非银金融周报：科创板重启未盈利企业第五套上市标准，监管发文规范分红险-20250622

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the recent implementation of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, aimed at enhancing the inclusivity and adaptability of the system to support high-quality technology enterprises [3][16] - Regulatory measures have been introduced to standardize dividend insurance, which is expected to lower the liability costs for insurance companies and promote sustainable dividend levels [4][19] Summary by Sections Market and Sector Performance - During the week of June 15-21, 2025, the average daily trading volume of A-shares was 12,150 billion yuan, a decrease of 11.4% week-on-week but an increase of 60.1% year-on-year [20] - The non-bank financial index fell by 1.09%, underperforming the CSI 300 index by 0.64 percentage points, ranking 11th among all primary industries [2][13] - The securities sector declined by 1.73%, while the insurance sector saw a slight increase of 0.27% [2][13] Securities: Sci-Tech Innovation Board Reforms - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Sci-Tech Growth Layer" to facilitate the listing of unprofitable enterprises on the Sci-Tech Innovation Board [3][14] - The new measures include specific requirements for the growth layer's positioning, entry and exit conditions, and enhanced information disclosure [15][16] Insurance: Regulatory Changes - The National Financial Supervision Administration has issued guidelines to regulate dividend insurance, emphasizing the need for companies to justify their proposed dividend levels based on actual asset-liability and investment returns [4][19] - The guidelines aim to reduce competition based on inflated dividend levels and promote a more sustainable approach to dividend distribution [19]