Core Insights - The global primary market is evolving significantly in 2025, driven by disruptive technologies led by artificial intelligence and reshaped capital flows due to geopolitical factors [1] - The China Securities Investment Fund Industry Association reported a stable number of new private equity and venture capital fund managers, with a notable increase in registered funds [1][18] - The total fundraising amount for funds exceeding 3 billion yuan reached 55.806 billion yuan, with several institutions raising funds multiple times throughout the year [18] Fund Management and Investment Activity - In 2025, 112 new private equity and venture capital fund managers were registered, while 662 were deregistered, marking a 28.7% decrease year-on-year [1] - A total of 1,696 private equity funds were registered, reflecting a 12.2% year-on-year increase, primarily concentrated in the second quarter and after August [1] - The number of investment events in the domestic primary market reached 6,343, a 7.5% increase from the previous year, with a total disclosed investment amount of 440.099 billion yuan, down 20.5% from 2024 [18] Notable Fundraising Institutions - Twelve funds raised over 3 billion yuan, with a total fundraising amount of 55.806 billion yuan [18] - Eight institutions raised funds more than twice during the year, including Kangqiao Capital and Jiayu Capital [18] Investment Trends and Focus Areas - Zhongke Chuangxing was particularly active, participating in 73 investment events, maintaining a similar level to 2024 [21] - The majority of Zhongke Chuangxing's investments were in early-stage projects, with over 40% in angel rounds and 28.8% in A rounds [10][27] - The focus on advanced manufacturing and artificial intelligence has increased, with investments in AI projects rising from 2.7% in 2024 to 11.0% in 2025 [12][29] Regional Investment Focus - Jiangsu province emerged as a key investment area for Zhongke Chuangxing, accounting for approximately 28.8% of its investment events [15][32] - The province is developing a "10+X" future industry system, aligning with Zhongke Chuangxing's hard technology strategy [32] Fund Performance and Innovations - Zhongke Chuangxing successfully registered eight new funds in 2025, with a total registered capital of 5.489 billion yuan [22] - The first phase of a targeted technology innovation bond was issued, raising 400 million yuan, marking a milestone for private equity investment institutions [23]

展望后市，国金证券指出，北美四大云厂AI基建投资将达历史新高，带动存储持续供不应求、价格攀 升，台积电2nm制程受益于AI需求订单激增。建议关注CES科技展AI相关新品动态，AI硬件产业链业绩 有望持续高增长，重点看好AI-PCB、核心算力硬件、设备及苹果产业链。 相关ETF：科创50ETF(588000)。 1月5日，A股三大指数高开，科创50指数盘初涨幅扩大至2%。科创50ETF(588000)早盘高开，最大涨幅 达2.26%。盘面上，存储板块盘初拉升，佰维存储上涨8.76%，中微电子上涨7.73%，西部超导上涨 7.27%，拓荆科技、柏楚电子等涨超5%；截至发文，科创50ETF(588000)成交额达9.83亿元。 科创50ETF(588000)追踪科创50指数，指数持仓电子行业69.39%，计算机行业4.88%，合计74.27%，与 当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及医疗器械、软件开发、光伏设备等多 个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 消息面上，1月1日，DeepSeek发布了新论文，提出了名为mHC(流形约束超连接)的新架构，可提升算力 ...

伴随着蘅东光、新广益成功登陆资本市场，2025年A股IPO收官，券商IPO竞争格局正式落定：头部券商稳固领先，中小券商细分赛道突围。从 核心业务指标来看，行业集中度高企态势持续，前5名券商合计承销 IPO 项目 64 家，占全市场承销家数约五成。 表 1：2025 年 IPO 承销家数 TOP5 券商 | 序号 | 机构简称 | IPO 承销家数 | | --- | --- | --- | | 1 | 国泰海通 | 19 | | 2 | 中信证券 | 17 | | 3 | 中信建投 | 12 | | 4 | 招商证券 | 10 | | 5 | 华泰联合 | 0 | 券商差异化竞争格局凸显 双创板块是IPO支持科技与新兴产业融资的核心载体，合计募资633.71亿元，占全年IPO募资总额近一半，也是券商的兵家必争之地。科创板依 旧呈现头部集中态势，中信证券以 168.95 亿元承销规模、44.64% 的市场份额领跑所有券商。明星科技企业的标杆拉动效应再度彰显，其中摩 尔线程单项目即为中信证券贡献近 72 亿元承销规模；华泰联合承销的沐曦股份项目规模近 42 亿元，占其科创板承销业务总规模的 92%。 表 2：20 ...

12月30日，A股三大指数低开，AI概念活跃。科创50ETF（588000）早盘低开后迅速翻红，最大涨 幅达1.45%。盘面上，持仓股芯原股份上涨5.26%，佰维存储上涨5.11%，海光信息上涨4.60%，寒武纪 上涨4.52%。资金上，科创50ETF（588000）近期持续受到资金青睐，近三日资金净流入4.9亿，截至发 文，科创50ETF（588000）成交额达15.14亿元。 消息面上，12月26日国家创业投资引导基金重磅落地，中央财政出资1000亿元设立，主打天使投资 属性，通过"引导基金—区域基金—子基金"三层架构撬动万亿级社会资本入局，重点聚焦集成电路、人 工智能、航空航天、低空经济、未来能源等硬科技赛道。基金主打20年超长期耐心资本，70%资金投种 子期、初创期企业，精准补位半导体芯片早期研发融资缺口，与大基金三期形成互补。科创50核心覆盖 的半导体、AI等硬科技板块获国家级资金强力赋能，成长动能与产业投资价值持续夯实。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.39%，计算机行业4.88%，合计 74.27%，与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉 ...

2025.12. 26 本文字数：2956，阅读时长大约5分钟 作者 | 第一财经 周楠 封图 | AI生成 今年年中，李励有一次去香港工作的机会。当时，港股IPO市场持续火热，他所在的券商开展内部选 调，拟调配员工赴港做投行业务，并开出了可观的薪酬。但李励考虑一番后最终没有报名，原因 是："我是看生物医药这块的，当时科创板第五套标准重启，手头有一些项目正在推进。" 投行人的直观感受，映射出2025年IPO市场的变化。这一年里，A股股权融资市场回暖、港股IPO持 续火热，包括投行在内的中介机构感受到了业务暖意。 安永大中华区上市服务主管合伙人何兆烽告诉第一财经，今年以来，伴随IPO市场动态发展，中介机 构获得了新的业务增长动力。"内地企业赴港上市意愿持续增强，中介机构从其现有的A股客户群 中，拓展出一定程度的业务增量。"他说。 Wind和交易所数据显示，截至12月25日，年内A股市场迎来111只新股，IPO募资总额约1253亿 元，三大交易所年内合计受理IPO新增申请224单，以上数据较2024年全年均实现同比增长。港股 IPO市场持续火热，以上市日期统计，年初至今，港股IPO数量111家、募资净额约2437 ...

能够顺利推进IPO的公司，集中于少数行业和赛道，且普遍具备高资本密度、长周期投入和强政策关联特征；而大量轻资产、应用导向或依赖叙事驱动的 企业，仍然停留在上市门外。 其次，IPO的定价逻辑正在发生位移 过去二十年，资本市场更倾向于为"增长潜力"定价；而在当前高利率与地缘政治结构化的背景下，资本开始优先评估企业的战略必要性、现金流可验证性 以及长期资本承载能力。 这意味着，IPO正在从一种"市场奖励机制"，转变为一种战略资产筛选与定价机制。 在美国市场，算力、AI基础设施、航天与国防相关企业获得显著溢价，本质上反映的是资本对"未来关键基础设施"的提前定价；在中国市场，硬科技、新 质生产力与产业链关键环节加速进入资本市场，IPO更多承担的是产业升级与技术自主的制度功能。 因此，2026年的IPO并非全面复苏，而是一种高度分化、强选择性的回归。资本并未变得更宽松，相反，它变得更加集中和审慎。IPO不再是"企业成长的 自然结果"，而是只有少数企业才能获得的资本资格认证。 本次研究关注的，并非2026年有多少公司上市，也不是简单判断市场冷暖，而是试图回答一个更核心的问题：在当前全球资本环境下，哪些类型的企业， 正在被重 ...

对于个人而言，2026年布局科创50ETF需抓住"核心三要素"：优先选择规模50亿元以上、日均成交额活跃的产品，规避迷你基金的流动性风险；重点关注 跟踪误差小、运作稳健的标的，确保精准捕捉指数收益；把握逢跌加仓的节奏，通过长期持有分享硬科技成长红利。 选对优质的科创50ETF标的，就是握住了新质生产力的入场券，剩下的只需静待时间浇灌出成长的玫瑰，在新质生产力成为经济增长新引擎的时代，科创 50ETF正为普通投资者打开一扇低成本参与硬科技浪潮的大门，2026年有望成为其规模与收益双爆发的关键之年。 （来源：淘金ETF） 2025年全年，科创50ETF在A股市场展现出强劲的"吸金"韧性，易方达、华夏等头部产品规模双双突破700亿元，北向资金对指数成分股中半导体、计算机 等硬科技权重的加仓比例攀升至18%，创下年内新高。展望2026年，在政策红利持续加码、产业周期向上突围、估值性价比凸显的三重驱动下，科创 50ETF正从科技赛道的"潜力选手"成长为全民关注的"核心资产"，成为普通投资者捕捉新质生产力红利的最优工具之一。 科创50ETF的底气，源于指数"硬科技纯度拉满"的独特基因。与沪深300的金融、能源权重，中证5 ...

在A股持续围绕科技主线演绎的2025年，部分公募机构调整定增策略，将资金密集投向硬科技与新兴产 业，此举已初见成效。数据显示，相关投资目前浮盈逾百亿元，其中对电子、医药生物等行业的重点布 局功不可没。公募排排网数据显示，按定增上市日统计，截至2025年12月21日，今年以来共有39家公募 机构参与85家A股公司定增，合计获配金额达340.88亿元，同比增长13.85%。按当日收盘价统计，目前 公募定增浮盈金额达107.42亿元，整体浮盈比例达31.51%。 点评：2025年公募定增策略转向硬科技与新兴产业成效显著，浮盈超百亿元凸显市场对科技主线的青 睐。电子、医药生物等板块成为资金布局重点，反映机构对高成长领域的长期信心。此举不仅提振相关 个股估值预期，亦强化科技板块在A股的结构性地位。整体来看，公募定增的积极动向或引导市场资金 进一步向科技领域集聚，加速行业分化，推动股市向创新驱动转型。 NO.3 ETF总规模突破5.8万亿元，马太效应持续演绎 上周五，ETF市场总规模首度突破5.8万亿元，再创历史新高。相较于去年末，仅用约一年时间，ETF规 模骤增超2万亿元，增幅超过50%。其中，股票型ETF依然是市场主 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has recently approved the first batch of ETFs focused on robotics, following the approval of 16 hard technology products, indicating a strong policy push towards the hard tech sector [2][3] - The newly proposed ETFs will track the "CSI Innovation and Entrepreneurship Robotics Index," which includes 40 companies from the Sci-Tech Innovation Board and the Growth Enterprise Market that are involved in robotics [2][3] Fund and Product Overview - Seven fund companies, including Huaxia Fund and E Fund, have collectively submitted applications for the first batch of innovation and entrepreneurship robotics ETFs [2] - The CSI Innovation and Entrepreneurship Robotics Index emphasizes "hard technology" attributes, with constituent stocks concentrated in semiconductor, AI algorithms, and precision manufacturing sectors [3] Policy and Strategic Support - The "14th Five-Year Plan" and "15th Five-Year Plan" emphasize the importance of key core technology breakthroughs, including AI and robotics, to guide capital towards these sectors [3][4] - Local governments are also providing support, such as subsidies for integrated circuit development and rewards for high-quality AI products, creating a collaborative support framework [4] Market Dynamics and Growth Potential - The robotics sector is experiencing a development window due to technological breakthroughs and accelerated commercialization, with companies like Tesla and JD.com making significant investments [5] - The rapid growth of AI technology is providing strong momentum for the robotics industry, with AI application processing volumes increasing by 5-10 times compared to last year [5] Institutional Outlook - Fund companies are optimistic about the long-term development opportunities in the hard technology sector, despite recent market fluctuations [6] - The robotics industry is seen as having a "golden triangle" of strong policy support, technological breakthroughs, and valuation potential, suggesting a new growth phase is on the horizon [6]

Group 1 - The core viewpoint is that technology remains a key driver of economic recovery, with intensified marginal catalysts, particularly in AI infrastructure investment, which boosts the semiconductor and power facility sectors [1] - Global AI infrastructure investment continues to drive the prosperity of the electronic semiconductor and power facility sectors, with memory prices maintaining an upward trend [1] - The AI application field is accelerating iterations, with Google launching Gemini 3 to enhance agent capabilities and Alibaba initiating public testing of the Qianwen App to compete with ChatGPT [1] Group 2 - Domestic computing power infrastructure is in short supply, leading to accelerated AI empowerment and commercialization among leading internet companies in Hong Kong [1] - The robotics industry is entering a phase of large-scale application, with industrial and consumer scenarios accelerating deployment, benefiting from new technology applications and core component supply chains [1] - The Sci-Tech Innovation Index ETF (589630) tracks the Sci-Tech Innovation Index (000680), which saw a daily fluctuation of 20%, reflecting the overall performance of the Sci-Tech Innovation Board [1] Group 3 - The index focuses on "hard technology" sectors, including semiconductors, biomedicine, and high-end manufacturing, characterized by high R&D intensity and innovation capability [1] - In terms of industry allocation, the index centers on information technology, industry, and healthcare, while also covering strategic emerging industries such as new energy and new materials [1] - The index fully reflects the innovative drive and high growth characteristics of the Sci-Tech Innovation Board market [1]