Core Viewpoint - The article highlights the successful listing of three unprofitable companies on the STAR Market, marking a significant event in the "1+6" reform initiative aimed at enhancing inclusivity and adaptability in the market for innovative enterprises [4][8]. Group 1: Company Listings - On October 28, He Yuan Bio, Xi'an Yicai, and Bibete became the first batch of newly registered companies in the STAR Market's growth layer [1]. - On their debut, the companies opened significantly higher: N Yicai up 361%, N He Yuan up 202%, and N Bibete up 175%. By midday, their respective increases were 210%, 202%, and 93% [2]. Group 2: Market Performance - As of October 28, 11 companies have been listed on the STAR Market this year, raising a total of 16.95 billion yuan, a year-on-year increase of 54% [2][9]. - By the end of September, 7.58 million investor accounts had opened trading permissions for the growth layer, representing 126% of the active investor accounts [11]. Group 3: Company Profiles - He Yuan Bio is an innovative biopharmaceutical company with a leading global rice recombinant protein expression system, achieving a protein expression level of 20-30g/kg in brown rice, which allows for high yield and low-cost production [5]. - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally, with a market share of approximately 6% in monthly shipments and 7% in production capacity [5]. - Bibete specializes in developing innovative drugs with global intellectual property rights, focusing on major diseases such as cancer and autoimmune diseases, with several products in various stages of clinical trials [6]. Group 4: Policy and Market Environment - The "1+6" reform initiated on June 18 aims to create a specialized tier in the STAR Market, allowing unprofitable companies to list under the fifth set of standards, enhancing the market's inclusivity [8][9]. - The Shanghai Stock Exchange has actively engaged in policy promotion, holding 15 sessions in 14 key cities to guide market participants in understanding the reforms [9]. - The exchange plans to continue supporting high-quality development by identifying quality innovative companies and enhancing regulatory effectiveness [10].

Core Viewpoint - The recent surge in technology stocks is attributed to pivotal points and positive earnings reports, particularly in sectors related to computing, storage, PCB, optical connections, and power equipment [1]. Group 1: Market Trends - The computing, storage, PCB, optical connection, and power equipment sectors continue to shine, indicating strong performance in related technology stocks [1]. - Energy storage-related stocks have also seen significant increases, driven by quarterly reports [1]. Group 2: Stock Selection and Analysis - Pivot points are effective for timing but cannot replace stock selection, which remains crucial [2]. - The stock of Dongfang Tantalum Industry has experienced consecutive gains, showcasing a specific trading pattern [3]. - The analysis of trends should focus on daily K-line developments and structural formations, rather than solely on short-term trading methods [5]. Group 3: Financial Data and Indicators - Companies in the materials sector, such as Dongyangguang, Nanjing Julong, and Western Superconducting, are highlighted for their potential due to advancements in hard technology and materials science [6]. - Emphasis is placed on understanding industry dynamics rather than superficial themes or concepts, as the latter do not drive long-term stock performance [6]. Group 4: Methodology and Tools - A bottom-up methodology is recommended, starting from individual stocks to industry analysis, which helps in confirming stock selection [7]. - The use of specific functions, such as CALCSTOCKINDEX, is suggested for integrating industry indicators with individual stock metrics [7][9]. - Understanding the principles behind indicators is essential for effective application, rather than merely following rigid methodologies [10].

Group 1 - The Hang Seng Index rose by 1.05% on October 27, driven by significant breakthroughs in China's technology industry, with southbound funds net buying HK stocks worth HKD 2.873 billion on the same day [1] - The top net bought stocks included SMIC and Hua Hong Semiconductor, with net purchases of HKD 1.143 billion and HKD 0.986 billion, respectively, ranking first and third among the top ten stocks [1] - The launch of the first information technology ETF in the Hong Kong market, tracking the CSI Hong Kong Stock Connect Information Technology Composite Index, is expected to attract significant market attention due to its focus on leading stocks like SMIC and Hua Hong Semiconductor [1] Group 2 - The 20th Central Committee's Fourth Plenary Session emphasized "high-quality development" and "enhancing independent innovation capabilities," positioning these as primary goals in the latest 14th Five-Year Plan [2] - The 2025 Bay Area Semiconductor Industry Ecosystem Expo showcased nearly 2,000 new products from leading Chinese hard technology companies, indicating significant progress in domestic chip technology and core technology sectors [2] Group 3 - The CSI Hong Kong Stock Connect Information Technology Composite Index, which the new ETF tracks, consists of 41 hard technology companies, with a composition of 70% hardware and 30% software, focusing on semiconductors, electronics, and computer software [3] - The index excludes larger internet companies, enhancing its focus on capturing the AI hard technology market trends [3] - As of September 30, 2025, the index's top-weighted stocks include SMIC (19.41%), Xiaomi Group (10.28%), and Hua Hong Semiconductor (5.11%), with the top five stocks accounting for 51% of the index [5]

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) and the pilot registration system is aimed at reforming the capital market and supporting technological self-reliance and strength [1] Group 1: Market Development - Over the past six years, the STAR Market has nurtured a large number of high-growth technology companies and has developed a series of replicable and promotable reform experiences [1] Group 2: Local Government Initiatives - Shanghai, as the birthplace and core hub of the STAR Market, is leveraging its collaboration mechanism with the China Securities Regulatory Commission to accelerate the construction of the "Five Centers" [1] - The city has launched an upgraded version of the "Pudong Light" initiative to enhance its advantages as a global innovation center and modern industrial system, continuously building bridges for "hard technology" companies to connect with the capital market [1]

Group 1 - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Biobetter, have been registered as the first batch of companies in the Sci-Tech Innovation Board's growth tier, marking a significant step in capital market support for technological innovation and new productive forces [1][2] - He Yuan Bio is an innovative biopharmaceutical company that has developed key core technologies for recombinant human albumin drugs, offering advantages such as high yield, simple processes, low costs, and scalability [1] - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers and holds the most authorized domestic and international invention patents in this field in mainland China as of June 2025 [1] Group 2 - Biobetter is concentrated on major diseases such as tumors, autoimmune diseases, and metabolic diseases, with one innovative drug product, BEBT-908, approved for market as of October 2025, and several others in various clinical trial phases [1] - The establishment of the Sci-Tech Innovation Board's growth tier is a response to the development patterns of hard technology and global competition, allowing unprofitable tech companies to access capital markets [2] - The chairman of Xi'an Yicai emphasized that the series of reforms, including the "1+6" policy, has opened doors for companies to leverage capital for accelerating technology transformation and enhancing industrial capabilities [2]

10月28日，上交所理事长邱勇在科创板科创成长层首批新注册企业上市仪式现场发表致辞时表示，今年 6月份，科创板改革"1+6"政策正式发布，上交所全力以赴抓落实，在四个多月时间内，完成了规则、技 术、市场就绪准备工作，今天迎来科创成长层首批新注册企业上市。 四是坚持以投资者保护为中心，推进投融资协调发展，提升市场吸引力、竞争力，持续深化投资端改 革，着力培育耐心资本、长期资本，大力发展指数化投资，持续提升上市公司质量和投资价值，加快营 造"资金愿意来、企业留得住、投资者有回报"的市场生态。 一是坚持"硬科技"定位，进一步发挥科创板"试验田"作用，把好准入关，更好识别优质科创企业，支持 人工智能、商业航天、低空经济等更多前沿科技领域适用第五套标准，不拘一格支持具有参与全球竞争 潜力的"硬科技"企业上市。 二是坚持以改革促发展，提升制度包容性、适应性，深化发行承销、再融资、并购重组等领域的适配性 改革，引导各类要素资源加快向科创领域集聚。 三是坚持强监管，持续提升监管效能，切实做到严而有度、严而有方、严而有效，积极探索适应科技创 新规律的监管方式，不断增强市场对科创企业的信心和预期。 邱勇介绍，下一步，上交所将坚决 ...

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. officially listed on the Sci-Tech Innovation Board, marking a significant milestone for hard technology enterprises in Xi'an and showcasing the capital market's support for core technology companies [1][3][20] Group 1: Company Overview - Xi'an Yiswei is the first hard technology enterprise to successfully go public with an "unprofitable" status after the release of the "Eight Policies" for the Sci-Tech Innovation Board [3] - The company raised 4.636 billion yuan, making it the second-largest IPO in A-shares this year and the largest IPO in Shaanxi Province since 2025 [7] - Xi'an Yiswei specializes in the research, production, and sales of 12-inch silicon wafers, a core material for chip manufacturing, and has established a comprehensive core technology system covering five major processes [7][8] Group 2: Market Position - As of the end of 2024, Xi'an Yiswei's average monthly shipment volume accounts for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally and first in China [8] - The company holds 799 authorized invention patents domestically, leading the 12-inch silicon wafer sector in China, indicating a significant leap from technology catch-up to competing with international giants [8] Group 3: Regional Impact - Xi'an Yiswei's listing contributes to Xi'an's reputation as a national hub for hard technology, with the city having nurtured 13 listed companies on the Sci-Tech Innovation Board, ranking fifth among 15 sub-provincial cities in China [12] - The success of Xi'an Yiswei reflects the city's ability to seize opportunities in the national strategy for technological self-reliance and resilience [12] Group 4: Capital Support - The growth of Xi'an Yiswei has been supported by a multi-level capital system, including national and provincial funds, which have provided continuous financial support to tackle critical technological challenges [16] - The National Integrated Circuit Industry Investment Fund and local investment platforms have played significant roles in the company's development, illustrating a model of "early investment, small investment, and investment in hard technology" [16] Group 5: Future Outlook - The establishment of the Sci-Tech Innovation Board's growth layer opens new avenues for unprofitable but promising hard technology companies like Xi'an Yiswei to access capital markets [20] - The listing signifies a new level of inclusivity in China's capital market for hard technology, potentially paving the way for more companies in similar stages of development [20]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness, thereby better serving the "14th Five-Year Plan" development goals and the construction of a financial power [1][7]. Group 1: Market Developments - The first batch of new registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, marking a significant advancement in the board's reform and development [1]. - Three unprofitable companies, He Yuan Biological-U (688765.SH), Xi'an Yicai-U (688783.SH), and Bibete-U (688759.SH), collectively went public [1]. - As of now, the number of companies in the Sci-Tech Innovation Board's growth layer has reached 35, with a total of 592 listed companies on the board [6]. Group 2: Regulatory and Institutional Support - The CSRC has successfully implemented the "1+6" reform policy since June, which includes the introduction of professional institutional investors and pre-review systems [5]. - The Shanghai Municipal Government is actively collaborating with the CSRC to enhance the operational stability and functionality of the Sci-Tech Innovation Board [5]. - The Shanghai Stock Exchange (SSE) has completed preparations for rules, technology, and market readiness within four months following the reform policy's release [6]. Group 3: Future Plans and Strategic Focus - The CSRC plans to research and formulate strategic tasks and major initiatives for the capital market during the "14th Five-Year Plan" period, focusing on risk prevention, strong regulation, and promoting high-quality development [7]. - The SSE will focus on four key areas: maintaining the "hard technology" positioning, promoting development through reform, enhancing regulatory effectiveness, and prioritizing investor protection [8].

Core Insights - The private equity and venture capital market in China is experiencing a decline in the number of new fund managers, with only 4 new registrations in September 2025, a 20% decrease from August and a 71.4% drop compared to September 2024 [1] - Despite the decline in new fund managers, the total number of newly registered private equity and venture capital funds increased to 557, representing a year-on-year growth of 83.8% and a month-on-month increase of 51.4% [1] - The total financing amount in the primary equity investment market reached approximately 44.34 billion yuan in September 2025, a 7.0% increase from 2024 and a 26.0% increase from August 2025 [1] Group 1: Fund Management and Investment Activity - Shenzhen Innovation Investment Group (深创投) registered 4 new funds by the end of September 2025, with a total registered capital of 7.34 billion yuan [2] - One of the new funds, the Shenzhen Semiconductor and Integrated Circuit Industry Fund, has a target size of 5 billion yuan and raised 3.6 billion yuan in its first closing [2] - The second fund, the Shenzhen SME Development Fund, has a registered capital of 2 billion yuan and focuses on high-tech sectors such as new information technology and advanced manufacturing [3] Group 2: Investment Trends and Preferences - In September 2025, 深创投 participated in 10 equity investment events, a 66.7% increase from August but below the 12 events recorded in September 2024 [3] - The majority of investments (70%) were in the A-round stage, indicating a preference for companies with validated business models and growth potential [5] - The investment focus is primarily on advanced manufacturing (30%), new materials, artificial intelligence, and enterprise services, aligning with national strategies for manufacturing and digital economy [8] Group 3: Geographic Distribution of Investments - Approximately 30% of 深创投's investments are in Shenzhen, with significant investments also in the Yangtze River Delta region, particularly in Zhejiang and Jiangsu [10] - This geographic strategy aims to maximize coverage of high-quality project clusters through a combination of local focus and regional opportunities [10] Group 4: Notable Investment Case - The company 恩瑞恺诺 completed over 200 million yuan in A-round financing, led by 深创投 and other investors, to advance its new drug clinical trials and expand its technology platform [12] - 恩瑞恺诺 specializes in cell therapy and has established partnerships with clinical centers to address unmet clinical needs in various disease areas [12]

Core Viewpoint - The article discusses the internationalization of hard technology investments, highlighting the rebranding of Zijin Port Capital to Haiyuan Capital, which signifies a strategic shift towards a global perspective in innovation and investment [3][4]. Group 1: Internationalization of Hard Technology - By 2025, the focus of China's hard technology sector will shift from "internal competition" to "going global," with over 60 local R&D assets expected to be successfully authorized for international markets in 2024 [7]. - Deloitte's report indicates that 37% of large Chinese enterprises will have over 20% of their revenue from overseas by 2024, marking a transition from product export to brand and technology export [7]. - The internationalization of hard technology represents a fundamental shift in China's globalization model, moving from being a passive recipient of rules to an active shaper of global industry standards [7]. Group 2: Competitive Advantages in Hard Technology - China has made significant advancements in hard technology, particularly in sectors like renewable energy and artificial intelligence, establishing a robust supply chain and achieving world-leading technological capabilities [8]. - The comprehensive control over the entire supply chain in the renewable energy sector provides Chinese companies with unmatched cost advantages and scalability, essential for competing in the global market [8]. Group 3: Haiyuan Capital's Role - Haiyuan Capital's portfolio includes leading companies in the internationalization of hard technology, such as Jieput, which has subsidiaries in Japan, the US, and Singapore, and Daxiang Shengkai, which utilizes deep learning for real-time voice extraction [10][11]. - The investment strategies of Haiyuan Capital include leveraging the Hong Kong Stock Exchange for global capital access, establishing direct sales channels, and forming partnerships with strategic investors to enhance international presence [14][15][16]. - Haiyuan Capital has built a unique global innovation ecosystem through collaborations with top universities and institutions worldwide, facilitating the incubation of high-quality projects [19][20][21]. Group 4: Future Outlook - Haiyuan Capital aims to integrate resources from the Hangzhou Bay and Guangdong-Hong Kong-Macao Greater Bay Area to connect Chinese innovation with global markets, positioning itself as a bridge for hard technology [22].