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]

赛微电子（300456）(300456.SZ)公告，公司收到公司股东国家集成电路基金出具的《简式权益变动报 告书》。权益变动前，国家集成电路基金持有公司股票4650.64万股，占公司当时总股本的13.75%;权益 变动后，国家集成电路基金持有公司股票3661.06万股，占公司总股本的4.999986%，权益变动触及1% 及5%的整数倍。 ...

智通财经APP讯，赛微电子(300456.SZ)公告，公司收到公司股东国家集成电路基金出具的《简式权益变 动报告书》。权益变动前，国家集成电路基金持有公司股票4650.64万股，占公司当时总股本的13.75%; 权益变动后，国家集成电路基金持有公司股票3661.06万股，占公司总股本的4.999986%，权益变动触及 1%及5%的整数倍。 ...

赛微电子公告，国家集成电路产业投资基金股份有限公司因基金退出需要减持公司股份，持股比例从 13.75%降至4.999986%。本次权益变动完成后，国家集成电路基金持有赛微电子3661.06万股股份。未来 12个月内，国家集成电路基金将继续根据市场情况及自身退出需要择机减持上市公司股份。 ...

以下文章来源于长江商学院 ，作者CKGSB 长江商学院 . 长江商学院以"为中国和世界培养一批具有全球视野、全球资源整合能力、全球价值对接能力及全球担 当，具备人文关怀和创新精神的世界级商业领袖"为己任，培养重视社会创新的经济上新生代迭代的力 量，为全球重大问题的解决贡献中国智慧和中国方案。 来源丨长江商学院 （ID： ckgsb ） 作者丨 滕斌圣、曹欣蓓 图源丨Midjourney 全球资本市场正经历结构性调整，宽松货币时代积累的估值泡沫加速出清，投资者对盈利模式和长期 价值的审视日益严格，"降价融资"成为常态，市场从狂热转向理性冷思考。 这一趋势深刻重塑独角兽企业生态：昔日依赖资本驱动的"ZIRPicorns" （零利率时代独角兽） 面临 资金链压力，"Papercorns" （纸面独角兽） 的估值缺乏流动性支撑，部分企业甚至陷入"僵尸化"困 境。 当估值泡沫破裂，独角兽企业靠什么活下去？中美独角兽在创新路径上有哪些显著差异？差异背后的 原因是什么？AI下半场，中国的独特优势又有哪些？ 今天和你分享长江商学院滕斌圣教授与曹欣蓓研究员在最新发表于《经济观察报》的署名文章，希望 对你有所启发。 滕 斌 圣 ...

Core Viewpoint - The development of new quality productivity is essential for promoting high-quality development in China, driven by technological breakthroughs and the need for high-quality technical talent [1] Group 1: Talent Gap and Skills Demand - The rise of new industries and the transformation of traditional industries have created a significant talent gap, particularly for interdisciplinary and composite talents in fields like smart connected vehicles and artificial intelligence [2] - By 2025, the talent shortage in smart connected vehicle technology is expected to reach 256,000 personnel, highlighting the urgent need for skilled workers who understand both industrial mechanisms and digital technologies [2] Group 2: Competition and Industry Relevance - The national industrial and information technology skills competition is designed to address the talent gap by focusing on real industry challenges, ensuring that the competition topics are derived from actual pain points faced by enterprises [3] - The competition's practical assessment model simulates real industrial scenarios, aiming to quickly cultivate composite talents capable of solving practical problems [3] Group 3: Market Value of Skills - Participants who excel in the competition become highly sought after by companies, demonstrating the market value of the skills acquired through the competition [3] - The shift in focus from traditional qualifications to practical problem-solving abilities reflects a new talent perspective under the framework of new quality productivity [4] Group 4: Knowledge Transfer and Mentorship - The competition serves as a platform for knowledge transfer between generations of skilled workers, exemplified by the mentorship relationship between teachers and students [5][6] - The integration of new technologies such as big data and artificial intelligence into the competition reflects an ongoing evolution in skill development, ensuring that the talent pool remains relevant and innovative [6] Group 5: Overall Impact on Manufacturing - The national industrial and information technology skills competition embodies a model for talent cultivation that combines competition with education, providing robust support for the development of new quality productivity [6][7] - The competition not only showcases skilled elites but also fosters the growth of future craftsmen, contributing to the high-end, intelligent, and green transformation of China's manufacturing industry [7]

东芯股份公告称，2025年11月25 - 27日，公司股价涨幅偏离值累计达30%，属异常波动。2025年三季度 公司净利润为 - 3521.58万元，预计全年仍亏损。公司拟2.11亿元增资上海砺算，增资后持股35.87%，已 完成款项支付，按权益法核算，不纳入合并报表。近日市场传闻上海砺算签大额订单，实际仅签框架协 议，未签订单、无收入，产品销售存不确定性。公司提醒投资者关注股价及上海砺算产业化、市场竞争 等风险。 ...

Core Viewpoint - The company, Haowei Group, is establishing a private equity investment fund focused on the integrated circuit industry, with a total fundraising target of 1.0875 billion yuan [1] Group 1: Fund Details - The fund is named Shanghai Yuanhe Puhua Private Fund Partnership and will be initiated by Haowei Group's wholly-owned subsidiary, Shaoxing Weihau, along with Shanghai Guotou Xiandao Integrated Circuit Private Investment Fund Partnership [1] - The company will invest 200 million yuan as a limited partner in this fund [1] Group 2: Investment Focus - The fund will primarily invest in unlisted companies within the integrated circuit sector, including design, manufacturing, packaging, testing, equipment materials, and components [1] - This investment aims to enhance the company's understanding of industry investments and development directions while seizing investment opportunities that align with its strategic goals [1]

Core Viewpoint - The company, Haowei Group, is establishing a private equity investment fund focused on the integrated circuit industry, with a total fundraising scale of 1.0875 billion yuan [1] Group 1: Fund Details - The fund, named Shanghai Yuanhe Puhua Private Fund Partnership, is initiated by Haowei Group's wholly-owned subsidiary, Shaoxing Wehao, in collaboration with Shanghai Guotou Xiandao Integrated Circuit Private Investment Fund Partnership [1] - The company will invest 200 million yuan as a limited partner in this fund [1] Group 2: Investment Focus - The fund will primarily invest in unlisted companies within the integrated circuit sector, including design, manufacturing, packaging and testing, equipment materials, and components [1] - This investment aims to help the company understand industry investments and development directions, seize investment opportunities, and accelerate the implementation of its development strategy [1]

格隆汇11月27日丨豪威集团(603501.SH)公布，为了把握产业投资机会，加快公司发展战略的实施，拓 展投资渠道，提升公司综合竞争能力，公司全资企业绍兴韦豪拟与上海国投先导集成电路私募投资基金 合伙企业(有限合伙)、苏州元禾控股股份有限公司、上海张江浩成创业投资有限公司、宁波前湾新区甬 投海洋产业投资合伙企业(有限合伙)参与投资苏州优纳创企业管理合伙企业(有限合伙)(以下简称"苏州 优纳创")发起设立的私募股权投资基金，基金名称为上海元禾璞华私募基金合伙企业(有限合伙)，基金 募集规模为人民币108,750万元，执行事务合伙人为苏州优纳创，基金管理人为元禾璞华同芯(苏州)投资 管理有限公司(以下简称"元禾璞华同芯")。绍兴韦豪作为有限合伙人投资人民币20,000万元认购该基金 的基金份额。 本次投资设立的基金主要聚焦投资于集成电路设计、制造和封测、装备材料和零部件等集成电路相关领 域的未上市企业。在保证公司主营业务稳健发展的前提下，本次投资将有助于公司了解产业投资及其发 展方向，把握产业投资机会，加快公司发展战略的实施，布局与公司主营业务具有协同性且符合公司发 展战略的项目。 ...