Group 1 - The Sci-Tech Innovation AI ETF (588790) has risen over 3%, marking three consecutive days of gains, with the latest price reaching a 30-day high [1] - The trading volume reached 478 million yuan, an increase of 146.62% compared to the same time yesterday [1] - In the past month, the fund's volume has increased by 819 million units [1] Group 2 - Investors can directly purchase the Sci-Tech Innovation Board without needing a minimum investment of 500,000 yuan [1]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly optimized the A-share market structure and serves as a crucial platform for tackling key core technologies since its launch on July 22, 2019 [1][6] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, raising a cumulative 927.156 billion yuan in IPO funds, with a total market capitalization exceeding 7 trillion yuan [1][6] Underwriting and Market Performance - A total of 65 securities firms have provided underwriting and sponsorship services for the 591 STAR Market companies, with Guotai Junan leading with 112 underwritings, followed by CITIC Securities with 99 [1][2] - The top five firms by underwriting amount are Guotai Junan (213.777 billion yuan), CITIC Securities (167.069 billion yuan), CICC (130.254 billion yuan), CITIC Jinpu (88.015 billion yuan), and Huatai Securities (62.288 billion yuan) [2][4] East Asia Securities Case - Dongxing Securities, ranked around 20th in the competitive landscape, has sponsored 7 IPOs, accumulating an underwriting amount of 4.985 billion yuan, but faced significant reputational damage due to the fraudulent issuance case of Zeda Yisheng [5][6] - Zeda Yisheng was the first company to be forced to delist due to major violations, with its fraudulent activities inflating revenue by 342 million yuan and profits by 187 million yuan during its IPO period [5][6] - Following the Zeda Yisheng incident, Dongxing Securities has not sponsored any IPOs on the STAR Market since August 27, 2021, and has faced a 100% withdrawal rate for its IPO projects in 2024 [6][7]

在、《科创板日报》、上海 长三角G60科创集团联合主办的"2025中国科创领袖大会暨科创板开市六周 年"上，上海报业集团党委副书记、总经理、副社长胡明华表示，六年来，伴随着科创板开市，界面旗 下的《科创板日报》持续发挥媒体放大器功能，跟踪报道科创板的创新成果，增强资本市场新闻报道的 专业性和及时性，提升资本市场新闻传播力和引导力，助推资本市场健康发展；积极助力和服务科创板 全生态的创建，在科创企业和 金融机构、投资机构之间搭起沟通桥梁，成为科技企业的"创业助推 器"和"上市加速器"。同时，"'科创板开市周年'活动已成为科创领域发展倡议、对话的高层次平台。我 们希望通过这一平台，汇聚各方智慧，为科创板发展升级注入新动能，向全社会更好弘扬科创精 神。"（记者 陈俊清） ...

《科创板日报》25日讯，"2025中国科创领袖大会暨科创板开市六周年"今日在上海松江启幕。本届大会 由上海报业集团指导，智通财经、《科创板日报》、上海长三角G60科创集团联合主办。大会将举行9 场主旨演讲、2场圆桌对话（围绕并购与出海话题）、2大平行分论坛（聚焦集成电路产业与上市公司产 融对接）、1场"2025科创家之夜"，超80位科创板等领军上市公司企业家、核心高管、投资人将赴现 场。（记者 曾乐） "2025中国科创领袖大会暨科创板开市六周年"今日举行 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.17%, closing at 1032.84 points, with a total trading volume of 4.548 billion shares and a turnover of 141.659 billion yuan, resulting in a weighted average turnover rate of 2.53% [1] - Among the tradable stocks on the STAR Market, 470 stocks closed higher, with 3 stocks increasing by over 10% and 36 stocks rising between 5% and 10%. Conversely, 111 stocks closed lower [1] - The highest turnover rate was recorded by Xinyuren at 20.25%, closing up by 1.89%, with a transaction amount of 340 million yuan. Other notable stocks included Qingyun Technology, which closed down by 2.81% with a turnover rate of 18.72% [1][3] Sector Analysis - In terms of sector performance, the pharmaceutical and biotechnology sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 29 stocks. The electronics and machinery equipment sectors followed with 21 and 12 stocks, respectively [2] - Among high turnover stocks, 48 experienced net inflows of main funds, with the highest net inflows recorded for Aibo Medical (99.31 million yuan), Maolai Optical (78.81 million yuan), and ST Nuotai (67.05 million yuan) [2] Leverage Fund Movements - A total of 76 stocks with high turnover rates saw net purchases from leveraged funds, with significant increases in financing balances for Shangwei New Materials (247 million yuan), Dingtong Technology (203 million yuan), and Shijia Photon (174 million yuan) [2]

Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in optimizing the A-share market structure and serving as a platform for key technological advancements since its launch on July 22, 2019 [1] - As of July 22, 2025, the STAR Market has seen a total of 591 companies listed, with IPO fundraising totaling 927.156 billion yuan and a total market capitalization exceeding 7 trillion yuan [1] Group 2 - The article discusses the critical role of securities firms in the entire process of companies going public on the STAR Market, with leading firms showing a clear advantage in participation [2] - Guotai Junan Securities leads in both the number of IPOs and the total amount raised, with an underwriting amount of 213.777 billion yuan, making it the only firm to exceed 200 billion yuan in underwriting scale [2][3] - CITIC Securities and CICC rank second and third in terms of IPO participation, with underwriting amounts of 167.069 billion yuan and 130.254 billion yuan respectively [2][3] Group 3 - The top seven securities firms have participated in a significant number of IPOs, with Guotai Junan Securities underwriting 112 companies, CITIC Securities 99, and CICC 70 [3] - The second-tier firms have participated in 10-20 IPOs, with notable mentions including Guosen Securities and Guotai Securities, each involved in 19 IPOs [2][3] - The article provides a detailed table of underwriting amounts and market shares for various securities firms, indicating the competitive landscape in the IPO market [3][4]

Group 1: Fund Management Updates - Wang Lang has been appointed as the new deputy general manager of Baoying Fund as of July 22, 2023, previously holding positions at Penghua Fund and Guoshou Anbao Fund [1] - As of the end of Q2 2023, there are 24 funds with over 10 billion yuan in assets, a decrease from 27 funds in the same period last year and 26 funds at the end of Q1 2023 [2] - The largest fund remains the E Fund Blue Chip Select managed by Zhang Kun, with a latest size of 34.943 billion yuan, down by 3.965 billion yuan from the end of Q1 [2] Group 2: Market Trends and Performance - The allocation ratio of public funds to Sci-Tech Innovation Board stocks reached a record high of 15.36% by the end of Q2 2023, an increase of 0.19 percentage points from Q1 [3] - The excess allocation ratio for the Sci-Tech Innovation Board also rose from 7.5% to 7.72% [3] Group 3: Notable Fund Manager Insights - Fund manager Ge Lan expressed optimism about the innovative drug sector, highlighting advancements in dual antibodies and ADC technologies, as well as increasing collaboration between domestic companies and multinational pharmaceutical firms [4] - Ge Lan noted that domestic innovative drugs are gaining global recognition, with multiple products expected to have overseas licensing opportunities [4] Group 4: ETF Market Overview - The market experienced a rally with major indices reaching new highs; the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index by 1.21%, and the ChiNext Index by 1.5% [5] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, a decrease of 199 billion yuan from the previous trading day [5] - Rare earth permanent magnet stocks surged, with the Rare Metal ETF rising by 7.49% [6] Group 5: Future Outlook - Despite rising geopolitical tensions, improvements in global supply and demand, along with low inventory levels, are expected to boost small metal prices, enhancing corporate profitability and growth potential [9] - The valuation attractiveness of industry leaders is expected to become more pronounced, with a focus on rare metal-related ETFs [9]

Group 1: Overall Situation of the Science and Technology Innovation Board (STIB) - In the first half of 2025, the STIB accepted 21 new companies, compared to 6 in the entire year of 2024 [1] - A total of 7 companies successfully listed in the first half of 2025, while 15 companies listed in 2024 [11] - 3 projects were terminated in the first half of 2025, with 75 projects terminated in 2024 [14] Group 2: Acceptance and Registration Analysis - The 21 accepted companies are distributed across 8 sub-industries, with the largest being the computer, communication, and other electronic equipment manufacturing industry, accounting for 42.86% [1] - Among the accepted companies, 15 adopted Listing Standard One, while others used various special voting rights standards [1] - The average net profit of the 15 companies using Listing Standard One in 2024 was 11,108.3 million yuan, an increase of 30.64% compared to 2024 [7] Group 3: Financial Data of Accepted Companies - The average revenue of the 15 companies under Listing Standard One in 2024 was 61,571.80 million yuan, a decrease of 8.82% compared to 2024 [7] - The highest net profit among these companies was 33,816.81 million yuan [7] - The revenue distribution showed that 40% of the companies had revenues greater than 500 million yuan [7] Group 4: Analysis of Listed Companies - The 7 newly listed companies in the first half of 2025 were from 6 different sub-industries, with the computer, communication, and other electronic equipment manufacturing industry representing 28.57% [13] - All 7 listed companies adopted Listing Standard One [13] - The average net profit of these companies in 2024 was 30,975.26 million yuan, an increase of 8.19% compared to 2024 [13] Group 5: Termination Analysis - The 3 terminated projects in the first half of 2025 were from 3 different sub-industries, including computer, communication, and electronic equipment manufacturing [15] - Two of the terminated companies applied under Listing Standard One, while one used Listing Standard Four [16] - All terminated projects were classified as voluntarily withdrawn [16]

成交额方面，寒武纪成交额32.37亿元，位居首位；ST帕瓦成交额519.71万元，位居末位。 换手率方面，青云科技换手率为24.52%，位居首位；龙腾光电换手率为0.24%，位居末位。 23日，科创综指小幅低开，指数盘初小幅调整后出现较大幅度反弹，窄幅整理后有进一步攀升，午后盘 中最高涨约0.98%，此后震荡调整，收盘时涨0.31%，收于1283.90点，总成交额约1345亿元，总成交额 较上一交易日缩量。 23日，科创板个股涨少跌多，上涨个股不足四成，其中软件服务股多数上涨。 经新华财经统计，7月23日，科创板589股平均跌幅0.03%，平均换手率3.02%，合计成交额1345.36亿 元，平均振幅为3.79%。 个股表现方面，铁建重工涨20.07%、电气风电涨19.87%、上纬新材涨19.73%，涨幅靠前；新锐股份下 跌10.31%，跌幅居首。 新华财经北京7月23日电（罗浩）科创50指数23日早间微幅高开，指数盘初小幅冲高后略有回落，9时49 分出现一波快速拉升，早盘盘中窄幅盘整，午间收盘前震荡上扬，午后盘中一度涨1.4%，随后波动回 落，收盘时小幅上涨。至收盘时，科创50指数报1020.86点，涨幅0 ...

科创板已经站在新的起点，继续加大市场化改革力度，推动投融资协调发展，科创板定能向"新"发力， 提"质"致远。 科技创新始于技术、成于资本。科创板成为技术与资本之间的桥梁，推出创新且包容的制度，加快发展 新质生产力。在向"新"发力的同时，"提质增效重回报"成为重要任务。 六年前，中国经济处于新旧动能转换的关键时期，科创板带着推动经济创新转型的使命乘风而来，畅通 资本活水，浇灌科技创新。 六年来，科创板受理了960余家科技企业的IPO申请，其中580余家企业成功上市，板块总市值突破7万 亿元，行业结构布局与新质生产力发展方向高度契合，在集成电路、生物医药、新能源等重点产业链形 成了示范和集聚效应。成绩的背后，中国科技创新已遍地开花，科技投资成为一级市场的核心赛道，也 成为二级市场投资的时代新主线。 科创板建设这六年已成为资本市场支持新质生产力发展的生动实践。在研发强度持续加码、资金活水持 续灌溉之下，创新成果加快转化，中国部分科技创新从追赶者逐步成为超越者。 当然，中国科技创新的突围与超越仍旧道阻且长，资本市场支持科技创新仍旧存在堵点难点，比如，部 分热门领域资本过度扎堆，而某些"冷门刚需"遭到资本冷落。科创板的 ...