Core Viewpoint - The deep integration of technological innovation and industrial innovation has become the core driving force for economic growth in the context of a profound restructuring of the global economic landscape [5][6]. Group 1: Capital Market Development - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to fully activate the hub function of a multi-level capital market to promote the integration of technological and industrial innovation [5][6]. - China's capital market has made significant progress in supporting the innovation-driven development strategy, but there is still room for improvement in marketization, investor structure, and institutional flexibility compared to mature international markets [6][7]. - The multi-level capital market system in China has been continuously improved, expanding its service coverage for technology innovation enterprises [5][6]. Group 2: Challenges and Opportunities - There are structural differences between China's capital market and mature international markets, including insufficient long-term capital supply and a tendency for short-term investments [8][12]. - The average transaction price of technology contracts in China is only one-fifth of that in the United States, indicating a need for a scientific intangible asset valuation system [8][12]. - As of 2024, A-share listed companies' R&D investment is expected to reach 1.88 trillion yuan, accounting for over 50% of the total social R&D investment, with technology companies' market capitalization share increasing from 12% to 27% over the past decade [7][12]. Group 3: Financial Ecosystem and Innovation - A differentiated capital market ecosystem that aligns with technological innovation and industrial transformation requires continuous institutional and product innovation [10][11]. - The need to enhance the diversity of financial products and improve the multi-level capital market structure is crucial for supporting the financing needs of technology enterprises throughout their lifecycle [10][11]. - The establishment of a scientific and reasonable delisting standard that includes innovation capability indicators, in addition to financial metrics, is essential for maintaining market order and protecting investor interests [11][12]. Group 4: Future Directions - Future efforts should focus on cultivating patient capital and providing comprehensive financial services that cater to the entire lifecycle of technology enterprises [12][13]. - Enhancing market inclusiveness and openness by relaxing market access restrictions will attract more domestic and international quality technology enterprises and investors [13][14]. - The capital market is positioned as a core hub linking technological innovation and industrial upgrading, with the potential to create a globally influential innovation capital aggregation hub [14].

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Central Financial Committee has issued opinions to support the accelerated construction of Shanghai as an international financial center [4] - The China Securities Regulatory Commission (CSRC) is working to build a capital market ecosystem that is more conducive to comprehensive innovation [4] - The CSRC has released opinions on establishing a growth tier in the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability [4] Industry Updates - The China International Solid-State Battery Technology Conference is set to accelerate the industrialization of solid-state batteries, with related stocks including Putailai (603659) and Liyuanheng (688499) [5] - Cainiao's new unmanned vehicle has started pre-sales, indicating rapid growth in the commercial use of logistics unmanned vehicles, with related stocks including Xingwang Yuda (002829) and Xiangyou Technology (600476) [5] - Significant breakthroughs have been achieved in key systems of China's fusion reactor, marking an acceleration in nuclear fusion technology development, with related stocks including Xuguang Electronics (600353) and Nanfeng Co., Ltd. (300004) [5] Company Focus - Huayi Group (600623) has signed a strategic cooperation framework agreement with Zhenhua Heavy Industries [6] - Chongqing Department Store (600729) has seen a continuous increase in related deposits, with consumer finance yields significantly exceeding peers [6] - Kewei Medical (301087) has reached strategic cooperation with Zhihuiyan and Laolai Health to build a new ecosystem in healthcare [6] - Bank of China (601988) emphasizes the role of finance in supporting new productive forces, particularly in technology finance [6] Market Review and Outlook - On June 19, the market opened lower and continued to decline, with the ChiNext Index leading the drop. The total trading volume in the Shanghai and Shenzhen markets was 1.25 trillion, an increase of 596 billion from the previous trading day [7] - The report notes that the macro economy is expected to maintain a mild recovery, with policies emphasizing stability and activity in the capital market providing support [7] - Different sectors such as technology, consumption, and finance are highlighted for their respective advantages and development prospects, indicating potential for structural differentiation in the market [7] - The mid-term trend suggests that the market center may rise in Q4 2025, with potential for a bull market from 2025 to 2027 [7] - The report indicates that a phase of bottoming in the A-share market may have occurred, with attention needed on structural and rhythm changes in the second half of the year [7]

作 者丨崔文静 张赛男 实习生张长荣 编 辑丨姜诗蔷 未盈利企业上市，历来是市场关注的焦点。 在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和 适应性，以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一 步深化改革的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利 于支持全面创新的资本市场生态。 具体来看"1+6"政策措施，"1"是在科创板设置科创成长层，并且重启未盈利企业适用于科创 板第五套标准上市，更加精准服务技术有较大突破、持续研发投入大、商业前景广的优质科 创企业，在强化信息披露、加强投资者适当性管理方面作出安排。 "6"是在科创板推出六项措施，包括： ①对于适用科创板第五套标准的企业，试点引入资深专业机构投资者制度； ②面向优质科技企业试点IPO预先审阅机制； 吴清提出的"1+6"政策，意味着什么？系列政策利好背后，哪些企业将更多受益？将对资本市 场带来哪些影响？ 一、重启未盈利企业适用科创板第五套标准上市，意味着什么？ 科创板创立之初，率先确立多元包容的上市标准，打破A股对企业盈利门槛的刚性约束，中芯 国际、 ...

Group 1 - The strict delisting policy is a necessary measure for optimizing the A-share market ecosystem, ensuring that companies not meeting listing conditions are removed, thus enhancing market quality [1][3] - The presence of zombie companies and problematic firms in the A-share market has disrupted market order and distorted resource allocation, hindering healthy market development [1][2] - The implementation of strict delisting acts as a sword to eliminate poor-performing companies, freeing up space for high-quality enterprises to grow, which promotes better resource allocation [1][2] Group 2 - The strict delisting policy can restore investor confidence by demonstrating regulatory commitment to improving the quality of listed companies and protecting investor interests, which may attract more capital into the market [2] - From the perspective of listed companies, the policy compels them to enhance management and innovation capabilities, shifting focus from short-term gains to long-term development, thus driving economic growth [2][3] - There is room for further optimization of the strict delisting policy, such as improving investor protection mechanisms and enhancing regulatory enforcement to ensure smooth implementation [2]

中信建投证券金剑华：资本市场生态持续优化中国资产吸引力不断提升 金十数据6月17日讯，中信建投证券2025年中期资本市场投资峰会于上海拉开帷幕。中信建投证券党委 副书记、总经理金剑华在致辞中表示："今年以来，全球政经格局加速重构，中国经济在转型攻坚中展 现出强大韧性，资本市场的生态持续优化。当前，我们正置身于一个深刻变革的时代。挑战前所未有， 机遇同样前所未有。"在金剑华看来，在一系列政策的推动下，资本市场正在发生新的质变，资本市场 的生态正在经历根本性重塑。新"国九条"出台后，中国资本市场正从融资市场转向投资市场、转向财富 管理市场。长期资金正形成"耐心灌溉"的系统机制，养老金、险资等"压舱石"资金持续增配创新资产， 构建起"资本-技术-产业"的良性循环。 （上证报） ...

2025 年 4 月，中国新能源乘用车零售渗透率突破 51%，意味着汽车市场正式进入 "油电并行" 的新纪 元。当加油站与充电桩在城市版图上交织成网，选择燃油车还是新能源车，早已不是简单的技术偏好， 而是收入水平、生活方式、价值观念等多重因素的投射。这场看似普通的消费选择，实则勾勒出一幅复 杂多元的社会图景。 性别差异则呈现出有趣的消解与重构：新晋宝妈成为家庭购车决策主力，蔚来 ES6 因 "紫外线杀菌空 调" 和 "隐私座舱" 成为母婴社群热门；而在硬派越野领域，女性车主占比从 2020 年的 8% 升至 2025 年 的 23%，长城坦克 500 的女车主坦言："穿越沙漠时，燃油车的轰鸣声能带来独特的掌控感。" 三、职业与价值观：实用主义与身份认同的角力 在浙江义乌小商品市场，新能源车是老板们的 "商业名片"。批发商陈女士发现，开五菱缤果谈生意 时，客户会默认她 "更懂成本控制"，议价空间平均多出 2%。这种 "电车 = 精明经营者" 的认知，让临 沂商贸城新能源车渗透率达 40%，远超当地乘用车平均水平。 一、收入与地域：平行世界的消费逻辑 在上海陆家嘴的高端写字楼车库，蔚来 ET7 与特斯拉 Mode ...

【文/观察者网专栏作者 心智观察所】 玄戒O1真的是"魔戒"吗？ 据小米和雷军公布的公开信息显示，经过4年多时间，截至今年4月底，玄戒累计研发投入已经超过了 135亿人民币，目前研发团队已经超过了2500人，今年预计的研发投入将超过60亿元。 雷军把这款SoC的研发原初点上溯为2021年，并且表示"芯片是小米突破硬核科技的底层核心赛道，我 们一定会全力以赴。这里，恳请大家，给我们更多时间和耐心，支持我们在这条路上的持续探索。" 近来几天，外界对玄戒O1的各种拆解越来越多。目前基本确定其CPU采用10核架构：分别是2个3.9GHz 超大核+4个3.4GHz大核+2个1.89GHz中核+2个1.8GHz小核；GPU则是用了Immortalis-G925。 值得注意的是，小米5月20日发布公告，表示高端智能手机将继续搭载高通的骁龙8系列处理器，并将应 用于在中国及全球市场销售的数代产品，且协议期内销量逐年递增。 再加上由于玄戒O1采用了最新的ARMv9公版最顶级的X925以及G925，也就是外购了ARM的顶级IP， 而且5G基带芯片也用了外挂，因此玄戒招来了外界的众多嘲讽，比如说小米的"房屋设计就是在装修好 的房间 ...

彭英之表示，做市商是个专门做交易ETF的机构，他们的市场角色是他们要尽可能做好ETF交易这件 事，这样他们可以给投资者提供非常好的ETF的价格，同时帮助发行者提供服务给他们的客户。这些年 事情发生了进化，一开始这些交易量都已在交易所，就像A股市场的交易一样，人们每天都有很高的流 动性，过去20年间，像友邦这样的公司他们的金额非常高，他们需要快速的流动性，大宗交易就开始逐 渐发展了，让机构投资者也可以去利用做市商这个渠道。"我们也需要继续发展和成长，我们需要去满 足客户的需求，客户需要什么，他们怎么想交易，交易多少，价格是多少，他们的对标是什么，这些东 西都是我们要去改善的地方。" 彭英之说，"我们要想获得业务的话，我们要想存活的话，作为做市商，我们就要改善我们的技能，我 们必须要什么都知道，要了解相关的ETF交易的成本，都要知道这些知识。我们的交易者、交易员都需 要知道跨境监管是什么样的、税务的安排是怎样的、票据的基础流动性是怎样的，我们都需要知道，整 个ETF交易的寿命周期，做市商都必须在每个环节都清楚，要知道我们的成本和价格。如果能够让我们 的产品更具吸引力，系统就会发展，更多人就会去使用ETF，我们也会 ...

ages 3815 t AMERICAL COLL I "过去信用债融资主要集中于传统产业企业，而科创债的扩容将吸引更多科技创新企业进入债券市场， 有助于构建多层次债券市场体系。"秦斯朝说。 此外，政策还明确，未来将进一步完善科创债质押融资机制，并鼓励设立科创债指数及指数挂钩产品。 秦斯朝认为，这些创新举措将有效提升科创债的市场流动性和投资吸引力，推动更多资本投向科技创新 领域。 秦斯朝表示，政策从提升发行效率、简化信息披露、引导科创债投资等方面完善配套支持机制，优化科 创债市场投融资生态，这有利于信用资质较好、债券融资渠道通畅的科技企业提升直接发行科创债的积 极性和市场认可度。此外，政策新增金融机构发行主体，银行将大规模发行科创债，并主要以贷款形式 投向科创领域，因此，科技贷款支持范围内的企业也将受益于政策。 细化估值模型 构建差异化信用评级体系 科创债扩容后，其发行主体、信用风险、底层资产、财务特征等方面都与传统债券存在较为显著的差 异，需要根据不同类型的科创债调整或构建估值模型。秦斯朝认为，当前债券市场亟须建立与科创企业 特征相适应的估值模型和信用评级体系。 秦斯朝 ◎记者 张欣然 科创债市场扩容政策已 ...

5月15日，证监会公布了2024年执法情况。 2024年，证监会依法从严查办证券期货违法案件739件，作出处罚决定592件、同比增长10%，处罚责任主 体1327人（家）次、同比增长24%，市场禁入118人、同比增长15%；向公安机关移送涉嫌犯罪案件和线 索178件，同比增长51%。 证监会表示，下一步将紧扣"防风险、强监管、促高质量发展"工作主线，不断提升执法能力和办案质效， 用好用足法律法规赋予的执法手段，快、准、狠打击证券期货违法违规，切实维护投资者合法权益，为建 设高质量资本市场提供有力法治保障。 打击欺诈发行等投资者最不能容忍的行为 记者了解到，过去一年，证监会突出强本强基、严监严管，聚焦"打大、打恶、打重点"，坚持"惩防治"并 举，"行民刑"协同，坚决做到"长牙带刺"、有棱有角，全力提升执法效能，努力实现严而有力、严而有 度、严而有方、严而有效。 从查办的案件构成看，信息披露案件249件位居首位，占案件总数的34%；中介机构未勤勉尽责案件95 件，连续三年增加，占案件总数的13%；内幕交易案件178件、操纵市场案件71件，分别占比24%、 10%，数量与往年基本持平。 在发行上市、信息披露、并购重 ...