Group 1 - *ST Jingan will be delisted, with 49 stocks unlocking a market value of 58.72 billion next week. The company has multiple violations and will enter the delisting period on June 30. As of the end of Q1, it had 78,800 shareholders. Among the 49 stocks, Tiedian Heavy Industry and Longxin Zhongke have the largest unlocking scale, with 7 stocks having an unlocking ratio exceeding 50%, and 9 stocks reporting losses in Q1* [2] - Major cities are experiencing accelerated declines in housing prices, with the National Bureau of Statistics indicating that May saw a collective drop in second-hand housing prices in first-tier cities. Only 3 out of 70 major cities saw slight increases in second-hand housing prices, suggesting a challenging outlook for the housing market recovery [2] - The Cross-Border Payment System will launch on June 22, enhancing financial cooperation between mainland China and Hong Kong. This system allows for direct interconnection between the monetary authorities of both regions, providing online and rapid bilateral currency and RMB remittance services [2] Group 2 - The "618" shopping festival concluded with significant growth in both e-commerce and instant retail sales. The event lasted from May 13 to June 20, with double-digit growth reported. Major e-commerce platforms are shifting towards rational competition and simplifying rules, while instant retail is becoming a focal point, expected to exceed 2 trillion by 2030 [3] - The Hong Kong Stock Exchange celebrated its 25th anniversary, showcasing significant growth in various metrics, including new stock fundraising, which leads globally. The exchange continues to reform and expand its interconnectivity mechanisms to attract more listings [3] - The China Securities Regulatory Commission has intensified its crackdown on insider trading, issuing 11 administrative penalty decisions with a total fine of approximately 60 million. This includes penalties for 9 individuals involved in the same case, highlighting the regulatory focus on maintaining market integrity [3] Group 3 - Insurance funds have conducted over 8,900 research visits to A-shares this year, focusing on "hard technology" and innovative pharmaceuticals, aligning with national industrial policies. Companies like Huichuan Technology are receiving increased attention due to the rapid approval and recovery of profitability in the innovative drug sector [4] Group 4 - Federal Reserve Governor Christopher Waller indicated the possibility of interest rate cuts as early as July, suggesting that tariffs are unlikely to significantly raise inflation. This comes after the Fed maintained key interest rates steady for four consecutive meetings, with market participants closely monitoring geopolitical developments in the Middle East [5] - JD.com announced a zero-commission entry into the hotel and tourism market during the 618 shopping festival, aiming to compete directly with Meituan and Ctrip. This move addresses high commission pain points in the travel industry but presents challenges in resource allocation and system capacity [5]

Core Viewpoint - In 2023, technology finance was highlighted as a key focus in the Central Financial Work Conference, emphasizing the need for financial institutions to support the transformation of scientific research into marketable products through innovative financing solutions [1]. Group 1: Financial Institutions' Role - Financial institutions are encouraged to direct funds towards early-stage technology companies, particularly those with high growth potential, to facilitate their development [2]. - Banks are expanding their focus from traditional industrial parks to universities and research institutions, aiming to assist technology companies in transitioning from laboratories to the market [2][5]. - The introduction of the "Technology Achievement Transformation Loan" by CITIC Bank aims to support early-stage technology companies that have not yet achieved stable revenue [5][6]. Group 2: Innovative Financing Solutions - The "Technology Achievement Transformation Loan" prioritizes technological capabilities and research team quality over traditional financial metrics like debt repayment ability [6]. - The loan product allows for non-collateralized financing options, accepting credit-based guarantees or guarantees from controlling shareholders [7]. - CITIC Bank has successfully provided loans to companies like Huashinuo, which focuses on innovative ophthalmic diagnostic and treatment systems, demonstrating the effectiveness of this financing model [7][8]. Group 3: Case Studies of Technology Companies - Huashinuo, a company specializing in ophthalmic technology, received a loan of 10 million yuan to support its commercialization efforts, highlighting the importance of financial backing in critical development phases [7]. - Another example is Xinhua Storage, a startup focused on zinc-nickel flow battery technology, which received a loan of 5 million yuan without collateral, using patent pledges as a form of credit enhancement [12]. - Both companies illustrate the evolving financial needs of technology firms as they progress through different stages of development, requiring tailored financial solutions [13][14]. Group 4: Comprehensive Financial Services - CITIC Bank aims to provide a comprehensive suite of financial services, including credit products, equity investment, and bond financing, to support technology companies throughout their growth [14]. - The bank's "启航计划" (Launch Plan) aims to assist 10,000 hard technology companies in their critical transition from concept to market over the next three years [14].

Core Viewpoint - The innovative dual-sided screen developed by Shenzhen-based company, Unilumin Technology, has gained significant attention on social media, showcasing the power of "hard technology" in enhancing consumer experiences in urban settings [1][3]. Group 1: Product Innovation - The UslimS2 series, designed specifically for high-level transportation hubs, has achieved breakthroughs in weight, safety, and energy consumption, demonstrating how "hard technology" can elevate consumer, cultural, and entertainment experiences [3][4]. - The product's weight has been reduced by over 40%, thickness compressed to 48.2 mm, and energy consumption lowered by 45%, while passing multiple safety tests including fire, shock, and drop resistance [5][4]. - The design incorporates features such as a heat dissipation system, anti-short circuit circuits, and a magnetic module that does not attract dust, ensuring reliability in high-traffic environments [5][10]. Group 2: Market Response and Expansion - Following the identification of customer needs in February 2023, the project was initiated in April, with the first sample completed by July 2023, and deployment scheduled for 2024 at the Baoan Airport departure hall [7][8]. - The product has attracted procurement interest from various transportation hubs across the country, indicating a strong market demand for high-end transportation solutions [7][11]. Group 3: Industry Positioning and Strategy - Unilumin Technology has transitioned from merely selling products to offering comprehensive system solutions, reflecting a shift in customer expectations towards integrated solutions that perfectly fit specific scenarios [10][8]. - The company invests 5% of its annual revenue in R&D, with nearly 20% of its workforce dedicated to research, enabling it to respond swiftly to market demands and introduce over 10 new products each year [10][12]. - The rise of Unilumin Technology is part of a broader trend in Baoan, where local manufacturers are achieving technological breakthroughs and brand premiumization, contributing to the region's shift from "manufacturing" to "intelligent manufacturing" [11][12].

以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 值得一提的是，这次遴选方案中，江苏列出了部分新增条款，直指返投认定标准。 比如，子基金管理人在管的其他基金（关联基金）投资江苏省内企业，也纳入返投认定范围，认定金 额按 80% 计算； 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 作者丨 杨博宇 来源丨 LP波谱 江苏去年 6 月设立了总规模 500 亿元的战略性新兴产业母基金，包括 7 个区市共计 10 支产业专 项母基金。这一举动，被看做是江苏想要改变各市各自为政的投资格局，通过省级产业母基金助力全 省协调发展。 本周，其中 4 支专项母基金——徐州智能制造产业专项母基金、无锡低空经济和空天产业专项母基 金、无锡生物医药产业专项母基金、无锡集成电路产业专项母基金，共计 140 亿规模的母基金群再 次遴选 GP 。 子基金投资的企业在基金存续期内成长为国家级专精特新小巨人企业的，返投认定金额按 1 ...

Group 1: Investment Funds and Initiatives - Changchun Xinghe Runxin Venture Capital Center, initiated by CITIC Construction Investment and several partners, has been registered with the Asset Management Association of China, focusing on the biomedical industry in Jilin Province [2] - A total scale of 1 billion yuan industrial software special fund was signed at the 2025 Nanjing Software Conference, highlighting the importance of industrial software in digital transformation and smart manufacturing [3] - Zhongke Chuangxing successfully issued a 400 million yuan targeted technology innovation bond, with a 2.10% interest rate, showcasing market confidence in its investment strategy [4] Group 2: Market Trends and Performance - The number of innovative drugs approved in China increased from 3 in 2015 to 39 in 2024, marking a 12-fold increase and positioning China as the second globally in innovative drug approvals [8] - The total amount of cross-border business development transactions by Chinese pharmaceutical companies reached 63.5 billion USD in 2024, a year-on-year increase of 22.59% [8] - The Hang Seng Technology Index rose by 14.9%, significantly outperforming major global markets, indicating a strong recovery in the Hong Kong capital market [8] Group 3: Strategic Developments - Zhengzhou Economic Development Zone's first industrial venture capital mother fund has been registered, with a total scale of 5 billion yuan, focusing on sectors like new energy and high-end intelligent equipment [9][10] - The Xiong'an Artificial Intelligence Industrial Park aims to create a comprehensive ecosystem for AI innovation, supported by a 10 billion yuan investment fund [10][11] - Wuhan's government has released an action plan to enhance the development of technology finance, optimizing the evaluation mechanism for government investment funds [12]

科创板第五套上市标准扩大适用范围消息发布后，商业航天、低空经济、人工智能等领域的多位企业人 士对中国证券报记者表示，此举将帮助企业加快转化科技成果。 "商业航天具有投入高、周期长的特点，企业难以在较短时间内实现盈利。现阶段亟待A股IPO政策的支 持。"夏东坤说，扩大科创板第五套标准适用范围，对于支持中国商业航天产业来说是一场"及时雨"。 新一轮科技革命和产业变革加速演进，完善更加适配科技创新和产业变革的金融服务体系，资本市场大 有可为。近日，证监会以深化科创板、创业板改革为抓手，提出一系列新举措，加快构建更有利于支持 全面创新的资本市场生态。本报今起推出"打造更适配创新的资本市场"系列报道，多维度、多视角解读 政策精神，关注具体措施落实情况，展现资本市场改革发展新风貌、新气象。 以设置科创成长层为抓手，科创板迎来新一轮改革，重启未盈利企业适用科创板第五套标准上市并扩大 适用范围是其中的重要举措。 市场人士认为，重启并扩大适用科创板第五套上市标准，极大地提升了科创板的制度包容性和对新质生 产力的支持力度，从长期看，也有利于广大投资者分享国家创新发展的成果。 中国证券报记者日前了解到，监管部门将借鉴生物医药行业适 ...

◎记者孙忠 市场人士表示，目前银行转债加速提前赎回，引发市场 "配置荒"，优质新券将补充配置空缺。从发行 流程看，未来仍有可转债等待发行，并且多个可转债预案已完成交易所问询，其中科技类公司仍是主 流。 近期，可转债发行加快。本周，安克创新、湘潭电化、无锡振华和江苏华辰4家公司启动可转债发行。 与此同时，可转债二级市场热度大幅提升。 可转债发行逐步恢复 年报季结束后，可转债发行逐步恢复。5月仅有恒帅转债启动发行，但6月中旬以来新券发行明显改善 ——6月11日路维转债启动发行，本周安克转债、电化转债、锡振转债和华辰转债等4只新券陆续发行。 其中，6月16日安克转债和电化转债启动发行：安克创新拟发行可转债募资不超过11.05亿元，用于便携 和户用储能产品研发、新一代智能硬件研发、仓储智能化升级、全链路数字化运营中心建设及补充流动 资金等项目；湘潭电化拟发行可转债募资4.87亿元，主要用于"年产3万吨尖晶石型锰酸锂电池材料项 目"。18日，无锡振华拟发行可转债募资5.2亿元，投入"廊坊振华全京申汽车零部件项目"及补充流动资 金。 从发行情况看，投资者参与度颇高。数据显示，安克转债与电化转债打新户数均达836万户，远高 ...

Group 1 - The core viewpoint emphasizes the importance of innovation-driven development and the need to stimulate enterprise initiative to expand effective demand [2] - Premier Li Qiang's recent visit to Jiangsu highlighted the necessity of integrating technologies like artificial intelligence and clean energy to promote industrial transformation and upgrading [2] - The focus on hard technology is crucial for national competitiveness, especially in the context of trade wars, as it reduces dependency on foreign technology and enhances negotiation power [3][4] Group 2 - The article discusses the challenges of hard technology implementation, stressing the need for domestic development to overcome reliance on foreign technology, particularly in critical areas like chip manufacturing [4][5] - Government support is essential for enterprises to thrive in hard technology, including providing funding channels and expanding profitable markets [5][6] - The recent reforms in the Sci-Tech Innovation Board by the China Securities Regulatory Commission reflect a strong commitment to supporting hard technology initiatives [6]

券商认为，未来对于A股的"好公司"的评价标准，不仅是财务健康的公司，更是具备战略方向和产业穿 透力的公司。具备硬科技属性与高质量增长潜力的企业有望获得更多政策与资金支持。企业的技术厚 度、创新路径、产业前景，将逐步取代短期利润表现，成为市场关注的核心变量。 对于券商自身而言，资本市场改革日渐深入，全面支持创新的时代正在到来。新一轮科创板改革，为券 商服务科创企业提供了新思路、新契机。 中国多层次资本市场改革步入新起点 所谓"1+6"政策措施，其中的"1"是指设置科创板科创成长层，重启未盈利企业适用科创板第五套标准上 市。 "6"是指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，主要包括：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；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。 国金证券董事长冉云表示，"1+6"改革措施是对市场各方所期待的科创板增强包容性的及 ...

Core Viewpoint - The introduction of the "1+6" policy for the Sci-Tech Innovation Board aims to enhance the inclusivity and adaptability of the capital market, particularly through the trial implementation of a professional institutional investor system for companies meeting the fifth listing standard [1][4]. Group 1: Policy and Implementation - The first measure of the "1+6" policy is to pilot the introduction of professional institutional investors for companies under the fifth listing standard, which is expected to help assess the technological attributes and commercial prospects of these firms [1][4]. - The system is designed to be a reference factor during the review process rather than a new listing threshold, ensuring it does not alter existing listing standards [6]. Group 2: Market Impact and Investor Role - Professional institutional investors are expected to reduce information asymmetry and provide valuation support, which can stabilize the secondary market and enhance review efficiency [5][6]. - The involvement of seasoned investors can lead to a more favorable investment environment for "hard tech" companies, encouraging early and small investments in innovative sectors [5]. Group 3: Historical Context and Comparisons - The article draws parallels with international practices, noting that private equity and venture capital have played crucial roles in the commercialization of advanced technologies in the past [2]. - The Hong Kong Stock Exchange has previously implemented a similar system for biotech and specialized technology companies, which serves as a reference for the current reforms in the Sci-Tech Innovation Board [2]. Group 4: Current Market Landscape - As of the end of 2024, there are 67 companies listed under the 18A rule, with an average of three professional investors per company, collectively holding about 21% of shares, indicating strong institutional backing [3]. - The private equity investment fund market in China has reached approximately 10.96 trillion yuan, providing substantial financial support to technology companies at various stages of development [3].