Group 1 - The core viewpoint emphasizes the continuous and coordinated efforts in China's capital market to stimulate market vitality through both investment and financing [3] Group 2 - Significant achievements in the Sci-Tech Innovation Board (STAR Market) include a total R&D investment of 168.1 billion yuan in 2024, a year-on-year increase of 6.4%, and a compound annual growth rate of 10.7% over the past three years [3] - The median R&D intensity stands at 12.6%, leading all A-share sectors, with over 120,000 invention patents accumulated over six years [3] - The scale of Sci-Tech bonds has increased to 1.1 trillion yuan, with the proportion of corporate bonds rising from 5.2% to 9.2% [3] Group 3 - Mergers and acquisitions are facilitating the transition from old to new growth drivers, with over 700 asset restructuring plans disclosed in the Shanghai market in 2024, a 50% year-on-year increase [3] - 70% of the major asset restructuring targets focus on emerging industries such as semiconductors and new energy [3] - In 2024, 341 asset restructuring plans have been disclosed year-to-date, a 25% increase, with 49 major asset restructurings, a 206% year-on-year increase [3] Group 4 - The quality of listed companies continues to improve, with revenue and net profit from Shanghai-listed companies accounting for 70% and 80% of the entire market, respectively [3] - In 2024, net profit for the main board increased by 2%, and nearly 70% of companies on the STAR Market reported revenue growth [3] - Dividends from Shanghai-listed companies exceeded 1.9 trillion yuan, with over 300 billion yuan distributed before the Spring Festival, setting a historical high [3] Group 5 - The investment landscape is strengthening, with the market value of ETFs surpassing 3 trillion yuan, doubling since the beginning of 2024 [4] - Long-term funds, represented by social security and insurance, have increased their holdings in A-shares by 33% [4]

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation for high-quality development in the context of global economic changes, with a focus on the implementation of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) to enhance support for technology enterprises [1][2]. Group 1: Deepening the Reform of the Sci-Tech Innovation Board - The CSRC aims to enhance the inclusiveness and adaptability of the system by deepening reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market, leveraging the Sci-Tech Innovation Board as a "testing ground" [2]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier and the resumption of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, targeting high-quality tech enterprises with significant breakthroughs and substantial R&D investments [2]. - The "6" includes six specific reform measures, such as introducing a professional institutional investor system for applicable companies, expanding the fifth set of standards to cover more frontier technology sectors, and improving the refinancing system for Sci-Tech Innovation Board companies [2]. Group 2: Guiding Long-term Capital to Invest in Technology Enterprises - The CSRC will support the development of more technology innovation indices and public funds focused on Sci-Tech themes to attract long-term capital into technology investments [4]. - The introduction of long-term capital is seen as a key measure for deepening capital market reforms, aiming to reshape the market structure and promote long-term value investment [4]. - The focus will be on enhancing the regulatory framework for listed companies and fostering a more stable investment environment through the participation of social security funds, insurance funds, and industrial capital in private equity investments [4]. Group 3: Other Initiatives and Innovations - The CSRC plans to strengthen the linkage between equity and debt to support technological innovation, including the development of Sci-Tech bonds and related financial products [6]. - The commission will also promote the regularization of fund share transfer business and optimize mechanisms for physical stock distribution and reverse-linked products [6]. - New measures will be implemented to simplify the review process for mergers and acquisitions, enhancing the flexibility and convenience of equity incentive programs for listed companies [7].

证监会：提高科创板新注册未盈利科技型企业摘除特殊标识"U"的标准 投资者投资科创板成长层的资金 门槛保持不变 智通财经6月18日电，《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》在加强投资者保 护方面有哪些针对性举措？对此，中国证监会新闻发言人表示，科技创新是探索未知的过程，既孕育着 新动能，也必然伴随着风险。本次改革在有力支持科技型企业创新发展同时，进一步加强中小投资者合 法权益保护。一方面，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：在科创成长层企 业股票简称后统一设置特殊标识"U"；提高新注册未盈利科技型企业摘除特殊标识"U"的标准；要求企 业定期披露尚未盈利的原因及影响并提示风险；要求证券公司多维度强化投资者风险评估并充分告知风 险；组织个人投资者签署科创成长层企业股票投资专门风险揭示书，等等。另一方面，注重简明易懂， 增强投资者获得感。包括：发行上市等基础制度保持不变；现有未盈利企业摘"U"条件保持不变；投资 者投资科创板成长层的资金门槛保持不变。 下一步，我们将坚持严把发行上市入口关，牢牢把握科创板"硬科技"定位，从源头上提高上市公司质 量。 ...

中央气象台6月18日10时继续发布暴雨黄色预警。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权 利。 2、交通管理部门应当根据路况在强降雨路段采取交通管制措施，在积水路段实行交通引导； 3、切断低洼地带有危险的室外电源，暂停在空旷地方的户外作业，转移危险地带人员和危房居民到安全场所避雨； 4、检查城市、农田、鱼塘排水系统，采取必要的排涝措施。 来源：中央气象台网站 责编：万健祎 校对： 彭其华 版权声明 预计，6月18日14时至19日14时，西南地区东部、广西北部、湖北、湖南西部和北部、江西北部、安徽西南部以及辽宁中西 部、天津、山东西北部、河南南部和西部等地部分地区有大到暴雨，其中，湖北西南部、湖南西北部、重庆东南部、贵州东 北部、广西东北部等地部分地区有大暴雨（100～200毫米）。上述部分地区伴有短时强降水（最大小时降雨量20～50毫 米，局地可超过80毫米），局地有雷暴大风等强对流天气。 防御指南： 1、政府及相关部门按照职责做好防暴雨工作； 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 潜望系列深度报 ...

新华社北京6月18日电 题：科创板加力服务优质科技企业资本市场包容性改革迎来新突破 新华社"新华视点"记者刘慧 中国证监会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、适应性的制度改革。 在科创板开板6年之际，科创板改革进一步深化，标志着资本市场包容性改革迎来新突破。 新设科创成长层科创板"试验田"又迎诸多制度突破 自设立之初，科创板就承担了资本市场支持科技创新和制度"试验田"的重要使命。科创板改革持续深 化，"试验田"先行先试的成色更足。 本次科创板改革提出设置科创板科创成长层，备受关注。设置后，科创板现有和新注册的未盈利科技型 上市公司将全部纳入其中。同时，改革也对企业入层和调出条件、强化信披和风险揭示、增加投资者适 当性管理要求等做了针对性安排。 科创板作为"试验田"，为何又要开辟出科创成长层这个"新空间"？ 促进投融资平衡探索更多包容性的制度设计 科技创新是探索未知的过程，既孕育着新动能，必然也伴随着风险。如何促进投融资平衡，是改革必须 回答的重要课题。 细看本轮科创板改革，统筹推进投资端、融资 ...

科创板设置科创成长层有关业务规则作了哪些安排？上交所回应 智通财经6月18日电，在科创板设置科创成长层是这一次改革的抓手，有关业务规则作了哪些安排？对 此，上交所就进一步深化科创板改革配套业务规则公开征求意见答记者问时表示，"更加注重企业科技 创新能力，允许符合科创板定位、尚未盈利或存在累计未弥补亏损的企业在科创板上市"，是设立科创 板并试点注册制的标志性改革之一。六年来，54家未盈利企业成功登陆科创板，并乘着改革的东风不断 突破技术研发瓶颈、扩大生产规模、厚积发展动能。2024年，这54家企业共实现营业收入1744.79亿 元，其中26家企业营业收入突破10亿元。可圈可点的是，六年间54家公司中累计有22家企业上市后实现 盈利，成功摘掉了"未盈利"的帽子。六年来，这54家企业依托从资本市场募集的资金，累计投入研发共 计1639.25亿元，20家按照第五套上市标准上市的生物医药企业中有19家实现核心产品上市。 另一方面，企业的科技创新活动具有研发周期长、持续投入大、不确定性强等特点，科技型企业、尤其 是未盈利科技型企业股票的投资风险高于一般企业。为了进一步推进投融资平衡发展，上交所落实《科 创板意见》要求，在 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) supports unprofitable technology companies undergoing review to conduct capital increases and share expansions aimed at existing shareholders [1] Group 1 - The CSRC has issued opinions on establishing a "Growth Layer" in the Sci-Tech Innovation Board to enhance the inclusiveness and adaptability of the regulatory framework [1] - It allows unprofitable companies or their subsidiaries to raise equity financing from existing shareholders based on reasonable development needs such as ongoing research and development [1] - A mechanism for balancing and protecting the interests of different shareholders will be established [1]

Group 1 - The core viewpoint of the article is the enhancement of institutional mechanisms to support the development of companies listed on the Sci-Tech Innovation Board [1] - The China Securities Regulatory Commission (CSRC) has proposed the establishment of a growth tier within the Sci-Tech Innovation Board to increase institutional inclusiveness and adaptability [1] - The measures include improving the convenience of refinancing and optimizing the criteria for identifying strategic investors [1] Group 2 - The initiative aims to support listed companies in focusing on strengthening their core businesses [1] - It allows for the absorption and merger of Sci-Tech Innovation Board companies that have been listed for less than three years, while strictly enforcing lock-up period regulations [1]

上交所发布《关于就进一步深化科创板改革配套业务规则公开征求意见的通知》。 （上交所） 相关链接 ...

上海证券交易所起草《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）》《上海证券交易所发行上市审核规则适用指引第7号——预先审阅（征求意见稿）》。 ...