Investment Rating - The report provides a neutral investment rating for the technology finance sector, indicating a relative performance within -10% to 10% compared to the benchmark index [34]. Core Insights - The report emphasizes the importance of enhancing financial support for technology innovation, as outlined in the State Council's guidance on strengthening financial backing for achieving high-level technological self-reliance and building a strong technology nation [3]. - There is a notable trend of increasing financing activities in the technology sector, with significant records being set in various fields such as AI+AR glasses and Micro LED technology [12][13]. - The report highlights the performance of major indices in November 2025, noting a decline in A-share indices due to weak macroeconomic data and external market influences, while the communication and media sectors showed positive growth [19][29]. Summary by Sections 1. Financing News - Thunderbird Innovation completed a record financing round in the AI+AR glasses sector, marking the highest single financing amount in 2025 [8]. - JBD Shanghai completed over 1 billion RMB in B2 financing, setting a record in the Micro LED micro-display field [9]. - GAC High Domain's flying car project secured 200 million RMB in Pre-A financing, with total financing for the year reaching 500 million RMB [10]. - Dexmal, a company focused on embodied intelligence, announced several rounds of financing totaling nearly 10 billion RMB, indicating strong investor interest in advanced technology [11][12]. 2. Market Performance - In November 2025, major A-share indices experienced declines, with the Shanghai 50, ChiNext, and Sci-Tech 50 dropping by 1.39%, 4.23%, and 6.24% respectively [16]. - The technology growth sectors saw mixed results, with the communication and media industries recording positive growth, while other sectors such as machinery and pharmaceuticals faced declines [19]. 3. Loan Data - As of Q3 2025, the loan balance for technology SMEs reached 3.56 trillion RMB, reflecting a steady increase in financial support for this sector [21]. - The number of technology SMEs receiving loan support also rose, reaching 275,400 by Q3 2025 [24]. 4. IPO Activity - The report notes a stable number of IPOs in the domestic capital market, with the Hong Kong Stock Exchange seeing a peak of 15 IPOs in June 2025 [28]. 5. Overseas Financing - Sakana AI, a Japanese AI startup, raised approximately 20 billion JPY in B-round financing, achieving a post-financing valuation of about 400 billion JPY [13]. - Flexion, a US robotics startup, completed a 50 million USD financing round, with plans to expand its operations [13].

Core Viewpoint - Shanghai JBD Display Technology Co., Ltd. has successfully completed a B2 round financing exceeding 1 billion RMB, setting a new record for single financing in the global MicroLED micro-display sector [2][3]. Financing Details - The B2 round was led by Chaos Investment and CITIC Jinshi, with participation from various investors including CITIC Securities International Capital, CITIC Securities Investment, and others [5]. - This financing follows a previous B1 round completed in August, which raised several hundred million RMB for R&D, capacity expansion, talent acquisition, and ecosystem collaboration [6]. Use of Funds - The funds from the B2 round will primarily accelerate innovation and product iteration in Micro LED micro-display technology, and promote the co-construction of a consumer-grade AR ecosystem [6]. Technological Advancements - JBD has over ten years of experience in the Micro LED micro-display field and is one of the early companies to achieve large-scale production of this technology [6]. - The company has made significant technological progress this year, including the launch of the new generation color light engine "Hummingbird II," which is compact and lightweight, overcoming traditional design limitations for AR glasses [6]. - In October, JBD released the flagship platform "Roadrunner," achieving a breakthrough in pixel pitch at 2.5 micrometers, enhancing light efficiency, energy consumption ratio, and image quality [8]. Market Application - JBD's Micro LED products are currently used in nearly 50 models of smart glasses globally, indicating a strong market presence [6].