"规模空前，大量美国军机正穿越大西洋。" 此前，美国国务卿鲁比奥曾在伊以冲突爆发之初发表声明中强调，美国"没有参与针对伊朗的打击"，并表示美国的首要任务是保护该地区的美军。 伊朗外交部：以色列袭击扰乱外交进程 美国应为此负责 当地时间16日，伊朗外交部发言人巴加埃表示，以色列对伊朗的袭击违反了国际法，呼吁世界各国向以色列施压，要求其停止对伊朗的侵略，呼吁联合国安理会谴 责以色列的袭击。 巴加埃表示，以色列的袭击扰乱了外交（谈判）进程，美国应该为此负责。在这种情况下讨论谈判是没有意义的。 巴加埃还表示，以色列对伊朗核设施的袭击是史无前例的，伊朗对以色列的回应符合国际法，伊朗仍然反对大规模杀伤性武器。 据《以色列时报》16日援引航空数据追踪网站消息称，自当地时间15日晚开始，"至少30架"美国空军加油机正穿越大西洋，报道称这是美国空军一次"规模空前"的 跨大西洋部署。 航空数据网站截图 据报道援引的飞行轨迹数据图，有26架KC-135和KC-46加油机从美国境内多地起飞向东穿越大西洋。报道称，这类加油机的主要功能是为参与远离本土基地实施空 袭的军用机进行加油，目前跨大西洋飞行的飞机数量仍在上升，数字约在30架以上 ...

Core Insights - The "Eight Articles" of the Sci-Tech Innovation Board have revitalized the capital market ecosystem, with significant growth in M&A activities and IPOs for unprofitable companies [1] - Since the release of the "Eight Articles," there have been 106 new M&A transactions on the Sci-Tech Innovation Board, with 60 completed and a total transaction value exceeding 140 billion yuan [1] - Institutional innovations are strengthening the connection between "hard tech" companies and the capital market, enhancing the flexibility of capital to promote technological advancements [1] Group 1: Company Responses to "Eight Articles" - Baili Tianheng's chairman highlighted that the "Eight Articles" have deepened reforms and increased support for high-quality development of unprofitable companies, allowing for successful IPOs even before profitability [1] - Jinghe Integrated's chairman noted that the "Eight Articles" have improved financing efficiency and innovation mechanisms, enabling the company to issue 2 billion yuan in technology innovation bonds [2] - Chip Origin's chairman mentioned that the "Eight Articles" support refinancing for R&D, allowing the company to accelerate its strategic layout in Chiplet technology [3] Group 2: Recommendations for Future Reforms - Tianyue Advanced's chairman expressed the need for more long-term capital to focus on outstanding Sci-Tech Innovation Board companies and suggested enhancing the inclusivity of capital operations for hard tech companies [7] - Du Jinhao from Ailis proposed increasing liquidity by attracting more long-term funds and promoting international connectivity for quality Sci-Tech enterprises [7] - The emphasis on improving corporate governance and enhancing profitability through cash dividends was also highlighted as a key area for development [4]

Group 1 - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has led to a revitalized capital market ecosystem one year after its release [1] - Regulatory authorities have revised rules to strengthen the full-chain supervision of listed companies on the Sci-Tech Innovation Board, enhancing the market environment [1][2] - The China Securities Regulatory Commission (CSRC) issued new regulations on information disclosure, balancing the protection of core business secrets and market transparency [1] Group 2 - Over 70 companies on the Sci-Tech Innovation Board have abolished their supervisory boards to enhance decision-making and oversight efficiency [2] - Nearly 60% of companies in the board have proposed practical measures to improve the performance of "key minority" stakeholders in their 2025 action plans [2] - More than 60 companies have revised their articles of association to lower the shareholder proposal threshold from 3% to 1%, protecting minority shareholders' rights [2] Group 3 - The Shanghai Stock Exchange (SSE) has conducted visits to nearly 60 listed companies, addressing over 70 issues based on feedback collected [2] - The SSE aims to continue deepening institutional reforms and strengthen communication with market participants to enhance the quality of listed companies [3] - The Sci-Tech Innovation Board is expected to play a greater role in supporting new productivity and new industrialization [3]

Core Viewpoint - The launch of the "Eight Measures for the Sci-Tech Innovation Board" marks a new phase in the reform of the capital market, focusing on enhancing the inclusiveness and adaptability of the market to technological innovation [1] Group 1: Financing Standards and Innovations - The "light asset, high R&D investment" standard has been established to facilitate financing for innovative companies, allowing them to raise funds more flexibly without being restricted by traditional financing limitations [2][3] - The first successful fundraising under this standard was achieved by Dize Pharmaceutical, which raised 1.796 billion yuan for core product development and establishing a self-research production base [2] - The introduction of this standard is seen as a significant step in alleviating the financing difficulties faced by innovative companies, enabling them to maintain their R&D momentum and competitive edge [4] Group 2: Impact on Specific Companies - Chiplet technology company Chipyuan is advancing its refinancing project under the new standard, which is expected to accelerate its strategic layout in the AIGC and intelligent driving systems [4] - China National Railway Group successfully issued the first central enterprise sci-tech bond, raising 4.5 billion yuan, which reflects strong market recognition of its technology in the rail transportation sector [5][6] - Crystal Integration has also benefited from the new financing measures, raising 2 billion yuan through a technology innovation bond to support its ongoing R&D efforts [7] Group 3: Broader Market Implications - The introduction of the "Eight Measures" and the supportive policies for sci-tech bonds are expected to create a more inclusive financing environment for technology enterprises, enhancing their ability to innovate and grow [8] - The collaboration between the capital market and technology sectors is anticipated to foster a positive cycle of development, where financing supports technological advancements and vice versa [8]

"科创板八条"发布一年来，资本市场生态正在焕发新气象。2024年以来，适应资本市场高质量发展的新 形势新要求,科创板全面修订监管规则，加强常态化上市公司走访调研，组织面向各类市场主体的专门 培训与新兴产业沙龙。在监管部门与市场主体的协同共进下，科创板上市公司规范运作水平提升，市场 活力与韧性增强，为培育新质生产力构建了积极、健康的市场生态。 优化全链条监管 筑牢高质量发展根基 科创板始终坚持稳为基调、严字当头，引导上市公司、中介机构等市场主体共同维护规范有序的市场生 态，保护中小投资者合法权益。 "科创板八条"中明确将"加强科创板上市公司全链条监管"作为一项重点改革任务，一年以来，科创板不 断优化完善制度建设与日常监管，护航科技企业行稳致远。 2025年4月，证监会发布《上市公司信息披露暂缓与豁免管理规定》，完善信息披露暂缓与豁免制度， 细化监管要求。规则兼顾保护科创企业核心商业秘密与市场知情权，进一步为科创板上市公司依法依规 豁免披露国家秘密、商业秘密等敏感信息提供政策依据。募集资金监管也迎来全面升级，明确科创板上 市公司募集资金应当投资于科技创新领域，促进新质生产力发展，并加强募集资金安全性和使用效率相 ...

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" have shown initial results in supporting technological innovation and enhancing the quality of production capacity since their release one year ago [1] Group 1: Company Responses to the "Eight Measures" - Ailis Chairman Du Jinhao emphasized the company's commitment to increasing R&D investment and international collaboration, highlighting the importance of long-term capital and international market connectivity for the growth of quality tech companies [2] - Baili Tianheng Chairman Zhu Yi noted that the measures have enhanced support for high-quality development of unprofitable companies, allowing them to focus on innovative drug development and international cooperation [3] - Jinghe Integration Chairman Cai Guozhi stated that the measures have improved financing efficiency and talent incentive mechanisms, with the company successfully issuing a 2 billion yuan technology innovation bond [3][4] Group 2: Financial Performance and Future Plans - Tianyue Advanced Chairman Zong Yanmin reported a net profit of 179 million yuan in 2024, marking a turnaround for the company, and called for more patient capital to support tech companies [5] - Chip Origin Chairman Dai Weimin highlighted the establishment of a "light asset, high R&D investment" standard, which has facilitated the company's refinancing efforts to accelerate its strategic layout in Chiplet technology [6] Group 3: Industry Development and Collaboration - The "Eight Measures" support mergers and acquisitions within the industry to enhance collaboration and competitiveness, with Chip Origin expressing readiness to pursue strategic investments and partnerships [6]

Core Viewpoint - The article emphasizes the importance of hard technology companies in supporting national strategies and achieving high-level technological self-reliance, particularly for quality unprofitable enterprises that can transform with quality capital empowerment [1][2]. Group 1: Policy Support and Market Dynamics - The China Securities Regulatory Commission (CSRC) released the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on June 19, 2024, which supports unprofitable enterprises with key core technologies and significant market potential to go public [1][2]. - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies in their IPOs, covering emerging industries such as innovative pharmaceuticals, chip design, and artificial intelligence, with a total revenue of 174.48 billion yuan in 2024, a 24% year-on-year increase [1][5]. - The implementation of new regulations allows for different lock-up ratios or periods for offline investors in unprofitable companies, shifting the investment logic from short-term profit to long-term value [4]. Group 2: Financial Performance and Growth - In 2024, the 54 unprofitable companies on the Sci-Tech Innovation Board achieved a total revenue exceeding 170 billion yuan, with a 24% year-on-year growth, while their net losses decreased by 36% [5][10]. - Notable companies like SMIC and Kingsoft Office reported revenue and net profit growth of 21.2% and 24.3% respectively in 2024, showcasing significant development since their IPOs [5][10]. - The total R&D investment of the 54 unprofitable companies reached 45.944 billion yuan in 2024, marking a 5.86% increase, with a median R&D investment-to-revenue ratio of 37.74%, significantly higher than the board's median of 12.64% [6]. Group 3: Case Studies of Successful Companies - Baile Tianheng, a notable unprofitable company, has seen its stock price rise from 24.7 yuan at IPO to 338 yuan, demonstrating successful growth and a robust pipeline of innovative drugs [6][7]. - Tianyue Advanced, another unprofitable company, utilized its IPO proceeds to enhance its production capacity in silicon carbide semiconductor materials, showcasing effective capital market utilization for technological advancement [7][8]. Group 4: Future Outlook and Investor Engagement - Companies are focusing on sustainable profitability and balancing technological investments to enhance market value and investor confidence [11]. - The number of Sci-Tech themed ETFs has doubled since the release of the "Eight Measures," indicating growing investor interest and potential in the sector [10].

Group 1 - As of May 2025, over 430 companies on the Sci-Tech Innovation Board have launched more than 760 equity incentive plans, covering over 70% of the sector [1][3] - Since the implementation of the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative in January 2023, over 80% of companies have disclosed relevant action plans [1] - In 2024 and 2025, the number of companies disclosing action plans is expected to reach 470 and 479 respectively, with full coverage among the Sci-Tech 50 and Sci-Tech 100 constituent stocks for two consecutive years [1] Group 2 - The number of disclosed industrial mergers and acquisitions on the Sci-Tech Innovation Board has exceeded 100, with disclosed transaction amounts surpassing 33 billion yuan [2] - Companies are increasing R&D investments, with the total R&D expenditure for 2024 reaching approximately 168.08 billion yuan, reflecting a compound annual growth rate of 10.7% over the past three years [2] - The median ratio of R&D investment to operating income is 12.6%, and by the end of 2024, over 120,000 invention patents had been accumulated, with more than 20,000 new invention patents added in 2024 alone [2] Group 3 - The "Eight Articles of the Sci-Tech Innovation Board" propose improvements to the equity incentive system, with many companies developing incentive plans [3] - By May 2025, over 430 companies have implemented more than 760 equity incentive plans, covering over 70% of the sector and involving more than 140,000 individuals, including directors, executives, and core technical personnel [3] - Companies are focusing on optimizing compensation structures and linking them closely to job value and performance contributions, with an emphasis on rewarding project milestones and technology transfer [3]

5月30日，上海市政府举行新闻发布会，邀请上海市委金融办、中国人民银行办公厅、上海金融监管 局、上海证监局等相关负责同志出席，介绍2025陆家嘴论坛有关情况，并答记者问。 新闻发布会信息量很大：中央金融管理部门将发布若干重大金融政策；中国人民银行行长潘功胜，中国 人民银行副行长、国家外汇管理局局长朱鹤新将出席论坛并作主题演讲；上海金融监管局、上海证监局 等相关负责人介绍了我国金融业高水平对外开放和高质量发展成果、提升上海国际竞争力影响力等相关 情况。 若干重大金融政策将发布 【导读】2025陆家嘴论坛将于6月举行，现场将发布若干重大金融政策 中国基金报记者李树超 上海市委金融办常务副主任周小全在发布会上表示，2025陆家嘴论坛期间，中央金融管理部门将发布若 干重大金融政策。 周小全介绍，2025陆家嘴论坛将于6月18日至19日在上海举办，主题为"全球经济变局中的金融开放合作 与高质量发展"。本届论坛由中国人民银行、国家金融监督管理总局、中国证监会和上海市人民政府共 同主办，由中国人民银行行长与上海市人民政府市长共同担任轮值主席。 周小全表示，未来将充分发挥陆家嘴论坛在中国金融改革开放中的风向标作用，继续向国内 ...

Core Viewpoint - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, focusing on "Financial Opening Cooperation and High-Quality Development in the Context of Global Economic Changes" [1] Group 1: Forum Details - The forum is co-hosted by the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the Shanghai Municipal Government [1] - Over 70 domestic and foreign guests will attend and speak at the forum, including leaders from various financial regulatory bodies and institutions from more than 10 countries and regions [2] - The forum will feature eight plenary sessions covering topics such as global financial cooperation, capital market development, and green finance policy [2] Group 2: Financial Policies and Initiatives - The People's Bank of China will announce several major financial policies during the forum [2] - Shanghai has become a leading area for financial opening in China, with 1,782 licensed financial institutions, of which about one-third are foreign [3] - The city aims to expand high-level financial opening, focusing on institutional opening and establishing more financial trading mechanisms aligned with international rules [3][4] Group 3: Financial Center Development - Shanghai plans to enhance its international financial center capabilities by building a resilient financial market system, diverse financial products, competitive financial institutions, and advanced financial infrastructure [4] - The People's Bank of China is accelerating policy support for the construction of the Shanghai International Financial Center, with several policies in progress [5][6] Group 4: Recent Achievements and Future Plans - The Shanghai Financial Regulatory Bureau has been exploring institutional opening in the financial sector while promoting the development of foreign institutions [7] - The "Science and Technology Innovation Board" policies have shown positive effects, with new IPO applications and increased market activity [8][9] - The China Securities Regulatory Commission plans to implement measures to enhance the competitiveness and influence of Shanghai as an international financial center [10]