为此，监管层在设立科创成长层时可谓大胆创新，小范围求证，既讲究创新，也结合实际。科创成 长层不但扩大了适应范围（人工智能、商业航天、低空经济等），还提高了适应性，为不同发展阶 段企业提供针对性制度安排，如缩短审核周期、试点IPO预审阅机制。既规定了公司纳入和调出科 创成长层的标准，也明确了层次调整的操作程序，并就调出标准进行"新老划断"，避免对存量上市 公司的影响。 星标 ★ IPO日报 精彩文章第一时间推送 中国股市又迎来了重大改革之举。证监会6月18日发布《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》（以下简称《意见》）。 AI制图 笔者以为，这份《意见》来得非常及时，它标志着科创板改革进入深化攻坚阶段，具有非常深远的 战略意义。 我们来看一下《意见》的最主要内容如下： 科创成长层适用科创板第五套上市标准（允许未盈利企 业上市），并扩大适用范围至人工智能、商业航天、低空经济等前沿领域，解决高研发投入企业早 期融资难题，而主要投资者为机构。 科创板的设立已经有6年，可谓取得了非常重大的成果，中国的高科技企业借着科创板的春风，蓬 勃发展，如中芯国际、寒武纪等已成为科创板的代表性企业。但与此同时， ...

Group 1 - The core viewpoint of the article is the introduction of a new listing standard on the ChiNext board to support high-growth, unprofitable innovative companies, with a minimum market capitalization of 5 billion yuan and recent annual revenue of at least 300 million yuan [1][3]. - The new standard targets industries such as artificial intelligence, biomedicine, commercial aerospace, and low-altitude economy, emphasizing the need for strong R&D capabilities and market valuation recognition [2][3]. - The policy aims to address the financing challenges faced by high R&D investment companies and shift the capital market focus from profit-oriented to growth-oriented [3]. Group 2 - The third listing standard was established during the 2020 reform of the ChiNext board but has not been implemented until now, with no companies having listed under this standard previously [4]. - A notable case is the planned spin-off listing of XWDA Power Technology, a subsidiary of XWDA Electronics, which has shown significant revenue growth but has not yet turned a profit [4][5]. - The potential companies for future applications under the new standard are expected to have characteristics such as strong technical barriers, high capital recognition, and rapid revenue growth despite being unprofitable [6][9]. Group 3 - In the biomedicine sector, companies like Anji Sheng Bio and Weitai Rilong are highlighted as potential candidates, with significant funding and promising revenue projections [10][11]. - In the commercial aerospace and low-altitude economy sectors, companies like Blue Arrow Aerospace and Shide Technology are also identified, showcasing substantial growth potential despite current losses [13][14]. - In the artificial intelligence and chip sectors, companies like Meijia Technology are noted for their innovative solutions and expected revenue growth [16].

Group 1 - The core viewpoint of the articles indicates that the securities industry is experiencing a positive trend, with the China Securities Company 30 Index showing a 0.30% increase and a 28.86% rise over the past year, reflecting a favorable market environment for brokerage and investment banking businesses [1][2] - Non-bank financial institutions currently have a low average valuation, providing a safety margin and a balanced approach to investment opportunities [1] - The transition of the Chinese capital market from "financing function optimization" to "innovation ecosystem construction" is highlighted, with the upcoming 2.0 version of the Sci-Tech Innovation Board expected to reshape the valuation system for technology companies [1] Group 2 - The China Securities Company 30 Index is composed of top-performing securities firms based on business ranking, market capitalization, revenue, and profitability, with the top ten stocks accounting for 67.69% of the index [2] - The securities company ETF closely tracks the China Securities Company 30 Index, providing investors with a means to invest in a diversified portfolio of leading securities firms [2]

Core Viewpoint - The "Dream Boat" spacecraft represents a significant advancement in China's manned lunar exploration program, with its escape system being a critical focus of recent discussions and tests [1][6][19]. Group 1: Technical Aspects of the Escape System - The "Dream Boat" spacecraft utilizes an escape tower design, which is considered the most effective method for rapid evacuation in emergencies, contrasting with the more visually striking but complex systems used by competitors like SpaceX [3][6][10]. - The escape tower allows for immediate separation from the rocket in the event of a failure, ensuring the safety of astronauts during critical moments [7][10][19]. - NASA's latest "Orion" spacecraft also employs an escape tower, highlighting that this design is not outdated but rather a reliable choice for high-stakes missions [6][17]. Group 2: Comparison with Competitors - SpaceX's "Dragon" spacecraft features a more integrated escape system that relies on active propulsion, which, while visually impressive, carries significant engineering risks and complexities [12][14]. - The "Dragon" system's reliance on high-pressure propellants and integrated components increases the potential for catastrophic failure if any part of the system malfunctions [14][15]. - In contrast, the "Dream Boat" system is designed with a focus on redundancy and safety, allowing for independent operation of the escape mechanism without compromising the spacecraft's primary functions [19]. Group 3: Strategic Considerations - The choice of an escape tower reflects a strategic decision by China to prioritize safety and reliability over aesthetic appeal, especially given the current stage of its space technology development [17][19]. - The "Dream Boat" program emphasizes a cautious approach to innovation, ensuring that new technologies are only adopted when they are fully mature and safe for human use [19]. - This philosophy underscores a broader engineering mindset in China, focusing on stability, redundancy, and control in high-risk environments like manned spaceflight [19].

"朱雀三号"是蓝箭航天研制的中国首款不锈钢液体运载火箭，其箭体采用的不锈钢材料具有耐高温性 能，在重复使用上具有显著优势。"'朱雀三号'火箭一级发动机在火箭回收后可不下箭检查，加注完成 即可再次飞行，成本相较一次性使用火箭可降低80%到90%。"6月18日，蓝箭航天副总裁张静茹在采访 活动现场告诉记者，目前，"朱雀三号"已经完成10公里级垂直起降飞行试验，即将在今年下半年首飞。 近年来，中国商业航天技术快速发展的同时，也在加速构建"航天+"产业生态。 "银河航天灵犀03星也是我国首款使用一体化成型技术的卫星。通过使用工业压铸技术，卫星叠放在一 起可以节约空间，提升火箭运载效率。"银河航天供应链与商务总监黄志德介绍，卫星研制牵引带动了 传统地面铸造、精密加工等企业，拉动其他领域技术发展，"航天+"擦出火花。 在十万级洁净空间的冷光下，自动焊机的"焊针"以毫伏级的精度吞吐着能量，在纤薄的柔性电池片上游 走；一旁的自动贴片机则以0.05毫米的微距精度，将电池片轻柔安放到柔性基板上。 6月17日，科技日报记者跟随"活力中国调研行"北京市主题采访团，走进北京银河航天方舟实验室，目 睹了柔性太阳翼的生产场景。 轻薄、柔软 ...

Group 1: Financial Policies in Shanghai - The People's Bank of China announced 8 financial policy measures to be implemented in Shanghai, including the establishment of an interbank market trading report database and a digital RMB international operation center [1] - The policies aim to support offshore trade, enhance cross-border trade and investment facilitation, and promote structural monetary policy innovation [1] - The National Financial Regulatory Administration and Shanghai government jointly released an action plan to support the construction of Shanghai as an international financial center, focusing on risk management and legal construction in finance [1] Group 2: Reforms in the Sci-Tech Innovation Board - The China Securities Regulatory Commission (CSRC) announced the establishment of a Sci-Tech Growth Tier on the Sci-Tech Innovation Board, allowing unprofitable companies to apply for listing under the fifth set of standards [2] - Six reform measures were introduced, including the introduction of professional institutional investors and a pre-review mechanism for IPOs of quality tech companies [2] - The CSRC emphasized the protection of small and medium investors' rights, requiring companies to disclose reasons for unprofitability and associated risks [2] Group 3: Supportive Policies from the State Administration of Foreign Exchange - The State Administration of Foreign Exchange introduced multiple supportive policies to stabilize employment, enterprises, and market expectations, encouraging banks to include more trade entities in facilitation policies [3] - Policies aim to enhance cross-border investment and financing convenience, including support for research institutions to attract foreign investment and streamline capital project management [3] - A new batch of Qualified Domestic Institutional Investor (QDII) investment quotas will be issued to meet the reasonable overseas investment needs of domestic entities [3]

市场拓展阶段同样离不开资金支撑。企业需要进行广泛的市场推广活动，参加各类行业展会，开展广告 宣传，让更多潜在客户了解和认可其产品与服务。建立销售渠道、培养销售团队也需要大量资金。对于 一些开展国际业务的低空经济企业，还需投入资金用于应对不同国家和地区的市场准入标准和法规要 求，进行本地化市场开拓。 朱克力（国研新经济研究院创始院长、湾区低空经济研究院院长） 近日，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》（简称《意 见》）。《意见》提出扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等前沿科技领域 企业适用科创板第五套上市标准。这对低空经济等未来产业发展而言意义非凡，在为产业发展注入新活 力的同时，也在一定程度上反映出相关领域企业在资金需求、发展挑战以及资本市场支持等多方面的现 状与诉求。 低空经济作为新兴产业，发展势头迅猛，从城市中的无人机配送，到农业领域的无人机植保，再到应急 救援中的低空飞行器应用，其身影越来越多地出现在经济社会的各个角落。快速发展的背后，是巨大的 资金需求。 从研发环节来看，低空经济涉及众多前沿技术，如飞行器动力系统研发需投入大量资金用于科研设备购 ...

中国证监会昨天(18日)宣布，为打通支持优质科技型企业发展的堵点难点，将在科创板设置科创成长 层，专门支持优质科技型企业上市融资。中国证监会还推出多项改革举措，为优质科技型企业上市融资 提供便利。 扩大科创板第五套上市标准适用范围 这些改革举措主要包括： 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。 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。 扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。 支持在审未盈利科技型企业面向老股东开展增资扩股等。 此前，适用第五套标准企业上市主要集中在生物医药领域。这次改革后，适用范围进一步拓展至人工智 能、商业航天、低空经济等前沿科技领域。 川财证券首席经济学家 陈雳：人工智能、商业航天等产业研发周期长、投入大，传统融资模式难以匹 配需求。扩大第五套标准的适用范围，将为新兴产业提供全生命周期支持，加速技术转化。 科创成长层股票会打上特殊标识"U" 中国证监会还推出多项改革举措，进一步加强中小投资者合法权益保护。 本次改革聚焦风险揭示和投资者保护，作出多项针对性制度安排。包括： 在科创 ...

Core Viewpoint - Guanglian Aviation plans to introduce strategic investors by transferring a total of 10% equity in its subsidiary Chengdu Hangxin Aviation Equipment Technology Co., Ltd. for a total price of 40 million yuan, which will enhance its capital operation channels and resource integration in the aerospace equipment manufacturing sector [1][2][4]. Group 1: Equity Transfer Details - Guanglian Aviation will transfer 2.50% equity to Tianjin Ronghe, 1.25% to Shanghai Pudong Intelligent Manufacturing Fund, 2.50% to Yangzhou Gaotou Yida Xinhai, and 3.75% to Chengdu Yida [1]. - After the transfer, Guanglian Aviation will hold 50.10% of Chengdu Hangxin, maintaining it as a controlled subsidiary [1]. Group 2: Strategic Benefits - The introduction of strategic investors is expected to provide funding support for business expansion and technology research and development, enhancing capital efficiency [2][4]. - Strategic investors will bring industry resources, management experience, and market channels, which will help Guanglian Aviation accelerate its industry layout and improve overall competitiveness [2][4]. Group 3: Business Focus and Growth Potential - Guanglian Aviation specializes in the research, production, and manufacturing of high-end aerospace equipment and has participated in several large aircraft development projects approved by the state [2]. - The company is actively expanding into the aircraft engine tooling sector and aims to capture market share in the tooling market through its technological advantages and customer resources [3]. - Guanglian Aviation is also developing a comprehensive manufacturing system for drones, covering everything from process equipment research to final product delivery [3].

在科创板设置科创成长层有哪些考虑？中国证监会新闻发言人表示，根据证券法规定，证券交易所可以 根据证券品种、行业特点、公司规模等因素设立不同的市场层次。本次改革在科创板设置科创成长层， 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。 6月18日，中国证监会正式印发《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》（下称 《科创板意见》），上海证券交易所就同步制订的2项配套业务规则——《科创板上市公司自律监管指 引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》公开征求意见。 此次改革以增设"科创成长层"为抓手，重启未盈利企业适用科创板第五套标准上市。同时，扩大第五套 标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用。 试点引入资深专业机构投资者制度 有效识别优质科技型企业 本次改革设置科创板科创成长层的同时，围绕增强优质科技型企业制度包容性、适应性，提出一系列举 措。 其中，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。有效识别优质科技 型企业。本次改革，拟借鉴境外市场有关做法，在科创板引入资深 ...