「投资界前哨」系投资界旗下专注创投政策风向、 VC/PE 动态公众号，欢迎关注！ 根据公开信息统计：截至28日下午，本月（11月1日-11月28日）募资动态共17起事件。 源码11岁，募集6亿美元 11月，源码资本宣布完成新一期成长基金募资，总规模达6亿美元，涵盖人民币和美元双币种。本轮募资主要来自产业投资人和少数长期财务投 资人的持续支持。 至此，源码资本的管理资产规模约70亿美元（折合500亿元人民币）。投资界了解到，源码资本新一期成长基金将聚焦"AI+"和"Global+"两个投 资方向；其中投资期为5年，退出期为20年，整体存续周期长达25年。此情此景，弥足珍贵。 Monolith募集35亿 Monolith砺思资本已于近日完成美元VC二期基金和人民币VC一期基金的募资终关，新的双币基金总规模4.88亿美元（约35亿人民币）。今年年 中，Monolith的对冲基金也完成新一期募集，并持续扩容。 至此，Monolith总资产管理规模超过100亿人民币。 回想2021年11月，Monolith宣告成立，并带着首支科技对冲基金在创投圈正式亮相，"Monolith代表着宇宙终 极的真相和智慧。取这个名字， 表 ...

AI+时代，网络安全如何跟上？这场大会提供了解决方案—— "主动免疫"时代来了，产业化迎来爆发前夜 □ 南京日报/紫金山新闻记者 张安琪 11月28日，以"AI+生态构建新挑战，安全可信新机遇"为主题，由紫金山实验室主办的第五届网络空间 内生安全学术大会暨IEEE CRESS 2025国际会议在南京开幕。中国工程院院士邬江兴提出，携手建设人 工智能时代内生安全中国学派，希望和业界一道走出一条不同于西方人工智能安全治理的新路径。 邬江兴原创的内生安全理论与技术体系，彻底颠覆了传统网络安全"事后修补""被动防御"的固有模式， 能让AI系统、网络设施、工业设备等在设计之初就具备"自我防御、自我修复、自我进化"的能力，即便 遭受恶意攻击或出现内部故障，也能保持核心功能稳定运行。目前技术成果在智能网联汽车、5G通 信、电力能源等关键领域得到应用。 AI自主进攻难捉摸，内生安全为系统植入"安全基因" 今年9月底，在第三届网络空间安全（天津）论坛上，公安部有关负责人介绍，"不久前，境外网络公司 披露一个已知的AI勒索软件，该勒索软件使用OpenAI公司的开源大模型生成恶意勒索程序，利用AI技 术可以自主决定搜索或加密哪些文 ...

源码11岁，募集6亿美元 11月，源码资本宣布完成新一期成长基金募资，总规模达6亿美元，涵盖人民币和美元双币种。本轮募 资主要来自产业投资人和少数长期财务投资人的持续支持。 至此，源码资本的管理资产规模约70亿美元（折合500亿元人民币）。投资界了解到，源码资本新一期 成长基金将聚焦"AI+"和"Global+"两个投资方向；其中投资期为5年，退出期为20年，整体存续周期长 达25年。此情此景，弥足珍贵。 Monolith募集35亿 Monolith砺思资本已于近日完成美元VC二期基金和人民币VC一期基金的募资终关，新的双币基金总规 模4.88亿美元（约35亿人民币）。今年年中，Monolith的对冲基金也完成新一期募集，并持续扩容。 至此，Monolith总资产管理规模超过100亿人民币。 回想2021年11月，Monolith宣告成立，并带着首支科技对冲基金在创投圈正式亮相，"Monolith代表着宇 宙终 极的真相和智慧。取这个名字，表达了我们对商业及世界本质的好奇、求真与探索。"Monolith创 始合伙人曹曦彼时如是解释。 20亿，杭州成立「种子」基金 创投圈来了一股活水。近日，杭州润苗基金正式成立 ...

证券研究报告·公司点评报告·计算机设备 苏州科达（603660） 把握 AI+机遇，积极拓展海外市场 2025 年 11 月 28 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,816 | 1,331 | 1,396 | 1,594 | 1,853 | | 同比（%） | 15.19 | (26.73) | 4.92 | 14.18 | 16.21 | | 归母净利润（百万元） | (264.45) | (203.45) | 7.79 | 39.90 | 108.07 | | 同比（%） | 54.65 | 23.07 | 103.83 | 412.39 | 170.82 | | EPS-最新摊薄（元/股） | (0.46) | (0.35) | 0.01 | 0.07 | 0.19 | | P/E（现价&最新摊薄） | (21.57) | (28.03) | 732.36 | 142.93 | 52. ...

11月28日，A股市场表现疲软，中证石化产业指数逆势上行，现涨约0.35%，成分股恒逸石化、兴 发集团、川发龙蟒等领涨。相关ETF方面，石化ETF（159731）近10个交易日有9个交易日获得资金净 流入，合计"吸金"2575万元。 国信证券提示，投资方向上可留意三大结构主线：一是宏观中期趋势下的资源和出海链；二是强产 业趋势下的科技"AI+"；三是政策驱动的"反内卷"及自主可控。同时，阶段性关注估值相对低位、存在 困境反转预期的食品饮料、化工和地产链上的优质公司。 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行 业分布来看，基础化工行业占比为60.8%，石油石化行业占比为32.2%，有望充分受益于反内卷、调结 构和淘汰落后产能等政策。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - Haitong Futures has established a clear and promising development path over the past 20 years, focusing on professional excellence and responding to market changes while adhering to ESG principles and ensuring compliance and risk management [2][4][14] Group 1: Strategic Positioning and Development Goals - Haitong Futures aims to become a "first-class domestic and internationally influential financial derivatives comprehensive service provider" by leveraging its various licenses and group advantages [3] - The company emphasizes collaboration with its parent company, Guotai Junan Futures, to enhance service offerings and explore cooperative business models [3][4] Group 2: Business Transformation and Innovation - Haitong Futures is undergoing a transformation towards professionalization, diversification, internationalization, and digitalization, adapting its business model to market opportunities [4][8] - The company has developed a comprehensive business system that integrates spot and futures trading, online and offline services, and domestic and international operations [7] Group 3: Customer Service and Engagement - The company has built a responsive and efficient customer service network, focusing on understanding and meeting customer needs through various innovative tools and platforms [5][6] - Haitong Futures has implemented a 24/7 pre-account opening mini-program and established agile teams to address institutional client needs [5][6] Group 4: Risk Management and Support for the Real Economy - Haitong Futures, through its subsidiary Haitong Resource Management, provides risk management services to support the production and operational stability of enterprises [8] - The company has launched over 200 "insurance + futures" and OTC options projects, benefiting over 130,000 farmers and covering significant agricultural areas [2][8] Group 5: Asset Management and Product Innovation - Haitong Futures is one of the first futures companies to obtain asset management qualifications, focusing on product and strategy innovation to enhance its asset management capabilities [10][11] - The asset management team has developed a range of products and services, achieving significant market presence and recognition [11] Group 6: IT and Digital Transformation - The IT team at Haitong Futures plays a crucial role in enhancing operational efficiency and customer experience through innovative technology solutions [12] - The company has launched various AI applications and a unified account management platform to improve service delivery [12] Group 7: Research and Development - The research team at Haitong Futures provides tailored solutions and insights to clients, enhancing customer engagement and service quality [13] - The team has achieved recognition in industry awards, reflecting its commitment to excellence in research and analysis [13] Group 8: Future Outlook - Haitong Futures is poised to leverage new opportunities in the evolving futures market, supported by the strategic advantages of its parent company [14] - The company is committed to continuous improvement and innovation, aiming to create greater value for stakeholders in its next phase of growth [14]

Core Insights - The report maintains an "outperform" rating for the retail sector, highlighting the potential for recovery in consumer demand and the importance of adapting to new market conditions [1][4][10] 2025 Industry Review - In the first three quarters of 2025, China's retail sales reached 365,877 billion yuan, growing by 4.5% year-on-year, with non-automotive retail sales increasing by 4.9% [2][10] - The cosmetics sector saw a stable growth of 3.9%, while gold and jewelry sales surged by 11.5% due to low base effects and rising gold prices [2][26] - Cross-border e-commerce imports and exports amounted to approximately 2.06 trillion yuan, reflecting a growth of 6.4% despite external pressures [2][33] 2026 Outlook - New markets will be explored, including offline channel adjustments and innovations in instant retail, alongside continued overseas expansion opportunities [3][61] - New consumer demands will focus on emotional and practical value, leveraging AI and IP for product innovation [3][66] - A platform-based approach is necessary to ensure sustainable growth amid intensifying competition and shorter product life cycles [3][66] Investment Recommendations - The report suggests focusing on leading companies in beauty care, gold and jewelry, cross-border e-commerce, and offline retail, with specific recommendations for companies like Up Beauty, Chow Tai Fook, and Yonghui Superstores [4][34] - The beauty care sector is expected to benefit from product innovation and platform capabilities, while gold and jewelry companies are advised to capitalize on differentiated designs [4][45] - Cross-border e-commerce firms are projected to thrive as external tariff impacts diminish, with recommendations for companies like Anker Innovations and Focus Technology [4][54] Consumer Behavior Trends - The report notes a structural shift in consumer preferences, with a growing emphasis on emotional value and product differentiation, particularly among younger demographics [3][78] - Instant retail is identified as a significant growth area, with the market expected to exceed 2 trillion yuan by 2030 [3][80] Cross-Border E-commerce Insights - Cross-border e-commerce continues to show resilience, with exports to the EU growing by 8.4% while exports to the US declined by 17% due to tariff impacts [33][87] - Successful brands in overseas markets are those that effectively combine global branding with localized operational strategies [87]

Group 1 - The article emphasizes that successful consumer enterprises must focus on a flagship brand that can achieve significant market impact, which can then lead to the development of multiple smaller brands [1] - High standardization is crucial for rapid scalability and the ability to establish a chain of thousands of stores [1] - Companies need to create a defensible ecosystem, anticipating imitation of good products and innovating proactively to maintain a competitive edge [1] Group 2 - The article promotes an upcoming offline learning event led by Wu Shichun, aimed at exploring the technology manufacturing industry and unlocking opportunities in a trillion-dollar market [2][7] - Participants will engage in deep networking with key industry players and investors, enhancing their understanding of technology innovation and commercialization strategies [9] - The event will cover various sectors including robotics, aerospace, high-end equipment, new materials, and renewable energy, highlighting the importance of collaboration and innovation in these fields [18][20][22]

Core Viewpoint - The A-share technology sector is experiencing a significant rally, driven by key concepts such as solid-state batteries, advanced packaging, semiconductors, CPO, and storage chips, leading to a strong performance in related indices [1] Group 1: Market Performance - As of 10:05 AM, the Sci-Tech Innovation Board 50 Index rose by 2.4%, while the ChiNext Index increased by 2.1% [1] - The Sci-Tech Innovation Board 50 Index consists of 50 stocks with high market capitalization and liquidity, with over 65% of its composition from the semiconductor industry [1] - The ChiNext Index is made up of 100 stocks from the ChiNext market, with approximately 60% of its composition from AI hardware and the new energy industry chain [1] Group 2: Investment Outlook - According to Guosen Securities, the foundation for the current slow bull market remains intact due to sustained global technology investment enthusiasm, ongoing "anti-involution" policies, and increased household savings entering the market [1] - There is potential for continued strength in A-share indices, with a focus on strong industry trends in technology, particularly in "AI+" and policy-driven "anti-involution" and self-controllable sectors [1] Group 3: Investment Products - The Sci-Tech Innovation Board 50 ETF (588080) and ChiNext ETF (159915) are leading products in their respective indices, with management fees of only 0.15% per year, providing investors with a low-cost way to invest in leading technology innovation companies [1]

每日金句 想要少走弯路，少犯错有两个办法：第一就是小步快跑，快速试错，不要做一 个特别宏大的产品研发计划，先做一个最简单的版本，不停地迭代。第二，多 找这个行业里面的高手，走过坑的那些人，去跟他们交流。 吴世春 | 梅花创投创始合伙人 吴世春黑马实验室，2019.4 这里认真推荐你： 报名 「吴世春·西安出行活动」 1月23日-25日 ， 吴世春将亲自带队 100家企业家 ， 去陕西西安线下游学 ， 走进科技制造 产业，打开万亿赛道蓝海。 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师也会果断投 你 。 希望所有支持吴老师的人 ， 一如既往的相信他、支持他，大家 一起 加油！ 活动详情如下 ↓↓↓ 吴世春导师亲自带队 走进科技制造产业 升级数字文旅体验 探索产业生态协同 打开万亿赛道蓝海 机器人、航空航天、高端装备、新材料、新能源、 科技演费、Al+产生的创出者看过来! 你将收获 1场 产业重做的深度链接之旅 与独角虎企业、梅花投资人深度交流,占据产业链关键 卡位,共建协同生态 3天 深度沉浸式学习与认知共振 从技术创新到商业化实现,从破局战略到破局战术,从 理论到 ...