作 者丨赵云帆 在资本化消息方面，2025年上半年，宇树科技陆续被传出LP份额遭到疯抢、股份制改造完 成、C轮融资完成等消息。投资人则跃跃欲试，时常向媒体透露宇树科技IPO的蛛丝马迹。 编 辑丨黄剑 7月4日，宇树科技IPO话题再度被市场关注。据报道， 有宇树科技投资人爆料称，宇树科技将 选择科创板作为上市地点。 这是近期又一则关于宇树科技即将IPO的消息。 作为国内最炙手可热的人形机器人企业，从春晚压轴表演，到海外社交平台大V开箱，从北京 亦庄马拉松开跑，到杭州八角笼拳拳到肉，宇树科技的关注度在整个2025年都在如金蛇狂舞 一般螺旋式上升。就连其创始人兼CEO王兴兴也成为新锐科技圈红人——这边参与民营企业座 谈，那边又给高考学子发出祝福。 不过，记者发现，时至今日， 宇树科技注册地所属的浙江证监局，还未披露任何关于这家公 司A股上市的辅导信息。 备受关注的IPO "后续有可能，不确定——" 今年4月末，当香港特区行政长官李家超在杭州调研宇树科技时， 王兴兴如是回应"宇树科技是否会在港股上市"的问题。 这也是宇树科技首次正面回应关于上市的问题。只不过，这样的回答显然有些模棱两可。 今年以来，A股IPO节奏—— ...

不过，记者发现，时至今日，宇树科技注册地所属的浙江证监局，还未披露任何关于这家公司A股上市 的辅导信息。 备受关注的IPO "后续有可能，不确定——"今年4月末，当香港特区行政长官李家超在杭州调研宇树科技时，王兴兴如 是回应"宇树科技是否会在港股上市"的问题。 这也是宇树科技首次正面回应关于上市的问题。只不过，这样的回答显然有些模棱两可。 今年以来，A股IPO节奏——特别是科创板IPO节奏显著放缓，受理审核数量双双处于较低状态。与此同 时，大量科技公司涌入港股进行IPO。6月后，联交所甚至数次出现一日多家公司"排队敲钟"的局面。 21世纪经济报道记者赵云帆 上海报道 7月4日，宇树科技IPO话题再度被市场关注。据报道，有宇树科 技投资人爆料称，宇树科技将选择科创板作为上市地点。 这是近期又一则关于宇树科技即将IPO的消息。 作为国内最炙手可热的人形机器人企业，从春晚压轴表演，到海外社交平台大V开箱，从北京亦庄马拉 松开跑，到杭州八角笼拳拳到肉，宇树科技的关注度在整个2025年都在如金蛇狂舞一般螺旋式上升。就 连其创始人兼CEO王兴兴也成为新锐科技圈红人——这边参与民营企业座谈，那边又给高考学子发出祝 福。 在 ...

作为股债联动服务科技创新的重要构成，科创债ETF主要通过跟踪科技创新公司债券指数的表现，为广 大投资者提供参与科创债市场的便捷工具。在同期发行的首批科创债ETF中，嘉实中证AAA科技创新公 司债ETF独具特色。 首先，跟踪跨市场优质指数，底层资产优越。 用指数化投资的ETF配置高评级优质科创债，会产生什么奇妙的投资体验？科创债ETF嘉实或许就是解 答。 7月7日，作为首批科创债ETF之一的嘉实中证AAA科技创新公司债ETF（基金代码：159600，场内简 称：科创债ETF嘉实）开启首发募集。 定期分红评估条款设置清晰。根据募集说明书，基金管理人将在每年3月15日、6月15日、9月15日、12 月15日对基金的可供分配利润进行评价，在符合有关基金收益分配条件的情形下，根据实际情况进行收 益分配。同时，收益分配采用现金分红方式，不仅和机构投资者债基投资习惯相契合，也能较好满足普 通投资者"收蛋"的新风潮。 此外，嘉实中证AAA科技创新公司债ETF也是当前市场上信用债投资低成本、高效率之选。产品合同显 示，产品管理费为0.15%，托管费0.05%，在低利率环境下有利于节约成本、提升收益；产品支持场内 T+0回转交易 ...

Group 1 - The first batch of Sci-Tech Innovation Bond ETFs, specifically the Harvest CSI AAA Sci-Tech Innovation Corporate Bond ETF, is set to begin its initial fundraising on July 7 [1] - The ETF tracks the CSI AAA Sci-Tech Corporate Bond Index, which includes bonds rated AAA and above from technology innovation companies listed on the Shanghai and Shenzhen stock exchanges [1] - The index aims to reflect the overall performance of AAA-rated technology innovation corporate bonds, primarily issued by state-owned enterprises, central enterprises, and high-quality private technology companies [1] Group 2 - As of June 29, the index has shown historical returns of 5.5% for 2023, 6.0% for 2024, and 3.81% for the past year, indicating relatively strong performance [1] - The proposed fund manager, Wang Zhe, has 11 years of financial industry experience, including 8 years in fixed income investment, and has managed various investment products [2] - Wang Zhe emphasizes that the current domestic economic transformation provides a rich and high-quality asset base for Sci-Tech bond investments, with the CSI AAA index having a stronger capacity for future development compared to similar indices [2]

分行业看，今日换手率超5%的个股中，所属医药生物行业个股最多，有21只个股上榜；电子、机械设 备等紧随其后，分别有15只、9只个股上榜。 资金流向方面，高换手率个股中，有32股今日获主力资金净流入，净流入金额较多的有汇宇制药、热景 生物、大全能源，净流入金额分别为1.19亿元、7962.57万元、5574.89万元，净流出金额较多的有源杰 科技、炬芯科技、容百科技，净流出金额分别为8245.35万元、8241.45万元、7090.39万元。 从杠杆资金动向看，高换手个股中，共50股近期获杠杆资金净买入，统计显示，截至7月3日，近5日融 资余额增加较多的有科兴制药、微芯生物、瑞可达等，分别增加9752.37万元、9261.48万元、7635.42万 元；融资余额减少金额较多的有荣昌生物、海博思创、广大特材等，分别减少6023.81万元、5671.12万 元、3749.73万元。 科创50指数今日下跌0.01%，报收984.80点，科创板全日成交量29.73亿股，成交额1024.15亿元，加权平 均换手率为1.67%。 证券时报·数据宝统计显示，今日可交易科创板股中，126只股收盘上涨，涨幅超过10%的有5只，涨 ...

Core Insights - The launch of the Science and Technology Innovation Bonds (科创债) has attracted various participants, with a total issuance of 419 bonds amounting to over 620 billion yuan as of July 3, 2025 [2] - Large banks are leading the issuance, while small and medium-sized banks are also entering the market, increasing the number of issuers to 11 [2] - The credit ratings of the issuers are predominantly high, with most rated AAA, and the interest rates for small and medium-sized banks are higher compared to large banks [2][4] Issuance Overview - As of June 30, 2025, policy banks and state-owned banks are the main issuers, with the China Development Bank issuing 3 bonds totaling 20 billion yuan, and major state-owned banks collectively issuing 1.1 billion yuan [4] - The issuance scale of various banks includes 550 billion yuan from joint-stock banks and 391 billion yuan from city and rural commercial banks [4][5] - The issuance of floating-rate bonds has also been noted, with Sichuan Bank issuing the first floating-rate 科创债 [5] Interest Rates - The overall interest rates for 科创债 are relatively low, with the weighted average interest rate for commercial banks decreasing by 5 basis points [6] - The lowest rates are observed in the China Development Bank's bonds, with rates as low as 1.17% for short-term bonds [6] - Small and medium-sized banks face higher issuance rates, with some reaching up to 1.95% [6] Fund Utilization - The funds raised through 科创债 are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises [7] - Major banks have a consistent focus on issuing 科创债 for technology loan disbursement, while some joint-stock and city commercial banks also invest in technology innovation bonds [7] Future Trends - There is potential for innovation in bond products and expansion of issuers in the 科创债 market, with banks likely to introduce more flexible bond terms [8] - Small and medium-sized banks are expected to design issuance plans that align with local industry characteristics and technology enterprise funding needs [8]

策略配置 2025 年 7 月 4 日 多元资产月报（2025 年 7 月） 全球市场风险偏好逐步回升 证券分析师 | 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 刘璐 | 投资咨询资格编号 | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 郑子辰 | 投资咨询资格编号 | | | S1060521090001 | | | ZHENGZICHEN160@pingan.com.cn | | 陈潇榕 | 投资咨询资格编号 | | | S1060523110001 | 研究助理 平安观点： 策 略 报 告 策 略 月 报 证 券 研 究 报 告 CHENXI ...

Group 1 - The average stock price of the Sci-Tech Innovation Board is 30.66 yuan, with 38 stocks priced over 100 yuan, and the highest priced stock is Cambricon at 547.47 yuan [1][2] - Among the stocks priced over 100 yuan, 126 stocks increased in price today, while 456 stocks decreased, with an average increase of 0.47% for the hundred-yuan stocks [1][2] - The average premium of the hundred-yuan stocks relative to their issue price is 342.63%, with the highest premiums from Baili Tianheng, Anji Technology, and Hotgen Biotech at 1143.52%, 1134.82%, and 938.74% respectively [1][2] Group 2 - The net outflow of main funds from the hundred-yuan stocks today totaled 3.56 billion yuan, with the highest net inflows from Hotgen Biotech, Zhongwei Company, and Chip Source at 7962.57 million yuan, 6166.17 million yuan, and 4054.76 million yuan respectively [2] - The total margin balance for the hundred-yuan stocks is 262.17 billion yuan, with the highest margin balances held by Cambricon, Haiguang Information, and Zhongwei Company at 43.37 billion yuan, 36.53 billion yuan, and 27.35 billion yuan respectively [2] - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical biology, and computer industries, with 20, 8, and 5 stocks respectively [1][2]

据了解，上证科创板综合价格指数由上海证券交易所符合条件的科创板上市公司证券组成指数样本，反 映上海证券交易所科创板上市公司证券的整体表现。该指数以2019年12月31日为基日，以1000.0点为基 点。 金融界7月4日消息，A股三大指数收盘涨跌不一，上证科创板综合价格指数 (科创价格，000681)下跌 0.33%，报1175.06点，成交额1024.15亿元。 数据统计显示，上证科创板综合价格指数近一个月上涨3.76%，近三个月上涨2.20%，年至今上涨 8.60%。 从指数持仓来看，上证科创板综合价格指数十大权重分别为：海光信息（4.65%）、寒武纪 （3.38%）、中芯国际（2.53%）、金山办公（1.86%）、百利天恒（1.77%）、中微公司（1.64%）、联 影医疗（1.54%）、澜起科技（1.39%）、传音控股（1.29%）、华润微（0.93%）。 从上证科创板综合价格指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证科创板综合价格指数持仓样本的行业来看，信息技术占比49.35%、工业占比24.48%、医药卫生 占比17.77%、原材料占比3.33%、可选消费占比2.34%、通信服 ...

深证成指收报10508.76点，跌0.25%。 创业板指收报2156.23点，跌0.36%。 沪深300收报3982.20点，涨0.36%。 科创50收报984.80点，跌0.01%。 中证500收报5911.44点，跌0.19%。 中证1000收报6312.20点，跌0.48%。 上证指数收报3472.32点，涨0.32%。 ...