证券研究报告·行业点评报告·非银金融 ◼ 风险提示：宏观经济不及预期；政策趋紧抑制行业创新；市场竞争加剧。 2025 年 06 月 18 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 非银金融行业点评报告 金融开放与资本市场改革迈出新一步，推动 金融更好服务实体经济 增持（维持） [投资要点 Table_Summary] 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/18 2024/10/17 2025/2/15 2025/6/16 非银金融 沪深300 相关研究 《广发中证港股通非银 ETF （513750.SH）：低估值筑基，高业绩 领航，稳健收益与优质配置并进 》 2025-06-17 《金融新基建的崛起，香港监管框架 下的机遇与挑战》 2025-06-16 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声 ...

一波利好政策来袭。6月18日，2025陆家嘴论坛在上海开幕，中国证监会主席吴清发表主旨演讲，并公布了中国证监会对于后续推动科技创新和产业创新融 合发展、强化股债联动服务科技创新相关举措。同日，中国证监会也火速响应，不仅发布了《关于在科创板设置科创成长层 增强制度包容性适应性的意 见》，还批复全国首批2只数据中心REITs注册，同时宣布2025年10月9日起允许QFII参与场内ETF期权交易。 "1+6"政策措施出台 6月18日，吴清在2025陆家嘴论坛重磅发声，公布了中国证监会对于后续推动科技创新和产业创新融合发展的相关举措。 吴清在论坛上表示，中国证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手，以发展多元股权融资为重点，着力打造更具吸引 力、竞争力的市场体系和产品服务矩阵，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 吴清指出，更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施。"1"即在科创板设置科创成长层，并且重启未盈利企业适用科创板第 五套标准上市，更加精准服务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a series of reforms aimed at enhancing the inclusivity and adaptability of the STAR Market, including the establishment of a "Growth Layer" for unprofitable technology companies, which will facilitate their access to capital markets [1][2][5]. Group 1: Establishment of the Growth Layer - The Growth Layer will specifically serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments but are currently unprofitable [2][3]. - All existing and newly registered unprofitable technology companies will be included in the Growth Layer, with their stock symbols marked with a "U" for identification [2][3]. - The exit criteria for the Growth Layer will be clearly defined to avoid impacting existing listed companies, ensuring a smooth transition for companies that meet profitability thresholds [2][3]. Group 2: Reopening of the Fifth Listing Standard - The reopening of the fifth listing standard for unprofitable companies is a key aspect of the reforms, allowing more technology firms to access the STAR Market [5][6]. - The new policy aims to attract high-quality technology companies that are currently unprofitable but have significant technological advancements and market potential [6][7]. - The introduction of seasoned professional institutional investors is intended to enhance the investment structure and provide better assessments of companies' technological attributes and commercial prospects [6][7]. Group 3: IPO Pre-Review Mechanism - A pilot IPO pre-review mechanism will be introduced to allow eligible companies to have their application documents reviewed before formal submission, enhancing information security and reducing exposure during the listing process [8][9]. - This mechanism aims to streamline the IPO process for technology companies engaged in critical core technology development [8][9]. Group 4: Overall Market Ecosystem Enhancement - The reforms are part of a broader strategy to create a more attractive and competitive market ecosystem that supports comprehensive innovation [10][11]. - The CSRC emphasizes the importance of integrating various capital market segments to provide diversified financing support for technology companies throughout their lifecycle [4][11]. - The focus on enhancing the role of capital markets in supporting technological innovation is expected to attract more quality investments into the sector [11][12].

文/梧桐小编 6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，对科创板上市制度做了重大改革。上交所发布《关于就进一步深化科 创板改革配套业务规则公开征求意见的通知》及《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层（征求意见稿）》等4个附件。科创板主要 改革措施如下： 一、设置科创板科创成长层，明确企业入层和调出条件 （一）科创成长层的定位。科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 （二）企业入层和调出条件。未盈利科技型企业全部纳入科创成长层，调出条件实施新老划断。其中，新注册的未盈利科技型企业符合下列条件之一的，调出科 创成长层：（1）最近两年净利润均为正且累计净利润不低于5000万元；或（2）最近一年净利润为正且营业收入不低于1亿元。存量未盈利科技型企业符合现行取 消特殊标识条件的，调出科创成长层。 二、增强优质科技型企业的制度包容性适应性 （一）对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。 （二）面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效 ...

Group 1 - The report highlights the launch of a series of strategic and practical policy measures by key financial department leaders during the Lujiazui Forum on June 18, 2025, aimed at constructing a new financial system characterized by technology empowerment, institutional openness, structural optimization, and risk control [2][8] - The forum's theme, "Financial Opening and Cooperation in the Global Economic Change and High-Quality Development," reflects a critical moment in the global economic landscape and technological revolution [2][8] - The new financial system is positioned to lead transformation in China's financial landscape, emphasizing the importance of digital infrastructure and regulatory frameworks [9][10] Group 2 - The report outlines eight key policies announced by the People's Bank of China, focusing on enhancing digital financial infrastructure and governance, including the establishment of a trading report database and the internationalization of the digital renminbi [9] - The financial regulatory authority emphasizes a "dual-directional" financial ecosystem, advocating for rule alignment with international standards and expanding foreign investment participation in various financial sectors [10][12] - The report discusses the capital market's role in supporting technological innovation, highlighting reforms such as the expansion of the Sci-Tech Innovation Board and the introduction of new listing standards for innovative companies [13] Group 3 - The report emphasizes the resilience of the foreign exchange market, supported by a stable economic environment and active cross-border investments, which are crucial for ongoing reforms and openness [14] - It notes the collaborative nature of the new financial system, integrating technology, openness, reform, and stability as core components [15][17] - The report concludes that the policies released during the Lujiazui Forum signal a strong commitment to building a new financial system that prioritizes technology, institutional openness, and support for the real economy, particularly in technological innovation [18]

中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工作会议和《国务院关于加强监 管防范风险推动资本市场高质量发展的若干意见》部署要求，深化资本市场投融资综合改革，增强科创板制度 包容性、适应性，更好服务科技创新和新质生产力发展，中国证监会制定了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意见》）。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，重启未盈利企业适用科 创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持优质科技型企业发展的堵点 难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科创成长层，在科创成长层的定位、企业入 层和调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。另一方面，围绕增强 优质科技型企业的制度包容性适应性，推出6项改革举措，主要包括：一是对于适用科创板第五套上市标准的 企业，试点引入资深专业机构投资者制度。二是面向优质科技型企业试点IPO预先审阅机制，进一步提升证券 交易所预 ...

Key Points - The 2025 Lujiazui Forum highlighted significant financial reforms and initiatives aimed at enhancing China's capital market and international financial center status [1][2][3] - The People's Bank of China announced eight major financial opening measures, including the establishment of a trading report database and a digital RMB international operation center [1][2] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the capital market, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1][3] - The Financial Supervision Administration is collaborating with the Shanghai government to release an action plan to support the construction of Shanghai as an international financial center, promoting innovation in technology finance and cross-border finance [2][3] - The CSRC has announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, limited to hedging purposes [2][3] - The Shanghai Futures Exchange is expanding the range of commodities available for qualified foreign institutional investors, adding natural rubber, lead, and tin futures and options [5] - The joint action plan between Shanghai and Hong Kong aims to enhance cross-border financial services and facilitate the establishment of non-resident accounts [4][5]

Financial System and Global Governance - The international monetary system is evolving towards a structure with a few dominant sovereign currencies competing and balancing each other[11] - The global cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity[11] - New structural monetary policy tools are being innovated, including pilot programs for blockchain credit letters and cross-border trade financing[12] Financial Opening and Opportunities - China's financial high-level opening has vast prospects, focusing on expanding consumer demand and financial services[3] - Strong momentum in green finance, with foreign institutions introducing ESG rating systems and climate risk management tools[3] - Significant potential in pension finance, with plans to expand pension wealth management and insurance products[3] Capital Market and Innovation - The capital market is being enhanced to better support technology and industrial innovation, with new policies to facilitate the listing of unprofitable tech companies[6] - The introduction of a "1+6" policy framework aims to deepen reforms in the capital market, including the establishment of a growth tier on the Sci-Tech Innovation Board[23] - Emphasis on nurturing long-term capital and improving the service system for technology enterprises throughout their lifecycle[23] Foreign Exchange Management - A comprehensive foreign exchange management system is being established to enhance convenience, openness, safety, and intelligence[28] - Ten facilitation policies will be implemented in free trade pilot zones, including optimizing international trade settlement and expanding the Qualified Foreign Limited Partner (QFLP) pilot[28] - The RMB exchange rate is expected to remain stable, with a focus on managing risks associated with the weakening of the US dollar's dominance[28]

21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道 "将进一步全面深化资本市场改革开放，推动科技 创新和产业创新融合发展迈上新台阶。"中国证监会主席吴清在6月18日召开的2025陆家嘴论坛上表示。 在本次论坛上，吴清宣布多项重磅措施，包括重启未盈利企业适用科创板第五套标准上市及6项科创板 改革措施，在创业板正式启用第三套标准，统筹推进投融资综合改革和投资者权益保护等。 吴清提到，当前，新一轮科技革命和产业变革加速演进。从我国看，科技创新正在从点状突破向系统集 成加快推进，诸多领域都迎来激动人心的"DeepSeek时刻"。 "科技创新、产业创新和资本市场发展相辅相成、相互成就。"吴清表示，一方面，资本市场具有独特的 风险共担、利益共享的激励相容机制。另一方面，资本市场通过对关键要素和资产定价，可以激发企业 家精神和人才创新创造活力，更好服务传统产业升级、新兴产业壮大和未来产业培育。而资本市场在有 力服务科技创新和产业转型升级过程中，也反过来促进了自身结构、效率和投资价值的不断改善。 将推出进一步深化科创板改革的"1+6"政策措施 科技创新的不断推进对加快构建与之相适配的金融服务体系提出了更高要求。 吴清表 ...

证监会再推资本市场改革新政，多举措支持未盈利企业上市 设置科创成长层、试点IPO预先审阅机制、扩大第五套标准适用范围、在创业板正式启用第三套标准、 大力发展科创债等，资本市场迎来一揽子支持科技创新的举措。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，推动科技创新和产业创新融合发展，需要更 好发挥资本市场枢纽功能，证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓 手，着力打造更具吸引力、竞争力的市场体系和产品服务矩阵。 吴清表示，新一轮科技革命和产业变革加速演进，对加快构建与之相适配的金融服务体系提出了新的更 高要求。目前还存在不少短板弱项，主要体现在"三个不完善"，一是适应创新规律的资本形成机制不完 善。二是满足科技企业全生命周期金融需求的产品服务体系不完善。三是对创新的激励约束机制不完 善。 同时，证监会也将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 强化股债联动、壮大耐心资本 推出科创板改革"1+6"政策措施 近年来，我国资本市场发生深刻结构性变化，有力促进了科技、资本、产业良性循环。同时，资本市场 在有力服务科技创新和产业转型升级过程中，也反过来促进了自身结 ...