Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].

Core Viewpoint - The recent reform by the China Securities Regulatory Commission (CSRC) aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board (STAR Market) by establishing a new growth tier, introducing professional institutional investors, and expanding the applicability of the fifth listing standard [1][2]. Group 1: Reform Details - The reform includes the establishment of a Sci-Tech Growth Tier, pilot introduction of professional institutional investors, and a pilot pre-review mechanism for IPOs [1]. - The fifth listing standard allows unprofitable hard-tech companies to list with a projected market value threshold of 4 billion yuan, which has been a crucial pathway for such companies since the STAR Market's inception in 2019 [3]. - The CSRC aims to support high-quality unprofitable tech companies in issuing shares and to restore the applicability of the fifth listing standard [3]. Group 2: Impact on Securities Firms - The reform is expected to create more business opportunities for securities firms, particularly benefiting those with advantages in STAR Market sponsorship and underwriting [2]. - Analysts believe that the policy will enhance the capital market's ability to serve new productive forces, leading to improved resource allocation and increased financing for tech companies [4]. - The financing scale for the STAR Market and the ChiNext is currently at its lowest since 2019, with expected recovery following the policy implementation [3]. Group 3: Future Outlook - The reforms are anticipated to accelerate the listing and financing processes for tech companies, with a focus on improving the quality of listed companies and supporting technological innovation [4]. - Leading securities firms with strong client resources and professional service capabilities are expected to maintain their competitive edge in the evolving investment banking landscape [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to restart the fifth standard for the Sci-Tech Innovation Board (STAR Market) and officially implement the third standard for the Growth Enterprise Market (GEM), aiming to support high-quality, unprofitable innovative companies in their listing efforts, thereby enhancing the service for technological innovation and new productivity development [2][4]. Group 1: Policy Changes - The introduction of the Sci-Tech Growth Layer is a significant move to enhance the inclusiveness and adaptability of the system, providing a more precise financing platform for technology innovation enterprises [2][5]. - The "1+6" policy measures for deepening the reform of the STAR Market include the establishment of the Sci-Tech Growth Layer and six innovative reform measures aimed at supporting unprofitable technology companies [4][5]. Group 2: Market Impact - Since its establishment, the STAR Market has successfully listed 54 unprofitable companies, with 22 of them achieving profitability post-listing, indicating a positive trend in the market's support for innovative firms [6]. - The creation of the Sci-Tech Growth Layer is expected to attract more high-quality unicorn companies to the capital market, enhancing the efficiency of pre-IPO communication services [7]. Group 3: Implementation Challenges - Despite the existing inclusiveness of the new system, there are areas that require further refinement, such as optimizing reduction rules, balancing risks, and improving supporting mechanisms to ensure effective and fair implementation [3][8]. - The need for differentiated rules for share reduction based on the development stage and industry characteristics of companies in the Sci-Tech Growth Layer is emphasized to avoid a one-size-fits-all approach [8][9].

Core Insights - The report emphasizes the need for better integration of technological and industrial innovation, highlighting the role of the capital market as a hub for this integration [1] - The introduction of the "1+6" policy measures aims to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board (STAR Market) [1][9] - The establishment of a Sci-Tech Growth Layer on the STAR Market is intended to support unprofitable innovative companies, facilitating their access to capital [1][9] Summary by Sections 1. Specific Regulations for the Sci-Tech Growth Layer - The report outlines the criteria for transferring companies in and out of the Sci-Tech Growth Layer, emphasizing the need for enhanced information disclosure and risk identification [2][3] 2. Introduction of Professional Institutional Investors - A pilot program will introduce seasoned professional institutional investors for companies meeting the fifth listing standard on the STAR Market, which will serve as a reference during the registration process [4][5] 3. Expansion of the Fifth Listing Standard - The report supports the inclusion of companies from emerging fields such as artificial intelligence and commercial aerospace under the fifth listing standard, thereby increasing financial support for new and future industries [6] 4. Support for Capital Increase and Refinancing - The report allows unprofitable companies to conduct equity financing aimed at existing shareholders, enhancing refinancing convenience and optimizing strategic investor recognition standards [7] 5. Enhancing Market Functions - The report calls for the development of more investment products and risk management tools on the STAR Market, including a variety of ETFs and indices, to attract long-term capital to quality growth enterprises [8] 6. Importance of the Sci-Tech Growth Layer - The Sci-Tech Growth Layer is positioned as a crucial component of a multi-tiered capital market, aimed at facilitating financing for technology companies that are in the early stages of their lifecycle and currently unprofitable [9]

为此，监管层在设立科创成长层时可谓大胆创新，小范围求证，既讲究创新，也结合实际。科创成 长层不但扩大了适应范围（人工智能、商业航天、低空经济等），还提高了适应性，为不同发展阶 段企业提供针对性制度安排，如缩短审核周期、试点IPO预审阅机制。既规定了公司纳入和调出科 创成长层的标准，也明确了层次调整的操作程序，并就调出标准进行"新老划断"，避免对存量上市 公司的影响。 星标 ★ IPO日报 精彩文章第一时间推送 中国股市又迎来了重大改革之举。证监会6月18日发布《关于在科创板设置科创成长层 增强制度包 容性适应性的意见》（以下简称《意见》）。 AI制图 笔者以为，这份《意见》来得非常及时，它标志着科创板改革进入深化攻坚阶段，具有非常深远的 战略意义。 我们来看一下《意见》的最主要内容如下： 科创成长层适用科创板第五套上市标准（允许未盈利企 业上市），并扩大适用范围至人工智能、商业航天、低空经济等前沿领域，解决高研发投入企业早 期融资难题，而主要投资者为机构。 科创板的设立已经有6年，可谓取得了非常重大的成果，中国的高科技企业借着科创板的春风，蓬 勃发展，如中芯国际、寒武纪等已成为科创板的代表性企业。但与此同时， ...

编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.06.20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 晨会纪要（2025/06/20） 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/06/20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（6 月 13 日-6 月 19 日），重要指数纷纷收跌；其中，上证综指收跌 1.19%，创业板指收跌 1.95%； 风格层面，沪深 300 收跌 1.26%，中证 500 收跌 2.12%。成交量方面小幅缩量，两市统计区间内成交 6.33 万亿元，日均成交额达到 1.27 万亿元 ...

Macro Strategy - The Federal Reserve did not lower interest rates in June and removed the judgment of higher unemployment and inflation from its statement, indicating a more stagflationary economic outlook [1][11] - The Fed revised down its GDP growth forecast for the US to 1.4% for Q4 2025 and raised the unemployment rate forecast to 4.5%, while also increasing the PCE inflation forecast to 3.0% [1][11] - The dot plot distribution has become more hawkish, with a significant number of officials expecting no rate cuts this year, reflecting concerns over inflation risks [1][11] Industry Analysis - The bus industry showed a year-on-year increase in production and exports in May, with Yutong Bus expected to achieve a net profit of 46.3 billion yuan in 2025, growing at 12% annually [6][16] - Jinlong Automobile is projected to have a significant profit rebound, with net profits expected to reach 4.4 billion yuan in 2025, reflecting a 182% increase [6][16] Recommended Stocks - Liyuanheng is positioned to benefit from the recovery in the lithium battery equipment industry, with a projected net profit of 0.6 billion yuan in 2025, and a corresponding PE ratio of 96 [7][17] - Zhenyu Technology is expected to see a net profit of 4.1 billion yuan in 2025, with a growth rate of 63%, supported by its advancements in precision manufacturing and robotics [8][19] - Xiaogoods City has completed the招商 of its jewelry sector and plans to establish a Hong Kong subsidiary to enhance its cross-border payment ecosystem, with projected net profits of 42.3 billion yuan in 2025 [9][21]

Group 1: Financial Policies in Shanghai - The People's Bank of China announced 8 financial policy measures to be implemented in Shanghai, including the establishment of an interbank market trading report database and a digital RMB international operation center [1] - The policies aim to support offshore trade, enhance cross-border trade and investment facilitation, and promote structural monetary policy innovation [1] - The National Financial Regulatory Administration and Shanghai government jointly released an action plan to support the construction of Shanghai as an international financial center, focusing on risk management and legal construction in finance [1] Group 2: Reforms in the Sci-Tech Innovation Board - The China Securities Regulatory Commission (CSRC) announced the establishment of a Sci-Tech Growth Tier on the Sci-Tech Innovation Board, allowing unprofitable companies to apply for listing under the fifth set of standards [2] - Six reform measures were introduced, including the introduction of professional institutional investors and a pre-review mechanism for IPOs of quality tech companies [2] - The CSRC emphasized the protection of small and medium investors' rights, requiring companies to disclose reasons for unprofitability and associated risks [2] Group 3: Supportive Policies from the State Administration of Foreign Exchange - The State Administration of Foreign Exchange introduced multiple supportive policies to stabilize employment, enterprises, and market expectations, encouraging banks to include more trade entities in facilitation policies [3] - Policies aim to enhance cross-border investment and financing convenience, including support for research institutions to attract foreign investment and streamline capital project management [3] - A new batch of Qualified Domestic Institutional Investor (QDII) investment quotas will be issued to meet the reasonable overseas investment needs of domestic entities [3]

21世纪经济报道记者 易妍君 广州报道 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，将推出进一步深化科创板改革的"1+6"政策措 施。 科创板改革"1+6"政策措施涉及：设置科创板成长层；重启未盈利企业适用科创板第五套标准上市；试 点引入资深专业机构投资者制度；扩大第五套标准适用范围等内容。 同时，吴清提到，证监会将进一步强化股债联动服务科技创新的优势；更大力度培育壮大耐心资本、长 期资本；支持科技型上市公司做优做强；构建更加开放包容的资本市场生态。 此外，围绕金融开放以及人民币国际化，中国人民银行亦释放了资本市场制度红利。 徐飞指出，科技创新是引领经济高质量发展的排头兵，新政策措施加强科技创新和金融"五篇大文章"的 有效协同，充分发挥资本市场的枢纽功能，促进科技、资本、产业良性循环，加大对处在不同生命周期 阶段科技创新企业的支持力度，有助于形成多元化、多层次、多渠道的支持科技企业发展的资本市场生 态，促进我国科技企业做大做强。 从细节来看，财通策略李美岑团队指出，板块分层一方面有利于投资者分辨企业风险和成长性、起到保 护作用，另一方面也能降低未盈利企业入市的阻碍、支持新兴企业融资。同时，IPO ...

Market Review - Major indices experienced declines in the recent trading days from June 13 to June 19, with the Shanghai Composite Index falling by 1.19% and the ChiNext Index dropping by 1.95% [5] - The trading volume slightly decreased, with a total of 6.33 trillion yuan traded, resulting in an average daily turnover of 1.27 trillion yuan, down by 99.55 billion yuan compared to the previous five trading days [13] Economic Performance - Fixed asset investment from January to May increased by 3.7% year-on-year, continuing to decline, with infrastructure investment growing by 5.6% [29] - Manufacturing investment rose by 8.5% year-on-year, while real estate investment decreased by 10.7%, indicating a need for stabilization in the real estate market [30] - Retail sales of consumer goods in May grew by 6.4% year-on-year, significantly rebounding by 1.3 percentage points, supported by policies and promotional events [32] Policy Developments - The China Securities Regulatory Commission announced a "1+6" policy package aimed at further reforming the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of the fifth set of listing standards [34] - The U.S. Federal Reserve maintained its federal funds rate target range at 4.25% to 4.50%, with expectations of a slower pace of interest rate cuts in the future [35] Investment Strategy - The current market is characterized by continued fluctuations, with external risks not fully dissipated and key variables needed to break the existing trend [38] - Investment opportunities are identified in the banking sector due to high dividend yields and defensive characteristics, as well as thematic investment opportunities in the TMT sector, biomedicine, and national defense industries [38]