今年以来，科创板新增披露50余单并购交易，交易活跃度明显提高。2024年6月份，"科创板八条"发 布，提出"更大力度支持并购重组"。随后9月份，"并购六条"发布，推出了活跃并购重组市场的一系列 政策举措。随着政策渐次落地生效，科创板并购重组市场出现积极变化。 据上交所统计，"科创板八条"发布后，科创板公司披露股权收购交易超110单，政策推动作用明显。其 中包含35单现金重大收购及发股类并购交易，远超2019年至2023年合计数的17单。2025年以来，新增披 露50余单并购交易中，22单为现金重大收购及发股类交易，占比达四成。 同时，并购标的资产范围不断扩展，未盈利标的、海外标的和拟IPO企业有所增加。据统计，"科创板 八条"发布后，新增30单拟收购未盈利标的、14单收购海外标的、8单收购拟IPO企业。其中，芯联集成 收购芯联越州、晶丰明源收购易冲科技、沪硅产业收购控股子公司少数股权等，均为科创板公司收购具 有发展潜力的亏损标的。南微医学收购英国CME公司、凌云光现金收购丹麦JAI公司等，则是科创板公 司跨境并购典型案例。 田利辉认为，"科创板八条""并购六条"通过制度创新，如允许并购未盈利资产、简化流程，显 ...

特别值得一提的是，2024年，陕西省科技型上市后备企业在上交所科创板受理数量位居全国首位。 苏虎超表示，2025年以来，陕西省深化科技金融体制改革，创新完善资本市场发展机制，聚力畅通"教 育—科技—人才"和"科技—产业—金融"两条链路。省政府制定科技金融"五项机制"重点任务清单，省 委金融办出台科技金融50条措施，举办沪、深、北、港交易所培训交流活动，推动多家企业申报上市。 "硬科技"后备企业扩容 近日，《2025陕西上市公司高质量发展报告》发布，陕西省委金融办常务副主任苏虎超表示，近年来， 陕西省发挥科教资源富集、创新实力雄厚优势，抢抓改革机遇，资本市场高质量发展成效显著。伴随逾 500家"硬科技"新晋后备企业亮相，陕西正以"科技-资本"双轮驱动重塑区域经济竞争力。 深化科技金融体制改革 《2025陕西上市公司高质量发展报告》指出，近年来，陕西紧抓国家资本市场改革机遇，上市公司数量 实现跨越式增长。截至2024年末，陕西共有上市公司82家，居全国第15位。 苏虎超表示，自2019年试点注册制以来，陕西新增境内外上市公司42家，其中新增A股上市公司38家， 成为国家多层次资本市场重大改革试点均有企业首批入围的 ...

● 本报记者 何昱璞 特别值得一提的是，2024年，陕西省科技型上市后备企业在上交所科创板受理数量位居全国首位。 苏虎超表示，2025年以来，陕西省深化科技金融体制改革，创新完善资本市场发展机制，聚力畅通"教 育—科技—人才"和"科技—产业—金融"两条链路。省政府制定科技金融"五项机制"重点任务清单，省 委金融办出台科技金融50条措施，举办沪、深、北、港交易所培训交流活动，推动多家企业申报上市。 "硬科技"后备企业扩容 陕西正构建更具想象空间的硬科技后备梯队。日前，陕西省发布2025年省级重点上市后备企业名单，合 计达520家，其中超九成企业具备"硬科技"成色。这个以航空航天、半导体、新材料、高端装备等为核 心的"后备军团"，有望成为驱动区域经济高质量发展的核心引擎。 今年是陕西省第五年发布省级上市后备企业名单。据介绍，2025年共有1591家企业申请参评省级上市后 备企业，较上年新增加205家，企业申请更踊跃、质量更高。 近日，《2025陕西上市公司高质量发展报告》发布，陕西省委金融办常务副主任苏虎超表示，近年来， 陕西省发挥科教资源富集、创新实力雄厚优势，抢抓改革机遇，资本市场高质量发展成效显著。伴随逾 ...

《2025陕西上市公司高质量发展报告》指出，近年来，陕西紧抓国家资本市场改革机遇，上市公司数量 实现跨越式增长。截至2024年末，陕西共有上市公司82家，居全国第15位。 近日，《2025陕西上市公司高质量发展报告》发布，陕西省委金融办常务副主任苏虎超表示，近年来， 陕西省发挥科教资源富集、创新实力雄厚优势，抢抓改革机遇，资本市场高质量发展成效显著。伴随逾 500家"硬科技"新晋后备企业亮相，陕西正以"科技-资本"双轮驱动重塑区域经济竞争力。 深化科技金融体制改革 2024年，陕西省通过资本市场实现融资5874.85亿元，其中股权融资85.76亿元。并购重组方面，2024年 中航电测以174亿元顺利收购成飞集团100%股权。陕西省A股上市公司积极响应政策，提升资本市场信 心、高度重视投资者回报，2024年全年现金分红总额达265.59亿元，现金分红次数31次，全国排名第八 位。 ● 本报记者 何昱璞 苏虎超表示，自2019年试点注册制以来，陕西新增境内外上市公司42家，其中新增A股上市公司38家， 成为国家多层次资本市场重大改革试点均有企业首批入围的5个省份之一。 具体来看，520家后备企业中，科技型企业有5 ...

Fundraising Activities - Zhongke Chuangxing announced the first closing of its fund with a scale of 2.617 billion yuan, focusing on hard technology projects in various industries including artificial intelligence [5] - KKR successfully raised 28 billion USD, increasing its assets under management (AUM) by 14% to 686 billion USD, with a target of reaching 1 trillion USD AUM by 2029 [9] - China Chengtong signed a framework cooperation agreement with Jiangsu Province to establish a 10 billion yuan fund, targeting strategic emerging industries [11] - Coller Capital announced a record fundraising of 6.8 billion USD for its second credit opportunities fund, showcasing its strong position in the private secondary market [14] - BlueFive Capital completed fundraising for its 2 billion USD private equity fund, focusing on sectors like healthcare and technology in the GCC region [16] - Changjiang Industrial Group established a 5 billion yuan fund focusing on specialized vehicles and high-end manufacturing [18] - Suzhou Taikang Investment Fund was registered with a total contribution of 3.1 billion yuan, marking the establishment of a new RMB fund in Suzhou [20] - Yuanhe Puhua launched its first private equity fund in Shanghai, focusing on the integrated circuit industry [22][23] - Dongfang Jiafu established a 1.6 billion yuan fund in Ordos, focusing on advanced manufacturing and information technology [25] - Kewai Fund announced the establishment of a 1 billion yuan smart energy fund, supported by Total Energy [27] Investment Strategies - KKR's new fundraising efforts are part of a broader trend of significant dollar fundraising among VC firms, indicating a shift in the domestic dollar fund ecosystem [7] - Blackstone announced an investment of over 25 billion USD in Pennsylvania's digital and energy infrastructure, aiming to stimulate an additional 60 billion USD in investments [13] - The establishment of AIC pilot funds by Shenzhen Investment Control Capital aims to connect financial resources with the real economy, supporting high-quality development in Shenzhen [34] Sector Focus - The funds established by various companies are primarily targeting sectors such as artificial intelligence, advanced manufacturing, new materials, and digital infrastructure, reflecting a strategic focus on innovation and technology [5][11][25][34] - The collaboration between Renault and Chinese private equity firms aims to explore investment opportunities in the electric vehicle sector, emphasizing technology innovation and industry capital empowerment [43]

Core Viewpoint - The article discusses the increasing restrictions on state-owned limited partners (LPs) in China regarding their investments in sub-funds, highlighting a shift towards favoring state-owned general partners (GPs) over private ones due to performance and compliance concerns [1][2][3]. Group 1: Investment Restrictions - State-owned LPs have implemented new limitations on the number of sub-funds they can invest in, alongside restrictions on investment ratios and single-transaction amounts [1]. - There is a growing trend among LPs to collaborate primarily with state-owned GPs, as they are perceived to have better performance and compliance, making them more attractive in the current market environment [1][2]. Group 2: Market Conditions - The private equity investment market in China has seen a significant decline, with the number of newly established funds dropping by 44.1% year-on-year in 2024, and the total fundraising amount decreasing by nearly 40% [4]. - The average size of newly established funds has fallen to 1.338 billion yuan, marking a ten-year low, while the number of registered private equity fund managers has decreased significantly [4][5]. Group 3: Challenges for Private GPs - Private GPs are facing intensified competition and difficulties in fundraising, with many unable to meet their fundraising targets, leading to potential deregistration of their management qualifications [5]. - The current market environment has created a "bottleneck" for fundraising, as state-owned investors require a certain proportion of market-oriented funds, complicating the establishment of new private funds [5]. Group 4: New Opportunities - Recent policy changes, such as the introduction of technology innovation bonds, aim to alleviate fundraising challenges for private GPs by providing low-cost, long-term financing options [8][9]. - The issuance of technology innovation bonds has gained momentum, with several equity investment institutions announcing plans to issue bonds totaling over 200 billion yuan [9].

Group 1 - The report highlights that the "anti-involution" trend is driving a super cycle in commodities, particularly benefiting upstream resources and midstream materials, with the true focus being on the midstream sector [2][14] - The report suggests that the "anti-involution" phenomenon is a precursor to debt reduction, indicating that future demand-side policies will be crucial following the recent supply-side adjustments [3][15] - The ROIC-WACC metric is identified as a key indicator for measuring "involution," with industries like coking coal and photovoltaic equipment being classified as "true involution" sectors that are poised for growth [4][16] Group 2 - The report recommends a stock portfolio for August 2025, including companies such as Dingjie Zhizhi (computing), Yuandong Biological (pharmaceuticals), and BYD (automotive), among others [6][11] - The report emphasizes the importance of monitoring demand-side policy implementation and potential liquidity pressures from overseas markets [5][13] - The report notes that the strong exchange rate is expected to support continued export strength, which may exceed market expectations [5][13]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In Q2 2025, the Hong Kong stock market showed a V-shaped trend of sharp decline followed by recovery. The returns of various types of Hong Kong stock funds were positive, and the scale and share of Hong Kong stock funds increased. The stock positions and Hong Kong stock positions of Hong Kong stock funds increased slightly. In terms of heavy - position sectors, there were increases in medicine, finance, and technology, and a decrease in consumption. Among heavy - position stocks, pharmaceutical stocks showed obvious increases, while some Internet platform leaders declined. The scale of some fund companies increased significantly [3]. 3. Summary According to the Table of Contents 3.1 Hong Kong Stock Fund Performance and Scale Development - **Performance**: In Q2 2025, among the main indices tracked by Hong Kong stock funds, the Hang Seng Index and Hang Seng China Enterprises Index rose by 4.42% and 1.9% respectively, outperforming the CSI 300. The Hang Seng Technology Index fell by - 1.70%. The leading indices in terms of gains were the China Securities Hong Kong Stock Connect Innovative Drug Index (25.6%) and the China Securities Hong Kong Stock Connect Non - Banking Financial Index (21.8%). The average returns of various types of Hong Kong stock funds were positive, with "Hong Kong QDII - Active" leading with an average increase of 10.22% [3]. - **Scale and Share**: As of the end of Q2, the total scale of Hong Kong stock funds was 619.134 billion yuan, a quarter - on - quarter increase of 13.54 pct; the total share was 623.83 billion shares, a quarter - on - quarter increase of 7.45 pct. In Q2, the number of newly issued funds was 28, an increase from the previous quarter, but the newly issued scale was 7.517 billion yuan, lower than the previous quarter [3]. 3.2 Hong Kong Stock Fund Positioning Characteristics - **Stock and Hong Kong Stock Positions**: In Q2, the average stock position was 92%, a slight increase from the previous quarter. The stock position of index funds was higher than that of actively managed funds. The average Hong Kong stock position was 85%, an increase from the previous quarter, and the gap between index funds and actively managed funds narrowed in Q2 [3]. - **Heavy - Position Sector Allocation**: Technology (39%) and consumption (25%) ranked first and second in terms of proportion. The sectors with more increases were medicine (+2.27 pct), finance (+2.25 pct), and technology (+1.67 pct), while consumption (-5.97 pct) was significantly reduced [3]. - **Heavy - Position Stock Industry Distribution**: Media ranked first for four consecutive quarters, with a quarter - on - quarter increase of 0.66 pct in Q2; Commerce and Retail ranked second for four consecutive quarters, with a quarter - on - quarter decrease of 3.5 pct; Electronics became the third for two consecutive quarters, with a quarter - on - quarter increase of 0.88 pct. The sector with the highest quarter - on - quarter increase was Medicine and Biology, accounting for 12.42% and a quarter - on - quarter increase of 2.27 pct [3]. - **Individual Stock Level**: The "herding effect" of funds on leading stocks decreased. In terms of the number of funds holding heavy - position stocks, Xiaomi rose one place to become the third, and Sino Biopharmaceutical and Pop Mart entered the top 10 for the first time in four quarters. The concentration of heavy - position stocks decreased, and the proportion of large - cap stocks with a market value of over 80 billion yuan rose to 90% [3]. 3.3 Hong Kong Stock Fund Company Analysis - **Scale Ranking**: In Q2, the top 5 fund companies in terms of scale were Huaxia, E Fund, Fullgoal, GF, and ICBC Credit Suisse, and their total scales increased to varying degrees compared with the previous quarter. Huaxia's Hong Kong stock product scale exceeded 10 billion yuan, and ICBC Credit Suisse's scale increased by 35.45 pct quarter - on - quarter. Among the top 20, the most obvious expansion was by Huatai - PineBridge, with a quarter - on - quarter increase of 91.13 pct, rising four places to the seventh [3]. 3.4 Performance - Oriented Hong Kong Stock Fund Positioning Display and Quarterly Report Views - **Positioning Display**: Some actively managed Hong Kong stock funds in Q2 2025 held stocks that were among the top 50 in terms of gains, such as Rongchang Biologics, Sino Biopharmaceutical, and Innovent Biologics [54]. - **Quarterly Report Views**: Fund managers generally expressed optimism about the development prospects of sectors such as innovative drugs, new consumption, and technology Internet, and adjusted their investment strategies according to market conditions [57][58].

Core Viewpoint - The recent establishment of the Sci-Tech Innovation Board's growth tier and the reactivation of the fifth listing standard for unprofitable companies signal a significant shift in the capital market, allowing unprofitable "hard tech" enterprises to pursue IPOs more effectively [1][4]. Group 1: Unprofitable Companies' IPO Activities - A number of unprofitable companies are actively pursuing IPOs following the announcement of the growth tier and the fifth listing standard, which has reignited their financing needs [2]. - Wuhan Heyuan Biotechnology Co., Ltd. is leading the charge with its IPO approval from the CSRC on July 18, 2023, despite not having any approved drugs or profits yet [2]. - Shenzhen Beixin Life Technology Co., Ltd. also submitted its IPO registration shortly after, indicating a trend among medical device companies to capitalize on the new regulations [2]. Group 2: Regulatory Changes and Support for Technology - The fifth listing standard, initially aimed at supporting pharmaceutical companies, has been broadened to include a wider range of high-growth technology sectors such as artificial intelligence and commercial aerospace [4]. - The reactivation of the fifth standard is seen as a crucial measure to alleviate the financing bottlenecks faced by hard tech companies, which often struggle with long R&D cycles and high initial investments [4][5]. - The establishment of the growth tier is viewed as a precise upgrade to the Sci-Tech Innovation Board's system, addressing market pressures faced by companies unable to achieve short-term profitability [5]. Group 3: Investor Protection and Risk Management - The introduction of the growth tier includes measures to enhance investor protection, such as a special identifier "U" for unprofitable companies, which aims to improve risk awareness among investors [6][7]. - Regulatory bodies are implementing a three-tiered mechanism for risk management, which includes enhanced information disclosure rules and stricter delisting criteria to support rational pricing and risk mitigation for unprofitable enterprises [7].

Market Performance - The market saw an afternoon rise with sectors such as CRO, special steel, and super hydropower gaining, while banking, insurance, and pork sectors adjusted [1] - By the close, the CSI A500 index rose by 0.5%, the CSI 300 index increased by 0.4%, the ChiNext index surged by 1.9%, and the STAR Market 50 index climbed by 1.5%, while the Hang Seng China Enterprises Index fell by 0.3% [1] Index Details - The CSI 300 index, composed of 300 large and liquid stocks from the Shanghai and Shenzhen markets, had a rolling P/E ratio of 13.5 times, with a valuation percentile of 57.0% since its inception in 2005 [2] - The CSI A500 index, made up of 500 stocks with good liquidity across various industries, recorded a daily increase of 0.5% and a rolling P/E ratio of 15.7 times, with a valuation percentile of 60.2% since 2004 [2] - The ChiNext index, tracking 100 large and liquid stocks in the ChiNext market, rose by 1.9% with a rolling P/E ratio of 35.1 times, and a valuation percentile of 20.3% since its launch in 2010 [2] - The STAR Market 50 index, consisting of 50 large and liquid stocks from the STAR Market, increased by 1.5% with a rolling P/E ratio of 146.1 times, and a valuation percentile of 99.6% since its inception in 2020 [2] Hang Seng Index - The Hang Seng China Enterprises Index, which includes 50 large and actively traded stocks listed in Hong Kong, saw a decline of 0.3% and has a rolling P/E ratio of 10.4 times, with a valuation percentile of 63.1% since 2002 [3]