不到一个月，科创板改革"1+6"政策迎来新进展。7月13日，上海证券交易所发布了《上海证券交易所科创板上市公司自律监管指引第5号——科创 成长层》（简称《科创成长层指引》）等一系列重要通知，并自发布之日起施行。这意味着，市场期待已久的科创成长层等系列举措正式落地。 根据配套业务规则，科创板存量32家未盈利企业将自《科创成长层指引》发布实施之日起进入科创成长层，新注册的未盈利企业将自上市之日起 进入；借鉴境外市场的经验，在科创板试点引入IPO预先审阅机制；在科创板试点引入资深专业机构投资者制度，从适用科创板第五套上市标准的 申报企业开展试点，鼓励发行人自主认定并充分披露资深专业机构投资者入股情况。 科创成长层调出条件实施"新老划断" 备受关注的《科创成长层指引》发布实施后，上交所表示将重点抓好坚守科创成长层定位、科创成长层调出条件实施"新老划断"、强化风险导向 信息披露、加强投资者适当性管理4个方面工作，推动改革尽快落地见效。 对于"准入门槛"，上交所表示，这次改革没有针对未盈利企业纳入科创成长层设置额外的上市门槛，存量32家未盈利企业将自指引发布实施之日 起进入科创成长层，新注册的未盈利企业将自上市之日起进入 ...

Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" in the STAR Market aims to support high-quality, unprofitable technology companies, enhancing the inclusiveness and adaptability of the capital market [2][4]. Group 1: Policy and Regulatory Changes - The China Securities Regulatory Commission (CSRC) emphasizes the need for a more inclusive and adaptable regulatory framework, focusing on deepening reforms in the STAR Market and the Growth Enterprise Market [2]. - The CSRC issued the "Opinions on Setting Up a Science and Technology Innovation Growth Layer in the STAR Market," which outlines the basic requirements for this new layer [4]. - The Shanghai Stock Exchange (SSE) has released supporting business rules to facilitate the implementation of the Growth Layer [2][4]. Group 2: Entry and Exit Criteria - The Growth Layer is designed to support unprofitable technology companies without imposing additional listing thresholds for them [4]. - A total of 32 existing unprofitable companies will automatically transition to the Growth Layer, while newly registered unprofitable companies will enter upon listing [4]. - The exit criteria for existing companies remain unchanged, requiring them to achieve profitability after listing, while new unprofitable companies will face stricter exit conditions [5]. Group 3: Investor Management and Disclosure - The reform does not introduce new trading thresholds for individual investors, maintaining the existing requirement of 500,000 yuan in assets and two years of investment experience [5]. - Investors must sign a risk disclosure agreement before investing in newly registered unprofitable technology companies in the Growth Layer [5]. - Companies in the Growth Layer are required to disclose risks related to unprofitability and technology development in their annual reports and interim announcements [5]. Group 4: Pre-Review Mechanism - The pre-review mechanism is a significant innovation aimed at protecting sensitive business information while allowing companies to seek guidance before formal IPO applications [8][9]. - Companies must justify the necessity of a pre-review, and the SSE will ensure compliance with the established rules during this process [8][9]. Group 5: Professional Investor Recognition - The SSE has introduced guidelines for recognizing "senior professional institutional investors," which will help identify high-quality technology companies [10][11]. - The criteria for recognition include governance structure, asset management scale, and investment experience in technology companies [11]. - The involvement of recognized professional investors is expected to enhance the credibility of companies and assist in identifying those with genuine growth potential [13].

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Investment Rating - The report provides a positive outlook for the basic chemical industry, indicating potential improvements in supply and demand due to ongoing anti-involution policies [6]. Core Insights - The anti-involution policies are expected to enhance the supply-demand dynamics within the industry, particularly in the pesticide sector, where inventory reduction has led to price increases [12]. - The report highlights significant price movements in key products, with notable increases in herbicide prices, such as glyphosate, which rose to 25,301 CNY/ton, reflecting a 2.03% increase week-on-week and a 7.18% increase year-to-date [6][12]. - The report suggests investment opportunities in various sectors, including integrated refining and chemical companies, leading tire manufacturers, and firms involved in new material production [13]. Summary by Sections 1. Industry News and Event Commentary - The central government is focusing on promoting a unified national market and addressing low-price competition, which is expected to improve the overall market environment [12]. - The pesticide industry has shown significant inventory reduction, with glyphosate prices increasing due to tighter market supply [12]. 2. Chemical Sector Weekly Performance - The Shanghai Composite Index rose by 1.54%, while the basic chemical index increased by 0.80%, indicating a lag behind the broader market [14]. - The top-performing sub-sectors included oil and gas engineering, polyester, and compound fertilizers, while other plastic products and textile chemicals saw declines [15][16]. 3. Key Product Price Movements - Notable price increases were observed in butanone (12.43%), TDI (5.54%), and dichloromethane (3.97%), while acetone and NYMEX natural gas experienced significant declines [24][25]. - The report also tracks price spreads, with significant increases in the spreads for dimethyl ether and PET bottle chips, while the spreads for adipic acid and acetic acid saw substantial declines [26][27]. 4. Investment Recommendations - The report recommends focusing on integrated refining and chemical companies such as Hengli Petrochemical and Rongsheng Petrochemical, as well as leading firms in the refrigerant and tire manufacturing sectors [13]. - It also highlights opportunities in the pesticide sector due to improving supply-demand conditions and suggests monitoring companies involved in high-end engineering plastics and semiconductor materials [13].

Group 1 - The report highlights the frequent release of new products by companies like Xiaomi and Honor, emphasizing the importance of the domestic production process for new materials [5][6] - The Chinese government is supporting equipment upgrades in the petrochemical and chemical industries with a funding of 200 billion yuan, which is expected to accelerate the modernization of these sectors [5][6] - The introduction of new products, such as Xiaomi's first SUV and Honor's latest smartphones, is seen as a significant advancement in China's consumer electronics sector, potentially driving the domestic supply chain and high-end material development [6][9] Group 2 - The report indicates that the securities sector may experience upward momentum after a period of consolidation, with technical indicators showing positive trends [11][12] - The Shanghai Composite Index has shown resilience, maintaining above key moving averages despite recent fluctuations, suggesting potential for further gains [19][20] - The report notes that large capital inflows into the market indicate strong buying interest, which may support continued upward movement in the securities sector [15][19] Group 3 - The report tracks industry performance, noting that the petrochemical index has underperformed compared to the broader market, while the basic chemical index has outperformed [7][22] - Specific sub-sectors such as membrane materials and other plastic products have shown significant price increases, indicating strong demand and potential investment opportunities [7][22] - The report emphasizes the importance of selecting resilient and advantageous sectors within the chemical industry, particularly those benefiting from supply-side reforms and domestic production initiatives [9][10]

证券代码：688549 证券简称：中巨芯 公告编号：2025-020 中巨芯科技股份有限公司 关于持股 5%以上股东股份解除质押及部分股份 再质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 截至本公告披露日，中巨芯科技股份有限公司（以下简称"中巨芯"或 "公司"）股东衢州恒芯企业管理合伙企业（有限合伙）（以下简称"恒芯企业" 或"员工持股平台"）持有公司股份数量 107,957,000 股，占公司总股本的 7.31%。 本次股份解除质押及部分股份再质押后，恒芯企业累计质押公司股份数 量 13,690,000 股，占公司总股本的 0.93%。 公司近日接到股东恒芯企业通知，获悉其所持有公司的部分股份办理了解除 质押登记手续，同时自本公告披露之日起7个工作日内，将再次办理其所持有公 司的部分股份再质押登记手续。具体情况如下： | 股东名称 | 恒芯企业 | | --- | --- | | 本次解除质押股份数量（股） | 87,269,201 | | 占其所持股份比例 | 80.84% | | 占公司 ...

Group 1 - The report highlights a resilient actual GDP growth forecast of over 5% for Q2 2025, despite nominal GDP pressures due to declining economic data, particularly in real estate investment [6][7] - The report emphasizes the importance of domestic demand and technology as key investment themes, especially in light of the upcoming political bureau meeting that will outline economic policies for the second half of the year [7][8] - The agricultural sector, particularly pig farming, is expected to see a price increase due to reduced supply pressure and improved profitability, with specific companies like Muyuan Foods and Wens Foodstuffs recommended for investment [8][9][10] Group 2 - The pharmaceutical and biotechnology sector is gradually stabilizing, with a reported revenue of CNY 795.03 billion in the first four months of 2025, a year-on-year decline of 2.1% [12][13] - The report notes a significant increase in the number of innovative drug projects and collaborations, with 51 innovative drug projects worth over USD 48 billion completed in the first five months of 2025 [13][14] - Investment recommendations include focusing on innovative drug companies with differentiated products and strong potential for international expansion, such as Kelun Pharmaceutical and Betta Pharmaceuticals [14][27] Group 3 - The basic chemical sector is experiencing a recovery, with the SW basic chemical index outperforming the market, driven by a decrease in raw material costs and potential supply-side reforms [16][17] - Companies with strong cost advantages and those involved in supply-side reforms, such as Hoshine Silicon Industry and Zhejiang Longsheng, are highlighted as potential investment opportunities [18][19] - The report also points to new consumer trends driving demand for health additives and domestic substitutes in the chemical materials sector, with companies like Jinfa Technology and Shengquan Group recommended for investment [19] Group 4 - The electronics sector is witnessing a recovery, with Xiaomi's launch of its first AI glasses and other innovative products expected to strengthen its market position [20][21] - The report indicates a 4.61% increase in the electronic index, outperforming the broader market, with specific focus on AI-driven sectors and semiconductor equipment as key investment areas [22][23] - Recommended companies include companies benefiting from strong domestic and international demand in the AIOT field, such as Espressif Systems and Rockchip Electronics [23] Group 5 - The GLP-1 drug market is gaining attention with the approval of the first dual-target weight loss drug in China, which is expected to drive further interest in the sector [24][26] - The report notes that the pharmaceutical sector's overall performance has been mixed, with a 1.60% increase in the biopharmaceutical index, but specific segments like medical services and devices are performing well [25][27] - Investment suggestions include focusing on companies involved in innovative drug development and medical devices, such as Betta Pharmaceuticals and Yao Ming Pharmaceutical [27][28]

证券代码：688549 证券简称：中巨芯 公告编号：2025-019 中巨芯科技股份有限公司 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 股东持股的基本情况 ? 减持计划的实施结果情况 公司于 2025 年 3 月 18 日在上海证券交易所网站（www.sse.com.cn）披露了 《中巨芯科技股份有限公司股东减持股份计划公告》（公告编号：2025-003）。 远致富海因自身资金需求，计划于上述公告披露之日起 3 个交易日后的三个月内 通过集中竞价、大宗交易方式减持公司股份不超过 44,318,220 股，即减持比例 不超过公司股份总数的 3%。 近日，公司收到远致富海出具的《关于减持中巨芯股份结果的告知函》，远 致富海在减持计划期间内通过集中竞价及大宗交易方式合计减持所持公司股份 本次减持计划已实施完毕。 一、减持主体减持前基本情况 股东名称 远致富海 控股股东、实控人及一致行动人 □是 √否 股东身份 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 □是 √否 其他：5 ...

证券代码：688549 证券简称：中巨芯 公告编号：2025-019 中巨芯科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 近日，公司收到远致富海出具的《关于减持中巨芯股份结果的告知函》，远 致富海在减持计划期间内通过集中竞价及大宗交易方式合计减持所持公司股份 22,138,827 股，占公司目前总股本的 1.4986%。本次减持计划时间区间已届满， 本次减持计划已实施完毕。 | 股东名称 | 远致富海 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | 一、减持主体减持前基本情况 重要内容提示： 股东持股的基本情况 本次减持计划实施前，深圳远致富海十一号投资企业（有限合伙）（以下简 称"远致富海"）持有中巨芯科技股份有限公司（以下简称"中巨芯"或"公司"） 73,863,701 股，占公司总股本的 4.999993%。以上股份均来源 ...

金十数据6月19日讯，科创板累计已有54家未盈利企业上市。目前已有22家企业上市后实现盈利，还有 32家尚未实现摘"U"。根据《科创成长层指引》要求，上述32家公司将自指引（正式稿）发布之日起纳 入科创成长层。具体来看，32家尚未摘"U"的存量公司包括：泽璟制药、君实生物、前沿生物、青云科 技、和辉光电、精进电动、百济神州、迪哲医药、迈威生物、翱捷科技、亚虹医药、首药控股、海创药 业、云从科技、益方生物、奥比中光、盟科药业、诺诚健华、信科移动、星环科技、裕太微、云天励 飞、天智航、奇安信、寒武纪、亿华通、埃夫特、慧智微、芯联集成、智翔金泰、盛科通信、中巨芯。 （上证报） 32家科创板未盈利公司将纳入科创成长层 ...