四大证券报精华摘要：6月23日

Group 1 - The core viewpoint emphasizes the importance of accurately identifying and assessing the innovative attributes and commercial prospects of technology enterprises, which is a key aspect of the STAR Market reform [1] - The introduction of seasoned professional institutional investors is proposed to enhance the evaluation of companies' innovative attributes and commercial potential, thereby facilitating better decision-making for review agencies and retail investors [1] - The efficient integration of technology and capital is expected to further unlock the development space for new productive forces [1] Group 2 - Multiple companies listed on the Beijing Stock Exchange are actively pursuing cash acquisitions to expand their business areas, with several announcements made since 2025 [2] - The Beijing Stock Exchange has revised its rules regarding major asset restructuring to enrich the tools available for mergers and acquisitions for innovative SMEs [2] - The exchange aims to continue implementing policies to optimize market mechanisms and stimulate market vitality, thereby supporting innovative SMEs in enhancing their development quality and investment value [2] Group 3 - Satellite communication technology is becoming a focal point in the mobile communication sector, particularly highlighted at the 2025 Shanghai World Mobile Communication Conference [3] - Industry experts believe that satellite communication is reshaping network access in remote areas and connecting populations that lack internet access, thus opening a new chapter in the digital economy [3] - The satellite industry is expected to lead revolutionary changes in the communication sector over the next decade [3] Group 4 - The new classification evaluation rules for securities companies are set to reshape industry positioning by shifting the focus from scale to value creation, with net asset return rate as a core efficiency metric [4] - The adjustments aim to enhance operational efficiency and deter major illegal activities within the securities industry, promoting a virtuous cycle of compliance, rating, and business [4] Group 5 - The A-share market is expected to experience a rebound in the second half of the year, supported by ongoing policy efforts and capital market reforms [5] - Despite short-term pressures from overseas factors, the technology sector, backed by industry trends and strong performance in semi-annual reports, is recommended for investor attention [5] Group 6 - A significant number of newly established fund products, particularly initiator funds, are facing challenges in growth, with 41 funds having been liquidated this year due to persistent low scales [6] - The majority of these funds were created to chase market trends but failed to perform, leading to investor withdrawals and subsequent liquidation [6] Group 7 - The launch of the "Cross-Border Payment Link" aims to enhance the efficiency and cost-effectiveness of traditional cross-border payments, facilitating real-time remittance services between mainland China and Hong Kong [12] - This initiative is seen as a strategic move to promote the internationalization of the Renminbi and deepen financial cooperation between the two regions [12] Group 8 - The first batch of floating rate funds has been established, with a total scale exceeding 12.6 billion yuan, indicating strong investor interest in performance-linked fee structures [14] - The average subscription for these funds has surpassed 10,000 households, with the highest single fund attracting over 47,000 subscriptions, reflecting the appeal of the management fee model tied to performance [14]