时政要闻 《通知》明确，今年政府采购领域整治重点内容依旧聚焦"四类"违规违法行为。如采购人倾斜照顾本地 企业，指向特定供应商或特定产品，以供应商注册地、所有制形式、组织形式、股权结构、投资者国 别、经营年限、经营规模、财务指标等不合理条件对供应商实行差别歧视待遇；代理机构违规收费、逾 期退还保证金；供应商提供虚假的检测报告、认证证书、合同业绩、中小企业声明函等材料谋取中标； 供应商投标文件相互混装、异常一致，投标保证金从同一账户转出，委托同一单位或个人编制投标文 件、办理投标事宜等恶意串通行为。 金融监管总局等两部门：未来五年基本建成高质量综合普惠金融体系，强化民营企业信贷支持 近日，金融监管总局、中国人民银行联合发布《银行业保险业普惠金融高质量发展实施方案》（以下简 称《实施方案》），从优化普惠金融服务体系、巩固提升普惠信贷体系和能力、加强普惠保险体系建 设、组织保障等方面出发，提出六部分16条措施。 《实施方案》强调，实现普惠金融高质量发展，必须加强党中央集中统一领导，供给多层次、多样化的 普惠金融服务，持续提升覆盖面和可得性，推动降低综合成本，不断提升普惠金融服务人民群众生产生 活的能力和水平。 《实施 ...

Market Performance Summary - The Shanghai Composite Index opened on July 2 with a slight increase of 0.42 points, representing a change of 0.01%, closing at 3458.17 points [1] - The Shenzhen Component Index opened on July 2 with a decrease of 20.47 points, reflecting a decline of 0.2%, closing at 10455.83 points [1] - The CSI 300 Index opened on July 2 with a minor increase of 0.56 points, indicating a change of 0.01%, closing at 3943.32 points [1] - The ChiNext Index opened on July 2 with a decrease of 7.78 points, showing a decline of 0.36%, closing at 2140.14 points [1] - The STAR 50 Index opened on July 2 with a decrease of 2.42 points, reflecting a decline of 0.24%, closing at 992.38 points [1]

Market Overview - The Shanghai Composite Index opened at 3458.17 points, up 0.01% [1] - The Shenzhen Component Index opened at 10455.83 points, down 0.20% [1] - The ChiNext Index opened at 2140.14 points, down 0.36% [1] - The CSI 300 opened at 3943.32 points, up 0.01% [1] - The STAR 50 opened at 992.38 points, down 0.24% [1] - The CSI 500 opened at 5922.54 points, down 0.20% [1] - The CSI 1000 opened at 6358.87 points, down 0.23% [1] Index Performance - The Shanghai Composite Index had a trading volume of 5 billion with a year-to-date increase of 3.17% [2] - The Shenzhen Component Index recorded a trading volume of 8.7 billion with a year-to-date increase of 0.40% [2] - The North Star 50 Index had a trading volume of 3.01 trillion with a year-to-date increase of 39.99% [2] - The Wande All A Index had a trading volume of 14 billion with a year-to-date increase of 6.01% [2] - The STAR 50 Index had a trading volume of 1.1 billion with a year-to-date increase of 0.35% [2] - The ChiNext Index had a trading volume of 4.1 billion with a year-to-date decrease of 0.07% [2] - The CSI 300 Index had a trading volume of 7.5 billion with a year-to-date increase of 0.21% [2] - The CSI 500 Index had a trading volume of 1.3 billion with a year-to-date increase of 3.44% [2] - The CSI 800 Index had a trading volume of 2.8 billion with a year-to-date increase of 1.03% [2] - The CSI 1000 Index had a trading volume of 3 billion with a year-to-date increase of 6.73% [2] - The CSI 2000 Index had a trading volume of 4.7 billion with a year-to-date increase of 15.24% [2] - The Wande Micro Cap Index had a trading volume of 680 million with a year-to-date increase of 37.59% [2]

中国经济网北京7月2日讯（记者 韩艺嘉 华青剑）2025年前6月，上交所、深交所及北交所共计新增51家 上市企业，合计募集资金373.00亿元。其中科创板有7家企业上市，合计募资56.19亿元。 数据来源：同花顺iFinD | 代码 | 名称 | 上市日期 | 实际募资 | 承销保荐 费用(万 | 首发主承销商 | 企业适用 | | --- | --- | --- | --- | --- | --- | --- | | | | | （亿元） | 元) | | 上市标准 | | 688775.SH | 影石 | 2025/6/11 | 19.3807 | 15,834.75 | 中信证券股份有限公司，高盛（中国）证券 | 标准1 | | | 创新 | | | | 有限责任公司，中国国际金融股份有限公司 | | | 688755.SH | 汉邦 | 2025/5/16 | 5.0094 | 3,728.91 | 中信证券股份有限公司 | 标准1 | | | 科技 | | | | | | | 688757.SH | 胜科 | 2025/3/25 | 3.6621 | 4,394.48 | 华泰联合证券有限责任公司 ...

Market Sector - The Sci-Tech 50 Index increased by 1.46% in the first half of 2025, ranking second among various sector indices, outperforming the ChiNext 50, Shenzhen 50, and Shanghai 50 indices [2] - As of the end of the first half of 2025, the total market capitalization of the Sci-Tech Board reached 7.62 trillion yuan, an increase of 0.27 trillion yuan or 3.72% from the end of Q1 2025, surpassing the market capitalization growth of the Shenzhen main board [4] - The total trading volume of the Sci-Tech Board in the first half of 2025 was 12.57 trillion yuan, with an average trading volume of 213.85 million yuan per stock, lower than the average trading volumes of the Shanghai and Shenzhen main boards and ChiNext [7][8] - The average daily turnover rate of the Sci-Tech Board was 2.67% in the first half of 2025, higher than that of the Shanghai main board but lower than that of the Shenzhen main board, ChiNext, and the Beijing Stock Exchange [9] - The price-to-book ratio of the Sci-Tech Board at the end of the first half of 2025 was 4.06 times, higher than that of the ChiNext and Shanghai and Shenzhen main boards [12] - The financing balance of the Sci-Tech Board reached 157.15 billion yuan at the end of the first half of 2025, an increase of 11.85 billion yuan from the beginning of the year [14] - The securities lending balance of the Sci-Tech Board was 0.056 billion yuan at the end of the first half of 2025, an increase of 0.0096 billion yuan from the beginning of the year [16] Individual Stocks - SMIC led with a market capitalization exceeding 400 billion yuan, followed by Haiguang Information, Cambrian-U, and BeiGene-U, with seven companies having market capitalizations exceeding 100 billion yuan [18] - Excluding the significant fluctuations on the first day of new stock listings, Sangfor Technologies had the highest increase at 153.60%, followed by Yifang Bio-U, Aerospace South Lake, and Youfang Technology, with 14 companies also exceeding 100% [19] - SMIC had a financing balance of 7.198 billion yuan, leading the list, followed by Cambrian-U, Haiguang Information, and Zhongwei Company, with 16 companies having financing balances exceeding 1 billion yuan [22] - SMIC also had the highest securities lending balance at 19.7038 million yuan, followed by Haiguang Information, Cambrian-U, and Chip Original Co., with six companies exceeding 10 million yuan [25] Industry Themes - In the first half of 2025, companies listed on the Sci-Tech Board were primarily distributed across three Wind Sci-Tech theme industries, with the new generation information technology industry leading with four companies, followed by high-end equipment manufacturing and biotechnology industries, each with one company [29] - Among the seven companies listed on the Sci-Tech Board in the first half of 2025, six met the first standard for listing, which requires positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan, or a positive net profit for the last year with revenue of no less than 100 million yuan, and an expected market capitalization of no less than 1 billion yuan [31] - The companies listed in the first half of 2025 came from Beijing and Jiangsu (two each), and Hubei, Zhejiang, and Guangdong (one each) [34] - The total IPO financing for Sci-Tech Board companies in the first half of 2025 was 7.901 billion yuan, a year-on-year increase of 29.33%, with three companies raising over 1 billion yuan, three between 500 million to 1 billion yuan, and one below 500 million yuan [37] - Yitang Co. led the IPO financing in the first half of 2025 with 2.497 billion yuan, while Yingshi Innovation and Xingfu Electronics each raised over 1 billion yuan [41]

证券研究报告·固定收益·固收深度报告 固收深度报告 20250701 2025 年 07 月 01 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《债券"科技板"见微知著：科创债 新政策下的金融机构发行观察》 债券"科技板"他山之石：我国与海外科创 债的机构持仓结构及策略有何异同？ 2025-06-09 《债券"科技板"见微知著：从案例 盘点看何种城投主体正在发行科创 债？》 2025-05-20 《债券"科技板"他山之石：从海外 经验看我国科创债市场建设（市场现 状篇）》 2025-05-14 《债券"科技板"他山之石：从海外 经验看我国科创债市场建设（发展历 程篇）》 2025-05-13 《债券"科技板"启航：一文读懂科 创类债券的前世今生》 2025-04-16 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 美国科创债持仓结构：1）从科创债的机 ...

一、基本信息 公司是一家创新型生物医药企业，拥有全球领先的植物生物反应器技术平台。公司建立了"一个独特植物表达体系，两个技术平台"的核心技术体系： 利用水稻胚乳细胞生物反应器高效重组蛋白表达平台（OryzHiExp）和重组蛋白纯化技术平台（OryzPur），建立了完善的药品、药用辅料及科研试剂 的产业化体系。公司产品主要包括药品、药用辅料以及科研试剂。 公司前身有限公司成立于2006年11月，2014年12月整体变更为股份有限公司，发行前总股本为26,804.8646万股，拥有2家全资子公司。截至2024年末， 员工总计178人。 二、控股股东、实际控股人 文/梧桐数据中心 7月1日，武汉禾元生物科技股份有限公司科创板IPO申请获得上交所上市委审核通过。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，将重 启未盈利企业适用科创板第五套标准上市。禾元生物IPO今天成功过会，是落实证监会《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》 的典型案例。 单位：万元 | | 科创板 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营 ...

报告导读： 科创债自 5 月开启放量模式，科创债 ETF 呼之欲出，科创债指数样本内公司 债或会与近期信用债 ETF 样本券呈现出相似的行情轮动特征，未纳入样本券的部分科创债 后续同样会受益于板块扩容机遇。 从 5 月 7 日科创债一揽子政策推出到 6 月 24 日，市场共发行了 372 只科创债，合计发行规模 5776.72 亿元，其中银行间 3822.27 亿元（ 195 只），交易所 1954.45 亿元（ 177 只）。 与存量科 创债相比，本轮新发科创债发行主体仍然以央国企为主，发行期限有所拉长，同时新增金融机构发行。 新增科创债票面利率整体较低，低估值发行较为普遍。 在本轮科创债发行中，由于需求端明显扩容，市场 情绪较为高涨，现阶段与同一主体剩余期限相差一年以内的非科创债券相比多为低估值发行，占比约为 72.54% ，上市后与可比债估值利差呈现收窄趋势。银行 / 券商 / 其他产业主体发行的科创债收益率、利差 有显著差异。 报告名称：科创债择券顺势而为——科创债市场跟踪与交易策略展望 报告日期：2025.07.01 报告作者： 张紫睿 （分析师），登记编号： S 0880525040068 科创债 ...

科创板第五套上市标准重启后首家过会企业来了！ 7月1日晚，上交所上市审核委员会发布的公告显示，当天召开的上市审核委员会会议审议通过了科创板拟上市企业武汉禾元生物科技股份有限公司（简称"禾 元生物"）的发行上市申请。这是科创板第五套标准重启以来，首家成功过会的IPO企业。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，将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。在业内人士看 来，禾元生物IPO成功过会，是落实证监会《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"科创板深化改革'1+6 ' 政策措施"）的 又一典型案例，充分彰显了尊重科技创新规律，更好支持优质科技型企业发展的政策导向。 禾元生物成立于2006年，是一家创新型生物医药企业。自创立以来，该公司便将业务聚焦于"重组人白蛋白"这一蓝海赛道。据悉，禾元生物核心产品HY1001 （重组人白蛋白注射液）已完成III期临床试验，并被国家药监局纳入优先审评程序，预计将于近期获批上市，有望成为国内首个上市的重组人白蛋白药品。 目前，禾元生物收入主要来自药用辅料、科研试剂等非核心产品，核心创新药产品正在研发， ...

从主力资金连续性进行观察，共有53只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是正帆科技，该股已连续12个交易日净流入；连续净流入天数较多的还有骄成超声、南模生物等， 主力资金分别连续流入9天、8天。主力资金连续流出的个股有100只，连续流出天数最多的是普元信 息，该股已连续13个交易日净流出；连续净流出天数较多的还有成大生物、隆达股份等，主力资金分别 连续流出12天、12天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688047 | 龙芯中科 | 15547.09 | 8.92 | 6.43 | 3.05 | | 688235 | 百济神州 | 11134.27 | 13.10 | 3.65 | 3.11 | | 688019 | 安集科技 | 10190.21 | 11.29 | 5.01 | 3.41 | | 688136 | 科兴制药 | 9780.36 | 14.10 | 15.62 | 8.32 ...