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 ...

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/6/16-2025/6/20 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年7月1日 交易型指数基金资金流向 www.cgws.com 国内被动股票基金 | 基金规模 | 大 类 | | 周涨跌幅 | 周资金净买入额 | 今年以来周涨跌幅走势图 | 今年以来周资金流向走势图 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 所属概念 | | (亿元) | (%) | (亿元) | | | | | 上证50 | | 1594.56 | 1.69 | 2.15 | | | | | 沪深300 | | 9834.49 | 2.19 | -71.25 | | | | | 中证500 | | 1401.20 | 3.91 | -19.27 | | | | | 中证1000 | | 1169.17 | 4.63 | -9.44 | | | | | 创业板指 | | 1264.48 | 5.61 | -11.84 | | | | | 科 ...

Core Viewpoint - The establishment of a private equity fund focused on technology innovation with a total investment of 2 billion RMB indicates a growing interest in supporting tech startups and innovation-driven companies in the market [1] Group 1: Fund Details - The newly formed private equity fund is named Shenzhen Deep Investment Control Gongrong Technology Innovation Private Equity Fund Partnership (Limited Partnership) [1] - The fund's managing partners include Shenzhen Investment Control Capital Co., Ltd. and ICBC Capital Management Co., Ltd. [1] - The fund's operational scope encompasses private equity investments, investment management, and asset management activities [1] Group 2: Investment Contributors - The fund is jointly funded by ICBC Financial Asset Investment Co., Ltd., Shenzhen Investment Control Bay Area Equity Investment Fund Partnership (Limited Partnership), and Shenzhen Luohu Investment Holding Co., Ltd. [1] - The total contribution to the fund amounts to 2 billion RMB, highlighting significant financial backing from multiple entities [1]

Market Performance Summary - The Shanghai Composite Index closed at 3,457.75 points on July 1, with an increase of 13.32 points, representing a rise of 0.39% [1] - The Shenzhen Component Index closed at 10,476.29 points, up by 11.17 points, reflecting a gain of 0.11% [1] - The CSI 300 Index ended at 3,942.76 points, rising by 6.68 points, which corresponds to a 0.17% increase [1] - The ChiNext Index closed at 2,147.92 points, down by 5.09 points, indicating a decline of 0.24% [1] - The STAR 50 Index finished at 994.80 points, decreasing by 8.61 points, marking a drop of 0.86% [1]

Core Points - A significant surge in IPO applications was observed on June 30, with 41 new companies accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, marking the highest number of applications in a single day this year [1][3] - June 2025 saw a total of 150 IPO applications, accounting for 85% of the total applications for the year, and surpassing the total number of applications from the previous year [1][3] - The number of IPO applications in June 2025 increased by 456% compared to June 2024, which had only 27 applications [3][4] Summary by Category IPO Trends - The IPO acceptance rate in June 2025 exceeded the total for the first five months of the year, indicating a recovery in the market [3][4] - The increase in IPO applications is seen as a return to normalcy after a period of low activity, with the market gradually stabilizing [3][4] Exchange Distribution - Among the 150 companies accepted in June, over 64.67% (97 companies) were from the Beijing Stock Exchange, while the Shanghai Stock Exchange accepted 25 and the Shenzhen Stock Exchange accepted 28 [4] - The Beijing Stock Exchange has become a preferred choice for many small and medium-sized enterprises seeking to go public [4][5] Support for Innovative Companies - Recent regulatory changes have facilitated the listing of unprofitable companies, with the China Securities Regulatory Commission announcing support for innovative firms on the Science and Technology Innovation Board [8][9] - Notable unprofitable companies like Zhaoxin Integrated and Shanghai Super Silicon have received IPO approvals, indicating a shift in the market dynamics [8][9]

Core Insights - The total margin trading balance on the STAR Market reached 157.705 billion yuan as of June 30, 2025, marking an increase of 0.534 billion yuan from the previous trading day [1] Group 1: Margin Trading Overview - The financing balance amounted to 157.149 billion yuan, increasing by 0.513 billion yuan compared to the previous trading day [1] - The securities lending balance was 0.056 billion yuan, which is an increase of 21.736 million yuan from the previous trading day [1] - The margin trading balance has increased for six consecutive trading days [1] Group 2: Daily Margin Trading Data - On June 27, 2025, the total margin trading balance was 157.170 billion yuan, with a daily increase of 0.084 billion yuan [1] - On June 26, 2025, the total margin trading balance was 157.086 billion yuan, reflecting a daily increase of 1.256 billion yuan [1] - The margin trading balance on June 25, 2025, was 155.830 billion yuan, with an increase of 0.360 billion yuan from the previous day [1]