此外，在"明日之星"榜单中，作为最具成长性行业，生命科学行业的区域布局相对均衡，长三?(38%)、 大湾区(25%)、京津冀(22%)占比差距较小，三大经济圈很好地满足了生命科学行业对科研资源和产业转 化能力的复合需求。相比而言，长三角地区在生命科学行业具有向对的领跑优势。 同期发布的《2025德勤中国高科技高成长50强及明日之星报告》显示，2025年中国50强企业三年累计营 收增长率的平均值为490%，相比2024年略有下降，但Top10企业营收增长率相比2024年基本持平。从营 收规模上，2025中国50强企业中营收为5000万-1亿的公司占比显著提升至38%，营收规模1亿以上公司 占比44%，与去年持平，整体呈现出中小企业营收区间占比提升、头部企业营收区间保持稳定的特征。 而从地域分布上看，大湾区占比达52%，紧随其后的事京津冀和长三角，深圳、上海、北京、广州稳居 前列，一线城市凭借成熟的产业基底、充足的人才储备与密集的资本资源，仍是科技企业的核心诞生 地。 从行业分布方面看，硬件行业以28%的占比居首，高端装备以18%位列第二，前者受益于半导体领域的 增长，后者则依托智能制造细分赛道的亮眼表现。清洁技 ...

Group 1 - The report by Deloitte China highlights that the average cumulative revenue growth rate of the top 50 high-growth companies in China is 490% over three years [1] - In terms of revenue scale, companies with revenues between 50 million and 100 million yuan represent 38% of the top 50, while those with revenues above 100 million yuan account for 44%, indicating a rise in the proportion of small and medium-sized enterprises [1] - The Greater Bay Area accounts for 52% of the top companies, with Shenzhen, Shanghai, Beijing, and Guangzhou leading, showcasing that first-tier cities remain the primary birthplace for tech companies due to their mature industrial base and abundant talent [1] Group 2 - Key drivers for technology and innovation in enterprises include talent, capital, and AI R&D investment, with 23% of the top 50 companies and 66% of the "Tomorrow's Stars" investing over 50% of their revenue in AI R&D [2] - Both the top 50 companies and the "Tomorrow's Stars" face challenges such as a shortage of high-tech talent, insufficient application of AI technology in business scenarios, and rising R&D costs [2] - The Chinese tech industry is expanding into multiple high-potential sectors, leveraging technological innovation and ecological scene implementation to gain a competitive edge [2]

2025.12. 17 德勤中国高科技高成长项目全国主管合伙人赵锦东表示，在企业推动科技与创新时，人才、资本与 AI研发投入成为三大关键驱动力。调研显示，23%的中国50强企业和66%的明日之星企业，AI研发 投入占营收的50%以上。但无论是中国50强企业还是明日之星企业，都面临着高技术人才的短缺、 AI技术在业务场景中的应用不足以及研发成本攀升等挑战。然而，核心技术自主研发、产品的快速 迭代和多元化融资正成为企业韧性发展的突破口。此外，越来越多的科技企业将AI智能体从工具化 向数字员工化演进，以全面提升效率、创新力与竞争优势。 全球科技行业正经历一场由AI驱动的深层次变革，算力主权竞争、开源模型生态崛起、软硬件融合 下的具身智能落地、AI智能体进化，以及AI全域化赋能，共同构成当前AI科技的核心发展趋势。"在 这趋势的带动下，中国科技行业的高潜赛道已向多领域拓展布局，企业凭借技术创新与生态化场景落 地，在创新提质中抢占发展高地。"赵锦东说，2025~2030年，中国将进入"AI+制造/新能源/生命"多 技术矩阵爆发期，成为全球"算力替代人力"的受益方与备份提供方。目前，中国科技正在从AI全面渗 透、算力与连 ...

《2025德勤中国高科技高成长50强及明日之星报告》与榜单同期发布。报告显示，今年中国50强企 业三年累计营收增长率的平均值为490%，相比2024年略有下降，但Top10企业营收增长率相比2024年基 本持平。 12月16日，"2025德勤中国高科技高成长50强"（下称"中国50强"）和"德勤中国明日之星"（下 称"明日之星"）榜单揭晓。 德勤中国医药健康明日之星项目主管合伙人母兰英表示，"'十五五'规划将生物医药产业列为'新质 生产力'的核心领域，进一步推动医药健康产业迈向创新加速、保障升级与高质量发展的新阶段。一方 面，中国医药行业通过自主研发、合作开发、对外许可以及跨境并购等多种途径，加快创新步伐并实现 全球化布局；另一方面，AI、数字化技术与生物医药深度融合，显著缩短研发周期、降低研发成本， 并推动精准医疗、数字疗法和供应链优化。未来，药械企业需以患者全生命周期管理为核心，从技术创 新、服务模式、生态合作等多维度构建差异化竞争优势。" 报告指出，营收规模上，2025中国50强企业中营收为5000万至1亿元的公司占比显著提升至38%， 营收规模1亿元以上公司占比44%，与去年持平，整体呈现出中小企业营 ...

Core Insights - The "2025 Deloitte China High-Tech High-Growth 50" and "Deloitte China Rising Star" lists were unveiled at the summit held in Wuxi, showcasing the vitality of China's industrial innovation and exploring new trends in future technology development [1][21]. Industry Overview - The report indicates that the hardware sector leads the "China 50" with a 28% share, followed by high-end equipment at 18%. The growth in the semiconductor field has significantly benefited hardware, while high-end equipment thrives on intelligent manufacturing. Clean technology has increased to 10% due to the inclusion of more renewable energy companies. Software and life sciences have seen a decline compared to the previous year, with the internet sector experiencing a notable drop, indicating a shift in China's tech industry towards "hard technology" [4][23]. - The Greater Bay Area continues to dominate with a 52% share, with Shenzhen, Shanghai, Beijing, and Guangzhou remaining the top cities for tech entrepreneurship due to their mature industrial chains, talent pools, and capital environments [4][23]. - AI has become a standard in R&D, with 23% of the "China 50" companies and 66% of "Rising Star" companies investing over 50% of their revenue in AI development [4][23]. Regional Development - The event's theme "Innovation Without Boundaries, Resilient Growth" reflects the recognition of Huishan's innovation ecosystem and industrial development strength, highlighting Deloitte's collaboration with Huishan to build a high-tech hub for sustainable economic growth [4][25]. - Huishan has established itself as an innovative demonstration zone in Jiangsu, focusing on nurturing tech enterprises through high-level platforms and a comprehensive service chain from R&D to results transformation [6][25]. Company Highlights - Jiangsu Weiheng Intelligent Technology Co., a representative in the digital energy sector, has developed a technology system centered on "AI + new energy storage," successfully entering over 60 countries and showcasing China's hard tech international competitiveness. Since its establishment in Huishan High-tech Zone in 2021, it has achieved rapid growth and was included in Wuxi's unicorn cultivation list [13][32]. - Two Wuxi companies made it to the lists: Jiangsu Weiheng Intelligent Technology Co. with a 344% three-year revenue growth rate in the "2025 China High-Tech Growth 50" and Wuxi Pamu Medical Technology Co. in the "2025 Deloitte China Medical Health Rising Star" list [14][33]. - Pamu Medical, focused on cardiovascular diseases, has developed innovative solutions for pulmonary hypertension and heart failure, gaining global recognition for its original technology. Its product PFlexi sheath received FDA approval, showcasing China's innovative medical device capabilities [16][35]. Collaborative Ecosystem - Deloitte and Huishan have been collaborating on optimizing the business environment and regional economic research, resulting in the "2025 Huishan District Investment Environment White Paper," which highlights the area's advantages in industrial chain completeness, policy support, and talent environment [18][37]. - The white paper uses the acronym "HUI" to represent High potential, Unique, and Innovation, emphasizing Huishan's high-value industries, unique location advantages, and commitment to integrating research, development, and application [18][37]. Conclusion - The 2025 Deloitte dual lists not only document the growth trajectory of China's high-tech enterprises but also reflect the path of regional economic upgrades through systematic ecological construction. Huishan's proactive layout in hard technology, comprehensive innovation service system, and capital investment strategies have attracted companies to settle and grow locally while expanding globally [20][39].

在企业推动科技与创新时，人才、资本与AI研发投入成为三大关键驱动力。 德勤中国高科技高成长项目全国主管合伙人赵锦东表示，在企业推动科技与创新时，人才、资本与AI 研发投入成为三大关键驱动力。调研显示，23%的中国50强企业和66%的明日之星企业，AI研发投入占 营收的50%以上。但无论是中国50强企业还是明日之星企业，都面临着高技术人才的短缺、AI技术在业 务场景中的应用不足以及研发成本攀升等挑战。然而，核心技术自主研发、产品的快速迭代和多元化融 资正成为企业韧性发展的突破口。此外，越来越多的科技企业将AI智能体从工具化向数字员工化演 进，以全面提升效率、创新力与竞争优势。 全球科技行业正经历一场由AI驱动的深层次变革，算力主权竞争、开源模型生态崛起、软硬件融合下 的具身智能落地、AI智能体进化，以及AI全域化赋能，共同构成当前AI科技的核心发展趋势。"在这趋 势的带动下，中国科技行业的高潜赛道已向多领域拓展布局，企业凭借技术创新与生态化场景落地，在 创新提质中抢占发展高地。"赵锦东说，2025~2030年，中国将进入"AI+制造/新能源/生命"多技术矩阵 爆发期，成为全球"算力替代人力"的受益方与备份提供方 ...

报告导读： ①北向资金：最近一周可能小幅净流入，其中灵活型外资可能小幅净流入。② 港股：最近一周稳定型外资流出178亿港元，灵活型外资流入57亿港元，港股通流入57亿 港元。③亚太市场：外资本周流出日本，11月外资流出印度。④美欧市场：10月资金流出 欧洲，流入美国。 北向资金：最近一周北向资金可能小幅净流入。 最近一周（2025/12/1-2025/12/5，下同）交易日期间北向资金估算净流入11亿元，前一周（2025/11/24- 2025/11/28，下同）估算净流入37亿元。最近一周交易日期间灵活型外资估算净流入33亿元，前一周估算净流入66亿元。此外，我们汇总最近一周陆股通每日 前十大活跃个股，其中中际旭创（本周陆股通双向成交总金额为186亿元，占个股当周交易金额比重的11%，下同）、新易盛（120亿元、8%）、宁德时代 （111亿元、15%）成交较为活跃。 港股： 长线外资连续5周流入港股有色金属。 根据港交所中央结算系统持股明细数据，最近一周（2025/11/26-2025/12/2）各类资金合计流出港股市场31亿港 元，其中稳定型外资流出178亿港元，灵活型外资流入57亿港元，港股通流入57亿 ...

以下文章来源于投资界 ，作者杨文静 周佳丽 投资界 . 清科控股旗下创业与投资资讯平台 "以大疆总部天空之城为圆心，半径10公里内，就能找到不错的硬件项目。"一家头部基金投资人聊起今年在深圳扫货的隐秘地图。 沿着这份投资地图，你会发现： 90后前大疆工程师 唐文轩 创办的无弦吉他LiberLive已完成两轮融资，与大疆相隔300米； 大疆昔日电池研发部负责人王雷创办的正浩创新，距离大疆400米； 大疆前高管魏基栋的松灵机器人坐落在南山智园，距离大疆20分钟车程； 还有海外爆红的深圳智能硬件"三剑客"——影石创新、韶音科技、拓竹科技，都距离大疆不到半小时车程。 ······ 想起今年以来，见到多位从外地过来的投资人，对方 出奇一致地都约在了大疆附近的咖啡馆 ， "我们最近在看AI硬件。" 当工程师人才们选择从大疆出走 创业时，往往不会走远，于是便有了中国硬件创新的新圣地。 "每个真正关注AI硬件落地的人，都要去深圳。"年底创投圈，有多家头部VC正在招聘AI硬件投资人，且 无一例外都要求base深圳 。如此一幕，正是深圳 硬件生态繁荣最具象的缩影。 见闻历助力一起搞钱，抢购 坊间流传：当年陶冶还在大疆时，曾建议公 ...

Core Viewpoint - HPE's fourth-quarter performance and guidance have mixed results, with concerns over rising commodity costs and delays in AI server deliveries impacting expectations [1][2] Group 1: Financial Performance - HPE's server business fell short of expectations due to delays in AI server deliveries and weak federal orders, with two-thirds of the shortfall attributed to AI server delays and one-third to federal business weakness [1] - The company has provided a more reliant guidance for the second half of the year, indicating that some AI infrastructure demand from sovereign and enterprise clients may be pushed to fiscal year 2027 [1] Group 2: Analyst Perspectives - Morgan Stanley analyst Erik Woodring expressed concerns about the challenges of passing on rising costs to customers, predicting increased pressure on profit margins by fiscal year 2026 [1] - Evercore ISI analyst Amit Daryanani maintained an "outperform" rating and a target price of $28, suggesting investors should overlook short-term fluctuations, as the company's network business contributes approximately 50% of EBITDA [2] - JPMorgan analyst Samik Chatterjee echoed a similar optimistic view, maintaining an "outperform" rating with a target price of $30, highlighting management's confidence in maintaining revenue expectations despite rising prices across multiple product lines [2]

Core Insights - The 2025 Deloitte Shenzhen High-Tech High-Growth Top 20 and Rising Stars list was released, highlighting the top three companies: Shenzhen Qiyu Innovation Technology Co., Ltd., Urban Light (Shenzhen) Unmanned Driving Co., Ltd., and Shenzhen Huixin Biomedical Technology Co., Ltd. [1] - The evaluation aims to discover and recognize local high-growth and innovative companies, with a focus on breaking technological boundaries and cross-domain integration [1][2]. Group 1: Company Performance - The average cumulative revenue growth rate of the Shenzhen Top 20 companies exceeded 350% over the past two years, with the number of companies generating over 100 million yuan in revenue doubling from 4 in 2022 to 8 in 2023 [1]. - The 46 companies on the list are primarily focused on software, hardware, high-end equipment, and life sciences, with software companies making up 30% and hardware companies 24% of the total [1]. Group 2: R&D and Innovation - Shenzhen continues to lead the nation in technology R&D investment and intellectual property, reflecting the city's ongoing innovation strength [2]. - According to the "Shenzhen High-Tech Enterprises CEO Survey," 19% of surveyed companies allocate over 80% of their budget to R&D, with significant investments directed towards artificial intelligence and machine learning (57%) and cloud computing and big data (50%) [2]. Group 3: Sustainable Development and Challenges - Over half of the companies find it challenging to balance short-term profits with long-term sustainable development, with 47% facing regional standard discrepancies and 24% hindered by funding and technology bottlenecks [3]. - Nearly 40% of companies prefer to establish headquarters or branches in the Yangtze River Delta and Greater Bay Area, prioritizing market access, talent supply, and business environment [3]. Group 4: Financing and Expansion - Companies in Shenzhen maintain an optimistic outlook regarding financing, with over 40% expecting to raise more than 100 million yuan in the future, and the A-share market being the preferred listing destination for 40% of these companies [3].