Market Overview - The A-share market experienced fluctuations, with a trading volume of 1.28 trillion yuan, and major indices such as the Shenzhen Component and ChiNext Index falling over 1% [1] - The only sector that saw an increase was oil and petrochemicals, which rose by 0.86% [4] Federal Reserve Insights - The Federal Reserve maintained the interest rate at 4.25%-4.50%, marking the fourth consecutive meeting without changes, aligning with market expectations [2] - The Fed's economic outlook has shown reduced uncertainty, but it remains at a high level, with GDP growth forecast for 2025 revised down to 1.4% and inflation expectations raised to 3% [2] - The dot plot indicates two expected rate cuts in 2025, totaling 50 basis points, consistent with previous forecasts [2][3] Policy Developments - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth tier for unprofitable companies [2] - This initiative aims to support high-quality unprofitable enterprises during their R&D phase, allowing them to transition to the main board once they achieve profitability, thereby enhancing confidence in the development of tech enterprises [2] Market Performance - As of June 19, the Shanghai Composite Index closed at 3362.11 points, down 0.79%, while the Shenzhen Component and ChiNext Index fell by 1.21% and 1.36%, respectively [4] - A total of 699 stocks rose, while 4471 stocks declined, indicating a bearish market sentiment [4] Fund Tracking - The market's trading volume reached 12,810.23 billion yuan, showing an increase from the previous trading day, while the margin financing balance rose to 18,286.52 billion yuan [5]

研 究 专 题 新股研究 2025 年 06 月 19 日 服务科创再加码，重启未盈利上市通道 ——科创板深改"1+6"政策点评 投资提示： 相关研究 《科创板未盈利企业引入约定限售模式，网 下"白名单"制度落地——对完善首发承销 细则征求意见稿、"白名单"等制度的点评》 2025/01/05 证券分析师 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 证 券 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 股 发 行 报 告 ⚫ 2025 年 6 月 18 日，证监会主席吴清在陆家嘴论坛 2025 开幕式发表主旨演讲，证监会发布《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》，推出进一步深化改革的"1+6"政策措施， "1"在科创板设置科创成长层，" ...

长江商报奔腾新闻记者 李璟 科创板深化改革迎来重磅举措。 6月18日，中国证监会发布《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》（简称 《意见》）。《意见》提出，将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；同时，围绕增强优质科技型企 业的制度包容性适应性，推出6项重磅改革。 6项改革措施包括：对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度； 面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效；扩大第五套标准 适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用；支持在审未盈利科技型 企业面向老股东开展增资扩股等活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融 资相协调的市场功能。 证监会相关负责人表示，本次改革的总体思路是，全面贯彻党中央、国务院关于资本市场支持科技 创新的决策部署，主动适应境内外经济金融形势变化和科技型企业现实需求，以在科创板设置专门层次 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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Science and Technology Innovation Board Growth Layer" to enhance the inclusivity and adaptability of the system for high-quality technology enterprises, particularly those that are currently unprofitable [1][2]. Group 1: Establishment of the Growth Layer - The Growth Layer is designed to serve technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are currently unprofitable [2]. - Both existing unprofitable companies and newly listed unprofitable companies will be included in the Growth Layer [2]. Group 2: Regulatory Mechanisms - The Shanghai Stock Exchange (SSE) has established mechanisms focusing on three main areas: implementation standards and procedures, risk disclosure enhancement, and improvement of information disclosure quality [3][4][5]. - The rules specify the criteria for companies to enter or exit the Growth Layer, ensuring that existing listed companies are not adversely affected [4]. - Companies in the Growth Layer will have their stocks or depositary receipts marked with a special identifier "U," and investors must sign a risk disclosure document when investing in newly registered companies [5]. Group 3: Expansion of the Fifth Set of Standards - The expansion of the Fifth Set of Standards will support companies in emerging fields such as artificial intelligence, commercial aerospace, and low-altitude economy, which are crucial for future industrial growth [8]. - The Fifth Set of Standards is aimed at high-quality enterprises that have significant technological advantages and large market potential, with a focus on those that have achieved preliminary results [8]. Group 4: Pre-Review Mechanism for IPO Applications - The introduction of a pre-review mechanism for IPO applications allows qualified technology companies to have their application documents reviewed by the SSE before formal submission, enhancing the quality and efficiency of the application process [9][10]. - This mechanism is similar to practices in mature overseas markets, which have been well-received by technology companies seeking a more favorable listing environment [9][10]. Group 5: Ongoing Oversight and Disclosure Requirements - The SSE will maintain strict standards for the review process, ensuring that the quality of the review and the rights of investors are protected, regardless of whether a company has undergone pre-review [11]. - Companies are still required to fulfill all information disclosure obligations, including disclosing inquiries and responses from the pre-review phase when they formally submit their IPO applications [10][11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the system, allowing unprofitable tech companies to list under the fifth set of standards [1][2]. Group 1: Establishment of the Growth Layer - The Growth Layer is designed to serve tech companies with significant technological breakthroughs and broad commercial prospects that are currently unprofitable [2]. - Companies in the Growth Layer will have a special stock designation "U" (Unprofitable) [2]. - New unprofitable tech companies can be removed from the Growth Layer if they meet specific profit and revenue criteria [2]. Group 2: Rationale for the Growth Layer - The establishment of the Growth Layer aims to reinforce the capital market's support for technological innovation and stabilize market expectations [2]. - It provides a controlled "experimental space" for more inclusive policy measures and facilitates better risk identification for investors [2]. Group 3: Reform Measures - Six reform measures have been introduced to enhance the inclusiveness of the system for quality tech companies [4]. - The first measure involves introducing a pilot program for seasoned professional institutional investors to assess the innovation attributes and future potential of companies [4]. - The second measure is a pilot IPO pre-review mechanism to improve communication services for quality tech companies [5][6]. - The third measure expands the applicability of the fifth set of standards to include more frontier technology sectors such as artificial intelligence and commercial aerospace [6]. Group 4: Additional Policies - Additional policies support unprofitable tech companies in conducting capital increases for existing shareholders and improving the institutional mechanisms for supporting listed companies [7].

记者 张杨 从入层条件来看，不管是科创板上市老企业，还是新申请注册的企业，只要是未盈利科技型企业， 将被全部纳入科创成长层。 从调出条件来看，实施新老划断，存量未盈利企业符合现行取消特殊标识条件的，将被调出科创成 长层，但新注册的入层企业则需要数据符合科创板第一套上市标准时，才可调出。 科创成长层企业股票在简称后添加"U"（Unprofitable），作为特殊标识，供投资者参考。 昨天，证监会主席吴清宣布，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上市。当日收市后，证监会及上交所公布了《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》等细则。 为何此时推出新政？ 一年前的陆家嘴论坛上，"科创板八条"问世，开启了推动注册制改革走深走实的重要一步。实施一 年来，各项改革举措已基本落地。有必要进一步深化科创板改革，引导资本流向真正具备技术突破能力 的创新主体。 证监会表示，此时在科创板设置科创成长层，有利于为增量制度改革提供更可控的"试验空间"，可 以试点一些更具包容性的政策举措；也有利于对未盈利科技型企业集中管理，便于投资者更好识别风 险 ...

重要提示 北京屹唐半导体科技股份有限公司（以下简称"屹唐股份"、"发行人"或"公司"）根据中国证券监督管理 委员会（以下简称"中国证监会"）颁布的《证券发行与承销管理办法》（证监会令〔第228号〕）（以 下简称"《管理办法》"）、《首次公开发行股票注册管理办法》（证监会令〔第205号〕），上海证券 交易所（以下简称"上交所"）颁布的《上海证券交易所首次公开发行证券发行与承销业务实施细则 （2025年修订）》（上证发〔2025〕46号）（以下简称"《实施细则》"）、《上海市场首次公开发行股 票网上发行实施细则（2025年3月修订）》（上证发〔2025〕43号）（以下简称"《网上发行实施细 则》"）、《上海市场首次公开发行股票网下发行实施细则（2024年修订）》（上证发〔2024〕112 号）（以下简称"《网下发行实施细则》"），中国证券业协会颁布的《首次公开发行证券承销业务规 则》（中证协发〔2023〕18号）（以下简称"《承销业务规则》"）、《首次公开发行证券网下投资者管 理规则》（中证协发〔2025〕57号）（以下简称"《网下投资者管理规则》"）和《首次公开发行证券网 下投资者分类评价和管理指引》（中证协发 ...

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3388.81, up 0.04%, while the Shenzhen Component Index rose by 0.24% to 10175.59 [2][4] - The overall market capitalization of the Shanghai Composite Index is 6547.43 billion, with a price-to-earnings (PE) ratio of 12.06 and a price-to-book (PB) ratio of 1.25 [3] Industry Dynamics - The National Healthcare Security Administration issued guidelines for the pricing of cosmetic surgery services, establishing 101 pricing projects to standardize the pricing behavior of medical institutions [23][25] - The controllable nuclear fusion sector received over 3 billion in new investments, indicating strong interest and growth potential in this area [26] - The advertising industry in China is experiencing robust growth, with a reported revenue increase of 17.9% year-on-year, driven by digital advertising [31] Company Tracking - Yahua Group is integrating its lithium mining business to enhance efficiency, with significant revenue contributions from its main lithium salt production bases [32] - Winbond Technology successfully delivered core solid-state battery equipment to a leading domestic client, marking a significant advancement in solid-state battery manufacturing technology [34] - Haitian Flavoring and Food Company set its H-share issuance price at 36.30 HKD per share, aiming to raise approximately 10.1 billion HKD for product development and capacity expansion [36] Economic Dynamics in Hunan - Hunan's exports of "new three samples" (electric vehicles, lithium-ion batteries, and photovoltaic products) surged by 55.5% in the first five months of 2025, with significant contributions from private enterprises [39][40]

Group 1 - The central financial committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in financial capabilities within five to ten years [2] - The first meeting of the Shanghai International Financial Center Construction Coordination Mechanism was held, discussing the support from central financial institutions and reviewing progress reports [3] - The 2025 Lujiazui Forum opened with a theme focused on financial openness and high-quality development amid global economic changes [4] Group 2 - The chairman of the China Securities Regulatory Commission announced the formal implementation of a third set of standards for the ChiNext board, allowing unprofitable companies to list under specific conditions [5] - The China Securities Regulatory Commission announced that qualified foreign investors will be allowed to participate in ETF options trading starting from October 9, 2025, aimed at enhancing capital market openness [6] - The financial regulatory authority and Shanghai municipal government jointly issued an action plan to support the construction of the Shanghai International Financial Center [7] Group 3 - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the textile industry, aiming for over 70% digitalization in key business processes by 2027 [8] - The Shanghai Futures Exchange will expand the range of commodities available for qualified foreign institutional investors to trade, including natural rubber, lead, and tin futures and options starting June 20, 2025 [8] Group 4 - The National Foreign Exchange Administration is seeking public opinion on a draft notice to facilitate cross-border investment and financing activities, including nine specific policies [9] - The Fujian Provincial Development and Reform Commission issued a long-term plan for the hydrogen energy industry, targeting a production capacity of 30,000 tons of green hydrogen and 100,000 tons of hydrogen-based green fuel by 2035 [11]

Financial Policy and Market Developments - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of an interbank market trading report library and a digital RMB international operation center [3] - The China Securities Regulatory Commission (CSRC) introduced a "1+6" policy to deepen the reform of the Sci-Tech Innovation Board, aiming to enhance market attractiveness and competitiveness [3][4] - The State Administration of Foreign Exchange (SAFE) will implement a package of foreign exchange innovation policies in the free trade pilot zone, including optimizing international trade settlement [3][4] Regulatory and Institutional Support - The Financial Regulatory Bureau and Shanghai Municipal Government jointly released an action plan to support the construction of Shanghai as an international financial center, promoting innovation in technology finance and cross-border finance [3][4] - The CSRC announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-market ETF options trading, aimed at expanding investment opportunities for foreign institutions [3][4] Market Expansion and Investment Opportunities - The Shanghai Futures Exchange will expand the range of commodities available for qualified foreign institutional investors, including natural rubber and lead futures contracts [4] - The Shanghai Stock Exchange is drafting guidelines to support the listing of unprofitable technology companies, enhancing the inclusivity and adaptability of the capital market [3][4] International Financial Cooperation - The Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan was signed, supporting the optimization of free trade account functions and encouraging the use of RMB for cross-border transactions [4] - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, promoting high-quality development of multi-level equity markets [4]