对于今年行情的发展趋势，丁文韬表示，当前资本市场活力强劲，上证指数已突破十年新高。在基本面 和估值修复的双重共振下，A股依然将延续慢牛趋势，且已具备走出慢牛行情的基础。从底层动力来 看，中国经济进入高质量发展阶段，新动能逐步承接旧动能；从制度层面而言，新"国九条"的颁布，有 利于建设长钱长投的资本市场生态；从市场主体质量来讲，中国上市公司质量持续提高，资本市场 含"科"量不断提升，目前A股科技板块市值占比超过1/4，上市公司正从聚焦主业、科技创新、强化管理 等多维度发力，推动资本市场健康发展。 资本市场深化改革加速推进的背景下，科创板"1+6"改革、"并购六条"等政策组合拳先后出台，第五套 上市标准重启并扩展至商业航天与AI领域。丁文韬认为，这一系列举措正从多方面重构资本市场生 态，注入新动能。在融资生态上，实现精准突破，科创板设置科创成长层，为未盈利企业上市开辟"专 属通道"，第五套上市标准扩容让商业航天、人工智能等前沿领域企业迎来发展曙光，科技企业获得全 周期赋能；在产业整合方面，效能全面提升，"并购六条"推出的分期支付机制、简易审核程序等改革， 加速优质资产向上市公司集中，跨行业并购有望催生新质生产力， ...

Group 1 - The "2025 China Private Enterprises Top 500" list shows that private enterprises in China are becoming stronger and larger, demonstrating vitality and resilience amid complex circumstances [1] - The revenue threshold for entering the list has increased significantly from 5 billion to over 27 billion yuan, indicating a substantial rise in the scale and strength of private enterprises [3] - The total assets of the top 500 private enterprises reached 51.15 trillion yuan in 2024, approximately nine times higher than in 2011, reflecting the solid foundation of the private economy [3] Group 2 - The ranking changes among different types of enterprises on the list serve as a barometer for industry trends, with a notable increase in the proportion of strategic emerging industries [4] - The inclusion of new faces in sectors such as new materials, new energy, and next-generation information technology highlights the optimization and upgrading of China's economic structure [4] - In 2024, the contribution of the "three new" economies to GDP exceeded 18%, becoming a significant engine for economic growth [4] Group 3 - The top 500 private enterprises are distinguished not only by their size but also by their continuous investment in research and development, with an average R&D expenditure intensity of 2.77% in 2024 [5] - Major companies like Xiaomi, CATL, and Tencent are making substantial investments in R&D, which is crucial for their competitive edge in the market [5] - The long-term commitment to innovation and strategic investment is building a strong foundation for the sustainable development of these enterprises, contributing to the overall growth of the Chinese economy [5]

证券代码：000981 证券简称：山子高科 公告编号：2025-055 经与会董事认真审议，会议以投票表决的方式表决审议通过如下议案： （一）审议通过《关于补选非独立董事的议案》 经公司董事会提名，公司董事会提名委员会审核通过，经董事会半数以上董事 同意提名朱人杰先生为公司第九届董事会非独立董事候选人，任期自公司股东大会 审议通过之日起至第九届董事会届满之日止。 表决结果：7 票同意，0 票反对，1 票弃权。 非独立董事徐芳弃权表决，原因是未完成内部决策流程。 山子高科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、会议召开情况 第十次临时会议在公司会议室以通讯方式召开。关于本次会议的通知已于 2025 年 7 月 25 日以传真、电子邮件、专人送达的方式送达各位董事。本次会议应参加董事 8 人，实际参加董事 8 名。会议由公司董事长叶骥先生主持，公司部分高级管理人员 列席会议。本次会议的召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 具体内容详见同日披露于巨潮资讯网（http://www.cninfo.com.cn）的 ...

Core Points - The company announced the resignation of non-independent director Zhang Min due to personal reasons, and he will not hold any position in the company after his resignation [1] - The company held the 10th temporary meeting of the 9th board of directors on July 28, 2025, where it approved the election of Zhu Renjie as a candidate for non-independent director [1] - Zhu Renjie will also be appointed as the vice president of the company, overseeing the new energy vehicle business, with his term lasting until the end of the 9th board of directors [1]

Group 1 - The Hong Kong stock market saw a collective rise in its three major indices, with the Hang Seng Tech Index increasing by over 2% on July 23. The largest ETF tracking this index, 513180, followed suit with a nearly 2.5% increase, driven by significant gains in stocks like NIO, Baidu, Kuaishou, Tencent, Kingdee International, and Meituan, with NIO rising nearly 11% [1] - Since 2025, policies have been guiding various industries to reduce "involution" to address the challenges of unhealthy competition and achieve high-quality development. On July 18, the State Administration for Market Regulation held discussions with platforms like Ele.me, Meituan, and JD.com, urging them to comply with laws such as the E-commerce Law and the Anti-Unfair Competition Law, and to regulate promotional activities [1] - Dongwu Securities suggests that the current "anti-involution" measures will have a more pronounced effect on correcting unhealthy competition and will marginally benefit emerging industries. The firm recommends focusing on the photovoltaic industry chain, particularly leading companies in silicon materials and glass, as well as energy storage sectors affected by photovoltaic valuation pressures, lithium battery supply chains, new energy vehicles, and mature process wafer foundries [1] Group 2 - As of July 22, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was only 21.14 times, which is approximately 17.14% of the index's valuation since its launch on July 27, 2020. This indicates that the current valuation is lower than 82% of the time since the index was published, placing it in a historically undervalued range. The high elasticity and growth characteristics of the index suggest greater upward momentum [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain exposure to core AI assets in China [2]

Core Viewpoint - The article provides an overview of the financing events in the primary market, highlighting an increase in both the number of financing events and the total financing amount compared to the previous week, indicating a positive trend in investment activity. Financing Overview - As of March 28, 2025, there were 75 financing events this week (excluding mergers and acquisitions), an increase of 12 events from last week, with a total financing amount of approximately 8.745 billion yuan, up by 4.742 billion yuan from the previous week [4]. - Among these events, 24 had financing amounts of 100 million yuan or more, an increase of 10 events from last week [4]. - There were 35 public exit cases this week, a decrease of 5 from last week [4]. Financing Amount Distribution - This week, 53 financing events disclosed their amounts, an increase of 9 from last week. The distribution of financing amounts shows a clear shift towards larger amounts compared to the previous week [5]. - The breakdown of financing events by amount is as follows: - 4 events under 5 million yuan (unchanged) - 14 events between 5 million and 10 million yuan (down by 2) - 8 events between 10 million and 50 million yuan (up by 1) - 17 events between 50 million and 100 million yuan (up by 6) - 5 events between 100 million and 500 million yuan (up by 1) - 4 events between 500 million and 1 billion yuan (up by 2) - 1 event over 1 billion yuan (new this week) [5]. Notable Investment Events - **Medical Equipment**: On March 25, Ruiqiao Dingke completed over 1 billion yuan in Series A financing, led by Kangqiao Capital, to enhance its product matrix in chronic disease treatment [7]. - **Semiconductor Equipment**: On March 25, Jingce Electronics' subsidiary completed 844 million yuan in Series B financing to boost R&D in semiconductor testing equipment [8]. - **New Energy Vehicles**: On March 24, Haipote raised 450 million yuan in Series A financing to accelerate the development of hydrogen fuel cell commercial vehicles [8]. - **Robotics**: On March 25, ELU.AI completed several hundred million yuan in Pre-A financing to enhance its AI decision-making systems [9]. Industry Distribution - The financing events this week spanned 11 industries, with the top five being: - Equipment Manufacturing: 17 events - Information Technology: 12 events - Medical Health: 12 events - Electronics: 10 events - Consumer Goods and Services: 8 events - These five industries accounted for 76% of all financing events, indicating a slight decrease in industry concentration compared to last week [13]. Regional Distribution - The top five regions for financing events were: - Shanghai: 15 events - Jiangsu: 14 events - Guangdong: 9 events - Beijing: 7 events - Zhejiang: 6 events - These regions accounted for 68% of all financing events, showing a slight decrease in regional concentration compared to last week [18]. Financing Round Distribution - The A round was the most active this week with 23 events, followed closely by the angel round with 22 events. Early-stage financing (A round and earlier) accounted for 62.67% of total events [23]. Investment Institutions - A total of 99 investment institutions participated this week, with 109 actions taken. Notably active institutions included Guangzhou Chuantou, Qiming Venture Partners, and Xiaomi Technology, each participating in multiple events [26]. Exit Situation - There were 35 public exit cases this week, a decrease of 5 from last week, with the electronics, materials, and equipment manufacturing sectors having the highest number of exits [31][32].