在政策引导、估值修复需求及股东回报优化等多重因素推动下，近年来，A股上市公司注销式回购的积 极性越来越高。 据同花顺（300033）iFinD数据统计，截至12月9日，年内发布股票回购计划的方案中，四成以上的回购 目的为全部注销或部分注销，较2024年的比例进一步提升。 受访人士指出，政策红利持续释放，监管层强化投资者保护，未来或出台更多税收优惠或资金支持政 策，推动注销式回购常态化。目前，部分公司的估值仍处于低位，企业回购仍有动力，企业通过回购注 销向投资者传递"股价被低估"的信号，形成价值发现的良性循环。 年内回购金额超1500亿元 12月8日晚，美的集团（000333）发布公告称，截至2025年12月8日，公司累计回购股份数量约为1.35亿 股，占公司总股本的1.76%，最高成交价为83.11元/股，最低成交价为69.91元/股，支付的总金额约为 100亿元（不含交易费用）。综上，公司本次回购股份金额已达回购方案的金额上限100亿元，本次回购 方案实施完毕。 回购注销占比提升至40%以上 近年来，监管层大力倡导上市公司采用"注销式回购"等方式回报投资者，A股上市公司也积极响应，纷 纷将回购的股份进行注销 ...

创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创业板 市场中筛选出流动性优异、市值规模领先的50只证券，重点覆盖电力设备及新能源、医药生物等战略性 新兴产业，集中反映具有高成长性和科技创新特质的上市公司证券整体表现。指数成分以中大市值风格 为主导，突出对行业创新动能与长期发展潜力的考量。 （文章来源：每日经济新闻） 华创证券指出，创业板50行业在科技板块中具备较强的盈利质量因子，呈现高毛利和高自由现金流的特 征。从成长因子看，创业板50过去三年处于低基期，预计2026年可实现较高增长，主要权重产业包括半 导体、创新药、新能源、AI、人形机器人、高端装备等。在通胀回归的宏观背景下，盈利与成长因子 的有效性预计将大幅增强，创业板50等指数在业绩上行周期中有望跑赢纯粹的现金分红高股息品种。此 外，随着企业自由现金流增加，权益资产属性变化形成高夏普、低波动的交易格局，创业板50的配置价 值进一步凸显。 ...

Core Insights - Pre-unicorns are crucial for optimizing regional industrial structures and enhancing urban technological innovation capabilities [1] - The "Pre-unicorn (2025)" report by CCID Consulting indicates that three major city clusters account for 90% of Pre-unicorn companies, which are distributed across 13 sectors including integrated circuits, biomanufacturing, autonomous driving, new energy, artificial intelligence, robotics, and commercial aerospace [1][2] Regional Distribution Characteristics - The report highlights a significant regional concentration of Pre-unicorns: 59 in the Yangtze River Delta, 17 in the Beijing-Tianjin-Hebei region (mainly in Beijing), and 14 in the Guangdong-Hong Kong-Macau Greater Bay Area (mainly in Shenzhen and Guangzhou) [2] - The top five provinces with the most Pre-unicorns are Jiangsu (21), Shanghai (18), Beijing (17), Zhejiang (15), and Guangdong (14) [2] - A total of 24 cities have Pre-unicorns, with Shanghai and Beijing leading, followed by Suzhou (8), Shenzhen (7), Guangzhou (6), and Nanjing (6) [2] Sector Distribution of Companies - The report emphasizes the high growth potential and hard technology focus of Pre-unicorns, with significant representation in integrated circuits (36 companies) and biomanufacturing (14 companies), together accounting for 50% of the total Pre-unicorns [6] - The total valuations for integrated circuits and biomanufacturing are approximately $24.89 billion and $9.87 billion, respectively, making up 49.56% of the total valuation of Pre-unicorns [6] Integrated Circuit Sector - In the integrated circuit sector, Shanghai has 11 companies, followed by Nanjing (4), with Suzhou, Shenzhen, Guangzhou, and Hangzhou each having 3 [7] - Shanghai's advantages include a complete industrial chain from chip design to high-end equipment, supported by national investment and financial center status [7] - Shenzhen offers rapid prototyping capabilities, while Suzhou and Nanjing leverage local and foreign enterprises for efficient collaboration in chip production [7] Biomanufacturing Sector - The biomanufacturing sector is led by Beijing and Shanghai, with rapid development in cities like Suzhou, Guangzhou, and Hangzhou, totaling 14 companies [8] - Shanghai has established a comprehensive biomanufacturing ecosystem, facilitating the growth of Pre-unicorns through full industry chain support [8] Other Sectors - The autonomous driving sector includes 9 companies spread across various cities, indicating a broad geographic distribution [8] - The new energy sector shows a trend of multiple cities participating, with 9 companies, including 3 in Suzhou and others in Beijing, Guangzhou, and several other cities [8]

近期，多家上市公司集中发布回购、大股东增持等公告。面对市场的调整，回购增持潮再度上演是市场 信心的重要体现，A股市场的稳健发展趋势已经形成，短期市场波动不会改变中长期向上的趋势。 政策红利显著降低了回购增持再贷款主体的资金压力，提高了上市公司、大股东参与回购增持的灵活性 和积极性。有稳健的业绩支撑，又有便利的政策支持，面对市场的短期调整，上市公司和大股东们自然 而然会选择出手。 特别需要注意的是，今年以来注销式回购占比有所提升，显示出上市公司更加注重股东回报。尤其在市 场波动期，注销式回购对上市公司股价的支撑力度和对市场信心的提振效果更佳。 增持回购潮只是市场认可A股投资价值的一个方面，中长期资金的逆势布局、A股日成交活跃度持续保 持高位等，亦从不同的维度彰显A股的投资信心。 任何资本市场里慢牛行情都不会一蹴而就，正常调整在所难免。调整过程是对上市公司价值以及市场信 心的双重考验，归根到底要看上市公司的核心价值几何，而增持回购潮正是上市公司、重要股东们对上 市公司真实价值投出的信心票。 从央企到民企，从传统行业到科技公司，近期上市公司回购、大股东增持举动频现，力度持续"加码"， 说到底，上市公司稳健的业绩以及 ...

文/林一 2025年11月19日，四川省成都市产投电子信息重大产业化项目股权投资基金合伙企业(有限合伙)(简 称"成都重产基金三期")顺利完成备案。这一成果不仅标志着成都重产基金在助力成都产业升级的征程 中再添关键一笔，更充分彰显了其高效的运作机制、专业的执行团队实力，以及市场对成都重产基金品 牌的高度认可与对成都产业发展前景的坚定信心。 成都重产基金三期将为基金进一步扩大投资规模、优化投资布局提供坚实支撑。未来，成都重产基金三 期将继续锚定成都"9+9+10"现代化产业体系，持续强化"投大投招"功能，重点聚焦先进制造业领域的重 大支撑性、战略性项目及产业链关键环节项目，以精准投资助力产业补链强链延链，为成都打造具有全 球竞争力的产业集群、推动产业高质量发展贡献更多力量。 自成立以来，成都重产基金始终坚守"全市项目招引新抓手、成果转化新推力、结构调整新支撑、抢占 赛道新动力"的功能定位，为全市先进制造业发展积蓄强劲动能，成功投资招引京东方、中创新航等具 有引领性、支撑性的链主龙头企业，同时培育引进星际荣耀、沃飞长空等战略性新兴产业龙头项目。截 至目前，成都重产基金直投重大产业化项目超30个，带动项目总投资超2 ...

彭博新能源财经（BNEF）年度盛会——2025年上海峰会，将于 11月25日至26日 于 上 海 启 幕。 今年，我们即将迎来这场巅峰会议的第十一周年。正值"十四五"规划收官与"十五五"规划 启动的关键年，本届峰会将汇聚全球能源、交通、工业、金融与科技领域的顶尖领袖与决策者， 旨在提供制定成功战略、利用技术变革所需的前沿理念、深刻洞见与高端人脉，共同塑造一个更 清洁、更具竞争力的未来。 我们诚挚邀请您莅临 2025 BNEF 上海峰会，与超700位行业领袖深度交流，共同构建清晰的全 景式能源蓝图，揭晓未来趋势的关键答案，把握新的发展机遇。 #BNEF峰会 分享嘉宾： Anderson Barreto Arruda 巴西矿业与能源部规划与矿业政策司 司长 Augusto Souto Pestana 巴西驻上海总领事 白俊 北京燃气研究院 副院长 陈思捷 上海交通大学 教授 新型电力系统技术 经济研究所所长 陈宗媚 JPMorgan 亚太可持续 执 行董事 Damien Nguyen 惠生清洁能源 CTO 邓明晖 弘正储能 海外事业部总经理 代贤忠 国网能源研究院 电网所 安全与城市电网研究室 主任 董德兰 中国 ...

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies in volatile markets, allowing investors to profit from price fluctuations without predicting market trends [4][12]. - The report identifies suitable characteristics for grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [4][12]. Group 2 - The report highlights the focus on specific ETFs for grid trading strategies, including the Military Industry ETF (512710.SH), which is expected to benefit from a new procurement cycle driven by the "14th Five-Year Plan" and increased defense budget [4][13]. - The Pharmaceutical ETF (512010.SH) is noted for its strong pipeline of innovative drugs, with China holding the second-largest number of drug development projects globally, and the potential for accelerated commercialization as domestic policies support innovation [5][16]. - The Hang Seng New Economy ETF (513320.SH) is positioned to capture the benefits of China's industrial upgrade and technological development, aligning with the "14th Five-Year Plan" goals [6][18].

Group 1 - The article discusses the potential investment opportunities in ETFs related to military, pharmaceutical, and new economy sectors, driven by China's strategic planning and budget allocations [3][4][10]. - The military sector ETF (512710.SH) is expected to benefit from China's defense budget increase to 1.81 trillion yuan in 2025, a 7.2% year-on-year growth, although still below the global average as a percentage of GDP [3][4]. - The pharmaceutical ETF (512010.SH) is positioned to capitalize on the unprecedented support for innovative drug development in China, with a significant increase in the number of drug pipelines and licensing agreements, reaching over 66 billion USD in total licensing amounts in the first half of 2025 [7][8]. Group 2 - The Hang Seng New Economy ETF (513320.SH) aims to leverage China's push for high-level technological self-reliance and the ongoing global economic easing, which creates a favorable environment for growth in sectors like internet, semiconductors, and renewable energy [10][11]. - The article highlights the strategic importance of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" in shaping investment opportunities across these sectors, particularly in response to global geopolitical dynamics [3][10]. - The ETFs mentioned are expected to provide exposure to leading companies in their respective fields, benefiting from the anticipated improvements in industry fundamentals and government policies [4][7][10].

Core Viewpoint - The Chinese economy is expected to achieve a growth rate of around 5.0% in 2025, with a slight decrease to approximately 4.9% in 2026, supported by fiscal expansion and improved local government finances [3] Group 1: Market Performance - As of November 11, 2025, the CSI 300 Index has decreased by 0.75%, with mixed performance among constituent stocks [2] - The top-performing stocks include Arctech Solar, which rose by 6.07%, and JinkoSolar, which increased by 2.21% [2] - The CSI 300 ETF from Bosera has seen a decline of 0.85%, with a latest price of 1.51 yuan [2] Group 2: Economic Indicators - In October, the Consumer Price Index (CPI) increased by 0.2% year-on-year and month-on-month [2] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking the first rise of the year [2] Group 3: Future Economic Outlook - Dongguan Securities anticipates that the Chinese economy is in a critical phase of momentum transition, with expectations for improvement in the fourth quarter due to policy support [3] - The market is expected to experience a "slow bull" trend, with a focus on balanced allocation across sectors such as new energy, technology growth, dividends, and non-ferrous metals [3] Group 4: Index Composition - As of October 31, 2025, the top ten weighted stocks in the CSI 300 Index account for 21.76% of the index, including major companies like CATL and Kweichow Moutai [4]

Core Points - The event "Telling Brand Stories - Supporting the '1269' Industrial Chain" was held in Nanchang, aiming to enhance the added value of key industrial chains in Jiangxi through brand storytelling via short videos [1][4] - The "1269" action plan aims to elevate the modernization level of 12 key manufacturing industrial chains by 2026, targeting an annual growth of approximately 9% in industrial revenue for large-scale enterprises in the province [2][5] - The event has collected over 30 outstanding brand story videos from local enterprises, emphasizing the relationship between brand building and industrial chain upgrading [2][3] Industry Insights - A local optical company has successfully broken foreign monopolies and gained a foothold in the global market by investing in R&D and building a brand empowerment system under the "1269" action plan [3] - A furniture company in Nankang District has adopted a "water-based" process reform, securing over 200 million yuan in engineering orders, showcasing that "green is competitiveness" [3] - From January to September this year, Jiangxi Province saw a trademark application volume of 110,500 and 73,500 approvals, indicating rapid development in the trademark sector [5]