Group 1 - The event "Science and Innovation Zhengzhou · Co-creating the Future" aims to build a collaborative innovation platform between government, enterprises, and research institutions to accelerate the transformation of scientific research achievements and support the high-quality development of private enterprises in Zhengzhou [1][2] - Eleven private enterprises visited the Harbin Institute of Technology Zhengzhou Research Institute to learn about technological breakthroughs in fields such as medical health, optoelectronics, and intelligent manufacturing [1] - The North Beijing University Zhengzhou Research Institute showcased key projects in new materials and mixed reality digital technology, highlighting the industrialization potential of these research outcomes [1][2] Group 2 - The Shangjie District is actively exploring the integration of technological and industrial innovation, establishing a mechanism for continuous enterprise-research institution collaboration to facilitate project incubation and policy support [2] - The Harbin Institute of Technology Zhengzhou Research Institute and North Beijing University Zhengzhou Research Institute are deeply integrated into the innovation-driven development strategy of Henan Province, providing strong support for regional industrial transformation [2] - The Harbin Institute of Technology Zhengzhou Research Institute has successfully incubated companies like Henan Carbon True Core Material Technology, promoting advanced technologies in superhard materials and extending the industrial chain [2] Group 3 - The Zhengzhou Science and Technology Bureau plans to continue organizing diverse enterprise-research institution matching activities to support the establishment of joint innovation centers and accelerate the industrialization of scientific research achievements [3]

Core Insights - The establishment of the "Walker" robot and the major infectious disease testing reagent research and production base project signifies a strategic move towards integrating health industry resources in Tianjin [1][2] - The Tianjin Tiankai Group's Tangbo Park aims to become a demonstration zone for deep integration of technological and industrial innovation, focusing on artificial intelligence and biomedicine [2][3] Group 1: Development and Infrastructure - Tangbo Park has registered 3,580 enterprises and revitalized over 400,000 square meters of idle space, establishing connections with 56 universities and 29 national key laboratories [2][3] - The park has built a 200,000 square meter innovation carrier and industrialization base, with over 300 health technology enterprises settled, supported by a 1 billion yuan health industry innovation fund [3][4] Group 2: Policy and Financial Support - The park offers various supportive policies, including priority land supply and talent introduction subsidies, to foster innovation and attract high-growth enterprises [2][4] - A financial reservoir is being established with a total scale of 2 billion yuan for the Tangbo Innovation Industry Development Fund, aimed at supporting enterprises throughout their lifecycle [3][4] Group 3: International Collaboration and Future Plans - Plans are underway to develop a 140-acre "International Medical Innovation Cooperation Base" to attract advanced medical technologies and institutions from Japan and other regions [5] - By 2027, Tangbo Park aims to nurture over 10,000 innovative enterprises, achieve 100 billion yuan in financing, and gather 10,000 high-level talents [11]

其 他 报 告 2025年06月19日 晨会纪要 | 国内市场 | 涨跌幅（%） | | | | --- | --- | --- | --- | | 指数 | 收盘 1日 | | 上周 | | 上证综合指数 | -- | -- | -- | | 深证成份指数 | -- | -- | -- | | 沪深300指数 | -- | -- | -- | | 创业板指数 | -- | -- | -- | | 上证国债指数 | -- | -- | -- | | 上证基金指数 | -- | -- | -- | | | | 资料来源:同花顺iFinD | | 今日重点推荐： 【平安证券】策略点评*深化金融对外开放，加大科创融资支持 *20250618 研究分析师 : 魏伟 投资咨询资格编号 : S1060513060001 研究分析师 : 张亚婕 投资咨询资格编号 : S1060517110001 研究分析师 : 蒋炯楠 投资咨询资格编号 : S1060524120002 核心观点 : 金融改革开放深化，看好权益市场中期向上空间，建议关注政策支持 的科技创新+产业创新主线。在外部不确定性增加的背景下，此次监管部门深化 金融改 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board for high-quality technology enterprises, particularly those that are currently unprofitable but have significant growth potential [1][2] Group 1: Key Measures - The establishment of a Sci-Tech Growth Layer specifically targets technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial ongoing R&D investments, despite being unprofitable [1] - Unprofitable technology companies will be fully included in the Sci-Tech Growth Layer, with specific conditions for entry and exit, including a new classification system for existing unprofitable companies [1] - Companies in the Sci-Tech Growth Layer will have their stock names appended with "U" to indicate their unprofitable status [1] Group 2: Investor Protection and Management - The CSRC has introduced enhanced investor suitability management requirements, mandating that investors in newly registered unprofitable technology companies sign a specialized risk disclosure document [1] - Securities firms are required to implement robust investor suitability management responsibilities, including comprehensive risk assessments and disclosures [1] Group 3: Additional Reform Initiatives - Six reform measures have been introduced to improve the system's inclusiveness for high-quality technology enterprises, including the introduction of experienced institutional investors, a pre-IPO review mechanism, and the expansion of applicable standards to more frontier technology sectors [2] - The CSRC plans to work with the Shanghai Stock Exchange and relevant market participants to ensure the effective implementation of these reforms and enhance the market's attractiveness and competitiveness [2]

Core Viewpoint - The article emphasizes the importance of capital markets in promoting the integration of technological innovation and industrial innovation, highlighting the need for a more adaptable financial service system to support emerging technologies and industries [4][5][6]. Group 1: Capital Market Functions - Capital markets play a crucial role in providing a full chain of services from venture capital to public financing and mergers, catering to the needs of companies at various stages of development [6]. - The integration of capital markets can stimulate entrepreneurial spirit and enhance productivity by effectively connecting talent, technology, and data [6][9]. - The article notes that the proportion of technology companies among A-share listed companies has increased from 12% to 27% over the past decade, indicating a significant shift towards technology-driven enterprises [9]. Group 2: Structural Changes in Capital Markets - Recent reforms in China's capital markets have effectively expanded the coverage of technology innovation, with a multi-tiered market system supporting various types of technology enterprises [7][8]. - In 2024, A-share listed companies are expected to invest 1.88 trillion yuan in R&D, accounting for over half of the total R&D investment in society [8]. - The role of patient capital in supporting technology innovation has become more prominent, with private equity and venture capital funds participating in 90% of companies listed on the Sci-Tech Innovation Board [8]. Group 3: Future Directions for Capital Market Reform - The article outlines plans to deepen capital market reforms, focusing on enhancing inclusivity and adaptability to better support comprehensive innovation [10][11]. - Specific measures include leveraging the Sci-Tech Innovation Board as a testing ground for reforms and introducing new standards to support high-quality technology enterprises [11][12]. - There is a commitment to fostering long-term capital and improving the investment environment for technology companies, including the establishment of specialized asset management platforms [13][14]. Group 4: Open and Inclusive Capital Market Ecosystem - The article stresses the importance of foreign investment in China's capital markets and outlines plans for further opening up, including optimizing the Qualified Foreign Institutional Investor (QFII) system [15][16]. - The goal is to enhance the participation of global investors in China's innovation-driven development, thereby facilitating efficient capital flow and resource allocation [15][17].

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 ...

新华财经上海6月18日电（记者杜康）18日举行的2025陆家嘴论坛上，中国证监会主席吴清宣布，加快 构建更适配科技创新和产业创新的金融服务体系。下一步，科创板将设置科创成长层，重启未盈利企业 适用科创板第五套标准上市，扩大第五套标准适用范围；同时，在强化信息披露和风险揭示、加强投资 者适当性管理等方面做出专门安排。此外，创业板将正式启用第三套标准，支持优质未盈利创新企业上 市。 科技创新和产业创新是发展新质生产力的基本路径。吴清提到，打造与之相适配的金融服务体系，我国 还存在"三个不完善"：一是适应创新规律的资本形成机制不完善，金融供给仍存在资金短期化、风险容 忍度低等问题，长期资本、耐心资本远远不够。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。科技企业不仅需要融资，还需要市场资源整合、商业模式创新、公司治理提升等服务。三是对 创新的激励约束机制不完善，需健全人力资本、知识产权等无形资产的估值定价体系。 （文章来源：新华财经） 在新的形势下，构建以资本市场为枢纽的创新生态、提升创新资本形成效率，对于加快科技创新和产业 创新融合发展意义重大。吴清表示，未来将更好发挥科创板改革"试验田"作用；进一步 ...

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 ...

Core Viewpoint - The article discusses the ongoing reforms in state-owned enterprises (SOEs) in China, highlighting the progress made and future directions for enhancing innovation and integration of technology and industry [1][2]. Group 1: Reform Progress and Achievements - As of the first quarter of 2025, the average completion rate of key reform tasks among central and local SOEs has exceeded 80% [2]. - SOEs have actively engaged in deepening institutional reforms and promoting the integration of technological and industrial innovation, leading to significant achievements in strategic emerging industries [2][3]. - In Guangdong, R&D expenditure for state-owned enterprises is projected to reach 16.66 billion yuan in 2024, a 151.86% increase from 2020, with an R&D intensity of 2.46% [2]. Group 2: Investment and Innovation Strategies - Central enterprises' fixed asset investment, including real estate, reached 851.3 billion yuan in the first quarter, with a 6.6% year-on-year increase in investment in strategic emerging industries [5]. - Beijing's state-owned enterprises have cumulatively invested over 140 billion yuan in R&D since the reform began, with an industrial investment intensity of 4.4% [3]. - China Electronics Technology Group has established 24 subsidiaries and created 19 listed companies through resource restructuring, focusing on key areas like artificial intelligence and new materials [5][6]. Group 3: Future Directions and Mechanisms - The State-owned Assets Supervision and Administration Commission (SASAC) plans to enhance the quality of technological innovation supply and implement a series of precise reform measures to improve the overall effectiveness of the innovation system [3][7]. - There is a focus on establishing a long-term incentive mechanism to stimulate innovation vitality, including flexible mid- to long-term incentives and a compliance exemption mechanism for R&D [7][8]. - The SASAC aims to develop a multi-dimensional evaluation mechanism for innovation, promoting a tailored evaluation system for different industries and enterprises [8].

Core Viewpoint - The article emphasizes the importance of capital market reforms in China, particularly through the Sci-Tech Innovation Board (STAR Market) and the Growth Enterprise Market (GEM), to support high-quality development and innovation in technology and industry [3][10]. Group 1: Sci-Tech Innovation Board Reforms - The China Securities Regulatory Commission (CSRC) will enhance the STAR Market by establishing a growth layer and restarting the listing of unprofitable companies under the fifth set of standards, targeting high-quality tech firms with significant breakthroughs and commercial prospects [1][11]. - Six new reform measures will be introduced on the STAR Market, including the introduction of professional institutional investors, pre-review mechanisms for IPOs, and expanding the applicability of the fifth set of standards to more frontier tech sectors like AI and commercial aerospace [1][11]. Group 2: Growth Enterprise Market Initiatives - The CSRC will officially implement a third set of standards on the GEM to support high-quality unprofitable innovative companies in their listing efforts [2][11]. Group 3: Capital Market's Role in Innovation - The capital market is seen as a crucial hub for integrating technology and industry innovation, with a need for a more adaptable financial service system to meet the evolving demands of tech enterprises [4][6]. - The article highlights the significant role of listed companies in driving technological innovation, with A-share listed companies' R&D investment reaching 1.88 trillion yuan, accounting for over half of the total social R&D expenditure [7][8]. Group 4: Structural Changes in Capital Market - The capital market in China has undergone profound structural changes, effectively promoting a virtuous cycle among technology, capital, and industry [7][9]. - The proportion of technology companies among A-share listed firms with a market value exceeding 100 billion yuan has increased from 12% to 27% over the past decade, indicating a growing concentration in sectors like integrated circuits and biomedicine [8][9]. Group 5: Future Directions for Capital Market Reform - The CSRC aims to deepen capital market reforms to enhance inclusivity and adaptability, focusing on the STAR Market and GEM as key areas for development [10][12]. - There will be a push to cultivate patient and long-term capital, encouraging participation from social security funds and insurance capital in private equity investments [12][13].