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].

Core Viewpoint - The article highlights the transformation of Shenyang, a city in Liaoning Province, from a traditional industrial base to a burgeoning hub for semiconductor equipment manufacturing, showcasing significant advancements in domestic production capabilities and a supportive ecosystem for innovation and investment [1][2][3]. Group 1: Industry Development - Shenyang has evolved from a steel manufacturing center to a key player in the semiconductor equipment industry, with five major companies listed in the capital market since 2019 [2][3]. - The semiconductor equipment industry in Liaoning is characterized by a "6+N" development system, with six leading companies supported by numerous ancillary firms [2][3]. - Companies like拓荆科技, 芯源微, and 富创精密 have achieved international standards in their respective technologies, contributing to the domestic semiconductor equipment landscape [3][4]. Group 2: Research and Education - Liaoning boasts a robust educational foundation with 114 higher education institutions, including 63 undergraduate colleges, which supports the semiconductor industry's growth [4][5]. - The province's scientific research institutions, particularly those affiliated with the Chinese Academy of Sciences, have played a crucial role in nurturing leading semiconductor companies [4][5]. Group 3: Financial Support and Policy - The development of the semiconductor industry in Liaoning has been significantly bolstered by national policies and financial support, including the establishment of the National Integrated Circuit Industry Investment Fund [6][7]. - The launch of the Sci-Tech Innovation Board has provided essential funding and resources for semiconductor companies, facilitating their growth and expansion [7][8]. - The local government has adopted a proactive approach to improve the business environment, offering tailored support to companies in the semiconductor sector [10][11]. Group 4: Future Prospects - The article emphasizes the need for continued investment in the semiconductor ecosystem, including enhancing local venture capital capabilities and filling gaps in the industrial chain [12][13]. - The goal is to position Shenyang as a globally competitive center for integrated circuit equipment, thereby elevating its status in the national and international markets [14].

中国基金报记者 赵新亮 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 【导读】科创板改革后首单上会的科创板第五套标准企业确定，禾元生物7月1日上会 第五套标准已上市企业 已成为我国医药创新中坚力量 目前，科创板第五套标准已上市的20家企业均为创新型生物医药企业，其中，19家为创新药研发企业，1家为高端医疗器械研发企业。 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。 ...

6月24日晚，上交所上市审核委员会发布公告称，将于7月1日（下周二）召开上市审核委员会审议会议，审 核禾元生物IPO申请。根据该公司招股书申报稿，禾元生物拟采用科创板第五套标准上市。这意味着，科创 板第五套标准上市正式重启，且有了重启后的首个上会案例。 据悉，自2019年科创板开板以来，共有20家医药生物企业采用科创板第五套上市标准上市（占科创板家数的 3.4%），其中已有19家实现核心产品上市。华西证券分析师李立峰表示，此次重启科创板第五套标准、将标 准适用行业从医药扩大至人工智能、商业航天、低空经济等领域，及创业板启用第三套标准等，有利于进一步 增强多层次资本市场体系的包容性。 禾元生物连续3年未盈利 6月24日晚间，上海证券交易所发布了上市审核委员会2025 年第21次审议会议公告。公告称，上海证券交易所 上市审核委员会定于2025年7月1日召开2025年第21次上市审核委员会审议会议。审议的发行人为禾元生物。 科创板上市五套标准 根据《上海证券交易所科创板股票上市规则》，发行人申请在上交所科创板上市，市值及财务指标应当 至少符合下列标准中的一项： （一）预计市值不低于人民币10亿元，最近两年净利润均为 ...

这是6月18日证监会主席吴清在2025陆家嘴论坛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。 招股书显示，禾元生物是一家主要从事创新药研发的生物医药企业，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。 禾元生物自成立以来持续投入创新药研发，2022年至2024年，该公司研发投入累计达到3.86亿元。截至2024年底，禾元生物员工总数178人，其中研发人员就有122 人，占比接近七成。 6月24日晚，上交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（简称"禾元生物"）的发行上市申请。根据该公司招股书申报稿，禾元生物拟采用科创板第五套标准上市。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes EN ...

金十数据6月24日讯，上交所上市审核委员会发布公告称，将于7月1日召开上市审核委员会审议会议， 审核武汉禾元生物科技股份有限公司（简称"禾元生物"）IPO申请。根据该公司招股书申报稿，禾元生 物拟采用科创板第五套标准上市。 禾元生物科创板IPO申请即将上会，适用第五套标准 ...

Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]

Group 1 - The stock of Kaisa Bio (688065) has a comprehensive score of 44.02, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 47.52 yuan, with a 5-day main cost of 47.01 yuan, a 20-day main cost of 49.49 yuan, and no instances of price limits in the past year [1] - Northbound capital data indicates a holding of 4.7469 million shares, accounting for 0.81% of the circulating shares, with a net buy of -147,500 shares yesterday [1] Group 2 - Technical analysis identifies a short-term resistance level at 47.40 yuan and a support level at 46.25 yuan, with a mid-term resistance at 48.58 yuan [2] - On June 24, 2025, the net inflow of main funds was 22.2836 million yuan, representing 22% of the total transaction amount, with significant inflows from large orders [2] - The stock is associated with sectors such as chemical products (2.48%), new materials (2.26%), carbon trading (1.38%), and Sci-Tech Innovation Board market-making stocks (2.44%) [2]

科创50指数今日上涨1.79%，报收978.71点，科创板全日成交量30.49亿股，成交额1031.42亿元，加权平 均换手率为1.73%。 从杠杆资金动向看，高换手个股中，共39股近期获杠杆资金净买入，统计显示，截至6月23日，近5日融 资余额增加较多的有影石创新、华丰科技、容百科技等，分别增加7915.81万元、5121.31万元、4801.87 万元；融资余额减少金额较多的有精智达、海正生材、中邮科技等，分别减少7538.76万元、4497.57万 元、3775.10万元。 6月24日科创板换手率居前个股 | 代码 | 简称 | 最新收盘价 | 日涨跌幅（%） | 日换手率（%） | 资金净流入（万元） | | --- | --- | --- | --- | --- | --- | | 688573 | 信宇人 | 32.98 | 5.07 | 36.43 | 3156.96 | | 688353 | 华盛锂电 | 31.02 | 20.00 | 24.55 | 3913.16 | | 688291 | 金橙子 | 30.36 | -2.69 | 24.47 | -184.42 | | 688552 | ...