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]

Market Performance - The Shanghai Composite Index opened on July 3, 2023, with an increase of 1.36 points, representing a growth of 0.04%, closing at 3456.15 points [1] - The Shenzhen Component Index opened on July 3, 2023, with an increase of 18.4 points, representing a growth of 0.18%, closing at 10431.03 points [1] - The CSI 300 Index opened on July 3, 2023, with an increase of 5.71 points, representing a growth of 0.14%, closing at 3949.4 points [1] - The ChiNext Index opened on July 3, 2023, with an increase of 7.02 points, representing a growth of 0.33%, closing at 2130.74 points [1] - The STAR 50 Index opened on July 3, 2023, with an increase of 1.7 points, representing a growth of 0.17%, closing at 984.34 points [1]

Group 1 - The core viewpoint of the articles emphasizes the rapid expansion of the sci-tech bond market, which provides a new investment direction for investors seeking stability while not missing out on the benefits of technological innovation [1][2][3] - The China Securities Regulatory Commission (CSRC) is reinforcing the advantages of stock-bond linkage to support technological innovation and is actively promoting the development of sci-tech bonds and the launch of sci-tech bond ETFs [1][2] - The first batch of sci-tech bond ETFs, including the 富国中证AAA科技创新公司债ETF, is set to be issued on July 7, 2023, targeting the sci-tech bond assets with advantages such as lower risk, stable returns, good liquidity, and low investment thresholds [1][4] Group 2 - Sci-tech bonds are defined as bonds issued by technology innovation enterprises or those that primarily raise funds for supporting technological innovation, serving as an important tool for financing and promoting the development of the real economy [2][3] - Since the pilot launch in 2021, the sci-tech bond market has received significant attention from the government, with continuous supportive policies being introduced to enhance the issuance and trading mechanisms [2][3] - As of June 20, 2023, a total of 236 enterprises have issued 324 sci-tech bonds, with a total issuance volume of 532.79 billion yuan, predominantly from central state-owned enterprises and commercial banks [3] Group 3 - The 中证AAA科创债指数, which the 富国科创债ETF tracks, includes bonds rated AAA and AA+ or above, reflecting the investment trends of high-quality sci-tech bonds [4][5] - The index has shown a return of 14.02% since its base date of June 30, 2022, outperforming the long-term pure bond fund index, which returned 9.92% during the same period [5] - 富国基金 has extensive experience in managing bond ETFs, with its政金债券ETF ranking first in the market with a scale of 52.204 billion yuan as of July 1, 2023, demonstrating strong liquidity management capabilities [6] Group 4 - The launch of the sci-tech bond ETF is expected to broaden financing channels for sci-tech enterprises, attract diverse funding for key technology research, and enhance financing efficiency [7] - The introduction of the sci-tech bond ETF enriches the investment tools available in the bond market, allowing for real-time trading and improving liquidity, thereby enhancing the bond market's ability to serve the real economy [7] - The emergence of the first batch of sci-tech bond ETFs signifies a significant innovation in the financial sector and highlights the capital market's role in empowering the real economy and supporting national technological innovation [7]

【市场数据】 截至7月2日收盘，上证综指跌0.09%，报3454.79点；科创50指数跌1.22%，报982.64点；深证成指跌 0.61%，报10412.63点；创业板指跌1.13%，报2123.72点。 美东时间周三，美股三大股指收盘涨跌不一，道指跌0.02%，标普500指数涨0.47%，纳指涨0.94%。美 国6月份私营部门就业人数意外下降，引发了投资者对美国经济状况的担忧。 国际油价2日上涨。截至当天收盘，纽约商品交易所8月交货的轻质原油期货价格上涨2.00美元，收于每 桶67.45美元，涨幅为3.06%；9月交货的伦敦布伦特原油期货价格上涨2.00美元，收于每桶69.11美元， 涨幅为2.98%。 【财经要闻】 1、据新华社，2025年7月1日，习近平主席特使、财政部部长蓝佛安在西班牙塞维利亚出席联合国第四 次发展筹资国际会议，并在全会一般性辩论环节发言。蓝佛安表示，面对发展筹资巨大缺口，国际社会 应携手行动，共解发展难题。中方呼吁发达国家足额履行官方发展援助承诺和气候资金义务，将南南合 作作为南北合作的重要补充，并广泛动员各类发展资源，拓宽协同有序的发展筹资渠道；提高发展中国 家在国际金融架构中的 ...

鹏华"科创中国·灯塔基金"系列 料创债ETF鹏华 #551033 #551030 *** 张羊城、王中兴 7月7日 正式发行 什么是酒创债? 债市"科技板"启航,科创债投资正当时 & 鹏华基金 01 我国科创债起步于2016年双创债试点，2022年起科创公 司债、科创票据加速扩容，已经形成万亿级别市场。 2025年政策进一步发力,3月6日央行首提债券市场"科 技板"概念,4月25日政治局会议再提债市"科技板"。 5月7日,债市"科技板"正式推出,我国科创债市场进 入新的发展阶段。监管部门不断出台优化支持举措,提 高发行效率,为科技创新企业通过债市融资提供便利。 ■早■ 债劳拾数与家 "债"攀科创高地 服务科技创新 鹏华科创债ETF:"债"写科技,金融强国 鹏华上证AAA科技创新公司债 交易型开放式指数证券投资基金 此外,在加快发展新质生产力的背景下,我国科创企业 的融资需求也更加旺盛,科创债精准支持产业升级,备 受市场欢迎。带动了我国科创债市场的快速扩容。在科 创债市场扩容的背景下,鹏华基金相应国家政策,积极 开发科创债ETF产品,服务实体经济。 科创债ETF契合国家科技创新战 略,引导资金流向前沿科技领 域 ...

Core Viewpoint - The Tiankai Innovation Demonstration Industrial Park in Nankai District, Tianjin, is rapidly being constructed, featuring a modular design that allows production units to be freely combined based on enterprise needs, representing a significant exploration of maximizing space efficiency in urban industrial development [1]. Group 1 - The Tiankai Innovation Demonstration Industrial Park covers an area of 200,000 square meters and is the largest "industrial building" project in Tianjin's central urban area [1]. - Nankai District has constructed 16 science and technology innovation projects, releasing 944,000 square meters of space and driving fixed asset investment of 8.36 billion yuan [1]. - The district aims to create a "class Haidian" innovation and entrepreneurship ecosystem by benchmarking against Zhongguancun, focusing on expanding university space resources and revitalizing research institute resources [1]. Group 2 - Nankai District has identified 58 plots of idle land resources totaling 1.347 million square meters and established an information platform for precise policy implementation [2]. - The district emphasizes the need to "expand" industrial land while "protecting" industrial land, implementing tailored strategies for each case and enhancing targeted investment attraction [2].

2025-07-02 焦点关注 上半年债市报告出炉：2家主体首次违约 7月2日，大公国际发布2025年1-6月债券市场分析报告。 上半年，信用债发行数量、发行规模分别为11,077只、10.16万亿元，分别同比增长6.75%、4.39%；石 油石化、机械设备、电子、公用事业、商贸零售、汽车等行业发债规模增长明显。 违约与评级调整方面，1-6月共有2家企业主体首次违约，3家企业主体首次展期。1-6月，级别上调方 面，36家企业主体级别被国内评级机构上调，城投企业近半数，20家企业主体级别被国际评级机构上 调；展望上调方面，2家企业评级展望被国内评级机构上调，63家企业评级展望被国际评级机构上调。 4只超长期特别国债提前发行 第 407 期 7月1日，财政部公开了2025年第三季度国债发行有关安排，三季度将共计发行11只超长期特别国债。对 比今年4月份财政部披露的发债计划发现，有4只超长期特别国债发行时间有所提前。 具体来看，原本定于7月24日招标的20年期超长期特别国债，此次提前至7月14日发行，较原计划提前了 10天。原本定于9月24日招标的50年期超长期特别国债，此次提前至9月10日，较原计划提前了14天。 ...

Market Overview - The Sci-Tech Innovation Board (STAR Market) index fell by 1.22%, closing at 982.64 points, with a total trading volume of 2.847 billion shares and a turnover of 93.68 billion yuan, resulting in a weighted average turnover rate of 1.60% [1] - Among the tradable stocks on the STAR Market, 105 stocks closed higher, with 3 stocks rising over 10% and 5 stocks rising between 5% and 10%. Conversely, 476 stocks closed lower [1] Trading Activity - The turnover rate distribution shows that 2 stocks had a turnover rate exceeding 20%, 7 stocks had a turnover rate between 10% and 20%, 51 stocks had a turnover rate between 5% and 10%, 84 stocks had a turnover rate between 3% and 5%, 305 stocks had a turnover rate between 1% and 3%, and 139 stocks had a turnover rate below 1% [1] - The stock with the highest turnover rate was Shengke Nano, which closed down 7.26% with a turnover rate of 27.87% and a transaction amount of 245 million yuan. The second highest was Kaiweite, which closed down 9.11% with a turnover rate of 23.34% and a transaction amount of 327 million yuan [1] Sector Performance - In terms of industry, the electronics and pharmaceutical sectors had the most stocks with a turnover rate exceeding 5%, each with 13 stocks [2] - Among high turnover stocks, 18 stocks experienced net inflows of main funds, with the highest net inflows seen in Daqian Energy (129 million yuan), Kexing Pharmaceutical (84.31 million yuan), and Rongbai Technology (82.93 million yuan) [2] Leverage Fund Movements - A total of 43 stocks received net purchases from leveraged funds, with notable increases in financing balances for Tailin Micro (200 million yuan), Ruikeda (8.35 million yuan), and Shengnuo Biological (7.50 million yuan). Conversely, significant decreases were observed in Rongchang Biological, Juhua Materials, and Guangda Special Materials [2] Notable Stocks - The following stocks had significant trading activity: - Shengke Nano: Latest closing price 26.56 yuan, daily change -7.26%, turnover rate 27.87%, net outflow -33.20 million yuan [3] - Kaiweite: Latest closing price 36.00 yuan, daily change -9.11%, turnover rate 23.34%, net outflow -19.64 million yuan [3] - Daqian Energy: Latest closing price 23.75 yuan, daily change +15.68%, turnover rate 7.23%, net inflow 129.11 million yuan [4]