Group 1: Share Buybacks - Zhongju Gaoxin plans to repurchase shares worth between 300 million to 600 million yuan for cancellation and reduction of registered capital [3] - Baili Tianheng intends to buy back shares valued at 100 million to 200 million yuan, with a maximum price of 546 yuan per share [3] - Guangqi Technology aims to repurchase shares worth 50 million to 100 million yuan [3] - Proya plans to buy back shares valued at 80 million to 150 million yuan [3] Group 2: Share Reductions - Jiangbolong's senior management has completed the share reduction plan [3] - Hengda New Materials' shareholder Longyou Lianlong plans to reduce its stake by no more than 3% [3] - Guosen Securities' shareholder FAW Investment has reduced its holdings by 22 million shares, completing the reduction plan [3] - United Precision's controlling shareholder He Guijing has cumulatively reduced 319,000 shares from December 29 to 30 [3] - Gu Zhong Technology's senior management Zhou Xiaoqing plans to reduce no more than 0.01% of shares [3] - Huaxing Yuanchuang plans to reduce no more than 434,900 shares already repurchased [3] - Su Shi Testing's controlling shareholder Su Shi General Factory intends to reduce no more than 2% of shares [3] - Chaojie Co. has completed the reduction of 3,985,500 shares [3] - Hongxun Technology's shareholder Bangbangmang plans to reduce no more than 3% of shares [3] - Leiguang Co.'s Xinda Securities has reduced 14.3 million shares, bringing its holding below 5% [3] - Ruihua Tai's shareholder Guotou Gaoke plans to reduce no more than 1% of shares [3] - Meinong Biological's shareholder Quanyu plans to reduce no more than 1% of shares [3] - Youbuxun's controlling shareholder and its concerted parties plan to reduce a total of no more than 2.96% of shares [3] - Wuzhou Xinchun's third-largest shareholder Wuzhou Holdings reduced 10 million shares from November 3 to December 29 [3]

为加速高校优质科技成果转化落地，推动科技创新和产业创新深度融合，12月29日上午，由山东省科学技 术厅与哈尔滨工业大学(威海)联合主办的哈尔滨工业大学科技成果专项对接活动即将在山东科技大市场举 办。 活动将采取"成果发布+专项路演+精准对接"的形式。现场路演重点遴选的8项技术成熟度高、产业化前景 好的前沿科技成果，涉及具身智能操作系统、第三代半导体材料、星载轻量化部件、固态电池、绿色制氢 等硬核科技领域。 8项路演项目都有啥？精彩提前抢先看。 ▶ 路演讲解人 奏学 实时微内核|全链兼容 12月29日 山东科技大市场 哈尔滨工业大学 科技成果专项 路演活动 喷 R OHEC 行业大模型产业化应用 项目 "天功"赋能,非计算机专业也能 玩转行业大模型 单位 哈尔滨工业大学(威海) ▶ 路演讲解人 隋典伯 认知控制论 | 无代码 | 垂直场景 12月29日 山东科技大市场 哈尔滨工业大 科技成果专项 路演活动 第三代功率半导体封装用 AMB陶瓷基板关键技术 研发及产业化 硬核突破,第三代半导体封装散 热基板国产化替代方案 ▶单位 哈尔滨工业大学(威海) ▶ 路演讲解人 宋延宇 空洞率 < 0.5% | 剥离强度 1 ...

Core Insights - The recent reforms in the Shanghai Stock Exchange have significantly accelerated the refinancing process for companies, with some projects being approved in as little as 40 days, a stark contrast to the previous lengthy timelines [1][3] - The introduction of simplified procedures and the "light asset, high R&D" standard has enabled companies to access funds more efficiently, allowing them to focus on technological advancements without financial distractions [5][12] Group 1: Refinancing Efficiency - The refinancing process has seen a dramatic reduction in approval times, with 37 companies completing their refinancing projects in approximately two months [1] - Notable companies like Xianghe Industrial and Haitai Co. have completed their refinancing processes in 40 to 50 days, setting new records [1] - The "simplified procedure" allows companies to submit funding purposes directly to the exchange without extensive inquiries, expediting the entire process [7][10] Group 2: Policy Impact - The "light asset, high R&D" standard, introduced in October 2024, has relaxed previous limitations on funding for operational costs and debt repayment, aligning better with the business development characteristics of companies [5][12] - By December 2025, 14 companies had utilized this standard to raise a total of 351.2 billion yuan, representing 38% of the companies accepted for refinancing on the Sci-Tech Innovation Board [12][14] - The reforms have shifted the focus of capital markets towards key sectors such as integrated circuits, semiconductor equipment, and innovative pharmaceuticals, enhancing the precision of fund allocation [18] Group 3: Company Examples - Companies like Micron Biologics and China Software have successfully navigated the new refinancing landscape, with Micron completing a project in under 70 days to raise 9.5 billion yuan for innovative drug development [16] - Cold Arm Technology raised 39.85 billion yuan in 92 days for projects related to large model chips and software platforms, showcasing the accelerated funding capabilities [16] - The reforms have allowed companies to attract investments from various institutional investors, enhancing their market presence and strategic positioning [14]

Core Viewpoint - The establishment and enhancement of manufacturing pilot testing platforms are crucial for accelerating the transformation and application of major scientific and technological achievements in China, with a focus on improving the success rate of industrialization through systematic support and development strategies [1][2][3]. Group 1: Manufacturing Pilot Testing Platforms - The Chengdu High-tech Zone's pilot testing base has successfully assisted over 300 products in reaching mass production by providing comprehensive services for product finalization, process optimization, and reliability verification [1]. - As of now, more than 2,400 pilot testing platforms have been established in China, with 241 selected as key cultivation platforms by the Ministry of Industry and Information Technology (MIIT), which have undertaken 25,000 pilot service projects [2]. - The success rate of industrialization for technologies that undergo pilot testing is 80%, compared to only 30% for those that do not [1]. Group 2: Guidelines for High-level Construction - The MIIT has released guidelines addressing key issues in the construction of pilot testing platforms, focusing on what to build, who will build it, and how to build it [3]. - The guidelines emphasize a systematic approach to strengthen, activate, and supplement pilot testing platforms, targeting strategic positioning, foundational capabilities, and future potential [3]. - Specific sectors and industries have been identified for the development of pilot testing platforms, including raw materials, equipment manufacturing, consumer goods, information technology, and emerging industries [3]. Group 3: Avoiding Redundant Construction - To prevent redundant construction and "involution" competition, the guidelines advocate for a resource-based approach that considers local conditions and industry foundations, promoting complementary functions and shared resources among pilot testing platforms [4].

近年来，省国资委指导省属企业不断优化产业结构，组织开展战新产业培育发展三年行动，大力推 动战新产业发展壮大。2025年前三季度，省属企业战新产业营收达4796.56亿元，同比增长42.26%；战 新产业营收占比、投资占比分别达25.1%、24.4%，较上年末分别提升6.2、1.3个百分点。 值得特别关注的是，今年7月，省国资委组织开展省属企业育新行动，聚焦重大战略、重点领域、 重要技术，遴选一批高成长潜力的种子期、初创期战略性新兴产业和未来产业企业及项目，在政策上给 予其更多的"精准滴灌"，加快孵化培育一批"专精特新"企业。首批征集了育新企业和项目249个，经过 两轮专家论证，拟入库培育170个。省国资委副主任秦春玲介绍，在育新行动的实施过程中，注重把握 四个方面，在项目遴选上注重"优中选优"，在培育过程上注重"梯次培育"，在政策支持上注重"量身定 做"，在过程管控上注重"跟踪问效"。 省属企业目前拥有国家级研发平台78个，"十四五"以来承担省部级以上重大科技攻关项目487项， 数量均居全国前列，2024年获省技术发明奖一等奖3项、科技进步奖一等奖6项，分别占全省总数的 14.3%、15.4%。1-11月份， ...

Group 1 - The core viewpoint emphasizes a "growth and dividend" strategy in industry allocation, favoring high-quality large internet companies, particularly in e-commerce, media, and entertainment sectors, with a focus on leading AI enterprises [1] - There is a strong demand in technology hardware supply sectors driven by global AI infrastructure capital expenditure growth, particularly in areas like optical modules, PCBs, and AI data center cooling [1] - The "anti-involution" policy is expected to optimize industry supply and demand, leading to potential profit margin recovery in sectors such as photovoltaics, batteries, and chemicals [1] Group 2 - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects the 50 largest listed companies within the Stock Connect range, covering 18 industries and primarily focusing on large-cap leading stocks [1] - The index exhibits a balanced industry distribution, incorporating characteristics of both new and traditional economies, including finance, discretionary consumption, and communication services, reflecting the overall performance of large-cap leading enterprises in the Hong Kong Stock Connect [1]

我们做基金投资，一般是低估买入，正常估值坚定持有，等到高估时再止盈卖出。 有朋友问，之前低估买入的品种，如果一轮牛市走完也没能涨到高估，是不是就白折腾了，还会有收益吗？ 牛市里，也不是所有品种都能到高估 其实，每一轮牛市都会必然遇到有品种到不了高估的情况。 文 | 银行螺丝钉 （转载请注明出处） 像2021年初，市场涨到了3点几星，当时估值表里，就有不少品种仍然处于正常估值，没到高估。 | 螺丝钉星级 | ★★★ | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 20210219 | | 射坡益率 市盈率 市净架 股息率 | | | ROE | 场内基金 | 场外交流 | | 上证红利 | 9.99% | 10.01 | 1.05 | 4.53% | 10.45% | 510880 | | | 中川名城河 | 9.58% | 10.43 | 1.12 | 4.25% | 10.75% | 515180 | 030010 | | 中加程家行 | | | 0.98 | 3.27% | | 512800 | 001594 | | 基本 ...

科创CDS指数作为交易载体，由交易中心提供交易服务、上海清算所进行双边清算，将中债资信评 级作为计算评价重要依据，为市场机构提供科创企业风险管理工具。一是满足机构信用风险管理的二级 市场交易需求。科创债做市商、投资机构等可通过科创CDS指数交易，对冲一篮子科创企业信用风险与 信用利差波动风险，提高科创债投资组合配置效率。二是助力科创企业融资工具提质增效。CDS指数交 易可对冲单名信用衍生品交易积累的风险敞口，释放资本占用，并通过一二级市场传导机制，拓宽科技 型企业融资渠道。三是促进科创债合理定价。目前约20家市场机构每日对CDS指数进行双边报价，交易 中心与上海清算所每日编制并发布指数信用曲线，搭建科创企业信用风险价格风向标，为科创债定价提 供参考。 2021年，交易商协会发布《关于银行间市场信用违约互换指数编制及交易有关事项的通知》，搭建 CDS指数业务的基本框架。同年，交易中心、上海清算所同步提供交易清算服务。截至目前，银行间市 场CDS指数产品已有四只，分别是高等级CDS指数、民企CDS指数、长三角CDS指数和科创CDS指数， 主题分别涉及信用评级、企业性质、地域类型等，持续丰富市场参与者信用风险管理工 ...

天眼查App显示，近日，涿州市品昊科技有限公司成立，法定代表人为李宏伟，注册资本5万人民币， 经营范围为一般项目：新材料技术研发;新材料技术推广服务;技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广;塑料制品制造;合成纤维销售;日用化学产品销售;传统香料制品经营;信息咨询 服务（不含许可类信息咨询服务）;信息技术咨询服务;办公用品销售;日用品销售;文化用品设备出租;办 公服务;日用杂品销售;户外用品销售;办公设备销售;计算机软硬件及辅助设备零售;电子产品销售;计算器 设备销售（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）。 ...

Core Viewpoint - Xingwang Ruijie plans to invest 80 million RMB to establish a venture capital fund aimed at exploring high-quality projects in the semiconductor, artificial intelligence, new information technology, new display, and new materials sectors, among others [1] Group 1: Investment Details - The company will use its own funds of 80 million RMB to co-invest with several partners, including Fujian Electronic Information Industry Equity Investment Management Co., Ltd., Helitai Technology Co., Ltd., Fujian Jintou Jinpeng Venture Capital Fund Partnership, and Fuzhou Venture Capital Co., Ltd. [1] - The total scale of the fund is set at 300 million RMB, with the management being handled by the equity investment company [1] Group 2: Strategic Focus - The fund will focus on investing in high-quality entrepreneurial projects and those with potential merger and acquisition value within the upstream and downstream fields of the specified industries [1] - The initiative aims to capture market investment opportunities and enhance the long-term development of the company [1]