Group 1 - As of the end of 2024, Shenzhen has 42 unicorn companies with a total valuation of $159.9 billion, with 4 super unicorns contributing 56% of this valuation [1][2] - Shenzhen leads the nation with 13 newly recognized unicorn companies, showcasing its strength in nurturing innovative enterprises [1][2] - The unicorn companies in Shenzhen are primarily concentrated in "hard technology" sectors, with 66.7% of them operating in cutting-edge technology fields [1] Group 2 - The newly recognized unicorn companies include notable names such as Honor (smart hardware), Yuanxiang XVERSE (VR/AR), and Laplace (clean energy), with Laplace being a newly listed company in the same year [2] - Shenzhen's government emphasizes the importance of supporting unicorn companies, having introduced a comprehensive action plan for 2025-2027 to foster their development [2] - The city aims to enhance its innovation ecosystem by optimizing policies, capital, and talent to become a globally influential hub for unicorn companies [2]

Group 1 - The Sci-Tech Innovation Board (STAR Market) has five listing standards, with the first requiring profitability and a minimum market value of 1 billion yuan [1][9]. - The second standard allows for losses if the company has a market value of at least 1.5 billion yuan and revenue of 200 million yuan in the last year, with over 15% of revenue invested in R&D over the past three years [2][3]. - The third standard requires a market value of 2 billion yuan and revenue of 300 million yuan in the last year, along with a net cash flow of 100 million yuan over the past three years [4][9]. - The fourth standard mandates a market value of 3 billion yuan and revenue of 300 million yuan in the last year, without cash flow requirements [5][6]. - The fifth standard does not require profitability, revenue, or cash flow, but mandates a market value of at least 4 billion yuan and approval for core products by relevant authorities [7][8]. Group 2 - Since the launch of the STAR Market, 20 companies have listed under the fifth standard, all in the biopharmaceutical sector [9]. - The fifth standard's listing has been paused since the second half of 2023 due to a lack of data for assessment, but plans to restart it were announced for June 2025 [10]. - The introduction of seasoned professional institutional investors is a key innovation to help assess companies that are unprofitable and have no revenue [10][11]. Group 3 - The STAR Market emphasizes "hard technology" and only accepts technology companies with significant technical content for listing [16]. - Industries such as real estate, finance, and investment are prohibited from listing on the STAR Market [17][18]. - The STAR Market encourages seven specific industries, including new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine, and other fields aligned with its positioning [19][20][21][22][23]. Group 4 - Companies must meet specific technical requirements to qualify as "hard technology," including R&D investment ratios, R&D personnel ratios, and patent counts [24][25][26]. - Companies can also qualify if they have core technologies recognized by national authorities or have received significant national awards [28]. Group 5 - In addition to industry, performance, and technical requirements, companies must have a sound management structure and no issues with equity [34].

Core Insights - The 2025 China (Shenzhen) Unicorn Enterprise Conference was held with the theme "New Quality Driven, Future Navigation" [1] - The conference showcased Shenzhen's unique charm as an innovation and entrepreneurship hub and outlined the future landscape of China's new quality productivity [2] Industry Overview - The "GEI China Unicorn Enterprise Research Report 2025" indicates that China's unicorn companies have entered a new stage of high-quality development, characterized by strong hard technology features and innovation vitality [3] - By 2024, there will be 372 unicorn companies in China with a total valuation exceeding $1.2 trillion, where 11 super unicorns contribute nearly 40% of the total valuation [3] - The integrated circuit sector leads with 56 companies and a valuation of $161.8 billion, while commercial aerospace is the fastest-growing field with a growth rate of 150% [3] - Unicorn companies are concentrated in three major city clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, accounting for 85% of the total [3] Company Highlights - Shenzhen ranks first in the number of newly added unicorns, with 42 unicorn companies and a total valuation of $159.9 billion, averaging $37.1 billion per company [4] - Shenzhen's 13 newly added unicorns represent 25% of the national total, with significant increases compared to other major cities [4] - The newly added unicorns in Shenzhen include companies in various sectors such as smart hardware, VR/AR, surgical robots, and clean energy [4][5] Regional Distribution - Nanshan District leads in the number of unicorn companies with 20, accounting for 48% of Shenzhen's total [7] - The total valuation of unicorn companies in Nanshan exceeds $70 billion, contributing 45% to the overall valuation [7] Innovation and Development - Shenzhen's unicorn companies exhibit high-quality development, with 42 companies having a total valuation of $159.9 billion, and 4 super unicorns contributing 56% of this valuation [8] - The report highlights that Shenzhen's unicorn companies are heavily involved in hard technology sectors, with a significant number of patents and R&D personnel [8] Ecosystem Enhancement - The "Unicorn Enterprise Service Alliance" was established to support the growth of unicorn companies, aiming to provide over $150 billion in bank credit and venture capital within three years [9] - The alliance will focus on resource integration, financial support, and technical empowerment to foster the emergence of new unicorns and enhance existing ones [9]

本报讯 （记者李雯珊 见习记者张美娜）7月18日，以"新质驱动·未来领航"为主题的2025中国（深圳） 独角兽企业大会在深圳盛大开幕。深圳市政府副秘书长罗育德出席，深圳市工业和信息化局党组书记、 局长黄强、中国企业联合会驻会副会长李冰、交通银行深圳分行党委委员、副行长谢磊先后致辞。北京 市长城企业战略研究所（以下简称"长城策略咨询"）董事长武文生发布《GEI中国独角兽企业研究报告 2025》、深圳市创新投资集团有限公司总裁刘苏华发布《深圳市独角兽企业及瞪羚企业研究报告 2025》。深圳市工业和信息化局党组成员、市中小企业服务局局长吕哲、交通银行（香港）有限公司副 行政总裁杨浩、深圳市投资促进局副局长刘振强、市贸促会党组成员、副主任汤进、深圳市报业集团社 委会委员、副总编辑肖意、深圳市福田区副区长余枫等出席会议。 大会上，深圳市工业和信息化局党组书记、局长黄强表示："深圳作为全国工业第一城、全球十大金融 中心，深圳市委、市政府高度重视独角兽企业培育工作，今年3月份出台《深圳市有力有效支持发展瞪 羚企业、独角兽企业行动计划（2025-2027年）》，构建从发掘培育到金融赋能的全链条支持体系。此 外，深圳还拥有深交 ...

Core Viewpoint - The 2025 China (Shenzhen) Unicorn Enterprise Conference highlights the high-quality development of unicorn companies in China, showcasing Shenzhen's unique innovation ecosystem and the future landscape of new productivity in China [1][4]. Group 1: Conference Overview - The conference was guided by Shenzhen's industrial and information technology bureau and featured reports on unicorn enterprises, emphasizing the collaboration between government, enterprises, and research institutions [2][4]. - The event gathered over a hundred representatives from unicorn companies and more than fifty financial institutions to discuss the development paths of new productivity [4]. Group 2: Unicorn Landscape in China - According to the "GEI China Unicorn Enterprise Research Report 2025," China has entered a new stage of high-quality development with 372 unicorn companies and a total valuation exceeding $1.2 trillion, with 11 super unicorns contributing nearly 40% of the total valuation [6]. - The integrated circuit sector leads with 56 companies and a valuation of $161.8 billion, while commercial aerospace has the fastest growth rate at 150% [6]. Group 3: Shenzhen's Unicorn Companies - Shenzhen ranks first in the number of newly added unicorns, with 42 unicorns and a total valuation of $159.9 billion, averaging $37.1 billion per unicorn [9]. - The report identifies 13 new unicorns in Shenzhen, accounting for 25% of the national total, with significant contributions from sectors like smart hardware and clean energy [9][10]. Group 4: Innovation and R&D - Shenzhen's unicorn companies exhibit strong innovation capabilities, with an average of 141 authorized invention patents per company, which is nearly double that of Beijing and Shanghai [10]. - The report indicates that 80% of Shenzhen's unicorns are global enterprises, expanding their markets through overseas factories and marketing networks [10]. Group 5: Regional Distribution and Economic Impact - The Nanshan District leads in the number of unicorns with 20 companies, contributing 45% of the total valuation, followed by Futian and Bao'an districts [11]. - The overall valuation of Shenzhen's unicorns reflects a high-quality development trend, with significant contributions from super unicorns [13]. Group 6: Establishment of Support Alliance - The "Unicorn Enterprise Service Alliance" was established to support unicorn companies through resource integration, financial support, and technical empowerment, aiming to nurture 300 unicorns and 1,000 potential unicorns over three years [15].

Core Viewpoint - The Shanghai Stock Exchange has officially implemented the self-regulatory guidelines for the Sci-Tech Innovation Board, allowing 32 unprofitable companies to enter the Sci-Tech Growth Tier, with new unprofitable companies entering upon listing [1] Summary by Sections Regulatory Changes - The new guidelines do not impose additional thresholds for individual investors to participate in trading newly registered stocks in the Sci-Tech Growth Tier, maintaining the existing requirement of "500,000 RMB assets + 2 years of experience" with the addition of signing a "Risk Disclosure Statement" [1] Investment Opportunities - Investing in ETFs is highlighted as an efficient tool for ordinary investors to participate in the hard technology wave, with several advantages: - Lower entry barriers: ETFs can be purchased for a few hundred RMB, unlike the 500,000 RMB asset requirement for individual stocks [1] - Risk diversification: ETFs reduce the impact of individual stock volatility by holding a basket of stocks [2] - Energy savings: ETFs track indices, eliminating the need for individual stock research [3] - Better trading conditions: ETFs have higher liquidity and lower long-term holding costs compared to frequently traded individual stocks [3] - Extreme risk mitigation: ETFs periodically adjust their holdings to remove underperforming stocks, reducing the risk of total capital loss [3] Specific ETF Opportunities - Investors interested in the Sci-Tech Board can consider the following ETFs: 1. Sci-Tech 100 ETF (588120): Focuses on high-tech industries such as pharmaceuticals, electrical equipment, electronics, machinery, and computers, with potential for valuation recovery as fundamentals improve [4] 2. Sci-Tech Chip ETF (589100): Tracks the Sci-Tech Board Chip Index, reflecting the performance of semiconductor-related companies, with a 20% price fluctuation limit providing greater elasticity [4] 3. Sci-Tech Comprehensive Index ETF (589630): Covers 97% of the market value of the Sci-Tech Board, including over 560 companies in cutting-edge fields, offering a comprehensive view of China's technological innovation [4] 4. Sci-Tech Entrepreneurship ETF (588360): Tracks the CSI Sci-Tech Entrepreneurship 50 Index, focusing on leading companies in information technology, healthcare, materials, and industry [5] Market Outlook - The policy goals of "stabilizing growth and the stock market" and "boosting the capital market" are expected to continue influencing the future direction of the sector, supported by a moderately loose liquidity environment and improved investor confidence [6]

Core Insights - The report highlights Shenzhen's dominance in the growth of unicorn companies, with 42 unicorns and a total valuation of $159.9 billion, making it the city with the highest number of new unicorns in China [2][4] Group 1: Unicorn Growth in Shenzhen - In 2024, Shenzhen added 13 new unicorns, accounting for 25% of the national total, while the overall number of new unicorns in China decreased by 10 [2] - Shenzhen's unicorns have an average valuation of $3.71 billion, with a total valuation of $159.9 billion [2] - The city is the only one among "Beijing, Shanghai, Shenzhen, Guangzhou, and Hangzhou" to see an increase in unicorn numbers [2] Group 2: Characteristics of Shenzhen Unicorns - Shenzhen's unicorns are heavily concentrated in "hard technology" sectors, with 66.7% of them in advanced technology fields such as integrated circuits and robotics [4] - The average number of authorized invention patents per unicorn in Shenzhen is 141, significantly higher than Beijing and Shanghai [4] - Over 80% of Shenzhen's unicorns are global companies, expanding through overseas factories and marketing networks [4] Group 3: Regional Distribution - Nanshan District leads with 20 unicorns, accounting for 48% of the total, followed by Bao'an District with 7 [5] - Nanshan's unicorns contribute a valuation of over $70 billion, representing 45% of the total valuation [5] - The presence of two super unicorns, Honor and Huolala, significantly boosts the valuation in the Futian District, which has a total valuation of over $49 billion [5]

【导读】上纬新材开盘涨停，实现 "20cm" 8连板，累计涨幅达330% 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 7月18日早 盘，A股三大指数集体高开， 创业板指一度涨逾1%。 截至发稿，沪指涨0. 28 %，深成指涨0. 28 %，创业板指涨0. 43 %。 | 上证指数 | 深证成指 | | 北证50 | | --- | --- | --- | --- | | 3526.67 | 10903.66 | | 1420.16 | | +9.84 +0.28% | +30.05 | +0.28% | -7.95 -0.56% | | 科创50 | | 创业板指 | 万得全A | | 1006.08 | | 2279.08 | 5486.93 | | +0.43 +0.04% | +9.76 | +0.43% | +11.46 +0.21% | 板块方面，锂矿、稀土、多元金融等板块涨幅居前，而汽车零部件、零售、摩托车等板块震荡调整。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | ...

Group 1 - The 2025 China (Shenzhen) Unicorn Enterprise Conference focuses on hard technology development and aims to create a global unicorn enterprise cultivation hub in Shenzhen [1] - The conference featured a "Future Unicorn Financing Roadshow" with 11 hard technology companies presenting their innovations, emphasizing technical metrics over traditional market size predictions [2][3] - Shenzhen's government has introduced a comprehensive support system for unicorn enterprises, including a plan for 2025-2027 that emphasizes policy guidance, capital empowerment, and ecosystem cultivation [1] Group 2 - The participating companies in the roadshow include notable firms such as Wuxi Shunming Storage Technology Co., Ltd. and Shenzhen Shanhai Semiconductor Technology Co., Ltd., which focus on high-performance integrated circuits and have received investments from prominent venture capital firms [2][3] - The roadshow highlighted a shift in venture capital focus towards hard technology sectors like artificial intelligence, commercial aerospace, and new energy, moving away from traditional internet-based innovations [4] - The collaboration between research institutions and leading enterprises, such as Huawei and BYD, has accelerated the production cycle of hard technology companies in Shenzhen by 30% compared to the national average [5]

Core Viewpoint - The 2025 China (Shenzhen) Unicorn Enterprise Conference focuses on hard technology development and aims to cultivate a global hub for unicorn enterprises in Shenzhen [2][5]. Group 1: Event Overview - The conference was officially launched on July 17, 2025, under the theme "New Quality Driven, Future Navigation" [2]. - The event was guided by Shenzhen's Industrial and Information Technology Bureau and co-hosted by several organizations, including Changcheng Strategic Consulting and China Communications Bank [2]. - The first activity featured a "Future Unicorn Financing Roadshow," where 11 hard technology companies presented their innovations [2][4]. Group 2: Policy Support - Shenzhen is implementing the "Action Plan for Supporting the Development of Gazelle and Unicorn Enterprises (2025-2027)," which aims to create a comprehensive support system combining policy guidance, capital empowerment, and ecological cultivation [5][6]. - The plan includes the establishment of "20+8" industrial cluster funds, focusing on strategic emerging industries and future industries [6]. Group 3: Focus on Hard Technology - The roadshow highlighted hard technology as the main focus, with companies presenting metrics such as patent numbers and yield rates instead of traditional market size forecasts [8]. - The participating companies include Wuxi Shunming Storage Technology, Blue Elephant Intelligent Technology, Shenzhen Shanhai Semiconductor Technology, and others, showcasing their unique technological innovations [8][10]. Group 4: Investment Trends - The venture capital landscape is shifting towards hard technology, with sectors like artificial intelligence, commercial aerospace, and new energy becoming the new investment focal points [14]. - State-owned capital has become a dominant force in the venture capital market, accounting for over 80% of investments [14]. - Shenzhen's innovation ecosystem allows for a faster production cycle for hard technology companies, reducing the average cycle by 30% compared to the national level [16].