Open Market Operations - The central bank announced a reverse repurchase operation of 156.3 billion yuan for 7 days at an interest rate of 1.40% on June 18, with 164 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 7.7 billion yuan [1]. Funding Conditions - The impact of the tax period is nearing its end, leading to a stable funding environment. The overnight pledged repo rate for deposit-taking institutions slightly decreased to around 1.37%, while the 7-day pledged repo rate saw a slight increase. In the overseas market, the latest overnight financing rate in the US is 4.32% [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.65%, showing little change from the previous day [6]. Government Bond Futures - The closing prices for government bond futures are as follows: the 30-year main contract increased by 0.09%, the 10-year main contract decreased by 0.01%, the 5-year main contract decreased by 0.01%, and the 2-year main contract increased by 0.01% [10]. Key Financial Policies - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of a trading report database for the interbank market and a digital RMB international operation center, among others [11]. - The Chairman of the China Securities Regulatory Commission emphasized enhancing the inclusiveness and adaptability of the system, focusing on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [11]. Bond Market Events - The 2025 Lujiazui Forum opened with announcements of major financial policies, including the development of Sci-Tech bonds and the acceleration of the launch of Sci-Tech bond ETFs [15]. - Recent negative events in the bond market include downgrades in ratings for several companies, indicating potential risks in the non-standard assets of local government financing vehicles [16].

科创板第五套上市标准跟随整个IPO市场收紧于2023年8月，2024年"科创板八条"、2025年全国两会均释放政策转向信号，在2025年陆家嘴论坛上 正式重启 文｜《财经》记者 张欣培 编辑 | 郭楠 陆玲 6月18日，在2025陆家嘴论坛上，证监会主席吴清在致辞中总结了中国资本市场发生的深刻结构性变化，并公布了推动科技创新和产业创新融合发 展的一系列重要举措。 吴清表示，推动科技创新和产业创新融合发展，需要更好发挥资本市场枢纽功能。在新的形势下，构建以资本市场为枢纽的创新生态、提升创新 资本形成效率，对于加快科技创新和产业创新融合发展意义重大。 实际上，经过近几年的发展，中国资本市场已经发生了深刻的结构性变化。吴清总结，一方面，中国证监会认真落实创新驱动发展战略，引导各 类要素资源加快向创新领域集聚，为支持科技创新和产业转型升级提供了重要支撑；另一方面，资本市场在有力服务科技创新和产业转型升级过 程中，也反过来促进了自身结构、效率和投资价值的不断改善，为强本强基、高质量发展注入了源头活水。 为加快构建更有利于支持全面创新的资本市场生态，吴清在论坛上透露，将推出科创板进一步深化改革的"1+6"政策措施。"1" ...

■谢若琳 另一方面，科创成长层彰显资本市场支持科技创新的政策导向。2024年以来，监管部门聚焦服务实体经 济特别是支持科技创新，先后发布实施"科技十六条""科创板八条""并购六条"，以及《关于资本市场做 好金融"五篇大文章"的实施意见》等政策文件，不断完善支持科技创新的制度体系和市场生态，形成资 本市场支持科技型企业发展的良好氛围。 科创成长层为增量制度改革提供更可控的"试验空间"，覆盖科技企业"初创—成长—成熟"全生命周期的 资本市场服务体系日趋完善，市场内在稳定性和吸引力进一步增强。 当然，改革之路从无坦途。科创成长层的成功落地，仍需直面几重挑战，如企业分层标准的科学界定， 需兼顾成长性与科技成色的真实度量；不同层级间的转板机制设计，须确保灵活与稳定间的平衡；投资 者保护工作更需同步强化，谨防风险在层级间无序传导。这要求监管智慧与市场实践在动态磨合中不断 校准。 "试验田"精神正是破解挑战的密钥。以科创成长层为新的支点，撬动一场更具系统性的生态革新，从包 容性制度到适应性服务，从融资端优化到投资端保护。让资本市场的土壤养分更足、阳光更充沛，中国 科创企业"成长的烦恼"便能转化为"蜕变的动力"。我们有理由相 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [22]. Core Viewpoints - The report highlights the introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) aimed at deepening the reform of the Sci-Tech Innovation Board and the Growth Enterprise Market to better support technological innovation and industrial transformation [3][4]. - The policy includes the establishment of a Sci-Tech Growth Tier and the reintroduction of the fifth set of listing standards for unprofitable companies, which is expected to provide a more precise service to high-quality tech enterprises with significant R&D investments and promising commercial prospects [4][5]. - The report anticipates that the implementation of these reforms will accelerate the listing and financing of tech innovation companies, thereby restoring the financing scale of the Sci-Tech Innovation Board and the Growth Enterprise Market, which is currently at its lowest level since 2019 [5][6]. Summary by Sections Policy Measures - The "1+6" policy includes six specific reform measures aimed at enhancing the capital market's support for innovative enterprises, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth set of standards to more frontier technology sectors [4][6]. Market Impact - The report suggests that the reforms will enhance market inclusivity and adaptability, allowing more potential but unprofitable innovative companies to access capital markets, thus expanding the service range of the capital market [6]. - It is expected that these reforms will promote the deep integration of technological innovation and capital, providing sufficient funding support for tech innovation enterprises and accelerating the transformation of technological achievements into productive forces [6]. Investment Recommendations - The report recommends three investment lines: 1. Strong comprehensive institutions benefiting from an optimized industry competitive landscape, such as GF Securities, CITIC Securities, and Guotai Junan [6]. 2. Brokerages with significant earnings elasticity, including Eastmoney and China Merchants Securities [6]. 3. Companies with strong international business competitiveness, such as China Galaxy and CICC [6].

证券研究报告·行业点评报告·非银金融 ◼ 风险提示：宏观经济不及预期；政策趋紧抑制行业创新；市场竞争加剧。 2025 年 06 月 18 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 非银金融行业点评报告 金融开放与资本市场改革迈出新一步，推动 金融更好服务实体经济 增持（维持） [投资要点 Table_Summary] 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/18 2024/10/17 2025/2/15 2025/6/16 非银金融 沪深300 相关研究 《广发中证港股通非银 ETF （513750.SH）：低估值筑基，高业绩 领航，稳健收益与优质配置并进 》 2025-06-17 《金融新基建的崛起，香港监管框架 下的机遇与挑战》 2025-06-16 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声 ...

一波利好政策来袭。6月18日，2025陆家嘴论坛在上海开幕，中国证监会主席吴清发表主旨演讲，并公布了中国证监会对于后续推动科技创新和产业创新融 合发展、强化股债联动服务科技创新相关举措。同日，中国证监会也火速响应，不仅发布了《关于在科创板设置科创成长层 增强制度包容性适应性的意 见》，还批复全国首批2只数据中心REITs注册，同时宣布2025年10月9日起允许QFII参与场内ETF期权交易。 "1+6"政策措施出台 6月18日，吴清在2025陆家嘴论坛重磅发声，公布了中国证监会对于后续推动科技创新和产业创新融合发展的相关举措。 吴清在论坛上表示，中国证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打造更具吸引 力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 吴清指出，更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施。"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第 五套标准上市，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a series of reforms aimed at enhancing the inclusivity and adaptability of the STAR Market, including the establishment of a "Growth Layer" for unprofitable technology companies, which will facilitate their access to capital markets [1][2][5]. Group 1: Establishment of the Growth Layer - The Growth Layer will specifically serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments but are currently unprofitable [2][3]. - All existing and newly registered unprofitable technology companies will be included in the Growth Layer, with their stock symbols marked with a "U" for identification [2][3]. - The exit criteria for the Growth Layer will be clearly defined to avoid impacting existing listed companies, ensuring a smooth transition for companies that meet profitability thresholds [2][3]. Group 2: Reopening of the Fifth Listing Standard - The reopening of the fifth listing standard for unprofitable companies is a key aspect of the reforms, allowing more technology firms to access the STAR Market [5][6]. - The new policy aims to attract high-quality technology companies that are currently unprofitable but have significant technological advancements and market potential [6][7]. - The introduction of seasoned professional institutional investors is intended to enhance the investment structure and provide better assessments of companies' technological attributes and commercial prospects [6][7]. Group 3: IPO Pre-Review Mechanism - A pilot IPO pre-review mechanism will be introduced to allow eligible companies to have their application documents reviewed before formal submission, enhancing information security and reducing exposure during the listing process [8][9]. - This mechanism aims to streamline the IPO process for technology companies engaged in critical core technology development [8][9]. Group 4: Overall Market Ecosystem Enhancement - The reforms are part of a broader strategy to create a more attractive and competitive market ecosystem that supports comprehensive innovation [10][11]. - The CSRC emphasizes the importance of integrating various capital market segments to provide diversified financing support for technology companies throughout their lifecycle [4][11]. - The focus on enhancing the role of capital markets in supporting technological innovation is expected to attract more quality investments into the sector [11][12].

文/梧桐小编 6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，对科创板上市制度做了重大改革。上交所发布《关于就进一步深化科 创板改革配套业务规则公开征求意见的通知》及《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层（征求意见稿）》等4个附件。科创板主要 改革措施如下： 一、设置科创板科创成长层，明确企业入层和调出条件 （一）科创成长层的定位。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。 （二）企业入层和调出条件。未盈利科技型企业全部纳入科创成长层，调出条件实施新老划断。其中，新注册的未盈利科技型企业符合下列条件之一的，调出科 创成长层：（1）最近两年净利润均为正且累计净利润不低于5000万元；或（2）最近一年净利润为正且营业收入不低于1亿元。存量未盈利科技型企业符合现行取 消特殊标识条件的，调出科创成长层。 二、增强优质科技型企业的制度包容性适应性 （一）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。 （二）面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效 ...

Group 1 - The report highlights the launch of a series of strategic and practical policy measures by key financial department leaders during the Lujiazui Forum on June 18, 2025, aimed at constructing a new financial system characterized by technology empowerment, institutional openness, structural optimization, and risk control [2][8] - The forum's theme, "Financial Opening and Cooperation in the Global Economic Change and High-Quality Development," reflects a critical moment in the global economic landscape and technological revolution [2][8] - The new financial system is positioned to lead transformation in China's financial landscape, emphasizing the importance of digital infrastructure and regulatory frameworks [9][10] Group 2 - The report outlines eight key policies announced by the People's Bank of China, focusing on enhancing digital financial infrastructure and governance, including the establishment of a trading report database and the internationalization of the digital renminbi [9] - The financial regulatory authority emphasizes a "dual-directional" financial ecosystem, advocating for rule alignment with international standards and expanding foreign investment participation in various financial sectors [10][12] - The report discusses the capital market's role in supporting technological innovation, highlighting reforms such as the expansion of the Sci-Tech Innovation Board and the introduction of new listing standards for innovative companies [13] Group 3 - The report emphasizes the resilience of the foreign exchange market, supported by a stable economic environment and active cross-border investments, which are crucial for ongoing reforms and openness [14] - It notes the collaborative nature of the new financial system, integrating technology, openness, reform, and stability as core components [15][17] - The report concludes that the policies released during the Lujiazui Forum signal a strong commitment to building a new financial system that prioritizes technology, institutional openness, and support for the real economy, particularly in technological innovation [18]

中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工作会议和《国务院关于加强监 管防范风险推动资本市场高质量发展的若干意见》部署要求，深化资本市场投融资综合改革，增强科创板制度 包容性、适应性，更好服务科技创新和新质生产力发展，中国证监会制定了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意见》）。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，重启未盈利企业适用科 创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持优质科技型企业发展的堵点 难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科创成长层，在科创成长层的定位、企业入 层和调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。另一方面，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：一是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。二是面向优质科技型企业试点IPO预先审阅机制，进一步提升证券 交易所预 ...