深证成指早盘收报10490.50点，涨0.75%。 上证指数早盘收报3457.36点，涨0.07%。 创业板指早盘收报2152.54点，涨1.36%。 中证500早盘收报5904.95点，涨0.20%。 中证1000早盘收报6315.71点，涨0.10%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3457.36 | 2.56 | 0.07% | 3034亿 | 3.15% | | 399001 | 深证成指 | 10490.50 | 77.87 | 0.75% | 4885 Z | 0.73% | | 899050 | 北证50 | 1437.87 | -1.28 | -0.09% | 145亿 | 38.55% | | 881001 | 万得全A | 5324.13 | 16.36 | 0.31% | 8064亿 | 6.02% | | 000688 | 科创50 | 983.50 | 0.86 | 0.09% | 116亿 | -0.55% ...

CBT-001有望成为全球首款用于治疗翼状胬肉的药物。 拨康视云 自主研发的 CBT-001 、 CBT-004 两款候选药物有望分别成为 翼状胬肉（一种良性增 生性眼表疾病）及血管化睑裂斑 的全球首创药物。包括上述两种适应症在内，诸多的眼科疾病 缺乏 针对性和高可及性的药物治疗选择，在全球范围内是一个巨大但未被满足的市场。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 7 月 3 日， 拨康视云制药有限公司（下称 " 拨康视云 " ）正式以 "2592" 为股票代码在港交所主板挂牌上市。 此次上市，拨康视云 全球发售 6058.2 万股股份，香港公开 发行 占 20% ，国际发 行 占 80% 。 公开发行获 78.78 倍认购。 全球 发行 净 筹资 约 5.22 亿港元。 公司在本次发行中 引入 了 两名基石投资者，累计认购 2280 万美元（约 1.79 亿港元） 。 其中，知名天使投资人、企业家龚 虹嘉全资持有的富策控股认购 2000 万美元，瑞凯集团认购 280 万美元。 截至11:25，拨康视云报于每股7.27港元，市值超60亿港元。 拨康视 ...

Group 1 - The Hong Kong IPO market recorded its strongest performance in the first half of 2025 since 2021, with total fundraising increasing sevenfold compared to the same period in 2024, making it the top global IPO fundraising market [1] - The total number of IPO applications on the Hong Kong main board has reached over 200, a historical high, indicating a sustained strong momentum expected to continue into the second half of 2025 [1] - In the first half of 2025, the global IPO market raised $60.9 billion with 544 listings, a 5% increase in fundraising compared to the previous year, although the number of listings decreased by 6% [1] Group 2 - A-share market activities remained stable in the first half of 2025, with 61 listings and a total fundraising amount of 53.7 billion RMB, despite a 5% decrease in fundraising compared to 2024 [1] - The introduction of a new reform by Chinese regulatory authorities allows companies listed in Hong Kong to also list on the Shenzhen Stock Exchange, promoting the H+A listing model [2] - The Shanghai Stock Exchange announced the establishment of a growth tier on the Sci-Tech Innovation Board to support high-growth potential but unprofitable tech companies, marking an important milestone for the A-share IPO market [2]

Core Insights - The total margin balance of the STAR Market reached 158.58 billion yuan on July 2, 2025, marking an increase of 0.24 billion yuan from the previous trading day, continuing an upward trend for eight consecutive trading days [1] Summary by Category Margin Trading Overview - The financing balance amounted to 158.02 billion yuan, increasing by 0.25 billion yuan from the previous day [1] - The securities lending balance was 0.0563 billion yuan, decreasing by 1.85 million yuan from the previous day [1] Daily Margin Balance Changes - On July 1, 2025, the total margin balance was 158.34 billion yuan, with an increase of 0.64 billion yuan [1] - On June 30, 2025, the total margin balance was 157.70 billion yuan, reflecting an increase of 0.53 billion yuan [1] - The margin balance has shown consistent growth over the past eight trading days, indicating a positive trend in investor sentiment [1]

免责声明 本内容最终解释权归申万宏源证券有限公司所有。 近年来 申万宏源证券与上海银行 建立了良好的合作关系 ，本次 债券的 成功发行彰显了我司强大 的资本市场销售实力，各部门积极协调配合，助力发行人票面利率创历史新低，得到了发行人的高 度评价和充分认可，也是申万宏源深耕上海区域的又一丰硕成果，对于我司持续深耕长三角地区债 券市场、加强重点区域覆盖力度具有重要意义。展望未来，申万宏源证券 将继续充分发挥在金融市 场的专业优势，持续完善科创债券综合服务体系，积极探索债券市场 "科技板"各项实践，共同助 力构建科创金融新生态，为建设科技强国贡献更多的金融力量 。 近期， 由申万宏源证券 作为联席主承销商 的 "上海银行股份有限公司2025年第一期 科技创新债券"成功发行，本期债券发行规模 50 亿元，发行期限 3 年，票面利率 1.67 % 。本期债券的募集资金将投向《金融 "五篇大文章"总体统计制度（试行）》 中规定的科创领域 。 上海银行是国内 20家系统重要性银行之一，整体实力位居城商行前列 。 近年来，上海银行综合实 力不断增强、发展品质稳步提升。目前总资产已超 3万亿元，年营收超500亿元、盈利超200 ...

科创板开板6年来，已有20家创新型生物医药企业采用第五套上市标准上市，塑造了中国生物医药的创 新版图。 科创板设立起就从科创企业发展的实际出发，推出五套上市标准。其中，第五套上市标准面向未盈利但 具备高成长性的科技企业。 包容性助力医药企业创新发展 科创板开板以来，共有20家创新型生物医药企业采用第五套上市标准上市，另有百济神州、百利天恒、 诺诚健华等3家上市时未盈利的创新药企业采用红筹企业标准等登陆科创板。这一批创新药企业利用资 本市场募资等积极布局抗体药物、ADC（抗体偶联药物）、寡核苷酸药物等前沿技术，聚焦恶性肿 瘤、自身免疫性疾病、艾滋病、罕见病等重大疾病领域，不断提高创新药物的可及性和可负担性。 据统计，20家采用第五套标准的上市公司中，已有19家公司自研的45款药品（含疫苗）获批上市，20家 公司已全部实现核心产品的上市或上市申请获受理。2024年，20家公司合计实现营业收入142.10亿元， 同比增长44.17%，其中4家营收超10亿元、4家有望在今明两年突破营收10亿元。其中，艾力斯、神州 细胞等公司实现从上市前零收入到年度营收分别突破35亿元、25亿元。 2024年是迪哲医药产品上市后的第一 ...

6月18日，《关于深化科创板改革 服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八 条"）发布满一周年。一年来，"科创板八条"各项改革举措已基本落地，配套制度有序推出，典型案例 渐次落地，政策效应日益显现。 配套制度有序推出 一年来，监管与市场协同发力，推动"科创板八条"从纸面走向实践，8方面30余项改革举措有序推出， 涉及发行承销、再融资、并购重组等制度创新。 其中，发行承销方面，上交所即明确在科创板试点统一执行3%的最高报价剔除比例，进一步加大网下 报价约束。一位市场人士向记者表示，规则实施后，剔除了部分策略性报价的投资者，并对买方整体报 价心理产生影响，减少了网下投资者"搭便车"报高价冲动。 截至目前，已有15只科创板新股适用3%的最高报价剔除比例。从报价来看，整体审慎合理，极端高价 行为有所缓解。 典型案例渐次落地 在系列配套制度的推动下，"科创板八条"发布一年来，一批创新性、示范性案例落地。其中，科创板在 IPO方面，新增受理13家；再融资方面，新增受理22家；并购交易新发布110单。 以并购交易为例，一年来，科创板并购重组市场焕发出前所未有的生机与活力。 近日，中科曙光和海光信息双双发 ...

Core Points - The "1+6" policy measures for the Science and Technology Innovation Board (STAR Market) have been implemented to enhance the inclusiveness and adaptability of the system, aiming to better serve technological innovation and new productivity development [1][6] - The introduction of the "Science and Technology Growth Layer" will allow unprofitable technology companies to list under the fifth set of standards, with 32 existing unprofitable companies expected to be the first to enter this layer [2][5] Group 1: Policy Measures - The "Science and Technology Growth Layer" is designed to support technology companies with significant breakthroughs and large R&D investments, even if they are currently unprofitable [2][3] - Specific requirements for the new layer include enhanced information disclosure, risk warnings, and investor suitability management [2][3] - The reform includes six key measures, such as introducing a system for experienced professional institutional investors and a pre-review mechanism for IPOs [3][4] Group 2: Investor Protection - The reform emphasizes risk disclosure and investor protection, including a special identifier "U" for stocks of companies in the growth layer and requirements for regular disclosure of reasons for unprofitability [3][7] - Measures to enhance investor understanding and experience include maintaining existing thresholds for investment and conditions for removing the "U" identifier [3][6] Group 3: Market Stability and Quality - The reform aims to enhance the STAR Market's inclusiveness and adaptability while maintaining strict entry standards for listings, ensuring high-quality development [6][7] - The introduction of professional institutional investors is intended to improve the identification of quality technology companies, while the pre-review mechanism aims to protect sensitive information during the IPO process [4][5] - The regulatory framework will focus on preventing risks and ensuring compliance, with strict measures against fraudulent activities and financial misconduct [7]

Group 1 - The core idea of the news is the introduction of a system for seasoned professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and judgment of the technological attributes and commercial prospects of tech companies [1][2] - The introduction of seasoned professional institutional investors aims to address the valuation challenges faced by unprofitable tech companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality tech companies by leveraging the expertise and investment experience of seasoned professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing seasoned professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in the commercialization of advanced technologies [2][4] - The system will initially be limited to companies meeting the fifth set of listing standards, and the involvement of seasoned professional institutional investors will serve as a reference for the review process rather than a new listing condition [3][4] Group 3 - The introduction of seasoned professional institutional investors is expected to stabilize the stock market by encouraging long-term investments and reducing capital volatility [3][5] - The Hong Kong Stock Exchange has implemented a similar system, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including private equity and venture capital, has provided significant funding support for tech companies at various stages of development [5]

Market Overview - The Shanghai Composite Index opened at 3456.15 points, up 0.04% [1] - The Shenzhen Component Index opened at 10431.03 points, up 0.18% [1] - The ChiNext Index opened at 2130.74 points, up 0.33% [1] - The CSI 300 opened at 3949.40 points, up 0.14% [1] - The STAR 50 opened at 984.34 points, up 0.17% [1] - The CSI 500 opened at 5896.24 points, up 0.06% [1] - The CSI 1000 opened at 6306.75 points, down 0.04% [1] Index Performance - The Shanghai Composite Index recorded a trading volume of 4.2 billion with a year-to-date increase of 3.11% [2] - The Shenzhen Component Index had a trading volume of 6.8 billion with a year-to-date increase of 0.16% [2] - The North 50 Index had a trading volume of 180 million with a year-to-date increase of 38.88% [2] - The Wande All A Index had a trading volume of 11.2 billion with a year-to-date increase of 5.76% [2] - The STAR 50 Index had a trading volume of 910 million with a year-to-date decrease of 0.46% [2] - The ChiNext Index had a trading volume of 2.6 billion with a year-to-date decrease of 0.51% [2] - The CSI 300 had a trading volume of 1.5 billion with a year-to-date increase of 0.37% [2] - The CSI 500 had a trading volume of 9.51 billion with a year-to-date increase of 2.98% [2] - The CSI 800 had a trading volume of 2.4 billion with a year-to-date increase of 1.03% [2] - The CSI 1000 had a trading volume of 2 billion with a year-to-date increase of 5.86% [2] - The CSI 2000 had a trading volume of 3.6 billion with a year-to-date increase of 14.46% [2] - The Wande Micro Index had a trading volume of 5.01 billion with a year-to-date increase of 37.54% [2]