个股表现方面，昂天宏图、开普云涨20%，领涨成分股；浩欧博跌9.01%，跌幅居首。 成交额方面，寒武纪成交额249.9亿元，位居首位；ST帕瓦成交额1299万元，位居末位。 换手率方面，航天南湖换手率为29.91%，位居首位；龙腾光电换手率为0.43%，位居末位。 （文章来源：新华财经） 新华财经北京8月25日电 （王媛媛）科创50指数8月25日冲高回落，盘初涨幅一度扩大至6%附近，随后 有所回落。至收盘时，科创50指数报1287.73点，涨幅3.20%，指数振幅为5.44%，总成交额约1345亿 元。 从盘面上看，科创板个股多数上涨，上涨个股364只。高价股和低价股均多数上涨。 细分领域中，航空、医疗保健、运输设备类个股表现活跃，部分半导体、生物制药类个股下跌。 经新华财经统计，8月25日，科创板589只个股平均涨幅1.23%，平均换手率5.19%，合计成交额3473亿 元，平均振幅为5.34%。 ...

The 申斤宏源证券 SHENWAN HONGYUAN SECURITIES 解锁科创板新地图 "科创成长层"开通攻略在此! 科创成长层从哪儿来? 2025年7月13日上海证券交易所正式发布《科创板上市公 司自律监管指引第5号—科创成长层》等业务指引或指南，标 志着科创板科创成长层正式落地,科创成长层旨在支持上市时 未盈利但前景广阔的科技企业发展。 科创成长层指尖开通指南 情形一 已开通科创板交易权限 (一) 申请权限开通前20个交易日证券账户及资金账户内 的资产日均不低于人民币50万元（不包括通过融资融券融入的 资金和证券); 若您已开通科创板交易权限且风险承受能力测评结果为C4 (积极型) (含)以上,在签署科创成长层风险揭示书后方可 交易2025年7月13日新规发布后新上市的科创成长层股票或存 托凭证,若未签署仅可以交易2025年7月13日新规发布前已上 士かっつけた旦十月にはないというのであげたけど、 中的32多仔重木盆村的科则以下层反宗以仔托元此。 参与路径 申财有道APP/大赢家APP 首页 科创成长层 业务开通 业务办理 以申财有道为例: 业务办理首页 科创成长层 科创成长层 I 热门业务 账户 ...

公募基金方面，本期较上一期持股增加的公募基金共计45个，主要包括博时科创板人工智能ETF、中欧 科创主题混合(LOF)A、易方达上证科创板50ETF、嘉实上证科创板芯片ETF、南方中证500ETF等，持 股增加占比达1.21%。本期较上一季度持股减少的公募基金共计64个，主要包括诺安成长混合、前海开 源新经济混合A、华夏上证科创板50成份ETF、科创ETF、华夏经典混合等，持股减少占比达0.94%。本 期较上一季度新披露的公募基金共计54个，主要包括中欧阿尔法混合A、华夏核心制造混合A、招商移 动互联网产业股票基金A、招商科技动力3个月滚动持有股票A、鹏华创新未来混合(LOF)等。本期较上 一季未再披露的公募基金共计59个，主要包括中欧新蓝筹混合A、诺安和鑫混合A、大成成长进取混合 A、华夏创新驱动混合A、大成科技消费股票A等。 2025年8月23日，芯原股份(688521.SH)发布2025年半年度报告。截至2025年8月22日，共有184个机构投 资者披露持有芯原股份A股股份，合计持股量达3.18亿股，占芯原股份总股本的60.46%。其中，前十大 机构投资者包括VeriSilicon Limited、富策 ...

Group 1 - The core viewpoint of the articles indicates that the Sci-Tech Innovation Board (科创板) is experiencing significant growth, driven by leading semiconductor stocks like Cambrian (寒武纪) and SMIC (中芯国际), with the Sci-Tech 50 Index approaching a doubling since its low in September 2024 [1][2] - The current performance of the Sci-Tech Board is compared to the ChiNext market from 2013 to 2015, suggesting that there is potential for further upward movement, although some analysts caution that this may lean more towards speculative trading rather than long-term investment [1][2] - Analysts highlight that the profitability turning point is a key signal for market trends, with the Sci-Tech Board's earnings expected to improve starting in the second half of 2024, similar to the historical context of the ChiNext's performance prior to its bull market [2] Group 2 - The Sci-Tech Board has seen a significant increase in new listings since its establishment in June 2019, reflecting the rise of the AI industry, akin to the internet boom that followed the ChiNext's launch in October 2009 [2] - There are concerns about potential market bubbles, with some analysts suggesting that while the index may continue to rise due to capital and sentiment, it is essential for investors to approach the market with caution and not blindly follow trends [2]

昨天我们提到市场有降温的迹象，从融资盘看， 昨天，融资净卖出10亿 ，是时隔8个交易日后，首次净卖出，而且净卖出第一位的，是今年涨了 400%以上的胜X科技，单票净卖出5.6亿，占全市场 净 卖出的一半以上，而原因是，周三盘后，胜X科技向港交所正式提交了上市申请。 因此，你看，不管是再融资，还是减持，都会抑制炒作的情绪，关键就是A股这边，这块出水的水龙头，现在被人为拧得很死，因此供需失衡。 但是大A，运气也是真好，每次一要降温，就有新的热点，这次，是 Deepseek ——昨天Deepseek在官微正式发布新版本V3.1的同时，在评论区 置顶了下图这条，导致今天开盘，国产芯片板块集体高开。 但是，上午，还是"抢裤子"的行情，芯片大涨的同时，超过70%的行业及个股下跌，按上午的成交，实际今天的成交额应该是会跌破2万亿的 ——结果，午后，券商、算力板块开始拉高，上证指数在13点14分正式冲破3800点，从而带动整个盘子持续走高。 但我们预估，短期降温，是迟早的事，这样的热度，并不可持续。 说回今天的市场，印证了此前，我们的两个结论。 第一，近期，上证指数依然很难战胜。 今天上证指数涨1.45%，而全市场5000多 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.09%, closing at 1149.15 points, with a total trading volume of 4.895 billion shares and a turnover of 217.557 billion yuan, resulting in an average turnover rate of 2.64% [1] - Among the tradable stocks on the STAR Market, 165 stocks closed higher, with 6 stocks experiencing a rise of over 10%, including Sanwei Xinan and Hengyu Environmental Protection, which hit the daily limit [1] - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 28 stocks had rates between 10% and 20%, and 103 stocks had rates between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Ying Shi Innovation, which closed down by 3.82% with a turnover rate of 23.30% and a transaction amount of 1.989 billion yuan [1] - Wei Ce Technology closed up by 6.47% with a turnover rate of 22.86% and a transaction amount of 1.837 billion yuan [1] - Other notable stocks with high turnover rates include Sainuo Medical, Qilin Xinan, and Zhongyan Co., with turnover rates of 19.01%, 18.31%, and 17.98% respectively [1] Sector Analysis - In terms of sector performance, the electronics sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 57 stocks, followed by the computer and machinery equipment sectors with 24 and 11 stocks respectively [2] - Among the high turnover stocks, 46 stocks rose today, with the largest increases seen in Sanwei Xinan (20.01%), Hengyu Environmental Protection (19.98%), and Xinan Century (11.00%) [2] Fund Flow - In terms of fund flow, 53 stocks experienced net inflows from main funds, with the highest net inflows recorded for Huafeng Technology (144 million yuan), Nanya New Materials (108 million yuan), and Baiwei Storage (7.043 million yuan) [2] - Conversely, the stocks with the largest net outflows included Dongxin Co. (968 million yuan), Sainuo Medical (385 million yuan), and Chip Original Co. (332 million yuan) [2] Financial Performance - Among the high turnover stocks, 29 companies reported their semi-annual results, with the highest net profit growth rates recorded by Shijia Photon (1712.00%), Zhenlei Technology (1006.99%), and Jiao Cheng Ultrasound (1005.12%) [3] - One company, Tiande Yu, reported a net profit growth of 50.89% in its half-year performance forecast [3]

Index Performance - The main indices in the Shanghai and Shenzhen markets have all rebounded and reached new highs, indicating strong market performance [1] - The ChiNext index experienced a brief drop of 2% but managed to recover and close up by 0.23%, showcasing resilience [1] - The micro-cap stock index rose by 1.05% and also reached a new high, reflecting positive market sentiment [1] Market Dynamics - There is a significant buying effect in the market, with a notable presence of a "invisible hand" controlling index movements, suggesting a stable upward trend [3] - Today's trading volume was 2.45 trillion, indicating a slight decrease but still showing stability above 2 trillion, with potential for further increases in the future [3] Sector Performance - The liquor sector led the gains today, with some stocks rising over 5%, although overall interest remains low [3] - The consumer electronics and semiconductor sectors also performed well, particularly stocks from the science and technology innovation board [3] - The focus is expected to shift back to mainstream sectors such as liquid-cooled servers, innovative drugs, and medical devices, which are anticipated to continue performing well [4] Future Outlook - Major projects like the Yaxia Hydropower Project and the Sichuan-Tibet Railway are expected to attract attention and investment, potentially impacting related sectors [1] - The military industry is anticipated to enter a quiet period until September 3, after which renewed interest may arise depending on new developments [2][4]

Core Viewpoint - The article discusses the launch of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies, enhancing inclusivity for such firms in the market [5][19]. Summary by Sections Introduction to the Growth Layer - The "Science and Technology Innovation Growth Layer" was officially established on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting the development of technology enterprises that are not yet profitable but have strong growth potential [5]. Access Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For those who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11]. Eligibility Requirements for Individual Investors - To open trading permissions for the STAR Market, individual investors must meet several criteria, including: 1. An average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days (excluding funds and securities borrowed through margin trading) [12]. 2. At least 24 months of experience in securities trading [12]. 3. A strong understanding of the risks associated with STAR Market stocks, demonstrated by passing a knowledge test [12]. 4. A risk tolerance assessment result of C4 (active) or above [12]. Trading Process - Investors can access the "Science and Technology Innovation Growth Layer" through specific apps, such as the Shen Cai You Dao APP or Da Ying Jia APP, and must follow the outlined steps to open trading permissions [9][14]. Identification of Growth Layer Stocks - Stocks of companies listed in the Growth Layer will have a "U" identifier to indicate their unprofitable status. New registered stocks will be labeled with "成" for new registrations, while existing stocks will be marked with "成1" [17].

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. has successfully passed the IPO application review for the Sci-Tech Innovation Board, marking a significant milestone as the first unprofitable company accepted since the "K8 Policy" and indicating a historic breakthrough in China's high-end semiconductor materials sector [2][3]. Company Overview - Xi'an Yiswei is focused on the research, production, and sales of 12-inch silicon wafers, ranking as the largest domestic and sixth globally in this category, with a monthly average shipment and production capacity accounting for approximately 6% and 7% of the global market, respectively [3]. - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector in mainland China as of the end of 2024 [3]. Financial Performance - The company reported revenues of 1.055 billion, 1.474 billion, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of -416 million, -692 million, and -763 million yuan [9]. - The main business revenue composition for 2024 includes polished wafers (830.76 million), epitaxial wafers (353.48 million), and test wafers (926.63 million), totaling 2.11087 billion yuan [5]. IPO Details - The IPO aims to raise 4.9 billion yuan for the second phase of the Xi'an Yiswei silicon industry base project, with an initial issuance of 53.78 million shares, accounting for 13.32% of the total shares post-issuance [6][9]. - The company meets the listing standards of having an expected market value of no less than 3 billion yuan and a minimum revenue of 300 million yuan in the last year [9]. R&D and Innovation - The company has invested 576.23 million yuan in R&D from 2022 to 2024, meeting the requirement of R&D investment being over 5% of revenue or totaling over 80 million yuan in the last three years [10]. - As of the end of 2024, the company holds 1,635 patents, with over 80% being invention patents, and has 746 authorized patents, with more than 70% being invention patents [10]. Future Development Plans - The company aims to establish 2-3 core manufacturing bases and several modern intelligent manufacturing plants by 2035, focusing on enhancing product quality, technical capabilities, and maximizing shareholder value [11].

Core Points - The Sci-Tech Innovation 50 Index experienced a high of 3% intraday before closing at 1085.74 points, with a gain of 0.75% and a total trading volume of approximately 656.5 billion yuan [1] - The majority of stocks on the Sci-Tech board declined, with over 510 stocks falling, while high-priced stocks showed mixed performance and low-priced stocks mostly decreased [1] - In the detailed sector performance, certain semiconductor and biopharmaceutical stocks were active, while specialized machinery and software service stocks faced the largest declines [1] - On August 14, the average decline for 589 stocks on the Sci-Tech board was 2.26%, with an average turnover rate of 4.19% and a total trading volume of 218 billion yuan, alongside an average volatility of 5.03% [1] - Notable individual stock performances included Fang Technology and Botao Biology, which rose by 20%, while Dingyang Technology saw a decline of 12.10%, marking the largest drop [1] Trading Volume - Cambrian's trading volume reached 14.04 billion yuan, ranking first, while Delinhai's trading volume was 2.218 million yuan, ranking last [2] Turnover Rate - Longtu Light Mask had the highest turnover rate at 36.92%, while Longteng Optoelectronics had the lowest turnover rate at 0.25% [3]