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 ...

创业板第三套标准指的是"预计市值不低于50亿元，且最近一年营业收入不低于3亿元"的未盈利企业可 申报创业板上市。创业板向未盈利企业敞开大门，扩大了创业板市场的覆盖面和包容性，具备强研发、 强技术能力的独角兽企业有着先天优势，意味着未来创业板或将迎来更多优质标的上市。 以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 6月18日，证监会主席吴清在2025陆家嘴论坛上表示，推出科创板进一步深化改革的"1+6"政策措施，其 中包括重启未盈利企业适用科创板第五套标准上市并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。同时，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。 科创板第五套上市标准主要面向未盈利但具备高成长性的科技企业，其中医药行业是重点。第五套上市 标准中指出，"医药企业需至少有一项核心产品获准开展二期临床试验，其他符合科创板定位的企业需 具备明显的技术优势并满足相应条件"。据上证报统计，科创板开板以来，共有20家创新型生物医药企 业采用第五套上市标准上市。 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号 ...

Group 1 - The stock of Holley (688682) has a comprehensive score of 59.24, indicating a strong performance [1] - The main cost analysis shows the following prices: 28.06 CNY for the day's main cost, 28.74 CNY for the 5-day main cost, 27.82 CNY for the 20-day main cost, and 25.29 CNY for the 60-day main cost [1] - Over the past year, the stock has reached its upper limit once and has not hit its lower limit [1] Group 2 - The short-term resistance level is at 29.49 CNY, while the short-term support level is at 28.09 CNY [2] - The stock price has broken through the short-term support level, suggesting a cautious approach in the short term; the medium-term trend remains unclear, awaiting direction from main funds [2] - The K-line pattern indicates a gap; an upward gap with significant trading volume suggests active participation, while a downward gap indicates a potential reversal of the previous upward trend [2] Group 3 - On June 19, 2025, the fund flow data shows a net outflow of 36,200 CNY from main funds, which is 0% of the total transaction amount; however, there was a net inflow of 5,482,300 CNY from large orders and a net outflow of 5,518,500 CNY from major orders, with retail investors experiencing a net outflow of 1,105,800 CNY [2] - Related industry sectors such as communication services, domestic software, 5G concepts, and commercial aerospace experienced declines of -2.81%, -2.01%, -1.25%, and -2.22% respectively [2]

本报记者 毛艺融 深化科创板改革的"1+6"政策，已引发市场广泛关注。 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》（以下简称 《科创板意见》）。同日，上海证券交易所同步制订2项配套业务规则并公开征求意见。 各家券商火速进行解读，普遍认为，此次证监会深化科创板改革"1+6"政策措施，直指资本市场支持科 技创新的核心痛点。 国金证券董事长冉云表示，此次改革是对2024年"科创板八条"的延续深化，以"1+6"政策组合（1个成长 层设置+6项配套措施）回应市场对包容性的期待。在相关配套措施的辅助下，必将进一步发挥科创板 改革"试验田"作用，加快构建更有利于支持全面创新的资本市场生态。 科创成长层制度框架落地 精准服务未盈利科技企业 科创板改革是资本市场服务科技创新的重要抓手，也是激发市场活力的关键引擎。 此次上交所发布的《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）》规定了科创成长层范围，包括存量的上市至今尚未盈利的科创板公司及新增的上市时未盈利的科 创板公司。截至目前，科创板已支持54家未盈利企业上市，累计22家企业上市后实现首次盈利并成功摘 ...

证券研究报告|电子 [Table_Title] 增强优质科技型企业的制度包容性适应性， 推动高水平科技自立自强 [Table_ReportType] ——电子行业快评报告[Table_ReportDate] [行业Table_Summary] 核心观点： 6 月 18 日，2025 陆家嘴论坛开幕，中国人民银行行长潘功胜、中国金融监 管总局局长李云泽、中国证监会主席吴清等出席开幕式并发言。同日，中 国证监会发布实施《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》，旨在进一步发挥资本市场在促进创新资本形成、优化资源配置等 方面的独特优势，更大力度支持高水平科技自立自强、发展新质生产力， 进一步深化科创板改革，持续提升科创板服务科技创新发展质效。 投资要点： 以深化科创板、创业板改革为抓手，增强优质科技型企业的制度包容性适 应性：证监会加力推出进一步深化改革的"1+6"政策措施，其中"1"指 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；未盈利科技型企业全部纳 入科创成长层，企业股票简称后添加"U"作为特殊标识，同时增加投资者 适当性管理要 ...

Group 1 - The opening of the 2025 Lujiazui Forum focused on "Financial Openness and Cooperation in the Global Economic Landscape" [1] - Li Yunzhe, head of the National Financial Supervision Administration, emphasized that open cooperation is a key theme for financial development and a strong driving force for China's financial reform [1] - Currently, 42 out of the world's top 50 banks have established institutions in China, and nearly half of the 40 largest insurance companies have entered the Chinese market [1] - Eighty percent of national banks have improved corporate governance and management levels by introducing foreign strategic investors [1] - Foreign institutions serve as important bridges for attracting investment, intelligence, and technology, contributing significantly to the construction of China's modern financial system [1] Group 2 - China is making breakthroughs in cutting-edge technology fields such as aerospace, quantum technology, and artificial intelligence, becoming one of the most active innovation hubs globally [1] - International institutions investing in Chinese tech companies have seen substantial returns, leading to increased investor confidence in China's technological development potential [1] - The National Financial Supervision Administration is promoting pilot projects for financial asset investment companies and technology enterprise merger loans to explore new paths for technology finance development [1] Group 3 - The National Financial Supervision Administration is focused on improving the regulatory framework, management, and standards, with restrictive measures in the banking and insurance sectors largely eliminated [2] - Future efforts will include replicating and promoting the experiences of free trade zones and ports to support foreign institutions in participating in more financial business pilots [2] - The administration aims to align with international high-standard economic and trade agreements in the financial sector to explore broader and deeper opening-up measures [2]

Core Viewpoint - The enthusiasm of investors in the pharmaceutical primary market has been reignited due to the China Securities Regulatory Commission's announcement of the "1+6" policy measures, which will support unprofitable innovative companies in listing on the Sci-Tech Innovation Board (STAR Market) [1][9]. Group 1: Policy Changes - The introduction of the "new fifth set" listing standards aims to provide a differentiated listing channel for innovative companies that are in the high R&D investment phase but have not yet achieved stable revenue [3][4]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Layer on the STAR Market, which will include all existing and newly registered unprofitable technology companies [3]. - The fifth set of standards will expand its applicability beyond biomedicine to include sectors such as artificial intelligence, commercial aerospace, and low-altitude economy [7]. Group 2: Market Impact - The previous tightening of the STAR Market and the discounting of Hong Kong IPOs led to a significant reduction in investment activity in the pharmaceutical sector, but the reintroduction of the fifth set of standards is expected to enhance investment willingness and risk appetite in the primary market [1][2]. - Since the STAR Market's inception, 20 innovative biopharmaceutical companies have utilized the fifth set of standards for fundraising, with the total investment amount in the biopharmaceutical sector reaching a peak of $34 billion in 2021 [8]. - In 2022, the total investment in the domestic pharmaceutical industry dropped to $15.6 billion, halving compared to the previous year, and further decreased to $10.9 billion in 2023, marking a 30% year-on-year decline [8]. Group 3: Investor Sentiment - The new policies are expected to restore key listing channels for unprofitable pharmaceutical companies, thereby boosting investor confidence and attracting social capital into the biopharmaceutical sector [9]. - There are concerns about potential overheating in the market due to the execution of these policies and the resonance with market sentiment, which could lead to high valuations or share price declines for some unprofitable technology companies post-listing [9].

未盈利公司 IPO 通道正式重启 证监会吴清主席在陆家嘴论坛上表示将推出进一步深化改革的"1+6"政策 措施，A 股 IPO 监管周期或开启新阶段。 相关研究报告 《策略点评》20250618 《5 月经济数据点评》20250616 《市场点评报告》20250616 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 | 证券研究报告 — 总量点评 2025 年 6 月 19 日 市场点评报告 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证监会吴清主席在 2025 陆家嘴论坛上表示，将聚焦提升制度的包容性和 适应性，加力推出进一步深化改革的"1+6"政策措施。其中 "1"指的 是在科创板设置科创成长层，重启未盈利企业适用于科创板第五套标准 上市，精准服务技术有较大突破、持续研发投入大、商业前景广阔的优 质科创企业；"6"则包括：1） ...

长江商报奔腾新闻记者 李璟 科创板深化改革迎来重磅举措。 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》（简称 《意见》）。《意见》提出，将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；同时，围绕增强优质科技型企 业的制度包容性适应性，推出6项重磅改革。 6项改革措施包括：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活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融 资相协调的市场功能。 证监会相关负责人表示，本次改革的总体思路是，全面贯彻党中央、国务院关于资本市场支持科技 创新的决策部署，主动适应境内外经济金融形势变化和科技型企业现实需求，以在科创板设置专门层次 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 ...

Group 1 - The core viewpoint of the articles highlights the increasing attention and investment in the STAR Market, particularly with the STAR 50 ETF experiencing a net inflow of over 1 billion yuan over the past seven trading days [1] - The China Securities Regulatory Commission (CSRC) has proposed the establishment of a STAR Growth Tier to support technology companies that are not yet profitable but have significant breakthroughs and commercial potential [1] - Analysts suggest that there is still room for improvement in the capital allocation and valuation of STAR companies, with expectations of attracting overseas funds due to the resilience of the domestic stock market and favorable policies [1] Group 2 - The recent CSRC opinion aims to enrich the STAR Market index and ETF categories, allowing STAR ETFs to be included in fund advisory configurations, which is expected to attract more long-term quality capital [2] - Industry insiders believe that including STAR ETFs in fund advisory configurations will broaden investment strategies and product forms, promoting the development of new productive forces [2] - E Fund has established a comprehensive matrix of STAR Market index products, managing 14 different STAR index funds, making it the leader in the industry in terms of product quantity [2]