21世纪经济报道记者张赛男上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 作为中国资本市场注册制改革的"试验田",科创 板以鲜明的"硬科技"底色为锚点,以与时俱进的 监管理念为指引,以持续完善的制度体系为支撑, 正稳步引领中国资本市场改革向深向实推进。 国金证券 | 党委书记、董事长 国云 相信未来,科创板市场在支持"硬科技"发展、推 动经济创新转型中将继续发挥积极作用!科创板将 成为培育新质生产力的"主阵地",持续为中国经 济高质量发展赓续动能! 华泰联合 | 党委书记、董事长 江萬 值此科创板开市六周年之际，21世纪经济报道特别邀请了多位券商高管，共话科创板，寄语新未来。 中国硬科技企业上市首选地 中金公司 | 党委书记、董事长、管理委员会主席 陈亮 技企业绽 ...

Core Viewpoint - The company, Beiliang, is expanding its health management brand "Lighter Moment" to address the shortcomings of traditional massage products and offline experience stores, aiming to meet users' needs for quick relaxation through an innovative service model that combines technology and traditional Chinese medicine [1][2]. Group 1: Company Overview - Beiliang has established 6 "Lighter Moment" stores across major cities such as Shenzhen, Guangzhou, and Xi'an as of June 30, 2025, indicating initial success of the store model [1][3]. - The company plans to create more "Lighter Moment" stores in the future, enhancing its market presence and global influence by integrating technology with service advantages [1][3]. Group 2: Service Model - The "Lighter Moment" brand utilizes a three-in-one service system that combines smart devices, manual techniques, and moxibustion therapy, aiming to provide a comprehensive health management solution that emphasizes technology empowerment, professional service, and immediate experience [2].

Core Viewpoint - The company, Beiliang (688793), is focusing on expanding its innovative health management brand "Qing Song Yi Ke," which combines smart devices, manual techniques, and traditional Chinese medicine to meet consumer demands for immediate relaxation and professional service [2][3]. Group 1: Business Model and Strategy - "Qing Song Yi Ke" aims to address the limitations of traditional massage products and offline stores by providing a comprehensive service system that integrates technology and traditional practices [2]. - As of June 30, 2025, the company has established six "Qing Song Yi Ke" stores across major cities like Shenzhen, Guangzhou, and Xi'an, with plans for further expansion based on market conditions [2]. Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 197 million yuan, a year-on-year decrease of 32.83%, and a net profit attributable to shareholders of -1.83 million yuan, down 111.74% [3]. - The company's debt ratio stands at 39.98%, with investment income of 479,200 yuan and financial expenses of 333,900 yuan, while maintaining a gross profit margin of 61.24% [3]. Group 3: Market Sentiment and Ratings - Over the past 90 days, six institutions have provided ratings for the stock, with one buy rating, four hold ratings, and one neutral rating [4]. - The stock has seen a net outflow of 17.63 million yuan in financing over the last three months, indicating a decrease in financing balance, while the short-selling balance has increased [5].

Core Viewpoint - The Hong Kong Hang Seng Index closed up 0.68% at 24,994.14 points, reaching a new high since February 2022, with significant contributions from state-owned enterprises [1] Group 1: Market Performance - The Hang Seng Index briefly surpassed the 25,000 points mark during trading [1] - The AH premium decreased by 0.67% to 125.44, marking the lowest level since June 2020, indicating a narrowing price gap between H-shares and A-shares [2] Group 2: Stock Movements - Major state-owned enterprises led the gains in the Hang Seng Index, with China Petroleum & Chemical Corporation rising by 5.53%, China National Petroleum Corporation by 3.61%, and China Shenhua Energy Company by 2.94% [1] - Several companies related to the Yarlung Tsangpo River hydropower project saw significant stock price increases, with Huaxin Cement, Dongfang Electric, and Chongqing Iron & Steel achieving daily price limits in A-shares, while their H-shares surged by 85.63%, 65.21%, and 25.53% respectively [2] Group 3: AH Share Premiums - As of July 21, the number of AH companies with H-shares priced higher than A-shares increased to 8, with CATL showing the highest premium of 36.69% [3] - Other companies with significant premiums included Huaxin Cement (17.99%), Dongfang Electric (14.84%), and Hengrui Medicine (14.1%) [3] Group 4: Market Trends and Outlook - The AH premium has remained low for the past month, with only 3 companies previously showing H-shares priced higher than A-shares [4] - Despite challenges such as external tariff pressures and a weakening domestic growth cycle, the Hong Kong market remains active, with a daily average trading volume of 2,406 million HKD, an increase of over 80% from 2024 [4] - The influx of southbound capital has also been robust, with an average daily inflow of 61.5 million HKD, nearly double the 34.7 million HKD from 2024 [4] Group 5: IPO and Market Dynamics - The number of companies listing in Hong Kong is increasing, with 10 A-share companies converting to H-shares, raising 70% of their funds from this transition [5] - Short-term AH premiums are constrained by a "hidden floor" due to dividend tax arrangements, while long-term macro factors supporting Hong Kong's capital market remain unchanged [5]

Core Viewpoint - The personal pension fund distribution by securities firms is facing significant challenges, with sales figures remaining low compared to banks, which offer a wider range of products and services [1][3][4]. Group 1: Current Market Situation - In the first half of this year, personal pension fund sales through securities firms were less than 5000 yuan, a stark contrast to zero sales last year [1]. - The sales scale of personal pension products among 18 securities firms varies dramatically, with a difference of over 100 times between the largest and smallest firms [3]. - Only six securities firms have surpassed 10 million yuan in sales, with the largest being CICC at 24.83 million yuan [3]. Group 2: Challenges Faced - Securities firms are limited in their ability to sell a full range of personal pension products compared to banks, which can offer savings, insurance, and various investment products [1][4]. - The requirement for securities firms to rely on banks for personal pension trading accounts complicates the business process [4]. - The average return of FOF products over two years is only 2.92%, which, combined with declining interest rates on savings and insurance products, has dampened public interest in personal pension products [5]. Group 3: Strategies for Improvement - Some securities firms are adopting a buy-side advisory approach to provide tailored pension planning solutions to clients [6][8]. - CICC and China Galaxy Securities are leveraging their strengths in wealth management and insurance sales to enhance their personal pension services [9][12]. - The introduction of independent third-party evaluation services for personal pension products is suggested to help clients navigate the complex product landscape [11]. Group 4: Future Outlook - The industry is shifting from a focus on account opening to a comprehensive competition in product strength and ecosystem services [12]. - The recent regulatory changes may allow securities firms to sell bank wealth management and insurance products, potentially addressing the current challenges in the personal pension market [11][12]. - The emphasis on transforming complex professional capabilities into simple solutions for clients is seen as crucial for the future of personal pension services [13].

Core Viewpoint - The article emphasizes the importance of enhancing the quality of practice in the securities industry, particularly in the area of mergers and acquisitions (M&A), as a means to support high-quality development in the capital market [1] Group 1: Regulatory Support and Industry Trends - The China Securities Association has issued implementation opinions aimed at promoting high-quality development in the securities industry, focusing on building first-class investment banks and institutions [1] - Since the release of the "Six Guidelines for Mergers and Acquisitions" in 2024, M&A has become a primary path for securities firms to seek new revenue streams [1] - In 2024, the net income from financial advisory services among 42 listed securities firms totaled 4.442 billion yuan, indicating significant industry differentiation [1] Group 2: Resource Allocation and Strategic Initiatives - Securities firms are increasingly directing core resources towards M&A business in response to regulatory support, with practical measures being implemented to deepen their involvement in the M&A market [3] - Companies like Zheshang Securities and Huazhang Securities are establishing dedicated teams and optimizing funding mechanisms to enhance their M&A capabilities [3][4] - The integration of external think tank resources and specialized industry teams is being pursued to improve service quality and industry understanding [4] Group 3: Challenges and Competitiveness in M&A - The complexity of M&A transactions requires securities firms to enhance their operational capabilities and adapt their strategies to meet evolving market demands [7] - Key challenges include the scarcity of quality targets and the need for innovative transaction structures to bridge valuation gaps between parties [7][8] - The ability to provide comprehensive, tailored solutions throughout the M&A process is becoming a critical competitive advantage for firms [8] Group 4: Differentiation and Specialization - The competitive landscape for financial advisory services in M&A is becoming increasingly concentrated, with top firms like CICC, CITIC Securities, and Huatai Securities leading the market [11] - Smaller firms are encouraged to focus on niche markets and develop specialized capabilities to differentiate themselves from larger competitors [12] - Strategies for smaller firms include deepening industry knowledge, enhancing compliance and risk management, and collaborating with local governments and industry funds [12] Group 5: Future Outlook - The M&A market is expected to continue playing a vital role in corporate transformation and economic quality improvement over the next 1-3 years [13] - The core competitiveness of investment banks in M&A will hinge on their ability to solve problems uniquely and efficiently, particularly in complex transactions [13]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 34th company to receive approval this year [1] Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with a commitment to developing transformative solutions [1] - The company has launched 11 products to date and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [1] Shareholding Structure - The company has no controlling shareholder, with the actual controller being Song Liang, who holds 16.1530% of the shares directly and controls an additional 13.4140% through partnerships, totaling 29.5670% of voting rights [2] - Other shareholders are primarily financial investors who have committed not to seek control of the company, recognizing Song Liang's position as the actual controller [2] Management and Governance - Song Liang is the core founder and has served as the chairman and CEO, significantly influencing the selection of board members and daily management decisions [3] - The company plans to publicly issue up to 90 million shares on the Sci-Tech Innovation Board, with a minimum of 10% of the total share capital post-issue [3] Fundraising Plans - Beixin Life aims to raise approximately 95.22113 million yuan, which will be allocated to the construction of a medical device industrialization base, R&D projects, and to supplement working capital [3] Market Position and Competitive Landscape - The IPO review committee raised questions regarding the market space, competitive landscape, and sustainability of the company's core products, specifically FFR and IVUS [4]

Core Viewpoint - The article discusses the differentiated dividend distribution plan of Shanghai United Imaging Healthcare Co., Ltd. for the year 2024, highlighting the rationale, calculation basis, and implications of the plan [1][2][4]. Group 1: Reasons for Differentiated Dividend - The company has approved a share repurchase plan with a total fund of no less than RMB 400 million and no more than RMB 800 million, aimed at employee stock ownership plans or equity incentives [1]. - The repurchased shares do not have rights to profit distribution or capital reserve conversion, necessitating the differentiated dividend distribution for 2024 [2]. Group 2: Differentiated Dividend Plan - The company plans to distribute a cash dividend of RMB 0.80 per 10 shares (tax included) to all shareholders, without capital reserve conversion or bonus shares [2]. - The total number of shares eligible for the dividend is calculated as 820,023,872 shares, leading to an expected total cash dividend of RMB 65,601,909.76 (tax included) [2]. Group 3: Calculation Basis for Dividend - The reference price for ex-dividend is calculated based on the last closing price of RMB 124.84, with the actual cash dividend per share being RMB 0.08 [3]. - The virtual cash dividend per share is approximately RMB 0.0796, leading to a minimal impact on the ex-dividend reference price [4]. Group 4: Sponsor's Review Opinion - The sponsors, CITIC Securities and China International Capital Corporation, confirm that the differentiated dividend distribution complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [4].

截至2025年6月30日，中金公司旗下中金安心回报灵活配置混合C（920921）期末净资产0.67亿元，比上 期减少0.68%，该基金经理为顾柔刚。 简历显示，顾柔刚先生:国籍中国,管理学硕士。曾任中国农业银行信用卡中心市场部经理,瑞银集团研究 部研究助理,申万宏源证券研究所海外消费分析师,光大证券研究所海外消费首席分析师;2018年6月加盟 鹏华基金管理有限公司,现任国际业务部基金经理。2019年04月20日至2021年6月22日担任鹏华港美互联 股票(LOF)基金基金经理。顾柔刚先生具备基金从业资格。2021年6月22日起不在担任鹏华红利优选混 合型证券投资基金基金经理。现任中金安心回报灵活配置混合型集合资产管理计划基金经理。 本文源自：金融界 作者：基金君 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 23.99%, 17.39%, and 14.14% respectively [1][2] - The companies with the largest increase in short positions are Giant Biogene (02367), WuXi AppTec (02359), and Henderson Land Development (00012), with increases of 2.05%, 1.43%, and 1.41% respectively [1][2] - The companies with the largest decrease in short positions are SF Holding (06936), Far East Horizon (03360), and Jiumaojiu International Holdings (09922), with decreases of -1.94%, -1.22%, and -1.18% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Ganfeng Lithium (01772) at 13.09%, Xiexin Technology (03800) at 12.57%, and Shandong Gold (01787) at 12.35% [2] - The companies with the largest increase in short ratios also include Fuyou Glass (06865) at 12.07% and Tigermed (03347) at 9.81% [2] - The companies with the largest decrease in short ratios include Vanke Enterprise (02202) at 11.38% and Green Leaf Pharmaceutical (02186) at 11.96% [3][4]