皮海洲 | 立方大家谈专栏作者 若果真如此，支持未盈利企业上市，最终所支持的就不是未盈利企业的发展，而是支持了未盈利企业股 东的减持套现，这显然是违背了支持未盈利企业上市的初衷。甚至还妨碍了未盈利企业的发展。毕竟如 果未盈利企业不上市，创业团队的成员们还可以团结一心、共同努力，争取把企业做好做强，但企业上 市了，创业团队的成员们不用继续努力就可以实现财富自由了，如此一来，创业团队的成员们何必还要 吃苦受累顽强打拚呢？ 因此，未盈利企业股东减持问题，是市场各方面都必须正视的一个问题。显而易见的是，未盈利企业的 股东减持并不能照搬照抄现有的上市公司股东减持制度，而是要考虑到未盈利企业自身的发展现状，制 定出符合未盈利企业发展特点的股东减持制度。这就意味着未盈利企业股东持股的锁定期需要进一步延 长，更重要的是要将股东减持与企业的盈利紧密结合起来。 此外，吴清还在提到创业板改革话题时表示，创业板正式启用第三套标准，支持优质未盈利创新企业上 市。这就意味着科创板与创业板将同时开门迎来未盈利企业的上市。加上北交所也在悄无声息地安排未 盈利企业上市。如此一来，将会有更多的未盈利企业从科创板、创业板、北交所三个方向向投资者迎 ...

Core Points - The China Securities Regulatory Commission (CSRC) emphasizes the rapid growth of the Sci-Tech Innovation Board (STAR Market) and its role in supporting technological innovation, with the introduction of the "1+6" policy measures aimed at further reform [1][2] - The establishment of a Sci-Tech Growth Layer on the STAR Market is designed to better serve high-quality tech companies that are currently unprofitable but have significant technological breakthroughs and commercial potential [2][3] - The reforms aim to enhance the inclusivity and adaptability of the capital market for hard-tech enterprises, particularly in emerging fields such as artificial intelligence, commercial aerospace, and low-altitude economy [4][5] Group 1: Policy Measures - The "1" in the "1+6" policy measures refers to the creation of the Sci-Tech Growth Layer, which will include all existing and newly registered unprofitable tech companies [2][3] - The "6" includes six specific reform measures, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth listing standard to more frontier technology sectors [4][5] - The reforms are expected to attract various innovative resources to key technology areas, thereby accelerating China's transition from a major tech power to a strong tech power [4][5] Group 2: Market Impact - The STAR Market has consistently supported the development of strategic emerging industries, with a significant portion of companies in new-generation information technology, biomedicine, and high-end equipment manufacturing [5][6] - In 2024, the total R&D investment of STAR Market companies reached 168.1 billion yuan, which is more than 2.5 times their net profit, indicating a strong focus on innovation [5][6] - The introduction of the Sci-Tech Growth Layer is seen as a breakthrough in differentiated management, guiding resources towards core technology and high-growth enterprises [3][4] Group 3: Investor Protection - The reforms include measures to enhance risk disclosure and investor protection, particularly for small and medium investors, who are crucial participants in the capital market [7][8] - Specific arrangements include a special identifier for stocks of companies in the Sci-Tech Growth Layer and requirements for regular disclosure of reasons for unprofitability [7][8] - The CSRC aims to maintain strict entry standards for listings to ensure the quality of companies on the STAR Market, focusing on supporting high-quality tech firms rather than merely increasing the number of listings [8]

Group 1 - The total scale of public funds in China reached a new high of 33.74 trillion yuan by the end of May 2025, reflecting the robust development of the asset management industry and investors' continued preference for professional investment services [1] - As of May 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 33.74 trillion yuan, an increase of 0.62 trillion yuan or 1.87% from the end of April [1] - The total scale of public funds has set a historical record for the eighth time since 2024, showcasing the strong growth momentum of China's asset management industry [1] Group 2 - By the end of May, the net asset value of open-end funds totaled 29.98 trillion yuan, while closed-end funds accounted for 3.76 trillion yuan, with open-end funds continuing to expand in scale, shares, and quantity [1] - Open-end funds include five major categories: stock funds (4.58 trillion yuan), mixed funds (3.57 trillion yuan), bond funds (6.78 trillion yuan), money market funds (14.40 trillion yuan), and QDII funds (0.65 trillion yuan), with most categories experiencing growth [2] - Money market and bond funds significantly contributed to the overall growth of public fund scale, with increases of 407.13 billion yuan and 221.88 billion yuan, respectively [2] Group 3 - The number of equity funds is a key focus for public institutions, with 60 new stock funds added by the end of May, indicating a long-term positive outlook for the equity market [2] - In the context of global uncertainty and moderate domestic economic recovery, the industry suggests maintaining a balanced allocation towards high-growth technology assets and high-dividend cyclical assets [3]

Core Insights - The first batch of 26 new floating rate funds has seen 19 successfully raised, accumulating over 18.8 billion yuan in total funds, indicating a growing acceptance of the floating rate mechanism in the market [1] - There is a significant disparity in fundraising among the 19 funds, with the top fund, Dongfanghong Core Value Mixed Fund, raising 1.991 billion yuan, while several others exceeded 1 billion yuan [1][2] - The subscription numbers show that the top funds attracted a large number of investors, with E Fund Growth and Progress Mixed Fund leading with 47,300 effective subscriptions [1][3] Fundraising Characteristics - The issuance of floating rate funds exhibits three main characteristics: the advantage of leading public offering channels, a preference for technology growth themes, and significant self-investment by fund managers [3] - Major public offering companies like Jiao Yin and Southern have leveraged bank channels to achieve over 1 billion yuan in a single day of fundraising [3] - More than half of the funds focus on cutting-edge fields such as AI and innovative pharmaceuticals, reflecting current market trends [3] Performance Incentive Mechanism - The new products adopt a "base rate + floating adjustment" model for performance incentives, linking management income closely with investor returns [4] - The fee structure varies based on performance, with different rates applied depending on the annualized return relative to the benchmark [4] - Despite the recovery in individual fund sizes, the overall issuance of active equity funds remains weak, with over 80% of products raising less than 1 billion yuan this year [4] Market Outlook - The floating rate innovation has enhanced product attractiveness, but full recovery of investor confidence is contingent on sustained market strength [4] - As the first batch of funds begins to establish positions, sectors like AI and high-end manufacturing may see increased capital inflows [4] - Regulatory bodies will continue to monitor product operations to promote deeper supply-side reforms in the public offering industry [4]

市场观点认为，下半年银行板块内部结构性分化将进一步加剧，高股息防御与优质区域成长将成为两 大核心主线。 2025.06. 26 本文字数：2342，阅读时长大约4分钟 作者 | 第一财经 陈君君 A股银行板块延续年初以来的强势表现，6月25日申万银行指数（WI.801780）涨1.05%，工商银 行、农业银行等国有大行股价更是创下历史新高。 在低利率与资产荒的双重背景下，兼具高股息稀缺性与经营稳健性的银行股，正成为保险资金等长期 资本热捧的"避风港"，推动板块年内累计涨幅已超15%，领跑全市场。 板块涨幅全市场第一 其二，在资产荒的市场环境下，银行板块凭借稳定的收益特性，成为吸引增量资金的重要领域。一位 大型保险资管公司的权益投资人士指出，近期保险资金、社保基金等长期资本对银行股的配置兴趣显 著增加，尤其是对高股息、稳健经营的银行股青睐有加。在资产稀缺的背景下，这类资产的稳定收益 显得尤为珍贵。此外，随着公募基金考核规则的调整，从短期年度排名转向更注重三年期、五年期的 长期考核，公募基金也加大了对银行等低波动、高分红板块的配置力度。 谁在买银行股？ 在多股推动银行板块上涨的资金中，保险资金无疑是银行股最重要的 ...

Core Viewpoint - The newly established "Science and Technology Innovation Board Growth Layer" aims to support unprofitable technology companies by providing a more accommodating regulatory framework, benefiting existing companies while posing higher challenges for new entrants [1][2][5]. Group 1: Regulatory Changes - The Shanghai Stock Exchange has released the "Self-Regulatory Guidelines No. 5 for Science and Technology Innovation Board Listed Companies," which will include companies that have not yet achieved profitability since their listing [1][2]. - Currently, there are 32 companies on the Science and Technology Innovation Board that have not been delisted and will be classified as existing companies in the growth layer [2][3]. - The guidelines introduce a "new and old distinction" in the criteria for delisting and investor suitability management, favoring existing unprofitable companies [5][6]. Group 2: Impact on Companies - Existing companies will only need to achieve profitability for the first time to remain in the growth layer, while new companies face stricter criteria, including a requirement for positive net profit over the last two years or a minimum revenue of 100 million yuan [4][5]. - The introduction of a specialized risk disclosure document for investors in new registered companies increases compliance costs and liquidity pressure for these firms [5][6]. Group 3: Market Implications - The growth layer is designed to support technology companies with significant breakthroughs and ongoing R&D investments, even if they are currently unprofitable [6][8]. - The policy aims to enhance investor expectations for unprofitable companies, potentially improving their market valuation and financing environment [6][7]. - The reforms reflect a commitment to adapt the capital market to better serve the real economy and support emerging industries [6][8]. Group 4: Future Directions - Future reforms should focus on strengthening information disclosure regulations to ensure investors receive timely and accurate information [8][9]. - Enhancements to trading mechanisms, such as relaxing price limits and introducing more market makers, are suggested to improve market liquidity and attract quality technology companies [9]. - A refined delisting system is necessary to maintain a healthy market ecosystem by allowing non-compliant companies to exit while retaining high-quality firms [9].

[Table_StockNameRptType] 策略研究 市场点评 [Table_RptDate] 报告日期： 2025-6-26 [Table_Author] 策略分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 策略分析师：刘超 6 月 25 日创业板大涨，从行业上涨结构看，为创业板上涨贡献颇多的主要 是证券行业大涨，其原因在于港股券商强势表现的情绪传导，其背后催化 在于香港证监会批准国泰君安国际升级虚拟资产交易牌照，这为近期活跃 的稳定币主题在证券板块实现了联动，受此影响国泰君安国际港股收涨近 200%，同时也催化 A 股证券板块。 此外，国防军工大涨也提供一定贡献，原因在于近日存在较多催化剂：一 是 6 月 24 日官宣将于 9 月 3 日举行阅兵活动，即中国人民抗日战争暨世界 反法西斯战争胜利 80 周年纪念活动。二是上海合作组织成员国国防部长会 议参会国国防部长在青岛会见，其中包括伊朗、巴基斯坦、俄罗斯等今年 来地缘政治冲突热点地区的直接参与方，军工出口预期再起。 ⚫ 站上新中枢，积聚新力量，再做新突破 潜在流动性足、 ...

韩国总统李在明：要开启分享成长机会和结果的"公平成长"的大门。 ...

证券研究报告 2025 年 06 月 26 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3455.97 | 1.04 | | 深证成指 | 10393.72 | 1.72 | | 创业板指 | 2128.39 | 3.11 | | 科创 50 | 995.61 | 1.73 | | 北证 50 | 1437.63 | 1.38 | | 沪深 300 | 3960.07 | 1.44 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 670810 | 520312 | 12.38 | 1.28 | | 深证成指 | 228707 | 186901 | 20.29 | 2.15 | | 创业板指 | 59752 | 47299 | 27.87 | 3.87 | | 科创 50 | 34795 | 22984 | 54.42 | 4.17 | | 北证 50 | ...

Group 1 - The core concept of style rotation is based on the characteristics of ETFs, with common types including large-cap vs. small-cap rotation and growth vs. value rotation [1] - The logic of style rotation relies on two driving factors of equity asset prices: earnings and valuation, where earnings are the key determinant of style strength [1] - The performance difference between growth and value stocks is highly correlated with their earnings growth rate difference, indicating that when the earnings growth gap widens, growth stocks are likely to outperform value stocks [1] Group 2 - Large-cap stocks are more influenced by economic cycles due to their higher representation in the national economy, leading to stronger performance in economic upturns compared to small-cap stocks [1] - The liquidity environment significantly impacts stock valuations, with small-cap stocks being more sensitive to liquidity changes; they tend to perform better in expanding liquidity conditions, while large-cap stocks perform better when liquidity tightens [1]