王泊还在前述场合透露，自科创板"1+6"政策发布以来，科创板新增受理15家企业IPO申请，其中4 家为未盈利企业，1家适用第五套标准。 从问询重点来看，未盈利企业在科创板IPO过程中，除回答募投项目合理性、收入确认方法合规性 等常规问题外，还需面对更具针对性的问询，包括持续亏损原因、预计实现盈利的时间及可行性、核心 技术与知识产权风险等。 中国证监会发布的《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》）即将满三个月。 上交所副总经理王泊9月10日在出席"硬科硬客"新质生产力行业沙龙2025年会时表示，这不是简单 的政策调整，而是在特定的经济周期和市场需求下，为技术突破型企业送上的"及时雨"，让处于研发攻 坚期、暂未盈利但手握"硬核技术"的企业，不用等"盈利答卷"就能拿到"资本入场券"，努力打通硬科技 与资本市场对接的"最后一公里"。 首批32家存量未盈利企业直接入科创成长层。这些企业普遍处于研发密集期，具有较高的技术壁垒 和市场潜力，并展现出良好的发展动能。2025年上半年，上述企业合计营收同比增长37.79%，合计净 利润大幅减亏71.23亿元。 沙利文大中华区执行总监周 ...

Group 1 - The ChiNext Index (399006) rose by 1.51% as of September 15, 2025, with notable stock performances including Shengbang Co., Ltd. (300661) up 20.00%, Hunan YN Energy (301358) up 10.77%, and Ningde Times (300750) up 9.14% [1] - The National Development and Reform Commission and the Energy Administration jointly issued the "Special Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)", aiming for a national new energy storage installed capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [1] - Longjiang Securities indicated that the policy provides clear guidance for the energy storage industry, with increasing demand for large-scale storage and improving project economics due to new pricing mechanisms in regions like Ningxia [1] Group 2 - Huaxi Securities noted that the consensus in the market is for the Federal Reserve to lower interest rates in September, with subsequent US-China negotiations being a key factor influencing global risk appetite [2] - The current bull market in A-shares is supported by strong policies aimed at stabilizing the stock market, with potential incremental funds from residents remaining abundant [2] - The upcoming Fourth Plenary Session in October may catalyze policies in hard technology and new productivity sectors, while the overseas AI industry capital expenditure expectations are rising, positively impacting the market [2]

Core Viewpoint - The forum focused on "Investment Logic and Value Creation Driven by New Quality Productivity," emphasizing opportunities in hard technology sectors, technological innovation, and the integration of capital and industry [1]. Group 1: Key Themes and Discussions - The "New Quality Productivity Investment Forum" was successfully held, providing a professional platform for deep communication and collaboration in the industry [1]. - Liu Haofei, the founding partner of Shengjing Jiacheng, highlighted that sectors such as AI, embodied intelligence, low-altitude economy, and technology going abroad could create opportunities worth trillions [5]. - The investment strategy proposed by Liu involves a "three horizontal and multiple vertical" approach, focusing on large enterprise incubation, AI result-oriented RaaS models, and supporting entrepreneurs in going abroad [5]. Group 2: Roundtable Discussions - A roundtable on "Value Creation in the New Quality Productivity Era" featured discussions on industry innovation and how startups can cope with internal competition, led by Wang Meng from Junshan Mother Fund [8]. - Another discussion on "New Opportunities in Technology-Driven Consumption" explored how to seize historical opportunities in technology-driven consumption and the relationship between future and traditional industries, moderated by Yao Fengjiao from Bailian Zhigao Capital [10]. - The session on "Healthcare and Wellness Across Cycles" addressed strategies for capitalizing on the recovery in the healthcare sector and opportunities in AI healthcare, moderated by Yi Lin from Defu Capital [14]. Group 3: Industry Trends - Si Tingyou, president of BC Asset Management, discussed trends in China's innovative pharmaceuticals, noting that recent collaborations between Chinese innovative drug companies and international pharmaceutical giants indicate recognition of China's R&D capabilities [12]. - The future focus for Chinese innovative drugs should be on global innovation, with the Hong Kong market expected to see long-term foreign capital inflows [12].

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一级市场各类LP进行了最新、最 全的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、银行 系、CVC、S基金等相对活跃的LP类型。希望本系列研究可以给到行业一些帮助，也欢迎各同仁 与我们交流。 作者丨FOFWEEKLY S基金作为特殊的一类LP，虽然在市场的资金端并未起到增量的作用，但却能很好地消化市场的存 量资产，疏通整个一级股权市场的资金循环。 当前，中国一级股权市场进入存量博弈的阶段，资金回流问题日渐严峻，在IPO政策变化和宏观经 济面临调整的背景下，S市场作为退出端的角色戏份将会更重。2024～2025年，国内市场与海外市 场走向分化，海外市场出现反弹并持续走高，但国内市场持续低迷。交易端看，虽然卖方诉求及标 的数量增长，但整体交易转化率仍然偏低。 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 导读： （一）S市场整体概况 国内市场概况 1）市场规模 市场信心回升推动交易规模反弹：过 ...

截至收盘，沪指跌0.26%报3860.5点，深证成指涨0.63%报13005.77点，创业板指涨1.52%报3066.18点， 沪深北三市合计成交23034亿元。 （文章来源：证券时报网） 盘面上看，保险、银行、酿酒、券商、有色等板块走低，农业、汽车、地产等板块上扬，网游、CXO 概念、机器人概念等活跃。 15日，沪指盘中回落走低，创业板指较为强势，盘中一度涨近3%，场内近3400股飘绿。 华西证券指出，本轮牛市驱动力并未改变，政策依旧对"稳股市"提供有力支持，居民端潜在增量资金也 依旧充沛。结构上，牛市行情中景气赛道有望在产业变迁过程中享受估值溢价；政策维度，10月将召开 四中全会，硬科技、新质生产力领域或有较多政策催化；产业维度，近期海外AI产业资本开支预期持 续增强，市场对此反映积极；盈利维度，A股盈利筑底阶段需在结构上精选高景气赛道，从2025年盈利 预期来看，TMT领域亮点较多。行业配置上，首选高景气赛道，如固态电池、储能、创新药、AI应 用、人形机器人等；新消费领域，如IP经济、口含烟等；另外，美联储降息的背景下，港股有望获 得"外资+南下"双加持，如港股互联网。 ...

Group 1: Liquidity Analysis - The recent performance of the Hong Kong stock market has been negatively impacted by a stable US dollar index, leading to limited liquidity improvements [3][7] - The anticipated interest rate cuts by the Federal Reserve in September are expected to significantly enhance liquidity in the Hong Kong market, potentially benefiting emerging markets [25][27] - A comparison shows that the A-share market has seen a more substantial influx of funds, particularly with a rapid increase in margin financing [17][19] Group 2: Industry Structure - The proportion of "hard technology" companies in the Hong Kong stock market is lower compared to the A-share market, with significant representation from banking and consumer sectors [8][27] - The upcoming IPOs in Hong Kong are expected to increase the representation of "hard technology" companies, which could positively influence the overall market index [34][36] - The performance of the Hong Kong market has been constrained by the lower weight of high-growth sectors such as semiconductors and electric equipment [30][31] Group 3: Investment Opportunities - Key areas of focus for future investment in the Hong Kong market include AI applications, non-ferrous metals, innovative pharmaceuticals, and supply-side adjustments [9][36] - The AI sector is highlighted as a significant growth area, with potential for substantial market performance if downstream AI products achieve commercial success [37][39] - The non-ferrous metals sector, particularly gold, is expected to perform well during the Fed's rate-cutting cycle, historically showing positive trends during such periods [40][41] - The innovative pharmaceutical sector is experiencing a surge in outbound business development transactions, indicating growing international recognition of Chinese innovations [45][46] - Supply-side adjustments are anticipated in industries with improving demand and prolonged supply-side clearing, which may lead to a recovery in these sectors [49]

市场风格轮动如潮，但有一只指数在近三轮行情中持续领跑主流宽基指数，涨幅均超70%，全市场规模 最大的创业板50ETF（159949）今日盘中再涨超2%。 9月15日，三大股指半日收涨，游戏、创业板、锂电池等方向领涨。创业板50指数作为高弹性成长标 杆，在此轮行情中再次展现其领跑实力，创业板50ETF（159949）涨2.40%，报1.448元，换手率 7.97%，成交额20.28亿元，居同类标的ETF首位。 | ન્દ્રક્ત | 名称 | 用代 | 派炊幅 IOPV | 清新率 | 换手率 | | 成交金额 ▼ 5日涨跌幅 60日涨跌幅 年初至今 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 159949 | 创业板50ETF | 1.445 | 2.40% 1.4485 -0.03% | | 7.97% | 20.28亿 | 6.08% | 61.25% 50.68% | | | 159682 | BIANSOETF | 1.406 | 2.40% 1.4061 | -0.01% | 6.59% | 3.431 ...

今日（9月15日）创业板指涨超2%，科创板努力跟上，覆盖创业板+科创板高成长龙头的硬科技宽基 ——双创龙头ETF（588330）场内价格盘中涨超1．7%，现涨1．26%，实时成交额超7200万元，交投 较为活跃！ 图：科创创业50指数涨幅前10大成份股 | 序号 名称 | | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交額 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 圣邦監役 | 19.57% | | 电子 | 未得体 | 模拟芯片设计 | 538亿 | 77.00亿 | | 2 | 晶盛机电 | 12.23% | may | 电力设备 | 光伏设备 | 光伏加工设备 | 516亿 | 17.74Z | | ਤੇ | 拓井科技 | 10.50% | ma | 电子 | 非导体 | 未曾体投资 | 545亿 | 18.34Z | | 4 | 宁德时代 | 10.35% | Champ | 电力设备 | 电池 | 锂电池 | 16452亿 | 184.48亿 | | 5 | 海 ...

Group 1: Company Analysis - Dongfang Tieta (002545.SZ) - The company is expected to achieve net profits of 1.12 billion, 1.31 billion, and 1.60 billion yuan for the years 2025-2027, representing year-on-year growth of +98.43%, +17.16%, and +21.99% respectively [10][12] - The production of potassium chloride and phosphate projects is anticipated to drive significant revenue growth, with a target price of 17.1 yuan based on a 19x PE valuation for 2025 [10][11] - Concerns about potential oversupply in the potassium chloride and phosphate markets are mitigated by projections indicating a supply gap until 2028, suggesting sustained industry high profitability [10][11] Group 2: Company Analysis - Jinkong Coal Industry (601001.SH) - The company is projected to achieve net profits of 2.06 billion, 2.39 billion, and 2.80 billion yuan for 2025-2027, with EPS of 1.23, 1.43, and 1.68 yuan, reflecting a year-on-year growth of -26.58%, +15.81%, and +17.43% respectively [14][15] - The target price is set at 15.23 yuan per share, based on a combination of absolute and relative valuation methods [14][15] - The company is expected to maintain stable coal prices in the range of 700-800 yuan per ton, supported by a balanced supply-demand scenario [14][15] Group 3: Industry Analysis - Financial Data - The financial data for August indicates a decline in loan growth, with new loans amounting to 590 billion yuan, down from 900 billion yuan year-on-year [17][18] - The total social financing (TSF) increased by 2.57 trillion yuan, lower than the previous year's 3 trillion yuan, reflecting weak credit demand [17][18] - M2 growth remained steady at 8.8%, while M1 growth accelerated to 6%, indicating a shift in deposit behavior towards equity markets [17][18] Group 4: Industry Analysis - Public Fund Market - The public fund market saw a significant increase in the total scale of non-monetary funds, reaching 10.2 trillion yuan, up 6.9% from the previous half [20][21] - Equity fund holdings increased by 5.9% to 5.14 trillion yuan, with stock index funds growing by 14.6% to 1.95 trillion yuan [20][21] - The market share of banks, brokers, and third-party institutions in equity funds was 26.2%, 17.2%, and 19.3% respectively, indicating a slight decline in market share for banks and brokers [20][21]

Core Insights - The Shanghai Stock Exchange emphasizes its mission to support technological innovation and enhance its role as a capital market hub, particularly through the STAR Market [1] - The STAR Market has established five sets of listing standards, with the second to fifth sets not requiring profitability, thus providing diverse listing pathways for unprofitable companies [1][2] - As of now, 54 unprofitable companies have collectively raised over 200 billion yuan through IPOs, demonstrating effective transformation of R&D capabilities into operational performance [1][3] Listing Standards - The STAR Market's second to fourth listing standards focus on revenue scale combined with R&D intensity, cash flow, or market capitalization, catering to hard-tech companies with specific characteristics [1][2] - The fifth standard does not set performance requirements but emphasizes market capitalization and developmental achievements, suitable for innovative companies with clear market prospects [1][2] Company Performance - Among the 54 unprofitable companies, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase [3] - Notable companies like BeiGene and Cambricon have shown significant R&D investments, with BeiGene's R&D expenditure reaching 7.278 billion yuan, accounting for 42% of its revenue [2][3] - The semiconductor sector, led by companies like SMIC, has seen substantial advancements, enhancing the industry's self-sufficiency and innovation capabilities [3][4] Market Developments - The STAR Market's fifth standard companies are entering a new phase of commercial development, with 46 drugs/vaccines approved for market entry, showcasing rapid commercialization [4] - The introduction of the "1+6" policy framework aims to further support unprofitable companies in high-tech sectors, balancing innovation support with market risk management [4][5] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating ongoing market dynamism [5]