2025年12月15日，大族激光发布公告，称其控股子公司上海大族富创得科技股份有限公司（下称"上海 富创得"）正式终止创业板上市辅导，这一消息已获上海证监局确认。这一消息引发资本市场广泛关 注，折射出A股IPO环境变化与企业战略调整的深层博弈。 上海富创得的上市之路始于2023年2月，其向上海证监局提交创业板上市辅导备案材料并获得受理，辅 导机构为中信证券。 这场持续近三年的资本长跑中，中信证券累计披露11期辅导进展报告，直到2025年10月还因"市场融资 环境变化"调整申报基准日。 而12月2日，上海富创得便与中信证券签署终止协议，并于12月4日向上海证监局报送终止创业板上市辅 导备案的申请材料。 12月12日，上海证监局确认上海富创得终止前述上市辅导。标志着这场分拆计划彻底落空。 Wind数据显示，截至2025年11月30日，年内已有9家A股公司终止分拆上市，监管层对IPO节奏的收紧成 为关键变量。自2023年下旬起，一二级市场逆周期调节机制持续完善，审核趋严、节奏放缓的趋势显 著，大族激光的上市之路也难免受此影响。 截至2025年12月19日收盘，大族激光股价报36.98元，市值381亿元；大族数控股价 ...

Group 1 - The core viewpoint of the news is that several small and medium-sized public fund companies in China are following the lead of Yingda Fund by abolishing their supervisory boards, allowing the audit committee of the board of directors to assume the supervisory functions, which is seen as an internal optimization within legal boundaries aimed at reducing operational costs and streamlining processes [1][3] - The insurance industry is responding to the emerging field of humanoid robots by launching specialized insurance products, including coverage for robot body loss, third-party liability, and employer liability, indicating a need for innovation in risk management to address the unique risks associated with this new industry [2][4] - The investment interest in dividend-themed funds is increasing, with a record issuance scale of 66.15 billion yuan in November, marking the highest monthly establishment scale for dividend-themed funds this year, as major fund companies expand their offerings in this area [3][10] Group 2 - The National Development and Reform Commission is actively promoting the expansion of infrastructure REITs to include more sectors such as urban renewal facilities, hotels, sports venues, and commercial office facilities, indicating a strategic move to diversify investment opportunities [2][4] - The trend of A-share companies pursuing spin-off listings is gaining momentum, with China CRRC planning to spin off its subsidiary for listing on the Shenzhen Stock Exchange, reflecting a broader industry trend where nearly 30 A-share companies have initiated spin-off plans since 2025 [5][6] - Local governments are increasingly implementing policies to support enterprises in utilizing multi-level capital markets, which is expected to enhance financial empowerment for the real economy and promote the listing of more quality companies [9][10]

Core Viewpoint - Huichuan Technology's spin-off subsidiary, United Power, has received approval for its IPO on the ChiNext board, marking a significant development in the A-share spin-off listing landscape after a period of regulatory tightening [1][4]. Summary by Sections Spin-off Listing Progress - United Power's IPO application was approved by the Shenzhen Stock Exchange, representing the first spin-off IPO approval in 2025, signaling a potential revival in A-share spin-off listings [1]. - The new "National Nine Articles" issued in April 2024 has led to stricter regulations on spin-off listings, causing many companies to halt their plans, yet United Power's approval indicates that the process is not entirely stagnant [1][4]. Company Performance and Financials - United Power, established in 2016, focuses on electric drive systems and power systems, with plans to raise 4.857 billion yuan for various projects including production and R&D [1][2]. - The company reported revenues of 5.027 billion yuan in 2022, 9.365 billion yuan in 2023, and projected 16.178 billion yuan in 2024, with net profits turning from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [2]. Regulatory Scrutiny and Market Conditions - The Shenzhen Stock Exchange's listing committee emphasized the importance of sustainable revenue growth and the potential risks of being replaced as a third-party supplier during the IPO review [2][3]. - The committee also requested United Power to address the sustainability of its growth in light of industry trends, customer supply chain developments, and price fluctuations [3]. Independence and Strategic Considerations - The new regulations stress the need for the independence of spin-off companies, with a focus on their business independence, technological advancement, and reasonable valuation [4][5]. - Huichuan Technology asserts that United Power maintains a high level of operational independence from its parent company, aiming to enhance clarity in its business structure and reduce risks associated with diversification [5].