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 ...

21世纪经济报道记者崔文静 北京报道 IPO受理悄然提速，一场无声的上市卡位赛已拉开帷幕。 此外，纵观2025年内IPO市场变动情况，三大趋势值得关注。一是，新获受理企业业绩远超上市基准 线。二是，伴随既有不达标企业逐步出清，撤否企业数量明显下降。三是，上市节奏更为平稳。 IPO受理提速 6月10日，新恒泰IPO申请获北交所受理，成为A股2025年初以来第32个、5月以来第20个新获受理的IPO 项目。 数据显示，5月9日—6月10日，A股共有20个IPO项目获受理。而1月—4月，新受理的IPO项目仅有12 个。分板块来看，提速最快的是北交所。5月9日—6月10日，北交所新受理的IPO项目为12个，占到当 月A股IPO受理项目数的60%。 北交所IPO受理"狂飙"背后，暗藏什么玄机？ 多位资深保代向21世纪经济报道记者分析称，因为北交所被越来越多企业视为上市的最佳通道。目前， 主板强调大市值与大龙头，科创板、创业板强调硬科技与强创新，大量与此关联度不高的企业，要想实 现A股上市，均转向选择北交所。 因此，很多优质企业涌向北交所。为了推动高质量企业扩容，北交所也向优秀的企业敞开受理大门。 由于企业申请IPO需要 ...

Core Viewpoint - The recent policy allowing companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange is expected to significantly benefit technology firms and enhance the financial ecosystem in the region [1][2][3]. Group 1: Policy Implications - The policy aims to support the integration of technology and finance in Shenzhen, enhancing the financing flexibility and valuation potential for Greater Bay Area enterprises [2][3]. - It is anticipated that the dual listing mechanism will improve liquidity and broaden financing channels for companies, particularly benefiting those in the technology sector [6][7]. Group 2: Market Statistics - As of June 11, 2023, there are 1,954 companies listed on the Hong Kong Stock Exchange from the Greater Bay Area, with a total market capitalization of approximately 377,599 billion HKD [5]. - Tencent Holdings is the largest company by market capitalization, valued at around 47,606 billion HKD, accounting for about 13% of the total market cap of these companies [5]. Group 3: Economic Context - The Greater Bay Area, covering 5.6 million square kilometers, has a population exceeding 86 million and has seen its economic output grow from 10.8 trillion CNY in 2018 to over 14 trillion CNY in 2023 [4]. - This region contributes to about one-ninth of China's total economic output, highlighting its strategic importance in the national development framework [4]. Group 4: Future Outlook - The policy is expected to attract more hard technology companies, such as those in AI, new energy, and semiconductors, to return to Shenzhen, thereby enhancing the local industrial chain [3][8]. - The dual listing will likely lead to increased IPOs and cross-border mergers and acquisitions, boosting the activity of financial institutions in Shenzhen [3][6].

上交所于今日组织召开"科创板八条"一周年投资端座谈会。此次座谈会汇聚包括基金管理人、保险、券 商、银行、银行理财子公司等机构投资者代表。会议指出，科创板ETF已成为助力投资端改革、引导资 金流入"硬科技"企业的重要工具，"科创板八条"相关举措陆续落地实施，投融资相协调的资本市场功能 稳步发挥。上交所相关负责人在座谈会上表示，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。 与会代表表示，将共同营造科创板投资良好生态，推动中长期资金入市。(智通财经) ...

Core Viewpoint - The introduction of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "K8 Measures") has provided clearer directions for the behavior of listed companies and IPO reviews, emphasizing the support for hard technology enterprises that align with national strategic needs [1] Group 1: R&D Investment - R&D investment in the Sci-Tech Innovation Board reached a total of 168.08 billion yuan in 2024, with a compound annual growth rate of 10.7% over the past three years [2][3] - The median ratio of R&D investment to operating income is 12.6%, leading all A-share sectors [3] - By the end of 2024, over 120,000 invention patents had been accumulated, with more than 20,000 new patents added in 2024 alone [3] Group 2: Mergers and Acquisitions - Since the release of the K8 Measures, over 100 new industry mergers and acquisitions have been disclosed on the Sci-Tech Innovation Board, with a total transaction value exceeding 33 billion yuan [5][6] - Notable transactions include Haiguang Information's planned merger with Zhongke Shuguang, expected to exceed 100 billion yuan, aiming for comprehensive integration in key fields [6] - Companies are increasingly enthusiastic about mergers and acquisitions, with many planning to accelerate the implementation of industry mergers to enhance their competitive edge [6][7] Group 3: Equity Incentives - Over 430 companies on the Sci-Tech Innovation Board have launched more than 760 equity incentive plans, covering over 70% of the board and involving more than 140,000 individuals [8] - The K8 Measures encourage the improvement of equity incentive systems to better align the interests of listed companies with those of investors [8][9] - Companies are setting performance assessment targets for equity incentives that reflect binding interests with small and medium investors [8] Group 4: Shareholder Returns - More than 60% of Sci-Tech Innovation Board companies have proposed cash dividend plans for 2024, with a total dividend amount exceeding 38.6 billion yuan [11] - 320 companies have announced share repurchase and increase plans in 2024, with a total upper limit exceeding 35 billion yuan [11] - Companies are actively engaging with investors through various initiatives, including performance briefings and open days [12]

Core Insights - The private equity and venture capital industry in Shenzhen plays a crucial role in promoting technological innovation, driving industrial upgrades, and fostering new economic growth points [1] - The industry has shown significant progress in fundraising, investment, and exit strategies, reflecting a positive development trend [4][20] Fundraising - By the end of 2024, there were 17,110 institutional investors in Shenzhen's private equity and venture capital funds, with a total contribution of 835.86 billion yuan, representing year-on-year growth of 0.76% and 0.41% respectively [6] - The number of long-term capital investors, including government funds, pension funds, and insurance funds, increased by 16.74% year-on-year, with a total contribution of 238.11 billion yuan [6] - The number of guiding funds increased significantly, with 624 investors contributing 90.95 billion yuan, marking a year-on-year growth of 24.32% and 14.11% respectively [6] Investment - As of the end of 2024, the private equity and venture capital funds invested in 9,462 seed and startup projects, a year-on-year increase of 4.28%, accounting for 46.36% of total investments [11] - Investment in small and medium-sized enterprises reached 13,732 projects, with a year-on-year growth of 3.87%, while investments in initial technology enterprises grew significantly, with 5,678 projects and a total investment of 98.758 billion yuan [11] - The focus on "hard technology" has led to investments in 10,899 high-tech projects, a year-on-year increase of 5.71%, with significant growth in aerospace, semiconductors, and biotechnology sectors [12] Exit Strategies - In 2024, the number of exit projects reached 1,954, a record high with a year-on-year growth of 96.42%, and the actual exit amount was 58.831 billion yuan, up 70.28% [16] - The primary exit channels were through agreement transfers and company buybacks, with 1,369 projects completed, yielding an exit amount of 33.836 billion yuan [16] - Public market exits also saw strong growth, with 331 projects and an exit amount of 22.241 billion yuan, marking increases of 89.14% and 104.50% respectively [16] Market Trends - The concentration of resources is accelerating towards large institutions, with the top 10% of institutions managing approximately 74% of the total private equity and venture capital fund size [7] - The industry is gradually maturing, with a focus on optimizing the funding structure and enhancing the confidence in Shenzhen's venture capital ecosystem [7][20] - The private equity and venture capital industry is expected to play a larger role in nurturing new productive forces and driving technological innovation and industrial upgrades in the future [20]

启明创投坚信硬科技才是真正能带来产业变革的方向，同时也对年轻创业者充满信任。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 影石创新科技股份有限公司（以下简称 "影石创新"）于 2025年 6月 11日 正 式以 "688775" 为股票代码 在科创板挂牌上市 。 成立于 2015年的影石创新 致力于成为 "世界一流的智能影像公司" ，正通过 「 Insta360影石」 品牌、 以全景影像技术革新全球市场 。 启明创投陪伴 影石创新走过 10年 见证 刘靖康 一路的 自我提升与飞跃 叶冠泰回忆称， 彼时 启明创投决定投资影石创新时，主要关注了两大维度 —— 一方面是刘靖康 （注： 影石创新创始人兼董事长 ） 本人卓越的原创产品思维和技术能力，另一方面则是 启明创投 坚信 360度智能摄像领域具备巨大的市场潜力。 " 当时刘靖康虽然只有 24岁，仍在南京大学就读本科，但他已有过创业经历，并在校园里小有名 气。他第一次与我们见面时，带来了一个用3D打印和GoPro拼接而成的简单模型以及他自主开发的 拼接软件。虽然视频效果还较为原始，但已充分展示出 ...

Group 1 - The core concept of the article is the emergence of a "knowledge society," where knowledge becomes the most important element in both individual and organizational life [1] - Knowledge production is identified as the primary form of value creation in this society, leading to a shift in how value is perceived and generated [1][7] Group 2 - Four key characteristics of the knowledge society are outlined: 1. Knowledge itself becomes the core capability, surpassing traditional resources like capital and labor [3] 2. Digital and information technologies serve as the foundational infrastructure for societal operations [4] 3. Education, research, and innovation become the strategic focus of the economy [5] 4. Knowledge workers, such as researchers and engineers, emerge as the dominant workforce [6] Group 3 - The article discusses the understanding of "knowledge value" and its utility, emphasizing that knowledge value has transformed into a general form of commodity value [7][8] - Consumption patterns are shifting towards valuing time, meaning, and wisdom, indicating a new approach to how individuals engage with knowledge [9][10] Group 4 - The production of "knowledge value" is expected to increase, with more individuals and industries focusing on this area [11] - Organizations are becoming increasingly reliant on human-centric capabilities, such as language, creativity, and empathy, to maintain competitive advantages [12][13] Group 5 - The concept of the "knowledge worker" is highlighted, where individuals leverage knowledge as their primary tool for value creation, marking a shift from traditional measures of success [14][15] - The article concludes with a call for continuous learning and the development of human-centric skills to thrive in a knowledge-driven society [16]

央企创投需要新模式 央企创投传统模式以市场化Venture Capital（风险投资，简称VC）模式和产业资本Corporate Venture Capital（企业风险投资，简称CVC）模式为主。其中，VC模式主要通过投资技术拥有者创办的公司， 追求财务回报；CVC模式主要通过投资获取新技术、市场或生态优势，可以赋能母公司业务，但缺乏 主动孵化机制。创投传统模式财务回报导向与长期资本定位的矛盾，以及传统创投机构只能被动筛选项 目的局限性，制约了央企创投在科技创新中的引领作用与场景需求优势的发挥。央企创投以什么样的投 资模式来适应新质生产力发展要求并寻找未来的发展方向，已不再是一道"可选题"，而成了"必答题"。 央企创投亟需打破传统思维定势，摒弃路径依赖，主动创建新平台、新模式、新机制，探索符合国家战 略要求的创投新模式，以满足"投早、投小、投硬科技"的要求，推动科技创新和产业创新深度融合。 Corporate Venture Capital Builder（企业风险投资构建者，简称CVCB）模式作为一种新型科创投资共建 模式，其本质是在企业风险投资CVC模式基础上增加企业主动创建赋能（Builder）环节， ...

Group 1 - The core viewpoint of the article highlights the positive impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on the market, with a focus on high-quality development and investor returns [1] - In 2024 and 2025, 470 and 479 companies on the Sci-Tech Innovation Board will disclose their annual "Quality Improvement and Efficiency Enhancement" action plans, with over 80% participation [1] - The "Eight Measures" aim to enhance the market ecosystem by promoting high-quality development and optimizing operational efficiency, technological innovation capabilities, and investor return policies [1] Group 2 - The "Eight Measures" prioritize strengthening the "hard technology" positioning of the Sci-Tech Innovation Board, with a focus on practical measures to cultivate new productive forces [2] - In 2024, the total R&D investment of Sci-Tech Innovation Board companies is expected to reach 168.08 billion yuan, with a compound annual growth rate of 10.7% over the past three years [2] - The median ratio of R&D investment to operating income among these companies is 12.6%, leading the A-share market [2] Group 3 - Companies are optimizing their research projects and drug pipelines to enhance market competitiveness, with Sichuan Huiyu Pharmaceutical Co., Ltd. planning to introduce 2 to 3 innovative drugs into clinical stages annually over the next three years [3] - Shenzhen Baiwei Storage Technology Co., Ltd. aims to commercialize its first self-developed main control chip in smart wearables, mobile phones, and smart cars by 2025 [3] Group 4 - The "Eight Measures" propose stronger support for mergers and acquisitions, which have become a key method for Sci-Tech enterprises to quickly acquire technological capabilities and achieve synergy [4] - Since the release of the "Eight Measures," over 100 industry mergers and acquisitions have been disclosed, with a total transaction amount exceeding 33 billion yuan [5] Group 5 - The article mentions that over 430 companies on the Sci-Tech Innovation Board have launched more than 760 stock incentive plans, covering over 70% of the board [6] - The "Eight Measures" encourage companies to improve their equity incentive systems to better align with investor interests [6] Group 6 - More than 60% of Sci-Tech Innovation Board companies have proposed cash dividend plans for 2024, with a total dividend amount exceeding 38.6 billion yuan [8] - Companies are also enhancing communication with investors, with initiatives such as open days and international roadshows to improve investor engagement [8]