新浪科技讯 9月26日晚间消息，上交所上市委发布2025年第40次审议会议结果公告，摩尔线程智能科技 （北京）股份有限公司（简称"摩尔线程"）首发上市获得通过。本次发行由中信证券担任保荐机构，竞 天公诚、安永华明分别提供法律及审计服务。 责任编辑：刘万里 SF014 此次顺利过会体现出科创板支持"硬科技"的属性定位，也为更多深耕硬核科技的企业传递了明确信号， 推动金融与科技创新的深度融合迈向新阶段。 值得关注的是，摩尔线程科创板IPO从受理到过会，不足三个月。此时恰逢科创板"1+6"系列深化改革 政策推出百日，这意味着新政所带来的市场积极效应正在持续显现。 ...

半年报显示，华工科技2025年上半年营收达76.29亿元，同比增长44.66%。其中，光模块业务表现尤为亮眼，上半年营收37.44亿元，同比增长124%，占总 营收的49.1%。 更值得关注的是，公司已成功推出业界最新的用于1.6T光模块的单波200G自研硅光芯片，1.6T系列光模块产品方案。华工科技3.2T CPO技术已全球首发。 华工科技从校办企业起步，逐步成长为全球光电子领域的重要参与者，其市值突破千亿不仅是企业自身发展的里程碑，也彰显了中国硬科技企业的崛起势 头。 "光谷诞生千亿市值企业，这是一个标志性事件。"武汉科技大学金融证券研究所副所长王伟在接受长江日报调研组采访时表示，高市值企业将形成磁极效 应，吸引光电子领域相关产业基金、高端人才等要素向光谷地区聚集，提升其在全国科技创新版图中的地位。 华工科技研发工程师正在做工艺测试。 从1999年脱胎于华中科技大学的一家校办企业，到如今引领光电子产业发展的龙头企业，华工科技用二十余年时间实现一次次突破。 长江财经智库专家认为，站在千亿市值的新高度，华工科技有望进一步整合资源，加大研发投入，向着全球激光行业的巅峰迈进。而其与光谷的共生共 荣，也将继续演绎产 ...

Group 1 - The 2025 Qingdao Venture Capital Conference will be held on September 26 at the Qingdao International Conference Center, transitioning from a "venture capital conference" to a "financial industry conference" to inject new momentum into the development of Qingdao's venture capital center [2] - The theme of the conference is "Technology Empowerment and Open Integration: New Financial Business Models and Trends," reflecting a significant shift in China's venture capital industry from traditional consumer internet models to a new paradigm centered on "hard technology" [2] - Global venture capital investment is projected to approach $440 billion in 2025, representing a significant 53% increase compared to 2024, with generative artificial intelligence identified as the most attractive investment area [2] Group 2 - The conference aims to address critical industry questions such as how to leverage technology for sustainable financial development, effectively respond to market fluctuations and external shocks, and build an appropriate regulatory framework for new financial business models and trends [3] - The event will feature influential guests, including leaders from national ministries and financial regulatory bodies, ensuring authoritative and forward-looking policy interpretations [3] - The conference will also include practical components such as site visits to industry frontlines, precise project roadshows, and concentrated signing of key projects, enhancing the exchange of ideas and collaboration [3]

截至10:30，A股主要指数翻绿。科创50指数逆市涨超2%。持仓股龙芯中科、海光信息、澜起科技、传 音控股、华海清科涨幅居前。 （文章来源：每日经济新闻） 中国银河称，AI产业将进入高速发展通道。2025年~2035年，中国AI产业将进入高速发展通道，成为驱 动经济长期增长的关键力量。回顾中国信息技术发展历程，呈现出从"技术跟跑"到"系统并跑"再到"逐 步引领"的清晰轨迹。与技术相伴随的，是中国经济增长底层逻辑由"土地财政"转向"数据要素"，并朝 着"智能原生"目标前进。展望2035年，结合政策红利释放与技术渗透节奏，AI核心产业规模在乐观、中 性、悲观情景下将分别达到36.63万亿元、24.92万亿元、16.72万亿元。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业68.77%，医药生物行业9.85%，合计 78.62%，行业分布集中。同时涉及半导体、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。从当前位置来看，科创50指数仍在基点附近，参照创业板历史走势，未来成长空间值得期待。 看好中国硬科技长期发展前景的投资者建议持续关注。 ...

Core Viewpoint - The cancellation of the purchase limit for the GF SSE STAR 50 Growth ETF Linked Fund reflects the fund's strategy to meet investor demand and the underlying ETF's performance, which has shown significant returns this year [1][3][5]. Group 1: Fund Announcement and Performance - GF Fund announced the cancellation of the purchase limit for the GF SSE STAR 50 Growth ETF Linked Fund, which was initially set at 100 yuan per day [1][3]. - The fund's asset size was reported to be 57 million yuan as of June 30, with a year-to-date return of 53.73% as of August 27 [3]. - The underlying ETF, which the linked fund primarily invests in, has an asset size of approximately 200 million yuan [4]. Group 2: Market Context and Investment Strategy - The strong performance of the STAR Market is attributed to the systematic improvement of China's technological innovation capabilities and the revaluation of technology industry values [7]. - The fund manager highlighted that the market has stabilized, and themes such as AI, robotics, and other emerging technologies are driving investment interest [4][8]. - The investment strategy emphasizes the importance of performance support logic, especially in the context of the growing AI sector and its impact on various industries [7][8]. Group 3: Industry Insights - The current market environment is characterized by a positive sentiment towards technology stocks, with a notable focus on AI-driven sectors [8]. - Analysts suggest that while there are opportunities for investment, caution is advised due to the potential for overheating in certain market segments [8]. - The ongoing policy support and the expansion of financing channels for technology companies are expected to enhance the investment value of hard technology firms on the STAR Market [7].

Core Insights - The hard technology sector is becoming a strong investment focus, with institutions actively conducting research and inquiries into companies within this space [1][2][3] - There is a noticeable shift in the investment research approach, with institutions emphasizing technical routes, application scenarios, and product advancements during their inquiries [1][3] - The demand for expertise in hard technology is increasing, leading to a transformation in recruitment practices within investment firms, favoring candidates with engineering and financial backgrounds [3] Institutional Research Activity - As of August 23, 2023, there has been a surge in institutional research activity in hard technology sectors, including integrated circuits, electronic components, application software, and biotechnology [1] - Notably, 21 companies in the integrated circuit industry were subject to institutional inquiries in August, with many experiencing group research sessions [1][2] Specific Company Engagements - On August 19, Naxin Microelectronics held an earnings briefing attended by 135 institutions, with inquiries focusing on AI server products and customer developments [2] - Similarly, Unisoc's earnings briefing attracted over 100 institutions, with questions centered on high-end AI chips and advancements in aerospace business [2] Investment Trends - Public funds are increasingly favoring hard technology, with sectors like innovative pharmaceuticals and hard technology becoming primary investment targets [3] - The technology investment landscape is evolving, with a growing emphasis on hard research to identify investment opportunities in hard technology [3] Market Performance - Recent market performance indicates a strong rally in the TMT sector, with significant gains in communication, electronics, and computer sectors [4][5] - The semiconductor sector is particularly noted for attracting major capital inflows, with optimistic long-term prospects for domestic supply chain innovations [5]

Group 1 - The core viewpoint is that the Shanghai Composite Index has successfully broken through the 3800-point mark, driven by strong performance in technology sectors such as AI and semiconductors [1] - The current market liquidity remains healthy, and investors are encouraged to maintain confidence without excessive panic [1] - The ongoing market rally is primarily driven by hard technology, and investors who have not yet positioned themselves in related sectors may consider opportunities in the brokerage sector [1] Group 2 - The brokerage industry is seen as a "bull market flag bearer," directly benefiting from increased market activity and trading volume, leading to strong earnings growth certainty [1] - From a valuation perspective, the current price-to-book (PB) ratio of the brokerage sector is around the 50th percentile over the past decade, indicating a high cost-performance ratio among high elasticity sectors, making it worthy of attention [1]

Core Viewpoint - The article discusses the significant changes in guiding fund policies across various regions in China, highlighting a shift towards market-oriented reforms that alleviate fundraising pressures for General Partners (GPs) [4][5]. Group 1: Changes in Guiding Fund Policies - There has been a notable increase in the activity of institutional Limited Partners (LPs) in the first market, with a year-to-date rise in investment activity, showing an 8.15% month-on-month increase and a 41.12% year-on-year increase [7]. - Policy-type LPs remain the most active, accounting for 39.05% of contributions in June [8]. - Guiding funds have seen improvements in contribution ratios, with some regions allowing contributions to single sub-funds to reach 70% and even higher [8]. - The risk tolerance mechanisms have been significantly enhanced, with some regions implementing a 100% error tolerance policy [8][9]. Group 2: Long-term Capital and Fund Duration - The duration of funds has been extended, with several mother funds now having a lifespan of 15 to 20 years, addressing the industry's call for "long money" [10]. - The government has emphasized the development of long-term and patient capital, which is crucial for supporting the growth of technology and innovation sectors [10]. Group 3: Decision-Making Process for LPs - The decision-making processes for guiding funds have become less complex, facilitating GP fundraising efforts [12]. - Recent policy drafts indicate a move towards reducing or eliminating return investment ratios, further supporting the venture capital industry [13]. - Local government LPs have also streamlined their decision-making processes, allowing for quicker engagement with GPs [14][15]. Group 4: Market-Oriented Transformation - The article highlights a transformation towards a more market-oriented and professional operation model for state-owned LPs, driven by national strategic guidance and ecosystem adjustments [17]. - The shift from guaranteed funding to a shared risk and optimized process is expected to instill confidence in GPs, enabling them to invest more boldly [17].

Group 1 - The core viewpoint is that the Science and Technology Innovation Board (STAR Market) has become a hub for "hard technology" companies in China, with total R&D investment expected to reach 168 billion yuan in 2024, a year-on-year increase of 6.4%, and a median revenue ratio of 12.67% [1] - The STAR Market is facilitating the financing of unprofitable companies through tiered management and professional institutional participation, directing funds towards hard technology sectors such as biomedicine, new energy, and semiconductors [1] - M&A activity has been robust since the beginning of 2025, with 73 new disclosed transactions completed, and 13 major transactions, nearing the total number of transactions from 2019 to 2023 [1] Group 2 - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation 50 Index (931643), which selects high-growth and innovative companies from the STAR Market and the ChiNext board, covering high-tech fields like new generation information technology and biomedicine [2] - Investors without stock accounts can consider the Guotai CSI Science and Technology Innovation 50 ETF Initiated Link C (013307) and Link A (013306) [2]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant platform for "hard technology" companies, contributing to China's capital market reforms and supporting high-level technological self-reliance [1][2][3] Group 1: Support for "Hard Technology" Enterprises - Since its establishment, the STAR Market has supported 589 companies, raising a total of 925.7 billion yuan through IPOs and 186.7 billion yuan through refinancing, exceeding 1.1 trillion yuan in total [2] - The total market capitalization of the STAR Market has surpassed 7 trillion yuan, with leading companies like Haiguang Information and SMIC accounting for nearly 1.47 trillion yuan, over 20% of the total market cap [2] - The STAR Market has facilitated the transformation of technology companies from "catching up" to "leading," significantly contributing to breakthroughs in key technologies [2][3] Group 2: Reform and Innovation - The STAR Market has implemented a registration-based system, establishing a multi-faceted and inclusive listing system, which serves as a model for broader capital market reforms [4] - It has supported various types of companies, including 54 unprofitable firms and 8 with special share structures, with 22 of these unprofitable companies achieving profitability post-listing [4] - The recent "1+6" policy reform aims to expand listing standards to include fields like artificial intelligence and commercial aerospace, enhancing financing channels for cutting-edge technology firms [5] Group 3: R&D Investment and Performance - In 2024, R&D investment in the STAR Market is projected to reach 168.1 billion yuan, more than three times the net profit, with a median R&D investment to revenue ratio of 12.6% [6] - The STAR Market has fostered a culture of early-stage investment, with about 90% of companies receiving venture capital before going public [6] - Over the past five years, the compound annual growth rates for revenue and net profit of STAR Market companies have been 19% and 9%, respectively, with an average gross margin of 40% in 2024 [6] Group 4: Investor Returns and Future Outlook - 509 companies have disclosed plans for quality improvement and high returns, with over 60% offering cash dividend plans totaling 38.8 billion yuan [7] - The STAR Market aims to enhance its ecosystem by optimizing listing standards, improving transparency, and providing differentiated support for technology companies at various development stages [7] - Future initiatives include expanding financing channels and promoting international cooperation to strengthen the global competitiveness of Chinese technology firms [7]