Macro Economy - The Central Financial Committee issued opinions to support the accelerated construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in capabilities over the next five to ten years [2] - A joint press conference was held on June 18 between Shanghai and Hong Kong to sign the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan," focusing on six areas including infrastructure connectivity and strategic complementarity in offshore finance [2] Investment News - The Chairman of the China Securities Regulatory Commission (CSRC) announced at the 2025 Lujiazui Forum the "1+6" policy measures to enhance the role of the Sci-Tech Innovation Board, including the establishment of a growth tier and the resumption of listing standards for unprofitable companies [5][9] - The CSRC announced that starting from October 9, qualified foreign investors will be allowed to participate in on-market ETF options trading, limited to hedging purposes [5] - The CSRC has officially approved the establishment of the China Capital Market Society in Shanghai, aiming to become a high-end think tank for capital market research and decision-making [5] - The Shanghai Futures Exchange announced the expansion of qualified foreign investors' participation in commodity futures and options trading, with new contracts for natural rubber, lead, and tin starting from June 20 [5] Company Movements - On June 19, Jiangling Motors clarified that there are no plans for asset restructuring despite rumors about the integration of Jiangling Ford into Changan Ford [6] - JD.com officially announced its entry into the hotel and travel industry, offering hotel operators a membership plan with up to three years of zero commission [7] - AI unicorn MiniMax is considering an IPO in Hong Kong, currently in the preliminary preparation stage [7] - On June 18, JAC Motors and Huawei launched their first flagship sedan, the S800, which is set for mass production [7]

在推动中长期资金入市，着力构建长钱长投生态方面，邱勇表示，上交所要进一步加大力度引入长期资 金，持续丰富产品体系，不断完善ETF产品布局和配套机制，推动科技创新债券、绿色债券市场建设， 健全股票期权产品体系，着力打造"中国品牌"的指数体系，更好满足投资者需求。 "资本市场具有枢纽功能，面对冲击，资本市场仍然具有发展前景。"邱勇表示，上交所会承担起使命， 努力做好资本市场工作，助力中国经济社会发展。 中国资本市场推动投融资两端共同发力，持续激发了市场活力。据介绍，去年以来，上交所多措并举活 跃并购重组市场，2024年，沪市披露各类资产重组方案700余单，其中重大资产重组60单，同比增长 50%，七成并购标的为半导体、新能源等新兴产业领域；今年以来披露资产重组方案341单，同比增长 25%，其中重大资产重组49单，同比增长206%。在投资端建设方面，2024年ETF市值突破3万亿元，以 社保、保险为代表的长期资金A股持仓金额增长33%。 （文章来源：证券时报） 证券时报记者张淑贤 如何加快构建投融资协调的市场生态，进一步巩固市场回稳向好态势？ 在昨日举行的2025陆家嘴论坛"全体大会三：推动资本市场持续稳健发展" ...

Core Viewpoint - The implementation of the "1+6" policy measures for the Science and Technology Innovation Board (STAR Market) aims to enhance the inclusiveness and adaptability of the system, better serving technological innovation and the development of new productive forces [1][6]. Group 1: Policy Measures - The "STAR Market Opinions" introduces a new "growth layer" to accommodate unprofitable technology companies, allowing them to list under the fifth set of standards [2][4]. - A total of 32 existing unprofitable technology companies are expected to be included in the new growth layer, marking them as the first batch of companies under this new framework [2][4]. Group 2: Investor Protection - The reform emphasizes risk disclosure and investor protection, including the introduction of a special identifier "U" for stocks of growth layer companies, and requiring regular disclosures about the reasons for unprofitability [3][8]. - Securities firms are mandated to enhance risk assessment for investors and ensure they are fully informed about the risks associated with investing in growth layer companies [3][8]. Group 3: Institutional Innovations - The reform includes six key measures, such as introducing a system for experienced institutional investors and a pre-review mechanism for IPOs, aimed at improving the identification of quality technology companies [4][5]. - The pre-review mechanism allows eligible companies to submit documents for review before officially applying for an IPO, thereby protecting sensitive information [5][6]. Group 4: Market Stability and Regulation - The reform is designed to enhance the STAR Market's inclusiveness and adaptability without leading to a large-scale expansion, maintaining strict entry standards for listings [7][8]. - The regulatory framework will focus on balancing reform with risk prevention and strong oversight, ensuring high-quality development and compliance among listed companies [8].

Group 1 - The China Securities Regulatory Commission (CSRC) issued guidelines to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board (STAR Market), with the Shanghai Stock Exchange (SSE) developing supporting business rules [1] - The STAR Market aims to focus on companies with significant technological innovations, allowing unprofitable companies with accumulated losses to list, marking a significant reform in the registration system [1] - In 2024, the 54 unprofitable companies listed on the STAR Market achieved a total revenue of 174.48 billion yuan, with 26 of these companies surpassing 1 billion yuan in revenue [1] Group 2 - The proposed self-regulatory guidelines for the Sci-Tech Growth Layer will establish mechanisms focusing on implementation standards, risk disclosure, and improving information disclosure quality [2] - The SSE aims to balance investment and financing dynamics while ensuring a rigorous review process for unprofitable tech companies seeking to list [2] - A pre-review mechanism for stock issuance applications is being developed to help companies manage sensitive information before formal applications, reducing exposure during the listing process [2] Group 3 - Issuers can decide whether to formally apply for listing based on the SSE's review comments, but the SSE will maintain strict adherence to existing rules and timelines regardless of pre-review [3] - Professional institutional investors play a crucial role in the capital market, providing valuable insights into the technological attributes and future potential of companies [3] - The SSE is working on rules to better identify high-quality tech companies by leveraging professional institutions' research and investments, guiding financial capital towards early, small, and long-term investments in hard technology [3]

本报记者 吴晓璐 一年来，科创板坚守"硬科技"定位，严把市场"入口关"，精准支持优质科技企业发行上市。据Wind资讯数据统计，截至6 月18日，"科创板八条"出台以来，上交所新受理15家企业科创板IPO申请，其中4家是未盈利企业；15家企业登陆科创板，IPO 募资124.42亿元。 清华大学国家金融研究院院长田轩在接受《证券日报》记者采访时表示，"科创板八条"落地一年来，资本市场对科技创新 包容度提升，吸引了更多具备关键核心技术的优质企业上市，未盈利企业上市通道更加畅通。 深化发行承销制度改革，推动机构合理定价，引导市场更加关注企业长期价值。"科创板八条"出台当日，上交所就宣布科 创板试点统一执行3%的最高报价剔除比例；今年3月份，科创板未盈利企业IPO分类配售试点落地；去年8月份，科创板新股市 值配售规则落地。 水木资本董事长、母基金研究中心创始人唐劲草在接受《证券日报》记者采访时表示，一年来，科创板发行上市生态持续 优化。一方面，审核机制更注重企业科创属性，未盈利企业上市渠道进一步畅通。另一方面，发行承销制度改革成效初显， 3%高价剔除比例引导报价回归理性，网下投资者市值门槛提升则强化了长期投资导向。 去 ...

非银金融 2025 年 06 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-06 2024-10 2025-02 2025-06 非银金融 沪深300 相关研究报告 《关注陆家嘴金融论坛表态，港交所 受益于金融开放 — 行 业 周 报 》 -2025.6.15 《5 月新开户数延续增长，非银持续受 益于基准回补—行业周报》-2025.6.8 《港交所受益于资产端扩容，券商定 增有松绑迹象—行业周报》-2025.6.2 科创板 IPO 边际宽松，利好券商投行、直投业务 ——行业点评报告 （1）在科创板设置科创成长层，重点服务技术有较大突破、商业前景广阔、持 续研发投入大，但目前仍处于未盈利阶段的科技型企业。设置科创成长层后，现 有和新注册的未盈利科技型上市公司将全部纳入其中。（2）设置成长层的影响： 一是有利于进一步彰显资本市场支持科技创新的政策导向，稳定市场预期；二是 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；三是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， 更好保护投资者合法权 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced a series of important policies in the capital market, particularly focusing on the "1+6" policy reform for the Sci-Tech Innovation Board (STAR Market), which aims to enhance support for innovative enterprises and improve the listing process for unprofitable companies [1][4]. Group 1: "1" - Establishment of Sci-Tech Growth Layer - The establishment of a Sci-Tech Growth Layer on the STAR Market will allow unprofitable companies to list under the fifth set of standards, providing a more precise service for high-quality tech enterprises with significant breakthroughs and ongoing R&D investments [5][6]. - Companies in the Sci-Tech Growth Layer will be marked with a "U" in their stock abbreviation, making it easier for investors to identify unprofitable firms [5][6]. - Investment qualifications for investors in the Sci-Tech Growth Layer will be heightened to mitigate risks associated with investing in unprofitable companies [6]. Group 2: "6" - Six Specific Measures - Measure 1: Introduction of a system for seasoned professional institutional investors to enhance the assessment of unprofitable companies, although participation is encouraged rather than mandatory [8]. - Measure 2: Implementation of a pre-IPO review mechanism for high-quality tech companies, allowing them to submit documents for preliminary review before formal IPO applications, expediting the process without lowering standards [9]. - Measure 3: Expansion of the fifth set of standards to include more cutting-edge sectors such as artificial intelligence, commercial aerospace, and low-altitude economy [9]. - Measure 4: Support for unprofitable tech companies to conduct capital increases aimed at R&D, specifically for existing shareholders [10]. - Measure 5: Improvement of institutional mechanisms to support the development of STAR Market-listed companies, including facilitating mergers and acquisitions of companies listed for less than three years [10][11]. - Measure 6: Coordination of investment and financing functions in the market, including the introduction of more STAR Market indices and ETFs to attract long-term capital [13]. Group 3: Future Policies - The "1+6" policy is part of a broader set of upcoming capital market reforms, including the introduction of Sci-Tech bond ETFs and other financing tools for tech enterprises [14]. - The CSRC aims to cultivate patient capital and long-term investment through various supportive policies, such as establishing specialized tech companies in Shanghai and optimizing fund share transfer practices [14][15]. - Further measures will be introduced to enhance the openness of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [15].

Group 1 - The construction of Shanghai as an international financial center is advancing to a higher level, with financial external circulation supporting China's "system going global" [4] - The recent Lujiazui Forum highlighted the acceleration of Shanghai's international financial center construction, with policies being introduced to enhance its status as a global center for RMB asset allocation and risk management [4][5] - The focus on international stablecoin development has increased, with Hong Kong leading in regulatory practices while mainland China remains cautious [4] Group 2 - The deepening of the Sci-Tech Innovation Board (STAR Market) reform is expected to enhance the investment and financing functions of the A-share market, laying a solid foundation for a bull market [4] - The introduction of the "1+6" policy measures aims to accelerate the listing of high-quality technology innovation companies, with more unprofitable tech firms expected to go public [4][5] - The regulatory framework will balance support for enterprises with risk prevention, tightening certain financial standards while allowing more unprofitable companies to list [5] Group 3 - The policies discussed at the Lujiazui Forum emphasize long-term strategic positioning, with China's international competitiveness and influence being enhanced through financial external circulation [5] - The A-share market's investment function is being optimized, with significant improvements in shareholder returns and a focus on encouraging mergers and acquisitions [5] - Concerns about short-term market performance due to external demand fluctuations and traditional consumption pessimism are noted, with expectations for growth stabilization policies in July and August [5]

Core Viewpoint - The establishment of the Sci-Tech Innovation Board's "Growth Layer" aims to enhance the inclusivity and adaptability of the system for unprofitable technology companies with significant technological breakthroughs and strong commercial prospects, thereby providing a more precise financing platform for these firms [1][3]. Summary by Sections Introduction of the Growth Layer - The new "Growth Layer" will include all unprofitable technology companies, allowing them to access capital markets despite their current lack of profitability [3][4]. - This initiative is expected to attract social capital towards technology innovation, facilitating the transformation of scientific achievements and optimizing industrial structure [1][3]. Reform Measures - Six reform measures have been introduced alongside the Growth Layer, including the introduction of seasoned professional institutional investors for companies under the fifth listing standard [2][8]. - The scope of the fifth listing standard will be expanded to include more frontier technology sectors such as artificial intelligence and commercial aerospace [10][11]. Conditions for Exiting the Growth Layer - New unprofitable technology companies can exit the Growth Layer if they meet specific profitability criteria, such as achieving positive net profits over the last two years or having a positive net profit with revenue exceeding 100 million yuan in the last year [4][11]. Investor Protection and Risk Disclosure - The reforms include measures for risk disclosure and investor protection, such as adding a "U" (Unprofitable) designation to the stock names of companies in the Growth Layer and requiring enhanced risk assessments by securities firms [4][5]. Future Development Paths - Future development of the Growth Layer should focus on improving institutional frameworks, enhancing collaboration with other capital market segments, and fostering deep integration with the technology innovation ecosystem [5].

Core Insights - Since the release of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board," four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor industry [3][5][6]. Group 1: IPO Applications - Four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor sector [3][5]. - The companies include Zhaoxin Integrated Circuit Co., Ltd., Shanghai Super Silicon Semiconductor Co., Ltd., and others, with Zhaoxin seeking to raise 4.169 billion yuan [8][28]. Group 2: Financial Performance - Zhaoxin reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 726.61 million yuan, 675.58 million yuan, and 951.39 million yuan during the same period [11]. - Shanghai Super Silicon achieved revenues of 921.09 million yuan, 927.80 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, with net losses of 860.12 million yuan, 1.041 billion yuan, and 1.299 billion yuan [31]. Group 3: Funding and Investment Plans - Zhaoxin plans to use the proceeds from its IPO for projects including the development of next-generation server processors and desktop processors, with a total investment of approximately 458.20 million yuan [12]. - Shanghai Super Silicon aims to raise 4.965 billion yuan for expanding production capacity and R&D projects related to semiconductor silicon wafers [35]. Group 4: Regulatory Environment - The "Eight Measures" aim to support high-quality unprofitable tech companies with key core technologies and significant market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [5][6]. - The China Securities Regulatory Commission (CSRC) plans to introduce further reforms, including a new growth tier on the Sci-Tech Innovation Board and the reintroduction of listing standards for unprofitable companies [6].