具体包括：一是IPO方面，深化推进投行行业分组，在国家战略支持的重点行业积极布局与拓展，提高 对细分行业公司服务竞争力，深刻理解发掘企业的投资价值，为资本市场输送优质投资标的；二是并购 重组方面，设立专职部门，并搭建全公司级并购商机整合平台，系统汇总梳理各类并购资源与业务机 会，实现信息高效流转与共享；三是未盈利企业方面，在项目筛选与评估方面，将构建全新的价值评估 体系，以往对企业盈利指标的高度关注将逐步让位于对"硬科技"属性和长期发展潜力的深度挖掘，既要 深入拆解企业的技术壁垒与商业化路径，用详实数据论证成长逻辑，又要反复验证明确风险性，避 免"伪科技"企业进入市场。 日前，国联民生（601456）承销保荐积极响应"科创板八条"及"并购六条"政策导向，紧抓IPO、并购重 组发展机遇，以一系列务实举措和布局深耕资本市场。 ...

Group 1 - The investment ecosystem of the Sci-Tech Innovation Board (STAR Market) is gradually improving, with the number of STAR Market ETFs exceeding 100 after five years of development [1][2] - The STAR Market ETF product system is becoming more diversified, including broad-based, industry-specific, and thematic ETFs, such as those focused on artificial intelligence, semiconductors, and biomedicine [2][4] - The total scale of STAR Market ETFs reached 294.12 billion yuan, with four ETFs exceeding 10 billion yuan in size, indicating significant growth in the market [3] Group 2 - Public funds are increasingly focusing on STAR Market ETFs, with major fund companies establishing comprehensive product matrices, such as Penghua Fund with 10 STAR Market ETFs [4] - The number of STAR Market off-exchange index funds has also surged, reaching 124, with new funds being launched frequently [4] - The allocation of STAR Market stocks by actively managed equity funds has reached a historical high of 15.36%, reflecting growing interest from institutional investors [4] Group 3 - The STAR Market has been recognized as a successful experiment in capital market reform, with continuous improvements in its index system and the introduction of new policies to support growth [5][6] - The strong performance of the STAR Market is attributed to the acceleration of China's economic transformation and technological innovation, with sectors like AI, semiconductors, and innovative pharmaceuticals driving profitability expectations [6]

2941.21亿元 截至9月25日，科创板ETF规模合计达到2941.21亿元，有4只ETF的规模超过百亿元 ◎记者 赵明超 科创板投资生态逐步完善。在2020年首批科创板ETF启航后，历经5年发展，科创板ETF数量突破100 只，构建起"宽基+行业+策略"的全维度指数工具箱。从最新动向看，公募创新布局步履不停，相关新 品还在密集上报。在业内人士看来，科创板相关产品阵营持续扩容，成为支撑硬科技企业发展的重要力 量。 产品体系渐趋多元 机构加大布局力度 科创板ETF已成为公募重点布局方向，多家头部公募搭建起较为全面的产品矩阵。具体来看，鹏华基金 旗下科创板ETF数量已达到10只，易方达基金、华夏基金等旗下科创板ETF数量均超7只。 除了科创板ETF以外，科创板场外指数基金发展也十分迅猛。截至9月26日，科创板场外指数基金数量 达到124只。仅本周以来，就有4只科创板场外指数基金成立。 科创板相关产品依然在密集发行和上报。截至9月26日，共有6只科创板产品正在或是即将发行，包括科 创综指增强基金、科创板50指数基金等。此外，9月15日以来，又有7只科创板相关产品上报，包括科创 板芯片设计ETF、科创板50ETF、 ...

成交额方面，中芯国际成交额121.8亿元，位居首位；*ST观典成交额487.4万元，位居末位。 从盘面来看，剔除停牌的上纬新材，科创板其余588只个股涨少跌多，高价股、低价股均多数下跌。细 分领域来看，除部分半导体股、电气设备股及少数医疗保健股、化学制药股有所上涨，其余细分领域个 股均呈普跌态势。 经新华财经统计，9月26日，科创板其余588只个股平均跌幅1.52%，平均换手率3.32%，合计成交额 2466亿元，平均振幅为4.68%。 个股表现方面，芳源股份、品茗科技涨停，涨幅靠前；博瑞医药跌12.57%，跌幅居首。 新华财经北京9月26日电（胡晨曦）科创50指数9月26日冲高回落，早间低开后快速翻红，随后震荡下 挫，最终大幅收跌。至收盘时，科创50指数报1450.82点，跌幅1.61%，指数振幅为2.50%，总成交额约 939.0亿元。 9月26日，科创综指全日收跌1.97%，收于1671.02点，总成交额2466亿元。 换手率方面，聚和材料换手率为19.93%，位居首位；龙腾光电换手率为0.26%，位居末位。 （文章来源：新华财经） ...

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商 学界精英，共同洞察变局脉络、探寻发展新机。 点击在 看 持续关注↓ ↓ ↓ 不过，这一被动配置行为却给林园带来了不小的困扰。林园一直坚持满仓策略，认为只有满仓才能赚足行情，并通过持有优质公司来应对市场波动。 他偏好投资盈利能力确定、具有垄断地位及成瘾性特征的行业龙头，尤其聚焦于消费和医药等刚性需求赛道。他坦言投资科创板让他备受煎熬。"搞 了以后，对我来说也是很痛苦，我买了以后才后悔，把我折腾的多少个晚上都睡不着觉。因为我买了是不卖的。" （编者按：8月16日，上交所发布《上海市场首次公开发行股票网下发行实施细则（2024年修订）》。自2024年10月1日起，对于私募基金等专业 机构投资者参与网下打新，规则有所不同。根据2024年10月起实施的新规，私募基金等专业机构投资者参与网下打新，除了要满足原有的沪市总市 值门槛，还必须持有至少600万元的科创板股票流通市值作为底仓。这个规定是为了引导机构更关注科创板公司的长期价值，而不仅仅是短期打新收 益，从而为科创板市场带来 ...

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛 以"新格局·新路径"为主题，汇聚全球政商学界精英，共同洞察变局脉络、探寻发展新机。 曾称"坚决不碰"科技股，林园还是买了！坦言"愁到睡不着觉" 自动播放 不过，这一被动配置行为却给林园带来了不小的困扰。林园一直坚持满仓策略，认为只有满仓才能赚足 行情，并通过持有优质公司来应对市场波动。他偏好投资盈利能力确定、具有垄断地位及成瘾性特征的 行业龙头，尤其聚焦于消费和医药等刚性需求赛道。他坦言投资科创板让他备受煎熬。"搞了以后，对 我来说也是很痛苦，我买了以后才后悔，把我折腾的多少个晚上都睡不着觉。因为我买了是不卖的。" 深圳市林园投资董事长林园受邀参加论坛并通过连线的形式在"做多中国：十年大牛市？"议题环节发表 主题演讲。在提问环节，主持人向林园提出了一个直接而尖锐的问题："您此前多次称自己'坚决不碰科 技股'，为何现在还是买入了科技股？" （编者按：8月16日，上交所发布《上海市场首次公开发行股票网下发行实施细则（2024年修订）》。 自2024年10月1日起，对于私募基金等专业机构投资者参与网下打新，规则 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.24%, closing at 1474.49 points, with a total trading volume of 5.328 billion shares and a turnover of 269.68 billion yuan, resulting in an average turnover rate of 2.84% [1] - Among the tradable stocks on the STAR Market, 237 stocks closed higher, with 5 stocks rising over 10%, including Pinming Technology and Shangwei New Materials, which hit the daily limit [1] - The distribution of turnover rates shows that 4 stocks had turnover rates exceeding 20%, 25 stocks had rates between 10% and 20%, and 93 stocks had rates between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Xingfu Electronics, which closed down by 2.70% with a turnover rate of 32.05% and a transaction amount of 0.923 billion yuan [1] - Zhongrun Optics closed up by 6.78% with a turnover rate of 23.69% and a transaction amount of 0.579 billion yuan [1] - Other notable stocks with high turnover rates include Canxin Co., Zhongke Lanyun, and Shenkong Co., with turnover rates of 21.01%, 20.20%, and 19.28% respectively [1] Sector Analysis - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 56 stocks, followed by the computer and machinery equipment sectors with 20 and 15 stocks respectively [2] - Among the stocks with high turnover rates, 61 stocks increased in price today, with the largest gains seen in Pinming Technology (20.01%), Canxin Co. (10.93%), and Canqian Technology (10.82%) [2] Fund Flow - In terms of fund flow, 48 stocks with high turnover rates experienced net inflows from main funds, with the largest inflows seen in Aters (0.225 billion yuan), Huafeng Technology (0.209 billion yuan), and Jucheng Co. (0.173 billion yuan) [2] - Conversely, the stocks with the largest net outflows included SMIC (1.11 billion yuan), Dongxin Co. (0.42 billion yuan), and Jinhui Integration (0.371 billion yuan) [2] Leverage Fund Movements - A total of 77 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for SMIC (1.944 billion yuan), Tengjing Technology (0.320 billion yuan), and Baiwei Storage (0.299 billion yuan) [2] - Stocks with significant decreases in financing balances included Jiayuan Technology (0.109 billion yuan), Aters (0.098 billion yuan), and Yuntian Lefe (0.087 billion yuan) [2]

Market Performance - The Sci-Tech Innovation 50 Index opened lower on September 25, then fluctuated upwards, ultimately closing significantly higher at 1474.49 points, with an increase of 1.24% and a trading range of 2.59% [1] - The overall Sci-Tech Innovation Index rose by 0.51% to close at 1704.55 points, with a total trading volume of approximately 269.7 billion yuan [1] - On the Sci-Tech board, 589 stocks showed a mixed performance with more declines than gains, where high-priced stocks exhibited varied results while low-priced stocks mostly declined [1] Sector Performance - Software service stocks and environmental protection stocks were notably active, while chemical pharmaceuticals and component stocks experienced the largest declines; semiconductor stocks showed mixed results [1] Individual Stock Performance - Among individual stocks, Pinming Technology and Shangwei New Materials hit the daily limit up, leading in gains, while Wandesi saw a significant drop of 11.85%, marking the largest decline [2] Trading Volume and Turnover Rate - Semiconductor manufacturer SMIC had the highest trading volume at 13.95 billion yuan, while ST Pava recorded the lowest at 1.1 million yuan [3] - Xingfu Electronics led in turnover rate at 32.05%, while Bairen Medical had the lowest turnover rate at 0.21% [4]

新华财经北京9月24日电 科创50指数9月24日早间低开，随后震荡上行翻红，早盘涨近5%；午后指数涨 幅有所收窄，最终显著收涨。至收盘时，科创50指数报1456.47点，涨幅3.49%，指数振幅为6.04%，总 成交额约1268亿元。 个股表现方面，神工股份、上纬新材、兴福电子涨停，涨幅靠前；宏力达跌7.73%，跌幅居首。 成交额方面，中芯国际成交额195.0亿元，位居首位；ST帕瓦成交额850.7万元，位居末位。 从盘面来看，剔除停牌的品茗科技，科创板其余588只个股呈普涨态势，高价股、低价股均多数上涨。 细分领域来看，除元器件股、专用机械股及个别电气设备股有所下跌，其余细分领域个股均普遍上涨， 其中半导体股表现强势。 经新华财经统计，9月24日，剔除停牌的品茗科技，科创板其余588只个股平均涨幅2.85%，平均换手率 4.10%，合计成交额3146亿元，平均振幅为5.79%。 换手率方面，兴福电子换手率为34.29%，位居首位；中科微至换手率为0.34%，位居末位。 9月24日，科创综指全日收涨3.06%，收于1695.90点，总成交额3146亿元。 （文章来源：新华财经） ...

Summary of Key Points Core Viewpoint - The recent announcements of two stock ETFs indicate varying levels of stock positions, with the Huazhong AI ETF at 16.45% and the Huabao Agricultural ETF at 48.23%. The average stock position for newly announced ETFs in September is 24.44% [1][2]. ETF Listings and Positions - A total of 25 stock ETFs have announced listings since September, with the highest stock position being 69.33% for the E-Fonda Shanghai Stock Exchange Sci-Tech Innovation Board Enhanced Strategy ETF [1][2]. - Other ETFs with significant positions include the Jianxin Shanghai Stock Exchange Sci-Tech Innovation Board 200 ETF at 54.12%, and the Huabao Agricultural ETF at 48.23% [1][3]. - Some ETFs, such as the Guolian An Zhongzheng A500 Dividend Low Volatility ETF and the Penghua Sci-Tech Board Semiconductor Materials Equipment Theme ETF, reported a stock position of 0.00% [1][2]. Fundraising and Share Statistics - The average fundraising for newly announced ETFs in September is 558 million shares, with the top three being the Fuguo National Robot Industry ETF at 2.344 billion shares, Guolian An Zhongzheng A500 Dividend Low Volatility ETF at 1.247 billion shares, and Huizhen Shanghai Stock Exchange Sci-Tech Innovation Board AI ETF at 1.089 billion shares [1][2][3]. Institutional Investor Holdings - Institutional investors hold an average of 10.12% of the shares in these ETFs, with the highest being the Guolian An Zhongzheng A500 Dividend Low Volatility ETF at 98.93% [2][3]. - ETFs with lower institutional ownership include the Huazhong AI ETF at 0.55% and the Penghua Comprehensive ETF at 1.52% [2][3].