Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [37]. Core Insights - The non-bank financial index experienced a decline of 1.1% last week, underperforming the CSI 300 by 0.6 percentage points. The securities index fell by 1.7%, while the insurance index rose by 0.3% [4][8]. - The average daily trading volume of stock funds was 14,638 billion yuan, a decrease of 11.3% week-on-week. The margin financing balance was 1.81 trillion yuan, down 0.2% from the previous week [4][17]. - The China Securities Regulatory Commission (CSRC) announced reforms to the Sci-Tech Innovation Board, which includes the introduction of a new growth tier to better serve technology companies with significant breakthroughs and high R&D investments [4][32]. - The CSRC is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," which aims to enhance the evaluation framework and promote high-quality development in the industry [4][32]. - The insurance sector is seeing increased regulatory scrutiny on participating insurance products, which is expected to alleviate concerns over interest spread losses [4][32]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.5%, while the Shenzhen Component Index dropped by 1.2%. The CSI 300 also decreased by 0.5%, and the ChiNext Index fell by 1.7% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 14,638 billion yuan, down 11.3% week-on-week. The margin financing balance was 1.81 trillion yuan, a slight decrease of 0.2% [17]. Industry News - The CSRC published guidelines for establishing a growth tier on the Sci-Tech Innovation Board, aimed at enhancing the adaptability of the system for quality technology companies [32]. - The CSRC is soliciting opinions on the revised "Securities Company Classification Evaluation Regulations," which focus on promoting high-quality development and encouraging differentiated operations among smaller institutions [32]. - The China Banking and Insurance Regulatory Commission (CBIRC) has initiated assessments for international active insurance groups, recognizing China Reinsurance (Group) Company as an international active insurance group [32].

（文章来源：证券时报网） 近期科创板融资融券交易概况 | 日期 | 两融余额（亿元） | 较上一交易日增减（亿元） | 融资余额（亿元） | 融券余额（亿元） | | --- | --- | --- | --- | --- | | 2025.06.20 | 1545.29 | -6.13 | 1540.40 | 4.90 | | 2025.06.19 | 1551.42 | -5.09 | 1546.49 | 4.94 | | 2025.06.18 | 1556.51 | -2.21 | 1551.54 | 4.97 | | 2025.06.17 | 1558.73 | 5.21 | 1553.79 | 4.94 | | 2025.06.16 | 1553.52 | 8.46 | 1548.24 | 5.28 | | 2025.06.13 | 1545.05 | -7.33 | 1539.71 | 5.34 | | 2025.06.12 | 1552.38 | 2.30 | 1547.01 | 5.38 | | 2025.06.11 | 1550.09 | 3.23 | 1544.68 | 5.41 | | ...

Group 1 - The "Su Super" football league has gained immense popularity, attracting financial giants like Jiangsu Bank and Zijin Insurance to invest in sports marketing [3] - China Ping An announced comprehensive insurance plans for "Su Super" athletes and fans, indicating a growing interest from financial institutions in the sports industry [3] - The surge in the league's popularity has sparked a competitive environment among financial firms seeking to capitalize on the emerging sports market [3] Group 2 - The China Securities Regulatory Commission (CSRC) announced the "1+6" policy measures to deepen reforms in the Sci-Tech Innovation Board, aiming to attract more long-term capital for tech investments [4] - The policy includes the reintroduction of a listing standard for unprofitable companies, signaling a shift in regulatory support for innovative firms [4] - Experts are analyzing the potential impacts of the new policy on the participation of long-term funds in technology enterprises [4] Group 3 - The LABUBU brand under Pop Mart has seen a rise in counterfeit products, with some vendors using anti-counterfeiting labels to market fake items [5] - Regulatory bodies are increasing inspections to combat the counterfeit market, but sales have shifted online, complicating enforcement efforts [5] - Legal experts warn that counterfeit products infringe on copyright and trademark rights, potentially leading to criminal penalties for severe cases [5] Group 4 - WM Motor is reportedly in the process of asset transfer to Baoneng Automobile, with indications of a takeover following WM's bankruptcy restructuring [6] - Baoneng is coordinating with WM to transfer production qualifications and assets, highlighting a consolidation trend in the automotive industry [6] - Shenzhen Xiangfei, the successful bidder for WM's restructuring, is linked to Baoneng, suggesting strategic connections between the two companies [6] Group 5 - The National Bureau of Statistics reported that only three out of 70 cities saw an increase in second-hand housing prices, indicating a continued decline in the real estate market [7] - First-tier cities experienced a 0.7% decrease in second-hand housing prices, with significant drops in major cities like Beijing and Shanghai [7] - Analysts predict that the marginal effects of previous policies are diminishing, and further measures may be needed to stabilize market confidence [7] Group 6 - ST Yigou sold four underperforming Carrefour subsidiaries for 1 yuan each to reduce debt, with the transaction expected to increase net profit by approximately 572 million yuan [8] - The acquisition of Carrefour China by Suning in 2019 has resulted in significant operational challenges, leading to store closures and financial losses [8] - The ongoing liquidity crisis at Suning has exacerbated the difficulties faced by Carrefour China, resulting in legal disputes over unpaid acquisition costs [8] Group 7 - Baba Foods plans to open 1,000 new stores this year despite facing high closure rates and declining revenue [9] - The company has maintained a consistent opening rate of over 1,000 stores annually for the past three years, although closures have also increased significantly [10] - Baba Foods is actively pursuing investment and acquisition opportunities to enhance its market share [9] Group 8 - Romoss power banks are facing quality controversies following reports of explosions, leading to product recalls and heightened scrutiny from regulatory authorities [11] - A consumer reported a severe incident involving a Romoss power bank that caused property damage, raising concerns about product safety [11] - The Shenzhen Market Supervision Bureau confirmed product defects in Romoss power banks and initiated a recall process [11] Group 9 - Instant retail platforms are disrupting the 618 shopping festival with substantial subsidies, leading to price reductions for well-known liquor brands [12] - The entry of instant retail has provided offline retailers with opportunities to clear inventory, resulting in increased sales during the promotional period [12] - However, the established pricing structure for liquor brands is facing unprecedented challenges due to the aggressive pricing strategies of instant retail [12]

分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 6月15日公布的国内经济数据显示工业生产和投资增速回落，同时房地产市场持续承压，经 济内生动能尚待增强，强化债市配置需求。6月16日，中国人民银行开展4000亿元买断式逆 回购操作，资金面维持宽松。6月18日美联储维持联邦基金利率不变但下调美国GDP增速预 期，叠加地缘冲突不确定性，外部环境对国内债市形成间接支撑。 A股有所回落 陆家嘴论坛期间，政策层聚焦长期制度性建设（如数字人民币国际化、科创板结构优化）， 相关利好并未引发市场共鸣。另一方面中东局势等外围扰动被放大，美国被曝计划"本周末 袭击伊朗"，地缘不确定性导致全球风险资产遭抛售。 1、 2025年6月15日，国家统计局公布2025年5月经济数据：1） 5月工业增加值同比增 5.8%，预期增5.7%，前值增6.1%；2）1-5月固定资产投资累计同比增3.7%，预期 4.0%，前值增4.0%；3）5月社零同比增6.4%，预期4.9%，前值增5.1%。 2、 5月美国零售销售环比为-0.9%，预期为-0.7%；核心零售销售（不 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 科创板重启未盈利企业第五套上市标准；监 管发文规范分红险 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 6.15-2025. 6.21）A 股日均交易额 12,1 50 亿元，环比减少 11.4%，同比增加 60.1%。2025 年二季度至今 日均成交额 12,3 70 亿元,较 2024 年二季度日均交易额增加 49.4%。202 5 年至今日均成交额 13,91 7 亿元,较 2024 年日均 交易额增加 59.9 %。投行：本周发行新股 2 家，募集资金 8 .7 亿元；本周上市新股 2 家，募集资金 12.6 亿元。2025 年至 今，A 股 IPO 上市 50 家，募集金额 371.3 亿元。2024 年，A 股 IPO 上市 100 家，募集金额 6 73.5 亿元。两融：截至 2 025 年 6 月 1 9 日，两市两融余额 18,20 8.61 亿元，环比减少 0.03%，较 20 24 年日均水平增加 16 .19%。 ...

《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 非银金融 2025 年 06 月 22 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 非银金融 沪深300 相关研究报告 《科创板 IPO 边际宽松，利好券商投 行 、 直 投 业 务 — 行 业 点 评 报 告 》 -2025.6.18 《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 规范分红险分红水平，券商分类评价新规突出功能性 ——行业周报 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn lukun@kysec.cn 证书编号：S0790520050001 证书编号：S0790524040002 周观点：关注陆家嘴金融论坛表态，港交所受益于金融开放 政策面看，险企分红险分红水平应与投资收益率和风险评级挂钩，预计投资能力 突出的中大型险企分红险收益率长期表现更加突出，马太效应加剧。券商分类评 价新规引导行业集约化、差异化发展，突出券商功能性考核。 券商： ...

Key Developments - The cross-border payment platform officially launched its first transaction in Shenzhen on June 22 [1] - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum [1][2] - The China Securities Regulatory Commission (CSRC) introduced a series of reforms to enhance the Science and Technology Innovation Board (STAR Market) [1][2] - The National Financial Supervisory Administration and Shanghai government issued a plan to support the construction of Shanghai as an international financial center [1][2] - The National Development and Reform Commission and other departments initiated actions to promote the digital transformation of manufacturing [2][3] Financial Market Updates - The CSRC will allow qualified foreign investors to participate in on-market ETF options trading starting October 9, 2025 [2] - The fiscal expenditure in the first five months exceeded 11 trillion yuan, with a year-on-year increase of 4.2% [1][2] - The total retail sales of consumer goods in May reached 41,326 billion yuan, growing by 6.4% year-on-year [2] - The fixed asset investment from January to May was 191,947 billion yuan, with a year-on-year increase of 3.7% [2] Industry-Specific Initiatives - The Ministry of Industry and Information Technology emphasized the importance of product quality and safety in the new energy vehicle sector [1][2] - The State Administration for Market Regulation announced a nationwide quality supervision inspection for 164 types of products in 2025 [3] - The trading association issued guidelines to regulate bond market issuance and underwriting practices [3] - The "old for new" subsidy program for consumer goods will continue, with central funds being allocated in batches [1][3] Investment and Financing - Yushut Technology completed its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan [1][3] - The Shanghai Futures Exchange is being supported to become a world-class trading venue [3]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].

证券研究报告 | 行业定期报告 2025 年 06 月 21 日 科创板投融资改革推进，服务实体功能提升 陆家嘴金融论坛点评 总量研究/非银行金融 事件：6 月 18 日，2025 年陆家嘴金融论坛在上海举行，证监会主席吴清作《充 分发挥多层次资本市场枢纽功能 推动科技创新和产业创新融合发展》主旨演 讲，提出更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6" 政策措施。 1）资本市场含"科"量有望继续提升。在科创板设置科创成长层，并重启未 盈利企业适用于科创板第五套标准上市。截至 6 月 20 日，共计 37 家企业申 请以科创板第五套标准上市，其中 12 个项目实质性终止上市流程；从分布行 业看，20 个已发行上市项目全部集中于生物医药产业。而伴随第五套标准适 用范围扩容至人工智能、商业航天、低空经济等前沿科技领域，参照当前生 物医药行业适用第五套标准的做法、或将有一批以第五套标准上市的战略性 新兴产业企业上市示范案例涌现，带动资本市场的科技含量更上一层楼。 2）面向优质科技型企业试点 IPO 预先审阅机制，减少在发行上市阶段的"曝 光"事件、更好保护企业信息安全和技术安全。预先审阅的类似机制 ...

Group 1 - The core viewpoint of the news is the announcement of the "1+6" policy measures for the Sci-Tech Innovation Board (科创板) at the 2025 Lujiazui Forum, which is expected to create unprecedented development opportunities for the Sci-Tech Innovation Board index and ETF market [1] - Since the release of the "Eight Measures for the Sci-Tech Innovation Board" last year, the policy support has intensified, leading to the total scale of broad-based ETFs on the Sci-Tech Innovation Board exceeding 200 billion yuan [1] - The core indices include the newly launched Sci-Tech Comprehensive Index, the Sci-Tech 50 Index focusing on the top 50 companies by market capitalization, and the Sci-Tech 100 Index targeting mid-cap core companies on the Sci-Tech Innovation Board [1] Group 2 - As of June 20, the largest ETF tracking the Sci-Tech Comprehensive Index is the E Fund Sci-Tech Comprehensive Index ETF (589800), with a scale exceeding 2.5 billion yuan [2] - The second-largest ETF, the Huaxia Sci-Tech Comprehensive Index ETF (589000), has performed the best among the top three ETFs in terms of annual returns [2] - The management fee for the top three ETFs is uniformly set at 0.15% [3] Group 3 - For the Sci-Tech 50 ETFs, the Huaxia Sci-Tech 50 ETF (580000) leads with a market scale exceeding 81.458 billion yuan and has achieved a 27.87% return over the past year [2] - The E Fund Sci-Tech 50 ETF (588080) has shown strong performance this year [2] - The management fee for the leading ETFs in this category is also 0.15%, except for the ICBC Credit Suisse ETF, which has a management fee of 0.30% [2] Group 4 - The leading ETFs tracking the Sci-Tech 100 Index include the Bosera Sci-Tech 100 Index ETF (588030) with a scale of 6.11 billion yuan, and the Huaxia Sci-Tech 100 ETF (588800) which has maintained leading performance in both this year and the past year [4] - The returns for the top three Sci-Tech 100 ETFs this year range from 8.43% to 8.51%, with one-year returns between 25.01% and 26.02% [4] - All top three ETFs in this category have a management fee of 0.15% [4]