□ 洪 榕 产业结构的深刻变革是"重估中国牛"的核心驱动力。在科技革命与产业变革的浪潮中，A股市场的产业 布局正在从传统周期向科技创新转型，形成全新的价值评估体系 □ 科技主题成为市场主线：人工智能、先进制造、绿色能源等科技主题持续引领市场行情；从细分领域 看，AI大模型、机器人、锂电等赛道表现突出 □ 创新生态日益完善：多层次资本市场对科技创新的支持力度显著增强，科创板、创业板、北交所形成 差异化服务体系；创新投入持续加码；专利数量与质量同步提升；新兴产业增长动能强劲 □ 全球竞争力与估值重塑：中国企业的全球市场份额持续提升，为估值重估提供坚实基础；"慢牛"格局 的基础日益稳固 2020年至2024年A股创新生态核心指标 指标 2020年 2021年 2022年 2023年 2024年 5年复合增长率 研发投入（万亿元） 1.02 1.25 1.48 1.68 1.88 16.2% 专利数量（万件） 82 95 110 122 120 12.1% 海外不确定性因素持续，对A股市场的资金面造成了显著影响。2018年至2023年，A股市场经历了多轮 外资阶段性流出。外资流出不仅影响了市场流动性，更通过港股及中概 ...

AI基金信澳新能源精选混合A（012079）披露2025年半年报，上半年基金利润5.79亿元，加权平均基金份额本期利润0.25元。报告期内，基金净值增长率为 17.31%，截至上半年末，基金规模为34.54亿元。 该基金属于偏股混合型基金，长期投资于先进制造股票。截至9月5日，单位净值为1.77元。基金经理是李博，目前管理3只基金近一年均为正收益。其中， 截至9月5日，信澳博见成长一年定期开放混合A近一年复权单位净值增长率最高，达118.24%；信澳新能源精选混合A最低，为83.98%。 基金管理人在半年报中表示，展望三季度，我们预计"反内卷"将在越来越多的行业中得到体现，并可能影响未来数年。不论是产品、服务还是内容创作，不 论是汽车、地产等大额支出还是超市、快餐等日常消费，都将出现一批企业，把品质放在优先考量，并用合理价格，赢得消费者青睐，形成品牌资产。 截至9月5日，信澳新能源精选混合A近三个月复权单位净值增长率为11.90%，位于同类可比基金144/171；近半年复权单位净值增长率为9.94%，位于同类可 比基金128/171；近一年复权单位净值增长率为83.98%，位于同类可比基金9/169；近三年复 ...

转自：新华财经 国务院办公厅日前印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》。意见要求， 加快构建现代体育产业体系，不断提振体育消费，增强体育产业整体实力和竞争力。到2030年，培育一 批具有世界影响力的体育企业和体育赛事，体育产业发展水平大幅跃升，总规模超过7万亿元，在构建 新发展格局中发挥重要作用。意见提出，引导金融机构优化投融资服务，加强信贷管理，丰富信贷产 品，积极发展知识产权质押贷款等业务。支持符合条件的体育企业上市和再融资、发行债券、资产证券 化。鼓励用好用足再贷款再贴现政策，稳步降低综合融资成本，确保体育产业相关经营主体及时享受政 策优惠。 文静表示，上海正加快优质土地供应，尤其侧重重点发展板块，预计土拍热度将逐步传导至区域新房价 格，上海房地产市场将有望保持稳定态势。 9月4日，A股市场三大指数全线下跌，深证成指跌近3%，创业板指跌逾4%。整个A股市场超2200只股 票上涨，逾40只股票涨停，市场结构性行情明显，此前连续调整的微盘股逆势走强。消费、银行、光伏 逆变器等板块表现活跃，光模块、光芯片、半导体等板块明显调整。整个A股市场成交额为2.58万亿 元，为连续17个交易日成 ...

小王的 9月：38℃高温里的账户"寒潮"。 "客厅空调开着26℃，盯着屏幕的手却冰凉。"9月4日下午3点，小王关掉交易软件，上证指数定 格在 37 65.88 点，单日下跌 1.25 % ，这已经是连续第三个交易日收绿， 而 他满仓持有的 AI 算力基金净值单周回撤了8%。 小王刷着 格隆汇社区 的讨论，有人喊 "牛回头"，有人说"双顶成立"，他更关心的是：这波下跌 到底是短期调整，还是行情反转的信号？ 其实小王的困惑，也是当前 A股 2 亿投资者的共同疑问。 那么就从 估值、资金、产业三个维 度，拆解当前市场的底层逻辑 ——连续暴跌背后，是估值修复到高位后的自然回调，还是流动性 支撑的逻辑发生了变化？中期行情的主线，又是否会随着市场波动而转向？ 一、 估值修复到哪了？ 从整体估值看，上证指数当前市盈率（ TTM）约15.2倍，处于2010年以来88%的分位数水平， 这意味着过去15年里，只有12%的时间估值比现在高。如果单看这个数据，确实会让人联想 到"高位风险"，但结合全社会收益率中枢下行的背景，股权风险溢价的信号更值得关注。 当前上证指数股权风险溢价（10年期国债收益率-上证指数股息率）约0.5个百分点 ...

Core Viewpoint - The article emphasizes the role of digital finance in supporting the new industrialization process in China, highlighting its potential to address financing challenges faced by manufacturing enterprises through technological integration and policy support [1]. Group 1: Technological Empowerment Pathways - A "three-stage relay" financial support scheme is proposed to address key technology challenges, including "R&D loans + intellectual property securitization" during the R&D phase, and the establishment of a national digital platform for technology transfer during the commercialization phase [2]. - The use of blockchain technology is suggested to record equipment operation data, dynamically adjust insurance premiums, and provide comprehensive services for companies aiming for IPOs [2]. Group 2: Industrial Chain Empowerment Pathways - A multi-credit financial model is recommended, focusing on data credit, physical credit, and transaction credit to enhance the resilience of industrial chains [3]. - The establishment of a distributed ledger system for accounts payable is proposed to ensure traceability and reduce financing friction through electronic invoices [3]. Group 3: Regional Empowerment Pathways - A gradient financial adaptation strategy is suggested to address regional industrial development imbalances, including innovative financial support for capacity transfer and customized syndicate services for advanced manufacturing clusters [4]. - The creation of a cross-border industrial financial digital platform is recommended to facilitate cross-border trade financing and reduce currency exchange losses for export-oriented enterprises [4].

2025年已募五只基金合计超36亿 先进制造获投项目占比超三分之二 出品：新浪财经创投Plus 编辑整理：shu 基于公开数据不完全统计，2025年8月新增登记的私募股权、创业投资基金管理人仅5家，较7月骤降近七成，与2024年8月相比减少64.3%；新增备案私募股 权投资基金、创业投资基金分别为134只、234只，合计新增368只，同比增长25.2%，环比微降1.9%。 国内一级股权投资市场共发生565起融资事件，同比、环比分别增长28.4%、2.4%；披露总融资额约351.78亿元，较2024年8月提高32.8%，与2025年7月相比 却直接"腰斩"。不过，若剔除7月「国网新源」高达365亿元的巨额融资，8月融资总额环比基本持平；平均单笔融资额约为6336.16万元，同比小幅提升 3.4%。 新浪财经创投Plus本月聚焦市场活跃度较高的3家机构，围绕其投资节奏、阶段、行业偏好以及被投项目等方面展开解读。 结合中国证券投资基金业协会、天眼查和官方网站公开披露的信息显示，毅达资本是江苏省人民政府出资设立的江苏高科技投资集团旗下管理机构，目前管 理资本规模超1200亿元。其投资阶段覆盖天使期、初创期、成长期和成 ...

9月4日，A股三大指数早盘集体下跌。 主要ETF中，创业板ETF天弘（159977）截至发稿跌1.4%，成交额超2.1亿元，换手率2.25%。成分股 中，中伟股份涨超12%。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 科创综指ETF天弘（589860）截至发稿跌1.8%，成交额超3700万元，换手率超10%，成分股中，杭可科 技、大全能源、键凯科技涨幅领先。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长属性。 此外，中证A500ETF天弘（159360）截至发稿跌0.93%，成交额超8900万元，盘中交投活跃。成分股 中，中伟股份、大全能源、晶澳科技涨幅领先； 消息面来看，据央广网，创业板上市公司交出上半年"成绩单"。记者从深交所获悉，截至2025年8月31 日，创业板1384家上市公司已披露2025年半年度报告。整体来看，创业板公司经营业绩明显改善，营收 净利润增速领跑A股市场，1384家创业板公司合计实现营业收入2.0 ...

Core Viewpoint - The overall performance of companies listed on the ChiNext board shows strong growth in revenue and net profit for the first half of 2025, leading the A-share market [3][4]. Financial Performance - A total of 1,384 ChiNext companies reported a combined revenue of 2.05 trillion yuan, with an average revenue of 1.48 billion yuan, representing a year-on-year growth of 9.03% [3]. - The net profit for these companies reached 150.54 billion yuan, with an average of 109 million yuan, marking a year-on-year increase of 11.18% [3]. - The net profit excluding non-recurring items was 130.93 billion yuan, with an average of 95 million yuan, reflecting a growth of 11.80% year-on-year [3]. Profitability and Growth - Over 70% of the listed companies achieved profitability, with more than half reporting a year-on-year increase in net profit [5][6]. - Specifically, 1,028 companies were profitable, accounting for 74.28%, and 728 companies saw a net profit growth, representing 52.6% [6]. - In key sectors such as advanced manufacturing, digital economy, and green low-carbon, over 800 companies generated a combined revenue of 1.34 trillion yuan, with a net profit of 113.92 billion yuan, showing growth rates of 9.87% and 15.90% respectively [6]. Sector Performance - In the green low-carbon sector, over 190 companies achieved a revenue of 507.35 billion yuan, growing by 10.85%, and a net profit of 49.70 billion yuan, increasing by 25.55% [6]. - The new energy vehicle industry saw a revenue growth of 11.45% and a net profit increase of 23.38% [7]. - The digital economy sector, comprising over 300 companies, reported a revenue of 370.95 billion yuan, up 8.66%, and a net profit of 29.22 billion yuan, up 40.03% [7]. Investment and R&D - Companies on the ChiNext board showed a significant recovery in investment expansion, with long-term asset investments totaling 182.23 billion yuan, a year-on-year increase of 9.43% [13]. - R&D expenditures across ChiNext companies reached 94.99 billion yuan, growing by 5.35% year-on-year, with 188 companies spending over 100 million yuan on R&D [12][13]. - The second quarter of 2025 saw a notable increase in R&D spending, with 49.87 billion yuan invested, reflecting a quarter-on-quarter growth of 10.51% [12].

Core Viewpoint - Shenzhen's village collective economy is undergoing a significant transformation, with the establishment of venture capital funds aimed at investing in strategic emerging industries, particularly in artificial intelligence [2][3][4]. Group 1: Fund Establishment and Scale - Two venture capital funds, the Sakata Artificial Intelligence Venture Capital Fund and the Longgang Longxing Venture Capital Fund, have been launched with a total scale of 300 million yuan, with a 10-year duration and a focus on AI and strategic emerging industries in Shenzhen [2][5]. - Nearly 40 village cooperative companies in various districts of Shenzhen have engaged in venture capital activities, indicating a broader trend beyond just these two funds [2]. Group 2: Transition from Rental to Investment - The traditional rental income model has reached its limits, prompting village collectives to seek new growth avenues through venture capital, which presents a higher risk-reward profile compared to stable rental income [3][4]. - The South Ling Village has pioneered this transition by establishing the first venture capital fund management company controlled by a village collective in 2017, leading to multiple investments in high-tech sectors [4][5]. Group 3: Challenges and Governance - The shift from being landlords to shareholders involves not only changes in funding allocation but also a fundamental rethinking of governance and decision-making processes [6][7]. - Experts emphasize the need for proper fund isolation, a dual revenue model combining rental and equity, and the establishment of a scientific decision-making mechanism to mitigate risks associated with venture capital investments [6][7]. Group 4: Unique Advantages and Collaboration - The collaboration model involving state-owned assets, village collectives, and professional institutions is seen as a unique approach, leveraging the village collectives' proximity to enterprises for better oversight and resource allocation [8][9]. - Village collectives are positioned as limited partners in the funds, allowing professional teams to manage investments while providing local insights and support [8]. Group 5: Limitations and Future Outlook - The scale of venture capital investments from village collectives remains small compared to their overall assets, indicating that this is still a tentative exploration rather than a full-scale shift [9][10]. - The transformation of Shenzhen's village collectives from rental income to venture capital is a response to economic realities, policy changes, and industry dynamics, requiring careful risk management and governance to ensure stability [9][10].

1384家创业板上市公司2025年上半年"成绩单"正式揭晓。 在复杂多变的外部环境下，创业板企业以创新为笔、以实干为墨，交出了一份亮眼的业绩答卷——整体 经营业绩显著改善，营收、净利润增速双双领跑A股市场，先进制造、数字经济、绿色低碳三大重点领 域表现突出，头部企业"压舱石"作用凸显，海外布局与研发投入同步发力，多个行业迎来业绩"丰收 季"。 整体业绩：营收破2万亿元，超七成公司盈利 从整体数据来看，创业板公司上半年经营韧性十足，收入与盈利规模稳步增长。1384家公司合计实现营 业收入超2.05万亿元，平均每家营收14.83亿元，同比增长9.03%；合计实现归属于上市公司股东的净利 润1505.42亿元，平均净利润1.09亿元，同比增长11.18%；扣除非经常性损益后，合计净利润达1309.25 亿元，平均扣非后净利润0.95亿元，同比增幅进一步提升至11.80%，盈利质量持续优化。 更值得关注的是企业"造血"能力的大幅提升。上半年，创业板公司平均实现经营活动现金净流入1.13亿 元，同比激增54.44%，这意味着企业主营业务的现金流支撑力显著增强，为后续发展奠定了坚实的资 金基础。 从盈利面来看，创业板企业 ...