新相微(688593.SH)披露2025年度业绩快报，2025年度实现营业总收入6.13亿元，同比增长20.86%;归属 于母公司所有者的净利润892.72万元，同比增长5.86%。 新相微(688593.SH)披露2025年度业绩快报，2025年度实现营业总收入6.13亿元，同比增长20.86%;归属 于母公司所有者的净利润892.72万元，同比增长5.86%。 公司营业收入、归属于母公司所有者的净利润以及归属于母公司所有者的扣除非经常性损益的净利润等 指标变动的主要原因是2025年度，虽然显示芯片市场仍维持较激烈的竞争态势，但公司坚持稳健经营策 略，通过持续优化产品结构、加快产品迭代、提升产品性能，全年业绩实现增长。展望未来，公司将继 续聚焦下游市场需求，稳步推进高端芯片领域的布局与拓展，强化产品矩阵综合竞争力，加速新品的技 术突破和市场放量，进一步扩大市场份额，持续提升盈利水平，为公司长期稳健发展奠定坚实基础。 ...

公司营业收入、归属于母公司所有者的净利润以及归属于母公司所有者的扣除非经常性损益的净利润等 指标变动的主要原因是2025年度，虽然显示芯片市场仍维持较激烈的竞争态势，但公司坚持稳健经营策 略，通过持续优化产品结构、加快产品迭代、提升产品性能，全年业绩实现增长。展望未来，公司将继 续聚焦下游市场需求，稳步推进高端芯片领域的布局与拓展，强化产品矩阵综合竞争力，加速新品的技 术突破和市场放量，进一步扩大市场份额，持续提升盈利水平，为公司长期稳健发展奠定坚实基础。 格隆汇2月26日丨新相微(688593.SH)公布2025年度业绩快报，2025年度，公司实现营业总收入61,322.80 万元，同比增长20.86%；实现归属于母公司所有者的净利润892.72万元，同比增加5.86%；实现归属于 母公司所有者的扣除非经常性损益的净利润402.00万元，同比增加770.23万元。 ...

近年来，指数化投资以其规则清晰、持仓透明、成本较低的特点，日益成为投资者进行资产配置、把握 市场贝塔收益的重要工具。 创业板50指数成分股集中于电力设备、通信、电子、医药生物等符合国家产业升级方向的战略新兴领 域，前三大行业占比约72%。自基日2010年5月31日以来，创业板50指数累计上涨238.58%，长期回报具 有优势，弹性收益明显。（数据来源：Wind，截至2026.2.6） 在日益复杂的宏观环境中，创业板50指数成分股凭借技术壁垒和商业模式创新，展现出较强的盈利韧性 与增长潜力。（数据来源：Wind，截至2025.9.30） 中银创业板50指数基金紧密跟踪创业板50指数，力求实现跟踪误差最小化，帮助投资者以简单高效的方 式，一键投资创业板市场中规模大、流动性好、代表性强的50家企业，分享板块成长红利机会。 骏马奔腾启新岁，中国资本市场亦如奔腾之马，在改革与创新的双轮驱动下奋蹄向前。2026年，作 为"十五五"规划的开局之年，科技自立自强、产业升级与新质生产力培育成为国家战略重心，与之紧密 相关的成长型创新企业或有望迎来价值重估的历史性窗口。 在此背景下，中银创业板50指数型证券投资基金（A类代码02 ...

马年伊始，上海市委副书记、市长龚正今天（2月25日）来到闵行区、徐汇区，走访服务重点企业，实 地了解企业经营发展情况，并与企业负责人座谈交流，听取意见建议，开展现场办公。龚正指出，要深 入贯彻落实习近平总书记考察上海重要讲话精神，按照市委部署，加强重点企业走访服务，主动上门送 政策、送服务、送关怀，让创新举措惠及各类经营主体，千方百计为企业排忧解难，持续打造一流营商 环境，为企业扎根上海、做大做强提供有力支撑。 （本文图片 张春海 摄） 上午，龚正一行来到中国航发商用航空发动机有限责任公司，详细了解长江系列发动机研发进展、模式 创新、队伍建设及未来规划，询问企业发展中有什么需要协调解决的问题。龚正说，中国航发商发肩负 着打造国家航空动力"中国心"的重大使命。希望加大自主创新力度，加强政产学研金服用协同创新，聚 力突破更多关键核心技术，努力成为航空发动机创新突破的策源地。希望发挥好"链主"企业作用，带动 航空发动机产业链上下游企业集聚，推进科研成果转化落地，共同构筑安全可靠的产业链供应链体系、 打造协同高效的产业生态，为实现高水平科技自立自强贡献更大力量。 在走访腾讯科技（上海）有限公司时，龚正说，实现"十五五 ...

当前，以人工智能、高端芯片、商用航天等为代表的硬科技领域，正迎来前所未有的聚焦。这为资本市场 注入了长期且坚实的成长内核，代表创新前沿与产业升级方向的成长板块，或有望成为这轮行情的核心主 线之一。 宏观上，随着传统经济风险逐步出清、新动能持续显现，企业盈利或步入修复通道。流动性上，随着全球 降息周期步入下半场，宏观流动性仍维持宽松，社会财富向权益资产配置的趋势方兴未艾。政策上，"十 五五"规划强调科技产业、居民消费与全国统一市场建设，为成长板块提供持续的催化。 指数工具优势：高效透明，聚焦龙头 近年来，指数化投资以其规则清晰、持仓透明、成本较低的特点，日益成为投资者进行资产配置、把握市 场贝塔收益的重要工具。 创业板50指数成分股集中于电力设备、通信、电子、医药生物等符合国家产业升级方向的战略新兴领域， 前三大行业占比约72%。自基日2010年5月31日以来，创业板50指数累计上涨238.58%，长期回报具有优 势，弹性收益明显。（数据来源：Wind，截至2026.2.6） 在日益复杂的宏观环境中，创业板50指数成分股凭借技术壁垒和商业模式创新，展现出较强的盈利韧性与 增长潜力。（数据来源：Wind，截至20 ...

Group 1: Macro Economic Outlook - The global economic environment is becoming increasingly complex, with the Federal Reserve's monetary policy easing nearing its end and a restructuring of global liquidity patterns [1] - China's economic stability and continued openness are expected to enhance the attractiveness of RMB assets in global allocations [1] - The "14th Five-Year Plan" is set to inject continuous industrial momentum into the capital market through strategies like technological innovation, green transformation, and rural revitalization [1] Group 2: Capital Market Opportunities - The stock market presents structural opportunities, particularly in sectors like technology independence, energy transition, and consumer recovery, where companies with real competitiveness will continue to be revalued [2] - Key sectors expected to remain active include high-tech manufacturing and digital economy, with cross-border investment opportunities arising from the linkage between Hong Kong and A-shares [2] - The focus for 2026 will be on fundamental analysis, embracing "new demand" and "new supply" driven by national development and industrial upgrades [2] Group 3: Fixed Income Market Insights - The bond market retains allocation value, with interest rates likely to remain relatively low, supporting the stabilizing role of government bonds and high-grade credit bonds [3] - Investment opportunities will arise from detailed exploration of term spreads and credit spreads, as well as the flexible application of "fixed income plus" strategies [3] - Attention should be given to sub-sectors with low correlation to macro cycles and assets like REITs that provide stable cash flow characteristics [3] Group 4: Asset Allocation Strategy - Asset allocation should emphasize balance and flexibility, transitioning from "single Beta" to "multiple Alpha" strategies to mitigate risks associated with increased market volatility in 2026 [3] - A dynamic allocation approach across equities, fixed income, and alternative assets is recommended to find low-correlation combinations [3] - Strategic emphasis on alternative assets such as gold and certain commodities is advised for diversification, alongside the use of ETFs for efficient and precise risk management [3] Group 5: Financial Sector Developments - The "14th Five-Year Plan" emphasizes the acceleration of building a financial powerhouse, with significant focus on developing technology finance, green finance, inclusive finance, pension finance, and digital finance [4] - The company aims to deepen research and enhance services to support national goals and create greater value for society and clients [4]

我国科技创新成就显著，但依然存在原始创新能力不足、关键核心技术受制于人、科技成果转化不畅等 情况，创新链与产业链深度融合仍面临困难。对此，要从制度环境、创新策源、产业融合层面协同发 力，久久为功，实现高水平科技自立自强。 国家税务总局税收大数据分析显示，2025年，我国科技创新与产业创新加快融合，主要体现在科技成果 转化力度持续提升、战略性新兴产业茁壮成长、传统产业转型加快等方面。 2025年，我国科研技术服务业销售收入同比增长20.4%，科技含量较高的知识产权（专利）密集型产业 销售收入同比增长10.7%，反映出科技成果转化应用力度加大。同时，全社会研发经费投入强度稳步提 升，基础研究投入占比逐步提高，2025年全社会研究与试验发展经费投入达到39262亿元，稳居世界第 二位；研发经费投入强度达2.8%，比上年提高0.11个百分点，首次超过经济合作与发展组织（OECD） 国家平均水平。在战略性新兴产业方面，量子科技、生命科学、物质科学、空间科学等领域取得一批重 大原创性成果，集成电路、人工智能、量子技术、生物医药、新能源等领域关键核心技术攻关取得重要 进展，一批新型支柱产业快速崛起。 为强化战略科技力量，近 ...

Core Viewpoint - The public fund industry in China is entering a phase of high-quality development, with ongoing reforms aimed at optimizing and upgrading the sector, focusing on product innovation, team-based research, and enhancing international competitiveness [1][6]. Group 1: Product Innovation - The public fund industry is currently adopting a dual-line strategy for product innovation, focusing on equity products and absolute return products like FOFs to meet diverse investor needs [2][3]. - In January, 123 new funds were established, with a total issuance scale of 1,202.11 billion yuan, of which 95 were equity funds with an issuance scale of 812.43 billion yuan [2]. - Notable equity funds include the Guangfa Research Smart Mixed Fund, which raised 72.21 billion yuan, marking the first fund to exceed 70 billion yuan since November 2022 [2]. - FOFs have also gained traction, with an issuance scale of 199.43 billion yuan in January, indicating strong demand for low-risk investment options [3]. Group 2: Research and Team Dynamics - The public fund industry is shifting towards a team-based research model, moving away from the traditional reliance on star fund managers, which is expected to optimize the industry ecosystem [4]. - The establishment of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund, managed by a team of new faces rather than established managers, exemplifies this trend [4]. - Changes in fund management personnel are also evident, with new managers being appointed to replace seasoned professionals, indicating a generational shift in leadership [5]. Group 3: Long-term Investment Ecosystem - The China Securities Regulatory Commission emphasizes the need for ongoing reforms to broaden long-term funding sources and promote long-term, rational, and value-based investments [6]. - Analysts predict that by 2030, the scale of public funds could exceed 50 trillion yuan, driven by deeper financial asset allocation by residents and the influx of long-term capital [6]. - The industry is expected to see a shift towards passive investment strategies and ETFs, which will become essential tools for long-term allocation [6]. Group 4: International Expansion - Leading public funds are increasingly focusing on international expansion, with products like the Southern Dongying CSI A500 ETF being listed on international exchanges, enhancing access for global investors [7]. - Strategic partnerships, such as the collaboration between Huatai and Korean investment firms, are being formed to deepen engagement in the Hong Kong ETF market [7]. - The industry is committed to integrating technology and enhancing service offerings to support national development and capital market reforms [7].

Core Insights - The public fund industry in China is focusing on high-quality development and reform, as emphasized by the China Securities Regulatory Commission (CSRC) during the 2026 system work meeting [2][7] Product Innovation - The public fund sector is witnessing continuous product innovation, with a dual focus on equity products and absolute return products like FOFs [2][3] - In January, 123 new funds were established, with a total issuance scale of 120.21 billion yuan, of which 95 were equity funds totaling 81.24 billion yuan [2] - Active equity funds have shown a resurgence, with notable issuances such as the GF Research Smart Mixed Fund at 7.22 billion yuan, marking the first active equity fund to exceed 7 billion yuan since November 2022 [2][3] Investment Trends - The current investment direction aligns closely with market trends, including cloud computing ETFs, AI ETFs, and funds focused on consumer and digital economy themes [3] - FOFs have gained traction, with a total issuance of 19.94 billion yuan in January, and 14 products still in the issuance phase as of February 2 [3] Research and Team Dynamics - The public fund industry is shifting towards a team-based research model, moving away from the traditional star fund manager approach [5] - Newer fund managers are emerging, as seen in the establishment of the Ruiyuan Research Balanced Fund, which was managed by a team of less-known managers rather than established stars [5][6] Long-term Investment Ecosystem - The CSRC aims to deepen reforms in the public fund sector, focusing on long-term investment strategies and risk management tools to foster a "long money, long investment" market ecosystem [7] - Analysts predict that by 2030, the public fund scale could exceed 50 trillion yuan, driven by deeper financial asset allocation and the entry of long-term capital [7] International Expansion - Leading public funds are increasingly looking to expand internationally, with products like the Southern Dongying CSI A500 ETF being listed on exchanges in Singapore and Hong Kong [8] - Strategic partnerships are being formed, such as the collaboration between Huatai and Korean investment firms to enhance their presence in the Hong Kong ETF market [8]

Core Insights - The current capital market is characterized by stable overall volume and active structure, driven by policy support and industrial upgrades [1] - The technology growth sector, particularly in artificial intelligence, semiconductors, biomedicine, and new energy, is identified as the core driver for the year [1] - The investment strategy for 2026 will focus on "new demand" and "new supply," emphasizing technological innovation and green transformation under national strategic guidance [1] Group 1: Investment Strategy - The investment strategy will revolve around "new demand" areas such as technology innovation (AI, high-end chips), green transformation (new energy, new power systems), and national security (defense, information security) [1] - In the "new supply" area, traditional manufacturing will enhance efficiency through equipment upgrades and technology transformation, providing high-cost performance investment opportunities [1] - The correlation between Hong Kong and A-shares will expand cross-border investment opportunities, but a focus on fundamentals is necessary to avoid speculative trading [1] Group 2: Bond Market Insights - The interest rate is expected to remain low, with government policies supporting the economic environment, making interest rate bonds and high-grade credit bonds stable options [2] - The investment strategy will focus on detailed operations of term spreads and credit spreads, along with a "fixed income +" strategy to enhance yield flexibility [2] - It is recommended to allocate to assets with weak correlation to the macro cycle, such as REITs, to improve portfolio resilience against volatility [2] Group 3: Organizational Strategy - The company plans to accelerate the large-scale application of AI technology in research, management, and collaboration to enhance organizational agility [2] - There will be a deepening of industry chain cooperation and integration of ESG concepts into daily operations, promoting green development [2] - The emphasis is on capturing structural opportunities with a long-term perspective, rather than chasing short-term fluctuations [2]