据统计，六年来，科创板公司IPO募集资金9232亿元，再融资募集资金1831亿元，合计超万亿元，科创 板成为资本市场服务新质生产力发展的排头兵。 2019年6月13日，在第十一届陆家嘴论坛上，上海证券交易所科创板正式宣告开板。六年来，科创板以 制度创新激发市场活力，以市场活力反哺科技创新，成功探索出一条资本市场与科技产业深度融合的中 国路径。 截至2025年6月12日，科创板上市公司数量达到588家，总市值超过6.8万亿元。其中，受益于多元包容 的发行上市条件，科创板已有54家未盈利企业、8家特殊股权架构企业、7家红筹企业、20家第五套标准 上市企业，1家转板上市企业。 科创板公司均属于战略性新兴产业和高新技术产业，其中，新一代信息技术、生物医药、高端装备制造 等战略性新兴产业公司占比超八成。 具体来看，集成电路领域公司总数达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、 中游晶圆代工及下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上市公 司总数113家，重点介入癌症、乙肝、丙肝、艾滋病等治疗领域；127家高端装备制造业公司齐聚科创 板，涵盖工业母机、工业机器人、激光加 ...

以"新"谋篇 聚焦"硬科技"培育领军力量 六年来，科创板以"新"谋篇布局，始终锚定科技创新主航道，以资本之力孵化培育一批掌握核心技术 的"链主"企业。通过龙头引领、产业链协同的发展模式，推动集成电路、生物医药等战略性新兴产业聚 链成势。这一"以点连线、以线成面"的发展路径，让"硬科技"从企业技术标签升级为板块最鲜明的价值 底色。 据Wind资讯数据统计，截至目前，科创板共有上市公司588家，总市值近7万亿元，首发募资合计达 9232.31亿元，再融资募集规模达1893.62亿元，为科技创新提供了可接力、有效定价的多元资本支持。 专注于创新药研发的迪哲（江苏）医药股份有限公司（以下简称"迪哲医药"）对此深有感触，公司首席 财务官兼董事会秘书吕洪斌对《证券日报》记者介绍，公司2021年12月份在科创板上市，彼时仅有4条 处于临床试验阶段的管线且无产品收入。借助在科创板上市融资，公司目前已建立7条具备全球竞争力 的临床研发管线。 6月13日，科创板喜迎开板六周年。 六年前，科创板肩负着赋能创新驱动发展战略、深化资本市场改革的时代重任，以"试验田"的使命担当 扬帆起航，开启了探索科技与资本深度融合的新征程。 六年来， ...

Core Insights - The A-share market is showing steady progress with an increasing emphasis on "technology" attributes, while the Hong Kong market is experiencing a surge in large IPOs, leading to a record fundraising amount [1][4] A-share Market Summary - In the first half of the year, 50 companies launched IPOs in the A-share market, raising over 37.1 billion RMB, with both the number of IPOs and fundraising amounts increasing by 14% year-on-year [3] - The Shenzhen Stock Exchange's ChiNext and the Shanghai Stock Exchange's main board ranked first in terms of IPO numbers and fundraising amounts [3] - The average fundraising amount for A-share IPOs was 743 million RMB, with a notable entry of a Beijing Stock Exchange company into the top ten IPOs [3] - The China Securities Regulatory Commission's recent emphasis on supporting high-quality, unprofitable technology companies for listing indicates a significant release of institutional dividends for innovative enterprises [3] Hong Kong Market Summary - The Hong Kong capital market has seen a strong recovery in IPOs, with approximately 40 companies expected to launch, raising around 108.7 billion HKD, representing a 33% increase in the number of listings and a 711% increase in fundraising compared to the same period last year [5] - Major IPOs, such as those from companies like CATL, have significantly boosted the fundraising scale in Hong Kong [5] - Mainland companies dominate the Hong Kong IPO landscape, accounting for 95% of the number of IPOs and 96.7% of the total fundraising amount [5] - The current IPO boom in Hong Kong is driven by a combination of policy, market conditions, and supply from enterprises [6] Future Outlook - The report anticipates that the A-share IPO market will transition to a "new normal," characterized by a more rhythmic issuance of IPOs that aligns with market capacity, rather than a return to previous rapid expansion [8] - The focus for upcoming A-share IPOs is expected to be on technology-driven companies that meet listing criteria, particularly in sectors like artificial intelligence, robotics, semiconductors, new energy, and biomedicine [9] - The enthusiasm for A-share companies to list in Hong Kong, along with the trend of "A+H" dual listings, is likely to sustain the IPO heat in the Hong Kong market [9]

Core Viewpoint - Insta360, a Chinese competitor to GoPro, has recently gone public on the STAR Market with a market capitalization exceeding 70 billion yuan, highlighting the rise of innovative technology companies in China [2][3]. Company Overview - Founded by Liu Jingkang in 2015, Insta360 focuses on VR and panoramic cameras, establishing itself in Shenzhen to leverage a mature supply chain [2]. - The company launched its first product, the Nano panoramic camera, in 2016, which quickly became a bestseller due to its compatibility with Apple devices and social media integration [2]. Market Position - Insta360 has become a leader in the panoramic camera market, with 80% of global sales attributed to the company, indicating its dominant position [3]. - The company's revenue is projected to grow from 2 billion yuan in 2022 to 5.6 billion yuan in 2024, with nearly 80% of sales coming from overseas markets [3]. Product Popularity - Insta360's products, including the ONE X and X series, have gained popularity among content creators, cyclists, and winter sports enthusiasts, becoming essential tools for capturing immersive experiences [2][3].

宁波前湾新区，正在成为"独角兽"的集聚区。 公开资料显示，康龙化成是国际领先的"全流程、一体化、国际化、多疗法"生命科学研发服务企业，服 务全球超过3000家客户，包括全球前20大制药企业。记者注意到，去年9月，全国首款主治非小细胞肺 癌新药上市，受托研发的正是康龙化成。 用AI破局临床试验数智化，去年落地前湾的一临云（宁波）科技有限公司已成为行业内一匹超级"黑 马"。今年3月，该企业宣布完成新一轮数千万元融资，由知名生物医药投资机构宏沣投资独家领投。 "临床研究周期漫长、数据量大，智能化是大趋势。"一临云创始人覃龙博士介绍，凭借强大的AI能力积 累，企业实现技术在临床研究全链条的深度渗透——从试验设计、数据采集与分析到患者管理与流程优 化，显著提升效率并降低成本。 作为先进制造的代表，半导体行业向来是独角兽、瞪羚等企业集中的板块。前湾上榜企业中有6家来自 半导体行业。 由复旦大学宁波研究院大生态培育孵化的清纯半导体成立一年内便推出首款车规级量产碳化硅二极管及 MOSFET产品和首款国产电动车主驱用碳化硅MOSFET产品，两项产品均填补国内空白，累计融资超8 亿元；中电化合物是浙江引进的首个第三代半导体项目， ...

Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) serves not only as a financing platform but also as an "accelerator" for innovation, significantly enhancing the technological autonomy and innovation capabilities of high-end equipment manufacturing companies in China [1]. Group 1: Industry Overview - The high-end equipment manufacturing industry is crucial for national strength, supporting the development of new productive forces and a modern industrial system [1]. - The STAR Market has attracted over 100 high-end equipment manufacturing enterprises, covering advanced manufacturing sectors such as industrial robots and automation control systems, and supporting key industries like rail transit and aviation [1]. - Since the release of the "Eight Measures for Deepening STAR Market Reform," there have been 20 disclosed industrial acquisitions in the high-end equipment manufacturing sector, indicating a trend towards consolidation and growth [1][6]. Group 2: Company Developments - Kede CNC has maintained growth in revenue and has successfully transitioned from single-point technological breakthroughs to a system advantage in new productive forces, with over 1,300 applications in aerospace and aviation [2]. - Zhongkong Technology has evolved from a control system company to an industrial AI platform, enhancing its core technologies and establishing a complete AI ecosystem since its listing on the STAR Market [3]. - Nanfang Technology has led innovations in smart grid equipment and has been recognized for its contributions to the energy sector, including the establishment of a national manufacturing innovation center [4]. Group 3: Strategic Initiatives - The STAR Market has enabled companies to leverage capital market tools for strategic investments and mergers, enhancing their technological capabilities and market positions [6]. - Zhongkong Technology's acquisition of Hobré International's core assets exemplifies how companies are using the STAR Market to strengthen their technology chains and enhance their competitive edge in high-end process analysis instruments [6]. - Nearly 70% of high-end equipment manufacturing companies on the STAR Market are participating in initiatives aimed at improving quality and returns, reflecting a commitment to high-quality development [7].

与会机构代表表示，科创板ETF为投资者一键布局科创板提供了便利，在助力保险、银行等中长期资金 入市方面也发挥了重要作用。据悉，目前布局科创板ETF的基金公司达27家，较"科创板八条"发布前增 加了13家。 座谈会上，机构代表建议优化科创板ETF相关配套机制。对此，上交所相关负责人表示，正加快推动将 科创板ETF纳入基金通平台转让，研究优化做市商机制、盘后固定价格交易机制，积极引导更多社会资 金流向"新质生产力"等国家重点支持领域，满足广大投资者资产配置需求。 与会机构代表同时表示，要充分发挥投资端改革先锋作用，以实际行动积极投身科创板市场建设，共同 营造科创板投资良好生态。 上交所相关负责人表示，上交所将继续推动科创板改革走深走实，持续加强与市场各方的沟通交流，及 时回应市场关切，凝聚合力，推动指数化投资生态向更高质量、更具韧性的方向迈进，为资本市场的健 康稳定发展注入持久动力。 6月11日，上交所组织召开"科创板八条"一周年投资端座谈会，基金管理人以及保险、券商、银行、银 行理财子公司等机构代表参加。座谈会上，与会机构就科创板指数化投资、ETF高质量发展生态建设等 话题进行探讨。 在与会机构代表看来，当前境 ...

Core Insights - The Chinese government has issued new policies to support insurance funds in establishing private equity funds, particularly in strategic emerging industries and hard technology sectors [1][2][3] - Insurance institutions have actively participated in private equity investments, with a total contribution of 28.971 billion yuan from insurance funds as limited partners in the first five months of the year [1][6][7] - China Ping An Life Insurance led the contributions in May, investing 9 billion yuan, indicating a strong presence in the private equity market [6][7] Policy Support - The recent policy documents encourage long-term investments from insurance funds, particularly in Shenzhen, aiming to create a significant industrial fund cluster [2][3] - Various supportive measures are expected to enhance the collaboration between insurance funds and local governments, potentially leading to tax incentives and other local support [2][3] Investment Trends - Insurance funds are increasingly setting up private equity funds, with notable examples including China Pacific Insurance's 30 billion yuan fund focused on state-owned enterprise reform and strategic emerging industries [7] - The trend of insurance funds collaborating with local governments through joint investment funds is gaining traction, improving the efficiency of fiscal resource utilization [3][4] Market Environment - The market environment for private equity funds is improving, with more exit channels available, such as share transfers and active IPOs in the Hong Kong market [4][5] - The regulatory adjustments have allowed for a more flexible investment approach for insurance funds, increasing their risk appetite and enabling better market dynamics [3][4] Future Outlook - The scale of private equity funds managed by insurance institutions is expected to continue growing, driven by both policy support and the need for optimized asset allocation in a low-interest-rate environment [5][8] - The increasing focus on private equity investments is anticipated to play a significant role in supporting the real economy and promoting industrial upgrades [8]

Group 1 - The core viewpoint of the article highlights the successful IPO of Yingshi Innovation Technology Co., Ltd. on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as the second A-share listed company in Bao'an District this year, with an opening price of 182 yuan and a market capitalization of approximately 74.185 billion yuan [1][3] - Bao'an District has become the leader in new A-share listings in Shenzhen, with a total of 82 listed companies, ranking second in the number of domestic A-share enterprises [3][9] - The capital market serves as a barometer for economic activity and regional investment value, with Bao'an District actively promoting financial innovation and creating a nurturing environment for listed companies [3][9] Group 2 - Yingshi is recognized as a typical representative of hard technology enterprises, achieving a global market share of 67.2% in the panoramic camera market in 2023, expected to rise to 81.7% in 2024 [4][6] - The company emphasizes integrated hardware and software development, with a total R&D investment of 1.48 billion yuan over the past three years, accounting for 13.16% of its total revenue during the same period [6] - The IPO raised 1.938 billion yuan, ranking third in total fundraising on the Shanghai Stock Exchange since 2025, with funds allocated to the construction of a smart imaging equipment production base and an innovation R&D center in Shenzhen [6][10] Group 3 - Bao'an District has established a robust ecosystem for nurturing hard technology companies, with a systematic approach to cultivating enterprises from specialized small and medium-sized enterprises to listed companies [9][10] - The district has over 800 potential listed companies in reserve and has created a large pool of quality technology enterprises, enhancing the region's economic vitality [9][12] - Bao'an's strategy includes creating open scenarios for innovation and establishing a fund matrix to support hard technology enterprises, contributing to a favorable business environment [10][12]

引导资金流入"硬科技"领域。 在"科创板八条"发布一周年之际，6月11日，上交所组织召开投资端座谈会，基金管理人以及保险、券商、银 行、银行理财子公司等机构投资者代表参加。 此次座谈会为"长钱长投 ETF高质量发展生态建设"系列活动之一。座谈会上，与会机构就科创板指数化投资、 ETF高质量发展生态建设等话题进行探讨，建言献策科创板进一步深化改革以及沪市ETF市场高质量发展。 上交所相关负责人透露，正加快推动将科创板ETF纳入基金通平台转让，研究优化做市商机制、盘后固定价格 交易机制，引导更多社会资金流向"新质生产力"领域。 科创板指数化投资比例最高 座谈会上，与会机构代表聚焦科创板指数及产品研发、投资生态优化等话题进行讨论。在机构代表看来，当前 境内指数化投资趋势正加速形成，科创板ETF日益成为投资者参与科创板投资的重要渠道，持续吸引资金流 入"硬科技"企业。 80只科创板ETF已上市，总规模超过2500亿元。据悉，科创板已成为A股指数化投资比例最高的板块，指数化 产品占科创板整体自由流通市值比例达8.3%。 与会机构代表表示，科创板ETF为投资者一键布局科创板提供了便利，在助力保险、银行等中长期资金入市方 ...