微软、赛富时（Salesforce）和甲骨文被列为2026年顶级软件股。 微软、赛富时（Salesforce）和甲骨文被列为2026年顶级软件股。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

北京时间12月23日凌晨，美股周一尾盘维持涨势，科技领涨。本周美股交易时间将因圣诞节假期而缩 短。交易员们正斟酌科技股是否能在年底前重拾上涨势头。 道指涨248.45点，涨幅为0.52%，报48383.34点；纳指涨118.85点，涨幅为0.51%，报23426.47点；标普 500指数涨41.53点，涨幅为0.61%，报6876.03点。 美东时间周三东部时间下午1点，美股将提前收盘，并于周四圣诞节当天休市。 AI关键股票普遍上涨，此前有消息称英伟达正努力争取在2月中旬前出口H200芯片。受到英伟达消息带 动，美光科技和甲骨文等AI股票普涨。 华尔街主要股指上周表现不一。科技股在周末前的强势上扬，推动标普500指数和纳指录得四周内的第 三次收涨。道指一周累计下跌0.7%，终结了此前连续三周的涨势。 Gabelli基金投资组合经理Justin Bergner表示："我几周前的看法是年底将进入一段艰难磨底期。而现在 我觉得这已经变成了年底的剧烈震荡。" AI股票在经历近期表现落后之后，上周迎来反弹。甲骨文作为此前显著滞涨的股票，在TikTok同意将其 美国业务出售给一家由该软件巨头与私募股权公司Silver L ...

Core Insights - 2025 is anticipated to be a strong year for IPOs and M&A transactions, with optimism from Wall Street that this growth momentum will continue into the new year [1][3]. M&A Market Performance - The total announced M&A transaction value in 2025 reached $4.8 trillion, marking the highest since 2021 and the second-highest in the past decade [8]. - There were 166 M&A deals exceeding $5 billion, the highest number since 2021, although the total number of deals was the lowest in at least ten years [8]. - The technology sector dominated the M&A market with a transaction value of $1 trillion, accounting for over 20% of the global total, significantly outpacing the healthcare sector [8]. - The resurgence of leveraged buyouts is a key indicator of the M&A market's recovery, with private equity transaction volume reaching $1 trillion, the highest since 2021 [8][11]. - The overall market environment is favorable for continued M&A activity, driven by a need for scale and a more lenient regulatory stance from the Trump administration compared to the Biden administration [12]. IPO Market Performance - In 2025, 1,372 companies successfully went public, raising a total of $170.6 billion, the best performance since 2022, but still significantly lower than the $606.4 billion raised in 2021 [13][16]. - The technology sector was the leading force in the IPO market, representing 29% of the global IPO market, with notable listings from companies like CoreWeave and Figma [16]. - The largest IPO of 2025 was from Medline, a medical supplies provider, raising nearly $6.3 billion, indicating a broader acceptance of various business models in the market [16]. Market Outlook for 2026 - There is a general optimism among investment bankers regarding the market performance in the first half of 2026, with expectations that it will likely continue the strong activity seen in the latter half of 2025 [17][18]. - Communication with clients and the number of ongoing projects for 2026 are at high levels, suggesting a robust pipeline for future transactions [18].

Group 1 - Clearwater Analytics (CWAN.US) shares rose over 8% to $24.15 in pre-market trading on Monday [1] - A consortium of private equity firms led by Permira and Warburg Pincus has agreed to acquire Clearwater Analytics Holdings Inc., with a total transaction valuation of $8.4 billion, including debt [1] - Clearwater shareholders will receive $24.55 per share in cash, representing an equity value of approximately $7 billion, which is about 10% higher than the stock's last closing price and a 47% premium compared to the stock price before acquisition talks were reported [1]

全国知名民企助力湖南高质量发展大会在长沙举行 高云龙沈晓明致辞 毛伟明作推介 毛万春出席 长沙晚报掌上长沙12月22日讯 据湖南日报消息（全媒体记者 刘燕娟 唐亚新 孙敏坚）22日，由湖南省政府、全国工商联共同主办的"民企聚力 湘约未 来"2025年全国知名民企助力湖南高质量发展大会在长沙举行。全国政协副主席、全国工商联主席高云龙，省委书记沈晓明出席并致辞，省委副书记、 省长毛伟明作湖南省招商推介，省政协主席毛万春出席。会前，沈晓明、毛伟明、毛万春拜会高云龙，会见与会嘉宾代表。 高云龙强调，党的二十届四中全会对未来五年我国经济社会发展作出了顶层设计和战略擘画，中央经济工作会议为"十五五"开局起步规划了实践路径。 习近平总书记出席民营企业座谈会并发表重要讲话，为民营经济发展把航定向。5月20日正式施行的民营经济促进法，把坚持"两个毫不动摇"、促进"两 个健康"写入法律。近期，中央又密集出台鼓励创新、推动发展，破除壁垒、规范执法，强化支持、保障支付等政策举措，民营经济迎来了前所未有的 发展机遇。希望广大民营企业把握发展大势、坚定发展信心，在建设现代化产业体系中展现新作为，在实施科技创新中谱写新篇章，在参与区域协调 ...

消息方面，12月22日，由北京大学与屹艮科技联合研发的国产电池设计自动化（BDA）软件正加速赋 能锂电产业。该软件通过"物理仿真+AI"双轮驱动，构建了从原子级材料设计到系统级性能预测的全流 程智能化研发平台。目前，该BDA软件已应用于宁德时代、比亚迪等头部企业，推动电芯研发周期从 1–2年缩短至约半年，材料实验耗时从数月优化至数日，并帮助降低研发成本30%–40%。其应用已从锂 离子电池扩展至固态电池、钠电池等领域，并正向显示材料等更多工业场景延伸。 在AI产业链中，软件行业主要处于中游技术层和下游应用层，扮演着核心技术支撑和应用落地的关键 角色。具体来看，软件行业在中游技术层主要提供AI框架、开发平台和算法模型，这些技术是AI应用 开发的基础。在下游应用层，软件行业通过将AI技术与各行业结合，推动AI应用的落地。 相关产品：创业板软件ETF华夏（159256）、创业板200ETF华夏（159573）、人工智能AIETF （515070）。 A股三大指数午后持续上涨，创业板指涨幅超2%，盘面上，海南板块集体大涨，存储板块持续走强， 贵金属板块活跃，影视院线板块调整。创业板软件ETF华夏（159256）涨0. ...

Core Viewpoint - The Nanjing Scene Service Platform, the first city-level public service platform in China, has officially launched, aiming to facilitate the application of new technologies and business models through a comprehensive lifecycle service for application scenarios [1][3]. Group 1: Platform Development and Functionality - The Nanjing Scene Service Platform has progressed significantly since its trial run in September, providing services for sourcing, publishing, displaying, matching, and tracking application scenarios [1]. - The platform aims to break down information silos across various urban sectors by promoting data sharing and process collaboration, thus forming a collaborative innovation network [1][3]. Group 2: Industry and Economic Impact - Nanjing has introduced over 1,500 first stores in the past three years, enhancing consumer scenario supply and creating a conducive environment for new business models [3]. - The platform has launched 53 key application scenarios, with over 5,300 various application scenarios published, covering ten major fields including digital economy, smart manufacturing, and green low-carbon initiatives [8]. Group 3: Technological Advancements - The open scene approach has accelerated the maturation and industrialization of core technologies for enterprises, providing a "fast track" for growth [12]. - The introduction of a customized industrial software operating system for the water industry exemplifies how local innovations can be nurtured through open application scenarios [11]. Group 4: Specific Applications and Innovations - The establishment of the "Energy Storage and Charging Integration" center and the "Virtual Carbon Power Plant" in Nanjing demonstrates the practical application of open scenes to address energy needs and carbon emissions [15][17]. - The use of drones for delivering goods to ships on the Yangtze River illustrates the innovative solutions emerging from the open scene strategy, enhancing logistics efficiency [22][24]. Group 5: Future Prospects and Challenges - Experts predict that 2026 will mark a significant year for deepening scene cultivation and openness, transitioning from isolated breakthroughs to an ecosystem approach for industrial development and urban governance [33]. - Challenges remain, including mismatches between scene demand and technological supply, high entry barriers for small and medium enterprises, and the need for improved cross-regional collaboration [31][34].

近年来，南京高度重视人工智能产业发展，积极抢抓机遇，先后印发一系列政策文件，围绕算法、 算力、数据、场景、生态等核心要素主动布局，将人工智能作为产业强市未来产业之一重点打造，成为 江苏唯一获批创建国家人工智能创新应用先导区的城市。 为打造鸿蒙先锋城市，我市出台《南京市鸿蒙生态发展行动计划》，组织鸿蒙专场供需对接，加快 鸿蒙软硬件产品培育和推广应用。截至目前，全市通过认证的开源鸿蒙发行版操作系统15款、软硬件 产品122款，均位列全国城市第二。 此外，我市创新形成"场景+股权"应用推广模式，打通国产工业软件落地应用"最后一公里"，实现二 次供水泵房、江水源热能源站等重点场景落地，加快形成"工业软件看南京"品牌。新增工信部信创优秀 解决方案15项，占全省入围总数的44%，全省领先。 重大项目是推动产业升级的核心引擎。今年1—10月，在产业攻坚办全面统筹推进下，一批重大产 业项目纷纷落地，入库软件和人工智能招商项目249个，提前完成全年目标，其中，高能级项目16个。 达索系统智能制造中国总部、宝马全球信息技术研发中心、京东集团南京研发中心、百度公司小度技术 华东总部、中节能大数据公司、软通动力华东总部、山大华天工业 ...

由Permira和华平投资(Warburg Pincus)牵头的一组私募股权公司已同意收购投资与会计软件制造商 Clearwater Analytics Holdings Inc.(CWAN.US)，包括债务在内的交易估值达84亿美元。 根据一份声明，Clearwater的股东将以每股24.55美元的价格获得现金，股权价值约70亿美元。该公司表 示，该价格较股票上一个收盘价高出约10%，相较此前报道两家收购公司正就收购事宜进行谈判前的股 价，溢价达47%。 声明称，该私募股权财团还包括新加坡国有投资公司淡马锡控股的参与，并获得了Francisco Partners的 关键支持。这笔交易预计将于2026年上半年完成，在此之前，Clearwater将有一个"询价期"(截至1月23 日)，在此期间可以考虑竞争性收购要约。 Permira和华平投资于2020年投资了Clearwater。次年，在Clearwater包括超额配售在内的首次公开募股筹 集了6.21亿美元时，这两家公司是参与其中的私募股权支持方之一。 根据当时的一份文件，两家公司均在2023年提出出售其持有的全部Clearwater股份。数据显示，截至9月 ...

Core Viewpoint - Recent fluctuations in A-shares have led to divergent expectations among investors during the "cross-year" phase, but the short-term impact of internal and external factors on A-shares may be nearing its end, with a relatively loose liquidity environment expected to persist into the first quarter of next year [1] Group 1: Market Environment - The current low-interest-rate environment is likely to continue driving the trend of "deposit migration" among residents, providing a favorable opportunity for investors to position themselves for the "cross-year" market [1] - The recent pullback in indices has created a good entry point for investors looking to capitalize on upcoming market trends [1] Group 2: Investment Strategy - Investors are advised to focus on growth styles during market dips, while dividend styles should emphasize phase-specific and structural opportunities [1] - Three main investment themes are recommended: 1. **Growth in Prosperous Sectors**: The AI technology sector is expected to transition into an application phase next year, with opportunities in computing power, optical modules, and cloud computing infrastructure, particularly in domestic markets. Key application areas include robotics, consumer electronics, intelligent driving, and software applications. Additionally, innovative pharmaceuticals, energy storage, and solid-state batteries are entering a prosperous cycle [1] 2. **External Demand Breakthrough**: The trend of going overseas presents a relatively certain growth opportunity. Sectors to focus on include home appliances, construction machinery, commercial buses, power grid equipment, gaming, and globally priced resources such as non-ferrous metals [1] 3. **Cyclical Reversal**: Attention should be given to sectors nearing improvement points in supply-demand dynamics or benefiting from policy support, such as chemicals, aquaculture, and new energy [1] - Dividend sectors possess defensive attributes but may still be more phase-specific and structural in nature, suggesting a bottom-up stock selection approach based on quality free cash flow [1]