中共中央政治局12月8日召开会议。会议提出，坚持创新驱动，加紧培育壮大新动能。 中国移动通信联合会教育与科学技术研究院执行院长陈晓华在接受《证券日报》记者采访时表示，培育 壮大新动能内涵丰富且多元，其中培育新质生产力与新兴支柱产业是重要着力点。以人工智能、商业航 天、生物制造等产业为例，这些产业正凭借其独特的技术优势和广阔的发展前景，逐渐成为具有国际竞 争力的新兴支柱产业。人工智能作为引领新一轮科技革命和产业变革的战略性技术，正深刻改变着人类 生产生活方式。从智能语音助手到自动驾驶汽车、从医疗影像诊断到金融风险预测，人工智能的应用场 景不断拓展，为各行业带来了前所未有的效率提升和创新机遇。 萨摩耶云科技集团首席经济学家郑磊补充表示，新动能还包括新能源、新材料、高端装备制造等产业。 新能源产业是实现能源转型和可持续发展的关键，随着太阳能、风能、水能等可再生能源技术的不断进 步和成本的不断降低，新能源产业将迎来更加广阔的发展空间。新材料产业是其他产业发展的基础和先 导，高性能合金、新型复合材料、纳米材料等新材料的应用，将推动航空航天、电子信息、汽车等产业 的升级换代。高端装备制造产业则是衡量一个国家制造业水平的重 ...

每经AI快讯，天玛智控（SH 688570，收盘价：18.03元）12月9日晚间发布公告称，公司审议通过了 《关于提请审议聘任刘原野为公司证券事务代表的议案》，同意聘任刘原野先生为公司证券事务代表。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王晓波） 2024年1至12月份，天玛智控的营业收入构成为：高端装备制造产业占比99.57%，其他业务占比 0.43%。 截至发稿，天玛智控市值为78亿元。 ...

Core Insights - The rapid expansion of companies listed on the Sci-Tech Innovation Board (STAR Market) has accelerated capital flow into strategic emerging industries, supporting high-level technological self-reliance [1][2] - As of the end of May, 528 companies have raised a total of 822.36 billion yuan through IPOs, with an average fundraising of 155.8 million yuan per company, primarily in new generation information technology, biotechnology, and high-end equipment manufacturing [1][4] Group 1: Regional Analysis - The Yangtze River Delta region has consistently led in the number of IPOs since the STAR Market's inception, with 252 companies from this region, accounting for 47.73% of the total [2][3] - The top five provinces for IPOs include Jiangsu (102), Shanghai (82), Guangdong (81), Beijing (71), and Zhejiang (46), collectively representing 72.35% of the total [2][3] - Jiangsu's economic development level, supportive industrial policies, and talent influx contribute significantly to its leading position in the number of listed companies [2][3] Group 2: Listing Standards and Company Types - The STAR Market allows unprofitable companies to list, with diverse standards catering to different types of enterprises, enabling a range of high-quality companies to raise funds [4][5] - As of the end of May, 51 companies listed without profitability, with 16 of them meeting the fifth set of listing standards, which do not impose financial metrics [4][5] - The fifth set of standards is particularly tailored for unprofitable hard-tech companies, especially in the medical sector, reflecting national policy support for medical innovation [5]

Market Sector - The Sci-Tech 50 Index increased by 1.46% in the first half of 2025, ranking second among various sector indices, outperforming the ChiNext 50, Shenzhen 50, and Shanghai 50 indices [2] - As of the end of the first half of 2025, the total market capitalization of the Sci-Tech Board reached 7.62 trillion yuan, an increase of 0.27 trillion yuan or 3.72% from the end of Q1 2025, surpassing the market capitalization growth of the Shenzhen main board [4] - The total trading volume of the Sci-Tech Board in the first half of 2025 was 12.57 trillion yuan, with an average trading volume of 213.85 million yuan per stock, lower than the average trading volumes of the Shanghai and Shenzhen main boards and ChiNext [7][8] - The average daily turnover rate of the Sci-Tech Board was 2.67% in the first half of 2025, higher than that of the Shanghai main board but lower than that of the Shenzhen main board, ChiNext, and the Beijing Stock Exchange [9] - The price-to-book ratio of the Sci-Tech Board at the end of the first half of 2025 was 4.06 times, higher than that of the ChiNext and Shanghai and Shenzhen main boards [12] - The financing balance of the Sci-Tech Board reached 157.15 billion yuan at the end of the first half of 2025, an increase of 11.85 billion yuan from the beginning of the year [14] - The securities lending balance of the Sci-Tech Board was 0.056 billion yuan at the end of the first half of 2025, an increase of 0.0096 billion yuan from the beginning of the year [16] Individual Stocks - SMIC led with a market capitalization exceeding 400 billion yuan, followed by Haiguang Information, Cambrian-U, and BeiGene-U, with seven companies having market capitalizations exceeding 100 billion yuan [18] - Excluding the significant fluctuations on the first day of new stock listings, Sangfor Technologies had the highest increase at 153.60%, followed by Yifang Bio-U, Aerospace South Lake, and Youfang Technology, with 14 companies also exceeding 100% [19] - SMIC had a financing balance of 7.198 billion yuan, leading the list, followed by Cambrian-U, Haiguang Information, and Zhongwei Company, with 16 companies having financing balances exceeding 1 billion yuan [22] - SMIC also had the highest securities lending balance at 19.7038 million yuan, followed by Haiguang Information, Cambrian-U, and Chip Original Co., with six companies exceeding 10 million yuan [25] Industry Themes - In the first half of 2025, companies listed on the Sci-Tech Board were primarily distributed across three Wind Sci-Tech theme industries, with the new generation information technology industry leading with four companies, followed by high-end equipment manufacturing and biotechnology industries, each with one company [29] - Among the seven companies listed on the Sci-Tech Board in the first half of 2025, six 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 a positive net profit for the last year with revenue of no less than 100 million yuan, and an expected market capitalization of no less than 1 billion yuan [31] - The companies listed in the first half of 2025 came from Beijing and Jiangsu (two each), and Hubei, Zhejiang, and Guangdong (one each) [34] - The total IPO financing for Sci-Tech Board companies in the first half of 2025 was 7.901 billion yuan, a year-on-year increase of 29.33%, with three companies raising over 1 billion yuan, three between 500 million to 1 billion yuan, and one below 500 million yuan [37] - Yitang Co. led the IPO financing in the first half of 2025 with 2.497 billion yuan, while Yingshi Innovation and Xingfu Electronics each raised over 1 billion yuan [41]

Group 1 - The core viewpoint of the articles highlights the increasing attention on 10 unprofitable companies that are queuing for IPOs, with 9 applying for the Sci-Tech Innovation Board and 1 for the Beijing Stock Exchange [1][3] - Among the 10 companies, 6 have been waiting for over 2 years for their IPO applications to be processed, with Guangzhou Bibetter Pharmaceutical Co., Ltd. being the longest at nearly 3 years [1][3] - The regulatory environment is becoming more supportive of high-quality unprofitable tech companies seeking to go public, as indicated by recent statements from the China Securities Regulatory Commission [3][5] Group 2 - Out of the 10 companies, 7 are from the biotechnology sector, with 5 applying under the fifth set of standards for the Sci-Tech Innovation Board [2][5] - The fifth set of standards for the Sci-Tech Innovation Board does not impose revenue requirements but has a market capitalization requirement of at least 4 billion RMB [6][7] - The companies applying under the fifth set of standards include Bibetter, Hengrun Da Sheng, Sizhe Rui, Heyuan Biotechnology, and Beixin Life [7][8] Group 3 - Bibetter has not generated sales revenue as of the end of 2020 and reported a net loss of 188 million RMB in 2022 [4] - Hengrun Da Sheng also has not achieved main business revenue and reported a net loss of 284 million RMB for the fiscal year 2023 [4] - The IPO applications of other companies like Sizhe Rui and Heyuan Biotechnology were also accepted in 2022, indicating a trend of unprofitable companies seeking IPOs [4][5] Group 4 - The regulatory framework for unprofitable companies is still evolving, with a focus on those possessing key technologies and significant market potential [7][8] - The approval criteria for other tech sectors under the fifth set of standards remain unclear, particularly for industries outside of pharmaceuticals and medical devices [8]