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。 ...

Core Viewpoint - Renxin New Materials (301395.SZ) aims to enhance its capital operation capabilities and achieve investment returns by collaborating with Shenzhen Energy Conservation Private Equity Investment Fund Management Co., Ltd. and other limited partners through a partnership agreement [1] Group 1: Investment Details - The total subscribed capital for the partnership is RMB 32.01 million, with the company contributing RMB 10 million, representing 31.2402% of the total subscription [1] - The partnership will focus on direct investments in equity of unlisted companies in the integrated circuit and semiconductor industries [1] Group 2: Investment Scope - Idle funds from the partnership may be invested in bank wealth management products, bank deposits, fixed income trusts, and money market funds [1]

Core Viewpoint - Company Renxin New Materials (301395.SZ) has signed a partnership agreement to invest in a venture capital partnership focused on the integrated circuit and semiconductor industries [1] Group 1: Investment Details - The total subscribed capital for the partnership is 32.01 million yuan, with the company contributing 10 million yuan, representing 31.2402% of the total subscription [1] - The partnership will directly invest in equity of unlisted companies within the integrated circuit and semiconductor sectors [1] Group 2: Investment Scope - Idle funds from the partnership may be invested in bank wealth management products, bank deposits, fixed income trusts, and money market funds [1]

Core Insights - The report indicates that China's economy is expected to achieve its annual growth target of around 5% for 2025, with a stable performance in the first three quarters, where the actual GDP grew by 5.2% year-on-year, surpassing the previous year's level [1][11][24] - However, the economic growth rate slowed in the third quarter to 4.8%, down 0.4 percentage points from the second quarter, primarily due to the implementation of "anti-involution" policies, reduced policy intensity, and ongoing weakness in the real estate sector [1][11][24] - The report highlights a divergence between domestic and external demand, as well as between supply and demand, with manufacturing investment experiencing rare negative growth due to external uncertainties and "anti-involution" policies [1][11][24] Economic Performance - In the first three quarters, the actual GDP growth was 5.2%, with the third quarter showing a slowdown to 4.8%, reflecting a "high first, low second" trend [1][11][24] - The manufacturing sector faced negative growth for the first time since Q3 2020, influenced by "anti-involution" policies and a decline in real estate demand [1][11][24] - Service consumption and emerging export categories demonstrated resilience, becoming significant supports for economic growth [1][11][24] Investment Trends - Fixed asset investment saw a year-on-year decline of 0.5% in the first three quarters, with a significant drop to -6.2% in Q3, driven by weak real estate sales and reduced local government spending on infrastructure [1][11][15] - The report anticipates a recovery in manufacturing and infrastructure investment in Q4, supported by new policy measures and a more favorable external environment [1][11][15] - Real estate investment remains a major drag on fixed asset investment, with a decline from -12.1% in Q2 to -19.2% in Q3 [1][11][15] Consumption Insights - Social retail sales growth slowed to 4.5% year-on-year in the first three quarters, with Q3 showing a further decline to 3.5% [1][11][14] - Service consumption maintained strong resilience, with service retail sales growing by 5.2%, outperforming goods retail growth [1][11][14] - Online retail sales increased by 9.8%, with non-physical goods online retail sales surging by 26.7% [1][11][14] Export Performance - Exports grew by 6.1% year-on-year in the first three quarters, with Q3 growth rising to 6.5% [1][11][16] - The growth was bolstered by a 12.6% increase in exports to non-US markets, effectively offsetting declines in exports to the US [1][11][16] - High-end manufacturing and green product exports showed significant growth, with integrated circuit exports rising by 31.4% and electric passenger vehicle exports increasing by 51.2% [1][11][16] Policy Focus - The report emphasizes a shift in policy focus towards high-quality development, with an emphasis on innovation and domestic demand [1][11][6] - Recent macroeconomic policies have aimed to stabilize domestic demand, with significant financial tools and local debt issuance to support project construction and debt repayment [1][11][6] - The implementation of the "14th Five-Year Plan" highlights the direction for the next five years, focusing on building a modern industrial system and enhancing innovation efficiency [1][11][6]

Group 1 - The core point of the news is that Guokai Microelectronics has seen a stock price increase of 5.11%, reaching 92.41 yuan per share, with a total market capitalization of 20.066 billion yuan [1] - Guokai Microelectronics, established on September 24, 2008, and listed on July 12, 2017, specializes in the research and sales of chips related to video decoding, video encoding, solid-state storage, and the Internet of Things, with integrated circuits accounting for 100% of its main business revenue [1] Group 2 - From the perspective of fund holdings, Changxin Fund has a significant position in Guokai Microelectronics, with its Changxin CSI 1000 Index Enhanced A fund holding 40,800 shares, representing 0.87% of the fund's net value, making it the fifth-largest holding [2] - The Changxin CSI 1000 Index Enhanced A fund, established on April 20, 2023, has a current scale of 320 million yuan and has achieved a year-to-date return of 38.54%, ranking 834 out of 4206 in its category [2] - The fund manager, Zuo Jinbao, has a tenure of 10 years and 263 days, with the fund's total asset size at 2.19 billion yuan, achieving a best return of 136.16% and a worst return of -52.72% during his management [2]

Core Viewpoint - Ruishi Chuangxin (Chongqing) Technology Co., Ltd. has completed its initial public offering (IPO) guidance work, marking a significant step towards its goal of listing on the Sci-Tech Innovation Board, backed by major industry players like Huawei and OPPO [1][3]. Group 1: Company Overview - Established in 2017, Ruishi Chuangxin focuses on the R&D, manufacturing, and sales of RF front-end discrete devices and modules for 4G and 5G, creating a unique full industry chain layout from chip design to module integration and filter wafer manufacturing [3]. - The company has accumulated over 400 authorized patents, forming a core technological advantage in key areas such as chip design and packaging testing, and has launched products like Sub6G L-PAMiF and satellite communication amplifier modules [3]. - Ruishi Chuangxin has attracted significant investment, raising over 1 billion yuan through seven rounds of financing, with OPPO as the largest external shareholder at 7.1761%, followed by Huawei's Hubble Investment and Shunwei Capital [3]. Group 2: Market Potential - If successfully listed on the Sci-Tech Innovation Board, the company will become the first listed company in the integrated circuit sector in Chongqing, which will broaden its financing channels and accelerate technology iteration and capacity release [4]. - The demand for RF front-end products is expected to grow continuously due to the expansion of emerging applications in 5G, IoT, and satellite communications, positioning Ruishi Chuangxin to capture a larger market share and contribute to the self-sufficiency of domestic RF chips [4].

Core Insights - The Ministry of Industry and Information Technology recently announced the seventh batch of "specialized, refined, distinctive, and innovative" small giant enterprises, with 214 new companies from Shanghai, bringing the total to 1,026, ranking third nationwide [1][2] Group 1: Company Distribution - 60% of the 1,026 small giants are concentrated in four districts: Pudong, Minhang, Jiading, and Songjiang [1] - Pudong leads in integrated circuits and biomedicine, while Minhang and Jiading excel in high-end equipment and intelligent connected vehicles [1] - Songjiang has developed industrial clusters in satellite IoT [1] Group 2: Industry Classification - Manufacturing enterprises account for 729, representing 71% of the total, primarily in key foundational sectors [1] - 426 manufacturing companies are in leading industries such as integrated circuits, biomedicine, and artificial intelligence [1] Group 3: Company Characteristics - Private enterprises dominate, with 776 out of 1,026 being private, accounting for 75.6% [1] - These companies are seen as the most active players in cultivating hard technology and developing new productive forces [1] Group 4: R&D Investment - In 2024, the average R&D expenditure per company is projected to reach 50.28 million, with an average R&D intensity of 11.4%, significantly higher than the city's overall R&D intensity [2] - 506 small giant companies have established national or provincial R&D institutions, with 209 involved in major national science and technology projects [2] Group 5: Resilience and Growth - The average establishment age of these companies is 16.7 years, with an average profit margin of 6.2%, surpassing the national average for industrial enterprises [2] - The innovative and high-growth nature of these small giants has attracted significant attention from the capital market, with one in four listed companies in Shanghai being a small giant [2] Group 6: Policy Support - Shanghai is building a tiered cultivation system for high-quality small and medium-sized enterprises, with specific policies to support their growth and transition to larger entities [3] - The goal is to reach around 20,000 city-level specialized and innovative small and medium-sized enterprises by the end of the 14th Five-Year Plan [3]

天眼查App显示，近日，广东澄珂科技有限公司成立，注册资本7777.7777万人民币，经营范围为一般项 目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；集成电路芯片及产品制造；软 件开发；集成电路芯片设计及服务；集成电路芯片及产品销售；集成电路设计；集成电路销售；电子元 器件制造；电子元器件批发；电子元器件零售；新兴能源技术研发；财务咨询；企业管理咨询；信息咨 询服务（不含许可类信息咨询服务）；以自有资金从事投资活动；市场营销策划；企业形象策划；咨询 策划服务；企业管理；大数据服务；组织文化艺术交流活动（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动）。 ...

从更长远来看，助力经济高质量发展的诸多政策和举措正在持续发酵和发力之中。比如，今年8月份， 国务院印发《关于深入实施"人工智能+"行动的意见》，明确到2027年、2030年和2035年我国人工智能 发展目标。这充分显示了国家对于人工智能赋能千行百业的决心，为加快发展智能经济、形成经济发展 新动能提供了重要指引，为各行各业新应用新场景打开无限可能。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新动能强力支撑起我国经济发展的强大韧性和活力。未来，持续推动创新的"势能"向经济的"动能"转 化，仍需要多方发力，让创新的"根"扎得更深。比如，相关市场主体要持续加大研发投入，在尊重产业 发展规律的同时加快自主研发进程，增强自主创新能力，解决关键技术问题；要推动产业发展从"单点 突破"转向"全产业链协同创新"，将关键技术"点"上的突破，串联成产业发展"线"上的优势。 ■ 朱宝琛 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，全面增强自主创新能力。蓝 图已绘就，奋进正当时。下一步，各方要持续激发创新活力、强化创新驱动，促进经济质的有效提升和 量的合理增长。 国家税务总局最新增 ...

高研发投入和高成长性一直是科创板公司的鲜明特征。近日，随着中芯国际、诺诚健华2家多地上市的 红筹公司完成三季报业绩披露，科创板592家公司的三季度"成绩单"正式揭晓。数据显示，"硬科技"企 业研发投入持续加码，集成电路、人工智能等重点产业加速培育新质生产力。 近年来，科创板公司研发投入力度持续加大。前三季度，板块研发投入总额高达1197.45亿元，是板块 净利润的2.4倍，研发强度中位数高达12.4%，持续大幅领跑A股各板块。 今年6月，科创板"1+6"改革启动，设立科创成长层，精准支持未盈利科技型企业发展。从三季度业绩表 现看，35家科创成长层未盈利企业用"时间"换"空间"，用"研发"换"未来"，发展势头喜人。35家公司前 三季度营收同比增长39%，净利润同比大幅减亏65%；在增收缩亏的同时，研发强度中位数高达 44.3%。 在近日召开的上海证券交易所国际投资者大会上，上交所副总经理傅浩介绍，自设立之初，科创板便突 破传统盈利门槛，允许未盈利企业、红筹企业及特殊股权架构企业上市，开辟科创企业专属融资通道。 近2年来，监管层不断完善制度供给。发行端，推出科创板"1+6"政策组合，并将第五套上市标准进一步 扩围 ...