回顾科创板改革历程，完善市场风险管理工具始终是政策重点之一。去年6月19日，证监会发布的《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》提出，"丰富科创板ETF品类及ETF期权 产品，研究适时推出科创50指数期货期权"。本次《意见》再次强调增加科创板的风险管理工具，意味 着相关衍生品将加速落地。 业内人士认为，衍生品扩容是深化科创板改革、吸引中长期资金的关键举措。通过完善风险管理工具， 更好满足市场多元化需求，能够提升市场稳定性和吸引力，进一步激发科创板的活力与效率。 从科创板现有的金融风险管理工具来看，2023年6月5日，上交所推出科创50ETF期权，成为我国首只基 于科创50指数的场内期权品种，该期权产品包括认购和认沽期权，支持双向交易和"T+0"操作。一德期 货期权分析师曹柏杨告诉期货日报记者，科创50ETF期权上市后，完善了市场风险管理体系，为投资者 提供了非线性对冲工具，降低了科创板高波动性对中长期资金的冲击。 "投资者可通过买入认沽期权对冲市场下跌风险，或利用跨式组合对冲波动性风险，降低持仓波动对收 益的冲击。例如，持有ETF的机构可通过备兑开仓策略（卖出认购期权）增厚收益，同时锁定 ...

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant improvement in market data for the second quarter of 2025, with brokerage firms experiencing a year-on-year increase in trading volume and new account openings [4] - The report anticipates a continued high growth rate for listed brokerage firms' mid-year reports, projecting a year-on-year growth of approximately 50% [4] - The report emphasizes the favorable policies aimed at stabilizing the stock market and boosting the economy, which are expected to benefit the brokerage sector [5] - The report identifies three main investment themes within the brokerage sector: undervalued leading brokers with strong retail business, high beta financial technology stocks, and brokers benefiting from the expansion and activity of the Hong Kong IPO market [6] Summary by Sections Market Data Improvement - In Q2 2025, the average daily stock trading volume reached 12.5 trillion, a year-on-year increase of 48% [4] - The number of new accounts opened from January to May 2025 was 10.95 million, up 30% year-on-year [4] - The margin trading scale as of June 24 was 1.82 trillion, a year-on-year increase of 22% [4] Investment Banking and IPOs - The IPO scale from January to June 2025 was 37.1 billion, with 50 projects, reflecting a year-on-year increase of 14% [4] - The report notes a significant increase in IPO activity in Q2 2025, with a scale of 23.6 billion and 30 projects, representing a quarter-on-quarter increase of 75% [4] Policy Environment - The report discusses the "1+6" policy measures introduced by the China Securities Regulatory Commission, which are expected to facilitate IPOs for unprofitable companies [5] - The report mentions a joint guideline from the central bank and other departments aimed at boosting consumption and stabilizing the economy [5] Valuation and Fund Allocation - The report indicates that public funds are significantly underweight in the non-bank financial sector, with a notable need for reallocation [6] - As of June 25, the brokerage sector's price-to-book (PB) and price-to-earnings (PE) ratios were 1.44 and 20.75, respectively, indicating that valuations remain low [6]

Group 1 - The first company to be reviewed under the restarted fifth set of standards for the Sci-Tech Innovation Board is Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) [1][3] - Heyuan Bio is an innovative biopharmaceutical company known for its "rice-derived blood" technology and has established a unique plant expression system and two technical platforms [3][4] - The company has adjusted its fundraising target down by approximately 1.1 billion yuan, from an initial 3.502 billion yuan to 2.4 billion yuan, due to steady progress in R&D and business operations [5][6] Group 2 - Heyuan Bio's asset-liability ratio is projected to increase significantly in 2024, with ratios of 18.81%, 23.96%, and 43.37% for the years 2022 to 2024 respectively [6][7] - The company has not yet achieved profitability, with reported revenues of approximately 13.4 million yuan, 24.3 million yuan, and 25.2 million yuan for the years 2022 to 2024, and net losses of approximately 144 million yuan, 187 million yuan, and 151 million yuan for the same period [7] - Heyuan Bio's core product, HY1001, is expected to be approved for market launch soon, having completed its Phase III clinical trials with promising results [7][8] Group 3 - The recent policy changes by the China Securities Regulatory Commission aim to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, facilitating the listing of unprofitable companies [4] - Other companies currently in the review process under the fifth set of standards include Beixin Life, Hengrun Da, Sizherui, and Bibete, with some making faster progress than others [8][9]

因为 A 股市场为了保护股民利益收紧，这两年来港交所这次捡了不少漏，尤其对现金流较差早期融资节奏太 快的企业，因为资金链和盈利性问题，只能选择跑到港股上市，这使得 A 股错失不少机器人企业。 为了抢救市场， 6 月 18 日，在 2025 陆家嘴论坛上证监会主席 吴清 表示，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。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，重启未盈利企业适用科创板第五套标准 ( 允许符合国家战略、突破关键核心技术且市场认可度高的企 业，在无盈利情况下以预计市值 40 亿元门槛上市 ) 上市 。 证监会表示在持续抓好 " 科创板八条 " 落地实施的基础上，以设置专门层次为抓手，重启未盈利企业适用科 创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持优质科技型企业发展的堵点 难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科创成长层，在科创成长层的定位、企业入 层和调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。另一方面，围绕增强 优质科技型企业的制度包容性适应性，推出 6 项改革举措。 值 ...

Group 1 - The core point of the news is that the main funds in the Shanghai and Shenzhen markets experienced a net inflow of 7.138 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 323 million yuan [1] - A total of 233 stocks saw net inflows, while 355 stocks experienced net outflows [1] - On the Sci-Tech Innovation Board, 452 stocks rose, with one stock, Tai Lingwei, hitting the daily limit, while 126 stocks declined [1] Group 2 - The top three stocks with the highest net inflow of main funds are: Han's Laser with 362 million yuan, SMIC with 349 million yuan, and Tai Lingwei with 107 million yuan [2] - The stock with the highest net outflow was Guangda Special Materials, which saw a net outflow of 158 million yuan despite a price increase of 2.91% [1][2] - There are 62 stocks that have seen continuous net inflows for more than three trading days, with Sanyou Medical leading at 10 consecutive days [2] Group 3 - The main funds' inflow ranking shows that Han's Laser had an inflow rate of 6.40% and a price increase of 0.64% [2] - Other notable stocks include Kingsoft Office with an inflow of 101 million yuan and a price increase of 3.87%, and Wealth Trend with an inflow of 100 million yuan and a price increase of 17.84% [2] - A total of 114 stocks experienced continuous net outflows, with Bohui Technology leading at 24 consecutive days of outflow [2]

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]

Group 1 - The securities sector is experiencing a strong performance, with the CSI Securities Company Index rising over 3% and the Securities ETF Index Fund (516200) increasing by 4.09% as of June 25 [1][2] - Major stocks such as Guosheng Jinkong and Xiangcai Shares hit the 10% daily limit, while Tianfeng Securities and Xinda Securities also saw gains [1] - On June 24, the Securities ETF Index Fund (516200) recorded a net inflow of funds, indicating positive market sentiment [2] Group 2 - Guotai Junan International Holdings, a subsidiary of Guotai Haitong Group, received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies directly [2] - Ping An Securities highlighted that the capital market and securities industry reforms are advancing, enhancing market ecology and internal stability, with leading brokerages expected to benefit from high-quality development policies [2] - Donghai Securities noted a divergence between the brokerage and insurance sectors, with reforms in the Sci-Tech Innovation Board aimed at improving listing efficiency and compliance for unprofitable tech companies [3]

据悉，禾元生物核心产品HY1001主要用于补充或提高血液中的 人血 清 白蛋白 水平，有望 在临床上替代血浆来源的人血清白蛋白。 6月24日，上海证券交易所上市审核委员会发布审议会议公告，定于7月1日召开2025年第21 次上市审核委员会审议会议，审议科创板拟上市企业武汉禾元生物科技股份有限公司（以下 简称禾元生物）的发行上市申请。 禾元生物成为自6月18日证监会主席吴清在陆家嘴论坛上宣布在科创板设置成长层，并且重启 未盈利企业适用科创板第五套标准上市以来，首家上会的科创板第五套标准企业。 核心创新药产品正在研发 尚未产生收入 招股书显示，禾元生物成立于2006年，是一家主要从事创新药研发的生物医药企业。禾元生 物核心在研产品HY1001（重组人白蛋白注射液），是一款1类新药，已完成 Ⅲ期 临床试 验，并被国家药监局纳入优先审评程序，有望成为国内首个上市的重组人白蛋白药品。 禾元生物目前收入主要来自药用辅料、科研试剂等非核心产品，核心创新药产品正在研发， 尚未产生收入。 禾元生物成立以来，一直持续投入创新药研发，2022年至2024年研发投入累计达到3.86亿 元。 到2024年底，禾元生物员工总数178人， ...

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].

Core Viewpoint - The article discusses the first successful case of a company, Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio), applying for listing on the Sci-Tech Innovation Board under the fifth set of standards, highlighting the challenges and adjustments in their IPO fundraising amount [1]. Group 1: IPO Details - Heyuan Bio's IPO fundraising amount has been reduced from 3.5 billion yuan to 2.4 billion yuan, a decrease of over 30% [1]. - The reduction in fundraising is primarily due to a significant cut in the "supplementary working capital" project, which was lowered from 800 million yuan to 100 million yuan [1]. - Other companies currently under review for the fifth set of standards include Shenzhen Beixin Life Technology Co., Ltd., Shanghai Hengrun Da Biological Technology Co., Ltd., Harbin Sizhe Rui Intelligent Medical Equipment Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd. [1]. Group 2: Product and Market Potential - Heyuan Bio's core product, HY1001, is a plant-derived recombinant human serum albumin injection, which has received acceptance for its drug registration application for "hypoalbuminemia" by the drug regulatory authority [4][7]. - Currently, there are no similar products approved for sale in China, indicating a unique market position for HY1001 [6]. - The product is expected to be approved for sale in 2025, with large-scale sales anticipated in 2026, potentially becoming the first recombinant albumin product approved in the country [7]. Group 3: Industry Context - The successful listing of Heyuan Bio may provide confidence to other companies in the same sector, such as Tonghua Anruite Biological Pharmaceutical Co., Ltd., which is also focused on recombinant albumin but uses a yeast expression system [8]. - Anruite's recombinant albumin product has already been launched in Russia and has completed phase III clinical trials in China, but it is still in the IPO guidance stage [9].