深交所晒出"十四五"成绩单 服务实体经济直接融资超12万亿元 ◎记者 时娜 累计服务实体经济直接融资规模超12万亿元，新增上市公司649家，IPO募集资金6023亿元……2月27 日，深交所披露"十四五"成绩单。 五年来，深交所一体推进防风险、强监管、促高质量发展，突出强本强基、严监严管，增强制度包容 性、适应性，实现市场功能"六大提升"，助力中国式现代化新征程迈出稳健步伐。 股债齐发力 助力实体经济向"新"而行 统计数据显示，"十四五"期间，深交所累计服务实体经济直接融资规模超12万亿元，较"十三五"增长 22%，特别是在服务科技创新、支持新质生产力发展方面进一步加力提效。其中，债券市场服务实体经 济直接融资规模超10万亿元，较"十三五"增长52%，债券托管量增长54%。 以创业板改革并试点注册制、全面实行注册制、主板和中小板合并等改革为牵引，深市形成"主板+创 业板"的市场格局。通过健全支持科技创新企业发行上市等制度安排，设立多元包容的上市条件，允许 未盈利企业、特殊股权结构企业、红筹企业上市，深交所的上市制度更加包容创新，为更好服务不同阶 段优质创新企业利用资本市场做大做强奠定坚实基础。 "十四五"期间 ...

数据显示，五年来，深交所累计服务实体经济直接融资规模超12万亿元，较"十三五"增长22%。其中，IPO募集资金达6023亿元，较"十三 五"期间增长58%，高新技术企业和民营企业占比均超过八成，专精特新企业占比从38%提升至46%，近半数新上市公司属于战略性新兴产业。 这一结构变化，直观反映出深交所已成为"硬科技"和"三创四新"企业的首选上市地。 21世纪经济报道记者 杨坪 2025年是"十四五"规划的收官之年。 回首过去的五年，作为中国创新资本形成的重要引擎，深圳证券交易所（以下简称"深交所"）交出了一份成色十足的成绩单：累计服务实体经 济直接融资超过12万亿元，高新技术企业IPO占比超八成，上市公司研发投入超七千亿，创业板研发强度突破5%，ETF规模激增8倍…… 这一系列亮眼数据的背后，是深交所以"强本强基、严监严管"为主线，在市场功能、监管效能、对外开放等维度实现的"六大提升"，不仅彰显 了资本市场支持新质生产力的澎湃动能，也为中国式现代化新征程的稳健起步贡献了"深市力量"。 质效跃升：打造新质生产力"主阵地" "十四五"期间，深交所通过持续深化改革，显著提升了对创新企业的包容性和适应性，资本市场"含新 ...

本周，创业板中盘200指数上涨2.9%，创业板成长指数上涨2.3%，创业板指数上涨1.0%。 S 创业板成长指数 由创业板中成长风格突出、业绩增长较高、预期 盈利较好流动性好的50只股票组成,电力设备、 医药生物、通信行业合计占比约60% 注1:目前全市场跟踪创业板指数的ETF共17只,跟踪创业板中盘200指数的ETF共5只,跟踪创业板成长指 数的ETF共1只,跟踪同一指数的不同ETF产品的费率、跟踪误差、规模等有所不同。银行,互联网平台等 相关销售机构提供可场外投资的ETF联接基金。低费率产品,其管理费率0.15%/年,托管费率0.05%/年。 注2:数据来自Nind,指数涨跌幅截至2026年2月27日收盘,指数滚动市盈率及其所处分位截至2026年2月 26日。滚动市盈率=总市值/Σ近四个季度归属母公司股东的净利润,该估值指标和企业盈利紧密相关, 适用于盈利相对稳定且受周期影响较小的行业。指数滚动市盈率所处分位指该指数历史上滚动币盈率低 于当前滚动市盈率的时间占比,信值分位低表示相对便宜。分位区间为指数发布日至2026年2月26日,其 中,创业板指数发布日为2010年6月1日,创业板中盘200指数发布日为2 ...

Group 1 - In February, nearly 240 listed companies were surveyed by various institutions, with over half achieving positive returns during the same period, and some stocks seeing cumulative gains exceeding 80% [1] - The mechanical equipment and electronics sectors were the primary focus of institutional surveys, with significant attention also given to cyclical sectors like basic chemicals [1] - Institutions are optimistic about investment opportunities in humanoid robots, upstream AI infrastructure, and certain chemical sector stocks that offer high elasticity and dividends [1] Group 2 - In January 2026, domestic automobile sales reached 2.346 million units, with the top ten companies accounting for 1.962 million units, representing 83.6% of total sales, indicating a high concentration in the market [2] - The automotive market is characterized by "steady start and structural differentiation," with increased competition among top manufacturers as they launch new products and technologies [2] - The pharmaceutical and biotechnology sectors saw 80 companies receive institutional surveys, with a focus on brain-computer interface stocks and the trend of innovative drugs going global [2] Group 3 - Several securities firms have held spring strategy meetings earlier than usual, reflecting changes in the competitive landscape of the industry [3] - The shift from "commission for research" to "service for income" is becoming more pronounced among brokerage firms [3] - The AI industry is entering a more pragmatic phase, focusing on revenue and profit, with significant investment opportunities in AI inference computing and domestic AI chips [3] Group 4 - Lithium carbonate futures surged by 11.83% to a high of 187,700 yuan/ton, driven by Zimbabwe's adjustments to lithium export policies, which may tighten global supply in the short term [4] - UBS predicts a potential third price cycle for lithium, raising the average price expectation for 2026 to around 180,000 yuan/ton [4] Group 5 - The A-share merger and acquisition market remains vibrant, with over 500 transactions disclosed since the beginning of the year, totaling over 100 billion yuan [5] - More than 50% of these transactions are driven by industrial synergy, highlighting a core market trend [5] - The hard technology sector is a primary battleground for mergers and acquisitions, with increased participation from the Sci-Tech Innovation Board and the Growth Enterprise Market [5] Group 6 - The Hong Kong Stock Exchange reported record highs in trading volume and revenue for 2025, reaffirming its position as a global leader in new stock financing [6] - The exchange aims to enhance market convenience and competitiveness while continuing to invest strategically in emerging business areas [6] - Export-oriented companies are actively implementing measures to hedge against currency risks amid fluctuations in the renminbi exchange rate [6] Group 7 - Regions like Guangdong, Anhui, and Hubei are strategically positioning themselves in advanced fields such as AI, quantum technology, and high-end manufacturing [7] - The development of future industries relies heavily on original innovation and disruptive technologies, which are still in early stages [7] - Policies are increasingly systematic and comprehensive, supporting innovation from inception to market application [7] Group 8 - NIO's chip subsidiary, Anhui Shenji Technology Co., completed its first round of equity financing, raising 2.257 billion yuan, with a post-investment valuation nearing 10 billion yuan [8] - The financing attracted diverse capital participation, including state-owned capital and semiconductor industry funds, indicating market confidence in the company's technology and production capabilities [8] - The involvement of local state capital aligns with Hefei's ongoing investment in the integrated circuit industry [8]

一键升级您的黄金投资账户！顶尖投资者这么布局黄金赛道>> 【头条要闻】 中方回应第六轮中美经贸磋商 商务部2月26日举行例行发布会。商务部新闻发言人何咏前在回应近期将举行的第六轮中美经贸磋商相 关提问时表示，中美双方通过中美经贸磋商机制，在各层级持续保持沟通。中方愿与美方一道，共同落 实好、维护好两国元首釜山会晤和2月4日通话共识，通过平等协商，妥善管控分歧，拓展务实合作，维 护中美经贸关系健康、稳定、可持续发展，更好造福两国，惠及世界。 德国总理默茨访华，中德经贸达成哪些成果？商务部：已达成十余项商业协议 2月26日，商务部召开例行新闻发布会。对于春节消费特点、德国总理访华等热点话题，商务部新闻发 言人分别进行了回应。 德国总理默茨本周正在中国访问，请问在经贸领域双方达成了哪些具体成果？商务部如何看待中德经贸 合作前景？ 对此，商务部新闻发言人何咏前表示，2月25日至26日，德国总理默茨率高规格经济代表团访华，中德 双方在经贸领域开展了深入交流，取得了积极务实成果。习近平主席在会见默茨总理时指出，中德双方 要做开放互利的创新伙伴，双方应加强发展战略对接，促进人工智能等前沿领域对话合作。这为进一步 深化中德经 ...

"在'政策+资本+技术'等多重因素催化下，国内脑机接口商业化进程加速推进，未来将逐步从'神经康 复'向'认知提升'再向'脑机融合'时代迈进。"中信证券分析称。 ● 本报记者 李梦扬 Wind数据显示，截至2月26日记者发稿时，今年以来共有80家医药生物行业上市公司接受机构调研。值 得关注的是，翔宇医疗、爱朋医疗、美好医疗等脑机接口概念股吸引多家机构调研，脑机接口产品研发 进展、商业化情况、未来发展规划等成为机构关注的焦点。与此同时，创新药出海热度不减，多家药企 亦获机构关注。 业内人士表示，AI大科技浪潮下，医药行业有望释放新的成长逻辑，继续看好以创新为主的医药科技 主线，重点关注脑机接口、AI医疗、创新药出海等。 脑机接口概念股备受青睐 Wind数据显示，截至2月26日记者发稿时，今年以来接受机构调研频次前十的医药生物公司中，翔宇医 疗获机构关注度最高，累计接受机构调研208家次；爱朋医疗、美好医疗分居第二、第三位，接受机构 调研频次分别为177家次、125家次；博拓生物、欧林生物、泰恩康等紧随其后，接受机构调研均在90家 次以上。 值得一提的是，机构频频调研脑机接口概念股。"脑机接口是'十五五'期间未来产 ...

Group 1 - The Hunan Province held a conference to promote the development of the private economy, awarding 100 outstanding private entrepreneurs for their contributions to regional economic growth and the construction of a modern industrial system [1][2] - Notable recipients include leaders from over 20 listed companies, showcasing the vitality and potential of the private economy in Hunan [1] - Key figures from companies such as SANY Heavy Industry, Lens Technology, Aier Eye Hospital, and others were recognized, representing various advantageous industrial sectors including engineering machinery, consumer manufacturing, biomedicine, and new energy technology [1][2] Group 2 - Executives from several listed companies' subsidiaries also received awards, highlighting the collaborative development within Hunan's industrial chain [2] - Entrepreneurs at critical stages of the IPO process were also honored, indicating the effective cultivation of Hunan's private economic tier [2] - The awarded entrepreneurs span key industries such as engineering machinery, green agricultural products, biomedicine, and advanced materials, playing a crucial role in transforming traditional industries and fostering new emerging sectors [2]

行业日报 | 北交所 温和上涨，关注金三银四和两会政策预期 北交所日报——20260225 核心结论 行情回顾：1）指数层面：2 月 25 日北证 A 股成交金额达 186.56 亿元，较 上一交易日增加 22.77 亿元，北证 50 指数收盘价为 1,547.201，上涨 0.77%， PE_TTM 为 65.09 倍。北证专精特新指数收盘价为 2,597.61，上涨 1.22%。 2）个股层面：当日北交所 294 家公司中 208 家上涨，6 家平盘，80 家下跌。 其中涨幅前五的个股分别为：同辉信息（10.3%）、安达科技（8.2%）、天 力复合（6.3%）、纳科诺尔（6.3%）、恒合股份（6.1%）；跌幅前五的个 股分别为：连城数控（-7.1%）、科力股份（-5.9%）、视声智能（-3.5%）、 蘅东光（-3.5%）、戈碧迦（-3.3%）。 新闻汇总：1）数据中心没钱、定制芯片落后："新秀"OpenAI 正努力追 赶老牌巨头：OpenAI 的星际之门项目因资金问题受挫，导致其战略重心转 向掌控数据中心内部资源而非拥有实体资产；此外，OpenAI 在定制芯片问 题上落后于其他科技巨头，其于 2025 年 ...

Core Viewpoint - The pharmaceutical and biotechnology sector is expected to experience valuation recovery driven by policy and industry resonance in 2025, with the sector's PE (TTM) rising from 31x as of September 30, 2025, indicating a positive investment outlook [1][35]. Group 1: Market Review - The pharmaceutical sector's PE (TTM) has fluctuated between 21x and 53x since 2015, with an average of 33x, and has shown signs of recovery since Q1 2025 after hitting a low in September 2022 [1][11][45]. - The market capitalization of pharmaceutical stocks held by equity funds was 12.2% in Q2 2025, reflecting a 1.8 percentage point increase and indicating a recovery trend [12][49]. Group 2: Global Economic Context - The return to a rate-cutting environment globally, particularly with the Federal Reserve's rate cut in September 2025, is favorable for innovative assets, while global aging trends are driving increased healthcare spending [2][36][56]. - China's pharmaceutical innovation is gaining momentum, with expectations of capturing a larger share of the global pharmaceutical market, thus enhancing the competitiveness of the domestic industry [2][36]. Group 3: Investment Thesis - The investment strategy is framed around a three-stage clinical value model: 1. "0→1" technological breakthroughs in innovative drugs and devices, enhancing domestic capabilities [2][36]. 2. "1→10" clinical validation with high-quality domestic drugs accelerating overseas licensing [2][36]. 3. "10→100" efficiency in the Chinese pharmaceutical supply chain, with CXO companies achieving stable growth through cost advantages [2][36]. Group 4: Recommended Companies - Key companies recommended for investment include Innovent Biologics (H), Eifang Biologics (U), Tianshili, WuXi AppTec (A+H), Prasis, Mindray Medical, United Imaging Healthcare, and Weisi Medical [3][37].

编辑|何小桃杜恒峰校对|程鹏 2月26日，港股收跌，其中恒生指数跌1.44%，恒生科技指数重挫2.87%。香港主板市场超1000只个股下跌，南向资金净流出74亿港元。 恒生科技指数三连阴，重要成分股中，阿里巴巴跌3.57%，百度集团跌4.27%，腾讯跌2%，美团跌2.72%，京东跌2.62%，小米集团跌1.18%。 | < w | 恒生科技(HSTECH) | | | | --- | --- | --- | --- | | | 5109.33 -151.17 -2.87% | | | | 茨城 成分 | 资讯 | 相关基金 | 月度收益 | | 小鹏汽车-W | 67.500 | -5.06% | -3 | | 9868.HK | | | | | 华虹半导体 | 97.850 | -4.82% | -4 | | 1347.HK | | | | | 毕 里 毕 里-W | 218.200 | -4.63% | -10 | | 9626.HK | | | | | 理想汽车-W | 68.650 | -4.45% | -3 | | 2015.HK | | | | | 百度集团-SW | 123.400 | -4.2 ...