由京东方前掌门人王东升掌舵，西安奕斯伟材料科技股份有限公司（以下简称"西安奕材"）冲击上市迎来最新进展。根据安排，公司科创板IPO将于8月14日 上会迎考。作为《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八条"）发布后上交所受理的首家未盈利企业，2022 —2024年，西安奕材年度净利不断增亏，三年累计亏超17亿元。不过，今年上半年净利同比减亏。另外，公司报告期内毛利率存在较大波动，且显著低于同 行业可比公司平均水平。 业绩接连亏损的同时，西安奕材存在毛利率显著低于同行业可比公司均值的情况。招股书显示，报告期内，公司毛利率分别为9.85%、0.66%、5.49%；对应 同行业可比公司均值分别约为30.53%、24.47%、14.91%。 此外，报告期各期，西安奕材财务费用分别约为2889.4万元、5713.36万元、1.39亿元，占营业收入的比例分别约为2.74% 、3.88%、6.54%，逐年增长。 兼职研发人员"惹眼" 对于科创板企业而言，研发能力是市场各方关注的重点领域。 报告期各期末，西安奕材研发人员数量分别约为201人、222人、235人，占员工总数比例分别约为11 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to maintaining market stability and promoting high-quality development in line with the directives from the China Securities Regulatory Commission (CSRC) and the upcoming 20th National Congress of the Communist Party of China [1] Group 1: Market Stability - The SSE emphasizes the importance of maintaining a stable market environment by enhancing proactive measures and risk monitoring systems to prevent significant market fluctuations [1] - There is a focus on strengthening safety protocols across various operational aspects, including equipment, systems, and supply chains, to ensure the secure operation of core trading systems [1] Group 2: Innovation and Reform - The SSE aims to leverage the Sci-Tech Innovation Board as a testing ground for reforms, particularly in advancing the registration system and improving the efficiency of the listing review process [2] - The implementation of a market maker mechanism is intended to enhance pricing efficiency and liquidity on the Sci-Tech Innovation Board [2] Group 3: Economic Support - The SSE is dedicated to supporting high-quality economic development by focusing on key sectors such as technology innovation, manufacturing, and small and medium-sized enterprises [2] - Efforts will be made to improve the interconnectivity between the exchange and the interbank bond market, as well as to expand the scale of public REITs [2] Group 4: Risk Management - The SSE will enhance frontline supervision and risk prevention measures, particularly in sensitive financing and merger activities, to ensure market health [3] - There will be a focus on monitoring and managing risks associated with specific sectors and regions, including bond risk monitoring and default handling [3] Group 5: Digital Transformation - The SSE is advancing its digital transformation by developing a fourth-generation core trading system and enhancing operational management systems [4] - The exchange aims to improve regulatory capabilities through data analysis and the establishment of a comprehensive online service platform for market participants [4] Group 6: Internal Control and Compliance - The SSE is committed to strengthening internal controls and compliance through improved management practices and regular audits of significant projects and financial matters [4] - There will be a focus on enhancing the effectiveness of oversight mechanisms to ensure compliance with new procurement processes and operational standards [4]

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry has shown positive performance in the first half of the year, with expectations for continued growth driven by capital market reforms and improved regulatory frameworks [4][11]. - The China Securities Regulatory Commission (CSRC) has outlined key reform tasks for the second half of the year, focusing on stabilizing market expectations, promoting the implementation of the Sci-Tech Innovation Board reforms, and enhancing the management of major asset restructuring [5][11]. - The report highlights a significant increase in market activity, with a 19.56% week-on-week growth in average daily trading volume, reaching 1.85 trillion yuan [13]. Summary by Sections Investment Suggestions - The report emphasizes the importance of capital market reforms, which are expected to enhance market vitality and investor confidence. Key initiatives include promoting long-term capital inflows and improving the governance of listed companies [11][12]. Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.67%, the CSI 300 by 1.69%, and the ChiNext Index by 2.76%. The non-bank financial index increased by 3.52%, ranking 10th among 31 sectors [13][14]. - Notable stock performances included Dongwu Securities, which surged by 15.22%, and Guosen Securities, which rose by 13.92% [14]. Industry Key Data Tracking 1) Market Performance and Scale: The report notes a total trading volume of 9.24 trillion yuan for the week, with a significant increase in trading activity [13]. 2) Credit Business: As of July 25, the market had 3,061.97 billion shares pledged, accounting for 3.74% of total equity, with a margin balance of 1.95 trillion yuan [18][23]. 3) Fund Issuance: In June 2025, new fund issuance reached 122.12 billion units, with a notable increase in the number of funds issued [18][24]. 4) Investment Banking: The report indicates that equity underwriting in June 2025 totaled 553.02 billion yuan, with IPOs contributing 9.15 billion yuan [18]. 5) Bond Market: The 10-year government bond yield was reported at 1.73%, reflecting a year-to-date increase of 12.47 basis points [18][27]. Regulatory Policies and Industry Dynamics - The CSRC is actively seeking public feedback on the revised Corporate Governance Code, aiming to enhance the accountability of directors and senior management [12][25]. - The report outlines the CSRC's commitment to maintaining market stability and enhancing regulatory effectiveness while promoting high-level institutional openness [25]. Key Announcements from Listed Companies - The report mentions that Shouhua Securities plans to issue H-shares and list on the Hong Kong Stock Exchange to strengthen its capital base [26]. - Zhejiang Securities reported a 46.54% year-on-year increase in net profit for the first half of 2025, despite a decline in revenue [28].

Group 1 - The core viewpoint emphasizes the need for deepening reforms to stimulate the vitality of multi-level markets, particularly through the implementation of measures for the Sci-Tech Innovation Board and a comprehensive package of reforms for the Growth Enterprise Market [1] - The underwriting scale of Sci-Tech bonds has significantly increased, with 68 securities firms acting as lead underwriters, collectively underwriting 381.39 billion yuan in the first half of the year, representing a year-on-year increase of over 50%, indicating strong support from the capital market for technological innovation [1] - The new regulations for the Sci-Tech Innovation Board and the Growth Enterprise Market are being steadily implemented, enhancing the inclusiveness of the capital market and better supporting the financing needs of early-stage growth companies [1] Group 2 - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which can fluctuate by up to 20% in a single day, selecting 100 securities with larger market capitalization and better liquidity from the Sci-Tech Innovation Board, covering various high-tech fields such as information technology, biomedicine, and new materials [1] - Investors without stock accounts can consider the Guotai CSI Sci-Tech Innovation Board 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech Innovation Board 100 ETF Initiated Link C (019867) [1]

Group 1 - The core viewpoint of the news highlights the significant inflow into the Science and Technology Innovation Board 100 ETF (588120), with over 0.5 billion net inflow reported [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to invigorate multi-level market vitality and implement reform measures for the Science and Technology Innovation Board during its mid-2025 work meeting [1] - The underwriting scale of Science and Technology Innovation bonds has seen a notable increase, with 68 securities firms underwriting a total of 381.39 billion yuan in the first half of the year, marking a year-on-year growth of 56.48% [1] Group 2 - The new regulations for the Science and Technology Innovation Board and the Growth Enterprise Market are being steadily implemented, which is expected to enhance the inclusiveness of the capital market and better support the financing needs of early-stage growth companies [1] - The investment banking revenue for securities firms is likely to recover, with leading firms that have a strong focus on the Science and Technology sector and rich project reserves expected to benefit more [1] - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology 100 Index (000698), which can experience daily fluctuations of up to 20% [1]

Group 1 - Sichuan Tianlian Robot Co., Ltd. (referred to as "Tianlian Robot") has signed a counseling agreement with Huazhang Securities for its initial public offering (IPO) on the Sci-Tech Innovation Board [4] - The company specializes in harmonic reducers and has developed several humanoid robots, including T1 PRO, T1 Ultra, T1 mini, and C1s [4][9] - In 2024, Tianlian Robot reported revenue of 29.91 million yuan, a year-on-year increase of 39.81%, while its net profit attributable to shareholders was a loss of 14.27 million yuan, a year-on-year reduction in loss of 23.95% [4] Group 2 - The company ranks among the top five in the domestic market for harmonic reducers, and is one of the top three among domestic brands [9] - The harmonic reducers produced by Tianlian Robot are primarily used in SCARA robots, collaborative robots, service robots, and humanoid robots, with a compound annual growth rate of approximately 29% from 2020 to 2024 [9] - The T1 PRO humanoid robot features 81 degrees of freedom and has achieved full self-research and production of its core components [11] Group 3 - Tianlian Robot has established strategic partnerships with several A-share companies to enhance collaboration in research and production [14] - The company was recognized as one of the first batch of iconic product chain enterprises in Sichuan Province, with its humanoid robot selected as one of the ten future products for development [11] - The establishment of the Sci-Tech Growth Layer aims to support technology companies that are in the pre-profit stage, enhancing their access to capital markets [16]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market, while outlining seven key directions for future work [2][4]. Group 1: Key Directions for Capital Market Development - Direction 1: Consolidate the market's recovery and positive trend by enhancing market monitoring and risk response mechanisms [5][6]. - Direction 2: Deepen reforms to stimulate the vitality of multi-level markets, including the implementation of measures for the Sci-Tech Innovation Board and the ChiNext [7]. - Direction 3: Strengthen the asset and funding sides by promoting the investment value of listed companies and ensuring the effective implementation of major asset restructuring [8]. - Direction 4: Continuously improve regulatory enforcement effectiveness by focusing on significant violations and enhancing technological regulatory capabilities [9]. - Direction 5: Precisely prevent and control risks in key areas of the capital market, including addressing real estate company bond defaults and illegal activities in private equity [11]. - Direction 6: Gradually advance high-level institutional opening-up, ensuring coordinated development of onshore and offshore markets [12][13]. - Direction 7: Enhance the authority and influence of research on major capital market issues to better serve national strategies and regulatory needs [14].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market, outlining seven key directions for future efforts [1] Group 1: Market Stability - The CSRC aims to consolidate the market's recovery and positive trend by enhancing market monitoring and risk response mechanisms, as well as improving expectation guidance [2] Group 2: Reform and Market Vitality - The focus is on deepening reforms to stimulate the multi-tiered market, including the implementation of measures for the Sci-Tech Innovation Board and a comprehensive package for the Growth Enterprise Market [3] Group 3: Strengthening Foundations - Several measures are outlined to solidify the asset and funding sides, such as promoting listed companies to enhance investment value, preventing interest transfer and financial fraud, fostering long-term capital, and advancing public fund reforms [4] Group 4: Regulatory Effectiveness - The CSRC will enhance regulatory enforcement effectiveness by focusing on major violations, improving regulatory collaboration, and increasing technological oversight capabilities [5] Group 5: Risk Prevention - Key areas for risk prevention include addressing real estate company bond defaults, managing financing platform debt risks, and cracking down on illegal private fund activities [7][8] Group 6: Open Market - The CSRC plans to steadily advance high-level institutional openness, focusing on the overall layout and implementation paths for capital market openness, and promoting cross-border cooperation [9] Group 7: Research and Integrity - The meeting emphasizes the importance of authoritative research on major capital market issues to better serve national strategies and regulatory needs, alongside a strong focus on integrity and anti-corruption measures [10]

Group 1: Reform Achievements - The Sci-Tech Innovation Board (STAR Market) has significantly improved its support for "hard technology" companies, allowing unprofitable firms with key technologies to go public[11] - Since the beginning of 2025, 73 new merger and acquisition transactions have been disclosed, with 13 major transactions, nearing the total of the previous five years from 2019 to 2023[13] - In 2024, total R&D investment reached CNY 168.01 billion, a year-on-year increase of 6.4%, accounting for 12.67% of median operating revenue, leading all A-share sectors[19] Group 2: Market Ecosystem Optimization - 428 companies on the STAR Market have launched equity incentive plans, covering 73% of the board, with significant increases in dividend frequency and amounts[25] - 359 companies implemented dividend distributions in 2024, totaling CNY 35.8 billion, with 351 companies conducting buybacks amounting to CNY 21.5 billion[25] - The STAR Market has established a positive feedback mechanism linking R&D investment, profit growth, dividend increases, and share buybacks, fostering a healthy capital market ecosystem[26] Group 3: Innovations in Listing Standards - The reintroduction of the fifth listing standard has expanded to other tech industries, allowing unprofitable but high-growth firms to access domestic capital markets, thus avoiding overseas financing[28] - The pre-review mechanism enhances audit efficiency and protects core technologies, allowing companies to maintain confidentiality regarding sensitive information during the IPO process[33] - The introduction of seasoned professional institutional investors improves resource allocation efficiency, reducing information asymmetry and enhancing market pricing efficiency[44]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to deepen reforms to stimulate the vitality of multi-level markets, focusing on the implementation of reforms in the Sci-Tech Innovation Board and a comprehensive package of measures for the Growth Enterprise Market [1] Group 1 - The CSRC held a meeting on July 24 to discuss the party's construction within the commission and the mid-year work for 2025 [1] - The meeting highlighted the importance of promoting the implementation of reform measures for the Sci-Tech Innovation Board [1] - There is a continuous push for innovation in bond and futures products and services [1]