最新发声。 9月10日，上交所副总经理王泊在 "硬科硬客"新质生产力行业沙龙2025年会上透露，自科创板深化改 革"1+6"政策发布以来，科创板已新增受理15家企业IPO申请，其中4家系未盈利企业、1家适用第五套标 准。与此同时，32家科创成长层存量企业展现良好发展动能，今年上半年营收同比增长37.79%，净利润 大幅减亏71.23亿元。 科创板开市六年多来，始终坚守"硬科技"定位，推动板块从资本市场服务科创的"试验田"成长为"示范 田"。截至目前，科创板已汇聚589家上市公司，A股总市值超9万亿元。从产业布局看，科创板已形成"链 群式"发展格局，比如，集成电路领域120家企业实现全链条覆盖，占A股同行业公司数量超六成；在创新 能力方面，科创板更是持续领跑，今年上半年板块整体研发投入超841亿元，是净利润的2.8倍，研发投入 占比中位数达12.61%。 王泊表示，科创板以包容性改革破壁垒，坚持为未盈利硬科技企业打开"资本入口"。自诞生之初就打破传 统上市"盈利门槛"的思维定式，推出"多元上市标准"，首次允许未盈利企业、红筹企业、特殊股权架构企 业登陆A股，为科创企业开辟了针对性的上市通道。今年新改革的"1+6 ...

Core Insights - As of September 3, there are 5,427 listed companies in A-shares with a total market capitalization exceeding 110 trillion yuan, indicating a robust market environment supported by new policies and an enhanced focus on technology-driven narratives [1][2] - In the first half of the year, listed companies achieved revenues exceeding 35 trillion yuan, reflecting a slight year-on-year growth of 0.16%, with 60% of companies reporting revenue increases, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1][2] - Net profits for listed companies reached 3 trillion yuan in the first half of the year, marking a year-on-year increase of 2.54%, with over 75% of companies reporting profitability, showcasing resilience in corporate performance [1][2] Sci-Tech Innovation Board Characteristics - The Sci-Tech Innovation Board is positioned as a core platform for hard technology, with companies investing significantly in R&D, exemplified by a projected net profit of 47 billion yuan and R&D expenditure of 168 billion yuan in 2024, where R&D investment is over three times the net profit [3][4] - The R&D intensity of the Sci-Tech Innovation Board remains between 10% and 11%, significantly higher than the Growth Enterprise Market and Beijing Stock Exchange, which both stand at 5%, and the overall market average of 2.3% [3][4] - The board has produced over 120,000 invention patents, averaging 216 patents per company, highlighting its role as a leader in technological innovation [4][5] Policy and Market Dynamics - The Sci-Tech Innovation Board serves as a testing ground for registration system reforms, with ongoing improvements in listing, mergers and acquisitions, and stock incentive policies, enhancing support for technology-driven enterprises [4][5] - The board has seen a surge in M&A activity, with 120 major asset restructuring announcements in the first half of the year, a 3.5-fold increase compared to the same period last year, indicating a vibrant M&A market [6] Shareholder Returns and Corporate Responsibility - There is a growing awareness among listed companies regarding shareholder returns, with total cash dividends expected to reach 2.4 trillion yuan in 2024, consistently exceeding 2 trillion yuan for three consecutive years [5][6] - Over 80% of companies on the Sci-Tech Innovation Board belong to strategic emerging industries, focusing on import substitution and self-sufficiency, positioning them as key players in driving technological innovation and fulfilling social responsibilities [5][6]

Core Insights - The "Hard Science and Hard Customers" initiative serves as a bridge between hard technology and active capital, facilitating the connection between the industrial chain and the innovation chain, as emphasized by the Shanghai Stock Exchange's Vice General Manager Wang Bo [1][3] - The growth of "Hard Science and Hard Customers" reflects the six-year development of the Sci-Tech Innovation Board, evolving from a testing ground for capital market services to a demonstration area for technological innovation [2][4] Summary by Sections Program Overview - "Hard Science and Hard Customers" is a high-end interview program co-created by the Shanghai Stock Exchange and China Business Journal, focusing on the development of hard technology and influential figures in the industry [2] - Since its launch in November 2023, the program has hosted 15 themed salons, covering key industries such as innovative pharmaceuticals, semiconductor equipment, and low-altitude economy [3] Industry Impact - The Sci-Tech Innovation Board has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, continuously injecting capital into enterprises through IPOs and refinancing [4] - The board has established a "chain-group" development pattern, with 120 companies in the integrated circuit sector covering the entire industry chain, representing over 60% of A-share companies in the same field [4] Innovation and R&D - The overall R&D investment of the board exceeded 84.1 billion yuan in the first half of 2025, which is 2.8 times the net profit, with a median R&D investment ratio of 12.61% [5] - The board boasts 240,000 R&D personnel and 130,000 invention patents, making it the highest density of R&D in the capital market [5]

Group 1 - The conference highlighted the significant role of the Sci-Tech Innovation Board (STAR Market) in China's technological innovation landscape, with over 300 key participants discussing the rise of "hard technology" and new pathways for development [3][5][28] - As of September 3, there are 5,427 listed companies in A-shares with a total market capitalization exceeding 110 trillion yuan, indicating a robust market environment for technological advancements [5][28] - Over 80% of STAR Market companies belong to strategic emerging industries such as new-generation information technology, biopharmaceuticals, and high-end equipment, focusing on import substitution and self-control [8][20] Group 2 - The STAR Market aims to facilitate a smooth connection between technology, capital, and industry, emphasizing the importance of financial services for real economy and supporting technological innovation [10][12] - The implementation of the "1+6" policy is seen as a breakthrough in the STAR Market's reform, enhancing its role as a testing ground for innovation [10][12] - The conference featured discussions on various themes, including innovative drugs, artificial intelligence, robotics, integrated circuits, low-altitude economy, and new materials, fostering in-depth exchanges among nearly 50 core listed companies and 200 institutional guests [28] Group 3 - The event showcased the achievements of STAR Market companies, with awards presented for outstanding cases that exemplify "hard technology" capabilities and innovative breakthroughs [28] - The discussions emphasized the need for patience from investors towards technology companies, highlighting the importance of long-term capital in supporting innovation [27] - The conference concluded with a strong consensus on the future direction of the STAR Market, aiming to empower industries and enhance collaboration across various sectors [28]

2 0 2 5年，在一级市场整体募资承压的背景下， 架桥资本逆势完成第五期先进制造主题基金的 最终封关 ，落地长三角制造业重镇安徽芜湖。此次募集最引人注目的数据是—— 老LP复购率 高达6 6%，创下近年来垂直领域基金的标杆水平。 这一数字不仅意味着出资人对过往业绩的高度认可，更标志着架桥资本已构建起一支稳定、专 业、具备产业协同能力的 "长期资本同盟"，其"深耕产业、价值共生"的理念正持续赢得市场信 赖。 超三分之二老 LP持续 复购 ！一支高黏性 "LP军团"浮出水面 在 VC/PE行业，LP复购率是衡量GP信任度的核心指标。本期基金高达6 6%的老LP继续出资， 构建起一支稳定、专业、具备产业协同能力的"资本同盟"。 中美联泰大都会人寿保险 更是 为 本期 基金注入稀缺的 " 耐心资本 " 。作为对风控、管理人 稳定性及行业聚焦度要求极高的长期资金，险资的持续支持，是对架桥资本穿越周期能力的有 力背书。 在政策鼓励险资加大权益配置的背景下，这一动作也表明：先进制造已从 "风口赛道"进入"价 值投资"阶段，成为长期资本配置的核心方向。 双轮驱动：锚定高端装备，奔赴 AI新赛道 五期基金延续 "深度聚焦"策 ...

上证科创板50成份指数由科创板中市值大、流动性好的50只证券组成，反映最具市场代表性的一批科创 企业的整体表现，半导体行业占比超65%。Wind数据显示，截至昨日，科创板50ETF（588080）2024年 以来跟踪误差控制效果居于前列，同时取得了0.43%的超额收益，领先同类可比产品。该产品管理费率 仅为0.15%/年，可助力投资者低成本布局"硬科技"龙头企业。 A股午后全线走强，元件、CPO、铜缆高速连接等板块领涨，截至14:40，科创板50指数上涨5.1%，成 分股中，海光信息20%涨停，国博电子涨超15%，寒武纪-U涨超8%，科创板50ETF（588080）盘中成交 额近20亿元。 工信部近日表示，要持续增强企业科技创新主体地位，鼓励企业加大科技创新投入，牵头组建创新联合 体，更多承担国家科技攻关任务；要加快推进数字化绿色化转型，深化工业互联网应用，拓展"人工智 能＋"典型应用场景，加快新技术新产品新场景大规模应用落地。 广发证券研报称，维持前期关键判断，市场确立"牛市思维"，趋势一旦形成短期很难逆转；对于已经持 有本轮牛市科技主线的投资者，在当前估值分化程度并不算高的位置上，去参与"高低切换"的必要 ...

Group 1 - The core viewpoint is that the Science and Technology Innovation 50 Index has shown strong performance recently, with a significant emphasis on growth style, aligning with the judgment of a "barbell excess - middle asset rebound" style shift [1] - The current market is in a liquidity-driven phase, with technology growth assets performing prominently [1] - The index includes sectors such as innovative pharmaceuticals and AI, which have long-term industrial catalysts [1] Group 2 - The Science and Technology Innovation 50 Index selects 50 emerging industry stocks with large market capitalization and excellent liquidity from the Science and Technology Board and the Growth Enterprise Market, covering cutting-edge technology fields like new energy and biomedicine [1] - The index focuses on high technical barriers, intensive R&D investment, and long-term growth potential, reflecting the innovative-driven characteristics of strategic emerging industries [1] - Investors without stock accounts can consider the Guotai CSI Science and Technology Innovation 50 ETF linked funds [1]

Core Insights - The "hard technology" projects are often hidden deep within the industrial chain, making it difficult for them to attract capital based solely on presentations [1] - The recent investment and financing conference in Bao'an District provides a new pathway for connecting innovative enterprises with willing investors [1] Group 1: Event Overview - The "Baoqi Jinfeng" investment and financing conference held on September 9 achieved over 50 billion yuan in signed agreements, attracting 426 enterprises and 132 financial institutions [3] - The conference showcased a new model of government-led industrial-financial cooperation through precise screening, efficient matching, and professional services [3] Group 2: Project Selection - The conference focused on identifying valuable projects within the industrial chain, targeting key segments rather than a broad approach [4] - Among the 426 invited enterprises, over 30% reported revenue growth exceeding 30%, indicating strong growth potential [4] - Many of these enterprises are deeply embedded in the supply chains of leading companies like Apple, NVIDIA, and Huawei, or are potential candidates for overcoming critical technological challenges [4][9] Group 3: Service Strategy - Bao'an has shifted from traditional招商模式 (investment attraction model) based on land prices and policies to a strategy centered on professional services [10] - The conference featured 132 financial institutions offering over 90 types of financial products and services, highlighting the demand for specialized services [10] - This approach reflects an upgrade in Bao'an's enterprise service strategy, moving from "policy incentives" to "service empowerment" to attract quality enterprises [13] Group 4: Industry Focus - The distribution of signed projects prominently featured emerging fields such as artificial intelligence, robotics, biomedicine, and new energy, aligning with Shenzhen's "20+8" industrial cluster strategy [13] - These projects not only represent the direction of industrial upgrades but also attract sustained attention from the capital market [13] Group 5: Industrial Foundation - Bao'an boasts a robust industrial foundation with 59,000 manufacturing enterprises, 5,595 large-scale industrial enterprises, 82 listed companies, and over 800 companies in the pipeline for listing [17] - The conference demonstrated Bao'an's industrial depth and the government's new approach to empowering industrial-financial cooperation, emphasizing deep involvement in the value chain to facilitate precise matching between capital and industry [17]

Group 1 - The core viewpoint of the article highlights a significant increase in the ChiNext 50 ETF (588000), which rose by 4.92%, with a notable stock, Haiguang Information, surging by 20% and hitting the daily limit [1] - GF Securities recommends maintaining a focus on the technology sector, asserting that the market has established a "bull market mentality," making it difficult to reverse the trend once formed [1] - Since late June, changes in four funding pools have occurred, initiating a positive spiral of "capital inflow - profit effect - capital inflow" [1] Group 2 - The ChiNext 50 ETF (588000) tracks the ChiNext 50 Index, with 68.77% of its holdings in the electronics sector and 9.85% in the pharmaceutical and biological sector, totaling 78.62% concentrated in these industries [1] - The index also covers various sub-sectors, including medical devices, software development, and photovoltaic equipment, indicating a high level of hard technology content [1] - The current position of the ChiNext 50 Index is near its base points, and based on historical trends of the ChiNext, the future growth potential is promising [1]

Core Viewpoint - The rapid growth of IPOs in Bao'an District, Shenzhen, is attributed to a combination of strong government support, a robust pool of potential listing companies, and a favorable business environment, positioning it as a leading area for new listings in the region [1][2][3]. Group 1: IPO Activity - Daxing Technology (02543.HK), known as the "leader in folding bicycles," debuted on the Hong Kong Stock Exchange with a public subscription oversubscription rate of 7558 times, marking it as a new "super subscription king" in Hong Kong's history [1]. - Bao'an District has seen a significant increase in the number of listed companies, with 3 out of 13 new listings in Shenzhen this year coming from Bao'an, which accounts for nearly a quarter of the total [2]. - In 2024, Bao'an is expected to add 6 new listed companies, leading the city in this regard [3]. Group 2: Listing Support and Resources - Bao'an currently has 82 listed companies, ranking third in Shenzhen, with 64 in A-shares, the second highest in the city [2]. - The district has a strong pipeline of potential IPO candidates, with 45 companies currently in the IPO application and guidance process, and over 800 companies in reserve for future listings [3]. - Bao'an is home to 277 national-level specialized and innovative small giant enterprises and 21 national-level single champion enterprises, indicating a strong industrial base [3]. Group 3: Government and Financial Support - Bao'an's government actively supports businesses, providing responsive services to address various needs, which has been highlighted by local business leaders [3][7]. - The district plans to introduce over 100 new application scenarios annually starting in 2025, focusing on smart manufacturing, smart cities, and low-altitude economy [4][5]. - The recent investment and financing conference in Bao'an facilitated over 500 billion yuan in agreements, showcasing the district's commitment to attracting financial resources to support industrial growth [9]. Group 4: Industry Transformation - Bao'an is transitioning from a manufacturing hub to a strong manufacturing district, with 29 of Shenzhen's 100 provincial manufacturing champions located there [7]. - The district's manufacturing sector accounts for over one-third of Shenzhen's total, with large-scale industrial enterprises making up 40% of the city's total [7]. - The focus on hard technology and innovation is driving Bao'an's economic transformation, with many companies deeply embedded in the supply chains of major players like Apple, NVIDIA, Huawei, and BYD [3][6].