年，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。本届峰会 以《淬·炼》为主题，汇聚政府部门代表、头部投资机构、顶尖经济学家及行业领军企业，于新年伊始 展开深度对话，共议投资趋势、产业发展与科技创新前沿，致力于打造覆盖出资人、投资人与企业端的 高效产融生态圈，推动投资产业链全链条融合与价值贯通。 2026年1月13日，融中董事长朱闪以《作答2025，中国股权投资格局演进》为题，进行了致辞。 朱闪直言，当前行业对创投行业定位与作用、资金分布及LP所在、优质赛道与企业选择、IPO潜力企业 特征等核心问题已形成高度共识。针对区域活跃度、基金设立、机 ...