来源：新浪基金 【博时市场点评1月13日】沪深两市调整，成交继续放量 每日观点 消息面 今日沪深三大指数调整，两市成交接近3.7万亿，续创历史新高，资金交易情绪持续活跃。国内方 面，国家发改委等四部门联合出台《政府投资基金布局规划和投向指导办法》，首次明确政府投资基金 应聚焦重大战略、科技创新、产业薄弱环节，严禁投向限制类或淘汰类产业。政策导向强化"耐心资 本"属性，推动资金向新质生产力和未来产业领域倾斜。海外方面，美国司法部对美联储主席鲍威尔启 动刑事调查，再次引发市场对美联储独立性的担忧，贵金属价格上涨，在外部对美元信用担忧的背景 下，中国资产的吸引力增强。国内经济政策与市场形成共振，财政金融协同+政府引导基金定向支持， 叠加流动性适度宽松，有效提振市场信心。配置上或可关注政策红利明确指向的"新质生产力"主线，但 需注意短期交易情绪亢奋，中期需回归业绩验证，具备真实订单和技术壁垒的标的或可更好的应对波 动。 市场复盘 1月13日，A股三大指数下跌。截至收盘，上证指数报4138.76点，下跌0.64%；深证成指报14169.40 点，下跌1.37%；创业板指报3321.89点，下跌1.96%；科创100报1 ...

Group 1: Policy and Industry Dynamics - Recently, companies such as SMIC, Hua Hong, and Zhongwei have initiated merger and acquisition transactions, employing three different integration strategies [1] - Since the release of the "Eight Policies for the Sci-Tech Innovation Board," nearly 170 equity acquisition transactions have been disclosed, with over 100 expected in 2025, indicating significant policy effects [1][15] - Among these, major asset restructurings reached 50 transactions, with 37 in 2025, far exceeding the total of 17 from 2019 to 2023 [1][15] Group 2: Market Trends and Performance - The Sci-Tech Innovation Board has seen a rebound in the past week, with sectors such as chips, information technology, and new materials all experiencing gains [3][17] - The top five industries on the Sci-Tech Innovation Board are electronics, biomedicine, computers, power equipment, and machinery, collectively accounting for 87.4% of the board's market capitalization [18] Group 3: Sector Insights - The new generation information technology sector is primarily focused on the electronic chip industry, with a significant rebound reflecting market interest in AI computing infrastructure [19] - Storage chip prices are expected to surge, with Samsung and SK Hynix planning a 60%-70% increase in server DRAM prices in Q1 2026 compared to Q4 2025 [19] - The high-end equipment manufacturing sector is crucial for enhancing the overall competitiveness of China's manufacturing industry, supported by policies for large-scale equipment updates [6][19] - The pharmaceutical sector is witnessing a turning point in demand, with a notable increase in new orders for domestic CROs and a positive outlook for innovation-driven drug development [20][21]

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 今日（1月12日），中国传感器产业迎来2026年IPO上市第一股！ 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。 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。 | 版 权 ： 本 文 部 分 素 材 源 自 网 络 ， 版 权 归 原 作 者 所 有 ， 观 点 代 表 作 者 本 人 ， 不 代 表 本 号 立 场 发 文 不 易 ， 请 ...

Core Viewpoint - The participation of wealth management companies in Hong Kong IPOs is accelerating, particularly in the semiconductor and hard technology sectors, driven by changing market conditions and investor demand [1][2][3] Group 1: Market Trends - Since October 2025, wealth management companies like ICBC Wealth Management and China Post Wealth Management have participated as cornerstone investors in five H-share IPOs, primarily in hard technology sectors such as semiconductors and new energy vehicles [1] - The trend of wealth management companies engaging in Hong Kong IPOs is becoming more systematic, focusing on high-quality hard technology and new consumer enterprises [2][3] Group 2: Investment Strategies - Wealth management companies are increasingly adopting mature strategies for participating in Hong Kong IPOs, with significant increases in fund sizes and more efficient decision-making processes [3] - The core drivers for this trend include capturing valuation opportunities in Hong Kong stocks and supporting the strategic direction of technological innovation [3] Group 3: Product Development - Wealth management companies are incorporating Hong Kong IPOs into their asset portfolios, innovating in product design to balance risk and return, and emphasizing flexibility and diversity in their investment strategies [3] - Future product offerings are expected to be more personalized, catering to different investor risk preferences and return objectives, while also enhancing management efficiency through financial technology [3] Group 4: Challenges - Despite the growing attractiveness of the Hong Kong market for high-tech companies, challenges such as increased global economic uncertainty and intensified market competition persist [4] - Wealth management companies face challenges in acquiring quality cornerstone shares due to high entry barriers, the need for enhanced research capabilities, and increased complexity in risk management [4]

VC/PE机构IPO成绩单 根据清科控股（01945.HK）旗下清科研究中心统计，2025年VC/PE支持的中企IPO共164家，背后涉及951家机构，收获被投企业IPO的机构数量同比增加 34.5%。若包含SPAC上市在内，2025年共有21家机构收获6家及以上中企上市。 从账面价值来看，VC/PE机构持有2025年新增IPO企业的账面股份价值（按发行价）约合人民币3,585.09亿元，同比上升87.7%。若包含SPAC上市在内，23家 VC/PE机构年末所持上市企业的账面股份价值（按12月31日收盘价）超70亿元人民币，合计达2,534.19亿元。 除下表中企IPO以外，根据清科研究中心调研了解，2025年还有多家VC/PE机构收获了境外企业IPO，如眼科生物科技公司拨康视云、互联网券商平台微 牛、边缘人工智能芯片制造商Ambiq、稳定币发行商Circle等。 2025年，中企境内外IPO均呈现回暖态势（详见《IPO盘点：2025年收官，全年共247家中企上市》），VC/PE支持的中企IPO总量同步回升；机构层面， VC/PE机构收获的IPO数量、平均发行回报倍数与账面持股价值亦呈现增长态势。 01 【注 ...

而上一个A股、港股齐丰收的"IPO大年"，还是五年前的2021年。 回看2021年，那仿佛是上一个周期的尾声。彼时，无论是A股还是港股，IPO的数量和规模尚处于阶段性的高点。 刚刚结束的2025年，A股和港股IPO市场双双迎来久违的暖意。不少市场人士开始讨论，"投行的IPO大年是不是要来了？" 此后的几年时间里，IPO市场历经寒潮，券商投行业务也随之经历漫长的蛰伏。 五年过去，市场正在重拾升势。2025年，A股新上市企业数量回升至116家，募资总额达到1318亿元，同比几乎翻番。港股市场 更以超2858亿港元的IPO募资总额，时隔多年重回全球募资榜首。 在规模的回升之外，五年间，市场的逻辑、竞争的格局是否生变？ 穿越IPO市场的潮起潮落，我们一起回看作为资本市场"弄潮儿"的券商投行，在业务版图和核心打法上的"变"与"不变"。 A股IPO的"质变"五年谁的"应变"能力拔得头筹？ 过去五年，A股IPO市场呈现明显的周期性演变轨迹。 在2021年、2022年的"IPO大年"后，接下来的两年时间里，伴随全面注册制的正式落地和IPO节奏的阶段性收紧，A股IPO项目数 量持续回落。 在2024年的阶段低点，全年IPO上市 ...

21世纪经济报道记者 刘夏菲 过去五年，A股IPO市场呈现明显的周期性演变轨迹。 刚刚结束的2025年，A股和港股IPO市场双双迎来久违的暖意。不少市场人士开始讨论，"投行的IPO大年是不是要来了？" 而上一个A股、港股齐丰收的"IPO大年"，还是五年前的2021年。 回看2021年，那仿佛是上一个周期的尾声。彼时，无论是A股还是港股，IPO的数量和规模尚处于阶段性的高点。 此后的几年时间里，IPO市场历经寒潮，券商投行业务也随之经历漫长的蛰伏。 五年过去，市场正在重拾升势。2025年，A股新上市企业数量回升至116家，募资总额达到1318亿元，同比几乎翻番。港股市场 更以超2858亿港元的IPO募资总额，时隔多年重回全球募资榜首。 在规模的回升之外，五年间，市场的逻辑、竞争的格局是否生变？ 穿越IPO市场的潮起潮落，我们一起回看作为资本市场"弄潮儿"的券商投行，在业务版图和核心打法上的"变"与"不变"。 · A股篇A股IPO的"质变"五年谁的"应变"能力拔得头筹？ 在2021年、2022年的"IPO大年"后，接下来的两年时间里，伴随全面注册制的正式落地和IPO节奏的阶段性收紧，A股IPO项目数 量持续回落。 ...

Investment Rating - The report assigns an "Outperform" rating for the pharmaceutical sector, indicating a positive outlook compared to the broader market [2][4]. Core Insights - The pharmaceutical sector has shown strong performance, with the SW Pharmaceutical Biotechnology Index rising by 7.81% in the week of January 5-11, significantly outperforming the CSI 300 Index, which increased by 2.79% [2]. - Key drivers of this growth include advancements in brain-computer interfaces, small nucleic acids, and AI healthcare technologies [2]. - The report emphasizes the potential of innovation in overseas markets and hard technology, particularly in AI healthcare and brain-computer interfaces, as major growth areas for the pharmaceutical industry in 2026 [2]. Summary by Sections Industry Overview - The pharmaceutical sector is expected to continue its positive trajectory into 2026, driven by innovation and technological advancements [1]. - The report highlights the importance of the "AI + Health" investment trend, particularly with the launch of the Ant Group's "Afu" app, which focuses on health management [1][2]. Market Performance - The report notes that various sub-sectors, including hospitals, CXO, and medical devices, have experienced significant gains, with increases of 13.92%, 11.15%, and 10.81% respectively [2]. - The Hong Kong market has also seen a rebound in innovative drugs, with the Hang Seng Biotechnology Index rising by 11.06% [2]. Future Outlook - The report identifies three main sources of growth for the pharmaceutical industry: innovation in overseas markets, structural growth under the medical insurance payment framework, and natural growth from government finance and personal demand [2]. - Investment opportunities are expected to arise from the expansion of innovative drugs, hard technology, and the ongoing development of AI healthcare applications [2].

Group 1: Market Overview - As of the end of 2025, there are 5,469 listed companies in A-shares with a total market capitalization of 123 trillion yuan, reflecting a year-on-year growth of 22.5% for existing companies [1] - The average price-to-book ratio of listed companies increased from 3.3 at the beginning of the year to 4.4 by the end of 2025, indicating a steady rise in overall market valuation [2] Group 2: Sector Performance - Technology-driven sectors, particularly manufacturing and scientific research, saw significant market value increases, with total market capitalization growing by 33.3% and 32.1% respectively, contributing to a 4.2 percentage point and 0.1 percentage point increase in their share of A-share market capitalization [2] - Nearly half of the listed companies in manufacturing and scientific research sectors achieved a net asset return rate greater than 5%, supporting their valuations [2] Group 3: Policy and Governance - The report highlights that market capitalization performance reflects national strategic directions, with notable performance in emerging industries such as integrated circuits, artificial intelligence, and high-end manufacturing [3] - Regulatory bodies have introduced a series of policies to enhance the framework for market capitalization management, including improvements in mergers and acquisitions, cash dividends, and share buybacks [3] - Over 98% of companies held their annual shareholder meetings by June 30, and more than 70% of boards consist of 7 or 9 members, indicating a trend towards improved corporate governance [4] Group 4: Corporate Governance - The governance structure is becoming more standardized, with over 96% of companies having a high attendance rate at board meetings and a low incidence of proposal rejections [4] - More than 99% of companies disclosed their 2024 audit reports and internal control audit reports, with over 96% receiving unqualified opinions [4] - The governance report indicates a positive trend in corporate governance, although attention is needed on issues like related party transactions and internal supervision effectiveness [5]

Group 1 - The current bull market in the capital market is not just a wealth opportunity but carries three historical missions with significant strategic importance [1] - The bull market supports the development of new productive forces, facilitating the transition of the Chinese economy from traditional growth models to high-quality development, particularly through new infrastructure and hard technology [1] - The capital market's prosperity provides essential financing support for new economy and hard technology enterprises, which often struggle to secure funding from traditional banking systems due to their high-tech and asset-light characteristics [1] Group 2 - The bull market aids in the geopolitical competition, particularly in the context of rising anti-globalization and U.S. tariffs on Chinese high-tech products since 2018, emphasizing the importance of new productive forces in the U.S.-China rivalry [1] - The flourishing capital market is a key force supporting the development of new productive forces, which is crucial for national competition [1] - The bull market contributes to the repair of residents' balance sheets and stimulates wealth effects, with the A-share market capitalization increasing from less than 70 trillion to over 100 trillion, creating over 30 trillion in wealth [2] - This wealth creation helps offset losses from the real estate market and supports consumption recovery, with signs of recovery in Hong Kong's consumption and real estate due to the bull market [2] - The sustainability of the A-share bull market could lead to a prolonged "slow bull" trend, potentially boosting consumer spending and the recovery of core city real estate markets [2]