锚定战略定位，政企协同护航独角兽成长 转自：推广 文|徐雅琳 12月3日，"2025独角兽企业500强大会"在青岛市崂山区隆重举办。本次大会由中国发明协会、中国人工智能学会、中国汽车工程学会、中国经济发展研究会 指导，中国人民大学中国民营企业研究中心、青岛市企业家联合会主办，北京隐形独角兽信息科技院、中国发明协会独角兽企业创新分会承办。 会议汇聚国家部委、山东省及青岛市相关领导，深圳、成都、杭州、武汉等先进地市民营经济主管部门，全球独角兽企业500强代表、知名创投风投机构代 表及专家学者等近600名嘉宾，以"创新为内核，协同促发展"为核心，共商独角兽企业培育与高质量发展路径。 会上，《2025全球独角兽企业500强报告》正式发布。报告显示，全球独角兽企业500强总估值已达39.14万亿元，同比增长30.71%，平均估值升至782.76亿 元。行业格局持续变动，全年新入榜企业118家，其中美国、中国、印度分别新增67家、27家和7家；并购案例增至10起，出局企业达96家，反映出行业洗牌 正在加速。 青岛市委常委、副市长王波在致辞中表示，习近平总书记强调，培育壮大新兴产业和未来产业，要有力有效支持发展瞪羚企业、独 ...

Group 1 - Recent illegal activities are being conducted under the guise of "financial innovation" and "blockchain," involving the issuance of so-called "virtual currencies," "virtual assets," and "digital assets" to absorb funds and infringe upon public rights [1][3] - These activities are characterized by significant networked and cross-border operations, utilizing the internet and chat tools for transactions, which broadens the risk exposure and accelerates the spread of these activities [1][3] - Many perpetrators rent overseas servers to set up websites targeting domestic residents, making it difficult for regulatory bodies to track and manage these illegal activities [1][3] Group 2 - The deceptive, enticing, and concealed nature of these schemes is strong, as they exploit trending concepts and fabricate various high-profile theories, often using endorsements from influential figures to promote their schemes [2][4] - Perpetrators manipulate the prices of virtual currencies and set thresholds for profit and withdrawal to illegally extract profits, while also using various methods like ICOs, IFOs, and IEOs to issue tokens [2][4] - These activities present multiple legal risks, as they attract public investment through promises of "static returns" (profit from currency appreciation) and "dynamic returns" (profits from recruiting others), resembling illegal fundraising, pyramid schemes, and fraud [2][4] Group 3 - Such activities are essentially Ponzi schemes disguised as "financial innovation," making it difficult to sustain the flow of funds over the long term [2][4] - Public awareness is urged to critically assess blockchain claims and avoid blindly believing in extravagant promises, while also encouraging reporting of any discovered illegal activities to relevant authorities [2][4]

Core Insights - The "14th Five-Year Plan" period has seen Xiong'an New Area achieve an average annual GDP growth of 17.1%, with an annual investment scale maintained at 200 billion yuan, totaling over 1 trillion yuan in completed investments [1][2] Group 1: Economic Development - Xiong'an New Area is positioned as a key area for the relocation of non-capital functions from Beijing, with significant progress in the relocation of central enterprises [1][2] - The first batch of central enterprise headquarters projects has been established, including China Star Network, China Sinochem, and China Huaneng, with additional projects such as China Datang and several universities and hospitals underway [1][2] Group 2: Infrastructure and Public Services - Major infrastructure projects, including the East-West Axis Railway and the Beijing-Xiong'an High-speed Railway, have been completed, with key projects like the National Trade Center and cultural facilities progressing as planned [2] - Public service functions in Xiong'an have been upgraded, with facilities such as the Xiong'an Sports Center and Xiong'an Library enhancing the city's cultural soft power [2] Group 3: Innovation and Industry - The innovation-driven development strategy has taken root in Xiong'an, with over 200 key enterprises in fields such as aerospace information, artificial intelligence, and digital technology [3] - A modern industrial system is forming, supported by various industrial platforms and policies aimed at promoting strategic emerging industries and upgrading traditional industries [3]

Core Insights - As of the end of 2024, Israel has 39 unicorns with a total valuation of $107.6 billion and an average valuation of $2.7 billion, ranking third in Asia for total number, valuation, and historical financing [1][3] Group 1: Valuation and Financing - The historical cumulative financing amount for the 39 Israeli unicorns is $15.36 billion, with an average financing amount of $390 million; 62% of companies are below the average financing level [3] - The valuation distribution of Israeli unicorns shows a typical "long-tail structure," with 74% of unicorns valued below $2.7 billion [1][4] - Companies valued between $1 billion and $5 billion account for 2 firms with a combined valuation of $27 billion, while 33 companies valued below $5 billion represent 85% of the total [4][5] Group 2: Geographic Distribution - The majority of Israeli unicorns are located in four districts: Tel Aviv (31 companies, 79%), Central (6 companies, 15%), Haifa (1 company), and Jerusalem (1 company) [9][12] - Tel Aviv contributes the highest total valuation of $89 billion, accounting for 83% of the total valuation of Israeli unicorns [12] Group 3: Industry Breakdown - Israeli unicorns span six primary industries, with the software industry leading with over 10 companies, representing 64% of the total [15] - The cybersecurity sector has the highest representation among secondary industries, with 10 companies making up 25% of the total [15][19] - Other notable industries include transportation (5 companies, 13%) and fintech, entertainment, healthcare, and hard tech, each with fewer than 5 companies [15]

Core Insights - Kalshi's valuation has reached $11 billion, making co-founder Luana Lopes Lara the youngest self-made female billionaire globally, surpassing Lucy Guo [2][5]. Company Overview - Kalshi is a prediction market company co-founded by Luana Lopes Lara and Tarek Mansour, allowing users to bet on outcomes of future events such as elections and sports [5][8]. - The company completed a $1 billion funding round led by Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, and Y Combinator, significantly increasing its valuation from $2 billion in June to $11 billion [5][7]. Growth and Market Potential - Since July, Kalshi's nominal trading volume has surged eightfold, reaching $5.8 billion by November [7]. - The company aims to create a new asset class and financial product, having received federal approval to operate as a designated contract market [7][10]. Regulatory Challenges - Kalshi faced significant regulatory hurdles, requiring federal approval to operate legally, which they achieved in November 2020 after a lengthy process [9][10]. - Despite initial skepticism about their ability to maintain growth post-election, Kalshi has sustained a weekly trading volume exceeding $1 billion, with over 90% of trades coming from sports contracts [13][14]. Future Prospects - Kalshi has integrated with major brokerage platforms like Robinhood and Webull, and is expanding into the cryptocurrency space through partnerships [13]. - The company is also facing regulatory scrutiny from various states regarding its sports contract trading, but investor confidence remains high due to the founders' track record [14].

从技术层面来看，数字人民币采用"双层运营"架构，央行通过指定运营机构向公众兑换服务。这种设计既保证了央行对货币发 行权的掌控，又充分发挥了商业银行在用户服务方面的优势。与第三方支付工具不同，数字人民币具有法偿性，任何机构不得 拒收，这为消费者提供了更可靠的支付保障。 随着数字人民币试点范围的进一步扩大，这一新兴支付方式正逐步融入我们的日常生活。作为一种由国家信用背书的数字法定 货币，数字人民币不仅具备传统现金的便捷性，更融合了电子支付的高效性，为公众提供了全新的支付体验。 值得关注的是，数字人民币在隐私保护方面做了精心设计。采用"可控匿名"机制，日常小额交易完全匿名，仅在大额及可疑交 易时依法进行监管。这种设计既满足了公众对隐私保护的需求，又为金融安全提供了保障。相比之下，传统电子支付方式往往 需要绑定银行账户，交易数据可能被商业机构获取。 对于老年人等特殊群体，数字人民币也提供了友好的使用方案。支持屏幕朗读、字体放大等无障碍功能，同时保留实体卡片形 态，兼顾不同人群的使用习惯。部分试点地区还推出了"数字人民币+智能合约"应用，在预付卡消费、财政补贴发放等领域展现 出独特优势。 随着试点城市的不断增加，数字人 ...

格隆汇12月4日丨联易融科技-W(09959.HK)发布公告，2025年12月4日耗资99.01万港元回购42万股，回 购价格每股2.34-2.38港元。 ...

Core Viewpoint - Huasoft Technology faces issues of inaccurate financial accounting, leading to a warning letter from the Beijing Securities Regulatory Commission, resulting in a stock price drop. The frequent changes in actual controllers raise concerns about potential capital arbitrage, while the company's fundamentals remain weak [1][15]. Financial Issues - The warning letter highlights two main problems: inaccurate financial accounting, including asset impairment and revenue recognition issues, and governance flaws, such as improper documentation of shareholder meetings [15][11]. - The company reported a significant decline in performance, with Q3 revenue at 261 million yuan, down 38.93% year-on-year, and a net loss of 125 million yuan, a 34.77% decrease [26][26]. Historical Context - Huasoft Technology, originally Tianma Chemical, was listed in 2010 but faced operational difficulties, including a major loss in 2016. The company underwent multiple changes in actual controllers, with significant acquisitions transforming it into a fintech company [2][18]. - The transition to new controllers has not improved the company's fundamentals, as evidenced by continued financial losses [5][18]. Capital Operations - The company has engaged in complex capital operations, including acquiring related assets while avoiding shell listing regulations. For instance, it planned to acquire 100% of Aodesai Chemical for 1.36 billion yuan, while the overall valuation exceeded Huasoft's net assets [6][21]. - Huasoft also utilized a financing strategy to consolidate control, issuing shares worth 971 million yuan, which accounted for 72.19% of the transaction price, while raising additional funds of up to 640 million yuan [7][22]. Performance Guarantees - The company entered into performance guarantee agreements with Aodesai Chemical's original shareholders, promising net profits for 2020-2022. However, actual performance fell significantly short, achieving only 44.42% of the cumulative target [11][28]. - The discrepancies in performance guarantees raise questions about the accuracy of financial reporting and the potential need for compensation obligations [27][28]. Audit Concerns - There has been a concerning trend of frequent changes in audit firms, with four different auditors over five fiscal years from 2020 to 2024, which may indicate underlying issues with financial compliance [9][24].

中国发明协会独角兽创新分会会长 解树江：这几年，国家对独角兽企业培育工作的重视程度不断提高，今年又首次将"培育独角 兽企业"写入国家"十五五"规划建议。同时，民营经济促进法以及科技、产业、金融相关政策的出台与深入实施，为独角兽企业技术 突破、规模扩张与全球化发展提供全方位支撑。 央视网消息：2025全球独角兽企业500强榜单12月3日发布。与2024年相比，独角兽企业整体估值大幅增长，中国在数量和估值占 比上继续保持全球领先，并在多个重点赛道领跑全球。 统计数据显示，2025年全球独角兽企业500强总估值达39.14万亿元，同比增长超30%，主要集中在美国与中国，中国共有150家企 业入选。 从行业看，主要分布在金融科技、信息科技及先进制造等赛道。今年尤其突出的一点是人工智能赛道独角兽企业从20家增加到36 家，涨幅达80%。其中，中国人工智能独角兽企业从2家增加到9家，涨幅达350%。 目前，中国独角兽企业数量在先进制造、汽车科技、交通物流、生活服务和文旅传媒五大赛道均居全球首位。 独角兽企业指成立时间10年左右，估值超过10亿美元，拥有独创性、颠覆性技术或难以复制商业模式的企业，是衡量一个国家或 地区创新 ...

Group 1 - Guangzhou Digital Technology Group held an investor conference on December 3, 2023, focusing on becoming a leading enterprise in digital technology through ecological integration [1] - The conference featured over 150,000 online viewers and included participation from five listed companies under the group [1] - The Vice Director of the State-owned Assets Supervision and Administration Commission of Guangzhou praised the group's contributions to the city's digital economy and innovation [1] Group 2 - The Chairman of Guangzhou Digital Technology Group emphasized a dual-driven strategy of "real economy + capital," focusing on technological innovation and capital operation [1] - The group aims to accelerate its layout in artificial intelligence, data elements, digital security, digital health, digital transportation, and digital finance [1] - The group is committed to being a responsible shareholder and promoting the collaborative development of its five listed companies [1] Group 3 - During the roadshow, various companies shared their business focuses and strategic layouts, including AI applications in finance and smart city solutions [2] - Guangzhou Yuntong Group is pursuing breakthroughs in AI, focusing on AI + financial technology, smart transportation, and other sectors [2] - Beijing Zhongke Jiangnan is enhancing fiscal management through AI and expanding its services in government fund management [2] Group 4 - Guangzhou Haige Communication aims to enhance high-end manufacturing and modern services by focusing on new production capabilities and combat capabilities [2] - Guangzhou Jiliang Testing Group is targeting emerging industries like aerospace and satellite internet, providing comprehensive quality assurance services [2] - Guangzhou Guangha Communication is consolidating its advantages in intelligent command and dispatch systems [3] Group 5 - The interactive session allowed investors to discuss topics such as technology research and development, market expansion, and performance growth with company management [3] - The atmosphere during the Q&A session was lively, indicating strong investor interest and engagement [3]