Group 1 - The core point of the news is the upcoming IPO of He Yuan Biotechnology, which will be the first company to utilize the newly reintroduced fifth listing standard on the Sci-Tech Innovation Board [1][2] - He Yuan Biotechnology plans to raise 2.4 billion yuan for the construction of a human albumin industrialization base, new drug research and development projects, and to supplement working capital [1] - The company, established in 2006, primarily engages in innovative drug research and development, with current revenues mainly from non-core products such as pharmaceutical excipients and research reagents, and has not yet achieved profitability [1][2] Group 2 - The fifth listing standard is designed for companies with complex product technologies, significant capital investment, and long research and development cycles, and will now also support enterprises in artificial intelligence, commercial aerospace, and low-altitude economy [2] - Since the establishment of the Sci-Tech Innovation Board, 588 listed companies have a total market value exceeding 6.8 trillion yuan, with cumulative fundraising surpassing 1 trillion yuan, significantly supporting the development of new productive forces [2] - In 2024, the 54 unprofitable companies listed on the Sci-Tech Innovation Board achieved a total revenue of 174.48 billion yuan, with 26 companies exceeding 1 billion yuan in revenue [2] Group 3 - The new round of reforms aims to deepen the comprehensive reform of capital market investment and financing, better serving technological innovation and the development of new productive forces [3] - The distribution of the 588 listed companies spans 23 provinces, with Jiangsu having the strongest presence at 114 companies, followed by Shanghai and Guangdong [3][8] - The "Yangtze River Delta" region shows a strong performance, with six out of the top ten cities for listed companies located there [7][8]

Market Overview - The A-share market showed a general upward trend in June, with the Shanghai Composite Index closing at 3,455.97 points, an increase of 3.24% compared to the end of May. The Shanghai 50 and CSI 300 indices experienced significant gains [2][11][12] - In June, 23 out of 31 Shenwan first-level industries saw an increase, with the non-bank financial sector leading with a growth of 10.64% [12][41] - The consumer sector is expected to benefit from policies aimed at expanding domestic demand, with a focus on enhancing consumption potential [3][44] Market Liquidity and Risk Sentiment - As of June 25, the A-share market's liquidity improved, with a net increase in major shareholders' holdings amounting to 46.132 billion yuan, and the total amount of A-share unlocks reaching approximately 215.756 billion yuan, an increase from the previous month [24][28] - The average daily trading volume in the A-share market increased to 12,943.21 billion yuan, up 6.55% from May [28][31] - The sentiment in the market was influenced by the easing of US-China trade tensions and the announcement of new policies aimed at supporting technology enterprises, which helped boost investor confidence [32][44] Policy Analysis - The Chinese government has introduced a series of measures to support consumption and economic growth, including 19 key initiatives aimed at enhancing financial services for consumption [44][45] - The introduction of the "1+6" policy measures for the Sci-Tech Innovation Board aims to better serve technology enterprises and enhance the inclusivity and adaptability of the system [45][46] - The focus on expanding domestic demand and strengthening the domestic circulation is expected to provide a solid foundation for sustained economic recovery [3][44] Valuation Levels - As of June 25, the dynamic price-to-earnings (PE) ratio for the Shanghai 50 index is at a historical percentile of 78.44%, indicating a relatively high valuation compared to historical levels [41][42] - Most Shenwan first-level industries have seen an increase in valuation, with sectors such as retail, telecommunications, and electronics exceeding the historical 50th percentile for PE ratios [42][43]

这一现象与审计截止日密切相关。企业年中申报通常采用上期末年报数据，从券商内部质控审核到辅导验收需近5 - 6个月时间，使得6月成为企业辅导备案数量较多的月份。此外，6月18日，证监会发布科创板改革"1 + 6"政策， 提出重启未盈利企业适用科创板第五套标准上市后，IPO市场立马有了新动态。6月18日至24日期间，兆芯集成、 上海超硅2家未盈利企业的IPO申报获得受理。 自6月17日以来，沪深北交易所受理IPO申报节奏明显加快，8天内合计受理53家IPO企业。6月25日更是创下今年 以来单日最高受理记录，15家企业获得受理。从分布的交易所板块看，6月以来获得受理的企业中，北交所企业43 家，深交所企业13家（深主板4家，创业板9家）、上交所11家（主板5家，科创板6家），北交所占比62.32%。 此外，德勤中国指出，预计2025年下半年A股市场的表现将与上半年相似。随着中国证监会进一步深化科创板改 革"1+6"政策措施的推出，以及创业板正式启用第三套标准、支持优质未盈利创新企业上市等政策的实施，未来A 股市场将逐步活跃，高科技企业的上市表现将尤为明显。（南木） 【环球网财经综合报道】东方财富Choice数据显示 ...

Group 1 - The A-share market is experiencing a collective rise, with the Sci-Tech 50 Index ETF (588870) showing a significant increase of 1.59%, aiming for a third consecutive day of gains, and a turnover rate nearing 15% [1] - The net inflow into the Sci-Tech 50 Index ETF over the past 60 days has exceeded 130 million, with a year-to-date share growth rate of over 25%, leading its peers [1] - Most constituent stocks of the Sci-Tech 50 Index ETF have risen, with notable increases including a more than 5% rise in Human-Machine, over 2% in SMIC and Kingsoft Office, and over 1% in several others [3] Group 2 - The recent reform in the Sci-Tech Board, which includes the introduction of a growth layer, aims to enhance the inclusivity and adaptability of the system, expanding the scope of the fifth listing standard to cover cutting-edge technology sectors [4] - The core indicators of the new listing standard include a minimum expected market value of 4 billion and the requirement for R&D achievements to be approved by relevant national departments [4] - The reform is expected to provide substantial support for capital operations in emerging industries, broadening financing channels for leading companies in sectors like commercial aerospace and low-altitude economy [4][5] Group 3 - The Shanghai Stock Exchange has quickly responded to the policy release by advancing supporting rules, which include establishing a growth layer and a pilot pre-review mechanism for IPOs [5] - The "1 + 6" reform package introduced at the Lujiazui Forum is anticipated to elevate the reform efforts in the capital market, with expectations for continued support for private technology enterprises [5][6] - The anticipated increase in market activity and support for private enterprises is expected to benefit technology leaders with financing needs, as well as the brokerage sector due to enhanced trading activity [6] Group 4 - The Sci-Tech 50 Index ETF (588870) tracks the top 50 stocks in the Sci-Tech Board, covering sectors such as electronics, pharmaceuticals, power equipment, and computers [6] - The management fee rate for the Sci-Tech 50 Index ETF is as low as 0.15%, and the custody fee rate is as low as 0.05%, making it the lowest in the market [7]

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Growth Layer" aims to enhance the inclusiveness and adaptability of the system for high-quality technology enterprises, allowing unprofitable companies to list under the fifth set of standards [1][2]. Group 1: Reform Measures - The "Science and Technology Innovation Board Opinions" propose six reform measures to enhance the system's inclusiveness for technology enterprises [1]. - A pilot IPO pre-review mechanism will be introduced for quality technology enterprises, allowing them to seek pre-review of their application documents before formal submission [3][5]. - The scope of the fifth set of listing standards will be expanded to include more emerging industries, particularly in artificial intelligence, commercial aerospace, and low-altitude economy [7][8]. Group 2: Market Adaptation - The reforms are designed to align with the commercial realities of technology enterprises and the latest trends in technological innovation and industrial development [2]. - The introduction of the pre-review mechanism is intended to protect sensitive business information and enhance the quality of services provided to technology enterprises by the stock exchange [4][5]. Group 3: Focus on Quality - The reforms emphasize maintaining strict entry standards for IPOs, ensuring that the focus remains on supporting quality technology enterprises rather than merely increasing the number of listings [9]. - The regulatory body will continue to implement measures to coordinate investment and financing, promoting the development of long-term capital in the market [10].

周家办大事件速览 2 0 | 6月23日 2 5 | 星 期 一 1 家办热点 2 宏观关注 3 投资洞察 4 企业要闻 Short CL Billie Lankle 德勤：全球逾四成家族办公室加速数字化转型AI应用率达12% ● 瑞银:2029年中国将新增超500万名百万富翁 ● 央行宣布八项重磅金融开放举措 ● 金融监管总局、上海市联合发文支持上海国际金融中心建设 . 沪港两地共同签署《沪港国际金融中心协同发展行动方案》 . 央行将设立银行间市场交易报告库，设立数字人民币国际运营中心 . 证监会将推出进一步深化科创板改革的"1+6"政策措施 ● 全球央行持续看好黄金储备，95%受访央行预计未来12个月增持黄金 . 高盛再次唱多：全球资金回归中国看好中国"十巨头"股票 . 德勤：2025年上半年A股IPO数量和融资额同比均上升14% ● 中国证监会：允许合格境外投资者参与ETF期权交易 ● 1. 德勤：全球逾四成家族办公室加速数字化转型AI应用率达12% 根据德勤民营企业与私人客户服务发表的一份报告，全球家族办公室正在加快数字化转型，有43%家办正制定或推出技术战 略，重点关注安全性与风险控制，而17%将技 ...

继去年宣布推出"科创板八条"后，证监会主席吴清又一次在陆家嘴论坛为科创板发声。 他分享的数据显示，2024年，科创板全年研发投入总额1681亿元，超过净利润2.5倍，同比增长6.4%， 全年新增发明专利两万项，6年累计形成发明专利超过12万项。同时持续推动科创债提质扩量，科创债 增至1.1万亿元，占公司债比例由5.2%提升到9.2%。 从活跃并购重组市场，支持新旧动能转换上看，2024年，沪市披露各类资产重组方案700余单，其中重 大资产重组60单，同比增长50%，7成并购标的属于半导体、新能源等新兴产业领域，今年以来披露的 资产重组方案341单，同比增长25%，其中重大资产重组49单，同比增加206%。 聚焦提升制度的包容性和适应性，在科创板设置科创成长层也被认为是深化科创板改革的抓手。上海证 券交易所有关负责人在6月18日答记者问时介绍，科创成长层重点服务技术有较大突破、商业前景广 阔、持续研发投入大，目前仍处于未盈利阶段的科技型企业。前期已上市的存量未盈利企业和新上市的 未盈利企业，共同纳入科创成长层。 该负责人尤其强调，科创成长层建设过程中，上海证券交易所将牢牢把握科创板"硬科技"定位和科创成 长层定 ...

Group 1 - The "Su Super" football league has gained immense popularity, attracting financial giants like Jiangsu Bank and Zijin Insurance to invest in sports marketing [3] - China Ping An announced comprehensive insurance plans for "Su Super" athletes and fans, indicating a growing interest from financial institutions in the sports industry [3] - The surge in the league's popularity has sparked a competitive environment among financial firms seeking to capitalize on the emerging sports market [3] Group 2 - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen reforms in the Sci-Tech Innovation Board, aiming to attract more long-term capital for tech investments [4] - The policy includes the reintroduction of a listing standard for unprofitable companies, signaling a shift in regulatory support for innovative firms [4] - Experts are analyzing the potential impacts of the new policy on the participation of long-term funds in technology enterprises [4] Group 3 - The LABUBU brand under Pop Mart has seen a rise in counterfeit products, with some vendors using anti-counterfeiting labels to market fake items [5] - Regulatory bodies are increasing inspections to combat the counterfeit market, but sales have shifted online, complicating enforcement efforts [5] - Legal experts warn that counterfeit products infringe on copyright and trademark rights, potentially leading to criminal penalties for severe cases [5] Group 4 - WM Motor is reportedly in the process of asset transfer to Baoneng Automobile, with indications of a takeover following WM's bankruptcy restructuring [6] - Baoneng is coordinating with WM to transfer production qualifications and assets, highlighting a consolidation trend in the automotive industry [6] - Shenzhen Xiangfei, the successful bidder for WM's restructuring, is linked to Baoneng, suggesting strategic connections between the two companies [6] Group 5 - The National Bureau of Statistics reported that only three out of 70 cities saw an increase in second-hand housing prices, indicating a continued decline in the real estate market [7] - First-tier cities experienced a 0.7% decrease in second-hand housing prices, with significant drops in major cities like Beijing and Shanghai [7] - Analysts predict that the marginal effects of previous policies are diminishing, and further measures may be needed to stabilize market confidence [7] Group 6 - ST Yigou sold four underperforming Carrefour subsidiaries for 1 yuan each to reduce debt, with the transaction expected to increase net profit by approximately 572 million yuan [8] - The acquisition of Carrefour China by Suning in 2019 has resulted in significant operational challenges, leading to store closures and financial losses [8] - The ongoing liquidity crisis at Suning has exacerbated the difficulties faced by Carrefour China, resulting in legal disputes over unpaid acquisition costs [8] Group 7 - Baba Foods plans to open 1,000 new stores this year despite facing high closure rates and declining revenue [9] - The company has maintained a consistent opening rate of over 1,000 stores annually for the past three years, although closures have also increased significantly [10] - Baba Foods is actively pursuing investment and acquisition opportunities to enhance its market share [9] Group 8 - Romoss power banks are facing quality controversies following reports of explosions, leading to product recalls and heightened scrutiny from regulatory authorities [11] - A consumer reported a severe incident involving a Romoss power bank that caused property damage, raising concerns about product safety [11] - The Shenzhen Market Supervision Bureau confirmed product defects in Romoss power banks and initiated a recall process [11] Group 9 - Instant retail platforms are disrupting the 618 shopping festival with substantial subsidies, leading to price reductions for well-known liquor brands [12] - The entry of instant retail has provided offline retailers with opportunities to clear inventory, resulting in increased sales during the promotional period [12] - However, the established pricing structure for liquor brands is facing unprecedented challenges due to the aggressive pricing strategies of instant retail [12]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy changes, particularly the marginal easing of IPO regulations on the Sci-Tech Innovation Board, which will favor brokerage investment banking and direct investment businesses [3] - The report emphasizes the importance of regulatory measures that link the dividend levels of insurance products to investment returns and risk ratings, which is expected to enhance the performance of large insurance companies [3] - The brokerage sector is anticipated to see continued growth in performance, supported by low valuations and institutional holdings, with a focus on retail brokers and financial technology companies [3] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of regulatory reforms and market conditions [1][3] - The average daily trading volume for stock funds was 1.46 trillion, showing a week-on-week decrease of 7.7% [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced new measures to deepen reforms on the Sci-Tech Innovation Board, which includes the establishment of a growth tier to support technology companies that are not yet profitable [3] - New regulations on the classification of brokerages aim to promote differentiated development and enhance the functional assessment of brokerages [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzheng, Hong Kong Stock Exchange, and China Pacific Insurance [4] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [4]

Key Developments - The cross-border payment platform officially launched its first transaction in Shenzhen on June 22 [1] - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum [1][2] - The China Securities Regulatory Commission (CSRC) introduced a series of reforms to enhance the Science and Technology Innovation Board (STAR Market) [1][2] - The National Financial Supervisory Administration and Shanghai government issued a plan to support the construction of Shanghai as an international financial center [1][2] - The National Development and Reform Commission and other departments initiated actions to promote the digital transformation of manufacturing [2][3] Financial Market Updates - The CSRC will allow qualified foreign investors to participate in on-market ETF options trading starting October 9, 2025 [2] - The fiscal expenditure in the first five months exceeded 11 trillion yuan, with a year-on-year increase of 4.2% [1][2] - The total retail sales of consumer goods in May reached 41,326 billion yuan, growing by 6.4% year-on-year [2] - The fixed asset investment from January to May was 191,947 billion yuan, with a year-on-year increase of 3.7% [2] Industry-Specific Initiatives - The Ministry of Industry and Information Technology emphasized the importance of product quality and safety in the new energy vehicle sector [1][2] - The State Administration for Market Regulation announced a nationwide quality supervision inspection for 164 types of products in 2025 [3] - The trading association issued guidelines to regulate bond market issuance and underwriting practices [3] - The "old for new" subsidy program for consumer goods will continue, with central funds being allocated in batches [1][3] Investment and Financing - Yushut Technology completed its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan [1][3] - The Shanghai Futures Exchange is being supported to become a world-class trading venue [3]