（编辑 姚尧） 证券日报网讯 1月9日，星网锐捷在互动平台回答投资者提问时表示，星网锐捷旗下星网视易开展脑机 疗愈业务，基于多模态生理信号的非侵入式情绪评估模型，为心理亚健康人群提供情绪解决方案，设立 时间短，目前规模较小。后续公司会根据实际情况制定相应的发展策略。 ...

Core Insights - The Chinese M&A market experienced significant growth in 2025, with a total of 8,151 disclosed transactions and a transaction volume of approximately 25,894 billion yuan, representing a year-on-year increase of about 16.12% [1] - The recovery of the M&A market is attributed to a combination of policy, industry, and capital resonance, marking a shift in China's economic development from "quantity increase" to "quality improvement" [1][3] - The trend indicates a transition in the regulatory framework from "fatherly" control to a "market-friendly" service model, significantly reducing institutional transaction costs and enhancing market vitality [1][3] Regional Distribution - Beijing led the M&A market with a transaction volume of 10,930 billion yuan, up 48.59% year-on-year; Shanghai followed with 6,092 billion yuan, down 14.92%; and Guangdong ranked third with 4,593 billion yuan, down 17.89% [2] - There were 28 M&A events exceeding 100 billion yuan, with notable transactions including China Shenhua's acquisition of Guoyuan Power at 1,335.98 billion yuan, and CICC's mergers with Dongxing Securities and Xinda Securities at 1,142.75 billion yuan [2] Industry Distribution - The industrial sector led M&A activity with a transaction volume of 7,605 billion yuan, up 11.67% year-on-year; the real estate sector saw a remarkable increase of 549.36% to 4,443 billion yuan; and the information technology sector reached 2,855 billion yuan, up 35.84% [2][3] - The significant growth in the real estate sector is attributed to necessary asset-liability restructuring, with many transactions aimed at project clearance and risk mitigation [3] M&A Trends and Strategies - The industrial sector's M&A activity reflects a shift from "spreading out" to "stepping up," focusing on enhancing supply chain resilience and precision [3][4] - Horizontal integration M&A events accounted for 5,966 billion yuan, representing 22.70% of total transaction volume, indicating a deep structural phase of "stock reshuffling" across various industries [4] - Companies are increasingly pursuing "structural power" through horizontal mergers, aiming to establish stronger competitive barriers and enhance management efficiency and technological innovation [4] Future Outlook - In 2026, two key areas of focus are expected: strategic acquisitions in hard technology industries, particularly in semiconductors and industrial software, and professional integration led by state-owned enterprises in sectors like new energy and high-end equipment [5] - Cross-border M&A in the high-tech sector is anticipated to gain momentum as Chinese companies seek to acquire advanced technologies and talent globally, enhancing their position in the global tech supply chain [5][6]

Core Viewpoint - The company, Zhongke Information (300678), is actively engaging in strategic partnerships with the Civil Aviation Flight University of China and the Beijing University of Aeronautics and Astronautics Chengdu Innovation Institute to enhance its capabilities in low-altitude intelligent transportation and related technologies [1] Group 1: Partnerships and Collaborations - The company has established a strategic cooperation with the Civil Aviation Flight University of China and the Beijing University of Aeronautics and Astronautics Chengdu Innovation Institute as low-altitude joint innovation partners [1] - Collaborations include research cooperation, student internships and employment, and the establishment of joint laboratories with the Civil Aviation Flight University [1] - The partnership with the Chengdu Innovation Institute focuses on the research and development of aerospace intelligent manufacturing technology and the innovation of aerospace information technology [1] Group 2: Technological Development and Applications - The company plans to work with ecological partners to tackle technological challenges in areas such as low-altitude intelligent transportation control models, drone airworthiness certification technology, and high-energy-density batteries [1] - The company aims to develop a low-altitude intelligent network demonstration area in the Tianfu New Area, with initial applications in financial escort, emergency rescue, new logistics, public safety, and smart agriculture [1]

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Company have launched the "Comprehensive Index of the Sci-Tech Innovation Board" (科创综指) to provide a comprehensive view of the market, marking a new phase in the index system construction for the Sci-Tech Innovation Board [10][16]. Group 1: Index Overview - The Sci-Tech Innovation Comprehensive Index covers nearly all non-ST and *ST securities listed for over a year on the Sci-Tech Innovation Board, with a sample size of 576 stocks and a market capitalization coverage exceeding 90% [13][14]. - The average total market capitalization of the index components is 16.3 billion [14]. Group 2: Market Performance - Since its launch, the Sci-Tech Innovation Comprehensive Index has shown a steady upward trend, achieving a growth rate of approximately 48% by December 31, 2025, significantly outperforming major broad-based indices [26]. - The index has gained 115% since September 24, 2024, reflecting market recognition of the value of hard technology assets [26]. Group 3: Financial Performance of Components - In the first three quarters of 2025, the index components collectively achieved operating revenue of 1.1 trillion, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 48.3 billion, with a year-on-year growth of 7.1% [23]. - The revenue and net profit growth rates have shown a quarterly increase, indicating the operational resilience of the listed companies [23]. Group 4: Product Ecosystem - The index has gained widespread recognition among investors, leading to a complete product chain that includes ETFs, linked funds, and enhanced products, facilitating efficient access to the development dividends of new quality productivity [32]. - As of December 31, 2025, 46 fund managers have launched a total of 78 index funds tracking the Sci-Tech Innovation Comprehensive Index, with a combined scale of 27.4 billion, making it the second-largest broad-based index for the Sci-Tech Innovation Board [32].

Group 1 - The company and its wholly-owned subsidiary, Jinyi Yongci (Ningbo) Investment Co., Ltd., plan to invest up to 150 million yuan in establishing Jiaxing Jinci Equity Investment Partnership (Limited Partnership) [1] - The company will contribute no more than 30 million yuan, while Jinyi Ningbo Investment will contribute no more than 120 million yuan [1] - The new fund will primarily invest in the new generation information technology and high-end manufacturing industries, focusing on equity investments in unlisted companies [1]

Core Viewpoint - The Hong Kong IPO market experienced a strong resurgence in 2025, with 114 companies completing listings and raising a total of 285.3 billion HKD, a 224% increase from 88.1 billion HKD in 2024, making it the largest IPO fundraising exchange globally [1][9]. Industry Analysis - The fundraising distribution in the Hong Kong IPO market shows a clear structural characteristic, with significant differences in financing vitality and capital preferences across different sectors, highlighting the importance of understanding the market ecology [1][9]. - The top five industries—Industrial, Information Technology, Consumer Discretionary, Materials, and Healthcare—accounted for 90% of the total fundraising, raising a combined 260.2 billion HKD, demonstrating the strong appeal of core sectors to investors [1][9]. Major Fundraising Projects - Notably, the largest IPO projects in these five industries came from well-known companies, including CATL, which raised 41.0 billion HKD, and SANY Heavy Industry, which raised 15.3 billion HKD through A to H listings [3][11]. - The fundraising landscape changes significantly when excluding established companies, revealing that the top three industries for new entrants are Consumer Discretionary, Information Technology, and Healthcare, which collectively raised 72.5 billion HKD, representing 81% of the total for new entrants [4][12]. Sector Highlights - The Consumer Discretionary sector led the new entrants with a total fundraising of 30.2 billion HKD, driven by key players like Chery Automobile, which raised 10.4 billion HKD [6][14]. - The Information Technology sector also performed well, with 20 new entrants raising a total of 21.8 billion HKD, benefiting from the rise of robotics and artificial intelligence [6][14]. - The Healthcare sector raised 20.5 billion HKD, with 16 unprofitable biotech companies completing IPOs, accounting for 65% of the sector's total fundraising, showcasing the sector's potential as a financing platform for innovative medical enterprises [6][14]. Market Preferences - The distribution of industry fundraising aligns with market capital preferences, where established industries attract long-term capital due to stable profitability, while new sectors like Consumer Discretionary, Information Technology, and Healthcare are favored for their high growth potential [7][15].

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%，该指数从深圳证 券交易所创业板市场中选取市值规模大、流动性好的50只股票作为样本，以反映创业板市场上最具代表 性的成长型及创新型企业的整体表现。指数成分股覆盖信息技术、医药生物等多个高新技术行业，集中 展现了中国创业板市场的核心资产特征。 1月9日，创业板50ETF国泰（159375）涨超0.5%，把握科技主线布局机遇。 相关机构表示，科技创新主线持续强化，人工智能、智能制造、半导体等战略性新兴产业成为推动指数 上行的核心动力。政策层面，"人工智能+"行动首次写入"十五五"规划建议，技术突破与产业应用加速 落地。同时，创业板50成分股盈利能力同步改善，2025年前三季度平均ROE同比提升1.26个百分点至 10.99%，呈现"高景气+高成长"特征。在资本市场高质量发展框架下，创业板50作为新经济代表指数， 将持续受益于科技创新、产业升级和制度红利的多重驱动。 （文章来源：每日经济新闻） ...

据美国消费者新闻与商业频道（CNBC）等媒体报道，当地时间1月8日，美股三大指数收盘涨跌不一， 科技股当日遭到抛售。 截至收盘，道琼斯工业平均指数上涨270.03点，涨幅0.55%，收于49266.11点；标准普尔500指数上涨 0.53点，涨幅为0.01%，收于6921.46点；纳斯达克综合指数下跌104.25点，跌幅0.44%，收于23480.02 点。 | 名称 ▼ | 最新 | 展 | િક્દ | 升跌幅 ▼ | 升跌率% ▼ | | --- | --- | --- | --- | --- | --- | | ■ 标普500指数 | 6,921.36 | 6,931.28 | 6,899.33 | +0.43 | +0.01% | | ■ 道琼斯指数 | 49,266.11 | 49,357.74 | 48,792.34 | +270.03 | +0.55% | | 1 纳斯达克100 | 25,507.10 | 25,622.32 | 25,400.17 | -146.79 | -0.57% | | 120 纳斯达克综合指数 | 23,480.02 | 23,558.17 | 23,353.46 ...

Group 1 - The "Two New" policy aims to optimize support for the manufacturing sector, enhancing investment growth in equipment manufacturing, consumer goods, and information technology, while promoting the transformation of Chinese manufacturing towards high-end, intelligent, and green development [1] - The demand for equipment updates is significant, with a 12.2% year-on-year increase in investment in equipment and tools from January to November 2025, contributing 1.8 percentage points to overall investment growth [1] - The first batch of 625 billion yuan in special bonds for consumer goods replacement has been allocated ahead of schedule, indicating strong governmental support for the initiative [1] Group 2 - The old-for-new consumption policy has opened new market opportunities for Chinese manufacturing, with sales of related products expected to exceed 2.6 trillion yuan in 2025, including over 11.5 million vehicles and 129 million home appliances [2] - The "Two New" policy not only stimulates investment and consumption but also drives quality upgrades in Chinese manufacturing, leading to improved production efficiency and profitability [2] - The shift towards smart and green products is evident, with nearly 60% of replaced vehicles being new energy vehicles and over 90% of replaced home appliances being energy-efficient [3] Group 3 - The optimization of the "Two New" policy is expected to invigorate small and medium-sized enterprises (SMEs) by lowering investment thresholds and streamlining application processes, thus enhancing their competitiveness [3] - The policy encourages a collaborative upgrade across the supply chain, fostering a virtuous cycle of demand and supply, which is essential for the sustainable growth of the manufacturing sector [3] - The dual focus on investment and consumption through the "Two New" policy is set to accelerate China's transition from a manufacturing power to a manufacturing stronghold [4]

Core Viewpoint - The "Two New" policy aims to inject new momentum into Chinese manufacturing by driving investment and consumption, facilitating a transition from a manufacturing power to a manufacturing stronghold [1][4]. Investment and Consumption - The National Development and Reform Commission and the Ministry of Finance have optimized the support scope, subsidy standards, and implementation mechanisms of the "Two New" policy [1]. - A total of 625 billion yuan in special long-term bonds for the first batch of the consumption upgrade plan has been allocated ahead of schedule for 2026 [1]. - From January to November 2025, investment in equipment and tools increased by 12.2% year-on-year, contributing 1.8 percentage points to overall investment growth [1]. Market Opportunities - The "old-for-new" consumption policy has opened new market spaces for durable consumer goods, with sales expected to exceed 2.6 trillion yuan in 2025 [2]. - Specific figures include over 11.5 million vehicles, 129 million home appliances, 9.1 million digital products, and 12 million home renovation items being replaced [2]. Upgrading Manufacturing - The "Two New" policy not only stimulates investment and consumption but also drives quality upgrades in Chinese manufacturing [2]. - Companies are replacing outdated equipment with new technology, improving production efficiency and product competitiveness, which encourages further R&D investment [2]. Transition to High-End Manufacturing - There is a growing preference for smart and green products, with nearly 60% of replaced vehicles being new energy vehicles and over 90% of replaced home appliances being energy-efficient [3]. - The policy optimization is expected to invigorate more small and medium-sized enterprises (SMEs) by lowering investment thresholds and streamlining application processes [3].