Market Sector - The Sci-Tech 50 Index increased by 35.92% in 2025, ranking third among various sector indices, outperforming both the Shanghai 50 and Shenzhen 50 indices [1][3] - By the end of 2025, the total market capitalization of the Sci-Tech Board reached 11.12 trillion yuan, an increase of 4.4 trillion yuan from 6.72 trillion yuan at the end of 2024, representing a growth rate of 65.38%, which is higher than other sectors [3] - The total trading volume of the Sci-Tech Board in 2025 was 37.79 trillion yuan, with an average trading volume per stock of 629.82 million yuan, which is lower than the average trading volumes of the Shanghai and Shenzhen main boards and the ChiNext [5][6] - The average daily turnover rate for the Sci-Tech Board in 2025 was 3.37%, higher than that of the Shanghai main board but lower than that of the Shenzhen main board and ChiNext [7] - At the end of 2025, the price-to-book ratio of the Sci-Tech Board was 5.61 times, higher than that of the ChiNext and the Shanghai and Shenzhen main boards [11] - By the end of 2025, the financing balance of the Sci-Tech Board reached 270.33 billion yuan, an increase of 125.03 billion yuan from the beginning of the year [13] - The securities lending balance of the Sci-Tech Board at the end of 2025 was 0.925 billion yuan, an increase of 0.0466 billion yuan from the beginning of the year [15] Individual Stocks - By the end of 2025, SMIC led with a market capitalization exceeding 600 billion yuan, followed by Cambrian (571.615 billion yuan) and Haiguang Information (521.605 billion yuan), with three companies including Moore Threads (276.33 billion yuan), BeiGene (263.457 billion yuan), and Muxi (232.098 billion yuan) surpassing 200 billion yuan [17] - Excluding the significant fluctuations on the first day of new stock listings, Weiqi New Materials had the highest increase of 1820.29% in 2025, followed by Shijia Photon (442.55%), Pinming Technology (428.78%), and Dongxin Co. (427.51%) [21] - By the end of 2025, Cambrian had the highest financing balance at 15.121 billion yuan, followed by SMIC (13.691 billion yuan), Haiguang Information (7.221 billion yuan), and Lanke Technology (6.197 billion yuan) [23] - Haiguang Information had the highest securities lending balance at 34.2342 million yuan, followed by Cambrian (31.6128 million yuan) and SMIC (28.4114 million yuan), with Guodun Quantum and Tuojing Technology exceeding 20 million yuan in securities lending [25] Issuance - By the end of 2025, there were 600 companies listed on the Sci-Tech Board, with 18 new stocks successfully issued in 2025, a 20% increase from 15 in 2024 [28] - The companies issued in 2025 were distributed across four Wind Sci-Tech thematic industries, with the new generation information technology industry leading with 10 companies, followed by the biotechnology industry with 5 companies, and new materials and high-end equipment manufacturing industries with 1 company each [30] - Among the companies issued in 2025, 10 met the first standard for listing, which requires positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan, or positive net profit for the last year and operating income of no less than 100 million yuan, with an expected market value of no less than 1 billion yuan [33] - In terms of geographical distribution, Beijing led with 5 companies, followed by Jiangsu with 3, with North China (Beijing) and East China (Jiangsu, Zhejiang, Fujian, Shanghai) accounting for over 70% [36] - The total IPO financing for Sci-Tech Board companies in 2025 was 37.844 billion yuan, a year-on-year increase of 187.83%, with 13 companies raising over 1 billion yuan, 4 companies raising between 500 million to 1 billion yuan, and 1 company raising under 500 million yuan [39] - In the IPO financing of 2025, Moore Threads led with 8 billion yuan, followed by Xi'an Yicai (4.636 billion yuan) and Muxi (4.197 billion yuan), with four companies raising over 2 billion yuan [43]

生物、汽车和造船业同样被看好。生物产业通过CDMO产能扩张和技术授权提升成长性；汽车产业 因新电动车工厂投产，产量和出口预计小幅增长；造船业在LNG船和集装箱船订单支撑下，出口预计 增长8.6%；钢铁和机械产业在保护主义抬头背景下也将下滑，建筑业则因高利率和融资收紧继续承 压。业内认为，在中国制造竞争力持续提升的环境下，韩国需以AI为核心推进企业创新，并配合更具 突破性的监管改革和激励政策。 韩国《京乡新闻》12月14日报道，随着全球人工智能（AI）投资持续扩大，韩国明年半导体和显 示设备预计将直接受益。作为AI发展的"直接受益者"，半导体产业在微软、亚马逊等企业加速建设AI基 础设施的带动下，出口额预计同比增长9.1%，达到约265万亿韩元；显示设备则因高能效OLED面板需 求增加，出口预计增长3.9%。电池产业受AI数据中心用电需求上升及电动车投放扩大影响，出口有望 增长2.9%。 （原标题：全球人工智能投资增长带动韩半导体与显示设备出口） ...

Core Viewpoint - The Strategic Emerging Industries PMI (EPMI) for December 2025 decreased by 3.6 points to 49.1, which is higher than the levels in December 2022 and 2023 but lower than the levels in other years since 2014 [1][4][7]. Summary by Sections Overall EPMI Performance - The EPMI's absolute level of 49.1 is the third lowest since data collection began in 2014, indicating a relative decline compared to historical averages [7][8]. - Among seven major sub-industries, three are above the expansion threshold of 50, while four are below, consistent with November's performance [4][8]. Key Sub-Indicators - Production volume, product orders, and export orders fell by 3.5, 5.4, and 3.0 points respectively in December [9]. - The demand decline was faster than production, leading to a significant increase in the production-to-order ratio, which reached 4.8 in December, compared to average values from 2021 to 2025 [9][10]. - The sales price index rose by 0.2 points, with notable increases in the new energy and new energy vehicle sectors, which saw price increases of 3.6 and 1.8 points respectively [9][11]. - The difficulty of obtaining loans increased by 2.9 points, indicating a slightly tighter credit environment for emerging industries compared to November [9]. Sector Performance - The biotechnology, new energy vehicles, and next-generation information technology sectors maintained high levels of prosperity, with biotechnology seeing a 2.7-point increase in its prosperity index in December [14]. - The new energy and new energy vehicle sectors experienced a decline in prosperity compared to October, but remained among the top three sectors [14]. - Other sectors such as high-end equipment, new materials, and energy conservation and environmental protection are in a contraction phase [14][15]. Future Outlook - The EPMI is expected to continue reflecting seasonal trends, with a slight decline anticipated in the manufacturing PMI for December, as historical data shows a tendency for decreases during this period [18]. - The overall economic environment remains subdued, with nominal growth stabilizing due to supply-side policies, while actual growth remains to be validated in the context of investment recovery [21].

Core Viewpoint - The Hainan Free Trade Port will officially start its island-wide customs closure on December 18, 2025, marking a significant step in China's efforts to establish a high-level open economy and attract investment [2][5]. Policy Implementation - The announcement includes a series of regulatory documents that will take effect upon the official closure, detailing tax policies for goods entering and exiting the port, as well as lists of prohibited and restricted items [2][5]. Economic Opportunities - Hainan is positioned as a new frontier for China's opening-up, with expectations of becoming a hub for international trade and cooperation, particularly benefiting provinces like Zhejiang and Henan [5][6]. - The port's establishment allows for "new offshore international trade," facilitating easier capital flow and compliance for businesses, particularly in supply chain management [5][6]. Regional Collaboration - Other provinces, such as Henan, are looking to leverage Hainan's customs closure to enhance their logistics and supply chain capabilities, aiming to create a strategic connection between Hainan and the RCEP market [6][7]. - The collaboration is expected to boost logistics demand and create new pathways for cooperation among provinces [6][7]. Infrastructure Development - The Hainan 500 kV main grid project, a key infrastructure initiative, has been completed, enhancing the province's power supply capacity significantly [11].

来源：锋行链盟 资产优质 标的资产盈利能力强，符合IPO标准 壳资源干净 无重大违法违规、负债低、股权清晰 交易真实 避免"忽悠式重组""保壳式借壳" 在中国A股市场，创业板（ChiNext）原本定位为服务成长型创新创业企业，长期以来禁止借壳上市。2019年6月20日，中国证监 会发布《关于修改〈上市公司重大资产重组管理办法〉的决定（征求意见稿）》，首次提出"允许符合国家战略的高新技术产业 和战略性新兴产业相关资产在创业板重组上市"，即允许部分符合条件的企业在创业板借壳上市。这打破了此前创业板不能借壳 的禁令。 以下是创业板借壳上市的详细流程及核心要点分析： 一、创业板借壳上市的政策背景与条件 政策依据： 《上市公司重大资产重组管理办法》（2020年修订） 中国证监会《关于修改〈上市公司重大资产重组管理办法〉的决定》（2019年） 深交所《深圳证券交易所创业板股票上市规则》 基本定义：借壳上市是指非上市公司通过收购一家上市公司股份取得控制权，并将自身资产注入该上市公司，从而实现间 接上市。 核心门槛（针对创业板）： 被借壳公司（即壳公司）必须是合法存续的创业板上市公司； 注入资产需属于"国家战略的高新技术产业 ...

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 11 月战略性新兴产业采购经理人指数（ EPMI ）环比回落 7.0 个点至 52.7 。 2014-2024 年 11 月环比平均降幅为 3.0 个点，本月降幅大于季 节性，我们理解与 10 月数据的跳升有关。 10 月一度环比大幅上行 7.3 个点， 10-11 月相当于完成一个倒 V 型波动。从绝对景气度相对于历史同期均值 的位置看， 10 月与 9 月大致相当，略好于 6-8 月（图 1 ）。 正文 11 月战略性新兴产业采购经理人指数（ EPMI ）环比回落 7.0 个点至 52.7 。 2014-2024 年 11 月环比平均降幅为 3.0 个点，本月降幅大于季节性，我 们理解与 10 月数据的跳升有关。 10 月一度环比大幅上行 7.3 个点， 10-11 月相当于完成一个倒 V 型波动。从绝对景气度相对于历史同期均值的位置 看， 10 月与 9 月大致相当，略好于 6-8 月（图 1 ）。 第二， 考虑到 10 月跳升、 11 月跳降的波动，与 10 月相比意义不大。如果与 9 月相比（图 ...

（原标题：哥伦比亚媒体呼吁中哥加强生物科技合作） 据哥伦比亚《证券报》11月13日报道，哥凭借独特的生物多样性和逾3300 个成熟科研团队，具备发展生物经济的关键基础。然而，本土创新仍面临"能 研究、难规模化"的瓶颈，科研成果多停留在论文与展示阶段，难以转化为产 业和出口。在全球生物产业加速布局之际，中国正成为生物制造的重要中心， 其优势不仅在于成本，更体现在规模化生产、资本投入及完善的实验室—工厂 —认证体系，这正是哥所缺乏的环节。业内认为，哥生物资源与科研能力与中 国的产业化与技术转移优势高度互补。哥应与中国推动以产业化为导向的合 作，建立涵盖知识产权共享、技术培训、本地化生产等明确规则，并强化治 理、谈判和监管能力，以确保合作可持续。专家指出，哥正处于从"展示型创 新"迈向"产业化创新"的关键阶段，应抓住与中国深化合作的机会，构筑生物 产业竞争优势。 ...

Core Insights - The article discusses the development of a billion-level "Northern Bio Valley" in Dezhou, focusing on the growth and innovation in the biotechnology industry [1][3][6] Industry Overview - Dezhou is concentrating on five key areas within the biotechnology sector: biomanufacturing, biopharmaceuticals, bio-agriculture, biomedical engineering, and biomass energy [3] - The city has established a clear layout and strong innovation initiatives to promote high-end, clustered, and international development of the industry [3] Current Developments - The biomanufacturing industry in Dezhou has seen significant growth, with 153 enterprises in the sector and projected revenue of 40.4 billion yuan in 2024 [3] - Eight companies in the biotechnology sector have achieved over 1 billion yuan in output value, while 41 companies have surpassed 100 million yuan [3] Innovation and Collaboration - Innovation is identified as the core driver for overcoming challenges and seizing development opportunities in the biotechnology industry [4] - Dezhou has established numerous national and provincial innovation platforms and maintains long-term collaborations with over 40 universities and research institutions [4] Product Development - Companies like Baolingbao Biological Co., Ltd. are developing new products such as erythritol, with a production capacity of 30,000 tons per year, and exporting to over 70 countries [4] Strategic Initiatives - Dezhou is implementing mechanisms for regular roadshows and results transformation to connect investors, entrepreneurs, and industry experts [5] - The city is also exploring the establishment of a specialized fund for the biotechnology industry and has formed an association for high-quality development in the sector [5] Future Outlook - Dezhou aims to focus on cutting-edge areas such as synthetic biology, gene cell therapy, and AI pharmaceuticals, while continuing to optimize its industrial layout and attract leading enterprises [6]

Core Viewpoint - The October EPMI (Emerging Industry Purchasing Managers Index) significantly increased by 7.3 points to 59.7, marking the largest historical rise for this month, driven by seasonal factors and improved economic conditions in various sectors [1][6][7]. Group 1: EPMI Overview - The October EPMI reached 59.7, which is above the seasonal average and indicates a recovery in economic sentiment [1][8]. - The historical average for October EPMI from 2014 to 2024 is 58.2, with this month's value exceeding the seasonal mean by 1.5 points [8][9]. Group 2: Supply and Demand Indicators - Key indicators for production, product orders, and export orders rose by 11.7, 12.9, and 8.3 points respectively in October [2][11]. - The supply-demand ratio turned negative at -0.5, indicating that new orders are outpacing production [2][12]. - Price indicators for purchases and sales increased by 3.3 and 3.5 points respectively, contributing to a 9.6-point rise in profit indicators [2][13]. Group 3: Sector Performance - The sectors of new generation information technology, new energy vehicles, and biotechnology showed significant growth, with increases of 14.9, 12.2, and 8.9 points respectively [3][18]. - Export orders for biotechnology, new generation information technology, and new energy vehicles rose by over 10 points, with biotechnology exports recovering to above 70 [3][19]. - The new energy sector saw a 6.6-point increase, likely influenced by positive price changes [3][20]. Group 4: Economic Context - The third quarter GDP growth slowed to 4.8% from 5.3% in the first half of the year, with production showing signs of recovery in October [5][27]. - The upcoming PMI data is expected to reflect a typical seasonal decline, but the EPMI's rise suggests underlying economic support [4][23].

Core Viewpoint - The September EPMI (Emerging Industry Purchasing Managers Index) increased by 4.6 points to 52.4, indicating a seasonal recovery typical of autumn, although the absolute level remains historically low [1][6][24]. Group 1: EPMI and Industry Trends - The EPMI's increase aligns with the seasonal average of 4.5 points from 2014 to 2024, with the number of industries in the expansion zone rising from 2 to 4 [1][6][7]. - Despite the improvement, the absolute EPMI value of 52.4 is the second lowest for September in history, down 0.9 points from the previous year [6][24]. Group 2: Supply and Demand Indicators - Key supply and demand indicators showed improvement: production volume, product orders, and export orders increased by 7.8, 6.5, and 6.8 points respectively [2][9]. - The production-to-demand ratio turned positive, with an average of 0.7 for the first three quarters of 2025, indicating an improvement in supply-demand balance compared to previous years [9][10]. - Price indicators also improved, with purchase prices and sales prices rising by 0.8 and 0.2 points respectively, although the growth rate has slowed compared to July and August [9][12]. Group 3: Employment and Financing Environment - The EPMI loan difficulty index decreased by 0.9 points, suggesting a more favorable financing environment for emerging enterprises due to increased credit support and coordinated fiscal and monetary policies [15][16]. - Employment indicators have shown a two-month recovery, with a 2.6-point increase in September, indicating stronger demand for jobs in new industries during the graduation season [15][16]. Group 4: Sector Performance - In September, the highest absolute economic performance was observed in the new generation information technology and energy-saving environmental sectors, driven by demand growth related to AI computing power and domestic substitution [19][20]. - The new energy vehicle sector also saw a month-on-month increase in economic performance, with retail sales growing by 6% year-on-year and 10% month-on-month [19][20]. - The performance of traditional sectors varied, with some industries like petroleum asphalt and automotive tires showing increased operating rates, while others like high furnace and PVC saw declines [23][24]. Group 5: Economic Outlook - The third quarter has shown signs of continued economic slowdown, with September data being crucial for short-term economic assessment [24]. - The EPMI data suggests a neutral economic outlook, with seasonal recovery not extending the trends observed in July and August, indicating that achieving annual growth targets will require further policy support [24].