在推动中长期资金入市，着力构建长钱长投生态方面，邱勇表示，上交所要进一步加大力度引入长期资 金，持续丰富产品体系，不断完善ETF产品布局和配套机制，推动科技创新债券、绿色债券市场建设， 健全股票期权产品体系，着力打造"中国品牌"的指数体系，更好满足投资者需求。 "资本市场具有枢纽功能，面对冲击，资本市场仍然具有发展前景。"邱勇表示，上交所会承担起使命， 努力做好资本市场工作，助力中国经济社会发展。 中国资本市场推动投融资两端共同发力，持续激发了市场活力。据介绍，去年以来，上交所多措并举活 跃并购重组市场，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%，七成并购标的为半导体、新能源等新兴产业领域；今年以来披露资产重组方案341单，同比增长 25%，其中重大资产重组49单，同比增长206%。在投资端建设方面，2024年ETF市值突破3万亿元，以 社保、保险为代表的长期资金A股持仓金额增长33%。 （文章来源：证券时报） 证券时报记者张淑贤 如何加快构建投融资协调的市场生态，进一步巩固市场回稳向好态势？ 在昨日举行的2025陆家嘴论坛"全体大会三：推动资本市场持续稳健发展" ...

本报记者 吴晓璐 一年来，科创板坚守"硬科技"定位，严把市场"入口关"，精准支持优质科技企业发行上市。据Wind资讯数据统计，截至6 月18日，"科创板八条"出台以来，上交所新受理15家企业科创板IPO申请，其中4家是未盈利企业；15家企业登陆科创板，IPO 募资124.42亿元。 清华大学国家金融研究院院长田轩在接受《证券日报》记者采访时表示，"科创板八条"落地一年来，资本市场对科技创新 包容度提升，吸引了更多具备关键核心技术的优质企业上市，未盈利企业上市通道更加畅通。 深化发行承销制度改革，推动机构合理定价，引导市场更加关注企业长期价值。"科创板八条"出台当日，上交所就宣布科 创板试点统一执行3%的最高报价剔除比例；今年3月份，科创板未盈利企业IPO分类配售试点落地；去年8月份，科创板新股市 值配售规则落地。 水木资本董事长、母基金研究中心创始人唐劲草在接受《证券日报》记者采访时表示，一年来，科创板发行上市生态持续 优化。一方面，审核机制更注重企业科创属性，未盈利企业上市渠道进一步畅通。另一方面，发行承销制度改革成效初显， 3%高价剔除比例引导报价回归理性，网下投资者市值门槛提升则强化了长期投资导向。 去 ...

Group 1 - Wolong Materials plans to acquire 25% equity of Changyuan Electronics for 340 million yuan, aiming to hold 100% equity post-transaction [1] - New Fengming's wholly-owned subsidiary intends to acquire 36% equity of Jinlian Port for 70.08 million yuan [2] - Qingda Environmental Protection expects revenue for the first half of 2025 to grow by 75.12% to 143.22%, projecting revenue between 900 million to 1.25 billion yuan [3] Group 2 - Wuliangye Group has invested 606 million yuan to increase its stake in Wuliangye, acquiring 470,370 shares, which is 0.12% of the total share capital [4] - Blue Sky Gas's controlling shareholder plans to increase its stake in the company with an investment between 100 million to 150 million yuan, not exceeding 2% of the total share capital [5] - Hahong Huadong's major shareholder, Changzhou Hengtong Investment, plans to reduce its stake by up to 3%, equivalent to 545,440 shares [6] Group 3 - Songcheng Performance received a warning letter from the Zhejiang Securities Regulatory Bureau regarding supervisory measures against the company and related personnel [7] - Shandong Molong confirmed that there are no undisclosed significant matters, stating that its operational situation remains stable [8] - Zhun Oil also reported no undisclosed significant matters, with its operational environment remaining unchanged [9][10]

Group 1 - The technology sector's trading congestion has returned to relatively low levels, indicating potential investment opportunities [2] - The precious metals market has seen a significant surge, with questions arising about the future performance of gold and silver [3] - A mid-term perspective suggests that the A-share market may continue to follow the main theme of Chinese manufacturing [3] Group 2 - The evolution of China's index-enhanced funds is highlighted, transitioning from niche to mainstream [5] - The consensus on "de-dollarization" raises questions about the future trajectory of gold [3] - Insights into Warren Buffett's investment strategies in the pharmaceutical sector are discussed [3] Group 3 - The year 2025 is projected to be a pivotal year for China's innovative drug industry, marking a year of revenue growth, profit leap, and valuation uplift, presenting systemic investment opportunities [17]

Group 1 - The core viewpoint of the articles indicates a strong performance in the stock market, particularly in the 连板股 (consecutive limit-up stocks), with a晋级率 (advancement rate) of 70% [1] - A total of 40 stocks hit the limit-up today, with 11 consecutive limit-up stocks, including 7 stocks achieving three consecutive limit-ups or more [1] - The PCB sector is accelerating upward, with stocks like 沪电股份 (Hu Dian Co.) hitting the limit-up, and 生益电子 (Shengyi Technology) and 胜宏科技 (Shenghong Technology) reaching historical highs [1] Group 2 - Among the stocks with three consecutive limit-ups, 5 out of 5 successfully advanced, including 协鑫能科 (GCL-Poly Energy) and 山东墨龙 (Shandong Molong) [2] - The advancement rate for stocks moving from 2 to 3 consecutive limit-ups is 40%, with 邦基科技 (Bangji Technology) being a notable mention [2] - The overall market sentiment remains weak, with over 3,400 stocks declining, despite the strong performance of certain sectors [1]

加力推出进一步深化改革的"1+6"政策措施。 在"科创板八条"发布一周年之际，科创板再迎重磅改革举措。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，在新起点上，将继续充分发挥科创板示范效 应，加力推出进一步深化改革的"1+6"政策措施。 据吴清介绍，"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市；"6"即 在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点引入资深专业机构投资 者制度；面向优质科技企业试点IPO预先审阅机制；扩大第五套标准适用范围。同时，将在创业板正式 启用第三套标准，支持优质未盈利创新企业上市。 在一年前的6月19日，证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》 （简称"科创板八条"）。这一年来，科创板发生了怎样的变化？ 这一年，科创板改革从纸面走向实践，8方面30余项改革举措渐次落地，涉及支持硬科技企业上市、优 化发行承销制度、再融资、并购重组、指数产品及市场生态等方面。 具体而言，4家未盈利企业的IPO申请获得受理，拟募资金额合计超160亿元；新上市企业15家，合计募 集资金124亿元；9家符合"轻资 ...

2025年5月16日，证监会资产重组新规落地 ，明确"允许未盈利硬科技资产注入上市公司"——这是继科 创板"科八条"、地方百亿并购基金后，政策层面对并购重组的又一次强力刺激。 回顾近年数据可以看出， 并购市场热度持续升温 ，企业关注度、参与度逐渐提高： " 1、并购重组市场形势 | 并购六条导向 | 行业 | 2024年平均并购金额(亿元) | 较近 10年均值增幅(%) | | --- | --- | --- | --- | | 向新质生产力转型升级 | 国防车工 | 575.75 | 495.02 | | | 轻工制造 | 133.51 | 420.03 | | | 传 娱 | 147.46 | 179.31 | | | 计算机 | 34.23 | 42.67 | | | 医药生物 | 33.62 | 40.48 | | | 汽车 | 34.48 | 21.02 | | 加强产业整合 | 非银金融 | 374.54 | 234.08 | | | 纺织服饰 | 73.73 | 113.98 | | | 商贸零售 | 101.25 | 111.79 | | | 父通运输 | 147.46 | 61.12 | ...

Core Viewpoint - The construction of Shanghai International Financial Center is entering a new phase, emphasizing the importance of enhancing asset management functions to support high-quality development and adapt to global economic changes [1][2]. Group 1: Importance of Asset Management - Asset management is a core function of financial centers, crucial for asset valuation, allocation, and risk management [1]. - The integration of stock and incremental asset management is essential, focusing on revitalizing "dead" assets and transforming ineffective assets into effective ones [2]. - The role of mergers and acquisitions (M&A) is highlighted as a strategic tool for activating stock assets and expanding the asset management industry's business scope [2]. Group 2: Traditional vs. Emerging Asset Management - The fusion of traditional and emerging asset management is necessary, especially with the rise of new asset forms driven by technological advancements and green development [3][4]. - Attention must be given to managing traditional assets while also integrating new asset types, such as intellectual property and data assets, into the asset management framework [3][4]. - The management of carbon assets is emphasized as a strategic direction for supporting green finance and industry transformation [4]. Group 3: Domestic and International Asset Management - The importance of balancing domestic and international asset management is underscored, with a focus on enhancing the capability to manage international assets priced in RMB [6]. - The development of an international financial asset trading platform is crucial for facilitating the integration of domestic and international markets [6]. Group 4: Ecosystem Development for Asset Management - Emphasis on institutional development and regulatory coordination is necessary for building a global asset management center [7]. - The impact of technology, particularly AI, on asset management is recognized as a transformative force [7]. - Enhancing the capabilities of the asset management industry is vital for deepening asset management functions [7].

Group 1 - The core viewpoint of the news is that Hongcheng Investment has conducted research on a listed company, specifically focusing on the performance and future strategies of Zhongchuan Special Gas [1] - Zhongchuan Special Gas is expected to have a gross margin of 27.97% for electronic special gases in 2024, which is a decrease of 8.09 percentage points compared to the previous year due to intensified competition, price reductions, and depreciation of new capacity projects [1] - The company has an annual production capacity of 2,000 tons of electronic-grade high-purity hydrogen chloride with a purity of 5N5, used in integrated circuit cleaning and etching processes [1] - The top five customers of Zhongchuan Special Gas contributed sales of 829.8792 million yuan, accounting for 43.03% of total sales, with stable growth expected in supply volume for 2025 [1] - The company has implemented an equity incentive program for over 90 employees, aiming to attract talent through project profit sharing and position bonuses [1] - The high-purity metal business has an annual production capacity of approximately 100 tons, including tungsten products of 6N and above, and molybdenum products of 5N and above, which are still in the initial stage [1] - Zhongchuan Special Gas considers the electronic special gas industry to be technology-intensive and plans to build capacity counter-cyclically to address industry fluctuations and expand into overseas markets [1] - The company plans to acquire Huai'an Pairui Gas Co., Ltd. in 2024 and aims to accelerate the layout of strategic emerging industries through mergers and acquisitions in 2025 [1]

Mergers and Acquisitions - Conch New Materials plans to acquire 80% of Kangning Special Environmental Technology Co., Ltd. and 100% of Zhengzhou Kangning Special Environmental Engineering Technology Co., Ltd. for a total transaction price of approximately 186 million yuan, with final pricing subject to adjustments based on asset valuations at the time of management transfer [1] - BOE Technology Group intends to acquire 30% of Xianyang Rainbow Optoelectronics Technology Co., Ltd. through a public bidding process, with a starting price of 4.849 billion yuan [2] - Wutong Holdings aims to purchase 20% of Suzhou Wutong Intelligent Electronics Co., Ltd. for 84 million yuan to enhance its smart manufacturing business [3] Shareholding Changes - SITW announced that the National Integrated Circuit Industry Investment Fund II has reduced its shareholding from 7.35% to 6.99% after selling 1.45 million shares [4] - Double Fly Group's shareholders plan to collectively reduce their holdings by no more than 210,000 shares, with specific reductions of 90,000 shares and 120,000 shares from two different shareholders [5] - Lixing Co., Ltd. executives plan to reduce their holdings by a total of 218,000 shares, with individual reductions of 88,000 shares, 65,000 shares, and 65,000 shares [6]