研究早观点 2025 年 11 月 18 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,972.03 | -0.46 | | 深证成指 | | 13,202.00 | -0.11 | | 沪深 | 300 | 4,598.05 | -0.65 | | 中小板指 | | 7,992.92 | -0.37 | | 创业板指 | | 3,105.20 | -0.20 | | 科创 | 50 | 1,354.04 | -0.53 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证纺服】10 月社零数据点评-10 月国内社零同比增长 2.9%，可选 消费品类增速环比提升 【公司评论】星图测控(920116.BJ)：太空服务管理提供商，测管仿算 全产业链构筑核心壁垒 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【 ...

Group 1 - The core viewpoint of the article highlights the recent trends in domestic investment and financing activities, indicating a decrease in the number of financing events compared to the previous week [7][9]. - A total of 91 financing events were disclosed this week, a decrease of 18 events from last week, with a total financing scale of 2.451 billion RMB and an average financing amount of 91 million RMB [7][9]. - The most active sectors in terms of financing events were intelligent manufacturing, healthcare, and materials, with 32, 13, and 10 events respectively [9][10]. Group 2 - In the intelligent manufacturing sector, the total disclosed financing amount reached approximately 1.286 billion RMB, with notable financing from "航天驭星" which completed a 430 million RMB C+ round [9][10]. - The artificial intelligence sector saw a disclosed financing total of 390 million RMB, with "聆动通用机器人" completing a multi-hundred million RMB angel round [10]. - The geographical distribution of disclosed financing events was primarily concentrated in Jiangsu, Guangdong, and Beijing, with Jiangsu having 26 events, Guangdong 15, and Beijing 12 [14][17]. Group 3 - The stage distribution of disclosed financing events showed 69 early-stage, 21 growth-stage, and 1 late-stage event [19]. - A total of 13 completed M&A events were disclosed this week, an increase of 2 from the previous week, with significant transactions including "芯联集成" acquiring 72% of "芯联越州" for 5.696 billion RMB [33][34]. - The article also mentions several notable M&A transactions, including "启迪药业" being acquired for 1.007 billion RMB and "锐新科技" for 725 million RMB [34][35].